More News, Rumors and Opinions Thursday PM 9-12-2024

MikeCristo8: BRICS and Saudi Arabia are Divorcing from the US Dollar

Wednesday, 11 September 2024

The Fed will raise rates by 25 bps.

The Fed isn’t going to bail any of you people out including Elon Musk.

Oil price gonna collapse.

The U.S. is definitely worried about BRICS.

BRICS (including Saudi Arabia) are divorcing themselves from the dollar right now.

Got commodities?

Unpopular opinion.

Jerome Powell needs the dollar to collapse.

BRICS is working to bring down the dollar.

Blackrock is funding the U.S. Treasury through the exchange stabilization fund.

Stocks only go up.

Why do you think BRICS is turning to gold-backed currency?

You can’t industrialize using an inflationary fiat currency.

Because prices of raw materials always go up.

Gold is the liability that settles your trade imbalance (of raw materials) during industrialization.

This is why the dollar is being rejected.

The dollar is an inflationary currency.

Saudi Arabia is saying the quiet part out loud.

They’ve already made the switch to petroyuan.

Sprinter:  Saudi Arabia has said it is open to using petroyuan to pay for oil instead of petrodollars.

I told you all the Fed and BoJ need to crash the dollar by October 1.

Source(s):
https://x.com/MikeCristo8/status/1833871318598721966
https://x.com/MikeCristo8/status/1833872620678467760
https://x.com/MikeCristo8/status/1833875529650606088
https://x.com/MikeCristo8/status/1833931309045199085
https://x.com/MikeCristo8/status/1833934884689289635
https://x.com/MikeCristo8/status/1833938434488238385
https://x.com/MikeCristo8/status/1833941523383370076
https://x.com/MikeCristo8/status/1833950104287674736
https://x.com/MikeCristo8/status/1833999783553581409
https://x.com/MikeCristo8/status/1834010827550269650
https://x.com/MikeCristo8/status/1834042301318086910

https://dinarchronicles.com/2024/09/11/mikecristo8-brics-and-saudi-arabia-are-divorcing-from-the-us-dollar/

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Courtesy of Dinar Guru:  https://www.dinarguru.com/

Pimpy  They have to do something about that parallel market.  The reason why it's so successful is because people prefer to get the US dollars if they can.  If businesses and travelers want to get more bang for their buck, they don't have a problem with selling the US dollars for more Iraqi dinars, more than the official exchange rate.  It puts Iraq in a pickle...Do they raise the rate of the Iraqi dinar or do they lower it?

Fnu Lnu  [Response to Guru Pimpy's 9-10-2024 "The parallel market will be overturned." PIMPY: When they say raise the dollar exchange rate, that's not good for us.  That means the dollar is rising up against the dinar...]  FNU LNU: The solution is so basic and simple it defies this hand wringing. Why is it such a mystery? The way you control the "parallel market" is to raise the damned official rate such that there is no profit margin to be had. I will maintain that this is a red herring and some sort of stall tactic.

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6 Days. COUNTDOWN TO A MASSIVE CURRENCY DEVALUATION AND RATE SUPPRESSION CYCLE NIGHTMARE.

Greg Mannarino:  9-12-2024

https://www.youtube.com/watch?v=U0ouenzbC5Y

Gold Repatriation Surges Ahead of U.S. Election; Russia Ramps Up 600%

Daniela Cambone:  9-12-2024

"Not only has the purchasing of gold gone way up, but the repatriation of gold—something like 32 countries have been repatriating their gold out of the United States back to their country.

 Why?” In this powerful interview, Peter Grandich shares his expert analysis on the U.S. economy, the gold markets, and the future of junior mining companies. This discussion is packed with insights that every investor needs to hear.

Watch now to learn more and subscribe for regular updates on the latest in gold and silver investing!

https://www.youtube.com/watch?v=SzPP9SV-tw8

Seeds of Wisdom RV and Economic Updates Thursday Afternoon 9-12-24

Good Evening Dinar Recaps,

UAE’s RAKBANK USES mBRIDGE WHOLESALE CBDC SOLUTION FOR CHINESE PAYMENT

Earlier this week the UAE’s RAKBANK confirmed it made its first cross border payment using the mBridge platform. mBridge is multi-wholesale CBDC payment solution founded by the BIS Innovation Hub and the central banks of Thailand, Hong Kong, China and the UAE, with Saudi Arabia joining in June. In the same month, the central banks launched the minimum viable product (MVP) version of mBridge.

A key advantage is transactions can be sent directly from the sending bank to the recipient bank without the need to rely on correspondent banks as intermediaries. Hence, it aims to make payments faster, cheaper and more transparent.

“The successful transfer of eCNY to our correspondent in China is a game-changer in several respects,” said Vikas Suri, Co-Head of Wholesale Banking Group at RAKBANK. “It’s one of the first UAE-led foreign currency transfers executed in local currencies without involving a third currency to China and without using conventional payment rails.

This is a gamechanger that paves the way for instant blockchain based CBDC exchanges with payment versus payment, fundamentally altering how we approach international payments.”

A typical transaction would start with the bank buying wholesale CBDC dirhams. On the mBridge platform, the wholesale dirhams are exchanged for eCNY, and the eCNY is transferred to the recipient bank. The peer-to-peer nature of the transaction removes the need to hold Nostro balances offshore or to make any additional interbank payments.

The technology for the mBridge platform was developed by the Chinese central bank’s Digital Currency Research Institute, using a bespoke consensus mechanism, but borrowing some elements from Ethereum.

Last year the UAE started working with enterprise blockchain firm R3 for wholesale and retail CBDC. R3 said its Corda-based issuance layer technology was used for the mBridge payment, which would require some integration between Corda and the mBridge platform. We’ve requested details but didn’t receive a response in time for publication.

Chinese banks promote mBridge involvement
Meanwhile, various Chinese banks and Tencent promoted their involvement in mBridge payments in June, following the launch of the minimum viable product (MVP). 

In July, the Agricultural Bank of China said it successfully handled its first live mBridge transaction for a manufacturer. And last month, ICBC said it received eCNY via mBridge for one of its clients in Liuzhou.

The fact that mBridge transactions are still newsworthy means there’s a slowly, slowly approach as one might expect at the MVP stage.

@ Newshounds News™

Source:  Ledger Insights

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FIRST U.S. XRP TRUST BY GRAYSCALE: WHAT YOU NEED TO KNOW

▪️Grayscale has launched the first U.S. XRP Trust, aiming to provide institutional exposure to XRP’s unique cross-border payment capabilities.

▪️The trust could be converted into an ETF, pending SEC approval, signaling potential mainstream adoption of XRP.

Grayscale Investments has officially launched its first U.S.-based XRP Trust, causing waves in the cryptocurrency market. At the time of writing, XRP is trading around $0.5713, up 7.45% over the last 24 hours.

This price increase has been attributed to Grayscale’s launch of the XRP Trust, which has prompted increased interest in the digital asset. Additionally, XRP’s 24-hour trading volume has increased by more than 70%, hitting $1.424 billion, indicating that the market has reacted positively to this news.

This development was also highlighted by blockchain researcher Collin Brown, who stated that this marks a major step towards a potential ETF.

@ Newshounds News™

Source:   Crypto News Flash  

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STABLECOINS REDEFINE FINANCIAL ACCESS IN EMERGING MARKETS, REPORT FINDS

Stablecoins have evolved from niche crypto tools to mainstream financial asset used to hedge against economic uncertainty.

Stablecoins have transformed financial access in emerging markets, becoming essential tools for millions seeking stability in volatile economies, according to a recent research report.

The report, Stablecoins: The Emerging Market Story, was sponsored by Visa and developed in collaboration with Allium Labs and Castle Island Ventures. It revealed that stablecoins have evolved from niche crypto tools into mainstream financial assets.

According to the report, stablecoin usage has surged across countries like Brazil, India, Indonesia, Nigeria, and Turkey, where traditional banking systems often struggle to meet users’ needs.

Everyday financial tool
The report noted that stablecoins initially served as a tool for traders and exchanges to settle transactions in the crypto world. However, their usage quickly expanded to meet the everyday needs of users in emerging markets.

The study also highlighted that stablecoins, particularly Tether (USDT), became the most trusted digital asset due to their wide network effects and established liquidity

Approximately 47% of people surveyed as part of the study use stablecoins to hold digital dollars as an alternative to unreliable local banking systems, while 43% of respondentonss favor stablecoins for more efficient currency conversi.

The report estimated that stablecoins settled $2.6 trillion in transactions during the first half of 2024, with over 20 million blockchain addresses making stablecoin transactions each month. This rapid growth reflects the increasing appeal of stablecoins for various everyday financial activities, not just for crypto trading.

Safety from economic uncertainty
The report emphasized that stablecoins played a crucial role in advancing financial inclusion across emerging markets, particularly in countries where access to traditional banking remains limited or unreliable.

In regions with high inflation or volatile local currencies, such as Argentina and Venezuela, stablecoins allowed individuals to hold digital dollars, offering a stable alternative to local currencies. This provided users with the ability to preserve the value of their savings without the need for a traditional bank account, which was often inaccessible or untrustworthy.

Stablecoins also helped bridge the financial gap for those who lacked access to USD-based banking systems. In countries like Nigeria, where the banking infrastructure struggled to offer easy access to US dollars, stablecoins enabled people to store value, make payments, and conduct cross-border transactions more efficiently.

This opened up financial opportunities for millions who would otherwise be excluded from stable and secure financial systems, making stablecoins a powerful tool for financial inclusion in the developing world.

Growth expected to continue
While the adoption of stablecoins raised concerns about “crypto-dollarization” in certain countries, the report showed that stablecoins were set to play an even larger role in global finance.

According to the survey, 72% of respondents expected to increase their stablecoin usage in the next year. The growth was driven by the efficiency, speed, and accessibility of stablecoins for cross-border payments, payroll, and remittances, particularly in areas where traditional financial systems lagged.

The report concluded that stablecoins had firmly established themselves as a viable alternative to traditional banking systems, offering emerging market users a secure and stable way to manage their finances. As stablecoin regulation evolved globally, their role in everyday financial transactions was expected to grow.

