Does The World Bank Need To Rethink Its Policies?

Does The World Bank Need To Rethink Its Policies?

Banks  Economy News - Follow-up  For nearly eight decades, the World Bank—founded in 1944 to finance reconstruction and development after World War II—has been the largest international public agency ever. By 1973, as the need for reconstruction receded and many newly independent countries had joined the bank, President Robert McNamara outlined a revised mission.

The bank’s goal was “to accelerate economic growth and reduce absolute poverty.” At the bank’s headquarters in Washington, that goal was engraved on the lobby wall for all to see: “Our dream is a world free of poverty.”

The World Bank's initial approximation of the target was an annual estimate of the number of people living on less than $2.15 a day, the amount deemed necessary to avoid hunger, Paul Collier, a professor at Blavatnik College at the University of Oxford, wrote in an opinion piece for Foreign Policy.

This is a very conservative measure of the bank’s performance, Collier said—it could be achieved if the world’s poorest could reach the bare minimum necessary to survive even as the income gap with the rest of humanity widened. But even by this inadequate measure, the bank was a failure before 1990.

That is no longer in dispute: from 1960 to 1990, the incomes of the poorest countries diverged from those of the richest by standard statistical measures.

The number of people living in extreme poverty peaked in 1980 and then stabilized until the early 1990s, when China, India, and other emerging Asian markets took off.

Since 1990, China and India have largely lifted many millions out of poverty, but that was because of domestic reforms that opened their economies to trade. It was not because of the World Bank’s meager aid to these countries, which went disproportionately to Africa, along with policy advice.

But while the Bank cannot claim responsibility for China’s and India’s successes, it must accept responsibility for Africa’s failures. Yet the Bank and its leadership have been reluctant to confront or draw conclusions from their failures.

“When I first worked on the problem of global income inequality in 2003, I found that there was another problem within the problem that had not been noticed at the time,” said Professor of Economics and Public Policy at the Blavatnik School at the University of Oxford.

“A group of 60 poor countries, concentrated in Africa and Central Asia but with pockets elsewhere, had failed to spark economic growth and were gradually falling behind everyone else.”

“These countries had a population of about a billion people—I called them the bottom billion.” China and India were initially much poorer than most of these countries, but since the 1980s China has been growing rapidly, and since the 1990s India and Latin America have also been taking off.

In 1990, these three regions dominated global poverty statistics, but now they are favored by investors as emerging markets, and by 2035 their mass hunger problems will be a thing of the past, according to Collier.

The growth of these regions has helped global poverty begin to decline—both as a share of the world’s population and in absolute numbers, perhaps for the first time in human history. But this success has not extended to the bottom billion. As a group, their incomes have continued to diverge from those of the billions in emerging markets and the privileged billion in rich countries.

The divergence among the bottom billion continued until 2003, when global natural resource prices began a decade-long boom so extraordinary that it became known as a supercycle. Because economic growth never really caught on among the bottom billion, the exploitation and export of their natural resources became their dominant form of participation in the international economy, and the supercycle boosted their incomes.

This was their golden decade, and it lasted until 2014, when commodity prices collapsed; prices have been extremely volatile since then.

After 2014, the global economy entered a period known as the “new normal,” a term coined by economist Mohamed El-Erian. For the bottom billion, the new normal looked a lot like the old normal, the long period until the golden decade during which they were left behind.

Only during the golden decade did the bottom billion as a group briefly interrupt the tragedy of falling further and further behind the rest of humanity.

If the trend since 2014 continues, the global poverty headcount will soon return to its grim pre-1990 upward trajectory. Starting in 2035, after adjusting for inflation, the number of people living below the World Bank’s $2.15 poverty threshold – those so poor that they are starving – will increase relentlessly.

And they will be concentrated in very different places than in the past. Instead of China, India, and Latin America, the new poverty hotspots are Africa and Central Asia. Given the World Bank’s mission, the prospect of rising poverty rates in these long-focused regions should spur the Bank to action.

“Of course, there are many reasons to be skeptical of these forecasts. But we can supplement the projected trends with evidence of changes in national wealth per capita, including private assets such as homes and public assets such as infrastructure,” Collier said.

As imperfect as this measure may be, by looking at how assets have changed, we get some clues about how incomes will change in the future. In both the old normal and the new normal, the assets of the bottom billion remained virtually flat, while assets per capita in emerging markets grew rapidly, at 3% or more per year. The assets of the lucky billion living in the developed world grew comfortably, at about 2% per year.

People in the bottom billion are poorer than the rest of humanity. By 2020, the average fortune billion had $500,000 in assets per capita. The emerging market average had jumped to $85,000, and was on track to catch up with the fortune billion within a generation.

But people in the bottom billion have less than one-thirtieth of the fortune billion’s assets, and the fortune billion’s assets are growing only slowly.

Rather than prompting questions about why its approach was failing to achieve its stated purpose, in the early 2020s the Bank decided to change its stated purpose. The World Bank’s goal would no longer be a world free of global poverty – nor would it even be able to measure it.

Its goal would simply be to reduce the number of people living below a certain country-specific income threshold. If that number was falling, the Bank would declare victory: its programs in that country must be working.

This was not demanding enough that most programs would get a passing grade most years—even in Africa and Central Asia—so that everyone could relax. To avoid a troubled career, an employee assigned to one country that was not currently getting a passing grade would simply need to move to another country as quickly as possible.

Because everyone would be playing this game, the less experienced employees would end up working with the less capable in the more difficult countries.

Clearly, as the premier global institution, the World Bank must aim for global convergence: that is its core mission. The countries that have fallen behind to become the poorest must not merely avoid hunger or meet a low bureaucratic threshold—they must grow faster than other groups.

The failure of these programs, with the exception of one golden decade that had nothing to do with development projects, should be cause for serious soul-searching and sober reassessment at the Bank, reinforced by genuine concern about the prospects of the world’s poorest countries.

The World Bank might look to its sister institution, the International Monetary Fund, for an example of this kind of soul-searching. It happened in 2018 under then-IMF chief Christine Lagarde, now head of the European Central Bank. In an independent evaluation of its performance, the IMF found that in fragile states, only one in seven of its support and advice programs were successful.

This led to a major research study, published in 2021, that concluded that programs should last longer and be better tailored to the local context. The first fruits of this work were the agreement just reached with Ethiopia last month.

But in its policies toward persistently slow-growth countries in Africa and Central Asia, the IMF is hampered by a mandate that focuses solely on financial stability, not economic development. The development mandate falls to the World Bank—and that’s where it stops.

But instead of acknowledging a half-century of failure, discovering its causes, and launching a process of comprehensive institutional change, the World Bank made the sinister choice of redefining its purpose into something more easily achievable than economic development and income convergence.

It simply changed its poverty measures so that it would no longer have to report rising global poverty rates. Before the bank had finished this scandalous exercise, international outrage over its failure to respond to the multiple crises engulfing poor countries had reached its board of directors.

The board correctly judged the bank to have been slow to disburse funds that could have enabled the governments of the poorest countries to prevent their economies from collapsing. In February 2023, under humiliating circumstances, World Bank President David Malpass was forced to resign.

The move may finally prompt the bank to engage in the same soul-searching that the IMF has undergone. With its vast financial resources and highly skilled staff, the World Bank has a noble mission to fulfill.

Will its new president have the ambition to chart a bold new course—or will he retreat to the defensive amid a beleaguered bureaucracy?   08/25/2024 - https://economy-news.net/content.php?id=46711

BRICS Launching New Stablecoin Pegged By Chinese Yuan & Gold-Backed Currency!

BRICS Launching New Stablecoin Pegged By Chinese Yuan & Gold-Backed Currency!

We Love Africa:  8-25-2024

What will the new Brics currency look like?

Until now, there have been speculations about whether Brics will launch a new currency in competition with the US dollar or not.

Even though there were official talks on launching a new payment system, like SWIFT, no official news came about Brics currency. But things have changed now.

 Brics is thinking of various options, considering what to use to peg the new currency. In this respect, Russia has increased its efforts and wants to launch the currency before its chairmanship ends this year.

 As of now, Brics has proposed either launching a cryptocurrency pegged by the Chinese Yuan or a whole new currency pegged by gold.

https://www.youtube.com/watch?v=NKYqgxeZiL4

“Tidbits From TNT” Sunday 8-25-2024

TNT:

Tishwash:  Economist talks about the mechanism for reviving the Iraqi economy

Economic expert Mustafa Hantoush said today: "What the Central Bank of Iraq is doing by empowering foreign banks or foreign investors at the expense of the Iraqi banking system is a fatal blow to future opportunities to advance the Iraqi economy through the banking system."

According to his statement to Mawazine News Agency, the expert Hantoush described the experiences of foreign banks or foreign investors who own national banks as failed experiments, pointing out that they have caused financial disasters for many countries.

The economic expert explained: "Most countries in the world give a very specific percentage to foreign investors in the banking sector in order to preserve capital and profits as an economic cycle within the country."  link

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Tishwash:  Mohammed bin Rashid: Iraq has become the first destination for UAE exports

Sheikh Mohammed bin Rashid Al Maktoum confirmed today, Sunday, that Iraq has become the first destination for Emirati exports by 41%.

