Seeds of Wisdom RV and Economic Updates Wednesday Morning 10-9-24

Good Morning Dinar Recaps,

TAIWAN TO TRIAL CRYPTO CUSTODY SERVICES THROUGH LOCAL BANKS IN 2025

Taiwan’s Financial Supervisory Commission reportedly plans to start collecting applications from institutions interested in trialing Bitcoin custody services in the first quarter of 2025.

Taiwan is looking to advance institutional cryptocurrency adoption as local regulators aim to pilot crypto storage services through local banks.

The Financial Supervisory Commission (FSC) of Taiwan is preparing to launch an institutional trial of crypto custody services, the local news outlet, Central News Agency, reported on Oct. 8.

While the FSC reportedly expects to start collecting applications in the first quarter of 2025, three private banks in Taiwan have already expressed interest in piloting a crypto custody business.

FSC mentions Bitcoin, Ether and Dogecoin
Citing explanatory information by the FSC, the report stated that financial institutions applying for a trial run of crypto custody in the future would have to specify the type of assets they store for clients, such as Bitcoin, Ether, or Dogecoin.

Additionally, the institutions must include information about the type of users they target, whether those are professional or general investors, crypto asset platforms or others.

FSC’s director of the comprehensive planning division, Hu Zehua, reportedly mentioned at a press conference on Monday that the authority expects to publicly release the information on the upcoming trial at least 15 days before starting accepting applications. The FSC will also be collecting public feedback on the proposed trial and revise the process accordingly.

@ Newshounds News™

Source:  CoinTelegraph

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IOTA GAINS INSTITUTIONAL TRACTION AS FIREBLOCKS ADDS EVM SUPPORT TO ITS SECURE PLATFORM

▪️Fireblocks has announced the integration of the IOTA EVM, allowing institutional investors to transfer, hold and manage IOTA tokens and tokenised assets.

▪️The institutions can also leverage the Fireblocks REST API to develop IOTA token solutions for their retail clients across DeFi, GameFi, NFTs and more.

Crypto is no longer a retail game for speculators and meme coin lovers. Today, crypto and the underlying blockchain technology underpin global applications that span dozens of industries and impact the global economy. 

This has brought on institutions and multinational corporates, and with the recent Fireblocks integration, this group can now store, transfer and manage IOTA tokens and assets tokenized on the network.

IOTA announced the Fireblocks integration this week, describing it as “a major step forward in supporting a wide range of digital asset operations.”

The New York-based Fireblocks is one of the world’s leading digital asset platforms, serving some of the world’s largest institutions and allowing them to delve into digital assets without all the associated risks. Launched in 2019, Fireblocks has facilitated over $6 trillion in digital assets and supports over 80 protocols and networks.

 It has now integrated IOTA EVM, allowing its massive network of enterprise users to transact IOTA tokens and assets on the network through its API and console.

The integration allows institutional investors to store their IOTA tokens in their Fireblocks vaults and transfer the tokens over the Fireblocks network to other investors.

 It’s not limited to institutional use, however. These institutions can launch token support for their retail customers with Fireblocks’ REST API, the base layer of the company’s SDKs that allow them to program its services and customize them for their target audience. 

They can then deploy these tokens into retail-facing applications across DeFi, NFTs, GameFi, and other marketplaces.

Toeknisation is the biggest target market for institutions, with Goldman Sachs projecting that the sector could hit $16 trillion by 2030. It also aligns with IOTA’s redefined vision, as founder Dominik Schiener explained to Crypto News Flash earlier this year in an exclusive interview.

The Fireblocks integration fits into this, allowing users to securely mint and transfer tokenised assets.

The IOTA team summed up the new integration as monumental, stating:

In conclusion, IOTA EVM’s integration into Fireblocks marks a significant milestone towards offering a top-notch ecosystem for institutional and enterprise users. The storage, transfer, and creation of tokens need to be as easy as possible, so builders can focus on their product and not have to worry about security or custody.

IOTA joins other leading blockchain networks that have announced similar integrations with Fireblocks to cater to the institutional audience. Three weeks ago, Chainlink teamed up with Fireblocks to focus on the transfer and management of stablecoins, as we reported.

@ Newshounds News™

Source:  Crypto News Flash

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🌍 BRAZIL VS. ELON MUSK  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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Seeds of Wisdom RV and Economic Updates Tuesday Evening 10-8-24

Good Evening Dinar Recaps,

SOUTH KOREA PLANS TO REGULATE CROSS-BORDER STABLECOIN TRANSACTIONS

South Korea’s Financial Services Commission plans to consult with other jurisdictions, including Japan and the EU, on stablecoin rules.  

South Korea’s government plans to apply foreign exchange rules to cross-border transactions involving dollar-pegged stablecoins.

On Oct. 8, the country’s Ministry of Economy and Finance reportedly announced that it was reviewing measures to ensure the soundness of stablecoin transactions.

The government agency said that apart from being used to transact and exchange within the crypto ecosystem, stablecoins are also used in cross-border transactions. This means that stablecoin’s functions expand to global transfers, which may require different rules.

Consulting with other jurisdictions
Furthermore, the Financial Services Commission (FSS), South Korea’s top financial regulator, will prioritize and discuss stablecoins in the second legislative stage of the country’s Virtual Asset User Protection Act.

The FSS reportedly plans to consult with other regulators in international jurisdictions, including Japan and the European Union. Despite the statement, the government agency did not provide a specific consultation timeline.

Stablecoin regulations will also reportedly begin with a system for issuing won-pegged tokens. This means a legal system for stablecoins pegged to South Korea’s won fiat currency will first be established and then applied to foreign currency stablecoins.

The Japanese government issued rules on stablecoins after the Terra collapse in 2022. On June 3, 2022, Japan banned stablecoin issuance by non-banking institutions. However, it lifted the ban in 2023.

Meanwhile, the EU’s Markets in Crypto-Assets Regulation came into force in June, leading crypto exchanges to delist non-compliant stablecoins.

South Korea tightens crypto regulations
South Korea recently tightened its measures by enforcing laws to protect crypto users. On July 19, its Virtual Asset Protection Act came into effect, compelling virtual asset service providers (VASPs) in the country to maintain stricter rules to protect user assets.

The laws require VASPs to take out insurance against hacks and malicious attacks. They also mandate that providers keep user assets separate from exchange tokens while keeping customer deposits in banks. The law also includes regularly reviewing token listings on exchanges.

The South Korean government will also impose severe punishments on violators. This includes jail sentences and fines of three to five times the amount of illegally acquired profits.

@ Newshounds News™

Source:  CoinTelegraph

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CANARY CAPITAL FILES FOR A SPOT XRP EXCHANGE-TRADED FUND WITH THE SEC

▪️Canary Capital’s move comes after Bitwise filed its S-1 registration statement last week.
▪️Canary Capital founder Steven McClurg said the firm is seeing “encouraging signs of a more progressive regulatory environment coupled with growing demand.”

Crypto investment firm Canary Capital filed a registration statement with the U.S. Securities and Exchange Commission for a spot  XRP exchange-traded fund, marking the second firm vying for that product this month.

The Canary XRP ETF gives investors "the opportunity to access the market for XRP through a traditional brokerage account without the potential barriers to entry or risks involved with acquiring and holding XRP directly," the firm said in an S-1 registration statement filed on Tuesday. A custodian or administrator is not yet named for the ETF.

"We're seeing encouraging signs of a more progressive regulatory environment coupled with growing demand from investors for sophisticated access to cryptocurrencies beyond Bitcoin and Ethereum–specifically investors seeking access to enterprise-grade blockchain solutions and their native tokens such as XRP," said Canary Capital founder Steven McClurg in a statement.

McClurg also previously founded Valkyrie Funds, which has other spot crypto ETFs.

Canary Capital's move comes after Bitwise filed its S-1 registration statement last week. A spot XRP ETF has not been approved by the SEC before, and if it does, it could face challenges. The SEC has been embroiled in a legal fight with Ripple after the agency accused the company of raising $1.3 billion through the sale of XRP, which it views as an unregistered security.

@ Newshounds News™

Source:  The Block

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BRAZILIAN CBDC DREX ENVISIONED TO REPLACE CURRENT TRANSACTION SYSTEM

Fabio Araujo, the coordinator of Drex, the Brazilian CBDC, envisions this network substituting the current national transaction system and moving all the funds currently settled by the Reserve Transfer System. However, he stated that this would take some time, as the cost of this migration would be significant.

Drex Coordinator Envisions Total Substitution Of Traditional Transaction Systems for Blockchain
While the current central bank digital currencies (CBDC) are commonly considered a complement to fiat currencies and conventional electronic money, some countries are eyeing the total substitution of their systems for these tools. Fabio Araujo, coordinator of Drex, the Brazilian CBDC pilot, envisions this happening at one time in the country.

While Drex is in the second phase of its pilot, Araujo believes that the technology behind it might grow to substitute the Reserve Transfer System (STR).

According to the Central Bank, the STR is considered the backbone of the Brazilian financial system, handling the settlements of monetary, foreign exchange, and capital markets, among institutions that manage accounts with the bank.