@ Newshounds News™

Source:  Crypto Slate

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RIPPLE AND NYU ABU DHABI RENEW BLOCKCHAIN RESEARCH PARTNERSHIP IN UAE

▪️Ripple renews its $1 million partnership with NYU Abu Dhabi to boost blockchain research and innovation in the UAE.

▪️Ripple’s strategic collaborations, including UBRI, help advance blockchain technology and digital finance globally.

Ripple has renewed its strategic partnership with NYU Abu Dhabi through the University Blockchain Research Initiative (UBRI). This renewal demonstrates Ripple’s continuous commitment to fostering blockchain research and innovation in the UAE and the broader Middle East.

Ripple Expands Its Blockchain Research Investment in UAE
The collaboration with NYU Abu Dhabi has increased Ripple’s overall funding for blockchain research and student initiatives at the university to more than $1 million. Reece Merrick, Ripple Managing Director, Middle East, and Africa, stated:

“Ripple and NYU Abu Dhabi share a vision of unlocking the full potential of blockchain research and innovation in the region.”

The cooperation is critical to Ripple’s aim of expanding its footprint in the UAE, developing talent, and encouraging the use of blockchain technology in both the academic and financial sectors.

This expanded engagement is part of Ripple’s overall strategy to compete for a sizable share of the global payment ecosystem. As Ripple Labs seeks to increase the utility of XRP, the company has deliberately focused on key regions with high regulatory certainty and commercial potential.

Recently, as we previously reported, Ripple Labs expressed confidence that the Federal Reserve’s FedNow system might benefit XRP by facilitating speedier cross-border payments via XRP Ledger. This puts Ripple at the vanguard of digital financial innovation, as it competes with other payment alternatives on a worldwide scale.

In addition to increasing its blockchain footprint in the UAE, Ripple is looking into stablecoin potential. Ripple has prioritized the United States for the launch of its USD-backed stablecoin, with ambitions to expand into the Japanese market after regulatory approval is acquired.

Japan’s strong legislative environment makes it an appealing market for stablecoin development, according to Ripple’s CEO. This strategic objective aims to strengthen Ripple’s competitive position and expand the adoption of the XRP Ledger across various markets and financial systems.

Ripple’s research investments extend beyond NYU Abu Dhabi. The UBRI program includes 58 colleges worldwide, and Ripple has invested more than $60 million since the initiative’s start in 2018.

This includes offering financing to prestigious universities such as Morgan State University and the National University of Singapore, highlighting Ripple’s global reach. These collaborations play an important role in advancing academic research, increasing financial awareness, and boosting global acceptance of digital assets.

Furthermore, Ripple’s rising presence in the UAE is consistent with the country’s objectives to become a global center for financial and technical innovation. Collaboration with NYU Abu Dhabi allows Ripple to promote blockchain research while also contributing to the UAE’s goal of cultivating a tech-savvy workforce.

The university’s Ripple Blockchain Collaboratory has been instrumental in the development of fintech and blockchain firms, both of which are critical to the country’s digital economy.

@ Newshounds News™

Source:  Crypto News Flash

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“Tidbits From TNT” Thursday 9-12-2024

TNT:

Tishwash:  Oil Minister discusses with officials of the American company "Honeywell" enhancing cooperation in the fields of energy and refining sector

Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani discussed with officials of the American company "Honeywell" prospects for enhancing cooperation in the fields of energy and the refining sector.

A statement by the Ministry of Oil stated: "Abdul-Ghani visited, on Wednesday, the headquarters of the American company "Honeywell", and met with officials in the company and was briefed on its activities. It is one of the large specialized companies with extensive work in many fields."

According to the statement, the minister held a meeting with the company during which prospects for enhancing cooperation in the fields of energy and the refining sector were discussed. The

Minister of Oil signed, in the presence of Prime Minister Mohammed Shia al-Sudani, a memorandum of understanding with the company "Honeywell" in May of this year, specifically to develop Iraqi refineries and support the national energy sector.

The meeting was attended, according to the statement, by the Undersecretary of the Ministry for Gas Affairs, Ezzat Saber, the Prime Minister’s Advisor, Falah Al-Amiri, the Director General of the Department of Studies, Planning and Follow-up, Nasir Aziz, the Director General of the Economic Department, Alaa Al-Yasiri, the Director General of the Southern Refineries Company, Hussam Hussein Wali, the Director of the Research Center, Ali Jassim, the Consul of Iraq in Houston, Hawri Muhammad Gharib Al-Talabani, and representatives of the Iraqi Embassy in America and a number of officials in the ministry.   link

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Tishwash:  Unprecedented renaissance.. Iraq's economy recovers and its debts fall to "lowest levels"

The country has witnessed an unprecedented economic renaissance, as ambitious government plans have achieved remarkable successes, most notably food security, achieving self-sufficiency in grains, stimulating markets and creating competition between them, in addition to economic growth and reducing foreign debt to its lowest levels.

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said: “The government has worked to establish a solid food security system based on the successful integration of agricultural and financial policies,” indicating that “government support for grain producers has been a safety valve in encouraging agricultural production of grain crops, which in turn has encouraged farmers to provide nearly 6 million tons of grains during the year 2024, which is the quantity that matches the country’s need for grains, and is considered one of the gateways to self-reliant food security,” according to the official agency.

He explained that "these measures were accompanied by providing the food basket with types and quantities that affect the lives of 40 million citizens, in addition to the move to revive the markets, which is a type of competitive commercial investment."

He pointed out that "the General Company for Central Markets is one of the formations of the Ministry of Trade, as it announced its new policy last March, that it will continue to refer its sites and markets to investment in accordance with the requirements of Investment Law No. 13 of 2006, as amended, in order to achieve economic balance and support the Iraqi consumer."

He added that "the marketing policy of the General Company for Central Markets, through the strategy of partnership between the state and the private sector, has undertaken to activate a pattern of market stability by providing competitive marketing outlets that meet the needs of the poor and low-income classes, through the best consumer products in terms of quality assurance and price stability," stressing that "this issue is consistent with the pivotal role played by the Competition and Anti-Monopoly Council issued under Law 14 of 2010, which aims to protect purchasing rights from monopoly and manipulation."

He added, "The supervisory and regulatory role of the Ministry of Commerce in regulating central markets comes within the framework of what can be called (competitive central consumer markets), which are markets that witness strong competition between companies and sellers to provide consumer products and services, as companies compete to offer the best prices, and ensure product quality and quality services to attract consumers, which leads to improving the overall consumer experience."

He added, "Competitive central markets that operate on the basis of investment by the private sector are characterised by the following:

1- Diversification of products, by providing a wide range of products and services from different brands.

2- Creating a sustainable climate of competitive prices and suppressing monopoly, as sellers will seek to offer price promotions and discounts to encourage customers to buy.

3- Providing logistical services to consumers, which are added services such as delivery services, loyalty programs, or after-sales services that increase the attractiveness of the market.

He added, "Companies displaying their products in competitive central markets will practice 'innovation' by offering new or innovative solutions to their products or how they are presented, to remain attractive in a new climate of competition in organised markets."

He noted that "competitive central markets will rely on strong distribution systems to provide access to them, enabling consumers to easily access the products offered by central markets."

He added, "Competitive investment-based central markets will enable companies with solid brands to benefit from the capacity and role of central markets throughout the country to always offer something distinctive that suits the lifestyle and ways of life by improving their products using the best technologies to increase their market share."

As for indicators of stability and economic growth, Saleh stated that “growth in the non-oil GDP has reached 6 percent, in light of the very moderate price growth rate, and according to the latest figures, it has only exceeded 3.7 percent annually, which means that the country is witnessing high price stability and development.”

He pointed out that "Iraq's external debts have fallen to their lowest level in the last forty years, not exceeding $10 billion, and the government is following a precise program to settle the external debt, which constitutes less than 9 percent of the country's total foreign exchange reserves, which are close to $108 billion, and are the highest foreign reserves in the country's monetary and financial history."

For his part, researcher and specialist in financial and banking affairs, Mustafa Hantoush, confirmed that “the Iraqi economy during the past three years has witnessed a number of correct trends, including: 

1- Supporting the private sector with Law No. 18 of 2023 (Workers’ Retirement), which will guarantee retirement rights for all workers in Iraq.

2- Supporting the culture of electronic payment that would provide high-level financial and banking services to the citizen, as well as determining the liquidity position and having a financial reading of the market.

3- Work seriously to complete the designs and requirements for starting the (Development Road) project, which is considered the basis for opening the transportation economy to Iraq, and which is a complementary project to the Faw Port. 

4- Establishing the (Service Effort) Committee, which provided tangible services in the capital, Baghdad, after long years of neglect, which would stimulate the labor and construction market in the capital and reduce transportation costs and time.

5- Heading towards residential complexes (adjacent to cities) and renegotiating with the Korean Hano Company.

He pointed out that, "Despite these measures, the Iraqi economy still needs many steps, including: 

1- Effective monetary policies (lending - attracting deposits - financing investment) that would create a cash cycle from surplus to deficit.

2- Building the private sector through an accelerated pace using models (private sector budget - loan budget) that will activate the infrastructure of the private sector (cities or industrial or agricultural or tourist areas - roads to serve investment - investment electricity) with an available and known loan budget with reasonable conditions.

3- Protecting the local product through (the state purchasing the local product - closing borders and unofficial outlets - industrial and agricultural dollars).

4- Effective international negotiation on files such as (producing 25 thousand megawatts of electricity on credit with Siemens - establishing the international company for the port of Faw - increasing Iraq’s share of oil production and export).

5- Establishing a sovereign investment fund (domestic) in dollars after negotiating with the American side, to which part of the oil revenues in dollars will go and which will be invested in safe local investments such as (real estate - oil and gas investments) and others.

6- Establishing a real estate policy consisting of (real estate reconciliation with agriculture - supporting economic construction complexes - distributing land to those entitled to it - launching funding for well-studied housing initiatives).

