Seeds of Wisdom RV and Economic Updates Tuesday Morning 12-31-24

Good Morning Dinar Recaps,

XRP, HBAR, XLM, AND OTHER UTILITY-BASED NETWORKS SHAPING THE FUTURE OF FINANCE

▪️XRP, Stellar, and Hedera are reshaping global finance and driving utility.

▪️These platforms are now gaining mass attention for their roles in various industries.

The adoption of utility-based protocols like Ripple’s linked XRP, Hedera (HBAR), and Stellar (XLM) is gaining momentum. According to entrepreneur and writer Max Avery, these networks are driving transformation in the global financial system.

The Role of Utility-Based Networks In Financial Systems

In a series of X posts, Avery highlighted the role of utility-based networks in the financial system. The analyst pointed out the contributions of experts like Hiromi Yamaoka, a former official at the IMF, in pursuit of an effective financial system.

According to Avery, Yamaoka has developed frameworks to promote collaboration between central banks and private firms.

This collaboration combines the technological efficiency of private companies with the trust and control of Central banks. Private companies like Constellation, Hedera, Stellar, and Ripple aim to innovate with programmable solutions. On the other hand, Central banks offer supervision and issue stable assets, such as Central Bank Digital Currencies (CBDCs).

"This is done by a joint effort. Central banks issue stable assets, like CBDCs, and provide oversight. Private entities, like Ripple, Stellar, Hedera, and Constellation, seek to innovate with programmable solutions. This partnership combines banks’ trust and control with private…"
— Max Avery (@realMaxAvery) December 29, 2024

XRP is a vital component of institutional finance as it allows instantaneous and cheaper cross-border payments. Additionally, it eliminates the need for pre-funded accounts and offers instantaneous currency bridging and on-demand liquidity.

Avery described the XRP Ledger (XRPL) as more than a payment system. He highlighted the blockchain’s function in tokenizing assets such as real estate and carbon credits. Moreover, the XRPL has a decentralized exchange for direct asset trading and possesses lightweight smart contracts via Hooks to expand its utility.

Also, XRPL distinguishes itself from other blockchains in terms of energy efficiency. Unlike Bitcoin mining, XRPL utilizes a consensus mechanism that’s faster, greener, and scalable. It demonstrates that innovation in finance is possible without compromising the environment, providing a sustainable way forward.

Like XRP, Stellar’s native token, XLM aims for financial inclusion. The network charges less for small transactions and supports scalable private CBDCs. At the same time, it helps the underbanked and enables global economic access.

Hedera, another popular utility-based network, is also shaping the future of financial systems. Hedera’s native asset, HBAR, enables low-cost, high-speed transactions and supports Decentralized Applications (dApps).

Additionally, HBAR is utilized for staking, which supports network governance and security. It provides an effective and scalable solution for a range of financial services.

Complementary Networks

Intriguingly, these networks are complementary to one another. For instance, while XRP transforms institutional finance, XLM ensures access for all. They address the entire financial spectrum, creating a complete solution for modern financial systems.

Meanwhile, the adoption of utility-based networks is gaining momentum. Specifically, Ripple’s partnerships with banks are growing, as CNF reported. This development highlights Ripple’s growing integration into the global financial system.

As regulation improves, Avery believes adoption will skyrocket.

Avery concluded that the future of utility is unfolding, contrary to some people’s opinions.

“These networks are leading the shift by blending their advanced technology with real-world utility. It’s the present, taking shape in real-time, whether people want to believe it or not,” he noted.

@ Newshounds News™

Source:  Crypto News Flash

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BRICS NEWS: 2 COUNTRIES SETTLE $37 BILLION TRADE IN LOCAL CURRENCIES

BRICS member Russia is aggressively pushing the de-dollarization agenda by making developing countries settle trade in local currencies. Russian President Vladimir Putin is convincing emerging economies to ditch the US dollar and push local currencies for cross-border transactions. The move will strengthen their native economies and give their local currencies a boost in the forex markets.

Russia is successfully bypassing US sanctions and keeping its economy afloat by making other countries ditch the US dollar. The development is hurting the US more as emerging economies as seriously considering advancing the de-dollarization initiative.

BRICS: Russia & Belarus Settle Trade Worth $37 Billion in Local Currencies

In 2024 alone, BRICS member Russia has settled trade worth $37 billion with Belarus using local currencies. The trade between the two nations surged 8.4% this year indicating that de-dollarization could soon be the norm. Developing countries are cutting ties with the US dollar and pushing local currencies to become the main source of all transactions.

The next few years could change the way the US operates the global financial order. BRICS is looking to create a paradigm shift with an alternate economy leaving the US behind. Local currencies could soon be accepted by like-minded countries who aim to topple the US dollar from the world’s reserve.

“Growing trade turnover indicators are clear evidence of the efficiency of the Russian-Belorussian integration. Alexander Grigoryevich (Belarus President) already shared his expectations for this year’s numbers. This forecast, I believe, is right on the money. According to our statistics, trade grew by 8.4% from January to September, topping $37 billion. By the end of the year, it will likely approach the figures President Lukashenko projected,” said Russian President Vladimir Putin.

@ Newshounds News™

Source:  Watcher Guru

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Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

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Thank you Dinar Recaps

“Tidbits From TNT” Tuesday Morning 12-31-2024

TNT:

Tishwash:  40 trillion dinars is Iraq's internal debt.. Does the government have the "key" to repay it?

Member of the Parliamentary Finance Committee, Jamal Kojer, revealed Iraq’s internal debts, which exceeded 40 trillion dinars.

Kocher told {Euphrates News} that: "Regarding Iraq's internal debts, the numbers speak of more than 40 trillion, and the majority of the debts belong to the government banks, Rafidain, and TBI." 

He added, "The government is now able to pay these debts if it opts for withdrawing them from the bank reserve. " Kocher stressed "the need to schedule debt repayment as a result of the banks' role parallel to the government's role in providing job opportunities and supporting the private sector."

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, announced that Iraq has exited the risks of external debts, and that (Iraq) is a well-fortified country.

He stressed that the ratio of debts to the gross domestic product does not constitute a burden on the state, as it amounts to (5) percent of the gross domestic product, and is confined within the (government banking) system.  link

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Tishwash:  Sudanese advisor reveals government's philosophy for future of national economy

The economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed the government’s philosophy for the future of the national economy, represented by the idea of ​​establishing a sovereign wealth fund.