Araujo stated:

All transactions would be made within this environment. As this technology advances, all business would be done within it.

However, Araujo acknowledged this process should not be immediate, as the migration from one technology to another includes significant costs for the institution.

“I hope it takes time, because migrating the internet to blockchain is costly,” he stressed. In 2023, STR settled the equivalent of the Brazilian gross domestic product (GDP) each 2.2 days.

While this migration would also highlight the need for new regulations to deal with the new system’s processes, Araujo recognized that at first, no regulation would be issued given that it would be a new technology applied to the existent environment.

At the same time, Araujo stated that this system would not have a direct connection with the real estate records, as the bank is not interested in taking over these operations. The Drex’s objectives would be to manage and ease financial settlements only.

@ Newshounds News™

Source:  Bitcoin News  

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BRAZIL TO REVIEW ELON MUSK’S X BAN AFTER $5M FINE PAYMENT

Social media platform X could soon be restored in Brazil after paying fines, appointing a new legal representative and blocking certain user accounts at the court’s request.

Brazilian authorities could soon lift the ban on Elon Musk’s social media platform X after the company paid 28.6 million Brazilian reais (approximately $5.5 million) in fines.

According to local media reports, on Oct. 7 X cleared the latest requirement on its path to returning online. In late August, Brazil’s Supreme Federal Court suspended X for failing to comply with orders related to an investigation into the spread of misinformation in the country.

The final payment was confirmed after a series of unusual events. On Oct. 4, the funds related to the penalties imposed by Justice Alexandre de Moraes for irregularities on the social network were mistakenly deposited into the wrong bank account. Last Monday, the proceeds paid by Musk’s satellite company, Starlink, were transferred to the correct account.

The amount included the original fine for X’s lack of cooperation in court investigations and an additional 10 million Brazilian reais (about $1.9 million) for not complying with the suspension after a shift to Cloudflare’s servers unintentionally allowed some users to access the platform in September.

In the previous days, X also appointed a new legal representative in the country, as required by local regulations, and blocked the accounts of users accused of spreading fake news and misinformation about Brazil’s electoral processes and justice system.

The platform’s return to users in the country now rests with Brazil’s Attorney General, who will recommend whether or not the suspension of X in Brazil should be lifted. If X return is approved, Justice Moraes will once again review the case and issue his decision.

Justice Moraes has been investigating X since 2023 for allegedly promoting and enabling the spread of misinformation in Brazil. Musk is also under investigation for charges including obstruction of justice, involvement in a criminal organization, and incitement to crime.

The billionaire has publicly criticized Moraes’ actions, labeling them politically motivated censorship. He has accused the judge of behaving like a “dictator” by targeting political opponents through what he claims are unlawful demands for content moderation.

@ Newshounds News™

Source:  CoinTelegraph

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Relax and smile with our cute Short Youtube videos!  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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More News, Rumors and Opinions Tuesday PM 10-8-2024

KTFA:

Clare:  The Bank of Iraq extends working hours to complete money transfer transactions

10/8/2024  Baghdad - WAA

The Chairman of the Trade Bank of Iraq (TBI) directed, today, Tuesday, to extend working hours to complete money transfer transactions.

The bank's media spokesman, Aqeel Al-Shuwaili, told the Iraqi News Agency (INA): "The bank's director directed that the work of remittance employees and cashiers in all bank branches should start from 7:00 am until 3:00 pm in order to complete all transactions related to financial transfers."

He added: "Work will continue according to the above mechanism until the completion of the last transaction within the branch."    LINK

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Clare:  EXIM Bank approves $297m for Energy Project in Iraq

10/8/2024  By John Lee.

The Export-Import Bank of the United States (EXIM) has approved a $297 million final commitment in support of an energy efficiency project in Iraq.

The project will increase the availability and reliability of electricity in Iraq by generating power through waste heat.

Florida-based Stellar Energy Americas, Inc. will provide engineering, procurement, construction and other services in support of this project.

This transaction is estimated to support 600 U.S. jobs across more than half a dozen states.  LINK

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Clare:  Governor of the Central Bank of Iraq chairs a meeting on bank lending

October 08, 2024

His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, chaired the first meeting of the Supreme Executive Committee for the National Strategy for Bank Lending in Iraq, formed by virtue of Diwani Order No. 51 of 2024, in the presence of the Undersecretaries of Ministries, Organizations and Concerned Authorities.

During the meeting, the importance of the role of the banking sector, government and private institutions was discussed, and their role in implementing this strategy and implementing the main axes and sub-objectives of the National Strategy for Bank Lending was defined.

His Excellency the Governor stressed that the National Strategy for Bank Lending aims to stimulate and stimulate the Iraqi economy, in addition to achieving growth in all areas, which this strategy will contribute to through the establishment and expansion of small, medium and large enterprises, stressing the importance of cooperation of the relevant authorities in the success of this task, which is a priority at the national level in providing job opportunities for young people and investing their energies and capabilities in a way that achieves economic growth in the economic sectors.

It is noteworthy that the Central Bank of Iraq launched on May 25, 2024, the National Strategy for Bank Lending in Iraq for the years 2024-2029, in the presence of a number of officials and representatives of diplomatic missions and international organizations. The axes of what was included in the strategy and the mechanisms for working on it were determined, each according to his specialization.

Central Bank of Iraq
Media Office
October 8, 2024

https://cbi.iq/news/view/2685

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

Walkingstick   [Aki Iraqi bank manager friend in U.S update] I have just been given my latest orders.  I am being told to stay close to home.  I will not be able to go to Thanksgiving...Christmas with my friends.  My orders tell me that I am to stay here in Dearborn.  The CBI bank is going to make us very busy during these holidays.  We are having a lot of Iraqi citizens coming into our banks here...They...are talking to us about the same thing you are asking us.  They found out they're going to get their HCL.  They found out about the cards.  They want to know how they're going to get their retirement money outside of Iraq.  They also what to know if they will also be able to receive the new lower notes.

SkyWalker  Removing or as Dr. Shabibi said cutting zeros, IMO is not a lop. Many are confused on what deleting zeros means. How did the inflationary zeros get on the dinar we hold?   The Saddam Swiss dinar was collected and swapped for the new dinar...Deleting the zeros is simply repeating the process by collecting three zero notes back to the banks and swapping them with lower notes.

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Soft Landing VS Economic Crash Which is More Likely?

Taylor Kenny:  10-8-2024

Is a soft landing really possible? Learn why the current economic situation may be headed for a crash, not a smooth recovery. Discover the risks tied to high debt, inflation, and Federal Reserve policies, and what you can do to protect your financial future.

CHAPTERS:

 00:00 - Soft Landing

 00:38 - Why This Time Won’t Be Different

01:46 - Fed Rate Cuts and Lagging Indicators

03:17 - Soft Landing: Historical Optimism vs Reality

 05:04 - High-Yield Savings and CDs at Risk

06:41 - Rising Inflation and Unemployment

07:50 - Why Soft Landings Are So Difficult

09:03 - How to Protect Your Wealth

https://www.youtube.com/watch?v=hrY0o-zG_KM

Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 10-8-24

Good Afternoon Dinar Recaps,

CRYPTO.COM FILES SUIT AGAINST SEC AFTER GETTING WELLS NOTICE

▪️Firm warned about operating as an unregistered broker-dealer
▪️Notice is the latest in a string of enforcement actions
Good Afternoon Dinar Recaps,

Crypto.com filed a lawsuit against the US Securities and Exchange Commission after receiving a Wells Notice indicating the regulator’s intention to sue the digital-asset exchange for operating as an unregistered broker-dealer and securities clearing agency. 

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The lawsuit contends that the regulator has “unilaterally expanded its jurisdiction beyond statutory limits and separately that the SEC has established an unlawful rule that trades in nearly all crypto assets are securities transactions no matter how they are sold,” according to a statement Tuesday.

The SEC does not comment on the existence or nonexistence of a possible investigation, an agency spokesperson said.

The lawsuit contends that the regulator has “unilaterally expanded its jurisdiction beyond statutory limits and separately that the SEC has established an unlawful rule that trades in nearly all crypto assets are securities transactions no matter how they are sold,” according to a statement Tuesday.

The SEC does not comment on the existence or nonexistence of a possible investigation, an agency spokesperson said.

The notice represents the latest in a string of enforcement actions brought by the SEC against the crypto industry in recent years. Companies including Kraken, Coinbase, Consensys and Uniswap have all been targets of such notices or lawsuits in the past, with some still engaged in legal proceedings.

“The SEC’s unauthorized overreach and unlawful rulemaking regarding crypto must stop,” Crypto.com Chief Executive Officer Kris Marszalek wrote on social media platform X.

Crypto.com, which is formally named Foris DAX Inc., declined to comment further on the lawsuit. Crypto.com was founded in 2016 in Hong Kong and rebranded to Crypto.com in 2018 after a purchase of the domain. Marszalek said in an interview with Bloomberg earlier this year that its platform has more than 80 million registered users.  CRYPTO.COM 

The lawsuit seeks to prevent the SEC from “unlawfully expanding its jurisdiction to cover secondary-market sales of certain network tokens sold on Crypto.com’s platform.” CRO, Crypto.com’s token, fell 7.6%, according to data from tracker CoinGecko.