 In turn, researcher and academic Haitham Al-Khazaali explained that “the political stability that resulted from the government’s balanced policy, avoiding crisis management and focusing on achieving economic progress is what affected the stability of the security situation and then achieved economic stability.”

He added, "The economy is linked to security and reliance on political stability   link

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Tishwash:  Banking Association Advisor: International Payments and Banking Technologies Conference a Platform to Support Digital Transformation in Iraq

Samir Al-Nusairi, advisor to the Iraqi Private Banks Association, confirmed on Thursday that the International Payments and Banking Technologies Conference, which will be held under the patronage of Eng. Mohammed Shia Al-Sudani, Prime Minister, on September 14 and 15, in joint cooperation between the Prime Minister’s Office, the Central Bank, and the Iraqi Private Banks Association, and with the attendance of governors of banks and specialized international companies, will support and accelerate the transition to digital government and the transition from a cash economy to a digital economy.

The conference discusses 13 axes focusing on the role of the government, the Central Bank and the Association of Banks in developing payments within Iraq, using technology to improve financial inclusion, developing information technology, establishing digital banks, using artificial intelligence in banking services, using modern technologies in loans, compliance, risk management, combating money laundering and terrorist financing, and combating banking fraud.

The results of the government role and the efforts made by the Central Bank, banks, electronic payment companies and supporting companies that have been achieved since the issuance of the decisions will also be presented.

The Council of Ministers issued it in 2023 to activate, stimulate and support digital transformation, and the results recorded a qualitative leap in the volume of transactions in electronic payment operations and the use of modern banking technologies.

Al-Nusairi said, in an interview with "Al-Eqtisad News", that "the Central Bank of Iraq and the Association of Banks are working side by side in implementing the government program in the twelfth axis (financial and banking reform) and the direction of the Prime Minister to support electronic payment, and what has been achieved so far confirms the rapid steps and joint cooperation to move to bridge the technical gap between Iraq and the countries of the world in this field. In 2023, the amounts processed through the national switchboard witnessed a significant increase, which reflects the development of the infrastructure and the expansion in the use of electronic payment channels and the impact of the campaign launched by the Prime Minister to activate electronic payment operations in general, and in the government sector in particular."

Ansari added that “these upward trends continued to develop in 2024, as the amounts processed in the national switchboard systems amounted to more than (2) trillion Iraqi dinars in July alone, compared to (800) billion dinars in the same month of 2023, after which it became (1) trillion dinars in January of 2024, and government payments witnessed an additional increase, reaching (912) billion Iraqi dinars last July compared to (287) million dinars in the same month of 2023.”

He pointed out that "payment operations at fuel stations in Baghdad alone increased significantly, recording more than (44) billion dinars in July of this year, compared to (183) million dinars in July of 2023 and (4.5) billion dinars in December 2023."

He stressed: "A significant increase in the number of POS points of sale to reach more than (50) thousand points of sale this year, compared to approximately (11) thousand POS points of sale at the beginning of 2023, and thousands of them are in government institutions after they were zero before the launch of the campaign in June 2023."  link

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 Mot: . I'll Show um - I Wills!!! 

Mot:.. the ""King"" I yam 

Seeds of Wisdom RV and Economic Updates Thursday Morning 9-12-24

Good morning Dinar Recaps,

UK Introduces Bill To Recognize Digital Assets As Personal Property

The UK government introduced the Property (Digital Assets etc) Bill to Parliament on September 11, 2024. The legislation aims to classify cryptocurrencies, non-fungible tokens, and digital carbon credits as personal property under English and Welsh law.

Classification of these digital assets as personal property, placing them in a new, third category alongside traditional "things in possession" (such as physical objects) and "things in action" (such as debts or shares).

 This new classification acknowledges the unique nature of digital assets, which don't fit neatly into existing property law categories.

This marks the first time digital assets will be explicitly recognized in British property law. By recognizing digital assets as personal property, the bill would grant them legal protections similar to those afforded to physical assets. This change could significantly impact how digital assets are treated in various legal contexts, from ownership disputes to inheritance cases.

The legislation also aims to provide a framework for judges to navigate complex cases involving digital assets. The press release specifically mentions that this could prove valuable in scenarios like divorce settlements, where the division of digital holdings may be contested.

In a press release, Justice Minister Heidi Alexander stated, "It is essential that the law keeps pace with evolving technologies and this legislation will mean that the sector can maintain its position as a global leader in cryptoassets and bring clarity to complex property cases."

Long Road To Law Still Ahead
The bill is at the initial stage of the legislative process. It has been introduced in Parliament, which is a formality that takes place without debate. At this stage, the bill has no legal force. It is essentially a proposal for a new law.

Next steps
▪️Second reading: A general debate on the bill's principles
▪️Committee stage: Detailed examination and possible amendments
▪️Report stage: Further amendments may be proposed
Third reading: Final chance for debate and amendments
The other House: The bill goes through similar stages in the other chamber
▪️Royal Assent: If passed by both Houses, the bill receives Royal Assent and becomes law

The process can take months or even longer, depending on the complexity of the bill and the level of political consensus. The bill could pass as is, be amended during the process, or fail to become law if it doesn't gain enough support. If passed, the government will determine when different provisions of the Act come into force, which may be done in stages.

Crypto Laws Evolving Globally
According to an article from the World Economic Forum website, cryptocurrency regulation is undergoing significant changes worldwide. The UK is not alone in its efforts to create a legal framework for digital assets.

Many countries and regions, including the US, European Union, Japan, and Brazil, are actively developing or have already implemented regulations in this area. For example, the EU has introduced comprehensive crypto-asset regulation, while Brazil has appointed its central bank as the supervisory body for crypto assets.

The UK's initiative to recognize digital assets as personal property aligns with the global trend towards creating clearer legal frameworks for cryptocurrencies and other digital assets.

However, as highlighted above, the UK bill is only at the initial stage of the legislative process.

It is likely that international trends and experiences from other countries will be taken into account during the discussion and refinement of the bill. This could contribute to the creation of a more harmonized approach to regulating digital assets at a global level.

@ Newshounds News™

Source:  Forbes

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Layer 1 Blockchains: Overcrowded and Overhyped? The Real Story

▪️Layer 1 (L1) blockchains are rapidly emerging but struggle to gain market traction against established platforms.

▪️Developers are divided on L1 versus Layer 2 (L2) solutions, each offering unique benefits for scalability.

▪️L2 solutions may streamline the ecosystem, but L1 innovation remains essential to push blockchain technology forward.

The cryptocurrency industry has witnessed an explosion of Layer 1 (L1) solutions, each offering unique promises of scalability, decentralization, and improved user experience.

Yet, despite the rise in L1 platforms, many of the same challenges persist. With the growing popularity of Layer 2 (L2) solutions that address these scalability concerns, questions arise about the value of constantly launching new L1 blockchains.

BeInCrypto spoke to three key blockchain developers—Jack O’Holleran from Skale Labs, Charles Wayn from Galxe, and Matt Katz from Caldera—to unpack this issue. Their insights highlight the industry’s struggle with scalability, the rise of L2 solutions, and the fierce competition among both new and established L1 platforms.

The Layer 1 Glut: Solving or Exacerbating Problems?
L1 blockchains form the foundation of decentralized networks, powering decentralized apps (dApps) and protocols. Ethereum, Bitcoin, and a handful of other L1 chains dominate the market. Still, new contenders appear regularly, aiming to resolve blockchain’s most persistent challenges.

However, the influx of new L1 blockchains raises a critical question: Do we need more, or are we over-complicating the ecosystem without delivering real improvement?

Jack O’Holleran, co-founder of Skale Labs, believes the L1 market has become overcrowded. He argues that while many L1 projects are emerging, only a few are gaining meaningful traction.

“The Layer 1 market has been crowded from a narrative and new token perspective, but a much smaller quantity of chains are actually executing in terms of market traction,” O’Holleran

O’Holleran pointed to metrics from CoinGecko, noting that the majority of developer and user momentum is consolidating around the top 10 blockchains. Even when a new L1 presents a novel solution, O’Holleran emphasizes that it’s not enough to guarantee success.

“Right now, there is a struggle for new chains to get a foothold in the developer market. They are getting user traction via airdrop mechanisms but are having trouble capturing market share with net new applications,” O’Holleran told BeInCrytpo.

The competition in the L1 space has intensified, with new projects needing to be significantly better than existing ones to make an impact. O’Holleran believes we are at a point where only the strongest L1s will survive.

A Case for New L1 Blockchains

However, not everyone agrees that the market is oversaturated. Charles Wayn, co-founder of Galxe and Gravity, sees the proliferation of new L1 chains as a sign of innovation. His company recently launched its own L1 solution, Gravity, to address scalability challenges within its platform.

“The Layer 1 space has exploded, with many new blockchains entering the market,” Wayn said. According to him, these new L1 blockchains are not just redundant but bring scalability and specialization to the forefront.

“Older blockchains struggle with congestion and high fees, while newer L1s offer better throughput and transaction costs,” Wayn added.

Wayn also noted that some of these emerging L1s are incorporating advanced technologies like Zero-Knowledge Proofs (ZKPs), enhancing privacy and security. His perspective reflects the growing demand for niche or specialized L1 chains that address specific industry needs.

Gravity, for instance, focuses on cross-chain interactions, providing an omnichain infrastructure that general-purpose blockchains like Ethereum may not address as efficiently. For him, the introduction of new L1s keeps the development ecosystem agile and responsive to real-world challenges.

Layer 2 Solutions: The Future of Scalability?
While the debate over the need for new L1 blockchains continues, L2 solutions have become a popular alternative. L2 solutions aim to improve scalability by building on top of existing L1 chains, alleviating the need for entirely new blockchain infrastructures.

Matt Katz, co-founder and CEO of Caldera, advocates for L2 solutions. His company’s “rollup-as-a-service” platform helps developers quickly create L2 chains for Ethereum.

“Ultimately, the distinction between an L1 and an L2 primarily involves implementation details and affects the overall architecture of the blockchain,” Katz told BeInCrypto.