Bin Rashid said, via the (X) platform: "Several years ago, we announced our national economic goals.. and announced that our foreign trade target for the year 2031 is 4 trillion dirhams annually, a goal that represented a major challenge at the time."

He added, "Today, our economic relations with various countries have been consolidated, as our trade with India has increased by 10%.. with Turkey by 15%.. and with Iraq by 41% to become the first destination for Emirati exports, followed by India, Turkey and others."  link

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Tishwash:  To deter escalation and protect his country's forces.. A senior American general visits the Middle East

A senior US general is scheduled to tour the Middle East to emphasize the importance of deterring escalation and protecting US forces in the region. The

US Joint Chiefs of Staff said on Saturday that General CQ Brown will visit Egypt, Jordan and Israel in the coming days, where he will meet with his counterparts and a number of officials to discuss the situation and tensions in the region. The

Joint Chiefs of Staff statement indicated that Brown's visit demonstrates the long-term US commitment to the Middle East.

The statement stressed that General Brown will reaffirm the importance of deterring escalation and protecting US forces in the region, and Washington's support for Israel in defending itself and coordinating efforts to provide humanitarian assistance to civilians.

The statement also explained that the visit reflects the importance of reaching an agreement that returns the hostages, ends the violence and allows the entire region to focus on the next steps towards a more secure and stable Middle East. link

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Tishwash:  Rafidain warns of the risks of accessing customers' personal and financial information

Rafidain Bank warned, today, Saturday, of the risks of accessing customers’ personal and financial information through electronic and telephone fraud.

The bank stated in a statement received by {Euphrates News} a copy of it, that: "It is keen to educate its customers and the public about sound practices in using electronic services in general, and to direct the customer to take caution and care, to ward off the risks that may result from any attempts to access the customer's personal and financial information, through electronic fraud, telephone fraud, viruses and spyware, and identity theft."

Rafidain Bank advised its customers to: "Adhere to the following instructions:

- Avoid easy knowledge of the password, maintain its confidentiality, avoid using common and well-known passwords that are easy to predict, and change them periodically.

The bank advises its customers - for their security and safety - to refrain from using known information such as date of birth, phone number, or any part of the customer's name that is easily recognizable as a password.

- Avoid disclosing the password and personal data and maintain the confidentiality of the salary card number (Master or Visa Card), Internet banking, and the mobile banking application, and not to disclose them even to bank employees.

- Update the customer's information and data, whether his salary is domiciled or otherwise, whenever there is a change through the branches.

- Continuously verify your account movements (via account statement, movements in the mobile application), and if you doubt any of them, review your branch or the Banking Awareness and Public Protection Department in the General Administration of the Bank.

The bank noted "examples of fraudulent messages:

Phishing messages..
- These messages are sent to you by impersonating an employee at your bank, where he sends you messages asking you for information about your bank account or credit card under the pretext of verifying its numbers.
- Fraud through the trick of browsing your account
- Many users have been trapped on social networks through the trick of "Find out who browsed your account on Facebook" or any other social network.

Prize winning messages..
- Such messages claim that you have won valuable prizes or a trip to a certain country, and the sender of the message asks you to pay a certain amount to receive your prize, never do that.
- Fundraising fraud.
- Collecting money in a deceptive manner, as these scammers publish fake stories about a patient in need of treatment or a poor family or others and ask for donations from social media users.

Online job offers:
- If you apply for a job online, you will definitely be asked to fill out an application form. You can do so, but be careful not to write down your bank account number and credit card.
Tips to protect yourself from fraud attempts:
- Do not interact with people who ask you to pay a small amount of money to get a prize or gift or other offers.
- Do not agree to transfer a conversation with a specific person outside of social networks, such as communicating via WhatsApp or providing this person's email address.
- Verify the identity of people who message you due to an emergency while claiming to be your friends or relatives.
- Messages that include spelling and grammatical errors are always suspicious and you should be careful of them.
- If you want to provide help or assistance, do so through official and trusted sources.
- Do not trust pages that represent large companies or public figures that you have not verified.
- Do not trust any social pages that claim that they will make you a quick profit through the Internet or work from home.
- Do not click on links that you receive via WhatsApp or social networks or those that are published in comments. 

Rafidain Bank called on its customers to "take precautions and be careful to avoid falling victim to criminal methods that aim to defraud citizens and steal their money by people impersonating employees working in financial institutions, international institutions or private companies, and then doing the following:

- Communicating with customers via social media (Facebook, Instagram, WhatsApp) under the pretext of providing financial assistance and prizes or monthly salaries for a specific period, in exchange for obtaining the personal information of the customer and the data and image of the bank card granted to him and the secret number and OTP verification code.

- Using the data and information necessary to create accounts in the name of customers or modify their account data or update their data or request the number that will be sent to you by SMS, and then carrying out electronic transfer operations for the purposes of paying bills and purchases and charging mobile phone balances or making electronic money transfers to other people.

Communicating with the beneficiaries of financial transfers under the pretext of executing them in their favor by mistake, and then asking them to reverse the amount by transferring to a specific account or charging a specific phone balance.  link

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Mot: . Guys!! -- Beeeee sure and Take Notes!!!!

Economist’s “News and Views” Sunday 8-25-2024

CHINA To Leave World Bank: A New Financial System?

Fastepo:  8-25-2024

The World Bank has faced ongoing criticism from Global South nations regarding its lending practices and the conditions tied to financial support.

Developing countries have called for a fairer global financial system, pointing to the negative effects of the Structural Adjustment Programs (SAPs) of the 1980s and 1990s, which were intended to stabilize economies but often deepened poverty and inequality in regions like sub-Saharan Africa.

A 2002 UNICEF report noted that 60% of countries implementing SAPs saw reduced access to essential services, contributing to long-term instability.

Another issue is the loss of sovereignty imposed by World Bank loans, with nations like Ghana and Zambia forced to adopt austerity measures that sparked unrest.

Environmental and social concerns have also arisen, as World Bank projects in Indonesia and Ethiopia have been linked to deforestation, displacement, and ecosystem damage.

 Additionally, the bank's decision-making is seen as disproportionately influenced by powerful Global North shareholders like the U.S. and Japan, leading to accusations that the bank prioritizes wealthier nations' interests over those of developing countries.

Critics argue that the World Bank's efforts to address past mistakes have been inadequate. Despite creating an Independent Evaluation Group (IEG) to review projects, a 2020 report found that only 45% of recommendations had been fully implemented, raising doubts about the bank’s commitment to reform.

 This criticism has intensified due to perceived inequalities in global financial aid, particularly during crises like the COVID-19 pandemic, where aid pledges to African and Latin American countries were seen as insufficient compared to the swift support for Ukraine during the 2022 Russian invasion.

 In response to these challenges, China, alongside other BRICS nations, led the establishment of the Asian Infrastructure Investment Bank (AIIB) in 2016.

The AIIB aims to provide a more equitable alternative to the World Bank, focusing on the infrastructure needs of the Global South.

With a capital base of $100 billion and over 100 member states, the AIIB has emerged as a credible competitor to traditional Western-dominated financial institutions, signaling a shift in the global economic order.

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

ANOTHER Currency Is FAILING In Front Of Our Eyes...

Lynette Zang:  8-24-2024

Today's video is about Ethiopia's Birr and it's recent plummet. Could it be failing? And could this be a sign for what's ahead for the dollar?

https://www.youtube.com/watch?v=up-SADPfOww

PetroYuan Plans?| Saudi Arabia - China Ties Are Expected to Strengthen Crude Oil Trade in Yuan

Lena Petrova:  8-25-2024

https://www.youtube.com/watch?v=AUKfPzmdJh8

Iraq Economic News and Points To Ponder Late Saturday Evening 8-24-24

The Dollar's Sudden Fall Against The Iraqi Dinar: What Are The Markets Hiding?
 
Last updated: August 18, 2024  Independent/- The exchange rates of the US dollar witnessed a noticeable decline against the Iraqi dinar in the markets of the capital, Baghdad and Erbil, on Sunday morning, which raised questions about the reasons for this decline and its possible repercussions on the local economy.
 
With the opening of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, dollar prices recorded a noticeable decline, as the exchange rate reached 149,500 dinars for every 100 dollars, compared to the price of 149,800 dinars for every 100 dollars the previous day.

This decline reflects a noticeable shift in the exchange market that may have long-term effects on the Iraqi economy.
 
In the local markets in Baghdad, exchange rates in banking shops also witnessed a decline, with the selling price reaching 150,500 dinars and the purchasing price 148,500 dinars for every 100 dollars.
 
This slight decrease may be an indication of market volatility or changes in supply and demand for the dollar.
 
In Erbil, the capital of the Kurdistan Region, money exchange shops recorded a slight decrease in the price of the dollar, as the selling price reached 149,500 dinars and the purchase price reached 149,400 dinars for every 100 dollars.
 
This decrease, although slight, reflects a similar movement in the region's markets and may have impacts on trade and local economic activity.
 
Possible Reasons For Decline:
 
    Government or central intervention: This decline could be the result of intervention measures by the Central Bank of Iraq or the government to contain market fluctuations and enhance the stability of the dinar.
 
