Seeds of Wisdom RV and Economic Updates Thursday Evening 9-5-24

Good Evening Dinar Recaps,

ICCS DIGITAL STANDARDS INITIATIVE SHARES DIGITAL TRADE, EBL CASE STUDIES

The International Chamber of Commerce’s (ICC) Digital Standards Initiative (DSI) for trade documents has come a long way since its founding in 2020.

 In April it published a document that outlined no less than 36 different trade documents and associated standards. Now it has released a series of 22 case studies, including several on electronic bills of lading (eBL).

An eBL has several advantages over the paper version. Given bills of lading are used to collect cargo, they are valuable documents. 

Paper versions are prone to forgery, whereas electronic ones are digitally signed. They’re also much more efficient. McKinsey predicted that eBL could lead to $6.5 billion in direct cost savings.

In order for the importer to collect the cargo on arrival, the original bill of lading has to be couriered from the departure point to the destination.

This can cause delays if it doesn’t arrive fast enough. Plus, couriers carrying the bill of lading have to travel between airports and the ports, creating wasteful emissions.

This latter point was one of the case studies in the ICC paper. Earlier this year, the shipping blockchain network GSBN explored the potential environmental impact, estimating that there’s a potential saving of 440,820 metric tons per year in CO2 emissions. We analyzed the report, finding the figures were rather high, but the saving is nonetheless significant.

BHP contributes to 25% eBL target

Another eBL case study relates to mining firm BHP. One of the key benefits it found by using eBL is that amendments to eBLs are much faster. Otherwise, a new original bill of lading would have to be couriered a long way if there are amendments. This helps to avoid delays in customs clearance.

Stepping back, several shipping organizations have made commitments to adopt eBL, including the FIT Alliance, with only around 2% digitized in 2022. A key hold up is a lack of interoperability between different solutions, something that the ICC is trying to address.

In early 2023, the Digital Container Shipping Association (DCSA), secured commitments from nine of the top ten largest container shipping carriers to adopt eBLs. The first deadline was 50% in five years, with 100% in ten years.

Another shipping association, BIMCO, joined the effort with a shorter target of 25% by 2025. After just a year, four shippers, BHP, Rio Tinto, Vale and Anglo American, have already reached an average adoption rate of 25.1% for iron ore trades.

Lloyds Bank adopts two blockchain solutions

Earlier this year we reported that Lloyds Bank had partnered with WaveBL for eBL. Additionally, it is working with Enigio to use its blockchain-based digital promissory notes (dPN).

The case study starts with shipping carrier MSC issuing an eBL using the waveBL platform. Then the exporter’s bank sent the eBL to Lloyds, which was working for the importer. Lloyds issued a digital promissory note (dPN), that the importer signed.

That digital signature allowed Lloyds to release the eBL faster. Lloyds reckons the solutions reduced the transaction time from 15 days to 24 hours. Plus, it removed the need for six courier trips.

“Together, the eBL and the dPN have eradicated the need for any physical paper to change hands,” said Rogier van Lammeren, Head of Trade and Working Capital Products, Lloyds Bank.

“This has meant a faster transaction, which helps shorten parties’ working capital cycles, with less risk, at lower cost and with significantly less admin for the businesses involved.”

Meanwhile, another case study involved eBL platforms WaveBL and TradeGo integrating verifiable Legal Entity Identifiers (vLEI) into their solutions. Plus, there was a client case study for blockchain eBL solution CargoX.

@ Newshounds News™

Source:  Ledger Insights

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PUTIN CALLS WEST'S POLICY TO BAN RUSSIA FROM DOLLAR SETTLEMENTS ‘STUPID’

The head of state noted that in this situation, Russia and its friendly countries are switching to national currencies in their mutual settlements

VLADIVOSTOK, September 5. /TASS/. The West already understands that it made a mistake, and its stupid steps are only pushing countries to abandon the dollar, Russian President Vladimir Putin said speaking at the plenary session of the Eastern Economic Forum.

"The financial and political authorities of the United States are pushing this process with their not just sloppy, but unprofessional and stupid actions. I think, they already understand that they made a mistake, but they simply cannot get out of this rut.

It is probably rather embarrassing for them to admit that they made a mistake. They should have already made some corrections, as they see that the tools they use do not work," Putin said.

He noted that in this situation, Russia and its friendly countries are switching to national currencies in their mutual settlements. But the Western leaders are not ready to abandon their policies, he added.

"Apparently, only those people who will replace today's generation of politicians can do this. Because changing something means admitting your mistakes. Apparently, this is difficult. And what is the reason for such behavior?

Apparently, they were counting that everything would collapse in our country. That is why they banned us from dollar service. But the trends are not obvious. They only push, as I have already said, these processes, but the trends in the use of currency are connected with the growth of the [Russian] economy," Putin said.

The Eastern Economic Forum is underway on the campus of the Far Eastern Federal University in Vladivostok on September 3-6, 2024. The main theme of the EEF this year is ‘Far East 2030. Combining strengths to create new potential’. The Roscongress Foundation is the Forum’s organizer. TASS is the general information partner of the EEF.

@ Newshounds News™

Source:  TASS

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Trump Doubles Down on Bitcoin, Says He's Got a Job for Elon Musk If Elected

Outlining the economic policies of a potential Trump administration, the former president said Musk could lead a new government fraud task force.

During a speech before the Economic Club of New York on Thursday, Republican candidate for U.S. president Donald Trump asserted that the country would be the “world capital of crypto and Bitcoin.”

In addition to reiterating his stance on digital assets, Trump also proposed—at the suggestion of Telsa CEO Elon Musk—a new government efficiency commission that will audit the federal government.

“I will create a government efficiency commission tasked with conducting a complete financial and performance audit of the entire federal government, making recommendations for drastic reforms,” Trump said. “We need to do it.”

Musk agreed, tweeting in response to reports of Trump’s remarks, “This would unlock tremendous prosperity for America.”

@ Newshounds News™

Read more: Decrypt

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Some “Iraq News” Posted by Clare at KTFA 9-5-2024

KTFA

Clare:  Five Oil and Gas Laws in Parliament

9/5/2024 Baghdad

The subcommittee on legislation and laws in the oil and gas sector within the parliamentary oil committee continues its efforts to update the laws related to this important sector, with the aim of improving the investment environment in Iraq. 

Member of the Oil and Gas Committee and head of the subcommittee, Ali Shaddad Al-Fares, said in an interview with “Al-Sabah” followed by “Al-Eqtisad News”, that “the committee has five laws and legislations related to the oil and gas sector, including the refineries or liquidation law, regarding which more than one meeting was held.” 

He pointed out that "the law is now in the General Secretariat of the Council of Ministers to proceed with amending it, so that there will be greater privileges for investors in the refining and petrochemicals sector to enter Iraq."

Al-Fares continued, "The draft law on smuggling petroleum derivatives needs some amendments, as does the law on hydrocarbon wealth," noting that "there is what is called the general law system in the management of the Ministry of Oil, in addition to 70 decisions of the dissolved Revolutionary Command Council that need legal adaptation to cancel some decisions and convert others into laws, as some of these decisions are still effective and important and must be legally adapted."  LINK

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Clare: Prime Minister's Advisor: 70% of the grey market

9/5/2024 Baghdad

The financial advisor to the Prime Minister, Dr. Mazhar Muhammad Salih, revealed the existence of a grey market that accounts for nearly 70% of the market or private sector activity, indicating that this percentage evades paying legal taxes.

Saleh said in an interview with "Al-Sabah", followed by "Al-Eqtisad News", that "taxes constitute in total in developed countries about (25) percent of the gross domestic product, while in Iraq they do not exceed (4) percent due to tax evasion, as the gray market, which is not known to the tax authorities, constitutes a percentage close to (70) percent of the market or private sector activity, while negative taxes, which are aid from cash income paid to the poor class, constitute (5) percent of the annual gross domestic product, and this constitutes the tax defect that compensates for the difference between the type of tax with the revenues of oil rents."  LINK

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Clare: For this reason.. Economic calls to review tax laws and develop the collection system 9/5/2024  

Baghdad  

With the increase in the size of state expenditures in the general budget, there has been talk for years about maximizing non-oil revenues, reforming the tax system in Iraq, and raising the value of taxes on the wealthy, which actually requires addressing the current laws related to taxes, controlling import operations, and preventing the smuggling of goods through border crossings.

In this regard, economic and financial expert Safwan Qusay revealed the formation of a committee by the Prime Minister’s Office to review tax laws, especially the Income Tax Law issued in 1982, noting that the law needs to be reviewed to amend some allowances in line with current income rates and develop the tax collection system to reduce tax evasion.

He pointed out that "the proposed tax increase aims to stop manipulation of invoices related to import operations and reduce tax evasion."

Qusay also confirmed that “the committee is studying introducing amendments to property and real estate taxes, especially with regard to the transfer of property between individuals.”  LINK

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Clare:  A "special" meeting headed by Al-Sudani approves a plan to introduce solar energy systems to homes

9/5/2024

A"special" meeting chaired by Prime Minister Mohammed Shia al-Sudani approved a plan to introduce solar energy systems to homes.

A statement from Al-Sudani's office received by Shafaq News Agency stated that "the Prime Minister chaired a special meeting to improve the electricity situation, in which the plans, programs and treatments prepared by the Ministry of Electricity and the authorities concerned with this sector were discussed.

According to the statement, during the meeting, "a plan was approved to introduce the solar energy system to homes, through contracting with solid companies to reduce the loads on the electrical grid system. The Ministry of Electricity's plan for generation, transmission and distribution in the long term was also discussed, in addition to its plan for next summer, for which the necessary allocations were approved, and its implementation will begin now."

During the meeting, the economic model for purchasing electricity was approved. This came after several meetings, the Prime Minister’s follow-up, and his guidance, with the participation of KBR, which represents the government’s advisory body, in order to study it and provide recommendations regarding it.   LINK

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Clare:  Parliamentary moves to "withdraw the hand" of the Central Bank Governor

9/5/2024

The Parliamentary Finance Committee confirmed, today, Thursday, the existence of a parliamentary move to withdraw the hand of the Governor of the Central Bank, while specifying the main reason behind that.

Finance Committee member Mohammed Nouri told Sumaria News, "We submitted a set of oral and parliamentary questions regarding the withdrawal of the Central Bank Governor Ali Mohsen Al-Alaq for exceeding the legal age."

Nouri pointed out that "so far, things have not gone as we wish, and in the coming days we may go to the Federal Court to challenge the legality of the age of the Central Bank Governor and request his direct dismissal through the legal age."