The firm’s Crypto.com Derivatives North America unit also filed a petition with the Commodities Futures Trading Commission and SEC seeking to confirm by joint interpretation that certain crypto derivative products are solely regulated by the CFTC.

“It’s not surprising to see many crypto businesses turning the tables and preemptively suing the SEC,” Michael Selig, partner at Willkie Farr & Gallagher LLP, wrote on X, commenting on Crypto.com’s lawsuit.

@ Newshounds News™

Source:  Bloomberg

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IN AN EU FIRST, TOKENIZATION FIRM MIDAS OPENS MTBILL AND MBASIS TOKENS TO RETAIL TRADERS

▪️Midas’ onchain mTBILL and mBASIS tokens will be the first such real-world asset trading vehicles available to non-accredited investors.

▪️The tokenization firm received regulatory approval from Liechtenstein’s Financial Market Authority to open these funds to retail traders.

Tokenization protocol Midas is launching what it calls the “first suite of internet-native investment products” after opening access to its onchain mTBILL and mBASIS tokens to non-accredited investors.

In short, this makes Midas’ real-world asset (RWA) tokens the only regulated crypto vehicles in Europe not subject to a minimum investment of $100,000.

“After a year-long process involving audits, a registration and notification with various European regulations, we received approval for our product offerings,” Midas co-founder Dennis Dinkelmeyer told The Block in an interview. “Today, these are the only regulatory-compliant stablecoin yield products for retail investors across Europe.”

Midas, a startup that raised $8.75 million in a round led by Framework Ventures, BlockTower and HV Capital earlier this year, runs two tokenization projects: 1.  involving U.S. Treasury bills (i.e. mTBILL) and  2.  a yield-bearing carry trade (mBASIS). Both received regulatory approval from Liechtenstein's Financial Market Authority.

The tokenization space, projected to grow into a multi-trillion dollar industry in the coming years, is currently dominated by products offering exposure to U.S. government debt. Some $2.3 billion worth of onchain T-bills has been issued to date.

Dinkelmeyer says the startup works directly with BlackRock on its mTBILL product, which has so far attracted $5 million in deposits and currently yields around 5%. The vehicle uses BlackRock’s BUIDL fund as collateral but only supports stablecoins like USDC for issuance and redemption today.

“BlackRock itself is limited to institutional investors with a min of $5 million in assets. We can target retail with our regulatory approval,” Dinkelmeyer said. “In essence, we've just digitized the same old barriers that exist in traditional finance which defeat the point of tokenization.”

The same is true for Midas’ mBASIS token, which deploys an actively managed, market-neutral trading strategy using bitcoin, ether and “top altcoins” called a basis trade. Also called a carry trade, as seen in Ethena's USDe "synthetic dollar," the strategy capitalizes on the arbitrage opportunity that opens up when futures prices exceed spot prices.

@ Newshounds News™

Source:  The Block

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XSGD, SINGAPORE’S FIRST DOLLAR-BACKED STABLECOIN, LAUNCHES ON BITSTAMP TO POWER GLOBAL CROSS-BORDER PAYMENTS

▪️Bitstamp has listed a Singapore Dollar-pegged stablecoin, XSGD, for the first time
▪️The partnership between StraitsX and Bitstamp means users can now seamlessly send and receive the SGD-backed stablecoin across borders with confidence

StraitsX, the pioneering payments infrastructure for the digital assets space in Southeast Asia, has today announced the listing of XSGD, its Singapore dollar-pegged stablecoin, on Bitstamp, the world’s longest-running cryptocurrency exchange.

This strategic partnership marks a significant step forward in enabling the mass adoption of XSGD across global markets, and sets a new benchmark for stable, efficient, and secure digital currency transactions. XSGD, backed 1:1 to the Singapore dollar (SGD) and fully backed by reserve assets, offers unparalleled transparency and stability for users in global markets.

Unlocking Global Cross-Border Payment Flows
Stablecoins like XSGD are rapidly emerging as the preferred solution for on-chain cross-border payments, providing a secure and efficient alternative to traditional financial systems.

With the listing of XSGD on Bitstamp, users can now seamlessly send and receive SGD-backed stablecoins across borders with confidence. This development addresses the demand for faster, more cost-effective global transactions, reducing the complexities of conventional financial systems.

XSGD will drive digital asset adoption and accelerate innovation in cross-border payments.

XSGD will be available via Bitstamp globally, except in US and EU countries.

“The listing of XSGD on Bitstamp is a pivotal moment in our mission to bring StraitsX’s stablecoins to the global stage. By improving liquidity and accessibility, we are enabling faster, more transparent, efficient, and cost-effective on-chain cross-border payment flows. This will transform how individuals and businesses transact internationally, unlocking new opportunities for financial inclusion and global trade,” said Jason Tay, Head of Commercial at StraitsX.

“We are excited to list XSGD, a stablecoin with immense utility across the APAC region, to our Bitstamp platform. As demand for stable, reliable digital assets continues to grow, the addition of XSGD enhances our platform’s liquidity and provides our global users with a trusted SGD-backed asset.

This further supports the widespread adoption of stablecoins for cross-border payments and other financial transactions worldwide,” said Leonard Hoh, General Manager for APAC at Bitstamp.

Driving Adoption of Stablecoins
The listing of XSGD on Bitstamp highlights StraitsX’s commitment to advancing the digital assets and payments landscape across Southeast Asia and beyond. By combining the speed, transparency, and decentralisation of digital assets with the stability of a fiat-backed asset, XSGD is positioned to drive mass adoption. This trusted and secure stablecoin offers users a reliable solution for global cross-border payments, making it a pivotal tool for the future of digital transactions.

About StraitsX
StraitsX is the pioneering payments infrastructure for the digital assets space in Southeast Asia. StraitsX is a Major Payment Institution licensed by the Monetary Authority of Singapore and offers personal and business account holders to mint and redeem StraitsX stablecoins, manage payments as well as connect their accounts to digital asset platforms. Business accounts can also access B2B API-enabled payment rails for digital asset platforms.

About Bitstamp
Bitstamp is the world’s longest-standing cryptocurrency exchange, continuously providing safe and open access to crypto since 2011.  Bitstamp provides a secure and transparent trading venue to over five million individuals and is the preferred choice for a range of institutional clients seeking a trusted partner to participate in crypto markets. Bitstamp is a sector leader in both security and compliance.