    Global Economic Changes: There may be an impact from global changes in oil prices or US economic policies that may contribute to exchange rate fluctuations.
 
    Adjustments in supply and demand: Changes in supply and demand for the dollar in local markets can play an important role in moving prices.
 
Possible Repercussions:
 
The decline in dollar prices may have positive and negative repercussions on the Iraqi economy.
 
On the one hand, the decline may contribute to supporting the purchasing power of the dinar and reduce inflationary pressures.
 
On the other hand, this change may raise concerns about market stability and potential impacts on trade and investment.

Future Prospects:
 
Although the current decline in dollar prices may be an indication of the beginning of a change in the market, the continuation of this trend depends on several factors, including local economic policies and global conditions.
 
The coming weeks will remain crucial in determining whether this decline will continue or if it is just a temporary fluctuation in the markets.
 
These transformations raise questions about the strategies of the Iraqi economy and the extent of their impact on the daily lives of citizens, which makes it necessary to follow economic developments closely to know their full repercussions.    https://mustaqila.com/هبوط-الدولار-المفاجئ-أمام-الدينار-الع/   

Iraq Is Among The Countries That Buy The Most Gold In 2024
 
Economy | Today, 09:22 | Baghdad today - follow-up  Recent statistics revealed, today, Saturday (August 24, 2024), that  Iraq ranked ninth globally among the 10 countries that bought the most gold this year, and  what is meant by gold is the conversion of foreign cash reserves into gold.

 According to statistics,  Iraq bought 100 tons of gold this year,
 
coming ninth out of the 10 countries that bought the most gold this year, compared to 1,298 tons bought by Russia, as amid escalating geopolitical tensions and economic fluctuations, interest in buying gold is increasing.
 
Gold reached an all-time high of $2,531.75 per ounce after surpassing $2,500 for the first time this month amid growing expectations that the Federal Reserve is close to cutting interest rates.   
 
https://baghdadtoday.news/256384-العراق-ضمن-أكثر-الدول-شراءً-للذهب-خلال-2024.html   
 
More Than 100 Tons.. Iraq Is The Ninth Largest Buyer Of Gold In 2024
 
Economy     2024-08-24 | 2,315 views  Alsumaria News-Economy   Iraq ranked ninth globally among the 10 countries that bought the most gold this year.
 
What is meant by gold is the conversion of foreign monetary reserves into gold, not the gold of goldsmiths and citizens.

Iraq bought 100 tons of gold this year, coming ninth out of the 10 countries that bought the most gold this year, compared to 1,298 tons bought by Russia, as amid escalating geopolitical tensions and economic fluctuations, interest in buying gold is increasing.
 
This comes as the price of the precious metal reached an all-time high of $2,531.75 per ounce after surpassing $2,500 for the first time this month amid growing expectations that the Federal Reserve is close to cutting interest rates.
 
The price of bullion usually benefits from low interest rates, and central banks hold gold reserves because of its strong collateral, liquidity and yield characteristics.
 
https://www.alsumaria.tv/news/economy/497884/أكثر-من-100-طن-العراق-تاسع-أكبر-مشترٍ-للذهب-في-2024 

Oil Prices Rise More Than 1 Percent As Dollar Falls

Saturday 24 August 2024 00:11 | Economic Number of readings: 321  Baghdad / NINA / Oil prices rose by more than one percent on Friday, with the decline of the dollar.

Brent crude futures rose 95 cents, or 1.23 percent, to $78.17 a barrel, while US West Texas Intermediate crude futures rose $1.06, or 1.45 percent, to $74.07 a barrel. "

Brent crude futures fell about two percent since the beginning of the week, while West Texas Intermediate crude lost more than three percent." https://ninanews.com/Website/News/Details?key=1149395

Economist Talks About The Mechanism For Reviving The Iraqi Economy

Economy   | 08/24/2024  Mawazine News – Baghdad  Economic expert Mustafa Hantoush said today: "What the Central Bank of Iraq is doing by empowering foreign banks or foreign investors at the expense of the Iraqi banking system is a fatal blow to future opportunities to advance the Iraqi economy through the banking system."

According to his statement to Mawazine News Agency, the expert Hantoush described the experiences of foreign banks or foreign investors who own national banks as failed experiments, pointing out that they have caused financial disasters for many countries.

The economic expert explained: "Most countries in the world give a very specific percentage to foreign investors in the banking sector in order to preserve capital and profits as an economic cycle within the country   https://www.mawazin.net/Details.aspx?jimare=253831

Iraq And America To Resume Negotiations On The Banking Sector Next Monday

Banks  Economy News – Baghdad  A delegation from the Central Bank of Iraq is traveling to the United States of America to resume negotiations on the banking sector.

An informed source told Al-Eqtisad News that a delegation from the Central Bank of Iraq will begin negotiations with the American side on August 26 in America.

He added that the Central Bank has moved towards signing a contract with the international company Oliver Wyman to present a plan on reforming the private banking sector, within the next six months.

He pointed out that the proposed plan includes merging some banks or cancelling the licenses of some banks.  358 views   08/24/2024 - https://economy-news.net/content.php?id=46669

More than one billion dollars in sales of the Central Bank of Iraq during a week

Time: 2024/08/24 Read: 1,287 times  {Economic: Al Furat News} The total sales of hard currency by the Central Bank of Iraq during the past week, which was opened in the auction last week, amounted to more than one billion dollars.

Sources reported that the Central Bank sold during the past week and for the 5 days in which the auction was opened, one billion, 135 million, 635 thousand, and 274 dollars, at a daily rate of 277 million, 127 million, and 456 dollars, lower sales than the previous week, which amounted to one billion, 384 million, 31 million, and 47 dollars .

The highest dollar sales were on Wednesday, when they reached 283 million, 616 thousand, and 416 dollars, while the lowest sales were on Tuesday, when sales reached 268 million, 304 thousand, and 25 dollars .

Foreign remittance sales during the past week amounted to 1 billion, 66 million, 985 thousand, and 274 dollars, an increase of 94% compared to cash sales, which amounted to 68 million, 650 thousand dollars .LINK

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/

Seeds of Wisdom RV and Economic Updates Sunday Morning 8-25-24

Good Morning Dinar Recaps,

DBS BANK PILOTS BLOCKCHAIN-BASED GOVERNMENT GRANTS

The blockchain-based solution builds on DBS Bank’s participation in Project Orchid, an effort by the Monetary Authority of Singapore to test the benefits of tokenization.

Singapore’s DBS Bank launched a solution that uses blockchain technology to streamline the disbursement of government grants.

DBS Bank announced that in the pilot, it collaborated with Enterprise Singapore (ESG), a statutory board under the Ministry of Trade and Industry of the Government of Singapore and the Singapore Fintech Association (SFA), which promotes financial technology in the country.

DBS Bank Uses Smart Contracts To Disburse Government Grants

During the pilot, the SFA disbursed government grants to 27 members. DBS said that its pilot showed how blockchain-based programmable grants can improve efficiency, enhance governance and allow businesses to have faster access to government grants.

With DBS’ permissioned blockchain, ESG and its intermediaries, like the SFA, can determine the conditions of the programs and govern grant disbursements. According to DBS, this includes disbursements to approved recipients upon fulfilling certain business conditions.

Once the conditions are fulfilled, smart contracts will verify that they are met. After this process, the grants will be disbursed automatically to the beneficiaries.

According to DBS, the solution enhances governance control and reduces the need for intermediaries to manually process cash handling. This allows businesses to receive their cash payouts from the government much faster.

Furthermore, the bank’s permissioned blockchain gives full visibility of the process, giving greater transparency to the organizations involved.

Permissioned blockchains are networks with an access control layer that allows participants only a pre-approved level of authority. Even though they use distributed ledger technology, these blockchains are only partially decentralized.

Results of MAS-led Project Orchid
DBS Bank also noted that the programmable grants pilot applies what the firm has learned from participating in Project Orchid, a digital currency initiative led by the Monetary Authority of Singapore (MAS). The initiative tests the benefits of tokenization with local stakeholders.

DBS Bank also previously collaborated with digital payment provider Ant International on a blockchain-based treasury and liquidity management solution. On Aug. 13, DBS launched its treasury tokens, which Ant will use for liquidity and treasury management. The tokens are within the bank’s Ethereum Virtual Machine (EVM) permissioned blockchain.

The solution was created using systems developed during the company’s participation in another MAS-led effort on digital currencies, Project Guardian.

@ Newshounds News™

Source:  Coin Telegraph

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DEBIT CARDS IN DIGITAL WALLETS Gaining Ground Across Sectors
August 2024

With a growing number of consumers adopting digital wallets, payment preferences have shifted. Debit cards are now the preferred method underpinning digital wallet payments. 

Meanwhile, digital wallets have seen more significant adoption in the retail and grocery sectors. Apple Pay, in particular, has deepened its niche in travel-related transactions, possibly foretelling a broader acceptance of mobile-first, touchless payments. This report explores these trends, how different sectors are adapting to digital wallets and what this all means for businesses.

@ Newshounds News™

Source:  PYMNTS

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PROOF OF INK BY GAVIN WOOD:  THE TATTOO THAT SECURES YOUR WEV3 PRIVACY

The Web3 individuality mechanism will require a unique, algorithmically generated tattoo to prove digital citizenship.