He believes that while L1s provide the foundation, L2 solutions offer developers more flexibility without the overhead of building an entirely new blockchain. Katz also highlighted the interoperability issues that many new L1 blockchains face.

“L1 blockchains, in contrast to L2 solutions, lack native, built-in bridges to Ethereum. This absence exacerbates the issue of liquidity fragmentation, introducing significant friction when bridging assets,” he said.

In contrast, L2 solutions benefit from built-in bridges that align with the security model of the chain, making them more efficient and secure. Despite his support for L2 development, Katz acknowledged that the influx of new L1s can harm the ecosystem. Too many L1s can lead to fragmentation, liquidity issues, and increased competition, which in turn can stifle innovation.

The Path Forward: L1 or L2?
The blockchain industry faces a critical decision: should the focus shift from launching new L1 blockchains to refining existing L2 solutions? Both approaches have their merits, and it’s clear that no single solution will address all scalability concerns.

O’Holleran argues that the market will naturally filter out weaker L1 chains, leaving only those that provide real value. Wayn, on the other hand, believes new L1 blockchains are essential for innovation, while Katz sees L2 solutions as a way to streamline the ecosystem.

Ultimately, the path forward will depend on how developers and users balance the need for innovation with the desire for a more scalable and interoperable blockchain ecosystem. Whether through L1 or L2 solutions, the goal remains the same: to build a blockchain infrastructure that can support the demands of a growing digital economy.

@ Newshounds News™

Source:  BeinCrypto

~~~~~~~~~

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News, Rumors and Opinions Thursday AM 9-12-2024

Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.

RV Excerpts from the Restored Republic via a GCR: Update as of Thurs. 12 Sept. 2024

Compiled Thurs. 12 Sept. 2024 12:01 am EST by Judy Byington

Judy Note: What we think we know as of Wed. 9-11 2024:

159 Sovereign Countries have now qualified to be part of the BRICS Nation’s Global Currency Reset to gold/asset-backed currencies, with more on the list asking to be considered.

 ~~~~~~~~~~~~~~

Wed. 11 Sept. 2024 The EBS…Michael Jackson on Telegram

Alerts via the US Military: All militaries across the Globe would shut down all Media, Internet, Phones and TV programming. (Emergency services would remain active).

During that time the Internet and ATMs would not work and phones would only work for calling 911.

GESARA/NESARA would be activated.

~~~~~~~~~~~~~

Possible Timing:

Mon. 9 Sept. 2024: U.S. Greenlights Iraq’s International Status! https://youtu.be/ZNc5w6IM8iM?si=mQ8DY7KGi4hDBp9q

Reuters has announced that Iraq and the US have come to a preliminary troop withdrawal agreement that starts in Sept. 2024 and goes to Sept. 2025.

~~~~~~~~~~

Global Currency Reset:  (Opinions/Rumors)

Tues. 10 Sept 2024 Wolverine: I assume everyone is excited as to what is happening, and hopefully by tomorrow I will be waking up with a rainbow next to my window.

There are certain things I cannot tell, as it is all confidential.

This is what we have been waiting for, for such a long time. All indicators are pointed to this week. 

Iraq is already done, I suppose. The QFS is activated. All is ready to go.

Certain funds are liberated in Brazil. I have spoken to quite a lot of bondholders in Brazil they have confirmed that certain platforms are liberated.

The Pentecostal group is getting ready for this event, and every guest going to that event will get personal codes to activate their accounts, so they will have  access to their funds. There are a lot of people going to Bogota and they will have a huge event there. The Pentecostal group that did not go to the event, like people like myself, will get their money in Mid-October, but I don’t care – I can wait.  

I have been told that notifications may come out tonight, maybe midnight. They assured me they are coming through.   They also told me, “Wolvie, get ready for that opera! We are going to give you a call to sing that opera with all your might!  So it was an emotional call.  We have all been through a lot together.

All is lined up for this week.

The German bonds and Dragon bonds will go first.  If you have Dragon Bonds, you are absolutely blessed, and you may get paid tomorrow. It is a process.   It does not mean just because you have not got it you will not get it.

The EBS might come at the time we get our blessing.  We would probably go at nighttime with military escort so nothing can happen with us with military escort and do our exchange with a military escort.  This may only be in America, not sure around the world.

Wait for notifications, they will tell you where you will have to go. All will be your notifications.

I’m very confident we will celebrate tomorrow! God bless you all…Wolverine

~~~~~~~~~~~~

Global Financial Crisis:

 US bankruptcies are soaring, with 452 filings year-to-date, marking the second highest number in 13 years.

BRICS: Experts Says Largest US Crash has Started, Dollar’s in Danger: https://watcher.guru/news/brics-experts-says-largest-us-crash-has-started-dollars-in-danger#google_vignette

Wed. 11 Sept. 2024: The Big Bang Event: From Bay of Pigs Spark to Quantum GESARA Revolution – The Dawn of a N*************r – amg-news.com – American Media Group

Read full post here:  https://dinarchronicles.com/2024/09/12/restored-republic-via-a-gcr-update-as-of-september-12-2024/

************

Courtesy of Dinar Guru:  https://www.dinarguru.com/

Mnt Goat   ...recently they have told us this electronic platform is going away at the end of 2024... corruption and money laundering is now all ending and has to end or we will not see any reinstatement. The instrument to do this is the Electronic Banking practices... Having the US Treasury inside of Iraq now helping with all these banking reforms is a VERY good thing not a negative issue. It is absolutely going to push the RV process for us...We might even say it is the LAST piece to put in place in the RV puzzle to clearly see the end to this RV saga.

Clare  Article: "Iraq's financial revenues exceed 77 trillion dinars in 7 months of 2024" Quote: "The Ministry of Finance revealed on Tuesday that the size of Iraqi revenues in the federal budget during 7 months exceeded 77 trillion dinars, confirming that the oil contribution to the budget remains around 89%."

*************

Understanding the Timeline for a VND Increase in Value

Edu Matrix:  9-12-2024

Understanding the Timeline for a VND Increase in Value. History documentary on Vietnam and the VND currency. The long journey to present-day events.

https://www.youtube.com/watch?v=Ku_-Z6KPfbM

LIVE! (RATE CONTROL). A WORLD FINANCIAL SYSTEM MELTDOWN. ITS ALREADY HAPPENING!

Greg Mannarino:  9-22-2024

https://www.youtube.com/watch?v=JE1to6QEDb0

Seeds of Wisdom RV and Economic Updates Wednesday Evening 9-11-24

Good Evening Dinar Recaps,

SWIFT UNVEILS GLOBAL INFRASTRUCTURE TO STREAMLINE TOKENIZED ASSET TRANSFERS

The payments infrastructure provider said the move aims to solve the interoperability issues related to different technologies and regulatory discrepancies.

Swift announced a new initiative on Sept. 11 to streamline global transactions and enable its members to use their Swift connection for transactions involving both traditional and emerging asset types, such as crypto.

Swift plans to test multi-ledger Delivery-versus-Payment (DvP) and Payment-versus-Payment (PvP) transactions on its global platform. This could allow securities buyers to simultaneously pay for and exchange tokenized assets in real-time on Swift’s network.

The new initiative will focus heavily on the global trading of real-world assets (RWA), as the industry is expected to reach a $30 trillion market cap by 2034.

Swift said that the global tokenized asset industry has an interoperability issue, which turns different RWA efforts into digital islands. This is primarily caused by the lack of a globally accepted digital form of money.

Swift Chief Innovation Office Tom Zschach said:

“Digital currencies and tokens have huge potential to shape the way we will all pay and invest in the future. But that potential can only be unleashed if the different approaches that are being explored have the ability to connect and work together.”

Zschach added that inclusivity and interoperability are central pillars of the financial ecosystem.

This effort will initially use fiat currencies and is later planned to evolve into incorporating central bank digital currencies (CBDC), tokenized commercial bank money, and regulated stablecoins.

Notably, Swift said it had achieved successful results in value transfer tests involving tokenized assets, mentioning the two CBDC sandboxes it has conducted, which included banks from Europe, Asia, and North America.

Moreover, Swift’s new foray to provide a single payment infrastructure for tokenized assets also aims to address how to integrate different digital assets with its respective bank-led networks.

Since each financial institution exploring RWA could be using different distributed ledger technologies, the lack of compatibility might hinder global interoperability. Additionally, the divergence in various regulatory environments can also lead to challenges.

@ Newshounds News™

Source:  Crypto Slate

~~~~~~~~~

CFTC ANNOUNCES PARTNERSHIPS TO TACKLE CRYPTO PIG BUTCHERING SCAMS

The CFTC’s Office of Customer Outreach and Education partnered with several organizations to disseminate information related to crypto relationship investment, or “pig butchering,” scams.

Pig butchering scams have increasingly replaced Ponzi schemes in the last year as criminals attempt to reap higher rewards from more targeted attacks.

The Commodity Futures Trading Commission's (CFTC) Office of Customer Outreach and Education (OCEO) aims to disseminate targeted information regarding crypto relationship investment scams via new partnerships.

American Bankers Association Foundation, a "private regulator" and other federal agencies are working with the OCEO to create and distribute an infographic to help viewers recognize and avoid "pig butchering" schemes, according to a CFTC release.

In addition, the OCEO is collaborating with the U.S. Security and Exchange Commission’s Office of Investor Education and Advocacy and other organizations to develop an investor alert related to pig butchering scams.

“Partnering with federal and state regulators as well as consumer protection groups and other organizations helps spread the CFTC’s customer education message and hopefully reaches people before they can get scammed.

These partnerships focus on a relationship confidence fraud the perpetrators commonly refer to as ‘pig butchering,’ that is estimated to cost Americans billions each year," said Office of Customer Education and Outreach Director Melanie Devoe in a statement.

Pig butchering scams have increasingly replaced Ponzi schemes in the past year as criminals try to gain higher rewards from more targeted attacks.

"Pig butchering scams earn their name from the way scammers 'fatten up' their victims to extract maximum value. This typically involves cultivating a romantic relationship over time through text messages or dating apps, ultimately persuading the victim to invest in a fraudulent scheme," wrote The Block's Brian McGleenon.