 At the beginning of last year, Al-Sudani reappointed Al-Alaq as head of the Central Bank, nearly two years after he was dismissed from his post, amid questions about the feasibility of reappointing him, as he had caused several financial failures over the previous six years (between 2014 and 2020) of his management of the financial institution, according to his critics.

There is much criticism directed at the performance of the Governor of the Central Bank of Iraq, Ali Al-Alaq, who is facing increasing pressure regarding his financial policies and his management of foreign exchange and reserves, in addition to his failure to control the file of dollar price fluctuations, according to economic experts.  LINK

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Clare:  The regional government approves the unification of financial and accounting system procedures between Erbil and Baghdad

9/4/2024

The Kurdistan Regional Government approved, on Wednesday, the unification of procedures for financial and accounting systems between the regional government and the federal government, taking into consideration the constitutional specificities of the region and its powers stipulated in the Iraqi constitution.

A statement by the presidency of the regional government, received by Shafaq News Agency, stated that "the regional government held a meeting on Wednesday under the supervision of Prime Minister Masrour Barzani and in the presence of his deputy Qubad Talabani," indicating that "at the beginning of the meeting, Barzani referred in his speech to a number of points such as appointing lecturers on contracts and congratulated them on the occasion of the issuance of a decision to contract with them on internal revenues and hoped that this decision would gain the satisfaction of the lecturers and encourage them to serve the educational and educational process in the Kurdistan Region."

 The statement added that "the regional government congratulated the retirees in the Kurdistan Region on the occasion of unifying the salaries of retirees with their counterparts in the federal government and voting on this in the regional Council of Ministers and approving it," indicating that "at the level of the federal government as well, it was possible to reach an agreement and as of this month, the retirees of the region will receive their salaries that are equal to the salaries of retirees in the federal government."

He added, "Barzani reassures the retirees that he will always support their legitimate demands and that this tired part of the Kurdistan Region, which has sacrificed a large part of its life in public service, deserves all support and assistance."

The statement indicated that "Barzani, at the end of his speech, addressed the electoral campaign for the elections scheduled to begin this month, saying that the political parties are free within the internal regulations and instructions issued by the Independent High Electoral Commission on how to conduct electoral campaigns," adding that he asks them to "do so in a civilized manner and away from belittling and defaming others because everyone is a Kurd and a son of this country and must act responsibly."  

The statement noted that "in the first paragraph of the meeting, the Minister of Parliament Affairs of the Region, Fala Farid, and the Secretary of the Council of Ministers, Amanj Rahim, presented a draft of the Council of Ministers' decision to unify the procedures related to the financial and accounting system between the regional government and the federal government, taking into consideration the specificities of the authorities and constitutional rights of the region." 

The statement explained that "after the dialogues and exchange of views, the Council of Ministers unanimously decided to approve the draft as is in order to unify the procedures related to the financial and accounting systems between the regional government and the federal government, taking into consideration the constitutional specificities of the region and its powers stipulated in the Iraqi constitution." 

He pointed out that "it is clear that after 2014, the region's share of the budget was cut, and there was a complete disconnect with the federal government, which led to the adoption of two different financial and accounting systems by the finance ministries of the two governments. Therefore, in the current new phase between the two governments, it is an important step and will play a role in reorganizing the financial and accounting relations between them and resolving most of the observations of the joint team for financial oversight on revenues and expenditures and the staff of the regional government and unifying financial entitlements and salaries of employees throughout Iraq. This is in the interest of the region's employees and has begun with unifying the salaries of retirees."    

 The statement noted that "in the second paragraph, the Secretary of the Council of Ministers presented the results of the joint meeting between the technical delegation of the Ministry of Finance and Economy in the region and the Federal Ministry of Finance at the end of last week in Baghdad, as well as the results of the latest work of the joint team between the Financial Supervision Bureaus in the region and Baghdad. It was a summary of the recommendations, technical observations and serious steps taken by the ministries and institutions of the region that had previously taken the necessary measures regarding the recommendations and observations of the joint audit and review of revenues and expenditures and the delay in payment of salaries, in addition to the financial amount spent by the Federal Ministry of Finance on salaries for the months of July and August."

The statement added that "the Council of Ministers has instructed the ministries to continue coordination with the federal government and the joint financial oversight team from both sides, complete biometric registration, issue job numbers for all employees on salaries, and expedite the activation of the electronic payment system," stressing that "in return, the federal Ministry of Finance must send the salaries for July and August 2024 as soon as possible so that the Kurdistan Regional Government can pay the salaries for August as soon as possible, in a manner equivalent to employees who receive salaries in other parts of Iraq, if the region's employees are now entitled to the August salary." 

The Council of Ministers also discussed preparations for the special meeting of the Federal Ministerial Economic Council, which is scheduled to be held in Erbil these days, on the pending issues between the two ministries. The Council of Ministers warmly welcomed the meeting held in Erbil, while the Kurdistan Regional Government considers this meeting an important opportunity to meet the relevant ministers in both the Kurdistan Regional Government and the Federal Government closely to discuss the pending issues between the two sides seriously in all fields and sectors. 

The statement pointed out that "the Council of Ministers has assigned the Secretary of the Council of Ministers, the Head of the Coordination and Monitoring Office, and relevant authorities to make the necessary preparations in coordination with the Kurdistan Regional Government's representation in Baghdad and the Secretariat of the Federal Economic Council, and to direct the ministers to prepare their issues according to their characteristics and submit balanced proposals and recommendations that take into account the powers stipulated in the Iraqi Constitution in order to solve the issues radically and provide greater space for cooperation between the two governments and improve the living conditions of citizens throughout Iraq, including the Kurdistan Region."  LINK

Economist’s “News and Views” 9-5-2024

China Just Helped Russia & Iran By Ditching All US Imports!

Tech Beat:  9-5-2024

In this video, we look at a critical geopolitical situation in which China has taken a brave move by dramatically lowering its reliance on US imports. This move has an impact not only on the global economy, but it also indicates a stronger alliance with Russia and Iran.

We'll look at why China made this move, what it means for its trade policies, and the broader ramifications for international relations and economic power dynamics. As tensions between China and the United States escalate, China's new economic plans line more closely with nations such as Russia and Iran, both of whom confront their own set of issues with Western countries.

 China's shift in import preferences away from the United States not only strengthens its ties with these countries, but also creates a more united front against Western economic pressure.

 This strategic alliance might have a long-term impact on global economic patterns and political relationships. Join us as we discuss how this decision is transforming the economic landscape, what it means for the future of US-China ties, and how Russia and Iran will gain from this change.

https://www.youtube.com/watch?v=50LPGxbEAws

"End Hegemonism": 2024 China-Africa Summit Kicks Off, Counters Neocolonialism and Hegemony

Lena Petrova:  9-4-2024

https://www.youtube.com/watch?v=Oso4RQZKVv4

Recession Watch: New Data Signals Trouble - Here's What You Need to Know

Taylor Kenny:  9-5-2024

This is a big day for data from Bloomberg on the reality of where our economy is and where it is headed. They're trying to tell us we're not in a recession but what do these numbers tell you?

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

“Tidbits From TNT” Thursday 9-5-2024

TNT:

Tishwash:  Saudi official: Our trade exchange with Iraq has increased fivefold in recent years

 A Saudi official said that trade exchange between the Kingdom and Iraq has increased fivefold in recent years.

A statement by the Iraqi Foreign Ministry, a copy of which was received by {Euphrates News}, stated that "the Ambassador of the Republic of Iraq to the Kingdom of Saudi Arabia, Safiya Talib Al-Suhail, visited the Saudi Export Development Authority, where she met with the CEO of the Authority, Abdul Rahman Al-Dhakir, in the presence of a number of officials. The Ambassador was accompanied by a delegation from the embassy's senior staff, in addition to the Iraqi commercial attaché in the Kingdom."

The statement added that "during the meeting, the latest developments in economic relations and trade exchange between the two countries were reviewed, in addition to the ongoing preparations for the Kingdom's participation in the Baghdad International Fair for the year 2024. Ambassador Al-Suhail stressed the Iraqi government's interest in enhancing trade exchange and cooperation in various economic and investment fields.

She also praised the Kingdom's prominent role in the Baghdad International Fair earlier this year, expressing her aspiration for a broader and more effective participation from the Kingdom in the next edition of the exhibition, reflecting the development of bilateral relations between the two brotherly countries."

The Ambassador expressed her thanks to the Kingdom for the facilities provided to Iraqi companies participating in exhibitions and trade forums in Riyadh, stressing the importance of strengthening this cooperation in the future.

For his part, Abdul Rahman Al-Dhakir expressed his satisfaction with the remarkable growth in trade exchange between the Kingdom and Iraq in recent years, which has increased fivefold, stressing “the Authority’s readiness to continue supporting and strengthening economic relations between the two countries, while seeking to benefit from successful experiences and exchange expertise between the two sides.” link

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Tishwash:  Giant screens in Baghdad to broadcast the Lions' matches in the qualifiers

Baghdad Municipality announced today, Thursday, that it has installed giant screens in 4 locations in the capital, to show the national team’s matches in the World Cup qualifiers.

The Secretariat stated in a statement :

In support of the “Yalla for the World Cup” campaign and based on the directives of the Prime Minister, the Baghdad Municipality, in cooperation with the Fourth Sports Channel, is installing a number of giant screens in (4) locations in the capital, Baghdad, for the purpose of broadcasting the matches of our national football team in the World Cup qualifiers, to serve the honorable sports audience. The Rashid Municipality will also broadcast the match via the (Baghdad Park) screen in the Al-Bayaa area. link

Tishwash:  Warning: Iraqi employees' salaries are being stolen "electronically" and parliament intervenes

Member of the Parliamentary Finance Committee, Mohammed Nouri, revealed on Wednesday the methods of stealing money from employees’ electronic cards.

Nouri told Shafaq News Agency, "The manipulation and theft of money, electronic card codes, and financial transfers are done by employees in companies and systems, not banks, considering that banks are only a financing entity and have nothing to do with the matter."

He pointed out that "there is a joint investigative committee formed between the Parliamentary Finance Committee, the Ministry of Finance and the banks in this matter after many employees and citizens were harmed by the theft of their salaries and the money deposited in the electronic card."