@ Newshounds News™

Source:  Crypto News Flash   

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🌍 TRUMP VS HARRIS: WHAT’S AT STAKE FOR CRYPTO’S FUTURE?  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

 ~~~~~~~~~

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Some “BRICS New’s” Tuesday 10-8-2024

BRICS Announces 2025 Plans! What Happens to US Dollar Now?

GeoFlux:  10-7-2024

BRICS nations have announced ambitious plans for 2025, potentially reshaping the global financial landscape. Saudi Arabia's joining BRICS and allowing its dollar-oil agreement to expire marks a significant shift.

Russia's chairmanship is pushing for increased use of national currencies in trade settlements. The BRICS Bridge payment system aims to rival SWIFT, while member countries are developing their own alternatives.

Digital currencies, including CBDCs, are gaining traction. These moves could challenge the US dollar's dominance, potentially weakening its role in global trade and sanctions.

Geopolitical implications are vast, with BRICS positioning itself as an alternative to Western-led financial institutions. The expansion impacts global commodity markets, given BRICS+ countries' resource wealth.

 However, challenges remain, including maintaining BRICS unity and overcoming technical hurdles. The future likely holds a more diversified monetary landscape, affecting international trade, investments, and everyday financial transactions. While the dollar won't disappear, its supremacy may gradually erode.

https://www.youtube.com/watch?v=62JiKpZRZmM

Saudi Arabia to Adopt Petroyuan for Oil Settlements, Ditch Petrodollar?

Geopolitical Analyst:  10-8-2024

In recent months, the geopolitical landscape has witnessed tremendous shifts, particularly surrounding the BRICS bloc—comprising Brazil, Russia, India, China, and South Africa. As these nations continue their pursuit of de-dollarization, particularly in terms of global trade, one prominent player is considering a significant pivot: Saudi Arabia. With the Kingdom reportedly contemplating the adoption of the petroyuan for oil settlements, the world is poised to watch how this potential transition could reshape global economic dynamics.

For decades, the petrodollar system, which mandates that crude oil sales be conducted solely in U.S. dollars, has granted the United States considerable influence over global economic policies. This system has promoted the dollar’s status as the world’s primary reserve currency, allowing the U.S. to maintain an upper hand in international finance. However, evolving global dynamics beckon a reconsideration of this long-standing structure.

The BRICS bloc, in particular, has aggressively pursued de-dollarization, encouraging member nations and global partners to transition to using their own currencies for trade. This move challenges the U.S. dollar’s supremacy and aims to foster greater economic sovereignty for BRICS countries amidst a world increasingly wary of U.S. economic policies.

Saudi Arabia’s relationship with the BRICS bloc has been anything but straightforward. Earlier this year, despite being invited to join the 2023 BRICS expansion, the Kingdom held back from full membership. Instead, it appears to be adopting a more cautious approach while simultaneously navigating its longstanding ties with Western powers, particularly the United States.

However, recent statements from Saudi Arabia’s Minister of Industry underscore a readiness to explore new avenues of collaboration, particularly with China. The Minister noted, “We are open to trying new things,” which hints at the Kingdom’s willingness to adapt to the changing tides of international trade and finance. This sentiment aligns with rising discussions regarding the potential of using the Chinese yuan for oil settlements—a mechanism colloquially termed the “petroyuan.”

As Saudi Arabia contemplates the future of its oil settlements, the global economic order stands at a crucial crossroads. The potential shift toward the petroyuan—while still uncertain—reflects a growing trend among BRICS nations to redefine their financial relationships in a rapidly evolving world. As Riyadh continues to navigate its intricate roles of tradition and modernization, its decisions will not only impact its coffers but also pose significant questions for the future coherence of international economic structures and the longstanding dominance of the U.S. dollar.

The global economic community will be watching closely, not just for Saudi Arabia’s next move, but also for the ripples it could send through the current monetary system. Will we witness the dawn of a new era, or will the petrodollar continue to reign supreme? Only time will tell.

Watch the video below from Geopolitical Analyst for more information.

https://youtu.be/Dd9wpxr_26g

“Tidbits From TNT” Tuesday 10-8-2024

TNT:

Tishwash:  Ranked 29th out of 100 countries, Iraq raises its gold holdings to more than 152 tons

The World Gold Council announced on Tuesday that Iraq has increased its gold holdings to more than 152 tons.

According to the latest table published by the Council in September 2024, which Shafak News Agency reviewed, "Iraq ranked 29th out of 100 countries listed in the table with the largest gold reserves," indicating that "Iraq ranked third in the Arab world after Saudi Arabia and Lebanon."

He added, "Iraq increased its gold holdings to 152.6 tons, after its gold holdings were 148.3 tons, which represents 11% of its remaining reserves."

The Council also pointed out that "the United States of America is the largest country in the world with the largest gold holdings, at 8,133.5 thousand tons, followed by Germany with 3,351.5 thousand tons, then Italy with 2,814 thousand tons, while Bosnia and Herzegovina came in last with 1.5 tons."

The World Gold Council is headquartered in the United Kingdom, has extensive experience and deep knowledge of the factors that cause market change, and its members consist of the largest and most advanced gold mining companies in the world.  link

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Tishwash:  Ministry of Oil announces the start of exporting jet fuel

The Undersecretary of the Ministry of Oil for Refining Affairs, Hamid Younis, announced the start of aviation fuel export operations from Iraqi ports.

The Undersecretary said in a statement, "The ministry has started aviation fuel export operations at a rate of (800-1000) tons per day, from export outlets, noting that the Iraqi production of aviation fuel comes within international specifications and standards.

He pointed out that the export process is a step in the right direction, to enhance Iraq's role globally among the countries producing and exporting oil and its derivatives, in addition to that it reflects the prospects for development in the Iraqi oil industry.

He added that the export operations of oil products contribute to increasing the financial revenues achieved from the activities of the oil sector, thus supporting the national economy.  link

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TishwashRevealing the features of the 2025 budget tables

A government advisor revealed the features of the 2025 financial budget schedules.

 The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said in a press statement that "Article 77/Second of the Federal General Budget Law No. 13 of 2023, which regulates the preparation of the three-year budget, stipulates that the government shall send the budget tables for the years 2024 and 2025 to the House of Representatives for approval before the end of the previous fiscal year."

He added that "the Ministry of Finance has announced that it is in the process of preparing the general budget tables for the year 2025, in accordance with the constitutional mechanisms adopted by the aforementioned Three-Year Budget Law."

He pointed out that "based on the indicators of budget implementation over the first two years provided for by the aforementioned Law No. 13, the financial authority has the necessary administrative and financial capabilities to submit the 2025 budget tables to take their legislative path through discussion and approval in the Council of Ministers and refer them to the House of Representatives before the end of this year."

Saleh noted that "the federal general budget tables for the year 2025 will be based on the constants of Federal Budget Law No. 13 of 2024, taking into account international and regional economic conditions and their changes, ensuring that the provisions of the budget tables for the year 2025 are adapted within the available legal texts, in addition to relying on the performance of the indicators of the general budget tables for the year 2024."

He stressed that "major reconstruction projects will continue to progress in accordance with the vision of the government program to ensure the continuity of growth rates in the gross domestic product in general and the gross domestic product (non-oil) in particular."  link

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Tishash:  Federal Finance sends Kurdistan Region salaries for September, parliamentarian confirms arrival

An informed source reported on Tuesday that the Iraqi Federal Ministry of Finance will transfer the salaries due for the month of September to the employees of the Kurdistan Region from Baghdad within the next three days, indicating that they will be disbursed immediately upon arrival of the amount.

According to information obtained by Shafaq News Agency, the Financial Supervision Bureau and the Ministry of Finance in Iraq have completed the process of auditing the payrolls of Kurdistan Region employees for the month of September, and the remaining amount is expected to be transferred during this week.

The source stated that after the government in the Kurdistan Region receives the financial amounts from Baghdad, it will, in turn, in cooperation with the region’s internal revenues, begin distributing employees’ salaries.

Meanwhile, the member of the Iraqi parliament for Sulaymaniyah province, Karwan Mirwais, stated on his official Facebook page that the Iraqi Ministry of Finance had transferred an amount estimated at one trillion dinars to the Ministry of Finance of the Kurdistan Region.

According to Mirwais, this amount is allocated to pay the salaries of civil, military and security employees for the month of September.

The salary file in the Kurdistan Region is witnessing continuous tensions due to the delay in sending financial dues from Baghdad, which leads to the postponement of the distribution of salaries to employees.

Previous agreements have been reached between the Kurdistan Regional Government and the federal government to ensure the continuation of salaries, but delays in sending dues remain a constant source of concern for employees in the region.  link

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Mot:  . Rivalry at its Bestest!!! 

Mot: ... YaKnows -She Just Might Have a Good Idea!!! 

Seeds of Wisdom RV and Economic Updates Tuesday Morning 10-8-24

Good Morning Dinar Recaps,

IOTA NEWS: COULD IOTA BE THE NEXT BIG PLAYER IN THE STABLECOIN ARENA?

▪️IOTA’s decentralized technology could serve as the foundation for a compliant stablecoin.

▪️The Trade and Logistics Information Pipeline enables secure and efficient exchange of electronic trade documents.

With Europe’s Markets in Crypto-Assets (MiCA) regulations reshaping the crypto landscape, IOTA’s decentralized and scalable technology could position itself as the foundation for a new, compliant stablecoin. IOTA’s feeless and efficient framework makes it an intriguing candidate in the search for the next big player in digital assets.