@ Newshounds News™

Source:  The Block

~~~~~~~~~

UK INTRODUCES BILL TO GIVE CRYPTO OWNERS LEGAL PROPERTY RIGHTS

The UK’s Ministry of Justice is sponsoring a bill that would grant codified personal property rights to holders of digital assets.

What’s the Scoop?

▪️Digital Rights: The Property (Digital Assets etc) Bill was introduced today before the UK’s House of Lords. It seeks to apply personal property rights for the first time in British history to digital holdings like cryptocurrencies, non-fungible tokens, and carbon credits.

▪️Legal Protections: By establishing property rights for holders of digital assets, the UK hopes to “give legal protection to owners and companies against fraud and scams, while helping judges deal with complex cases where digital holdings are disputed or form part of settlements.”

▪️Needed Clarity: Concerns from the UK Law Commission that digital assets could meet the criteria for both existing types of personal property in the UK, thereby impeding court disputes, reportedly prompted the creation of the new digital personal property category.

Bankless Take:

Although this bill speaks more so to the UK’s nuanced legal system than its bullishness on crypto, society has undeniably become increasingly digitized throughout the 21st century.

Should this trend accelerate in the coming decades alongside greater digital asset adoption, the UK will be well-positioned to arbitrate disputes involving a novel property type.
@ Newshounds News™

Source: Bankless

~~~~~~~~~

Charles Hoskinson Calls Out Big Cardano Staking Misinformation

Unlike other protocols, ADA staked tokens are not locked, making it possible for holders to spend or move their assets.

Key Notes
▪️Cardano founder just debunked a major ADA staking FUD.

▪️Cardano remains a favorite Layer 1 network with significant backlash.

▪️The protocol has a functional Liquid Staking product with massive holdings.

Cardano has become the center of several backlashes from crypto enthusiasts, with the latest being misinformation about its liquid staking. In light of this, the protocol’s founder, Charles Hoskinson, took to X to flag the increasing misinformation. He stated that the Cardano staking is not locked against the rumors.

Cardano Stakeholders Speak against Staking Misinformation

In his post, Hoskinson asked his followers:

“Why does anyone trust these people anymore?”

The allegations equally drew the attention of many Cardano community members. They strongly believe that the talks are baseless and largely targeted at damaging the project’s reputation.

Cardano SPO PRIDE pointed out the irony of the accusation, highlighting that Cardano is the only top 20 crypto project offering native liquid staking. This further attenuated the fact that ADA coins are never locked in staking.

Also, Cardano does not require Liquid Staking Derivatives (LSDs) or Liquid Staking Tokens (LSTs).

Hoskinson expressed his frustration after a podcast featuring prominent crypto commentators InvestAnswers, CTO Larsson, MartyParty, and Mando appeared on the internet. InvestAnswers specifically asked why older crypto projects like Cardano are still highly ranked. He further claimed that Cardano has a large market share of over $12 billion, “yet no adoption”.

The response from Charles Hoskinson marks the related defense he mounts when critics focus on the protocol.

In response, renowned skeptic MartyParty alleged that ADA holders are locked in staking pools and are unable to sell. He even went as far as accusing the Cardano team of tricking investors with the staking system, making them enter a position that they could hardly exit. MartyParty claimed that this explains the multi-billion dollar market cap.

Understanding the ADA Staking Mechanism

Many people are concerned about the ADA staking mechanism. Some entities propagate that the protocol remains at the top of the crypto ranking because their stakeholders cannot sell.

After all, their assets are locked in the staking. Ordinarily, Cardano staking allows coin holders to assign their holding to a staking pool for a reward known as staking yield.😃

Unlike other protocols, ADA staked tokens are not locked, making it possible for holders to spend or move their assets. So far, the number of staked ADA units is 37.2 billion according to PoolTool data. ADA is currently trading at $0.3359, with a 1.78% dip within the last 24 hours. At this price level, the staked ADA is valued at approximately $7.5 billion.

Placed side-by-side with Cardano’s market cap of $12.08 billion, the staked coins represent about 62%. This high rate suggests that investors are confident in Cardano’s long-term potential.

Moreover, they will lock up their ADA assets in return for valuable rewards. On one hand, the ADA staking reward jumped by 30% last month.

@ Newshounds News™

Source:   CoinSpeaker

~~~~~~~~~

Newshound's Currency Facts Youtube and Rumble

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Q & A Classroom Link  

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Follow the Timeline 

Seeds of Wisdom Team™ Website

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Thank you Dinar Recaps

'Close To Major Financial Reset'; Brace For Margin Calls, Panic Selling | Chris Vermeulen

'Close To Major Financial Reset'; Brace For Margin Calls, Panic Selling | Chris Vermeulen

David Lin:  9-11-2024

Chris Vermeulen, Chief Market Strategist of The Technical Traders discusses the market's volatile reaction to the latest CPI report, expectations for the September FOMC meeting, and how commodities are signaling an imminent "financial reset".

0:00 - Intro

1:30 - Latest CPI inflation

3:30 - Trend has turned down

9:40 - Economic cycles

 11:55 - Markets pricing in election odds

13:18 - Copper and industrial metals

16:00 - Oil outlook

17:00 – Gold

 21:18 - Silver

25:26 - Bonds

27:30 - U.S. dollar

29:30 - Chris's investing philosophy

https://www.youtube.com/watch?v=b-4XzxfoFw8

More News, Rumors and Opinions Wednesday PM 9-11-2024

KTFA:

Clare:  Al-Sudani directs to suspend official work next Sunday on the occasion of the Prophet’s birthday

9/11/2024

Prime Minister Mohammed Shia Al-Sudani directed to suspend official work next Sunday on the occasion of the Prophet's birthday.

Al-Sudani also directed, during the Cabinet session today, Tuesday, the ministries to interact with the Iraq Investment Forum early next November.   LINK

************

Clare:  Iraqi Oil holds expanded meeting with ALEXANDROS JV in the United States

9/11/2024

On Tuesday, the Iraqi Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul-Ghani Al-Sawad, received a delegation from the ALEXANDORS JV company, specialized in refining, on the second day of his visit to the US state of Houston. 

The company's delegation was headed by Ghassan Hanoudi, Executive Vice President for Middle East Affairs.

The Ministry of Oil stated in a statement received by Shafaq News Agency that the expanded meeting held between the two parties witnessed a review of the reality of the refining and refining sector in Iraq, where the achievements made and the increase in production capacities of petroleum derivatives were highlighted, which reached levels of achieving self-sufficiency for some important petroleum products for local consumption.

The Minister also stressed the Ministry's keenness to improve the quality of production and increase its rates through future development projects and plans.

The ALEXANDORS JV delegation also included Mike Sarafa, the company’s legal advisor, Jeff DeRosia, energy director, Leon Saucir, energy operations director, and Saad Siham Al-Mudarris, strategic advisor for Middle East affairs.

The meeting was also attended by the Undersecretary of the Ministry for Gas Affairs, Izzat Saber, the Iraqi Ambassador to the United States, Nizar Al-Khairallah, the Advisor to the Prime Minister, Falah Al-Amiri, the Director General of the Southern Refineries Company, Hussam Hussein, the Director General of the Department of Studies, Planning and Follow-up, Nasir Aziz, and the Director General of the Economic Department, Alaa Al-Yasiri.

The ministry indicated that the meeting comes within the framework of enhancing cooperation between Iraq and ALEXANDORS JV and developing the refining and refining sector in line with the future strategies of the Iraqi Ministry of Oil.   LINK

************

Clare:  Pezeshkian: The MoUs signed today represent a new start for cooperation between the two countries

9/11/2024

Iranian President Masoud Pezeshkian considered, on Wednesday, the memoranda of understanding that his country concluded with Iraq as a new start for cooperation between the two sides.

"We agreed to form a team of experts from both countries to develop long-term strategic plans that establish close cooperation to exploit available opportunities. To achieve this goal, we need to activate agreements between the two countries," Pezeshkian, who is visiting Iraq, said in a press conference with Prime Minister Mohammed Shia al-Sudani.

He added: "We need to conclude security agreements in order to cooperate with each other to combat ISIS terrorism and smuggling. The agreements concluded so far have achieved good results, and we need to diagnose the weak points of these agreements."

The Iranian president said: "We want a strong, stable, secure and independent Iraq, and in the presence of a secure and prosperous Iraq, we will be able to build fraternal relations between the two countries."

Regarding his visit, Pezeshkian said that it "represents a great opportunity, and based on what was agreed upon, the two parties will hold specialized meetings to continue concluding new agreements." LINK

************

Courtesy of Dinar Guru:  https://www.dinarguru.com/

Militia Man   "...Understanding between the Iraq Federal Government and the Kurdistan Regional Government..."  You have two entities coming together...They had a lot of turmoil in the past...  Now they've come to an agreement...A huge delegation from Iraq has gone to the Kurdistan region - The highest executive authorities in Iraq, the Ministerial Council of Economics...Planning, Trade, Interior, Central Bank of Iraq, legal...finance, oil department.  The whole list was immense...with their counterparts from the Kurdistan region...working it out, which reeks of national reconciliation...If they get National Reconciliation I can see Iraq is going to go so far.  It's phenomenal...Reconciliation is historic.

Frank26   Alaq, he's back.  He got back Friday...Where'd he go?  Straight to Erbil...By the way, he's happy...He's got pep in his step...I'd be on cloud 9 right now too because of what they are about to give you [Iraqi citizens], the purchasing power.  Your economic reform is going to explode in a nuclear fashion.  Your country is poised to lead the world with its new monetary reform.  The beauty is the whole world knows it.  And the whole world wants it badly.

************

China Just Helped Iran & Russia By Selling All Of Their US Treasury!

Tech Beat:  9-11-2024

In this video, we look at China's recent geopolitical maneuver of selling off its U.S. Treasury holdings, and how this decision is expected to help important global actors such as Iran and Russia.

As tensions between the United States and these countries continue to escalate, China's desire to minimize its reliance on US financial assets may tilt the balance of power in international relations. We examine the reasons behind China's selling of US Treasuries, ranging from economic strategy to political leverage, and how this affects the global financial landscape.

By reallocating these resources, China enhances its financial and geopolitical relationships with nations such as Iran and Russia, both of whom face severe US sanctions. This move also suggests a potential realignment of global alliances, with China at the forefront of a new economic order.

 Join us as we explore the broader ramifications of China's financial moves, including what they may mean for the future of global politics, international trade, and the US economy.

We'll also look at how these trends may reshape the geopolitical environment and affect relations between the East and the West in the next years. Don't forget to like, share, and subscribe for more in-depth examination of global issues!

https://www.youtube.com/watch?v=WObYDEwkhoo

Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 9-11-24

Good Afternoon Dinar Recaps,

Important Ripple (XRP) Announcement Concerning XRPL

▪️The XRP Ledger (XRPL) will implement a major amendment in two weeks to enhance its Automated Market Maker (AMM) feature.

▪️Ripple’s XRP has seen a slight price decline, with a 1% drop over the past 24 hours and a 7% decrease over two weeks, despite recent updates.

Activation in Two Weeks

The team behind XRP Ledger (XRPL) announced that a major update under the code fixAMMv1_1 will be implemented within 14 days. It was approved to go forward after 28 votes in favor (out of 35).

The change aims to enhance the functionality of the Automated Market Maker (AMM) feature. The AMM is a decentralized mechanism that enables users to trade assets directly on the XRPL without relying on third parties.

One of the main goals of the improvement is to make the trading process more efficient and reduce potential risks for liquidity providers.

The XRPL has witnessed several other developments in the past few months. In mid-August, its main Testnet underwent a reset, becoming temporarily unavailable to developers. The effort aimed to improve stability and reduce the cost of running a Testnet node.

“Reminder: in addition to this Testnet, XRPL community members are encouraged to create and manage additional testnets to support diverse testing and development needs, “the team concluded, “the team added at the time.

Prior to that, OpenEden – a fintech company focused on bridging traditional finance and DeFi – disclosed that it will launch tokenized US Treasury bills (T-bills) to the XRP Ledger (XRPL) and its users for the first time. Ripple said it will create a fund to invest $10 million in the aforementioned products.

“Institutions are increasingly looking at where to tokenize their real-world assets, and the arrival of T-bills on the XRPL powered by OpenEden reinforces the decentralized Layer 1 blockchain as one of the leading blockchains for real-world asset tokenization,” Markus Infanger – Senior Vice President at RippleX – commented.

Tokenized T-bills represent digitized traditional US Treasury bills issued on a blockchain or distributed ledger technology platform. The process involves converting the rights to the financial products into tokens, which can then be traded, held, or transferred to specific addresses.

XRP Price Outlook
Ripple’s XRP did not react positively following the aforementioned announcement. It continued trading sideways before slightly retracing in the past few hours.

@ Newshounds News™

Source:  Crypto Potato