Saleh told {Euphrates News} that: "The initiation of the idea of ​​a sovereign wealth fund is essential and is consistent with the renaissance of natural resources and undoubtedly comes in parallel with the development path strategy and its outcomes in generating a leading industrial renaissance in the national economy.

This is Iraq's outline in building the future of its economy for the twenty-first century and in two directions {the export-oriented development model and the other, and the development model directed towards maximizing the input-output tables and replacing imports within the national economy}.

He added, "Therefore, the sovereign wealth fund will adopt a vision that expresses the strength and basis of the interconnections between the outputs of national wealth from natural resources and the inputs of the production function in the national economy, which requires another model in managing sovereign wealth funds directed towards the interior."
Saleh explained that "the sovereign fund will work to accelerate the diversification of the three basic sectors, which are the manufacturing industry, agriculture and services, in an advanced digital age. This is what the government program aspires to in its philosophy for the future of the national economy, which did not neglect the idea of ​​partnership between state activity and market activity in sustainable development." link

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Tishwash:  Al-Sudani starts 2025 with a visit to Iran

 An informed source revealed on Monday that Prime Minister Mohammed Shia al-Sudani will begin a visit to Iran at the end of next week, to discuss developments in the region .

The source told Shafaq News Agency that Al-Sudani will discuss several files with Iranian leaders, most notably the recent developments in Syria .

Al-Sudani had made several visits to countries in the region after the fall of Bashar al-Assad's regime, including Jordan and Saudi Arabia, where he discussed security issues with the leaders of these countries. Iraq also participated in the Aqaba Conference held in Jordan, with the participation of several countries, including the United States .

Iranian President Masoud Pezeshkian   visited Iraq on September 11, and made a three-day tour that included Baghdad, Erbil, Sulaymaniyah, Najaf, Karbala and Basra .

On May 22, Al-Sudani also visited Tehran to participate in the funeral of Iranian President Ebrahim Raisi, who was killed in a plane crash . 

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Mot:  These Life Changing Decisions - Still Plaguing Me They is! 

Mot:  ... New Years Eve - As Ya ""Season""

Mot: YEPPERS!!! ~~~~ Staying up  for new years eve

“Tidbits From TNT” Monday 12-30-2024

TNT:

Tishwash:  Economic Advisor: Our country is ranked ninth in the world in natural resources

The economic advisor to the Prime Minister, Mazhar Mohammed Salih, said, “What the economic policy in our country aspires to is thinking outside the box and providing sustainability in the current account surplus of the Iraqi balance of payments.”

He added, “This comes through investment expansion in natural resources, manufacturing them, and preparing them for export, which provides returns that help establish a sovereign wealth fund.”

Saleh pointed out in a press statement followed by (Al-Masry - Today, Sunday), that "the most appropriate model is to generate a sovereign wealth fund {directing its investments towards internal opportunities} and according to a different vision; because our country is ninth in the world in terms of the diversity of its natural resources in the earth's interior and first in the world in terms of the concentration of wealth in one square kilometer."  link

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Tishwash:  Central Bank records 'significant growth' in Iraq's gold reserves

The Central Bank announced, on Sunday, that it recorded a significant growth in the country's gold reserves, while it considered the inflation rates in Iraq to be the lowest in the region during the months of August and September, of the year 2024, which is about to end.

This came in a statement issued by the bank regarding the positive indicators it achieved for the third quarter of 2024 compared to the same quarter in 2022 and 2023, considering that this reflects the success of the monetary policy adopted by the bank during 2024.

The Central Bank of Iraq confirmed that the total deposits in banks operating in Iraq recorded a growth of (4.2%) in the third quarter of 2024, as their value amounted to (127.6) trillion dinars, compared to their value of (122.4) trillion dinars in the third quarter of 2023. In contrast, the cash credit granted by public banks recorded a growth of (11.6%) in the third quarter of 2024, as its value amounted to (72.7) trillion dinars, compared to its value of (65.1) trillion dinars in the third quarter of 2023.

The bank stated that deposits in private banks operating in Iraq recorded a growth of (14%) in the third quarter of 2024, as their value amounted to (18.7) trillion dinars, compared to their value of (16.4) trillion dinars in the third quarter of 2023. In contrast, cash credit granted by private banks achieved a growth of (15.1%) in the third quarter of 2024, as its value amounted to (12.2) trillion dinars, compared to its value of (10.6) trillion dinars in the third quarter of 2023, noting that these rates reflect the increased confidence of economic units in private banks operating in Iraq.

The statement added that private sector deposits in banks operating in Iraq recorded a growth of (3%) in the third quarter of 2024, as their value amounted to (56.1) trillion dinars, compared to their value of (54.4) trillion dinars in the third quarter of 2023, indicating that cash credit granted to the private sector by banks operating in Iraq achieved a growth of (8.6%) in the third quarter of 2024, as its value amounted to (42.8) trillion dinars, compared to its value of (39.4) trillion dinars in the third quarter of 2023, stressing that this increase reflects the increased confidence of the private sector in banks operating in Iraq.

The bank revealed that the narrow money supply in Iraq recorded a growth of (4.1%) in the third quarter of 2024, as its value reached (158.6) trillion dinars, compared to its value of (152.4) trillion dinars in the third quarter of 2023. In contrast, the broad money supply in Iraq recorded a growth of (3.3%) in the third quarter of 2024, as its value reached (179.8) trillion dinars, compared to its value of (173.9) trillion dinars in the third quarter of 2023.

He added that the gold reserves of the Central Bank of Iraq recorded a significant growth of (57%) in the third quarter of 2024, as their value reached (16.8) trillion dinars, compared to their value of (10.7) trillion dinars in the third quarter of 2023.

The Central Bank noted that the annual inflation rates in Iraq are among the lowest annual inflation rates in the countries of the region for the months of August and September of 2024, as the rest of the percentage is acceptable at (3.7%) and (3.1%) respectively, which reflects price stability and the success of monetary policy in Iraq.  link

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Tishwash:  The Central Bank announces the positive indicators achieved in the third quarter of 2024

The Central Bank of Iraq announced, today, Sunday, the positive indicators achieved in the third quarter of 2024.

A statement by the bank, received by the Iraqi News Agency (INA), stated that "the total deposits in banks operating in Iraq recorded a growth of (4.2%) in the third quarter of 2024, as their value amounted to (127.6) trillion dinars, compared to their value of (122.4) trillion dinars in the third quarter of 2023, while cash credit granted by public banks recorded a growth of (11.6%) in the third quarter of 2024, as its value amounted to (72.7) trillion dinars, compared to its value of (65.1) trillion dinars in the third quarter of 2023."