The launch of MiCA marks a new dawn of regulation in the EU crypto market, which will lead to a more accountable industry. This regulation addresses issues relating to digital assets in a bid to protect the consumer and ensure the stability of the market.

With platforms like Coinbase recently delisting the non-compliant stablecoins, the regulatory change paves the way for new entrants. Could IOTA fill this gap?

IOTA’s Tangle technology enables feeless, instant, and scalable transactions, which will be suitable for a stablecoin designed to function under the MiCA regulation. Such a network is capable of processing many transactions without congesting the network or incurring any costs, which could position it as a stablecoin giant.

How IOTA’s Technology Could Drive Stablecoin Efficiency
At the core of IOTA’s ecosystem is its Trade and Logistics Information Pipeline (TLIP). This decentralized platform is already responsible for securing global trade through the exchange of immutable data. The same principles could be applied to a stablecoin to guarantee the stability, openness, and effectiveness of digital transactions.

TLIP has played a big role in expanding the footprint of IOTA in the African region, especially in the trade industry. The system enables participants to exchange electronic trade documents including export declarations and airway bills safely and effectively.

The TLIP model demonstrates that IOTA can cut costs by half and make cross-border transactions up to 80% cheaper. This can mean huge savings in the stablecoin ecosystem and could be useful for industries looking for effective yet cheap financial tools.

Could IOTA’s Stablecoin Revolutionize Global Trade?
A MiCA-compliant stablecoin issued on the IOTA network could transform the world’s payments system through secure and efficient transactions.

Similarly, TLIP enhances the visibility and effectiveness of logistics, and stablecoin could enhance cross-border payments through quicker and more transparent systems. IOTA’s decentralized approach, coupled with MiCA’s legal certainty, sets the stage for the creation of a safe and sustainable stablecoin.

Collaborations with organizations like Tide Protocol have been instrumental in developing the IOTA EVM ecosystem and providing key technological advancements.  

Furthermore, the collaborations between IOTA and Digimarc, as well as IOTA and Agro2Circular, implement environmental stewardship by mitigating agricultural plastic waste using the DPP.

In addition, IOTA has partnered with the European Commission to develop a new IPR management system that applies DLT, NFTs, and smart contracts. It is worth noting IOTA’s Total Value Locked (TVL) recently surpassed $5 million.

@ Newshounds News™

Source:  Crypto News Flash

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U.S. GOVERNMENT SET TO AUCTION $4.4 BILLION IN BITCOIN AFTER MAJOR LEGAL WIN!

The U.S. Supreme Court has put an end to the legal battle over 69,370 Bitcoin that were seized from the Silk Road dark web marketplace. These BTC are worth around $4.4 billion.

By refusing to accept the case, the Court opened the way for the U.S. government to sell these bitcoin. Let’s explore what happened and what to expect next.

Battle Born’s Claim Falls Short
The legal tussle centered around a claim from Battle Born Investments, a company that argued it had legitimate rights to the seized Bitcoin. They built their case on the idea that they acquired the assets through a bankruptcy estate tied to a man named Raymond Ngan.

Battle Born believed that Ngan was the infamous “Individual X,” a hacker who had stolen Bitcoin from Silk Road before surrendering the stolen funds to the authorities. However, the federal and appellate courts dismissed these claims.

The Dark Web and the Bitcoin Connection
To help you understand the significance of this matter, let’s share a summary of this 2013 Silk Road case. Ross Ulbricht founded the SIlk Road platform in 2011 which was infamous as a hub for illegal activities.

The Tor network hosted the website, where people could buy anything illegal, from drugs to weapons, by paying in Bitcoin.  At its peak, the Silk Road had millions of dollars in transactions. In 2013, the FBI shut down the marketplace and arrested Ulbricht.

The seized Bitcoin, tied to transactions on the platform, remained with the government, leading to this moment. Adding another twist to the tale, the IRS later traced several btc transactions to “Individual X,” the hacker who stole Bitcoin from Silk Road before authorities shut it down.

 The U.S. government eventually seized those funds in what has become the largest cryptocurrency seizure to date.

What’s Next for the Seized Bitcoin?
Now that the Supreme Court has refused to hear the case, the U.S. government can sell the seized BTC. The U.S. Marshals Service would be overseeing the sale. 

Some of the funds have already been moved to Coinbase Prime. Looks like they are ready to auction the bitcoin. This sale can bring broader implications not just for the crypto market but for the U.S. political environment.

During the Bitcoin Conference 2024 at Nashville, Presidential candidate Donald Trump has shared his plans regarding these seized Bitcoin. He shared his idea to use the seized btc to create a “strategic bitcoin reserve” for the U.S. He suggested the current administration to hold bitcoin instead of selling it like the German government.

@ Newshounds News™

Source:  Coinpedia

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RIPPLE XRP HOLDERS THEY WANT TO END THE MIDDLE CLASS - SHOCKING UPDATE  |  Youtube

@ Newshounds News™  

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🌍 WHICH COUNTRIES ARE WINNING THE CRYPTO RACE? | Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

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Subscribe to Newsletter

Thank you Dinar Recaps

News, Rumors and Opinions Tuesday AM 10-8-2024

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. 8 Oct. 2024

Compiled Tues. 8 Oct. 2024 12:01 am EST by Judy Byington

Global Currency Reset:

Mon. 7 Oct. 2024 Wolverine: The digital banking system in Iraq has been spreading salaries for three days. Digital banking system is working now in Iraq. The rate can change any moment from now.

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Global Financial Crisis:

BRICS US Banks Face $500B in Losses as De-Dollarization Grows.While the BRICS alliance is strengthening its banking system, the US seems to be on a downhill. In the last three years alone, 15 US banks collapsed renewing fears of financial instability across the country. The BRICS bloc has pushed de-dollarization efforts especially since it expanded its numbers. Now, the pressure is mounting on the US dollar, as the country’s banks face over $500 billion in unrealized losses, according to a new report.

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Possible Timing:  (Rumors)

Mon. 7 Oct. 2024: BQQQQQQQM! It’s Over: Blackout Confirmed, Phase 1 Now Active—Cyber Attack Released! … (JFK Jr.) on Telegram

The Blackout is Real: Phase 1 Activated. We’re no longer talking about hypothetical scenarios or temporary inconveniences. The first phase of a coordinated plan has commenced, targeting our digital and financial infrastructure. This isn’t just about losing internet access or experiencing a power outage; it’s a calculated strike designed to dismantle economies and instigate widespread chaos. Imagine waking up to find your bank accounts frozen, your digital wealth erased, and your communication lines severed. This isn’t a dystopian novel; it’s our harsh new reality.

The financial systems we rely on are hanging by a thread. The blackout is not a passing storm but the opening salvo in a larger strategy aimed at causing irreparable damage. This cyber onslaught, driven by forces that thrive on disruption, is not just a possibility-it’s an inevitability. It will leave us in the dark, both literally and metaphorically, as the very foundations of our society are shaken to the core.

The Gathering Storm has been brewing for some time now. Warnings have echoed from every corner, but the masses have been sleepwalking into the abyss. The clock is ticking, and the countdown to catastrophe has begun. What’s coming is a global reset-an unprecedented financial and societal upheaval. This isn’t just a drill; it’s an all-out assault on the systems we once took for granted.

A Modern-Day Black Tuesday looms on the horizon. The specter of a stock market crash, much like the infamous Black Tuesday of 1929, casts a long shadow over our current financial landscape. History’s chilling images of people jumping from windows in desperation during the Great Depression are no longer just historical anecdotes; they’re a potential reality. The question isn’t if the market will collapse, but when-and when it does, it will be swift and devastating.

The alarms have been ringing for years: “Get your money out of the banks.” Yet complacency has led us to the edge of this precipice. Now, with the blackout in full swing, the warnings have turned into grim prophecies. The last 48 hours have been a whirlwind of panic, with whispers of impending doom-“s*****e week,” some are calling it-echoing through the halls of power. The parallels to October 29, 1929, are stark and terrifying.

The financial collapse won’t be a gradual decline; it will be a sudden, all-consuming inferno. Banks will freeze assets, markets will crash, and the global economy will descend into chaos. For those unprepared, it will be too late to act once the doors are locked and the ATMs are emptied. The time to prepare is now.

The Big Spitball has been thrown, and there’s no turning back. This isn’t just a warning s**t; it’s the beginning of the end. Those who have ignored the signs and clung to the illusion of digital wealth will find themselves trapped in a system designed to fail them. The blackout is more than a loss of power-it’s a strategic move to reset the global order.

The Global Reset is coming. What was once dismissed as conspiracy theory is now unfolding in real-time. This reset isn’t about fixing the broken system; it’s about tearing it down and building a new one from scratch. A black swan event-a catastrophic, game-changing occurrence-will trigger this reset, likely in the form of a massive cyber attack. Digital wealth will be erased, and only tangible assets like cash, gold, and silver will hold value in the new financial order.

The Phoenix will rise from the ashes of this collapse, but only a select few will survive. This isn’t about fairness or justice; it’s about survival of the fittest. Those who have prepared, who understood the need for liquidity and physical wealth, will emerge from the chaos. The future belongs to those who foresaw the collapse and acted accordingly.

Read full post here:  https://dinarchronicles.com/2024/10/08/restored-republic-via-a-gcr-update-as-of-october-8-2024/

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

Frank26  [Iraq boots-on-the-ground report]  FIREFLY:
They are telling us deleting zeros and enhancing value.  We never heard this before.  FRANK26:  This is extremely impressive in the way the monetary reform is coming to you faster.   We predicted this.  It's good to see it happening.