~~~~~~~~~

BRICS Confirms 159 Participants Will Adopt New Payment System

After recent rumblings surfaced of how many nations would embrace the impending BRICS Pay system, the bloc has confirmed 159 participants are set to adopt the new payment system. Indeed, the economic alliance system is poised to hit the ground running when it finally launches.

Now, all eyes are on when that launch will take place. Many have surmised that it would be announced at the highly anticipated 2024 Summit. 

Moreover, it would be set to go live in what would be a groundbreaking unveiling. If that were to happen, the bloc has already noted there is a long line of entities ready to embrace it.

BRICS Payment System to Feature 159 Participants, Alliance

Earlier this year, the BRICS bloc announced the creation of a blockchain-based payment platform. It would be set to redefine the collective’s global economic standing. Morehe largest payment systems worldwide. That includes the Western-dominated SWIFT system.

Now, the BRICS group confirmed that 159 participants will adopt the new payment system. Indeed, Russian officials verified the number in a recent correction, according to a Yahoo report. Although previous statements rumored 160 countries would be involved, the number was clarified in subsequent reports.

The payment system is crucial to the bloc’s ongoing de-dollarization efforts. It will provide participating countries with an avenue to trade in local currencies. Therefore, it will greatly hinder how these nations settle trade. Ultimately, decreasing international necessity for the greenback.

This would be vital for Russia, following 2022 sanctions that greatly affected their trade capabilities. That weaponization was a key reason for the adoption of de-dollarization efforts. Now, the bloc is set to more thoroughly compete on a global stage. And so too will the nations whose currencies get increased adoption through the payment platform.

The confirmation also notes that more than 20 countries will be set to take part in the BRICS Pay platform. Although they did not clarify those nations, they are likely among the countries seeking to join the alliance this year. The impending 2024 summit will also deal with ongoing expansion hopes.

Countries like Venezuela, Malaysia, Thailand, Nigeria, and Turkey have sought entry into the bloc. The latter is a recognized NATO member. 

Their inclusion would greatly shift the bloc’s standing in a geopolitical sense. They would be recognized as the first NATO nation to be embraced within the global south-based collective.

@ Newshounds News™

Source: Watcher Guru

  ~~~~~~~~~

BBVA Switzerland adds support for USDC Stablecoin

Three years ago BBVA Switzerland became one of the first banks to offer cryptocurrency services to retail clients, with the launch of its New Gen digital investment account with no net worth requirements. However, customers have to keep the equivalent of $10,000 on deposit. Now BBVA Switzerland is expanding the offering by adding the USDC stablecoin from Circle.

In addition to the New Gen account, the Swiss bank also provides cryptocurrency services to its institutional and private banking clients.

Previously the BBVA offering only supported Bitcoin and Ether. While users can hold USDC with the bank, it also means institutional clients can use it for trading other cryptocurrencies.

We recently ran tests with a couple of cryptocurrency exchanges and noted that the exchange rates were surprisingly attractive. Thinking about BBVA clients, if they previously used their BBVA account to transfer money onto crypto exchanges, then BBVA can potentially earn foreign exchange revenues from converting CHF or Euro deposits into USDC.

“We want to offer our private clients a simple access to the tokenized products they are most interested in and cannot access through traditional financial institutions. Meanwhile, our institutional clients need us to provide options to guarantee the assets they manage,” said Philippe Meyer, Head of Digital Solutions and Blockchain at BBVA in Switzerland. “We will analyze all the crypto assets they are investing in to continue building our offering with further innovative solutions.”

Late last year BBVA Switzerland migrated its digital asset custody to Metaco’s Harmonize platform which is now owned by Ripple. In June BBVA’s Turkish arm, Garanti BBVA Digital Assets launched its wallet which currently supports trading of Bitcoin, Ether, USDC and Avax and custody of Chiliz, the coin linked to the Socios fan token platform.

@ Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

IRAQI DINAR REVALUATION WHAT YOU NEED | Youtube

@ Newshounds News™

Source:  Currency Facts