The bank stated that "deposits in private banks operating in Iraq recorded a growth of (14%) in the third quarter of 2024, as their value amounted to (18.7) trillion dinars, compared to their value of (16.4) trillion dinars in the third quarter of 2023, while cash credit granted by private banks achieved a growth of (15.1%) in the third quarter of 2024, as its value amounted to (12.2) trillion dinars, compared to its value of (10.6) trillion dinars in the third quarter of 2023," noting that "these rates reflect the increased confidence of economic units in private banks operating in Iraq."

He added, "Private sector deposits in banks operating in Iraq recorded a growth of (3%) in the third quarter of 2024, as their value amounted to (56.1) trillion dinars, compared to their value of (54.4) trillion dinars in the third quarter of 2023," indicating that "cash credit granted to the private sector by banks operating in Iraq achieved a growth of (8.6%) in the third quarter of 2024, as its value amounted to (42.8) trillion dinars, compared to its value of (39.4) trillion dinars in the third quarter of 2023, stressing that this increase reflects the increased confidence of the private sector in banks operating in Iraq."

The bank revealed, according to the statement, that "the narrow money supply in Iraq recorded a growth of (4.1%) in the third quarter of 2024, as its value reached (158.6) trillion dinars, compared to its value of (152.4) trillion dinars in the third quarter of 2023, while the broad money supply in Iraq recorded a growth of (3.3%) in the third quarter of 2024, as its value reached (179.8) trillion dinars, compared to its value of (173.9) trillion dinars in the third quarter of 2023."

He added, "The gold reserves of the Central Bank of Iraq recorded a significant growth of (57%) in the third quarter of 2024, as their value amounted to (16.8) trillion dinars, compared to their value of (10.7) trillion dinars in the third quarter of 2023," stressing that "the annual inflation rates in Iraq are among the lowest annual inflation rates in the countries of the region for the months of August and September of 2024, as the rate remained acceptable at (3.7%) and (3.1%) respectively, and this reflects price stability and the success of monetary policy in Iraq."  link

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Tishwash:  Iranian source to Baghdad Today: Al-Sudani to visit Tehran soon

A responsible source in the Iranian presidential office revealed, today, Sunday (December 29, 2024), an upcoming visit by Iraqi Prime Minister Mohammed Shia al-Sudani to the capital, Tehran.

The source said in an interview with Baghdad Today, "Al-Sudani will visit Tehran, and this visit is likely to be in the first half of January 2025, and we are coordinating with the Iraqi side regarding this visit."

He pointed out that "the visit of Al-Sudani and the accompanying ministerial delegation will focus on the situation in the region, especially in Syria after the fall of President Bashar al-Assad's regime at the hands of extremist groups on December 8."

Al-Sudani's last visit to Tehran was on May 22, to participate in the funeral of the late Iranian President Ebrahim Raisi, who was killed in the crash of his presidential plane in northwestern Iran on the 19th of the same month.

On September 11, Iranian President Masoud Pezeshkian visited Iraq for a three-day visit during which he met with officials in Baghdad. He then went to Erbil, Sulaymaniyah, Najaf, and Karbala, concluding his visit in Basra Governorate in the far south of Iraq.  link

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Mot: Men are so Simple

Mot:  and Yet another ""Marital Tip"" frum ole ""Mot""

News, Rumors and Opinions Monday 12-30-2024

Ariel: Iraqi Dinar Auctions are No More

12-30-2024

Game. Set. Match.

Ladies & Gentlemen

Start Your Engines

Majeed:  No more auction anymore …It is done …..Ding dong … the auction’s Witch is gone ……Ding dong … the auction is done…. they adopted the new financial system

 “The matter has been settled.. Iraq will no longer offer its precious dollars in the controversial dollar auction, or what was called the foreign currency sales window and the electronic platform. After 20 years since the start of this procedure, Ammar Khalaf, Deputy Governor of the Central Bank, confirmed in a statement to the 964 Network that the dollar platform has become closed in compliance with the date set by the governor to close it at the end of 2024.

 Khalaf denied all rumors about the possibility of extending the platform's work, and spoke with great positivity, reassuring the market and consumers that the overwhelming majority of traders have already adapted to the new system in which the Central Bank does not provide direct dollars to traders. But what will happen?!

Brothers Technology:  Iraqi Citizens you’re hours away from your NEW LIFE LOVE YOU’LL God Bless Importance of Currency Auctions ending….. “Under the new system Traders will have to deposit their money in DINARS in IRAQI BANKS THAT HAVE ENTERED PARTNERSHIPS FOREIGN BANKS ====== International DINAR WHICH NEEDS A INTERNATIONAL EXCHANGE RATE!!!!!!!!!

https://dinarchronicles.com/2024/12/29/ariel-prolotario1-iraqi-dinar-auctions-are-no-more/

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

Militia Man  We have numerous articles...from Alaq from as far back as 2023, specifically saying this year they will cease the auctions.  That would be by the end of the year.  This isn't something new.  They've been warned.  It's  coming to fruition.   

Frank26   What is Article 12 of the IMF?    The rate.  That's exactly what it is...The IMF demands a country has a currency that can move in and out of the country.  The IMF demands all currencies around the world have the ability to go into this country and also exit.  That's article VIII.  Article VIII is the freedom of that nation's currency to move in and out and other foreign currencies that are in there as well too.  Article VIII removes all restrictions...We're way past Article VIII.  We're at Article 14...Implementation of the new exchange rate.

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Most Dangerous Time Since WW2: Can Disaster In 2025 Be Prevented? | Steve Hanke

David Lin:  12-29-2024

Steve Hanke, Professor of Applied Economics at Johns Hopkins University, discusses the biggest economic themes and coming changes of 2025.

0:00 - Intro

1:30 - Economic outlook for 2025

9:00 - Bitcoin Strategic Reserve

17:30 - Changing crypto regulations

21:30 - Preventing a slowdown?