Nouri added, "The investigative committee is following up on the issue in coordination with the Ministry of Finance and will reach good results to determine the circumstances of the theft of employees' salaries from electronic cards issued by companies in coordination with government and private banks."link 

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Tishwash:  Central Bank: We have put foreign transfers and meeting dollar demands on sound tracks

 The Central Bank of Iraq revealed, on Wednesday, the mechanism for ending the electronic platform, while indicating that foreign transfer operations and meeting dollar demands were on sound tracks.

The bank stated in a statement received by Mawazine News, that "the electronic platform for foreign transfers managed by the Central Bank of Iraq began at the beginning of 2023 as a first stage to reorganize financial transfers in a way that ensures proactive oversight of them instead of subsequent oversight by the Federal Reserve auditing daily transfers, and this was an exceptional procedure as the Federal Reserve does not usually do this."

He added, "Plans were made for a gradual shift towards building direct relationships between banks in Iraq and foreign correspondent and accredited banks, mediated by an international auditing company to conduct pre-audit of transfers before they are executed by correspondent banks."

He pointed out that "during the year 2024 and until now, 95% of the transfer process from the electronic platform to the mechanism of correspondent banks directly between it and Iraqi banks has been achieved, which means that only about 5% of it remains within the platform, which will be transferred using the same mechanism before the end of this year and according to the plan. Thus, some expectations about potential impacts on the exchange rate and transfer operations are baseless, because the process will not be sudden or in one batch at the end of this year, but rather it was originally achieved during the past period with effort and careful follow-up, except for the remaining small percentage that will be completed in the coming period."

He stressed that "trade with the United Arab Emirates, Turkey, India and China represents about 70% of Iraq's foreign trade as (imports), which prompted the Central Bank of Iraq to find channels for transfer in euros, Chinese yuan, Indian rupees, and Emirati dirhams, through approved correspondent banks in those countries, and (13) Iraqi banks have actually begun conducting transfer operations with the prior audit mechanism that was agreed upon and approved in addition to transfers in dollars."

He continued, "With the provision of channels for personal transfers for legitimate purposes and external purchases through electronic payment channels, global money transfer companies, cash sales to travelers, and the payment of cash dollars for incoming transfers to the parties and purposes specified in the Central Bank's published instructions."

The Central Bank of Iraq stressed that "it has placed external transfer operations and meeting dollar demands on sound paths consistent with international practices and standards and the Anti-Money Laundering and Terrorist Financing Law."

He explained that "providing the aforementioned channels for all purposes at the official dollar price makes this price the true indicator of economic practices, which is proven by the reality of price stability and control of inflation, and any other price traded outside those channels is an abnormal price that those with unorthodox or illegal practices who move away from official channels in their dealings resort to, so they bear the additional costs of purchasing at a higher price than the official price to delude others with the difference between the official price and others."  link

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Mot: .. UH OH!!!! ------ 

Mot:  ... Close ""Earl"" - close!!!! 

Seeds of Wisdom RV and Economic Updates Thursday Morning 9-5-24

Good Morning Dinar Recaps,

ZURICH CANTONAL BANK OFFERS CRYPTO TRADING SERVICES

▪️Zurich Cantonal Bank starts offering cryptocurrency services today.

▪️ZKB customers can trade Bitcoin and Ethereum via mobile banking.

▪️Partnership with Crypto Finance ensures regulated and competent crypto services.

Bitcoin (BTC) is heading towards new lows as expected and retested $55,000 today. However, there is also good news.

The increasing institutional interest in cryptocurrencies has reached a point where banks cannot remain indifferent. In Turkey, Garanti BBVA Bank took the first step, and now one of Switzerland’s largest banks has taken action for two major cryptocurrencies.

Zurich Cantonal Bank and Crypto

For individual customers and third-party banks, Zurich Cantonal Bank has started offering cryptocurrency services as of today. 

Partnering with a company named Crypto Finance for this job, the bank will provide these services on a legal basis. Crypto Finance is managed by Deutsche Börse, which holds FINMA and Germany’s BaFIN licenses.

ZKB, one of the country’s four major banks, is also the largest cantonal bank in the Zurich region. Moreover, it is a highly reputable institution with a AAA rating from Fitch, Moody’s, and S&P. In fact, in 2023, rating agencies announced it as the second safest bank in the world.

Buying Cryptocurrency from the Bank

As of today, ZKB customers can buy and sell Bitcoin (BTC) and Ethereum (ETH) directly through the mobile banking application. For cautious investors who see centralized cryptocurrency exchanges as less secure, especially after bad examples like FTX, such alternatives will also increase liquidity inflow into the markets..

The bank’s Head of Digital Asset Solutions, Peter Hubli, said:

“With Crypto Finance by our side, we have a long-term industry-experienced, regulated, and competent partner who is familiar with the aspects of the crypto business.”

Although ZKB has taken a big step, it is not the first bank to move in this direction. In 2021, BBVA Switzerland was the first to make a name for itself. Another of the country’s four major banks, PostFinance, offered cryptocurrency services in early 2024 in partnership with Sygnum.

The increasing interest of banks and the entry of such reputable institutions into the crypto business is motivating for all investors.

@ Newshounds News™

Source:  CoinTurk News

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IMF EXPLORES HOW CBDCS CAN ADDRESS PRIVACY

Arguably, the two biggest challenges for retail central bank digital currencies (CBDCs) are whether the public sees them as useful and concerns about privacy.

Despite coverage to the contrary, central banks design most current CBDCs with good intentions. However, with many countries shifting towards more divisive politics, some worry that CBDCs designs could be tweaked.

 These concerns relate to a central bank or regulator dictating who can use the CBDC or restricting how the money can be spent. Alternatively, there are big brother snooping concerns. A recent paper by staff at the International Monetary Fund offers a thoughtful approach to the topic.

At a high level the report shows a deep appreciation of the issues. But it also delivers a practical how-to framework.

More than once they cite a 20-year-old paper that argues privacy is inherent to the nature of money. That ‘Money is Privacy’ report was in response to the growth of ecommerce, including the use of personal data to charge higher prices to some people.

 The ‘Money is Privacy’ paper even suggested some might want to use an intermediary in order to anonymize payments in the absence of anonymous money. This was before the invention of Bitcoin.

The IMF authors cite an Edelman Trust Institute study that found respondents trust businesses (63%) more than government institutions (51%). However, the research spanned 28 countries, with people putting greater trust in the government in four jurisdictions.

Apart from the collection of data, privacy risks come from external events, such as data leakages, data abuses, cyberattacks, and cross-border payments data flows.

The proposed framework adopts a three step approach:

▪️Define data use cases
▪️Identify risks to privacy
▪️Implement privacy by design and PETs (privacy enhancing technologies).

Data use cases

Personal data isn’t particularly useful for central banks. However, aggregated transaction data can be used for monetary statistics and to optimize monetary policies.

The report notes that the European Central Bank and the Bank of England have vowed not to access or use personal data for CBDC. Although it said that “other central banks (for example, the Reserve Bank of India) have emphasized the economic value of CBDC data.”

On that point, one of the purposes for collecting private information may be to provide credit scores for those that lack traditional credit histories.

The paper explores how each participant – central banks, payment service providers, merchants and consumers – might desire to access either aggregated data or private information. For consumers, the desire is to control that access.

One question is whether central banks can learn from the BigTech experience, particularly from China’s Alibaba and the associated payments app Alipay . It notes that data collection can help to expand access to credit. At the same time, it says BigTech profit incentives result in the erosion of consumer privacy.

The question is whether there is a similar risk for CBDCs with payment service providers (PSPs). “A nonbank that manages payment data is a central node in the economy that would have incentives to launch additional nonbank services or platforms tied to its central role.”

On the other hand, banks don’t combine data and there are many of them, so with banks involved in CBDC, it’s more likely to resemble the traditional payment system.

If non-bank PSPs are involved in distributing a CBDC, it could resemble the BigTech scenario if one of them is dominant. Perhaps that might include a wallet app.

For those interested in the topic, the IMF’s paper is well worth a read.

Meanwhile, in June the ECB published a blog post about making the digital euro private and we analyzed the digital euro progress on that front.

@ Newshounds News™

Source:  LedgerInsights

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SEC DELAYS DECISION ON ECO-FRIENDLY BITCOIN ETF AGAIN

▪️The SEC delayed its decision on an eco-friendly Bitcoin ETF again.

▪️This increased uncertainty among investors and caused market fluctuations.

▪️Experts believe such projects could help cryptocurrencies gain wider acceptance.

The U.S. Securities and Exchange Commission (SEC) has once again delayed its decision on an eco-friendly Bitcoin ETF (Exchange Traded Fund). This situation has increased uncertainty among investors and caused fluctuations in the cryptocurrency market.

Reason for SEC’s Delay

The SEC stated that it needs more information regarding the potential impacts of the proposed ETF as the reason for the delay. The commission aims to conduct a more careful evaluation, especially considering environmental impacts.

The U.S. Securities and Exchange Commission (SEC) has once again delayed its decision on an eco-friendly Bitcoin ETF (Exchange Traded Fund). This situation has increased uncertainty among investors and caused fluctuations in the cryptocurrency market.

Reason for SEC’s Delay

The SEC stated that it needs more information regarding the potential impacts of the proposed ETF as the reason for the delay. The commission aims to conduct a more careful evaluation, especially considering environmental impacts.

The U.S. Securities and Exchange Commission (SEC) has once again delayed its decision on an eco-friendly Bitcoin ETF (Exchange Traded Fund). This situation has increased uncertainty among investors and caused fluctuations in the cryptocurrency market.

Reason for SEC’s Delay

The SEC stated that it needs more information regarding the potential impacts of the proposed ETF as the reason for the delay. The commission aims to conduct a more careful evaluation, especially considering environmental impacts. Access NEWSLINKER to get the latest technology news.

Features of the ETF

The proposed ETF aims to reduce Bitcoin’s energy consumption and achieve a more sustainable structure. The ETF’s goal is to support Bitcoin mining using renewable energy sources and minimize its environmental footprint.

Investors’ Reaction

Investors find the SEC’s decision uncertain and consider it a risk for the market. Particularly, investors planning to invest in eco-friendly projects are negatively affected by this delay.

The SEC is known to have postponed similar decisions before. However, in this period of increased environmental awareness, interest in eco-friendly projects has grown. Therefore, investors and markets are eagerly awaiting the SEC’s final decision.

SEC officials said, “We need to examine the environmental impacts of the proposed ETF in more detail.”

On the other hand, the growing interest in the eco-friendly Bitcoin ETF is seen as a positive sign for the future of sustainable projects in the cryptocurrency market. Experts suggest that such projects could help cryptocurrencies gain wider acceptance.