~~~~~~~~~

New IRS Tax Law Explained What You Need to know!  |  Youtube

@ Newshounds News™

Source:  Currency Facts

~~~~~~~~~

Newshound's Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

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Subscribe to Newsletter

Thank you Dinar Recaps

Economist’s “News and Views” Wednesday 9-11-2024

‘Flashing Red Lights Everywhere’; Lobo Tiggre’s Urgent Warning On The Economy, Markets

David Lin:  9-11-2024

Lobo Tiggre, Editor of The Independent Speculator, discusses signs of an economic slowdown, the outlook for monetary policy, and commodities.

0:00 - Intro

1:00 - Yellen: "economy remains solid"

7:20 - Fed monetary policy outlook

11:40 - Slowing job openings

18:40 - Money supply

22:00 - Federal deficit

25:52 - Fighting inflation

29:55 - Copper

35:00 - Gold and silver

38:38 – Uranium

https://www.youtube.com/watch?v=nP2-R_R4vWk

The Yield Curve Is Showing DANGER (TIME TO BRACE FOR IMPACT)

Lynette Zang:  9-10-2024

https://www.youtube.com/watch?v=1UJbREVasYo

7 Days. (Countdown Begins). US DOLLAR COLLAPSE ACCELERATES. Important Updates.

Greg Mannarino:  9-11-2024

https://www.youtube.com/watch?v=p8WRW0U7YeE

News, Rumors and Opinions Wednesday AM 9-11-2024

Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.

RV Excerpts from the Restored Republic via a GCR: Update as of Tues. 10 Sept. 2024

Compiled Tues. 10 Sept. 2024 12:01 am EST by Judy Byington

With the US & Eight Other Major Nation’s Economies Collapsing
Sovereign Countries Were Shifting from Fiat Currencies to Gold/Asset-backed

It’s only wise to have at least a month’s supply of food, water, cash, medicine and essential items on hand for yourself, your family and to share with others in case of emergency.

Mon. 9 Sept. 2024: U.S. Greenlights Iraq’s International Status! https://youtu.be/ZNc5w6IM8iM?si=mQ8DY7KGi4hDBp9q

Reuters has announced that Iraq and the US have come to a preliminary troop withdrawal agreement starting in Sept. 2024 and going to Sept. 2025.

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Mon. 9 Sept. 2024: Mastering QFS: A Complete Guide to Fund Transfers, Account Setup, and Understanding RV & Redemption Funds …The 17th Letter (JFK Jr.) on Telegram Mon. 9 Sept. 2024: Mastering QFS: A Complete Guide to Fund Transfers, Account Setup, and Understanding RV & Redemption Funds – amg-news.com – American Media Group

The Quantum Financial System (QFS) is emerging as a revolutionary force in finance, promising enhanced security, transparency, and efficiency amid rapid technological and financial advancements. The financial sector is undergoing a transformative shift, and the QFS is leading the charge. This guide will walk you through the steps to transfer funds to a QFS account or open one, providing practical insights and advice for a smooth transition. Designed to be both informative and engaging, this resource will help you navigate the world of the QFS with ease.

Understanding the Quantum Financial System: Before diving into the details of transferring funds and opening a QFS account, it’s crucial to grasp what the Quantum Financial System entails. The QFS is an advanced digital financial platform designed to supersede traditional banking systems. Utilizing quantum computing technology, it offers unparalleled speed, security, and resistance to fraud and cyber attacks.

Why Transition to the QFS? As the financial landscape evolves, sticking with outdated banking systems could jeopardize your financial security. Here’s why switching to the Quantum Financial System could be beneficial:

Enhanced Security: The QFS employs cutting-edge encryption and authentication methods, ensuring that your financial information is highly secure against cyber threats.

Lightning-Fast Transactions: The QFS allows transactions to be completed almost instantaneously, reducing the waiting time typically associated with international transfers and eliminating the need for middlemen.

Transparency: All transactions on the QFS are recorded on a distributed ledger, providing complete transparency and accountability.

Global Accessibility: With the QFS, you can access your account anytime, anywhere, without the restrictions of traditional banking hours.

Reduced Fees: Traditional banks often charge significant fees for their services, but the QFS offers more cost-effective financial transaction solutions.

This journey into the QFS is not just about understanding a new financial system; it’s about embracing the future of secure, efficient, and accessible finance.

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Mon. 9 Sept. 2024 BRICS Summit: The Financial Revolution Begins, Charlie Ward on Telegram

At the upcoming BRICS summit in October, the global financial system is on the brink of a revolution. Andrey Mikhailishin, head of the BRICS Business Council’s financial services task force, reveals plans for a new international financial system that aims to shatter the control of Western banking elites.

The plan? A series of groundbreaking projects: a common unit of account (Unit), a platform for international digital currency settlements (Bridge), a payment system (Pay), a settlement depository (Clear), and even a new insurance system. But this isn’t just about new tools. This is about freedom. The Unit will be backed 40% by gold, sending a clear message to the fiat-controlled global system—BRICS is ready to break free.

Iraq Takes Control—Chapter VII Ends: In a major move that has gone under the radar, Iraq is set to regain full control of its currency and economy. Washington has stopped the automatic deductions from Iraqi oil revenues used to pay Kuwait, lifting a huge financial burden on the country. The end of these payments signals the collapse of Chapter VII sanctions, meaning Iraq will now have true sovereignty over its resources and economy. The global shift is happening right before our eyes.

Black Swan Event Foreshadowing the Storm: September 5, 2021—a black swan appeared on Tiananmen Square. In Chinese culture, this is a harbinger of disastrous events. With Xi Jinping’s previous warnings, the sighting sparked global discussion. At the same time, Palantir, a company with deep connections to global intelligence, bought gold as a hedge against this very event.

The World is bracing for the next move in this game of financial chess. And it’s not just coincidence—everything from the Act of 1871 to Washington D.C.’s bankruptcy is being branded illegitimate and illegal. The system is cracking, and gold is at the center of it all.

Fiat Currencies Collapse – Gold is the Future: Federal Reserve Chairman Jerome Powell wants you to believe inflation is just a passing phase. Don’t fall for it. The collapse of fiat currencies is on the horizon, and when that happens, governments will be powerless to finance their agendas. As fiat money burns out, gold will rise as the only currency that can restore trust. The future is clear: the demise of fiat will be the demise of state money, and gold is set to take its rightful place as the foundation of the new economy.

Read full post here:  https://dinarchronicles.com/2024/09/10/restored-republic-via-a-gcr-update-as-of-september-10-2024/

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Courtesy of Dinar Guru:  https://www.dinarguru.com/

Fnu Lnu  ...A first year business major could tell you the government has NO business trying to control the black market. You eliminate it! How you might ask? By simply raising the value of the currency to be equal to or  greater than the black market spread. You take away the profit-motive and criminals will go somewhere else to make money.   

Frank26  [Iraq boots-on-the-ground report] FIREFLY: CBI is talking about a mechanism to terminate the electronic platforms.  FRANK:  That's right.  They can't steal the money through  that method anymore.  This is fantastic...The American dollar and the dinar are now being protected from those that were stealing  it, from Iran.  Because that was the US Treasury's #1 requirement.  We called it security and stability and so did Dr. Shabibi...    

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Massive Stock Market Meltdown Looming? Gold Primed for Explosive Surge | Chris Vermeulen

Sprott Money:  9-11-2024

September is here, and with it, a perfect storm in the #financial markets!

Craig Hemke and Chris Vermeulen break down the latest on stock #market volatility, the end of the bull market, and why precious metals might be your safest bet in this uncertain environment.

 Are we on the brink of a Stage 4 financial collapse?

Could gold hit $2700 in the next few weeks?

And what about silver—could it skyrocket to $36/oz?

Chris also shares insider insights from the MoneyShow in Toronto.

 Stay ahead of the curve, and prepare your portfolio for what’s coming.

https://www.youtube.com/watch?v=OjpxG_VPlhY

“Tidbits From TNT” Wednesday Morning 9-11-2024

TNT:

Dollar crisis: Changing exchange rates will create “huge problems” and smuggling is led by a “deep state”

The head of the Diyala Chamber of Commerce, Muhammad Al-Tamimi , confirmed today, Tuesday (September 10, 2024), that changing the exchange rates will create many problems, as the deep state is the one managing the state’s smuggling outside the borders of Iraq.

Al-Tamimi told Baghdad Today, "The money market is suffering from major challenges and is exposed to tremors at any moment, especially since the ability to control it is limited in most areas, with the continued smuggling of the dollar, which has become a lifeline for names and entities representing the deep state in the country in order to maintain its influence."

He added that "the recent rise in the parallel market was due to speculation and the spread of misleading news, in addition to the presence of names that control a large part of the liquidity," noting that "talk about the Central Bank resorting to changing the dollar exchange rates is still speculation, and if it happens, it will lead to many problems."

He pointed out that "without controlling the smuggling rate, the difference between the official and parallel price will remain high," stressing that "the price difference generates billions of dinars in the pockets of many parties and forces."

It is noteworthy that a banking source reported yesterday, Monday (September 9, 2024), that there was confusion in the foreign currency markets, while he expected their prices to rise.

The source told Baghdad Today, "The Central Bank will issue new decisions regarding foreign currency prices and the method of trading them within Iraq."

He added, "It is likely that these decisions will lead to an increase in the dollar exchange rate in the parallel market due to the currency shortage."

The source said, "The aim of these decisions is to limit currency smuggling or its monopoly by the weak-willed."

The dollar exchange rates witnessed a new rise in the two main stock exchanges and local markets for the second day in a row.   link

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Tishwash:  Winners and losers from the fluctuation of the dollar exchange rate against the dinar in Iraq

Despite the long period of time since the start of the electronic platform to monitor the movement of the dollar, the exchange rates of the dinar against the US currency still experience a large disparity between the official price announced by the Central Bank, which is 1320 Iraqi dinars per dollar, and the black market price, or what is known as the parallel price, which ranges between 1490 and 1510 Iraqi dinars per dollar.

And at the beginning of 2023, he announcedIraqAdopting an electronic platform to monitor the movement of dollar sales and money laundering operations, following warnings issued by the Federal Reserve (the US Central Bank), in addition to the US Treasury Department punishing several local banks for their involvement in suspicious activities.

The electronic platform for transfers worksForeign

The Central Bank of Iraq, in its first phase , is reorganizing financial transfers to ensure proactive control over them instead of subsequent control through the Federal Reserve auditing daily transfers.cabinetIraqi on February 7, 2023 on the decision of the Board of DirectorsCentral Bank of IraqBy adjusting the exchange rate of the dollar against the dinar, equivalent to 1300 dinars per dollar after it was 1480 dinars per dollar.

On the fourth of this month, it was announcedCentral Bank of IraqThe "electronic platform" through which US dollar transfers abroad are carried out is about to be completed, indicating - in a press statement - that during the year 2024 and until now, 95% of the transfer process from the electronic platform to "corresponding banks" has been achieved, which means that only about 5% of it remains within the platform, which will be transferred using the same mechanism before the end of this year and according to the plan.

This decision by the Central Bank raised many questions about the extent to which it has been able toIraqPreventing the smuggling of hard currency, stopping money laundering operations, and the extent of the success of economic measures in controlling currency smuggling and controlling the price in the market.

*The winners and losers from the fluctuation of the exchange rate.

Abdul Hassan Al-Ziyadi, a member of the Board of Directors of the Iraqi Businessmen Union, confirmed that the primary beneficiaries of the fluctuation of the dollar exchange rate against the dinar in Iraq are currency smuggling traders and price speculators, adding that the primary victims are...IraqAnd the citizen.

Al-Ziyadi said, "The dollar crisis inIraqAffected all jointslifeCommercial and non-commercial,” he added, “traders were harmed by the rise in the dollar exchange rate, and citizens were also harmed because the instability of the exchange rate destroys the family’s income and monthly resource.”