28:00 - Fed and inflation

 33:45 - Tariffs and inflation

39:00 - Bond market

41:00 - Overpriced, overvalued, overhyped

https://www.youtube.com/watch?v=oq8BpG38O3Y

Seeds of Wisdom RV and Economic Updates Monday Morning 12-30-24

Good Morning Dinar Recaps,

BRICS NEWS: DE-DOLLARIZATION WILL CONTINUE FASTER UNDER TRUMP’S WATCH

President-elect Donald Trump threatened BRICS countries of imposing 100% tariffs on goods entering the US if they pursue the de-dollarization agenda. The rhetoric came even before he officially took office indicating that a trade war would commence during his four-year tenure. Developing countries are guarding their economies against sanctions, as the White House has been imposing them for more than a decade.

The Director of the Institute of Social Sciences, Ash Narain Roy, said that Trump’s threats to BRICS will not work. Roy explained that Trump is carried away by his victory and is unable to see the ground below his feet. Emerging economies have progressed even after ending dependency on the US dollar as their local currency is gaining prominence. The de-dollarization initiative started by BRICS will continue even in the Trump era, he said.

BRICS: Trump Carried Away by Victory, De-Dollarization To Continue

Roy stressed that Trump’s 100% tariff threats will not affect any country but will directly harm the US. If exporters pay 100% tariffs, they will hike the prices, and US importers will place the surge on the consumers. It is the end user who will eventually fit the bill leading to inflation. BRICS will not back down on de-dollarization but could continue the process faster under Trump.

“He has views on everything and exchange views and all that. So not taking it seriously at all,” said Roy. The expert also called Trump’s rhetoric empty. “This will not affect any country,” he added. 

The BRICS alliance made it clear that the de-dollarization agenda remains their long-term goal. The bloc will not slow down if Trump takes office but will fast-track the process. The sanctions and threats led to the de-dollarization agenda taking shape in the first place. If Trump’s rhetoric on trade and tariffs grows, developing countries will only side with BRICS to protect their economies.

@ Newshounds News™

Source:  Watcher Guru

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DIGITAL IDS AND FINANCIAL SERVICES COLLABORATION STRENGTHEN PROACTIVE FRAUD PREVENTION

As payments become faster, fraudsters hide behind anonymity or concoct identities that seem legitimate, and then scam banks, merchants and individuals out of their money.

Among the most effective ways of stopping would-be criminals in their tracks is using advanced technologies and collaboration to spot red flags before the money ever leaves an account — to take action, in other words, upstream.

Data — from continuous verification to location to device-level details — is critical, and real-time analysis can help block fraudulent transactions.

In the United Kingdom, language contained in the November release of the government’s National Payments Vision noted: “For open banking to scale and help deliver more competition and innovation in the market, it needs to transition to a sustainable long-term regulatory framework.”

“The U.K. has put in place strong consumer protections for fraud, including through reimbursement of authorized push payment fraud as mandated by the Payment Systems Regulator,” the Treasury added in the whitepaper. “While this regime provides a critical safety net for consumers, it introduces new risks for firms to manage.”

Four financial authorities in the U.K. said last week that they are working to improve their cooperation and will revise their agreement as the government pursues its National Payments Vision. The financial regulators include the Bank of England, the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and the Payment Systems Regulator (PSR).

Increased Embrace of Digital Payments
In discussion of the overall shift to digital, stats cited in the paper detailed that contactless payments have increased from 3% of all transactions in 2015 to 38% in 2023, and digital wallets have gained in popularity.

The PYMNTS Intelligence report “Digital Wallets Beyond Financial Transactions: U.K. Edition” found that 77% of U.K. consumers have at least one digital wallet, and 44% of consumers online conduct commerce via digital wallet transactions.

To get a sense of the financial impact, banks and financial services firms in the U.K. are required to reimburse the victims of authorized push payment (APP) fraud up to 85,000 pounds (about $106,000). APP fraud cost U.K. residents $433 million in 2023.

@ Newshounds News™

Read more:  Pymnts

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Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

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Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Seeds of Wisdom Team™ Newsletter

Thank you Dinar Recaps

More News, Rumors and Opinions Sunday PM 12-29-2024

TNT:

Tishwash:  Goodbye dollar auction.. Central Bank announces the end of 20 years of billions and suspicions

The matter has been settled.. Iraq will no longer offer its precious dollars in the controversial dollar auction, or what was called the foreign currency sales window and the electronic platform.

 After 20 years since the start of this procedure, Ammar Khalaf, Deputy Governor of the Central Bank, confirmed in a statement to the 964 Network that the dollar platform has become closed in compliance with the date set by the governor to close it at the end of 2024.

 Khalaf denied all rumors about the possibility of extending the platform’s work, and spoke with great positivity, reassuring the market and consumers that the overwhelming majority of traders have already adapted to the new system in which the Central Bank does not provide direct dollars to traders. But what will happen?!

The sale of the dollar was a mechanism adopted by the Iraqi government after 2003 during the era of Governor Sinan Al-Shabibi, for several goals mentioned in a study by the bank official, Dr. Walid Aidi Abdul Nabi , including controlling the exchange rate and raising the purchasing power of those with limited incomes, among others. It aims to provide hard currency to traders in order to finance their imports of goods from abroad, but the idea was later subject to much skepticism and suspicion, and the auction became one of the most frequently mentioned files in discussions about corruption, fictitious import invoices, and currency smuggling to neighboring countries, among others.

According to the new system after the window closes, traders will have to deposit their money in dinars in Iraqi banks that have entered into partnerships with foreign banks (called correspondent banks). These correspondent banks with American banks will undertake all verification and compliance procedures, while the Central Bank will only be tasked with strengthening the dollar balances in the accounts of banks that are able to pass all these procedures.

Many experts believe that this step has relieved the Central Bank of responsibility for any potential manipulation of invoices or attempts to smuggle currency, and the Central Bank has thus protected itself from any potential American sanctions with their dangerous implications for the country’s economy.

Khalaf said, “The date for closing the platform is fixed, it will not change and will not be extended. The banks have been preparing since the beginning of this year when Governor Ali Al-Alaq announced his intention to close the platform.”

According to Khalaf, “transfers are made by strengthening the balances of Iraqi banks, and 97% of transfers are now made according to the new mechanism. This will be noticeable during the first days of the new year, as the Central Bank’s transfers to banks that are operating at full capacity will not change by strengthening the balances with correspondent banks.” However, he left the door open to the possibility of a very slight and ineffective decline in the Central Bank’s sales.