Breitling  What was it I was looking at very specifically in Iraq that gave me confidence that they were going to add value to their currency, outside of them just saying that's what they're going to do, Out side of it being an artificially inflation because the inflation was created by the amount of dinar they would print and mint And outside of their US dollar accounts, remember their oil is sold in US dollars and those funds are held in a federal bank in New York City?  So what was it that gave me confidence...?  ...My whole thing is trade and trade routes...You follow the trade routes, you follow where the wealth is at or potential wealth coming down the road.  That's what I was watching.  You had trade coming down from India and going through Iraq...Iraq up to Turkey and Turkey to the European markets.  That's what I had confidence in.  I knew that.  They had to put it together...

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Economist Reveals Trigger For 'World Depression' | Steve Hanke

David Lin:  10-8-2024

Steve Hanke, Professor of Applied Economics at Johns Hopkins University, discusses the labor market, oil spike, geopolitical tensions in the Middle East, China's stimulus package, and U.S. Presidential election odds.

0:00 – Intro

 0:30 - Latest jobs report

6:23 - Wages and inflation

7:47 - Trump and labor market

10:50 - Immigration and economic impact

13:35 - Government jobs added

16:46 - Government spending as % of GDP

18:25 - China stimulus

 23:00 - Oil and geopolitical tensions

27:15 - This would cause 'world depression'

https://www.youtube.com/watch?v=P_jARjj96-I

Seeds of Wisdom RV and Economic Updates Monday Evening 10-7-24

Good Evening Dinar Recaps,

ECB STUDY: US MONETARY POLICY HAS BIGGEST IMPACT ON STABLECOIN MARKET CAP
In an important speech today, European Central Bank (ECB) director Piero Cipollone proposed the creation of a European ledger, the EU’s version of the Unified Ledger, to support tokenization in the capital markets. He noted the challenges in creating a conventional Capital Markets Union, including the need for greater legal harmonization.

The Director highlighted some risks in moving towards digital assets and distributed ledger technology (DLT). But rather than viewing tokenization as a threat, he said the EU should embrace the clean sheet opportunity to create a Digital Capital Markets Union. He was speaking at a Bundesbank Symposium.

A European Ledger
“A European ledger could bring together token versions of central bank money, commercial bank money and other digital assets on a shared, programmable platform,” said Mr Cipollone. “In essence, this would see T2S evolving into a DLT-based, single financial market infrastructure for Europe.

While central banks would provide the platform, or the ‘rails’ so to speak, market participants would supply the content, or the ‘trains’.” T2S refers to the EU high value payment system used for the settlement of securities transactions in central bank money.

Since May, the European Central Bank has been coordinating the Eurosystem’s DLT trials for wholesale settlement using central bank money. With 60 private sector organizations taking part, it can see the level of interest and engagement. 

While the EU’s DLT Pilot Regime, which relaxes some of the current EU laws, has not been embraced by incumbents, the first startups are likely to be approved soon.

A key driver behind the likely launch of the retail digital euro is the loss of sovereignty over payment systems to the likes of Visa and Mastercard. The same motivation applies to the capital markets.

“If we drag our feet while other jurisdictions move faster and produce better solutions, we could see financial activities migrating elsewhere and private entities from outside the EU assuming a dominant position in European capital markets,” said Mr Cipollone.

Talking about the potential for tokenization and DLT, he said, “These technologies do not just have the potential to enhance efficiency. They could also fundamentally reshape the very structure of financial intermediation – a system that has remained largely unchanged for centuries.”

The risks of a failure to act
The Director outlined three potential risks of the move toward the tokenization of financial markets. He noted that to date, many institutional initiatives have focused on issuance, especially digital bonds. The proliferation of issuance platforms has already highlighted increasing fragmentation, more so than the current fragmentation between separate central securities depositories (CSDs). A coordinated approach could prevent this fragmentation.

Secondly, institutions want to use cash on chain. If there’s no central bank cash available, then they will use tokenized deposits of stablecoins.

The third risk is more about the unknown. Tokenized securities carry the risks inherent in securities, but there will be new risks. Some risks depend on the settlement asset. He mentioned liquidity risks without specifically referring to a settlement asset backed by money market funds, that could create heightened volatility during turbulent market periods.

The central banks’ role is to ensure the continued, and perhaps increased role of central bank money and to promote “robust, stable and integrated” capital markets.

Mr Cipollone mentioned the challenge of choosing a technical direction. By adopting a single technology, this will discourage exploration of other technologies during a period of innovation. Hence, the alternative is to encourage interoperability between diverse networks, including existing ones. This is a more flexible approach, although we’d observe it will sacrifice some efficiencies.

DLT trial extension?
In terms of concrete actions, following the settlement trials ending next month, the ECB and Eurosystem are exploring how it can build on that. That implies either extending the timeframe or making some or all solutions permanent.

Additionally, it plans to explore allowing DLT-based assets to be used as collateral in the Eurosystem. We’d note that the Swiss National Bank extended its wholesale CBDC trial by two years and already accepts DLT-based collateral.

The director said some interoperability systems are considered a stop gap towards migrating to the longer term vision. This might be a nod to the use of the Trigger solution in the current settlement trials. Instead of providing a digital currency, the Trigger solution links DLTs to the conventional T2S settlement system.

“In embracing this technological shift, we are not merely reacting to change, but actively participating in shaping a more efficient, innovative and resilient financial future for Europe,” Mr Cipollone concluded.

@ Newshounds News™

Source:  Ledger Insights

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BRICS NEWS:  BRICS EYES ‘PETROYUAN’ TO CHALLENGE DOLLAR DOMINANCE AHEAD OF KEY SUMMIT

▪️BRICS is considering using the Chinese yuan for oil payments to reduce reliance on the U.S. dollar.

▪️Saudi Arabia is open to trading oil in yuan, though it prioritizes keeping politics out of commerce.

The BRICS alliance, comprising Brazil, Russia, India, China, and South Africa, is reportedly exploring the potential introduction of a “petroyuan” to rival the dollar’s dominance in the global oil trade.

This is expected to be taken up at the next BRICS summit in Kazan, Russia, to establish an alternative to oil payments in dollars using the yuan.

This comes after the biggest oil exporting nation in the world, Saudi Arabia, showed interest in pricing oil in yuan, which is a major blow to the petrodollar system.

Traditionally, the country has sold its oil in US dollars but has expressed interest in diversifying its trade basket per current international financial practices. Russia is also interested in the petroyuan, as Moscow aims to decrease the use of the US dollar and facilitate transactions through SWIFT.

Following its exclusion from SWIFT in 2022 due to the conflict in Ukraine, Russia has been exploring alternative methods for international financial transactions.

OMFIF Report Highlights Petroyuan Adoption Challenges
While the idea of a petroyuan presents opportunities for the BRICS nations, challenges remain. A recent report from the Official Monetary and Financial Institutions Forum (OMFIF) identified several challenges many countries may face when adopting a yuan-based oil payment system.

 A limitation is that surpluses from oil revenues can only be used to purchase goods from China or stored in foreign currencies. This means that BRICS financial intermediaries would be forced to transfer the yuan to other countries in need.

Chinese banks stand to benefit most from this system, earning profits by managing these surpluses. Other Western financial institutions may also participate, given the possibility of making profits from differences between oil prices in dollars and yuan. However, adopting the petroyuan can further hinder the development of the global payment system.

However, Saudi officials have stated that politics will have no role. Bandar Al-khorayef, Saudi Arabia’s minister of industry and mineral resources, pointed out that while the country is willing to consider the use of new instruments in trade, such as the petroyuan, it will not mix politics with business. 

The BRICS nations are also considering the creation of their own currency for trade within the alliance, with some reports suggesting it may be backed by gold.

IMF Analysis Reveals BRICS Outperforms G7
As highlighted by Crypto News Flash, President Putin recently spoke about the creation of the BRICS pay, a blockchain-based payment system. The system is intended to support foreign trade operations and transactions not involving Western financial systems.

Crypto News Flash recently reported that, based on the IMF’s analysis, BRICS has outperformed the G7 in several key metrics. Notably, BRICS has emerged as the leading producer of oil imports.

The group accounts for 41% of the world’s oil production, a figure higher than the G7’s 29%.  Also, BRICS has the largest population share in the global population, accounting for 45% of the global population, while the G7 countries account for only 30% of the global population.

Moreover, the BRICS countries have now reported 32% of the world GDP while the G7 has reported 29%, which shows the growth of developing countries.

@ Newshounds News™

Source:  Crypto News Flash

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WHICH COUNTRIES ARE WINNING THE CRYPTO RACE?  |  YOUTUBE

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV 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 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Economist’s “News and Views” 10-7-2024

Take A Ride On The Road To Roota with Bix Weir (Little By Little)

Andy Schectman:  10-5-2024

Welcome back to Little by Little with Andy Schectman! Today, we’ve got a very special guest—someone who’s been on the frontlines of exposing the hidden truths behind the financial system, the gold and silver markets, and the deeper narratives that most mainstream outlets won’t touch.

He’s the creator of Road to Roota, a man who’s known for his fearless investigations and bold predictions about the future of our economy—Bix Weir!

Bix has spent decades uncovering what’s really happening behind the scenes, from the Federal Reserve to the manipulation of precious metals, and he’s here to share his insights on where we’re headed next.

We’re diving into everything from his groundbreaking Road to Roota theory, the macro forces shaping precious metals, and his unique perspective on how the world is evolving in these unprecedented times. Get ready for an eye-opening conversation!