He continued, “If he wantedIraqTo get rid of this confusing situation, he must first get rid of the import of many goods and rely on manufacturing them locally to reduce the need for hard currency in addition to developing agriculture,” considering that “the Iraqi government and the Central Bank are primarily responsible for the failure of the currency selling platform.”

*Draining money

The researcher in economic affairs and a member of the General Authority of the Iraqi Accountants Syndicate pointed outHusseinNima Al-Karaawi until the entryIraqIn the American SWIFT system in 2023, it was the reason for many traders to refrain from the currency selling platform and turn to the black market for fear of having their money seized, in addition to the lack of mechanisms to help traders avoid having their money seized.

Al-Karawi said that "the price differencebetweenThe dollar and the dinar in the official or parallel price exceed 17 points for one dollar, so what is the case with very large amounts? He considered that “this matter represents a drain on funds.”

He added that “sales have declined significantly inIraqBecause of the change in the exchange rate and the lack of real control over the fluctuations in exchange rates in the market,” explaining that the reason is due to the presence of border crossings outside the control ofthe governmentIt is exploited by some dollar smuggling gangs.

Al-Karawi believed that "the citizen is the one who pays the tax of the exchange rate fluctuations. Although the financing for imported goods is through the platform at the official price, in reality many goods and commodities are sold in the local market at the parallel dollar price."
He said that the platform wasSellDaily up to $280 millionbutThe amount has now dropped to less than $240 million per day, he added, adding that the differencebetweenThe whistleblowers go to smuggling and the parallel market.

Al-Karawi confirmed that "the government and the Central Bank have taken many measures internally and externally to control the smuggling process and control the exchange rate."

He explained that some banks were harmed by the ban imposed on them by the US Federal Reserve and by smuggling operations, which contributed to raising the exchange rate on the black market. He also indicated that reducing the exchange rate of the dinar against the dollar also harmed the government's revenues, because its revenues depend on selling oil and receiving dollars in exchange for it and then selling it on the official platform for banks and traders.

Controlling border crossings

The spokesman for the Baghdad Chamber of Commerce, Rashid Al-Saadi, believed that controlling border crossings and automating the departments concerned with the import and export file are the only way to control currency smuggling.

Al-Saadi said, "There are parties that tried to thwart the currency selling platform to benefit from illegal transfers."

He added that "Iraq lost large sums of money as a result of smuggling of goods and hard currency and tampering with the valuation of goods from border crossings."

As for the citizen Ahmed Jabbar, who owns grocery stores, he called forthe governmentIraq to support the economy and enhance the purchasing power of citizens by strengthening the local currency and supporting local industry and agriculture.

Jabbar said, "Selling in dollars has affected the Iraqi market. We encouragethe governmentTo limit dealings in the local currency, as it contributes to the stability of the market and the economic situation of citizens.  link

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Al-Sudani and Pezeshkian sponsor the signing of 14 bilateral memoranda of understanding between Iraq and Iran

 Prime Minister Mohammed Shia Al-Sudani and Iranian President Masoud Pezeshkian sponsored, today, Wednesday (September 11, 2024), the signing ceremony of 14 memoranda of understanding in various fields and sectors.

The Prime Minister's Office said in a statement received by "Baghdad Today" that "Al-Sudani headed, along with the President of the Islamic Republic of Iran, Masoud Pezeshkian, the delegations of the two countries in the expanded meetings held at the government palace in the capital, Baghdad."

The statement added that "during the meeting, aspects of cooperation between the two neighboring countries were discussed, in a way that achieves mutual interests and benefits, as well as following up on the work of the joint supreme committee between Iraq and Iran, which will hold its next meeting in Baghdad," indicating that "security cooperation and the joint security agreement were also discussed, as well as constructive cooperation in the field of refining and energy industries, and cooperation between the private sectors in the two countries."

According to the statement, the Prime Minister referred to the "religious, social and historical ties that unite the two neighboring countries," explaining that "their geographical location makes the logistical and transportation lines of great importance," referring to "the (Basra-Shalamcheh) railway line for transporting passengers, and the government's keenness to complete the memoranda of understanding and proceed with their implementation."

 For his part, the Iranian President referred to "the depth of the relationship between the two countries, and the impact of the distinguished relationship on the stability of the region," stressing "his country's desire for joint work and development of economic partnerships between the two countries."

The statement indicated that "the meeting witnessed agreement on common visions regarding the continued aggression on Gaza, and the destabilization caused by the Zionist entity to the security and stability of the region."

The two sides renewed "the call to stop the genocide against the Palestinians, and for the international community to assume its responsibilities in this regard."

The Prime Minister and the Iranian President sponsored the signing ceremony of 14 memoranda of understanding in various fields and sectors, including: economy, training cooperation, youth and sports, cultural, artistic, archaeological and educational exchange, media cooperation, communications, in the field of religious tourist groups, cooperation in the field of Iraqi-Iranian free zones, agriculture and natural resources, mail, social protection, vocational and technical training, development of skilled manpower, and cooperation between chambers of commerce.

The memoranda of understanding were signed on the Iraqi side by the Ministers of Foreign Affairs and Trade, and the President of the Federation of Iraqi Chambers of Commerce, while on the Iranian side they were signed by the Ministers of Foreign Affairs and Economy.

The Prime Minister's Office pointed out that "the memoranda of understanding signed between the Republic of Iraq and the Islamic Republic of Iran included the following:

1- Memorandum of Understanding in the field of training cooperation.

2- Memorandum of Joint Understanding in the field of Iraqi-Iranian youth and sports.

3- Memorandum of Understanding in the field of Iraqi-Iranian cultural, artistic and archaeological exchange.

4- Memorandum of Understanding for cooperation in the field of education.

 5- Memorandum of Understanding for Iraqi-Iranian media cooperation.

6- Memorandum of Understanding for cooperation in the field of communications.

7- Memorandum of Understanding for cooperation in the field of religious tourist groups.

8- Memorandum of Understanding for cooperation in the field of Iraqi-Iranian free zones.

9- Memorandum of Understanding for cooperation in the field of agriculture and Iraqi-Iranian natural resources.

10- Memorandum of Understanding for cooperation in the field of postal services.

11- Memorandum of Understanding for cooperation in the field of social protection.

12- Memorandum of Understanding for cooperation in the field of vocational and technical training.

13- Memorandum of Understanding for cooperation in the field of developing the Iraqi-Iranian skilled workforce.

14- Memorandum of Understanding for cooperation in the field of Iraqi-Iranian Chambers of Commerce.link

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Mot: ....... Now Yous Knows Tooooo 

Mot:  . Just Love this Guy! - I can Soooo Relate!!! 

Seeds of Wisdom RV and Economic Updates Wednesday Morning 9-11-24

Good Morning Dinar Recaps,

RIPPLE CONFIRMS FEDNOW’S NETWORK EFFECTS WILL TRANSFORM PAYMENTS AND BOOST XRP

▪️Ripple Labs believes the Federal Reserve’s FedNow system will benefit XRP.

▪️The company, through XRP and XRP Ledger, is fighting for market share in the global payment ecosystem.

In a recent release, American technology company Ripple Labs Inc. confirmed that FedNow’s network effects will transform payments and boost XRP. This disclosure highlights Ripple’s relevance as an enterprise blockchain solution in crypto.

FedNow as The Likely XRP Catalyst
For context, FedNow is an instant payment service launched by the United States Federal Reserve last year. With its competitive pricing, enhanced speed, and integrated fraud management features, it is expected to revolutionize the US payment landscape.

In the 2024 document “Trends in Regional Payments,” Ripple mentioned that “networking effects” associated with the adoption of FedNow will begin to take effect within the following year. The firm expects this phenomenon to disrupt the payment scene in America and ultimately pave the way for increased XRP adoption.

As XRP adoption grows, Ripple claims “network effects” will persuade clients to use the Ripple network over the SWIFT network. This would further help Ripple expand its business and use XRP for cross-border transactions, which might ultimately lead to a surge in price.

As highlighted in our earlier post, Ripple partner Volante Technologies collaborated with a prominent custodian bank to carry out FedNow’s pilot phase. The two groups tested the ‘send,’ ‘receive,’ and ‘bank-to-bank’ transfer functionalities to help banks adjust to the new network.

The partnership led to speculations that FedNow might benefit XRP and Ripple. Industry proponents claim Volante users could use XRP on FedNow because of the interface with Ripple. Notably, Volante and Ripple have been actively working together to launch cutting-edge payment solutions.

Now that Ripple has officially confirmed that XRP will benefit from the FedNow, many await the effects on the token’s future price. As of this writing, XRP was trading for $0.5398, demonstrating a 1.5% increase in the past 24 hours. The trading volume increased by 34% to $822 million, suggesting increased demand from traders and investors.

FedNow and XRP’s Position in Cross-Border Payments
Both FedNow and XRP have continued to launch innovative solutions as they fight for supremacy in the cross-border payment industry. As noted in our earlier report, stakeholders expect the cross-border payment sector to be worth over $250 trillion by 2027.

With this in mind, FedNow is already growing its presence within the ecosystem. The service provides a faster, more efficient alternative that could reduce reliance on traditional card networks, potentially lowering transaction fees and increasing competition. Although signing up is voluntary, the service is available to more than 10,000 US financial institutions.

As mentioned in our previous post, Ripple is also leading the charge in addressing issues in the cross-border payment sector. Experts estimate that XRP’s dominant role in cross-border payments might propel the coin’s price to $1 by 2025.

Ripple payments use the XRP and the XRP Ledger to provide the speed, access, and cost-efficiency to meet the demands of crypto businesses.

@ Newshounds News™

Source:  Crypto News Flash

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India launches National Blockchain Framework

Last week India’s Ministry of Electronics and Information Technology (MeitY) unveiled India’s National Blockchain Framework.

 It has several purposes, including providing a platform for government departments to develop solutions and a light weight platform for rapid prototyping by researchers and small businesses.

Vishvasya is the National Blockchain Technology stack providing Blockchain as a Service (BaaS). This allows users to spin up nodes and networks and develop smart contracts, including several templates. For external developers who need to consume the blockchain apps, the stack provides APIs for access.

So far it supports two permissioned blockchains, but didn’t mention which ones. When we reported that MeitY was working on this project last year, the blockchains were Hyperledger Fabric and Hyperledger Sawtooth.

Several government departments have already developed solutions ranging from judiciary applications to document certification and tracking agriculture produce.

One app that was promoted is Praamaanik, which uses blockchain to verify mobile app security. The application developers provide an electronic fingerprint of their mobile app, which is registered on the blockchain.

When users download the app, they can verify that it’s exactly the same and hasn’t been tampered with by using a verification mobile app.

For many years the software community has cryptographically signed software builds. Checking the signature required a little technical skill, whereas India’s solution provides an option that anyone can master.

Apart from MeitY, other organizations involved in the development include C-DAC, NIC, IDRBT Hyderabad (for research in banking technologyset up by the central bank), IIT Hyderabad, IIIT Hyderabad (3 Is), and SETS Chennai.

This project has similarities with Europe’s EBSI, which provides a platform for government solutions. There’s also some cross over with China’s domestic Blockchain-based Service Network (BSN), which was designed to provide a low cost blockchain infrastructure for small companies.

@ Newshounds News™

Source:  Ledger Insights

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