Parity Technologies is launching a Web3 individuality solution, which is a crucial missing element for mainstream Web3 adoption.

The new solution, “Proof-of-Ink,” will enable users to prove their digital individuality in a privacy-preserving manner through a unique tattoo serving as proof of digital citizenship.

Proof-of-Ink is set to launch in the fourth quarter of 2024, according to Gavin Wood, the co-founder of Ethereum, Polkadot and Kusama.

Wood announced during a keynote speech at the Web3 Summit in Berlin:

“We are able to deploy the baseline palette and launch the app at some point this year, hopefully in the final quarter […] We are aiming to launch the other two mechanisms next year.”

While Wood teased that one of the additional two digital identity solutions is further in development, he shared no details about their mechanics.

Mainstream adoption is crucial for any technological paradigm. Experts like Wood hope that Web3 adoption will create a more decentralized and user-centric internet, envisioned as a free public good to help humanity.

@ Newshounds News™

Read more:  Coin Telegraph

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WYOMING Aims to Launch US DOLLAR-BACKED STABLECOINS in 2025

Wyoming is reportedly developing its own U.S. dollar-backed stablecoin to be used for consumer payments.

The state plans to launch the Wyoming Stable Token in the first quarter of 2025, CNBC reported Friday.

“It is clear to me that digital assets are going to have a future,” Wyoming Governor Mark Gordon told CNBC at the Wyoming Blockchain Symposium in Jackson Hole. “The United States has to address this issue. Washington’s being a little bit stodgy, which is why Wyoming, being a nimble and entrepreneurial state, can make a difference.”

Advocates of the project the Wyoming stable token will provide a faster and cheaper way for individuals and businesses to transact, will create a new revenue stream for the state and may serve as a model for a stablecoin at the federal level, according to the report.

Gordon said the stablecoin will be transparent, fully backed by short-term Treasurys and dollar-dependent, per the report.

Wyoming has already been working to create a favorable regulatory environment for crypto, having passed more than 30 pieces of legislation related to that field since 2018, according to the report.

The state is currently vetting potential vendors and partners to provide an exchange, digital wallets and other technology needed for the stable token, per the report.

Wyoming aims to make the stablecoin a payment method for everyday use, Flavia Naves, a commissioner at the Wyoming Stable Token Commission, said in the report.

“When you walk into Cowboy Coffee in Jackson, Wyoming, and you want to buy your latte, there’s going to be their wallet there in Solana that you can use to buy your coffee with the Wyoming token,” Naves said, per the report.

Stablecoins are a type of currency designed to maintain a stable value by pegging their worth to a fiat currency, PYMNTS reported in April. Unlike traditional cryptocurrencies like bitcoin, which are notorious for their price fluctuations, stablecoins offer a level of stability that closely mirrors that of traditional currencies.

On the federal level, U.S. Sen. Kirsten Gillibrand, D-N.Y., and Sen. Cynthia Lummis, R-Wyo., introduced legislation to govern stablecoin use.