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

YOUR STANDARD OF LIVING IS RAPIDLY DISAPPEARING... AND ITS ABOUT TO GET A LOT WORSE.

Greg Mannarino:  10-7-2024

https://www.youtube.com/watch?v=8wSV46Rl_R4

Bank Losses ‘Dwarf’ 2008, Housing Shortage Is ‘Extreme’ | Briton Hill

David Lin:  10-7-2024

Briton Hill, Managing Partner of Providence Capital Group, says that the housing market could remain "stuck" and in short supply for a number of years. Hill gives his outlook on home prices, mortgage rates, and stock markets.

0:00 – Intro

 0:40 - Housing market is "stuck"

2:30 - Housing shortage

3:14 - Bank losses

7:34 - Mortgage rates to stay high

10:15 - Buyers’ or sellers’ market?

 12:52 - Capital borrowers’ profiles

15:17 - Lumber price

16:30 - Construction starts

18:22 - Housing affordability solutions

 25:14 - Homebuilders’ priorities

26:15 - Stock market outlook

https://www.youtube.com/watch?v=jAqP1Gt9JEE

Seeds of Wisdom RV and Economic Updates Monday Afternoon 10-7-24

Good afternoon Dinar Recaps,

THE CRYPTO EXECUTIVE WHO COULD SOON BE RUNNING THE SEC

Wall Street’s top cop is headed for a clash with the trendy online brokerage firm Robinhood.

The regulator could be picking a fight with its next boss, too.

Robinhood Chief Legal Officer Dan Gallagher is emerging as a leading contender to head the Securities and Exchange Commission should Donald Trump win back the presidency, according to a dozen former top regulators, lobbyists and securities lawyers.

“He’d be a natural choice,” one former senior SEC official told MM.

But Gallagher — a onetime SEC commissioner who is known for his affability and political chops — may find himself sparring with the agency first.

The SEC is weighing a lawsuit over Robinhood’s swelling cryptocurrency business in a case that would mark the latest salvo in Chair Gary Gensler‘s crackdown on the $2 trillion market. The SEC is looking into whether Robinhood is operating an unregistered broker-dealer and clearing agency in the crypto markets. Charges are not guaranteed, but if the agency does sue, the resulting legal battle could thrust a new and awkward spotlight onto Gallagher — just as the race for the chairmanship heats up.

For his part, Gallagher has a message for the SEC: Don’t do it.

“It’s a dog of a case,” he told MM. Robinhood, Gallagher said, offers trading in a fraction of crypto tokens compared to others that have hundreds on their platforms. And the company doesn’t have any crypto lending or staking products, he said.

“We’ve been forgoing revenue for the company by not going hog wild listing coins, and I think that puts us in a very, very unique position,” Gallagher said. “Shooting at the good guys is a really bad policy.”

An SEC spokesperson declined to comment.

Eight years ago, a rotating cast of characters from the financial, corporate and legal worlds swung through Trump Tower as they sought to join the then-incoming president’s administration. Now, as evidenced by Gallagher’s brewing candidacy, the revolving door between government and industry appears primed to start spinning once again if Trump wins.

“This is the name of the game: Get the fox in the henhouse,” said Richard Painter, who served as chief ethics lawyer for President George W. Bush.

Other names floating around K Street as potential SEC chairs under Trump include former Commodity Futures Trading Commission Chair Chris Giancarlo, who is known online as “CryptoDad"; former SEC General Counsel Robert Stebbins, now a partner at the law firm Willkie Farr & Gallagher; and current SEC Commissioner Hester Peirce, who occupies a Republican seat on the agency’s five-person commission.

Yet Gallagher’s ascendancy to the chair has long been a matter of when, not if, for some Republicans.

“Dan would be great,” Rep. Bill Huizenga (R-Mich.) told our Jasper Goodman following a House Financial Services Hearing where Gallagher testified last month. “I’ve had a great relationship working with him, even when we disagreed on some stuff.”

“Ultimately, you want someone who’s thoughtful, experienced, and not just ideologically politically driven,” the Michigan Republican said. “That’s been, I think, the problem with Gensler.”

Gallagher as a commissioner blasted the package of rules enacted in the wake of the 2008 financial crisis. He called for a sweeping review of trading in the U.S. stock market and was early to raise concern about the SEC’s internal courts, which have since been declared unconstitutional in certain cases by the Supreme Court. He was also a regular on Capitol Hill, briefing lawmakers on the wonky area of securities law.

If Trump did pick Gallagher, the Robinhood executive could face a contentious confirmation process. Democrats have long been wary of industry officials taking over federal regulators, and Robinhood has attracted a fair amount of congressional scrutiny over the years. (Remember GameStop — the bizarre market phenomenon of 2021 when Robinhood had to cut investors off from buying more shares in the beleaguered video game retailer’s stock, drawing the ire of lawmakers across Capitol Hill?)

But Gallagher argues that was then. The company has since overhauled its compliance and risk-management programs, he said. And as for any revolving-door concerns, he says having experience both in and out of government is a good thing.

Whether Gallagher would want to leave Robinhood is unclear. He told MM that he loves his job and that it’s “an honor to have my name included in any discussion of who may be the next SEC chairman.”

Make no mistake, though, Gallagher has clear issues with the SEC’s direction. Just ask him about crypto. He told MM that if he had been chair in the last few years, there would be tailored rules on the books already, as the industry has long been seeking, offering “a path forward for at least a baseline registration system” for crypto exchanges and brokers. And even then, Gallagher believes there would still need to be legislation.

“I would have done things differently,” he said. “I’ve known Gary for a long time and have a lot of respect for Gary, but, on this one, I disagree with him.”

@ Newshounds News™

Source:  Politico

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NASDAQ PUBLISHED APPLICATION TO BEGIN THE PROCEDURE FOR LISTING AND TRADING SHARES OF HASHDEX NASDAQ CRYPTO INDEX US ETF.

@ Newshounds News™

Source:   Crypto World 

NASDAQ-2024-028_Order_Instituting_Proceedings

SEN. ELIZABETH WARREN WILL DEBATE LAWYER JOHN DEATON TWICE IN OCTOBER

Many crypto proponents suggested the race could be a referendum on digital asset policy in the US Senate, with polls showing Warren leading by at least 20 points.

Massachusetts news outlets are reporting that Democratic Senator Elizabeth Warren and Republican candidate John Deaton will debate each other twice before the 2024 election, on Oct. 15 and Oct. 17.

According to an Oct. 7 notice from New England Public Media, the outlet and GBH News will host a debate in Springfield between the two senatorial candidates on Oct. 17, moderated by political reporters Adam Reilly and Saraya Wintersmith. Sen. Warren and Deaton will also appear in Boston to debate on Oct. 15 on WSBK-TV.

It’s unclear if digital assets will be a topic between the two candidates at either debate. Cointelegraph contacted GBH News, who said it would not share the topics in advance.

Future of crypto policy in US Senate?
During her time in office, Sen. Warren has been outspoken about her criticism of cryptocurrency, associating digital assets with funding illicit activities. Deaton, a lawyer, has backed Ripple and other crypto firms facing litigation from the United States Securities and Exchange Commission (SEC).

Several September polls showed Sen. Warren with more than a 20-point lead over Deaton in an election many expect to be a referendum on crypto policy. The Republican candidate claimed on social media that the SEC is “pursuing an anti-crypto agenda” through its enforcement actions and criticized chair Gary Gensler.

Many Democratic lawmakers and candidates have called on members of the party to change their “hostility” toward the crypto industry as presidential candidate Kamala Harris runs against Republican Donald Trump in November. After announcing her candidacy in July, Vice President Harris made her first public statement on digital assets in September, pledging support for the industry.

Commonwealth Unity Fund, a political action committee backed by many crypto proponents, and Gemini co-founders Cameron and Tyler Winklevoss have supported Deaton’s campaign through contributions or media buys.

According to Federal Election Commission records, as of Aug. 14, Deaton had raised roughly $1.8 million in his bid for the US Senate in 2024, with roughly $830,000 in cash on hand. Senator Warren had raised roughly $19 million since January 2019 and had roughly $5.3 million in cash on hand as of Aug. 14.  (WARREN REPRESENTS THE BIG BANKS)

@ Newshounds News™

Source:   CoinTelegraph

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‘THE SEC IS LIVING IN PAST’: TIM DRAPER SLAMS GARY GENSLER, DISCUSSES RIPPLE CASE

With the recent Ripple appeal, the SEC and its chair Gary Gensler are back in the spotlight as the XRP community voices strong opposition to the agency. This new twist has extended the already delayed case timeline, with some speculating it could now stretch until 2026. American venture capital investor Tim Draper appeared on the Thinking Crypto podcast and discussed SEC’s recent actions and their impact.

Ongoing Challenges for the SEC
Draper noted that Gary Gensler, the SEC chair, has faced losses in court, not just with Ripple but also with the Grayscale lawsuit and others. This raises questions about the SEC’s strategy and effectiveness in regulating the crypto industry.

Predictions for the Future
One of Draper’s key predictions is that eventually, the incumbents currently fighting against cryptocurrency will begin to adopt it. He expressed optimism about the political landscape, mentioning that at least one, if not both, presidential candidates are starting to embrace Bitcoin and other cryptocurrencies as tools for innovation.

Innovation Beyond Borders
Draper brought to attention a critical issue: many innovative American companies are geofencing their products, meaning they are limiting their operations to outside the U.S. due to the restrictive regulatory environment. He said that while innovation thrives globally, American companies are at a disadvantage because of the SEC’s outdated regulations.

The Need for Change
Draper argued that the SEC is operating under an “80-year-old set of laws,” which are no longer relevant in today’s fast-evolving tech landscape. He stressed that if the U.S. wants to maintain its competitive edge, particularly in Silicon Valley, it must embrace the innovation happening in the cryptocurrency sector.

Political Encouragement
Draper said  that both presidential candidates appear to recognize the importance of cryptocurrencies. He noted that Donald Trump has positioned himself as the “crypto president,” even stating he would fire Gary Gensler. Similarly, Kamala Harris seems to share these sentiments, which Draper finds encouraging.

@ Newshounds News™
Source:  Coinpedia

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Crypto's Role in the GCR RV  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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Thank you Dinar Recaps

More News, Rumors and Opinions Monday Afternoon 10-7-2024

KTFA:

Frank26:  "DIGITALIZATION IS THE MONETARY REFORM."..........F26

 Clare: Al-Sudani's Advisor: Digital Transformation Will Boost Iraq's Efficiency and Attract Foreign Investment

10/7/2024

Al-Khatib in a speech during the Real Estate Investment Forum, followed by 964 Network :

On behalf of Prime Minister Mohammed Shia Al-Sudani, I am pleased to welcome you all to the Real Estate Investment Forum in Digital Transformation.

Holding this forum represents an important step towards strengthening the real estate investment sector in Iraq and developing this field to keep pace with the requirements of the digital age.

The government has paid great attention to the digital transformation process in various sectors, most notably the real estate sector, given its importance in achieving sustainable economic development.

Adopting modern technologies in this field will lead to increased efficiency and transparency and enhance Iraq’s ability to attract local and foreign investments.

The government is aware of the challenges facing the real estate investment sector.

Joint cooperation between the government, the private sector and experts will lead to the development of effective strategies that support overcoming these challenges and achieving the desired goals.

The forum aims to exchange ideas and visions and work together to develop innovative solutions that advance the digital transformation process in the real estate investment sector.   LINK

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Frank26:  "SUDANI IS NOT TAKING IT ANYMORE!!!"......F26

Clare:  Iraqi judiciary issues arrest warrant against Integrity Commission Chairman Haider Hanoun

10/7/2024

On Monday, the Iraqi judiciary issued an arrest warrant against the acting head of the Integrity Commission, Haider Hanoun.

According to a judicial source, who spoke to Shafaq News Agency, "The Third Karkh Investigation Court issued an arrest warrant for Haider Hanoun, the acting head of the Integrity Commission, for not appearing before the court in the cases in which he was accused, and to investigate the audio recordings."

The source added, "The court sent notices to Hanoun to attend more than once, but he failed to do so."

The Supreme Judicial Council in Iraq announced, in mid-September, that it had begun taking legal action against the head of the Federal Integrity Commission, Judge Haider Hanoun, due to the statements he made during a press conference in Erbil last week, describing those statements as “incorrect allegations.”

The head of the Federal Integrity Commission, Haider Hanoun, had directed severe criticism at Judge Diaa Jaafar, during an angry scene during a press conference he held in Erbil, dedicated to revealing the secrets of the “theft of the century” that shook the political circles in the country .

The head of the Integrity Commission expressed his anger over what he described as the weakening of the commission and the disappearance of files from the case of the accused Nour Zuhair from Judge Diaa Jaafar, stressing that these developments constitute a major challenge to efforts to combat corruption and recover looted state funds.   LINK

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

Frank26  I suggested if you had a receipt and you've had your currency for more than a year, you'll be in the 15% to 20% tax bracket.  Oh, but if you don't have a receipt or if you try to exchange your currency before...one year of you having it, you'll probably be in the 40% range...IMO  [Dinar Guru Note:  Consult with your financial and tax advisors at the appropriate time to determine the right taxes of exchange for your unique circumstances]

Militia Man  A new [financial] system that is fast and effect - digitally.  Hopefully they're talking about they're going to have to have an exchange rate to do that. A Real Effective Exchange Rate gets them across borders.  From here on out a different playing field, a digital playing field.  I think that's where we are.  I think it's really powerful information.

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Bank of America Sends Warning: ALL Account Holders Are at Risk!

Atlantis Report:  10-6-2024

In a world where financial stability is a top priority for individuals and businesses alike, any warning from a major financial institution deserves our attention.

Recently, Bank of America, one of the largest banks in the United States, raised a red flag for all its account holders. The warning highlights several key issues that could jeopardize the financial well-being of millions of Americans. Bank of America has issued a critical warning to all its account holders.

The bank highlights that everyone is at risk due to various financial uncertainties. This alert, based on their latest market analysis, is crucial for investors and general account holders.

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

"WORSE Than 2008-09..." - David Hunter

LifeWorthLiving:  10-7-2024

David Hunter forecasts that the broad market is set for an 80% crash in the next year, in a bust he believes could be one of the biggest financial downturns in history.

The good news for commodities investors is that he sees an unprecedented supercycle for hard assets on the other side, where gold, silver, energy, uranium, copper, and other vital commodities will explode in value beyond what anyone can anticipate.

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

“Tidbits From TNT” Monday 10-7-2024

TNT:

Tishwash:  Sudanese advisor: Most state employees do not know how to use computers

The Prime Minister's Advisor for Digital Transformation Affairs, Hassan Al-Khatib, confirmed today, Monday, that most Iraqi employees do not know how to use computers, pointing to the role of the private sector in developing this field.

Al-Khatib said, during the Real Estate Investment Forum in Digital Transformation, that “Iraq suffers from a weakness in human resources for digital transformation,” adding, “We are in the process of creating a digital academy to appoint and train millions of employees.”

He pointed out that "the academy is being built by the private sector, not the state, and in cooperation with Microsoft and Apple."

He stressed that "the Iraqi state has 5.25 million employees, most of whom do not know how to use computers."link

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Tishwash:  Minister of Communications: We are proceeding with the procedures for implementing the national license project for mobile phones using fifth-generation technology

Minister of Communications Hiyam Al-Yasiri announced today, Saturday, that the ministry is proceeding with completing the procedures for implementing the national license project for mobile phones using fifth-generation technology.

The ministry said in a statement received by the Iraqi News Agency (INA): "In continuation of the intensive efforts to follow up on the procedures for implementing the national mobile phone license project, Minister of Communications Hiyam Al-Yasiri held a meeting with the Supreme Committee for the project in the ministry," indicating that "the meeting comes within a series of ongoing and intensive meetings and procedures to move forward with the procedures for implementing the national mobile phone license project using fifth-generation technology."

The statement added that "these efforts come in implementation of the Council of Ministers' decision, which included the Communications and Media Commission granting the national mobile phone license to the Ministry of Communications to implement it using fifth-generation technology."

It is worth noting that the Ministry of Communications is working on multiple axes to implement the project, including attracting solid specialized international companies to benefit from their expertise in operating the project and communicating with a number of government agencies to contribute to financing the project in a way that ensures that the largest number of segments of society in Iraq benefit from the project's revenues, in addition to communicating with the Communications and Media Commission to complete the procedures for granting the license.  link

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Tishwash:  Central Bank of Iraq: All employees must open bank accounts before the end of March 2025

Today, Sunday, October 6, 2024, a number of employees of the Kurdistan Region received their salaries for the month of August through the "Hesabi" banking project.

In this context, an informed source in the Central Bank of Iraq told Kurdistan 24 that the agreement concluded between the Kurdistan Regional Government and the federal government obliges all employees to open bank accounts.

The source confirmed that employees who do not open a bank account and do not register in the "Hesabi" project until March 2025, will not be able to receive their salaries.

The source explained that there is no difference between the Iraqi localization project and the bank account project, as both come in response to the request of the US Federal Reserve.

He stressed the need for all employees to have bank accounts, with the aim of reorganizing the financial and banking sector in Iraq and the Kurdistan Region.

This comes at a time when 132,000 employees in the Kurdistan Region are preparing to receive their salaries for the month of August through the "Hesabi" project within three days. Today, 40,000 employees received their salaries, with another 46,000 receiving their salaries on Monday and another 46,000 on Tuesday.  link

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Tishwash:  keep in mind the dollar has been very volatile this past week it's at or just about at 1600 dinars per dollar   but this is definitely interesting

Most private banks closed, fears of liquidity crisis amid citizens’ anger

Today, many banks in Iraq witnessed a state of chaos and tension after their sudden closure, which raised widespread concern among citizens, especially with the emergence of reports about some other banks refusing to return customers’ deposits under the pretext of a lack of cash liquidity. 

This development prompted many citizens to quarrel with the management of the banks that remained open, amid growing fears that the officials of these banks would flee after emptying them of money.

The banks that have closed their doors include:

World Bank

Ashur Bank Babylon

Bank

Al Ansari

Bank Middle East

Bank Al-Qabeed Bank

Noor Iraq

Bank Trans Iraq

Bank Al-Huda

Bank Mosul Bank

As for the banks that remained open, but refused to return customers’ deposits under the pretext of lack of liquidity, they include:

National Bank,

Baghdad

Bank, Development

Bank, Al-Nasik Bank

, Bank of the South,

United Bank,

Union Bank,

Al-Tayf Bank

The sudden closure comes amid reports of financial turmoil hitting Iraq's banking sector, with many customers fearing they will lose their money amid growing rumours that some bank officials are planning to flee the country after withdrawing assets from branches.  link

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Mot: . and - poof gone  weekend gone

Mot:  Drum roll Please!! --- and yet Another Wonderful bit of Trivia frum ole ""Mot""

"When we pick up the phone, we say 'Hello' But what is 'Hello'?

 It is not a greeting but rather the name of a person.

 It is 'Margaret Hello,' the fiancée of the telephone inventor 'Graham Bell.'

 It was the first word he said in the initial test of his invention, and it has been used since then as the opening of any phone call worldwide."…