He pointed out that “the majority of banks in Iraq have correspondent banks and have been operating according to the new mechanism since the beginning of this year, and traders will not face any problem unless their money is in banks without correspondent banks.”  link

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

Frank26   This is extremely important you understand this.  It is projected at the end of this month on the 31st that the auctions will come to an end.  Therefor the next day the citizens of Iraq will be looking for something to use.  They will demand a dollar because that's all they know and they will be rejected.  The demand for the dollar will increase.  The black market value will increase for the dollar (which is not official, which has no meaning, no value to the CBI).  But for at least maybe until the 7th.  Why?  Because on the 7th Sudani has ordered parliament to finish and sign off everything on the budget.  If not he'll take care of it...One week of bubble.  That makes sense.  I like it.

Militia Man  Article quote: "Issuing money can help provide the economy with liquidity which can prove economic growth and innovation."  Sounds about where Iraq is headed, right?   However, if not managed carefully the government's directly issuing can lead to inflation."  Inflation is the consequence of not playing by the rules as we all know.  Why would Alaq be talking about this? ...The exchange rate change is likely to be coming because they're going to have something that supports the ability to do all of this and they have the United States...and the coalition on board for it and you probably have the Bank of International Settlements...World Bank...IMF...UN...okay with it [too].

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Success of the monetary reform 2024

Nader:  12-29-2024

https://www.youtube.com/watch?v=LA5atmw_Mb4

Get As Much Silver As Possible - Here's Why | Jon Forrest Little

Liberty and Finance:  12-28-2024

Historian and precious metals expert Jon Forrest Little discusses the historical significance of gold and silver as money, the current state of the monetary system, and the implications of fiat currency.

He emphasizes the importance of precious metals as a hedge against economic instability and shares insights on the current precious metal market, advocating for the accumulation of silver as a strategic investment.

The discussion also touches on the broader economic landscape, including the hollowing out of the U.S. economy and the potential future of fiat currencies.

INTERVIEW TIMELINE:

 0:00 Intro

1:20 Monetary history & today

 14:13 When will the Dollar collapse?

22:40 Using silver as money

 27:38 Metals in 2025

https://www.youtube.com/watch?v=iz-l386Yplw

BRICS Economies to Surpass Half of Global GDP, Challenging Western Dominance

BRICS Economies to Surpass Half of Global GDP, Challenging Western Dominance

Geopolitical Analyst:  12-28-2024

In recent years, the BRICS nations—Brazil, Russia, India, China, and South Africa—have emerged as formidable players in the global economic landscape.

 With a collective GDP that is on track to surpass 50% of the world’s economic output in the next 10 to 15 years, as projected by Russian Deputy Prime Minister Alexander Novak, the BRICS bloc is rapidly reshaping the dynamics of international trade and finance.

Novak’s optimistic outlook is underscored by the significant economic weight these nations carry. As of 2024, BRICS economies account for an estimated 37.3% of global GDP based on purchasing power parity (PPP), eclipsing the G7’s 30%.

The collective output of BRICS not only surpasses that of the G7 in purchasing power terms, but it also reflects the burgeoning potential of its member nations—particularly China, which represents 19.05%, and India, contributing 8.23%.

While the G7 still leads in nominal GDP with a share of approximately 44%, BRICS holds a commendable 28%. However, the trajectory indicates a potential shift as the combined influence of BRICS continues to expand. This upward trend positions BRICS as key drivers of global economic growth, capable of sustaining robust development and investment opportunities.

A pivotal moment for BRICS occurred in 2024, when it expanded its membership to include Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE). This enlargement not only amplifies BRICS’ global energy influence—given the oil-producing capabilities of Saudi Arabia and the UAE—but also enhances its geopolitical presence by incorporating countries from the Middle East and Africa.

The addition of these diverse nations brings strategic advantages, such as Iran’s energy resources and trade links, as well as a stronger African representation through Egypt and Ethiopia. This shift reflects BRICS’ intention to challenge the hegemony of Western-dominated economic institutions and to provide a platform for the voices of the Global South.

The ongoing growth and evolution of BRICS signal a potential reshaping of global governance structures. The group’s increasing economic and geopolitical clout allows it to push for reforms in international financial institutions that have traditionally favored Western nations. Russian President Vladamir Putin, during the BRICS Business Forum in October, articulated that BRICS will be a central player in the generation of global GDP in the foreseeable future.

The rebalancing of power dynamics calls for a reexamination of international relations. As BRICS expands, it not only represents economic collaboration but also serves as a counterbalance to the geopolitical narratives dominated by the West.

However, this shift towards a multipolar world comes with its own set of challenges. Geoeconomic risks are inherent in the transformations of global power structures, as shifts in geopolitics can be influenced by various factors, including technological advancements, demographic changes, environmental issues, and political movements.

The ongoing globalization has seen emerging markets like China, India, and Brazil rise to prominence, reshaping traditional economic relationships. While Germany and other developed nations may benefit from this evolving landscape, there remains an underlying tension.

Politicians often seek to maintain the status quo, occasionally stifling progress to uphold the illusion of stability and security. Such actions can lead to disruptions that amplify existing inequalities and create instability in global markets.

As the BRICS nations continue to expand their influence, they are poised to play a transformative role in the global economy. With their vast populations, resource-rich territories, and potential for sustainable growth, BRICS is increasingly becoming a significant player on the world stage.

While the journey toward a multipolar world is fraught with challenges, the trajectory suggests a promising future for BRICS as it endeavors to reshape global governance, promote inclusive growth, and amplify the voices of developing nations.

The coming years will undoubtedly witness the unfolding of this new economic narrative, highlighting the imperative for adaptive strategies in an ever-evolving global landscape.

https://youtu.be/gk2hOP0w4t0

News, Rumors and Opinions Sunday 12-29-2024

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 Sun. 29 Dec. 2024

Compiled Sun. 29 Dec. 2024 12:01 am EST by Judy Byington

Global Currency Reset:

Sat. 28 Dec. 2024 Wolverine: “Get ready everyone we are ready. All protocols have been met and everything is ready to go. We just have to wait for the GO sign. I’m expecting the 1 or the 2nd of January. I’ve had many on a conference call and they all said that we are about to go anytime right now and many are pointing to the 1st and 2nd of January 2025. Not long to go guys. God bless.”

Sat. 28 Dec. 2024 TNT Tony: “The green light has been given once again and bankers have a window.”