@ Newshounds News™

Source:  PYMNTS

~~~~~~~~~

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Iraq Is In The Grip Of Corruption: Who Bears Responsibility And Where Does The Solution Lie?

 Iraq Is In The Grip Of Corruption: Who Bears Responsibility And Where Does The Solution Lie?

Last updated: August 22, 2024   The Independent / Investigative Report / - Today, Iraq lives in the grip of deep-rooted corruption, similar to a multi-headed ogre that does not stop growing and expanding, seizing the country’s resources and obstructing development and progress efforts.

 Despite efforts to combat this scourge, corruption continues to worsen, raising urgent questions about who bears responsibility for the continuation of this situation and where real solutions can be found.

Sudanese Government Censorship: Efforts Of Questionable Effectiveness

 Since Muhammad Shiaa Al-Sudani assumed the position of Prime Minister, fighting corruption has been his government's top priority.

 The Sudanese came to carry the banner of change and promise to achieve what previous governments could not do, but Iraq, which suffers from deep-rooted corruption, requires more than just promises and slogans.

The new government issued many directives, including a call for an immediate response to corruption reports and the implementation of judicial decisions within 24 hours, but these efforts, despite their apparent seriousness, are still subject to doubt.

 The question that arises is: Is launching these initiatives enough to bring about radical change in a country where corruption is part of the power structure?

Al-Sudani may be right in his enthusiasm to fight corruption, but can he withstand the challenges of political pressure and internal collusion?

 Corruption in Iraq is not just an individual case here or there; It is a complex system that benefits influential parties capable of aborting any attempt at reform.

 Although Sudanese has begun to move stagnant waters through bold decisions, his success remains dependent on his ability to confront the whales of corruption that have deep networks within state institutions.

 In light of these complications, can the Sudanese government fulfill its promises, or will it join the list of governments that made big promises but failed to fulfill them?

 House Oversight: Poor Performance And Limited Impact

 is supposed to play The Iraqi Council of Representatives a central role in monitoring the government and holding those responsible for corruption accountable.

 However, the reality reflects a clear weakness in the Council's performance, as it has often become part of the problem rather than part of the solution.

 The political alliances that control the Council are often a stumbling block to activating its oversight role.

 This manifests itself in delaying or disrupting parliamentary inquiries under partisan pressure or as a result of political bargaining.

 This weakness in the supervisory role exacerbates the phenomenon of corruption and provides the corrupt with the opportunity to evade accountability.

The Council, which was supposed to be the guarantor of protecting the people’s rights and monitoring the performance of the executive authority, has become a tool in the hands of political alliances that prefer to preserve their own interests at the expense of the public interest.

 In this context, the influence of narrow partisan interests that hinder the work of the Council cannot be ignored.

 These interests prevent the activation of parliamentary oversight as required, and make it difficult to pass the necessary laws to combat corruption.

 The result is that corruption files remain unresolved, without a radical solution, which weakens the people’s confidence in the House of Representatives and enhances the climate of impunity.

 Judicial Oversight: Weakness In Resolving Major Cases

 The judiciary in Iraq is considered the last stronghold that citizens must resort to in the face of corruption, but this fortress has also become breached.

 The weakness of the judicial system in dealing with major corruption cases reflects a deeper problem of independence and political pressures affecting the administration of justice.

 Many cases related to corruption remain stuck in the corridors of the judiciary, where trials are delayed and rulings are postponed due to political interference or pressure exerted by influential people.

 This dynamic not only obstructs the course of justice, but also reinforces a culture of impunity.

 Corrupt people in Iraq are well aware that the judiciary, which should be a strict watchdog, can be exploited by complicating legal procedures or using political connections to avoid accountability.

 In this climate, corruption becomes an integral part of daily life, and citizens feel that the judicial system is powerless to protect them or preserve their rights.

 Without real and comprehensive reform of the judicial system, corruption will continue to spread unchecked, and the Iraqi judiciary will continue to be seen as part of the problem rather than part of the solution.

 The Role Of Media And Culture: Between Awareness And Misinformation

 The media in any society is the watchdog and the voice of the oppressed,

 but in Iraq, the media is often part of a network of interests that fuels corruption rather than exposes it.

 The Iraqi media has the ability to expose corruption and shed light on illegal practices,

 but this role is often undermined by political and economic ties that limit its independence.

The media, which is supposed to be a platform for transparency, often turns into tools of misinformation. Manipulation of information, bias in coverage, and reliance on suspicious sources of funding are all factors that make the media unable to fulfill its role in the fight against corruption.

Instead of being a means of educating the public and motivating them to hold them accountable, the media has become part of the system that protects the corrupt and closes the doors to any attempt at reform.

 On the cultural side, Iraq faces great challenges in establishing the values ​​of integrity and accountability. Public culture often tolerates corruption or considers it part of “realpolitik.”

 The arts, education, and independent media are all tools that should be used to promote a culture that respects the law and promotes transparency.

 Without a radical change in the cultural and media system, corruption will continue and the Iraqi people will remain hostage to a system that lacks integrity.

 The American Role: Suspicious Influence And Intentional Disregard?

 The issue of corruption in Iraq cannot be addressed without referring to the role that the United States has played since its occupation of the country in 2003.

 American policies in Iraq, especially with regard to reconstruction and the distribution of contracts, have contributed greatly to creating a fertile environment for corruption.

 Many US-financed reconstruction contracts were not well thought out and were implemented without adequate oversight, resulting in billions of dollars being wasted.

 This financial chaos not only contributed to rampant corruption, but also helped build networks of corrupt people who still maintain their influence inside Iraq.

 Although US forces have largely withdrawn, American influence remains strong in Iraq.

 There are accusations that the United States turns a blind eye to some corruption files in order to preserve its strategic interests.

 These policies, whether the result of negligence or design, have contributed to the deepening of the corruption crisis in Iraq, making it difficult for any Iraqi government to achieve real progress in combating this phenomenon.

 The Role Of The United Nations: International Oversight And Its Limited Impact

 The United Nations, which is supposed to be a neutral international body that contributes to enhancing transparency and supporting the rule of law, was not immune from criticism in Iraq.

Some UN-run aid programs have faced accusations of corruption or mismanagement, reducing Iraqis' confidence in the UN's oversight role.

Limited transparency in UN operations, and the absence of real accountability for those working in these programmes, have raised questions about the effectiveness of international oversight in combating corruption.

 If international organizations are unable to provide a role model for transparency and integrity, how can corrupt Iraqi institutions be expected to achieve this?

Popular And Religious Censorship: A Latent Force That Needs To Be Activated

 The Iraqi people have a latent power that can change the equation, but this power is often muzzled or not activated as required.

 Popular oversight, which is practiced through protests, demonstrations, and civil society participation, is considered one of the most important means of putting pressure on the government and institutions to combat corruption.

 At the same time, religious institutions play a major role in shaping public opinion in Iraq.

 However, some of these institutions may provide moral or legal cover for the corrupt, whether intentionally or unintentionally.

 If the religious role is properly activated, it can be a driving force towards reform and change.

 Proposed solutions: Either reform the system or form an anti-corruption coalition

 Combating corruption in Iraq requires taking radical and decisive steps, so the proposed solutions can be divided into two stages:

 Fix The System From Within:

 Current political leaders are required to adopt real reforms, far from rhetorical slogans and empty statements.

 These reforms must include enhancing transparency and accountability in all state institutions, and ensuring the independence of the judiciary to be able to resolve major corruption-related cases without political interference.

 Also, activating independent and effective parliamentary and judicial oversight is considered an imperative necessity to stop the flow of corruption.

 The commitment of those in charge of the political process to reform is not an option, but rather a necessity for survival.

 The continuation of corruption will ultimately lead to the collapse of the entire system, and

 therefore the national interest requires taking radical measures to save what can be saved.

 Forming An Anti-Corruption Political Coalition:

 If the current leaders fail to reform the system from within, the alternative is to form an anti-corruption political coalition.

 This coalition must include independent and honest political forces capable of presenting a new generation of politicians and administrators who are committed to the principles of transparency and integrity.

 The new coalition must have a clear program aimed at restoring the people’s confidence in government institutions, and work closely with civil society organizations to educate citizens and motivate them to participate effectively in monitoring the government’s performance.

 Supporting the coalition internationally is also a necessary step to strengthen its position and undertake the structural reforms required to eliminate corruption.

 The international community, especially countries and organizations that have an interest in Iraq's stability, must realize that supporting the anti-corruption coalition is in everyone's interest, and enhances the chances of building a stable and transparent state.

 Conclusion

 Ultimately, the battle against corruption in Iraq remains an existential battle that requires the combined efforts of all components of society.

Real reform will not be achieved unless there is a strong political will supported by enlightened popular awareness.

 Iraq needs a real renaissance that begins with breaking the cycle of corruption, to provide a better future for future generations.     https://mustaqila.com/العراق-في-قبضة-الفساد/     

Seeds of Wisdom RV and Economic Updates Saturday Afternoon 8-24-24

Good Afternoon Dinar Recaps,

CARDANO DELAYS CHANG HARD FORK TO SEPTEMBER

Cardano delays its Chang hard fork to September 1, ensuring full ecosystem readiness, while exploring a potential groundbreaking AI partnership with Algorand.

Cardano has postponed its much-anticipated Chang hard fork to September 1, moving the date from August 27. 

This delay allows more time for exchanges and decentralized applications (DApps) to prepare. The decision, announced on August 23 by Intersect, a Cardano membership organization, ensures the ecosystem is fully ready for this crucial upgrade.

The Chang hard fork is a critical milestone in Cardano's journey toward the Voltaire era, which will bring enhanced community governance and smart contract capabilities. The delay emphasizes the importance of being fully prepared to avoid any disruptions during this major transition.

This hard fork is significant not just for its technical upgrades but also for how it involves the community in decision-making. Intersect highlighted that it's the first time such a wide range of community members and engineers have been involved in the process.

This marks a shift in how decisions are made within the Cardano ecosystem, with more emphasis on community participation and on-chain governance.

Charles Hoskinson, Cardano's founder, provided further insight into the delay. He revealed that some exchanges, particularly Binance, were not yet ready for the upgrade.

Hoskinson compared the situation to a rocket waiting for the weather to improve before launch, indicating that everything must be perfectly aligned for the hard fork to proceed smoothly.

The Chang hard fork is a key step in Cardano's roadmap, especially as the network moves towards the Voltaire era. 

This era will enhance Cardano's governance model, allowing token holders to be more involved in decision-making. The upgrade will also improve data security and expand smart contract functionalities, making it a pivotal development for the network.

While preparing for the Chang hard fork, Hoskinson is also exploring a possible partnership with Algorand, a competing blockchain network. This potential collaboration could create a "decentralized AI powerhouse," combining Algorand's technology with a proof of work system optimized for AI. Hoskinson believes this partnership could push the boundaries of decentralized AI and revolutionize the industry.

The idea of a Cardano-Algorand partnership has sparked interest in the blockchain community. Gary Malouf, Algorand's Chief Technology Officer, expressed interest in discussing the possibilities further.

This potential partnership could lead to significant developments in the blockchain space, as both networks continue to evolve and expand their technological capabilities.

Algorand, founded in 2017 by MIT professor Silvio Micali, has positioned itself as a leading Layer-1 blockchain network. Despite controversies over its advertisements criticizing rival networks like Bitcoin and Ethereum, the potential collaboration with Cardano could open new avenues for innovation and collaboration in the blockchain industry.

In summary, the delay of the Chang hard fork to September 1 allows Cardano to fully prepare for this critical upgrade.

At the same time, the potential partnership with Algorand could lead to groundbreaking advancements in decentralized AI, marking an important moment in the blockchain industry's evolution.

@ Newshounds News™

Source:  Coin Paprika

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IOTA Set for MEXC LISTING IN ASSESSMENT ZONE: USDT Trading Pair Goes Live

IOTA is set to be listed in the Assessment Zone of the MEXC exchange after recommendations from community users.

Recently, IOTA announced that it has completed the final phase of the European Blockchain Pre-Commercial Procurement.

The exchange of high-performance and mega transaction matching technology MEXC has announced the IOTA (IOTA) listing in its Assessment Zone.

According to the official blog post, this groundbreaking move would be a gateway for the commencement of open trading for the IOTA/USDT trading pair. Trading start time, August 23, 2024, at 12:00 (UTC).

@ Newshounds News™

Read more:     Crypto News Flash

~~~~~~~~~

RUSSIA PLANS TO PEG CHINA'S YUAN TO IT'S NEW STABLECOIN

According to a Kommersant source, Russia has revealed plans to launch two State-linked crypto exchanges to incorporate digital payments for trade settlements. The two crypto exchanges will operate in Moscow and St. Petersburg.

Russia gets deeper into decentralized finance

Russia, the heavyweight nation behind BRICS, plans to launch a new stablecoin linked to the Chinese yuan. Since the war broke out between Russia and Ukraine, the US sanctions have forced Russia to find alternative payment methods to keep its economy afloat.

Russia intends to link the Chinese yuan to the new crypto-based stablecoin at a 1:1 ratio. This guarantees that the coin’s price remains consistent and without volatility, making it reasonably safe for carrying out transactions without fear of price fluctuations.

The plan is that the Russian ruble and the Chinese yuan will profit the most when trade is handled using the new payment mechanism, finally achieving their de-dollarization agenda. The US dollar will play no role in the payment system, allowing local currencies to take a large proportion of settlements.

Russia’s launch of the crypto exchanges has “The goal is to support foreign economic activity (FEA).” According to lawyers and analysts, they will most likely be created in an experimental legal regime.