@ Newshounds News™

Source:  Cooin-Turk

~~~~~~~~~

CARDANO NEWS: HOSKINSON CLARIFIES HIS ROLE AFTER CHANG HARD FORK IMPLEMENTATION

Cardano has successfully implemented the Chang hard fork, marking the commencement of the Conway era, a significant step in the blockchain’s journey toward full decentralization. 

This upgrade that occurred at block 10,764,778 on Sunday incorporated the CIP-1694 governance model, which now allows ADA holders to vote directly on the network’s decisions.

The Cardano Foundation praised the Chang hard fork as a significant event, underlining its significance for the blockchain, ecosystem, and community. “This upgrade realizes the vision of a fully autonomous and decentralized network,” the Foundation said in a blog post on September 2.

Community Debates Hoskinson’s Future Role in Cardano Development’

However, this upgrade has also created some controversy among the Cardano community regarding the future of Charles Hoskinson, the founder of Cardano. Chris-O, a known community member, proposed keeping Hoskinson and his company, Input Output Global (IOG), to fast-track the development of core Cardano functionalities. This proposal has met with both support and opposition views from the public.

SynthLuvr, the founder of Mynth Network, has a different view, stating that with Hoskinson leaving, Cardano might be better off. According to SynthLuvr, the development of Cardano may benefit from relinquishing this role and enabling the community to be at the forefront, thereby establishing Cardano as the opposite of Ethereum in terms of having a clear leader.

Hoskinson responded to the ongoing debate with a tweet, questioning the perception of his role at IOG. “I’m not involved technically? What the hell do people think that I do at IOG?” he tweeted.

The Cardano ecosystem will now operate under three key bodies: the constitutional committee, delegate representatives, and stake pool operators. 

The first phase of the hard fork introduced the constitutional committee, which governs the transition of governance. 

The second phase of the new governance structures is expected to be launched within the next 90 days and will build on the achievements of the first phase.

Hoskinson Describes Cardano as Unstoppable “Governance Virus”

In another post, Hoskinson shared his experience of working with Cardano for the past ten years and the stress of being a public representative of the blockchain industry. He pointed out that the process has been a bumpy ride, but at the same time, there were some major successes.

“Working on Cardano this past decade has been a whirlwind of emotions, challenges, and tremendous obstacles to overcome,” Hoskinson wrote. He emphasized that Cardano’s evolution has turned it into something “alive” and unstoppable.

According to Hoskinson, it is a “governance virus that is alive, replicative, and autonomic,” stating that there is no way to stop its expansion or turn it off. Cardano has not been without its controversies in the past, with critics referring to it as a ‘dead chain.’

In July, a YouTuber, Ben Armstrong, who is popularly known as BitBoy Crypto, labeled ADA as irrelevant to institutional investors. Following the Chang hard fork, ADA was trading at $0.32, showing some resilience despite a slight decline of 2.04% over the past 24 hours.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

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Iraq Dinar-#Iraqi dinar-Advanced Global Results-Money Movement Globally-Central Bank Iraq-95% is Done

Iraq Dinar-#Iraqi dinar-Advanced Global Results-Money Movement Globally-Central Bank Iraq-95% is Done

MilitiaMan and Crew:  9-4-2024

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=Kmn8XPBKuqE

Seeds of Wisdom RV and Economic Updates Wednesday Evening 9-4-24

Good Evening Dinar Recaps,

EUROPEAN UNION ESTABLISHES COMMISSION TO REGULATE CRYPTOCURRENCY AND BLOCKCHAIN TECHNOLOGY

▪️European Union creates a commission to regulate cryptocurrencies and blockchain technology.

▪️New measures aim to reduce risks and protect investors in the crypto market.

▪️ Companies and investors have mixed reactions to the upcoming regulations.

In Europe, new steps are being taken to regulate cryptocurrencies and blockchain technology. The European Union has created a special commission to regulate and oversee this sector. The commission aims to develop policies and strategies covering crypto assets and digital finance.

New Commission’s Duties

The commission’s main duties include regulating, supervising, and monitoring the crypto assets market. Additionally, preventing the use of these assets for money laundering and terrorist financing is among their priorities.

The commission will also work on the taxation and legal frameworks of crypto assets. It is noted that there will be cooperation with companies operating in the sector during this process.

Companies’ Opinions

Many major crypto companies welcome Europe’s move. Companies emphasize that regulations are important for the long-term sustainability and reliability of the sector.

Some companies highlight that they have encountered similar regulations in the US and Asian markets and stress that this process should be carried out more carefully in Europe.

“Europe’s step to regulate crypto assets will reduce uncertainties in the sector and create a stronger ecosystem.” – President of the European Blockchain Association.

Investors’ Reactions

Investors are closely following the changes that the regulations will bring. Many investors believe that the regulations will provide transparency and trust in the sector.

However, some investors are concerned that these steps could lead to excessive regulation and restrictions in the crypto market.

When news about crypto regulations in Europe first emerged, there was great excitement and curiosity in the sector.

Similar regulatory efforts had been made before, but such a comprehensive initiative had not been implemented. Now, the European Union’s new approach to crypto assets could set an example for other global regulators in the sector.

@ Newshounds News™

Source:  Coin-Turk

~~~~~~~~~

 $450,000,000,000 SWISS BANK STARTS XRP, BITCOIN AND ETHER TRADING

▪️Zürcher Kantonalbank partners with Crypto Finance AG to launch crypto brokerage services for retail clients and third-party banks.

▪️ZKB clients can now trade Bitcoin, XRP, and Ethereum seamlessly through their mobile app, e-banking, and digital channels

Recently, Crypto Finance AG, a member of the Deutsche Börse Group, has announced a collaboration with Zürcher Kantonalbank (ZKB) to provide cryptocurrency asset brokerage services.

This agreement is a big step forward for Switzerland’s largest cantonal bank, which will debut its new crypto service on September 4, 2024. This unique tool, aimed primarily at retail consumers and third-party banks, allows a wider audience to engage with digital assets such as Bitcoin, XRP, and Ethereum.

Growing Demand for Crypto Services in Traditional Banking

The introduction of this integrated digital asset solution demonstrates the increased interest and demand for crypto services in traditional banking. It lays a solid platform for participating in the constantly increasing digital asset market.

Blockchain researcher Collin Brown emphasized the significance of this development, stating that ZKB clients may now trade Bitcoin, XRP, and Ethereum through a variety of channels, including their mobile app, e-banking, and other digital platforms.

Peter Hubli, Head of Digital Asset Solutions at ZKB, expressed his delight for the relationship, citing Crypto Finance’s “experienced, regulated, and competent” knowledge in the crypto market.

He stressed how the relationship provides industry knowledge, allowing ZKB to successfully handle the challenges of the cryptocurrency market. This statement demonstrates ZKB’s commitment to providing its clients with dependable and secure access to the digital asset area.

The successful launch of ZKB’s cryptocurrency offering reflects not only the rising integration of digital assets into traditional financial frameworks, but also Switzerland’s growing position as a global leader in digital innovation and financial technology.

As the government continues to create an atmosphere suitable to fintech growth, the collaboration between ZKB and Crypto Finance exemplifies the developing interaction between traditional banking and the crypto world. Stijn Vander Straeten, CEO of Crypto Finance AG, stated:

“We are very proud to support Switzerland’s largest Kantonalbank in the launch of their crypto offering. This is a further important milestone for the broad acceptance of crypto in Switzerland. We are excited about the opportunity to collaborate with ZKB.”

On the other hand, as we previously reported, Deutsche Bank-backed Taurus is expanding its services to the Stellar blockchain, which now offers asset tokenization and safe storage solutions.

Taurus-PROTECT, a digital asset storage solution, and Taurus-CAPITAL, a tokenization service, are now available on Stellar’s public blockchain, expanding the digital asset management options.

Furthermore, Deutsche Bank has offered Bitpanda users real-time payment solutions, allowing for frictionless deposits and withdrawals. According to CNF, Bitpanda customers in Germany may now enjoy increased convenience and security with local IBAN access, which contributes to a better overall user experience.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

INDIA SURPASSES THE US AND BRAZIL IN THE SANDBOX CONTENT CREATION

▪️India leads in content creation for The Sandbox, surpassing the US and Brazil.

▪️The Sandbox's strategic focus doubled its Indian user base to 350,000.

▪️Borget remains optimistic about Web3 adoption despite the market not entering a bull phase.

India has emerged as a leading content creator source for the popular Metaverse platform, The Sandbox, surpassing the US and Brazil. According to The Sandbox co-founder Sebastien Borget, India currently has over 66,000 content creators compared to 59,989 in the US and 25,335 in Brazil.

Focused Specifically on the Indian Market

India‘s rise came after The Sandbox’s strategic focus on the Indian market, announced in December 2023, which doubled the platform’s user base in the country to 350,000. The company now aims to reach one million users in India within the next two years.

Borget attributed the rapid growth to various boot camps and educational programs conducted either directly by The Sandbox or through its joint venture in India, BharatBox, in collaboration with partners like the India-based cryptocurrency exchange CoinDCX

BharatBox was initially launched with $1 million in funding and is expected to receive an additional $200,000 by the fourth quarter of this year.

Despite The Sandbox raising $20 million with a $1 billion valuation in early 2024, Borget stated that further investment in India is unnecessary as the initiative is designed to be self-sustaining and generate its own revenue.

Borget emphasized that India is more than just a global tech workforce, highlighting the success of Blockchain projects not only in development but also in content and entertainment. For example, the sale of 1,060 avatars of characters from the popular Indian movie “Jab We Met” within two weeks of release demonstrates The Sandbox’s successful entry into India’s cinema sector.

Borget: Market Has Not Yet Entered Bull Phase

Commenting on the overall Web3 market, Borget noted increased interest due to the approval of spot-crypto exchange-traded funds (ETFs) in the US but emphasized that the market has not yet entered a bull phase.

 He pointed out that institutional money flow has not led to higher user adoption because retail investors have not heavily invested their savings in crypto. However, Borget remains optimistic about Web3 adoption with the emergence of higher-quality games and platforms like Telegram‘s distribution network.

Borget also commented on the arrest of Telegram CEO Pavel Durov in France over allegations related to illegal transactions and child abuse materials on the platform. He stressed that while privacy is a fundamental right, platforms should not remain neutral and must cooperate with authorities when used for serious crimes.

@ Newshounds News™

Source:  Coin-Turk

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IOTA EVM HITS $5 MILLION TVL: KEY DRIVERS BEHIND ITS DEFI SUCCESS

▪️ IOTA EVM Milestone of $5 million TVL reflects the platform’s growing strength and its increasing role in the decentralized finance ecosystem.