Read full post here:  https://dinarchronicles.com/2024/12/29/restored-republic-via-a-gcr-update-as-of-december-29-2024/

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KTFA:

Frank26:  "SUDANI IS GIVING OSCARS AND THE ACADEMY AWARDS TO THOSE THAT MADE THE MONETARY REFORM SUCCESSFUL!!!".........F26

Delegation from US Department of Treasury visit the CBI

Announcement from Central Bank of Iraq – Dec 26 2024 Delegation from US department of treasury visited the central bank of Iraq, the delegation expressed their gratitude and appreciation for the procedures taken by the CBI during last year in the operations of combating the financing of terrorism and money laundering.

The delegation “”praised CBI’s electronic programs that was used for the first time and showed their astonishment for the speed and competency in using those programs also their admiration with the criteria placed by the bank with the help of international audit office (KPMG) which related to organizing Dollar selling operations and its monitor during the compliance of all banks to rules of combating the financing of terrorism and money laundering”” No. 39 for the year 2015.

Also the delegation listened to detailed explanation on the electronic system which applied by the CBI to monitor sold Dollar movement, and discussed CBI’s vast training program which will start soon and aims to train and qualify CBI’s employees working in monitoring and supervising field.

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

Frank26  [Iraq boots-on-the-ground report]   FIREFLY: All we care about is the stopping of the auctions and when...They still say auctions will end by the end of the month.  Mr Sammy says when they end the auctions and everyone goes back to work on the 2nd of January, the rise of the dollar will be very closely watched by us here at the banks.  If it starts to get out of hand by the 7th when parliament votes then [he] doesn't see any other move but to increase the dinar.  That's the only way Alaq has a way out.

Mnt Goat   Didn’t I tell everyone years ago that Iraq is going to be a central hub for the middle east? Let me correct myself in saying it is now a central hub only it is not yet fully geared up and running to its potential.  Eighty-five docking stations for freight ships at the port of Faw and only five are now open. Imagine when all eighty-five slips are operational? The amount of freight that will flow through this port of Faw.

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Iraq - CBI Governor Makes an Announcement, Digital Banking Expansion

Edu Matrix:  12-28-2027

Iraq - CBI Governor Makes an Announcement; Digital Banking Expansion Discover how Iraqi banks transform their services by adopting modern digital solutions in our latest video, "Iraqi Banks Go Digital: A New Era in Banking."

We delve into the Central Bank of Iraq's (CBI) innovative digital banking efforts to enhance financial accessibility and efficiency across the country. Learn about the exciting technologies being implemented and how they are reshaping the banking landscape in Iraq.

https://www.youtube.com/watch?v=i07Ta2u_ebs

When You See A Historic Marker That Signals Recession...

Lynette Zang:  12-28-2024

Today's video is a breakdown from a recent live where Lynette breaks down why this historic marker signals for recession, and why you need to be prepared!

https://www.youtube.com/watch?v=n2XbmOdkxWo

Seeds of Wisdom RV and Economic Updates Sunday Morning 12-29-24

Good Morning Dinar Recaps,

CRYPTO INDUSTRY CALLS ON CONGRESS TO BLOCK NEW DEFI BROKER RULES

The final regulations classifying several decentralized finance (DeFi) protocols as brokers have sparked immediate backlash within the crypto industry, with calls for the incoming Congress to overturn the new rules.

Disclosed on Dec. 27 by the US Internal Revenue Service, the new regulations treat front-end protocols facilitating digital asset transactions as brokers, requiring Know Your Customer disclosures of transactions. According to the agency, the regulations will affect up to 875 DeFi brokers.

The new rules have sparked a widespread backlash on social media, with many legal experts suggesting that the IRS may be overstepping its authority and infringing constitutional rights.

“This unlawful rule is the dying gasp of the anti-crypto army on its way out of power. It must be struck down, either by the courts or the incoming administration,” said Jake Chervinsky, chief legal officer at venture capital firm Variant.

For Alexander Grieve, vice-president of government affairs at venture firm Paradigm, “the new pro-crypto Congress can, and should, roll these back via the CRA process next year,” he said on X.

The CRA, or Congressional Review Act, allows Congress to review and potentially disapprove of regulations issued by agencies like the IRS.

The DeFi broker definition encompasses platforms performing intermediary functions in facilitating transactions, including a group of persons facilitating transactions “whether or not the group operates through a legal entity.”

Miles Jennings, general counsel of a16z Crypto, claimed the rule represents “a fantastical expansion of the words “effectuate transactions” to enable the IRS to ban DeFi.”

According to Miles Fuller, director of government solutions at TaxBit, the definition covers any provider that knows “or is in a position to know whether the nature of the transaction involved gives rise to reportable gross proceeds from the sale of digital assets.”

Fuller explained that two specific groups are specifically excluded from the definition: validation services and wallet software providers.

Advocacy group Blockchain Association called the rule “a final attempt” to send the US crypto industry offshore. A statement by the group’s CEO, Kristin Smith, said:

 “On behalf of the industry, we’re prepared to take aggressive action to fight back. We also look forward to working with the new pro-crypto Congress and Administration to roll back this and other anti-innovation rules.”

According to the IRS, the new regulations are expected to affect as many as 2.6 million taxpayers.

@ Newshounds News™

Source:  CoinTelegraph

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🇷🇺 Russian Foreign Minister Lavrov slams the Biden-Harris administration for Prioritizing Ukraine over US citizens.

"When the USA was hit by a hurricane, President Biden paid the victims ridiculous compensations of $700 per person while sending over $150 billion to Ukraine."