@ Newshounds News™

Source:  CryptoNewsz

~~~~~~~~~

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“Tidbits From TNT” Saturday 8-24-2024

TNT:

Tishwash:  Iraq and America to resume negotiations on the banking sector next Monday

A delegation from the Central Bank of Iraq is traveling to the United States of America to resume negotiations on the banking sector.

An informed source told Al-Eqtisad News that a delegation from the Central Bank of Iraq will begin negotiations with the American side on August 26 in America. 

He added that the Central Bank has moved towards signing a contract with the international company Oliver Wyman to present a plan on reforming the private banking sector, within the next six months. 

He pointed out that the proposed plan includes merging some banks or cancelling the licenses of some banks.   link

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Tishwash:  A parliamentary invitation to host the responsible authorities to find out the reason for the rise in the price of the dollar

Today, Saturday, independent MP Jawad Al-Yassari called on the Presidency of Parliament to host the relevant authorities to find out the government's measures regarding the dollar crisis. 

The leftist told the Maalouma Agency, “The rise in the exchange rate of the dollar against the Iraqi dinar is still ongoing in an unprecedented manner, stressing the need to determine the causes of this crisis and its clear negative impact on the economic and social conditions in the country.”

He added, "A number of independent representatives had previously called on the Presidency of the House of Representatives to host the relevant authorities to learn about the government's measures regarding the dollar crisis." 

He pointed out that "the slow financial measures taken by the government would cause additional damage."

He stressed the need to "develop quick solutions and stop the rise in dollar prices in local markets." link

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Tishwash:  Al-Marsoumi expects a "tragic and exciting chapter" after "hidden hands" tamper with budget tables figures

 Economic expert Nabil Al-Marsoumi revealed, today, Saturday (August 24, 2024), what he called hidden hands that tampered with and changed the numbers of the budget tables in its paper and electronic versions.

Al-Marsoumi said in a post on the Facebook platform, followed by Baghdad Today, that "the Presidency of the Republic has not approved the 2024 budget tables and they have not yet been published in the Iraqi Gazette, despite the parliament voting on them about two months ago," indicating that "the reason for this is the hidden hand that tampered with and changed the numbers of the tables in the paper and electronic versions and added 15 trillion dinars to them."

He added, "After the two letters sent by the Prime Minister's Office to the House of Representatives to investigate this issue, and after the complaint submitted by MP Basem Khashan to the Federal Court, it seems that there is an exciting tragic chapter that we will witness in the coming days."

Acting Speaker of Parliament Mohsen Al-Mandalawi confirmed on Wednesday (August 21, 2024) that the budget tables voted on by the Council are the same as those sent by the Council of Ministers.

According to documents issued by the director of Al-Mandlawi’s office, received by “Baghdad Today”, “the budget tables voted on by the House of Representatives are the same ones sent by the Council of Ministers and returned to it, according to Parliamentary Resolution No. 64, without any amendment, and the aforementioned tables are the same ones that were sent after approval to the government.”

It is worth noting that the member of the Parliamentary Finance Committee, Moeen Al-Kazemi, revealed on Wednesday (June 26, 2024), that an appeal was filed by a member of the Legal Committee in Parliament, against the approval of the 2024 budget schedules.

Al-Kadhimi told Baghdad Today that the appeal was submitted "on the grounds that the numbers included in the budget items will change, and thus this is considered a change to the law and requires the enactment of a new law with a first and second reading, and final approval."

He pointed out that "another objection is to changing the financing of oil producing companies from self-financing to central financing, and this matter is considered another piece of legislation that cannot be included in the budget tables."

Al-Kadhimi pointed out that "the Federal Supreme Court referred this lawsuit to the Presidency of the Council of Representatives and requested an answer within 15 days."

On June 3, 2024, the House of Representatives voted on the tables of the Federal General Budget Law No. 2024, amended (13) for the year and its attachments, Tables (A/B/C/D/E and F  link

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Mot:  ..... More ""Marital Training!!! – siiggghhhhh 

Mot:  Earl is Soooooo Wise!!!!

MilitiaMan: IQD Update - Iraq Dinar News - #iraqi dinar #iraqi dinar exchange rate USA / Prime Minister of Iraq

IQD Update - Iraq Dinar News - #iraqidinar #iraqidinarexchangerate USA / Prime Minister of Iraq

MilitiaMan:  8-23-2024

The Crew:  Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man

Be sure to listen to full video for all the news……..

https://www.youtube.com/watch?v=UvbU-3xMXCo

Seeds of Wisdom RV and Economic Updates Saturday Morning 8-24-24

Good Morning Dinar Recaps,

SWISS NATIONAL BANK announces launch of instant payments in Switzerland

The Swiss National Bank (SNB) has announced the market launch of instant payments in Switzerland.

The introduction of instant payments has been enabled by a technical framework established in November 2023 in partnership with SIX Interbank Clearing.

Around 60 Swiss financial institutions can now receive and process instant payments, encompassing more than 95% of Swiss retail payment transactions.

The SNB says that some institutions have “already launched retail offerings enabling customers to send instant payments”, with more banks expected to announce similar services “in the coming months”.

The central bank predicts that “all financial institutions active in retail payment transactions will be reachable” by the end of 2026 “at the latest”.

@ Newshounds News™

Read more:  FinTech Futures

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85 BILLIONS XRP TRADE MONTHLY ON CASH MARKETS

XRP witnesses significant trading volume on cash markets, with over 85 billion tokens traded by market participants every month.

Recall that American derivatives firm Bitnomial recently unveiled its plans to launch XRP/USD Futures contracts. This move has been described as a crucial step toward the potential future launch of a spot XRP ETF by an asset manager in the United States.

However, amid the excitement, Australian-based pro-crypto attorney Bill Morgan highlighted some important data from Bitnomial’s submission to the Commodity Futures Trading Commission (CFTC), including XRP’s impressive monthly trading volume.

XRP Trade Volume

One of the most striking details revealed by Bitnomial is that over 85 billion XRP tokens are traded on cash markets every month. Data from CoinMarketCap confirms this claim, with XRP’s trading volume averaging $1.6 billion daily over the past few weeks.

Notably, this figure sees occasional spikes during periods of heightened trading activity and price surges. For instance, earlier this month, XRP’s daily volume crossed $5 billion amid the price increase triggered by the final ruling in the SEC v. Ripple case, with South Korean exchanges accounting for most of the figure.

Also, XRP witnessed a surge in trade volume last July following the declaration by Judge Analisa Torres that it is not a security in the summary judgment ruling. Remarkably, XRP’s volume hit $10.4 billion, but this figure was merely the 76th highest in XRP’s history.

Meanwhile, Attorney Morgan also pointed out that Bitnomial’s proposal includes a spot month position limit of 300 million XRP, equivalent to about 0.049% of the total supply.

He stressed that this position limit is notable because it closely mirrors the amount Ripple releases from its monthly escrow, which is often a point of contention among critics who argue that these releases negatively impact XRP’s price.

Ample Regulatory Compliance

Bill Morgan also pointed out that Bitnomial’s filing with the CFTC includes a U.S. clearinghouse license, ensuring compliance with regulatory standards. This addresses concerns about market manipulation and the protection of participants. Bitnomial obtained a clearinghouse license from the CFTC last December.

Moreover, the July 2023 summary judgment ruling in Ripple vs. SEC lawsuit, in which the court ruled that XRP is not a security in itself, has bolstered confidence in XRP’s regulatory standing.

This ruling, combined with Bitnomial’s CFTC-approved futures contracts, could further legitimize XRP in the eyes of regulators and investors, potentially accelerating the timeline for a spot ETF launch.

The introduction of XRP/USD Futures by Bitnomial is also about paving the way for a spot XRP ETF. Futures contracts are often a precursor to spot ETFs because they provide a regulated framework and pricing mechanism that can be used as a reference by potential ETF issuers.

@ Newshounds News™

Source:  The Crypto Basic

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CHINA SUPREME COURT revises Anti-Money Laundering law to include ‘virtual assets’

The Supreme People’s Procuratorate said the number of people prosecuted for money laundering has risen 20-fold since 2019.

China’s supreme court and public prosecutor have revised their interpretation of the country’s Anti-Money Laundering (AML) laws to recognize “virtual asset” transactions for the first time.

The country adopted its existing AML law on Jan. 1, 2007, making the latest revision its first significant update in almost two decades.

In an Aug. 19 conference, the Supreme People’s Court and the Supreme People’s Procuratorate said under their new interpretation of the law, “virtual asset” transactions are now listed as one of the recognized money laundering methods.

It comes amid recent speculation on X that the country could be looking to unban crypto soon — though many are skeptical about it.

According to the courts, the transfer and conversion of criminal proceeds through digital transactions will now be covered under regulations that prohibit “covering up and concealing the source and nature of criminal proceeds and their benefits by other means.”

@ Newshounds News™

Read more:  Coin Telegraph

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CAMBODIA LAUNCHES BAKONG TOURIST DLT PAYMENT APP

The National Bank of Cambodia has already achieved enormous success with its Bakong digital payment app that uses DLT. There are more than ten million wallets out of a population of 17 million. Now it has soft-launched an app for Cambodian tourists.

Beyond the Bakong tourist app, a key goal of Bakong is to encourage greater usage of the local riel currency. Around 80% of all local transactions are in U.S. dollars versus less than 60% via Bakong. The Bakong tourist app only supports QR code payments in riel.

Today most tourists use a mix of cards and cash, often locally available U.S. dollar notes, which are rather damaged. Credit cards are accepted at 55,000 outlets compared to 3.3 million locations that support the KHQR codes used in Bakong, including small stalls.

Tourists can download the app and register via email. Currently they have to top up at banks and hotels, with the ability to enter card details via the app coming soon.

With this level of identity verification, tourists can spend the equivalent of up to $1,000 a day, with a $3,000 limit after verifying their identity in person. The Post implied that hotels and travel agents can perform the verification with a passport ID check.

On departure, the remaining balance can be converted at a bank, given to a local charity, or used at other tourist destinations in Thailand, Laos, Vietnam and other jurisdictions. We’d observe that using Bakong overseas will be subject to a foreign exchange spread at the very least. However, these countries also top the list for foreign arrivals into Cambodia.

Additional integrations with Malaysia and South Korea are meant to go live in the next couple of months. The central bank has also inked collaborations with China, India, Singapore and Japan for cross border payments. Japan’s Soramitsu is the technology provider for Bakong.

While many treat Bakong as a CBDC, it’s not. In fact, it’s a tokenized deposit solution designed by the central bank.

Bakong tourist app benefits

There are several benefits of the Bakong tourist app. The stated goal of local currency usage means the banks and central bank effectively get foreign currency, while traders get more local currency. Other than that, the central bank mentioned the convenience for tourists and the avoidance of tatty dollar notes.

We see a few additional benefits. For the 55,000 outlets that support cards, it can save them expensive merchant fees charged by Western credit cards. For the central bank, it helps to provide greater visibility into economic activity with tourism making up more than 18% of GDP in 2019.

A simple survey at airport departures can help it get a sense of the ratio of tourists that use the app. Otherwise, with a large proportion of cash transactions, it’s hard to see what’s really happening in the economy.

The data could potentially be used for tax purposes, but as soon as that happens, Bakong usage could decline. Getting a picture of economic activity is a big win on its own.

@ Newshounds News™

Source:  Ledger Insights

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NDIA's CRYPTO FUTURE hinges on gov’t consultation paper

India’s Department of Economic Affairs’ consultation paper is expected to be a watershed moment for crypto regulation in the country, potentially setting the stage for future legislation.

India’s cryptocurrency landscape could be about to change as the Department of Economic Affairs (DEA) prepares a key consultation paper on cryptocurrency legislation.

According to local media, the paper, which is expected in September or October, will invite feedback from various stakeholders, with the government playing an active role in the direction of digital currencies in India.

India’s crypto conundrum

The paper, led by a panel chaired by the secretary of the DEA, represents a significant step in India’s ongoing effort to balance innovation and regulation in its rapidly evolving crypto sector.

The release comes at a time when global scrutiny of cryptocurrencies is intensifying, particularly in light of the G20 nations’ unified approach to regulation, as highlighted by Indian Finance Minister Nirmala Sitharaman at a meeting of the group of nations in October 2023.

India, which has already implemented a stringent tax regime on cryptocurrency transactions, has taken a cautious approach to regulation. The 30% tax on unrealized crypto gains and a 1% tax deducted at source implemented in April 2022 marked the government’s first major move toward imposing some control over the crypto market.

However, despite the measures, the Indian government has refrained from regulating the sale and purchase of cryptocurrencies, focusing instead on curbing crypto-related money laundering and terrorism financing.

DEA paper to address regulatory concerns

The DEA’s forthcoming paper is expected to address the broader concerns surrounding the regulation of crypto assets, including those raised by the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI).

In May, SEBI suggested a multi-regulatory approach, wherein different aspects of cryptocurrency trading would be overseen by various financial authorities. This fragmented approach underscores the complexity of regulating a technology that crosses traditional financial boundaries and poses unique challenges.

On the other hand, the RBI has consistently warned of the macroeconomic risks posed by digital currencies. The central bank’s stance reflects deep concerns about the potential impact of cryptocurrencies on India’s economic stability.

This caution is mirrored in the government’s recent actions against offshore crypto platforms and digital asset service providers, including a high-profile ban on Binance, the world’s largest cryptocurrency exchange.

Despite this, Binance managed to reestablish its presence in India by registering with the Financial Intelligence Unit, even as it faces a hefty $86 million tax demand from Indian authorities.

@ Newshounds News™

Read more:  Coin Telegraph