▪️ IOTA’s unique parallel processing architecture and cross-chain compatibility are driving its rapid expansion in the DeFi space.

As per the latest data from DeFiLlama, distributed ledger technology (DLT) platform IOTA has achieved a major milestone, with the total value locked on the IOTA Ethereum Virtual Machine (EVM) surging past $5 million.

This shows that IOTA has been growing strongly, thereby becoming the preferred platform for decentralized finance (DeFi) applications. If it continues with this growth trajectory, it can become a key player in the DeFi ecosystem, reported Crypto News Flash.

IOTA’s innovative and scalable architecture has been one of the major reasons behind its significant growth in the crypto industry. Unlike other conventional blockchain networks processing transactions sequentially, IOTA’s Layer 1 network is designed with parallel structures, allowing for simultaneous transaction processing.

This horizontal scalability structure makes IOTA suitable for decentralized finance (DeFi) applications that require fast and efficient infrastructure in order to handle complex financial operations efficiently.

With the introduction of its Ethereum Virtual Machine (EVM), IOTA is making strides in the DeFi space, offering seamless compatibility with Solidity smart contracts. This feature allows developers to easily migrate existing Ethereum-based smart contracts to the IOTA network, simplifying the development of DeFi applications on the platform.

By reducing barriers to entry, IOTA is rapidly expanding its DeFi ecosystem. Furthermore, IOTA’s cross-chain compatibility enables smooth interactions with both EVM and non-EVM chains, thereby significantly enhancing its potential use cases and integration opportunities across different blockchain networks.

All organically, without any marketing or incentive campaigns (yet). Let’s keep on climbing 🧗🏔

— Dominik Schiener (@DomSchiener) September 3, 2024

IOTA Boosts Its DeFi Appeal With Fairness and Security

The features like native randomness and Miner Extractable Value (MEV) resistance ensure that IOTA remains fair and secure thereby driving a large number of users to its platform.

These mechanisms ensure that the ordering of transactions happens randomly while minimizing the risk of front-running or unfair value extraction. This helps IOTA to maintain high integrity and trust within the DeFi ecosystem.

Thus, by expanding its technological capabilities, IOTA has managed to reach the $5 million TVL milestone. Besides, its commitment to creating a scalable, fair, and secure environment is attracting new projects and increasing liquidity, solidifying its place in the competitive DeFi landscape.

With its scalable architecture, cross-chain compatibility, and dedication to fairness, IOTA is ready to become a key player in the future of decentralized finance.

The recent $5 million TVL milestone underscores the belief in IOTA’s potential as the platform continues to attract investment and innovation, positioning itself as a leader in shaping the future of finance.

Today, the EVM platform also enjoys the launch of the exclusive game IOTA Heroes, with the goal of expanding the ecosystem into new verticals, reported CNF.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 9-4-24

Good Afternoon Dinar Recaps,

US CFTC Issues Order for Uniswap (UNI)

▪️CFTC issued an order for Uniswap, demanding a $175,000 fine.

▪️Uniswap allegedly violated the Commodity Exchange Act.

▪️UNI Coin price fluctuated due to regulatory uncertainties.

SEC, known for its aggressive lawsuits regarding cryptocurrencies, is not the only regulatory body in America. CFTC also takes action by detecting violations in the futures market. Just now, the institution issued an order for Uniswap, demanding a $175,000 fine and cessation of the violation.

Uniswap (UNI) and CFTC

Uniswap, one of the largest DeFi platforms, is currently supported by Uniswap Labs. According to the CFTC, the DeFi platform allows leveraged trading without permission, violating regulations. 

Therefore, it must pay a $175,000 fine and cease violating the Commodity Exchange Act (CEA).

CFTC Enforcement Director Ian McGinley said:

“Today’s action once again shows that the Enforcement Division will vigorously enforce the CEA as digital asset platforms and DeFi ecosystems evolve. DeFi platforms must ensure their services comply with the law.”

The UNI Coin price fell below $6.2 and then returned to $6.45. Uncertainty about compliance and whether US citizens will be restricted from accessing the protocol may increase volatility in the coming hours.

@ Newshounds News™

Source:  Coin-Turk

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BRICS NEWS: BLOCKCHAIN PAYMENT SYSTEM SET FOR OCTOBER ANNOUNCEMENT—POTENTIAL XRP INTEGRATION HIGHLIGHTED

▪️ BRICS Pay platform to launch at the 2024 BRICS Summit aims to reduce reliance on the U.S. dollar in global finance.

▪️The platform could challenge Western financial systems like SWIFT.

The BRICS economic alliance is gearing up for its 2024 Annual Summit, where the much-anticipated BRICS Pay platform, a payment system based on blockchain, is expected to take center stage. The platform was unveiled earlier this year. It is likely to threaten the current financial order and promote the group’s de-dollarization policy.

BRICS Pay is a new payment system using blockchain technology. It is intended to help the BRICS countries minimize their reliance on the US dollar in international trade.

Additionally, the platform will intend to enable efficient interactions among member countries and may provide a solution to the US-dominated SWIFT payment system.

Russia Pushes for Cryptocurrency and Blockchain Solutions

The system’s development also coincides with the increasing tension between Russia and the West, especially regarding sanctions and financial measures.

Consequently, Russia has paid more attention to cryptocurrencies and blockchain technology. The BRICS Pay platform is integral to this approach as it can facilitate the use of local currencies and strengthen the economic relations between the BRICS countries and their partners.

The BRICS Pay is in line with the bloc’s objective of decreasing the use of the US dollar in international trade and finance. The data from the Atlantic Council’s Dollar Dominance Monitor shows that the dollar’s global reserve status declined to 58 % in 2024 from 72% in 2002. This decline underlines the continuing process of de-dollarisation, which BRICS Pay predicts will strengthen.

Yury Ushakov, an assistant to the Russian president, told the state media how important the BRICS Pay project is for the future. The platform will use digital and blockchain technologies to establish a reliable and effective payment system to facilitate the bloc’s economic agenda.

The platform’s potential extends beyond the BRICS countries, as other Global South nations could use it as a reference to reduce their dependence on the US dollar and strengthen their national currencies.

This means that BRICS Pay can also provide much-needed competition to the SWIFT system and also promote the economic cohesion of the developing world.

Platform Extends Influence Beyond BRICS Nations

The planned launch of BRICS Pay at the 2024 Summit has major strategic implications.

 It is a milestone toward the financial emancipation of the BRICS and other emerging economies from the current global order. As a blockchain solution for transactions, BRICS Pay can challenge Western financial organizations and enhance the role of BRICS countries in the world.

Furthermore, the platform’s development correlates with Russia’s current interest in cryptocurrencies and digital currencies. Russia recently revealed plans to create two crypto exchanges, and stablecoins pegged to the Chinese yuan and other BRICS currencies. 

Notably, Turkish President Recep Tayyip Erdogan will be attending the BRICS summit in Kazan, Russia, from October 22 to October 24. Turkey’s interest in BRICS aligns with its broader foreign policy strategy, which aims to balance relations between the East and West.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

SPREADING USD-PEGGED STABLECOINS—TRUMP-BACKED DEFI PROJECT REVEALS ‘TRANSFORMATIVE’ PLANS

Over the past few weeks, there’s been a buzz of intrigue and speculation around World Liberty Financial, a decentralized finance (defi) project led by Eric Trump and Donald Trump Jr. After facing some rumors and critiques, the project’s X account finally released fresh details about its mission, aiming to clear the air.

World Liberty Financial Defends Mission and Security After Facing Scrutiny

World Liberty Financial (WLF), a decentralized finance (defi) project associated with Eric Trump and Donald Trump Jr., recently released new information about its plans.

The project, shrouded in speculation, was called a “digital real estate” venture by Eric Trump during an interview, the son of former President and 2024 Republican candidate Donald Trump.

In its latest announcement, WLF emphasized its partnership with several prominent security firms, including Zokyo, Fuzzland, and Peckshield, to ensure the safety of its platform.

While WLF claims to differentiate itself from other projects by collaborating with the decentralized finance (defi) protocol Aave, rather than forking it, details about the project’s specifics still remain scarce. 

The project’s messaging focuses on advancing the mass adoption of stablecoins pegged to the U.S. dollar.

The team behind WLF asserts that their project is critical to maintaining the U.S. dollar’s global dominance, particularly as rival countries seek alternatives to the currency.

“By spreading U.S.-pegged stablecoins around the world, we ensure that the U.S. dollar’s dominance continues, securing America’s financial leadership and influence on the global stage,” the WLF X account stated.

However, despite these ambitions, skepticism persists. There’s been a number of people who believe the project may fall prey to hackers and some think WLF is just going to launch its own WLF crypto coin. Bitcoin proponent Nic Carter asked on X if there was something that the crypto community could collectively do to “stop the launch of world liberty coin.”

Carter added, “I think it genuinely damages Trump’s electoral prospects, especially if it gets hacked (it’ll be the juiciest defi target ever and it’s forked from a protocol that itself was hacked). However, the WLF project’s organizers wholeheartedly believe that WLF’s impact will soon be clear.

“To those who are skeptical or listening to the noise: our plan will speak for itself,” WLF’s thread concluded. “The brightest minds in crypto are backing us, and what’s coming will make all doubters think twice.”

What do you think about the Trump-associated defi project WLF? Share your thoughts and opinions about this subject in the comments section below.