@ Newshounds News™

Source:  @BRICSNews

~~~~~~~~~

The US dollar's share of global foreign exchange reserves has dropped to its lowest level in nearly 30 years.

This is according to the International Monetary Fund.

Countries are diversifying their reserves and stockpiling gold.

This should be the top story around the world.

@ Newshounds News™

Source:  X . com

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“Tidbits From TNT” Sunday Morning 12-29-2024

TNT:

Tishwash:  interesting time to share this info hmmmm

In numbers.. The decline in the value of the Iraqi dinar

Today, Friday (December 27, 2024), the economic expert, Manar Al-Abidi, determined how much the Iraqi dinar has lost in value.

Al-Obaidi explained in a tweet followed by "Baghdad Today" that "the value of any currency is determined based on two basic factors, which are the amount of currency issued, which is the total cash pumped by the central bank, and the size of reserves, which includes foreign currencies, investments, and gold held by the central bank."

He explained that "the situation at the end of 2023, the amount of currency issued reached 101 trillion dinars, and the value of official reserves reached 145 trillion Iraqi dinars."

Al-Obaidi added, "As for the situation at the end of 2024, the amount of currency issued remained at the same level of 101 trillion Iraqi dinars, and the value of official reserves decreased to 139.7 trillion Iraqi dinars."

He pointed out, "The impact on the value of the Iraqi dinar, despite the stability of the issued monetary mass, the decrease in the value of official reserves by 5.3 trillion Iraqi dinars led to a decline in the purchasing power of the dinar, and as a result of this decrease in reserves, the actual value of the Iraqi dinar decreased by 5.3%."

Al-Ubaidi pointed out that "the continued decline in the actual value of the dinar will lead at some point to an increase in inflation as a result of the decline in the strength of the dinar compared to reserves alone. All this while the average price of Iraqi oil was high, so how will things turn out in the event of a decline in oil prices?"  link   

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Tishwash:  Uncertainty over the 2025 budget.. Parliament: We don't know anything about it yet

 Member of Parliament Ahmed Al-Sharmani explained Thursday (December 26, 2024), that Parliament does not know anything about the 2025 budget schedules, suggesting that the government is deliberately delaying sending it.

Al-Sharmani said in an interview with "Baghdad Today", "According to the Financial Management Law, the budget or its schedules must reach the House of Representatives at the end of the month (10) of each year, and any delay in doing so is considered a legal violation, especially since this violation has been repeated for many years."

He explained that "the 2025 budget tables are not known to the House of Representatives so far, and the delay in sending them is a violation, and there is no specific date for sending those tables."

Al-Sharmani added, "Perhaps the government will link sending the tables with amending the law proposed in Parliament, and this will delay sending the tables for a long time due to disagreements over the origin of the amendment."

MP Jawad Al-Yassari confirmed on December 19, 2024, that political differences over amending the budget law will delay voting on the 2025 budget schedules, indicating that “the Iraqi government is waiting for Parliament to amend the budget law, so that it can send it the schedules for 2025 according to the amendments.”

It is noteworthy that Member of Parliament Mustafa Al-Karaawi announced on December 8, 2024, the postponement of the second reading of the amendment to the General Budget Law until after the legislative holiday.  link

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Tishwash:  Expert: Central Bank decisions threaten banking sector and stability of national economy

Researcher and specialist in financial and banking affairs, Mustafa Hantoush, confirmed today, Monday, that the decisions of the Central Bank threaten the banking sector and the stability of the national economy.

Hantoush said in a statement to Al-Maalouma Agency that "the recent decisions of the Central Bank of Iraq, which included stopping the financial transfer platform (FITR) and handing over the management of the Iraqi dollar to four banks owned by investors, some of which belong to countries such as Jordan and the Gulf, constitute serious repercussions.”

He pointed out that "these policies may lead to the collapse of the Iraqi banking system and the exacerbation of economic crises, noting that more than 100,000 jobs in the private banking sector are threatened with loss in favor of foreign banks, which constitutes a major blow to banking autonomy.”

He explained that "the monopoly of the dollar by these banks will lead to difficulty in stabilizing the exchange rate and increasing volatility, which will exacerbate the economic situation and weaken competition in the banking sector."

As part of the solutions, Hantoush called for "extending the work of the money transfer platform in coordination with the new US administration, and enabling Iraqi banks to open dollar accounts in international banks such as Citibank and JP Morgan, as is the case in the countries of the region."

He also stressed the "importance of transparency and announcing the mechanisms of cooperation with Ernst & Young regarding transfers in other currencies such as the euro, yuan and dirham, in addition to revealing the results of the contract with Oliver Wyman regarding the status of the 28 sanctioned Iraqi banks."

At the end of his statements, Hantoush called for “addressing the central banks of countries such as Turkey, the Emirates, China and India to open branches of Iraqi banks in those countries, which would contribute to transforming the banking relationship from remittances to a direct commercial partnership. link

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Mot.. Planning Ahead I Is!!!! 

Mot:  . I'm Dedicated to Making it Work!!! 

More News, Rumors and Opinions Saturday Afternoon 12-28-2024

KTFA:

Clare:  Iraq is the world's first in the density of natural resources.. A new vision for investing resources

12/28/2024

The economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed a new vision for investment in materials in Iraq.

Saleh told {Euphrates News} that: “What the economic policy in our country is looking forward to is thinking outside the box and providing sustainability in the current account surplus of the Iraqi balance of payments through investment expansion in natural resources, manufacturing them and making them ready for export in a way that provides returns that help establish a sovereign wealth fund.” 

He added, “The most appropriate model is to generate a sovereign wealth fund {directing its investments towards internal opportunities} and according to a different vision; since our country is ninth in the world in terms of the diversity of its natural resources in the ground and first in the world in terms of the concentration of wealth per square kilometer.”  Raghad  LINK

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Judy Byington:

Fri. 27 Dec. 2024 Nine new countries will officially join BRICS as partner countries (not full members) on January 1, 2025.

Belarus
Bolivia
Cuba
Indonesia
Kazakhstan
Malaysia
Thailand
Uganda
Uzbekistan

Tues. 24 Dec. 2024: Major banks hit by outages in Christmas Eve disaster. The Big Four bank confirmed ‘intermittent issues’ had been reported on its goMoney app and internet banking services. https://www.msn.com/en-us/money/companies/major-banks-hit-by-outages-in-christmas-eve-disaster/ar-AA1woA8c?rc=1&ocid=socialshare&cvid=4fcd4c97c0c84799d3ca4848628e76e0&ei=19

https://dinarchronicles.com/2024/12/28/restored-republic-via-a-gcr-update-as-of-december-28-2024/

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

Frank26  [Iraq boots-on-the-ground report]  FIREFLY: Mr Sammy...the key here will be when the auctions stop and we feel like it will be either the 28th or the 29th.  The dollar may jump up some due to traveling at this time but soon we should see the lower notes and the new rate.