~~~~~~~~~

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Iraq News Highlights and Points to Ponder Late Friday Evening 8-23-24

Economist Points To A “Solution” That Will “Lower” The Dollar Exchange Rate

Baghdad Today – Baghdad  Today, Thursday (August 22, 2024), Mustafa Akram Hantoush, an expert in economic and financial affairs, commented on the reasons for the fluctuations in the dollar exchange rate in the Iraqi markets.

Hantoush told Baghdad Today, "The parallel market needs to be dismantled in order for the exchange rate to decrease.

Previously, there were solutions to the issue of cigarettes and gold, and the tax was reduced and the merchant was allowed to buy through the platform again, and the exchange rate stabilized at 145 thousand dinars."

He added, "We have small traders who do not have a facilitating mechanism, and we have trades such as gold and cleaning materials that have not been processed, and we have huge trade with Iran and Syria worth millions of dollars, and these can be processed by giving them currency or gold," stressing that "most countries have solved the problem of trade with Iran, despite the American sanctions imposed on them, and solved the problem of travel to those countries."

The dollar exchange rate in the parallel markets rose again, as the markets recorded prices close to 150,000 dinars for every 100 dollars, even though the Central Bank of Iraq sells it at 1,320 dinars for every one dollar.

With the government's efforts to control prices in parallel markets, commercial markets witnessed a decline in the exchange rate in recent weeks, but it rose again, which indicates an economic problem that is still present in the country.

In response, parliamentarians raised a movement to question the governor of the Central Bank within the legislative dome, as the Finance Committee in the House of Representatives, on Sunday (August 4, 2024), directed a request to the Presidency of Parliament to question the governor of the Central Bank .

A document signed by the members of the Finance Committee, received by Baghdad Today, stated: “We, the members of the Finance Committee listed below, are the signatories for the purpose of hosting the Governor of the Central Bank due to a major defect in the management of the bank .”

The document added: "Therefore, we demand that the Governor of the Central Bank be questioned in the nearest session, in accordance with the applicable articles of the constitution and internal regulations."   LINK

Economist Puts “Extortion, Bribery And Smuggling” As The Main Causes Of Dollar Exchange Rate Fluctuations

Posted On 2024-08-21 By Sotaliraq  Economic researcher Diaa Al-Mohsen placed the blackmail, bribery and smuggling operations carried out by dollar dealers who are unable to disclose the sources of their money as the primary reasons for the fluctuation of the dollar exchange rate in local markets.

Al-Mohsen explained that “the old authority is still struggling to address the issue of the dollar exchange rate. All the measures it has taken since taking over the management of the Central Bank barely touch on the real problem that led to these increases, which in one way or another had a major impact on the economic situation of the Iraqi family.”

He noted that “the Iraqi market depends entirely on securing its needs through imports that eat up all the revenues generated from Iraqi oil sales.”

In an interview with Al-Mada, Al-Mohsen pointed out that “there are many reasons for the fluctuation of exchange rates other than the above, as many dealers do not enter the dollar for reasons related to the nature of the money they obtain (the national currency).

Some obtain the Iraqi dinar through bribery, others obtain it through blackmail, some of them deal in drugs and human organs, and many others cannot disclose the sources of their money or the final beneficiary of the process of sending it abroad, which exposes them to many legal problems and may expose them to penalties according to Iraqi law.”

He pointed out that “these people are forced to go to the black market to request dollars, and thus the exchange rate of the dollar against the Iraqi dinar rises to increase the demand for the dollar.

We should not forget that there are those who smuggle dollars by tampering with the documents for importing goods, and this tampering occurs at border crossings, and in the end the country is the biggest loser and behind it the ordinary citizen.”

Regarding the dominance of the dollar, the economic researcher continued, “There does not seem to be a glimmer of hope on the horizon to get rid of the dominance of the US dollar as long as the bank’s management insists on keeping the Iraqi economy revolving in the orbit of the US dollar.

If there was a real administration working for the benefit of the national economy, it would have done everything in its power to diversify the sources of currencies it deals with, which is what the current administration does not want.”

He continued, "I believe that the government should seriously consider activating the economic sectors, especially with the Central Bank of Iraq talking about reserves exceeding $115 billion. It is possible to simplify the procedures for granting loans to project owners who have feasibility studies for the projects they want to implement that are in the interest of the Iraqi economy, and grant them soft loans in exchange for the project being the collateral, to reduce the gap between market requirements and imports, and to bridge this gap by increasing local production to cover the needs of the local market and by relying on modern technology in relation to industries, and by relying on modern agricultural techniques in relation to agriculture."

 He stressed, "Only here will we have put the Iraqi economy on the right path, and as for words other than what we said, they will be nothing more than plowing the sea."

The dollar exchange rate in the parallel markets in Iraq rose again, as the dollar price recorded an increase with the closing of the Al-Kifah and Al-Harithiya stock exchanges to reach 149,300 dinars for every 100 dollars, while it recorded a decrease last Saturday with the closing of the Al-Kifah and Al-Harithiya stock exchanges to reach 149,550 Iraqi dinars for every 100 dollars.  LINK

Is Iraq Heading Towards Printing New Paper Currency?

Money and business   Economy News – Baghdad  Committee member Moeen Al-Kazemi said in a statement followed by "Al-Eqtisad News": "There is no intention to print new paper currency at the Central Bank," noting that "the Ministry of Finance began funding ministries and governorates with salaries two days ago."

He added that "the cash mass required monthly to pay employees' salaries is estimated at four million employees and four million beneficiaries of the Retirement Authority and two million social care, which is approximately 7 trillion and 500 billion dinars."

 He continued that "this quantity is prepared monthly and there is no shortage in this aspect, considering that the current export is approximately 3 million and 400 thousand barrels of oil at a price of more than $ 75 per barrel."

He explained that "providing the necessary liquidity is done by the Central Bank and delivered to the Ministry of Finance, which in turn delivers these numbers and the cash mass to the ministries and governorates, and there is no acute problem regarding cash liquidity." 360 views  Added 08/22/2024 - https://economy-news.net/content.php?id=46608

Parliamentary Finance: Iraq Needs More Than 7 Trillion Monthly To Finance Salaries

Economy    22:03 - 2024-08-22  Member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, announced today, Thursday, that the Ministry of Finance needs more than 7 trillion dinars per month to finance salaries in Iraq.