@ Newshounds News™

Source:  Bitcpin News

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Bob Lock on Building Teams andThe RV  |  Youtube

@ Newshounds News™

Source:  Currency Facts

~~~~~~~~~

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“Tidbits From TNT” Wednesday 9-4-2024

TNT:

Tishwash:  With the participation of 150 international companies... Basra International Exhibition activities start today

Basra International Fair activities kick off today, Wednesday, with wide Arab and foreign participation and will continue for 15 days on the exhibition grounds.

Osama Majeed, the Public Relations and Media Officer at Dar Al-Faihaa Company, the organizer of the exhibition, told the National Iraqi News Agency / NINA / that the exhibition is attended by 150 companies from 12 Arab and foreign countries and will continue for 15 days starting from today, Wednesday, September 4, until the 18th of the same month.

Majeed added, "Companies from Egypt, Jordan, Lebanon, Palestine, Yemen, Syria, the pavilion of the Islamic Republic of Iran, Pakistan, India and Turkey are participating in the exhibition, in addition to wide participation from the Iraqi national product, which is participating with several products related to food, household and cleaning materials, indicating that the exhibition receives its visitors from three in the afternoon until midnight.  link

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Tishwash:  Al-Mandlawi: Stable security situation is sufficient to proceed with serious partnerships for the economic sector

 Acting Speaker of Parliament Mohsen Al-Mandalawi confirmed today, Tuesday, that the stability of the security situation is sufficient to proceed with serious partnerships in the economic sector.

The media office of the acting Speaker of the Council of Representatives stated in a statement received by the Iraqi News Agency (INA), that "Mohsen Al-Mandalawi received at his residence the British Ambassador to Iraq, Stephen Hitchcock, and the meeting discussed the most important developments in the region and the world that are of common interest."

According to the statement, Al-Mandalawi called for "the necessity for the European Union, international powers and global organizations to assume their responsibilities in stopping the genocide against our Palestinian people in Gaza," stressing that "the stability of the region has become almost impossible in light of the presence of this usurping entity."

The statement added that "the acting Speaker of the Council stressed the importance of strengthening bilateral relations in a way that achieves mutual benefit and common interests between the two countries," noting that "the security and political stability witnessed by the country is sufficient to move towards serious partnerships and agreements and effective cooperation in the economic and commercial fields."
He explained that "the legislative authority supports the government's orientations aimed at establishing balanced relations with the Arab, regional and international environment in accordance with the principles of mutual respect and in a manner that preserves the security, stability and sovereignty of Iraq."

For his part, the British Ambassador expressed his country's "desire to strengthen relations of cooperation and friendship with Iraq and support it in the sectors of economic and social development, construction and reconstruction."  link

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Tishwash:  Has Iraq entered the economic reform phase after Standard & Poor's classification?

Economists considered that Iraq has entered a new phase in the Standard & Poor's classification of investment grade bonds if their credit rating is B- or higher. As for bonds with a rating of B+ and below, they are speculative grades and are classified as meaningless bonds.

Credit rating

In detail, the Ministry of Finance said that Iraq maintained its credit rating issued by Standard & Poor's Credit Rating Agency.

According to a statement by the ministry: “In the latest report issued by Standard & Poor’s Credit Rating Agency “S&P”: Iraq maintains its credit rating at B-/B with a stable outlook,” referring to “financial and economic stability in Iraq.”

He explained that “the new classification reflects the ongoing economic and financial reform policy pursued by the Ministry of Finance, in addition to maintaining the level of foreign currency reserves that exceed the external public debt and fulfilling other external financial obligations as a result of the stability of crude oil prices.”

The statement pointed out that the agency saw "the possibility of improving Iraq's credit rating in the event of an increase in the economic growth rate, diversification of the state's general financial revenues, oil and non-oil, an increase in the per capita income share of the national income, and the continuation of financial and economic policy reform measures."

Debt repayment

Standard & Poor's is a company that assigns credit ratings, which determine a debtor's ability to repay debt by making timely payments of principal and interest and the likelihood of default. The agency may rate the creditworthiness of issuers of debt obligations, debt instruments, and, in some cases, of underlying debt servicers, but not of individual consumers.

Debt instruments rated by credit rating agencies include government bonds, corporate bonds, certificates of deposit, municipal bonds, preferred stocks, and secured securities, such as mortgage-backed securities and collateralized debt obligations.

Issuers of obligations or securities may be corporations, special purpose entities, state or local governments, nonprofit organizations, or sovereign nations. Credit ratings facilitate the trading of securities in a secondary market. They affect the interest rate a security pays, with higher ratings resulting in lower interest rates.

Individual consumers are rated for creditworthiness not by credit rating agencies but by credit bureaus (also called consumer reporting agencies or credit reference agencies), which issue the credit rating.

Consultative meetings

And on Iraq’s openness to the Arab world and Prime Minister Mohammed Shia al-Sudani’s Arab tours and their impact: “The director of the Iraq Energy Center, Furat al-Moussawi, said: “This visit comes as a continuation of the previous tripartite consultative meetings between “Jordan, Iraq and Egypt”, within the framework of strategic economic agreements of interest to the countries involved, which will have positive repercussions for the stability of the countries of the region.

Al-Moussawi told the Iraq Observer Agency that the meeting was held to follow up on the projects that had been previously agreed upon, which include areas of investment cooperation in energy, housing, agriculture and reconstruction.

He pointed out that Iraq seeks to discuss the prospects of joint cooperation between the two brotherly countries, and ways to strengthen relations at various levels and fields, in a way that serves the interests of the Iraqi and Tunisian peoples.

He continued: “Al-Sudani, through the delegation participating with him, which includes the Ministers of Foreign Affairs, Oil, Electricity, Planning, Housing and Reconstruction, invited Tunisian companies to participate in investment projects and opportunities and build infrastructure in Iraq, and the importance of economic integration and the success of the upcoming meetings of the Iraqi-Tunisian Committee in Baghdad.

He pointed out: "Al-Sudani's government seeks to open up to its Arab surroundings to restore Iraq's pivotal and strategic role in the region, and this openness has become a vital strategic interest that enables Iraq and the countries of the region to overcome their economic crises through economic integration with their regional surroundings."

He added: One of the most important goals of Al-Sudani's visit is to try to unify the decision-making unit on the Palestinian issue and on ending the war in Gaza in order to restore security stability in the region, which is now threatened with explosion at any moment as a result of the escalation of geopolitical risks due to the criminal actions of the Israeli entity.

Exchange rate stability

In the capital Baghdad markets The exchange rate of the US dollar stabilized against the Iraqi dinar this morning in the Baghdad markets, while the prices came as follows:
The selling price is 150,250 dinars, while the purchase price was 148,250 dinars for every 100 dollars.

Iraq exports

The US Energy Information Administration also announced a decline in Iraq's oil exports to the United States during the past week.

The administration stated in a table that “the average US imports of crude oil during the past week from 9 major countries amounted to 5.608 million barrels per day, an increase of 156 thousand barrels per day from the previous week, which amounted to 5.452 million barrels per day.”

She added that "Iraq's oil exports to America amounted to 153 thousand barrels per day last week, down by 13 thousand barrels per day from the previous week, which amounted to 166 thousand barrels per day."

The administration indicated that “the largest oil revenues for America during the past week came from Canada at a rate of 3.874 million barrels per day, followed by Mexico at an average of 619 thousand barrels per day, then Saudi Arabia at an average of 311 thousand barrels per day, from Brazil at an average of 302 thousand barrels per day, and from Colombia at an average of 212 thousand barrels per day.”   link

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Mot: and Once Again!!! -- I Finded another ""Truther"" on da Net!!! 

Mot: .. Knows How to Keep it Simple!!! 

Iraq Economic News and Points To Ponder Wednesday AM 9-4-24

What Happened Between Al-Maliki And The US Ambassador?

Political | 07:01 - 03/09/2024   Mawazine News – Baghdad  Head of the State of Law Coalition, Nouri al-Maliki, confirmed to the US Ambassador to Iraq, Alina Romanowski, on Tuesday, that Iraq seeks to maintain its security and political stability as the upcoming parliamentary elections approach.

Maliki's media office stated in a statement: "Head of the State of Law Coalition, Nouri al-Maliki, received the US Ambassador to Iraq, Alina Romanowski, in his office."

He added, "During the meeting, views were exchanged on the developments witnessed in the regional and international arenas, especially the efforts to stop the Zionist aggression on the Gaza Strip. A number of issues and files of common interest were also discussed."

According to the statement, Maliki stressed "the importance of strengthening bilateral relations between the two countries, and activating the strategic framework agreement after the announcement of the international coalition's withdrawal from Iraq and the transition to comprehensive relations in various fields between Baghdad and Washington," indicating that

"Iraq seeks to maintain its security and political stability as the upcoming parliamentary elections approach, as the elections, which are expected to be held on time next year, will be important for all current parties."

Al-Maliki pointed out that "the region is witnessing a major crisis due to the continued Zionist aggression against the Palestinian people, which requires the international community to move to find solutions that end the Zionist aggression against the Palestinian people and the crimes committed against them."

The US ambassador renewed her country's support for the stability of Iraq, stressing "the continuation of dialogues between the two countries in order to enhance partnership projects in various important and vital sectors,"  

noting that "the United States continues its efforts with international partners to end the war in Gaza, provide aid to the Palestinian people, and end the crisis that the region has been experiencing since the beginning of last October."   https://www.mawazin.net/Details.aspx?jimare=254404 ‘

Parliamentary Finance Committee Discusses With Heads Of Customs And Tax Authority Enhancing Non-Oil Revenues

Tuesday 03 September 2024 13:36 | Economic Number of readings: 198   Baghdad / NINA / The Parliamentary Finance Committee held a joint meeting today, Tuesday, with the heads of the General Customs and Tax Authority, to discuss enhancing non-oil revenues.

 The head of the committee, MP Atwan Al-Atwani, said in a statement to journalists, including the correspondent of the National Iraqi News Agency / NINA /, that "the meeting will study expanding non-oil revenues and discussing the financial situation in light of monetary policy and data on the global oil market."

He added, "The Finance Committee recently met with the Deputy Prime Minister and the Ministers of Finance, Electricity and Oil to discuss the issue of various revenues, including non-oil revenues, and decided that the committee would proceed with holding meetings with the ministries and agencies concerned with those revenues whose obligations were mentioned in the General Budget Law."

He explained, "The Parliamentary Finance Committee decided to meet with the head of the Tax Authority and the head of the Customs Authority to clarify what procedures we will proceed with," indicating that "taxes and customs are important institutions capable of increasing and maximizing non-oil revenues." / End 5    https://ninanews.com/Website/News/Details?key=1151518