Bruce   [via WiserNow]  ...we did hear from a group of very informed individuals that are part of this process...They're part of the release. They said the release is coming very shortly...What does it mean? ...Well, in this case, it means a couple of days. Releases are coming very shortly...It's coming...what I've heard since then and these were extremely valuable people that were bringing this to us... the highest of the high...we are looking for a green light from treasury/slash/Wells Fargo to release this to us over the next couple of days...Let's see what happens over the weekend.

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Golden Shifts: Privacy and Wealth in a Changing World with Dr. Nomi Prins (Little By Little)

Andy Schectman:  12-27-2024

In this engaging interview, Andy Schectman sits down with Dr. Nomi Prins, a renowned macro-economist, geopolitical financial expert, and best-selling author. Dr. Prins is the founder of Prinsights Global, a company specializing in geopolitical financial and macro-economic analysis, and creator of its flagship research product, *Prinsights Pulse*.

This thought-provoking conversation delves into the complexities of the global economy, the financial system's evolution, and the strategic forces shaping our world. It’s an essential watch for anyone seeking a deeper understanding of the intersection between macroeconomics and geopolitical dynamics.

https://www.youtube.com/watch?v=98oWQ6Ovm-Q

Stock Market at Breaking Point, What Gets Gold to $4k?

Stock Market at Breaking Point, What Gets Gold to $4k?

Kitco News: 12-27-2024

As 2024 draws to a close, financial markets find themselves at a historic crossroads.

Gold has surged to unprecedented heights, breaching the $3,000 mark for the first time, while Bitcoin has crossed the elusive $100,000 threshold.

This dramatic rise in value has left investors and analysts alike pondering the implications for 2025.

 In an exclusive interview with Kitco News, Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, provides valuable insights into the current state of these markets and the macroeconomic factors at play.

Gold’s ascent is not merely a reflection of its status as a safe haven asset; it has broader implications for the global economy. According to McGlone, the fact that gold has breached $3,000 could signal significant economic shifts.

“Historically, when gold reaches such levels, it often indicates rising inflation, heightened geopolitical tensions, or a loss of confidence in fiat currencies,” he explains. As central banks worldwide embark on a rate-cutting spree, the demand for gold as a hedge against currency devaluation is likely to grow.

Bitcoin’s meteoric rise to over $100,000 raises questions about sustainability. While McGlone acknowledges the cryptocurrency’s growing acceptance and institutional interest, he also cautions against potential volatility.

Key drivers behind Bitcoin’s strength include increased adoption by major financial institutions, ongoing technological advancements, and a burgeoning interest in decentralized finance. However, investors must remain vigilant as the landscape evolves.

The current macroeconomic environment is fraught with challenges, including geopolitical tensions and concerns over stagflation—the combination of stagnant economic growth and rising inflation. McGlone emphasizes the importance of diversification in an uncertain landscape.

Moreover, the prospect of de-dollarization poses a threat to the U.S. dollar’s dominance in global trade.

As we look to 2025, the financial landscape is likely to be shaped by the repercussions of 2024’s unprecedented market movements. Investors will need to be prepared for increased volatility and shifting market dynamics. McGlone suggests that a focus on asset allocation, risk management, and a keen understanding of macroeconomic indicators will be crucial in navigating the year ahead.

In conclusion, 2024 has been a historic year for financial markets, with gold and Bitcoin reaching remarkable new heights. The implications for 2025 are profound, with potential economic shifts that could impact investors globally.

As McGlone aptly puts it, “Staying informed and adaptable will be key to successfully navigating the uncertainties of the coming year.” Don’t miss this essential interview as we delve into the future of financial markets and what lies ahead for investors in 2025.

https://youtu.be/yVIA19_HdOI

Seeds of Wisdom RV and Economic Updates Saturday Morning 12-28-24

Good Morning Dinar Recaps

IRS FACES LEGAL PUSHBACK OVER NEW DEFI COMPLIANCE RULES

▪️Three major crypto advocacy groups have filed a lawsuit against the IRS.

▪️They are challenging its new regulation that classifies DeFi platforms as brokers.

▪️The crypto community and some lawmakers have also criticized the regulation.

Three prominent pro-crypto groups — the Blockchain Association, DeFi Education Fund, and the Texas Blockchain Council — have initiated legal action against the US Internal Revenue Service (IRS).

The lawsuit challenges the IRS and Treasury Department’s recent decision to categorize decentralized finance (DeFi) platforms as brokers, a ruling that has sparked significant controversy within the crypto sector.

IRS Broker Redefinition Triggers Legal and Legislative Issues

On December 27, the IRS finalized new regulations targeting the DeFi industry by expanding the definition of a broker to include decentralized exchanges and other front-end platforms.

This adjustment mandates that these entities report all crypto and other digital asset transactions, including details about the taxpayers involved. Set to be enforced starting in 2027, these regulations aim to enhance transparency in digital asset transactions.

However, the crypto advocacy groups contest that the IRS’s extension of broker status to DeFi platforms overreaches the statutory authority granted to the agency. They also argued that the move infringes upon the Administrative Procedure Act (APA) while deeming the action unconstitutional.

Further, they argue that the rule imposes undue compliance burdens on software developers, particularly those creating trading interfaces. According to them, this could severely inhibit innovation and significantly strain American entrepreneurs.

“The IRS and Treasury have gone beyond their statutory authority in expanding the definition of “broker” to include providers of DeFi trading front-ends even though they do not effectuate transactions.

Not only is this an infringement on the privacy rights of individuals using decentralized technology, it would push this entire, burgeoning technology offshore,” Marisa Coppel, the Head of Legal for the Blockchain Association, said.

Meanwhile, the regulatory change has also provoked a strong reaction from the broader crypto community, with several industry leaders calling for legislative intervention.

Bill Hughes, a lawyer at Consensys, criticized the rule’s release during the holiday season as a strategic move to minimize industry pushback. Similarly, Miles Jennings, General Counsel at a16z Crypto, described the rule as a drastic overreach intended to clamp down on DeFi operations.

Moreover, Alexander Grieve, Vice President of Government Affairs at Paradigm, has urged the upcoming Congress to reassess and possibly reject these new stipulations.

US lawmakers like French Hill and Patrick McHenry have already spoken against the move, suggesting they might oppose it.

“The Biden-Harris Treasury chose to defy both Democrats and Republicans in Congress by finalizing its controversial broker tax reporting rule today. This rule is an overreach by the Treasury, a blatant and poorly crafted attempt to target DeFi, and should never have been finalized in the final days of the Biden-Harris Admin,” Hill stated.

@ Newshounds News™

Source:  Be In Crypto

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9 NEW COUNTRIES WILL OFFICIALLY JOIN BRICS AS PARTNER COUNTRIES (NOT FULL MEMBERS) ON JANUARY 1, 2025.

 Belarus   Bolivia    Cuba   Indonesia   Kazakhstan   Malaysia   Thailand   Uganda   Uzbekistan

@ Newshounds News™

Source:  @BRICSNews

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Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

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Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Seeds of Wisdom Team™ Newsletter

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