Al-Kadhimi explained in a press interview that "the Central Bank of Iraq continues to provide cash liquidity to the Ministry of Finance, which in turn provides it to citizens directly through the disbursement of salaries, loans, and financing of projects."

He continued, "the Ministry of Finance needs more than 7 trillion dinars per month in cash to finance the salaries of employees, retirees, and beneficiaries of the social protection network."

Al-Kadhimi stressed that "employees' salaries are fully secured and there is no delay," noting that "the Central Bank provides cash liquidity to the Ministry of Finance periodically to disburse employees' salaries on time."  https://kirkuktv.net/AR/Details/22025

Oil Revenues Under The Microscope Of The Extractive Industries Transparency Authority

Economic  08/22/2024  Employing oil revenues to achieve effective economic development was the focus of discussion among economic experts participating in the workshop to discuss the performance evaluation reports of the Extractive Industries Transparency Authority.

The attendees focused on the extent to which oil revenues contribute to achieving sustainable development that provides a decent life for society and contributes effectively to eliminating poverty.

The motives for issuing these reports also come from the fact that Iraq is the third richest country in the world in terms of abundant natural resources.

Oil expert Dr. Ali Nima said: Iraq joined the Extractive Industries Transparency Initiative in 2011 and issued 13 reports, and the 14th report is under completion.

He pointed out that the initiative has evolved from what it was and has now focused on where the revenues are invested? How much?

Where were the quantities of oil sold and the prices, in addition to the contracts and how are they organized?

He pointed out that the report issued is extremely important as it contains accurate information about all aspects of this sector, oil sales operations from SOMO and the Oil Products Distribution Company. The report also includes production quantities according to each company and the average export price in Europe, America and Asia, and how prices are compared.

Nima pointed out that the issue of social benefits of oil companies towards local communities has witnessed development in this regard, and the (benefits) are now directed to sectors that truly serve those areas, raise the level of services provided to the local community, and make it feel the presence of real support.

Adnan Bahiya, a specialist in transparency affairs in extractive industries, said: The main objective in preparing transparency reports in extractive industries is to show the extent to which oil wealth contributes to achieving real, sustainable development.

He pointed out that the motives for issuing these reports come from the fact that Iraq is the third richest country in the world in terms of abundant natural resources that have not reflected their positive impact on society and the economy in general.

Rather, we find poverty rates in the country varying from one governorate to another, and this was not supposed to happen in a country like Iraq, as we find poverty rates in Basra Governorate reaching 15%, in Kurdistan 6%, and in other governorates exceeding 30% despite the existence of a large amount of wealth in Iraq.

Bahiya stressed the necessity of employing financial revenues in real development that contributes to raising the percentage of the national product and not going to easy revenues that come through taxes and raising their percentages or their experience from this form of revenue, indicating that Iraq is a country capable of rising strongly and creating real sustainable development and that this matter requires a real and effective will.

Bahiya stated that the mission of the Transparency Commission is to clarify the paths of financial revenues, as Iraq cannot be a country rich in resources and suffer from an economic decline in many aspects of the economy.

Bahiya sees the necessity of working towards a real direction towards sustainable development through a serious and gradual approach to the sectors that have the elements to start the renaissance, as there are natural and human resources in Iraq that can be employed in a way that creates the highest levels of benefit.   https://alsabaah.iq/101529-.html

Seeds of Wisdom RV and Economic Updates Friday Afternoon 8-23-24

Good Afternoon Dinar Recaps,

Fed Chair Jerome Powell: Time Has Come for Policy to Adjust

Bitcoin rose in the immediate aftermath of his remarks at the Fed's Jackson Hole conference.

As expected, Jerome Powell indicated that a rate cut is coming in September

Bitcoin and traditional markets at least initially have moved sharply higher
Investors will now focus on whether the initial rate cut will be 25 or 50 basis points

After a long wait, central bank rates in the U.S. now appear certain to be headed lower in September after Jerome Powell said the "time has come" for an easing in monetary policy.

"My confidence has grown that inflation is on a sustainable path back to 2 percent," said Powell in his keynote address at the Kansas City Fed Jackson Hole Symposium.

 "The labor market has cooled considerably from its formerly overheated state," he continued. "We do not seek or welcome further cooling in labor market conditions."

"The time has come for policy to adjust," added Powell. "The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks."

Though markets fully expected Powell to indicate that a rate cut was coming at the Fed's September meeting, the tone of his remarks likely leaned a bit more dovish than anticipated. In the minutes following the release of his speech, bitcoin (BTC) added more than 1% to $61,900.

A check of traditional markets finds big gains as well: The Nasdaq is higher by 1.7%, while the S&P 500 is up 1.2% and gold has climbed 1%. The 10-year Treasury yield has dipped five basis points to 3.80% and the U.S. dollar index has fallen 0.6%.

After years of near-zero Fed policy rates, the U.S. central bank in early 2022 embarked on a long series of rate hikes, eventually taking its fed funds rate up to the 5.25%-5.50% range in 2023.

Since, it's been a waiting game, with the Fed wanting to see crystal clear signs that inflation was meaningfully slowing to its 2% target before moving to begin trimming rates. That day surely has now arrived.

The question going forward will be if the Fed cuts the fed funds rate by 25 or 50 basis points at its mid-September meeting. Markets continue to lean towards 25 basis points, but the chances of a 50 basis point move have grown to 32.5% currently from 24% one day ago, according to CME FedWatch. There remain some key economic reports between now and that September decision – August's employment and inflation numbers among them – which should be key to Fed's ultimate decision.

@ Newshounds News™

Souece:  CoinDesk

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U.S. sanctions over 400 entities and individuals for aiding Russia’s war effort, including Chinese firms

U.S. officials have repeatedly warned China about its support for Russia’s defense industry and have issued numerous sanctions aimed at restricting Moscow’s access to critical technologies.

The latest measures target companies in China involved in shipping machine tools and microelectronics to Russia, as highlighted in a State Department fact sheet covering sanctions against 190 entities. The Treasury Department imposed additional sanctions as part of this broader effort.

Sanctions were also aimed at stifling Russia’s energy sector, with actions taken against firms in Turkey, the United Arab Emirates (UAE), and Central Asian nations believed to be assisting Russia in evading existing sanctions.

“Today’s actions hit Russia where it hurts – degrading its ability to generate revenue through its energy projects and disrupting its acquisition of material to supply its war machine,” said Aaron Forsberg, director for economic sanctions policy at the State Department.

The sanctions come as the war in Ukraine escalates, following Ukraine’s August 6 military offensive in Russia’s Kursk region. Despite some recent successes, Ukrainian forces continue to face pressure from advancing Russian troops in eastern Ukraine.

Among those sanctioned is the import-export division of China’s Dalian Machine Tool Group, which allegedly supplied $4 million worth of dual-use items to Russian firms. China denies providing weaponry to Russia but defends its trade relationship with Moscow as normal.

Washington's measures also target companies supplying components for Orlan drones, used by Russia in Ukraine, and firms involved in energy projects like the $21 billion Arctic LNG 2 initiative.

This project has already been hit by previous Western sanctions, limiting its access to ice-class tankers. Additional sanctions were imposed on UAE-based White Fox Ship Management, which the U.S. says acquired four tankers to transport liquefied natural gas (LNG).

@ Newshounds News™

Souece:  Badlands Media

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Tether shuns blockchain launch, cites market concerns

Tether’s decision to avoid launching its blockchain stems from the crowded market and strategic alignment with existing platforms.

Tether, the issuer of the world’s largest stablecoin, USDT, has calculated to forgo its own blockchain launch, citing market saturation and strategic concerns.

According to an interview with Bloomberg News, the company’s CEO, Paolo Ardoino, explained that the stance comes from analyzing the blockchain space and a crowded market.

Ardoino stated that the firm launching a blockchain might not be the “right move” since “very good blockchains” are already available to the public.

Market saturation

In the interview, Ardoino noted that blockchains are becoming increasingly commoditized, with many offering similar functionality to users.

As such, he explained that the firm is satisfied with the remaining blockchain as “agnostic” as long as USDT  trading retains peak sustainability and security using blockchains as “transport layers.”

In a YouTube interview with Unlock Blockchain, Ardoino explained that Tether is “a product market fit.”

“We created the entire stablecoin market in 2014. There was no stablecoin before us."

Tether Aptos expansion

On Aug. 19, Tether launched USDT on the Aptos blockchain to reduce transaction costs and improve global digital currency accessibility.

With the new integration, the company aims to leverage Aptos’ speed and scalability to provide users with gas fees that cost “only a fraction of a penny.”

The announcement by Tether follows the Aptos blockchain, witnessing significant growth and a “record-breaking” 157 million transactions in a single day in May.

Launch of dirham stablecoin

On Aug. 21, Tether partnered with the United Arab Emirates’ Phoenix Group and Green Acorn Investments to launch a dirham-backed stablecoin.

The new stablecoin aims to digitally represent the dirham currency, “fully backed by liquid UAE-based reserves” while adhering to Tether’s “transparent and robust standards.”

This expansion into the UAE market is expected to offer users a cost-effective method for accessing “the benefits of the AED.”

@ Newshounds News™

Source:  CoinTelegraph

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