Al-Akeely: Increase In Revenues After Implementing Automation In 9 Customs Centers

Money and business   Economy News – Baghdad  The Chairman of the General Authority of Customs, Hassan Hamoud Al-Akeili, confirmed on Monday that he had submitted a briefing to the Finance Committee in the House of Representatives on the measures taken by the Authority for the current and last year.

While he indicated that he had witnessed parliamentary support for amending the Customs Law, he expected the completion of the automation of all ports next year 2025, pointing at the same time to the increase in revenues after the implementation of automation in 9 customs centers.

The Chairman of the Authority, Hassan Hamoud Al-Akeili, said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "an important meeting was held today with the Finance Committee in the House of Representatives, as the members of the committee and its chairman listened to everything that was presented by the General Authority of Customs, during this year and last year, from reform steps and a review of the Authority's procedures and electronic systems that were implemented during this period.

The members also reviewed the level of growth in the Authority's revenues from 2022 to the increase achieved in 2023, and they also reviewed the increases in revenues achieved during the first half of this year."

Al-Akeili added, "The representatives made their observations on some performance items and made evaluative observations on some important points that contribute to enhancing work and revenues.

They also expressed support and backing for the General Authority of Customs in moving forward on the subject of automation and on the subject of updating procedures and expanding the geographical area of ​​automated customs centers.

The representatives also expressed their support for moving forward in completing the procedures for legislating to amend the Customs Law, considering it an important law that has been legislated for more than 40 years.

The law is currently in the State Council and is in the process of being presented to the House of Representatives to take its final form."

He pointed out that "we discussed during the meeting that the increasing increase in customs revenues during this year is due to the implementation of the automation system in nine out of 21 customs ports, expressing his hope that the automation of all ports will be completed by 2025.https://economy-news.net/content.php?id=47143

"Al-Eqtisad News" Publishes The Full Decisions Of The Cabinet Session

Money and business   Economy News – Baghdad   Al-Eqtisad News publishes the full decisions of the 36th Cabinet session, headed by Prime Minister Mohammed Shia Al-Sudani.

The Prime Minister's Media Office said in a statement, seen by "Al-Eqtisad News", that "Al-Sudani chaired the thirty-sixth regular session of the Council of Ministers, in which the latest developments in the country were discussed, and a number of important economic files were discussed, in addition to examining the agenda and taking the necessary decisions regarding them."

The statement added, "In order to ensure that the salaries and financial allocations of the Popular Mobilization Forces members are covered, the Council of Ministers voted to increase the allocations of the Popular Mobilization Forces Authority for the year 2024."

He explained that "within the follow-up of the completion of major hospital projects, the Council of Ministers approved the recommendations of the minutes of the meeting of the Diwani Order Committee (45 of 2018), regarding establishing the necessary means and mechanisms to complete the public hospital projects that were approved by the Ministry of Planning."

He pointed out that "in the context of preparing for the general population census, the Council voted to oblige the General Authority of Customs to enter the materials related to the population census, and in the event that a certificate of origin and an original invoice are not submitted,

insurance in the amount of (1) million dinars shall be submitted from the Ministry of Planning, as an exception to Cabinet Resolution (23672 of 2023), and a pledge to submit the aforementioned certificate and lists within 90 days, as a maximum from the date of the customs declaration."

The statement added: "In the field of supporting strategic crops, the Council of Ministers approved increasing the purchase price of one ton of the barley crop (amber) in Iraq from (950) thousand dinars, to become (1) million dinars per ton, and maintaining the current price of the jasmine barley crop at (800) thousand dinars per ton."

He continued: "In terms of security cooperation with friendly countries, the Council of Ministers approved the authorization of the National Security Advisor to negotiate and sign a draft memorandum of understanding for security cooperation between the National Security Advisory Council in the Republic of Iraq and the Supreme National Security Council in Iran,

based on the provisions of the Treaty Conclusion Law (35 of 2015), with any amendment, annex or agreement resulting from the aforementioned memorandum being presented to the General Secretariat of the Council of Ministers to express an opinion before signing it."

He pointed out that "the Council approved the recommendations of the minutes of the Diwani Order Committee (23995) related to the Chinese Framework Agreement projects, regarding the ratification of the allocation schedules prepared by the Ministry of Planning, based on the provisions of the Iraqi-Chinese Agreement axis contained in the Federal General Budget Law for the fiscal years 2023-2024-2025."

He stated that "as part of the government's efforts to remove obstacles facing stalled and suspended projects, and to complete their implementation, the Council of Ministers approved the following:

1- Increase the reserve amount and the total cost of the project to equip and implement the second phase of the treatment plant on the right side of Mosul city.

2- Increase the cost of the Mosul/Right Coast Sewerage Project (M1-Nineveh).

3- Adjusting the total costs of the project to rehabilitate the halls in Al-Rashad Training Hospital in Baghdad Governorate.

4- Increasing the reserve amount and the total cost of the project to build the Qara Tepe/Omar Mandan Road - Baghdad-Kirkuk Road Junction, with a length of 22 km in its second phase.

The Council approved the Ministry of Finance allocating an amount of (11.839) billion dinars to the operating budget of Diwaniyah Governorate, from the emergency reserve, for the purpose of contracting with cleaning companies to serve the center of Diwaniyah Governorate District, for a period of 3 years, based on the provisions of the Federal General Budget Law (13 of 2023), according to a statement from the media office.

The statement confirmed that "approval was given to exempt the contract to study the merger between the National Insurance Company and the Iraqi Insurance Company into one company, from the first paragraph of Cabinet Resolution 23545 of 2023, to proceed with the procedures for contracting with a company specialized in auditing and monitoring joint accounts."

https://economy-news.net/content.php?id=47139

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

Seeds of Wisdom RV and Economic Updates Wednesday Morning 9-4-24

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RIPPLE AND DIFC PARTNER TO BOOST BLOCKCHAIN INNOVATION IN DUBAI

▪️Ripple partners with DIFC Innovation Hub to accelerate blockchain adoption in the UAE and foster innovation.

▪️Ripple’s 1B XRP fund supports global developers, driving blockchain solutions across 47 countries on the XRPL.

Ripple has announced a strategic relationship with the DIFC Innovation Hub, a thriving innovation environment within the Dubai International Financial Centre (DIFC), to accelerate the development and acceptance of blockchain and digital assets in the UAE.

Ripple Fuels Global Blockchain Innovation Through Strategic Alliances and 1B XRP Fund

This alliance aims to connect the next generation of developers with the region’s largest innovation ecosystem, which includes over 1,000 growth-stage IT startups, innovation corporations, digital laboratories, venture capital firms, regulators, and educational institutions. Brad Garlinghouse, Ripple Chief Executive Officer, stated:

“Our partnership with the DIFC Innovation Hub promises to drive the adoption of blockchain technology in the region as the XRPL continues to be a leading blockchain for the region’s start-ups and scaleups building real use cases.”

The agreement demonstrates Ripple’s commitment to pushing blockchain adoption among early-stage firms and scale-ups, as well as situating this disruptive technology within traditional large strategic institutions and their specialized use cases.

The pledge of one billion XRP by Ripple to promote global use cases on the decentralized layer 1 blockchain known as the XRP Ledger (XRPL) further demonstrates its dedication to promoting blockchain innovation.

Ripple’s huge funding offer intends to provide not just monetary support but also technical and business assistance to developers globally. Since the beginning of the 1B XRP Fund in late 2021, Ripple has successfully supported over 160 teams in 47 countries, allowing for the development of a wide range of XRPL applications.

These applications cover a wide range of sectors, including decentralized finance (DeFi), Real World Assets (RWA), and other ground-breaking technologies, demonstrating Ripple’s worldwide effect. Arif Amiri, DIFC Chief Executive Officer, added:

“Today marks another milestone in DIFC’s ongoing journey to help facilitate growth and equip the next generation of leaders with everything they need to succeed.

The Ripple collaboration further cements DIFC’s role as a leading global hub for talent, technology and innovation, as we continue to enhance our ecosystem powered by a world-class regulatory jurisdiction, to drive the future of finance.”

Strategic Integration Boosts Blockchain Innovation and Economic Value in the MEA Region
Ripple’s regional office is located in the DIFC, demonstrating the strategic relevance of the UAE and the larger Middle East and Africa (MEA) area to the company’s activities. The DIFC approved the usage of XRP within the Center in November 2023, marking a key milestone.

This permission enables licensed virtual asset firms operating in the DIFC to incorporate XRP into their virtual asset services, further integrating Ripple’s technology into the region’s financial system.

This move not only advances blockchain innovation in Dubai, but it also generates new economic value by incorporating XRP into the larger virtual asset ecosystem.

In addition to Ripple’s cooperation in Dubai, the Middle Eastern regulatory landscape is evolving, with Qatar recently creating a framework to oversee the operation of digital asset services and foster innovation in the financial sector.

According to CNF, analysts believe that this legislative clarification will considerably accelerate the growth of cryptocurrencies, notably Ripple, given its long-standing ties with Qatar National Bank.

Such regulatory developments in Qatar, together with Ripple’s growing impact in the UAE, place Ripple strategically in the rapidly growing Middle Eastern digital asset industry.

Furthermore, as we previously reported, Japan’s Metaplanet has formed a cooperation with cryptocurrency investment provider SBI for Bitcoin trading and custody.

This collaboration focuses on regulatory compliance and tax efficiency. Given that SBI is one of Ripple’s core partners, there is suspicion that XRP will soon be included in this cooperation, potentially boosting Ripple’s influence in Japan as well.

@ Newshounds News™

Source: Crypto News Flash

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RIPPLE INTRODUCES SMART CONTRACTS AND INNOVATIVE NFT FEATURES TO THE XRP LEDGER

▪️Ripple’s new developments aim to expand the XRP ledger’s capabilities, enabling new features such as NFTs, DEXs, and AMMs.

▪️Ripple is broadening its reach by partnering with AI and metaverse firm Futureverse to integrate Ripple Custody for secure DeFi access via the Ottó blockchain.

Blockchain startup Ripple has made some major announcements at the Korea Blockchain Week 2024 with the goal of boosting the foundations of crypto infrastructure thereby driving more institutional adoption of blockchain.

Ripple is now working to advance the XRP Ledger’s programmability by introducing smart contracts to the mainnet and within the ecosystem. This will also help developers leverage the XRP Ledger’s expanded capabilities, thereby accelerating innovation on the platform, per the CNF report.

As a result, Ripple is undertaking a two-pronged approach to boost programmability. First, smart contracts will be introduced to the XRP Ledger mainnet, along with the XRPL EVM Sidechain, in the coming months. These two developments will complement each other in building a robust and versatile ecosystem that will cater to a wide range of applications.

Furthermore, the introduction of the smart contracts will also enable new layer-1 features such as NFTs, Escrow, payment channels, authorized trustlines, as well as DEXs and AMMs.

The introduction of these new features, along with the high speed and low cost of XRP Ledger, makes it well-suited to drive everything from traditional finance to innovative new applications. However, the Ripple community is also demanding moving away from centralized control of XRP Ledger and taking the path of decentralization, reported Crypto News Flash.

The XRPL Labs’ Hooks, which define the current smart contract standards provide a crucial foundation that can be built upon to improve Mainnet features. This framework will further allow developers to harness Ledger’s core strengths while tailoring smart contracts to address specific requirements.

Ripple Partners With AI and Metaverse Tech Firms

Apart from the financial markets, Ripple is also expanding its wings into other emerging industries, such as artificial intelligence (AI) and the Metaverse. As a result, it has partnered with Futureverse, an AI and metaverse technology firm, to integrate Ripple Custody and thus secure its digital assets.

Futureverse will facilitate secure, KYC-verified access to DeFi through its proprietary Ottó blockchain. To ensure safe receipt and storage of cryptocurrencies before minting on Ottó, Futureverse will utilize Ripple Custody.

It is clear that Ripple seeks to grab a piece of the crypto custody market, which is expected to grow to $10 trillion by 2030. The blockchain startup will do this by providing a state-of-the-art governance framework while safeguarding a large number of digital assets, including stablecoins and tokenized assets such as bonds, stocks, commodities, and real estate.

 Interestingly, Ripple has also been working on a multi-purpose token for XRPL, per the CNF report.

In another announcement, Ripple’s University Blockchain Research Initiative (UBRI) welcomed Korea’s Yonsei University as its 58th global partner. With over $60 million committed to the UBRI program, Ripple continues to advance academic excellence and cutting-edge research through strategic support, technical resources, and grants.

@ Newshounds News™

Source: and Read more: 

Crypto News Flash

CoinGape

Cointrust

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Why You Need to Know What a Recession Really Is - The Economic Ninja |  Youtube

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XRP WHALES SELLING HEAVILY AS RIPPLE TO PAY US SEC THIS WEEK

▪️XRP whales dump heavily ahead of Ripple's $125M settlement with the SEC.

▪️Ripple to pay the settlement this week.

▪️XRP price dips with increased selling pressure on the asset.

XRP whales have ignited severe investor concerns, heavily dumping their holdings ahead of a $125M settlement between Ripple and the U.S. SEC. On-chain data pointed out nearly 1 billion XRP moved over the past day, raising speculations on the cryptocurrency’s future price movements.

 Moreover, recent massive escrow movements by the American blockchain payments firm have further propelled speculations on XRP price action ahead.

@ Newshounds News™

Source: CoinGape

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Ripple USD Stablecoin Could be Issued in 'Weeks, Not Months': Garlinghouse

The RLUSD will be fully backed by U.S. dollar assets, tested with enterprise partners, and will operate on the XRP Ledger and Ethereum blockchain.

Ripple is close to launching its U.S.-dollar pegged stablecoin, Ripple USD (RLUSD), with CEO Brad Garlinghouse indicating a launch timeline of “weeks.”

RLUSD will be fully backed by U.S. dollar assets, tested with enterprise partners, and will operate on the XRP Ledger and  Ethereum blockchain.

SEOUL- Ripple Labs chief executive Brad Garlinghouse, at the ongoing Korea Blockchain Week on Wednesday, said that the company’s U.S.-dollar pegged stablecoin is close to issuance
.
“We will certainly launch soon. Weeks, not months,” Garlinghouse said at the event. “It’s called Ripple USD. RLUSD has been minted in that framework.”

He stated that plans for the token were made after USD Coin (USDC), the second-largest stablecoin by market capitalization of $34 billion, lost its dollar peg in March, 2023.

“We felt like there was an opportunity for a credible player already working with lots of financial institutions to lean into that market,” he said.

Ripple first revealed its stablecoin plans in April, stating that the token would be "100% backed by U.S. dollar deposits, short-term U.S. government Treasuries and other cash equivalents.”

It began testing the token in early August with enterprise partners. The stablecoin is scheduled to be deployed onto Ripple's institution-focused XRP Ledger and the Ethereum blockchain to start and will be based on Ethereum's ERC-20 token standard.

Plans for the stablecoin come amid further boosts to the XRP Ledger network in the form of Ethereum-compatible smart contracts, which will let users build out on-chain exchanges and issue tokens, among other financial services, as they do on Ethereum.

@ Newshounds News™

Source: CoinDesk

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IQD Update-Iraq Dinar- #iraqi dinar -#xrp -Global Partnerships-Security-Stability-Economic-Commercial

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MilitiaMan and Crew:  9-3-2024

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

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

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Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 9-3-24

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QATAR LAUNCHES 2024 DIGITAL ASSETS FRAMEWORK TO LEAD GLOBAL FINANCE

▪️Qatar's QFC Digital Assets Framework 2024 provides a legal foundation for digital asset activities.

▪️The framework was developed through extensive consultation with various stakeholders and includes initiatives like the QFC Digital Assets Lab.

▪️Qatar's initiative is expected to position the country as a leader in digital finance, attracting more companies and driving economic growth.

Qatar is making a major move in the world of finance with the launch of the QFC Digital Assets Framework 2024. Created by the Qatar Financial Center Authority and the Qatar Financial Center Regulatory Authority, this new framework aims to transform how digital assets are managed in the country.

Let’s look at how this could make Qatar a leader in digital finance.

All About the QFC Digital Assets Framework

The QFC Digital Assets Framework acts as a detailed guide for digital assets in Qatar. It sets legal standards for activities such as tokenization, owning digital tokens, and exchanging them. It also acknowledges the role of smart contracts, showing a modern approach to digital asset management.

Why is this framework important? 

The main goal is to ensure a safe environment for digital transactions, meeting global standards. Sheikh Bandar bin Mohammed bin Saoud Al Thani, Governor of Qatar Central Bank, sees this framework as a key part of Qatar’s plan to modernize its financial sector. It’s not just about setting rules; it’s about opening new opportunities and driving Qatar’s digital transformation.

It Takes a Team for Success!

Creating the QFC Digital Assets Framework took a lot of time and resources. It took a lot of discussions and input from an advisory group that included 37 organizations from different fields-finance, technology and law. The idea was to make sure the framework isn’t just a set of rules but something that works for everyone involved.

One of the standout features is the QFC Digital Assets Lab, which started in October 2023. More than 20 startups and fintech companies are already using it to test and launch their digital asset products and services.

This lab is not just about regulation; it’s about encouraging innovation and making Qatar a central player in digital finance.

Qatar’s Ambitious Vision

With the launch of the QFC Digital Assets Framework 2024, Qatar is clearly aiming to lead in digital finance. This framework provides the clarity and security that businesses, both local and international, need. It’s expected to attract more companies to Qatar, boosting its financial sector and making it more competitive globally.

Yousuf Mohamed Al-Jaida, CEO of QFC, is enthusiastic about the new framework, noting that it aligns Qatar’s regulations with the best global practices. It’s also a key part of Qatar’s strategy for long-term growth and security in the digital space.

Shaping the Future of Finance – Together!

In short, the QFC Digital Assets Framework 2024 is a major development. It’s not just about setting rules; it’s about shaping the future of finance in Qatar. By building a strong regulatory base, Qatar is ensuring that digital asset transactions are secure, transparent, and ready for the future.

This framework is a big step forward for Qatar’s financial sector and its role in global digital finance.

@ Newshounds News™

Source: Cooinpedia

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RIPPLE PARTNERS WITH FUTUREVERSE TO ENHANCE SECURE DIGITAL ASSET CUSTODY

Futureverse to Leverage Ripple Custody for AI and Metaverse Initiatives

In a significant advancement within the digital asset infrastructure and metaverse technology sectors, Ripple, a leader in digital asset solutions, has announced a strategic partnership with Futureverse, a prominent company in AI and metaverse technology. 

The collaboration aims to integrate Ripple Custody into Futureverse’s ecosystem, ensuring secure storage and management of digital assets, particularly as the demand for compliant and institutional-grade custody solutions continues to grow.

Futureverse has unveiled plans to use Ripple Custody to facilitate the secure custody of digital assets before they are minted on its self-developed Ottó blockchain.

The partnership will enable Futureverse to offer a secure and compliant environment for Know Your Customer (KYC) verified access to decentralized finance (DeFi) via the Ottó blockchain.

This development is timely, given the rapid expansion of the crypto custody market, which is projected to approach $10 trillion by 2030.

The integration of Ripple Custody is expected to address the critical need for robust, secure, and compliant digital asset storage solutions that can accommodate a wide range of digital assets, including stablecoins and tokenized real-world assets such as stocks, bonds, commodities, and real estate.

Ripple Custody has been designed with a state-of-the-art governance framework to protect a diverse array of digital assets, thereby allowing institutions, enterprises, and crypto businesses to securely manage their digital assets while confidently navigating the evolving Web3 landscape.

This partnership underscores the growing importance of secure custody solutions as digital assets gain increased adoption across various sectors.

Jeffrey McDonald, the Founder of Ottó Blockchain and Chief Customer Officer of Futureverse, emphasized that the integration of Ripple Custody into Futureverse’s operations was driven by Ripple’s industry-leading security features, which are designed to enhance the safety of customers’ digital assets.

 He also highlighted the long-standing relationship between the two companies, noting that Ripple’s advanced product features made it the ideal choice as Futureverse continues to innovate within the AI and metaverse technology spaces.

Ripple’s suite of enterprise-grade solutions is tailored to meet the evolving demands of businesses operating in the digital economy.

Beyond custody services, Ripple offers a comprehensive range of solutions, including the secure storage of cryptocurrencies and digital assets, the off-ramping of stablecoins, and the facilitation of payouts in local fiat currencies across over 80 markets worldwide.

These offerings are designed to help businesses scale their operations without compromising on security, compliance, or operational efficiency.

Fiona Murray, Managing Director of APAC at Ripple, emphasized the importance of security and compliance as foundational elements for the success of any digital asset platform.

She further expressed that Ripple’s ongoing collaboration with Futureverse is a testament to the company’s commitment to supporting Web3 projects and communities with secure and scalable custody solutions.

Both Ripple and Futureverse have been active participants in the XRP Ledger (XRPL) community, with Futureverse having adopted the XRPL NFT standard, which benefits from the network’s low transaction fees and high throughput capabilities.

Moreover, Futureverse utilizes XRP as the network’s gas token and has integrated with the XRPL decentralized exchange (DEX) to provide network liquidity. The partnership between Ripple and Futureverse was further solidified in 2023 when Ripple took part in Futureverse’s $54 million Series A funding round, led by 10T Holdings.

This collaboration between Ripple and Futureverse highlights the ongoing evolution of digital asset management and the critical role that secure, compliant custody solutions play in the broader adoption of digital assets and blockchain technology.

As the market continues to evolve, partnerships like this are likely to become increasingly important in ensuring the safe and efficient operation of digital asset platforms.

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Source: CoinTrust

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