“Tidbits From TNT” Sunday Morning 9-8-2024

TNT:

Tishwash:  Opportunities in Iraq” after overcoming “years of turmoil” at an international conference in Washington

The American Atlantic Council Institute announced that it will organize a conference on Iraq in Washington on October 15, with the participation of current and former politicians and experts from the United States and Iraq, where it will address opportunities and challenges in relations, overcoming years of turmoil, with a focus on the energy sector, and diversifying the Iraqi economy. 

According to the American Institute, the conference, which is being held within the framework of the "Iraq Initiative", under the title "The Path to Recovery, Development and Global Partnerships in Iraq", will bring together a diverse group of senior experts, researchers and policy makers from both the United States and Iraq, including current and former senior officials. 

The report, translated by Shafaq News Agency, explained that the conference, the third of its kind for the "Iraq Initiative", will address the major challenges and opportunities facing Iraq as it begins to overcome years of volatility, with early signs of recovery and development. 

The report added that the conference will focus this year on the advancement of the energy sector, the efforts of the Iraqi government towards sustainable economic diversification, and the evolving path of the US-Iraqi relationship. 

The report added that the conference will witness dynamic discussion panels that explore how Iraq, the United States and the international community can interact positively with Iraq as it moves through its unique social, political, economic and security changes.

The report added that the conference will witness direct personal participation and via video, and will include translation into Kurdish and Arabic. 

The report concluded by saying that the "Iraq Initiative" program provides transatlantic and regional policymakers with unique insights and analyses on the ongoing challenges and opportunities facing Iraq as the country attempts to establish an inclusive political system, attract economic investment, and stimulate a vibrant civil society.  link

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Tishwash:  Government Advisor: We are working on developing a tax system that is attractive to investors

The head of the Supreme Committee for Tax Reform, the Prime Minister’s Advisor for Economic Affairs, Abdul Hussein Al-Anbaki, announced today, Sunday, a three-pronged plan for tax reform. While he indicated that facilitating measures would be taken regarding the tax administration, he confirmed that previous fines would be exempted for many groups to restore the confidence of taxpayers in paying taxes.

Al-Anbaky said in an interview with the Iraqi News Agency, which was followed by "Al-Eqtisad News", that "some media outlets interpreted the tax reform as aiming to increase non-oil revenues, and this interpretation is not scientifically sound," indicating that "the main goal of the tax reform is to create an easy and transparent tax system that is friendly to the business environment and attractive to investors, because the tax rate is not the basis, but rather the tax rate when multiplied by the tax base is the result of the tax revenue."

He continued: "We seek in tax reform to have a large tax base," explaining that "when the tax base is large, tax revenue will inevitably increase, even if tax rates are the same and at lower rates."

He added that "tax revenue is a by-product of the tax reform situation and not the basis for which the tax reform is launched," noting that "the Supreme Committee for Tax Reform wants to achieve tax justice and make tax accounting easy and transparent and does not want there to be cases of extortion, obstruction and delay of tax procedures."

He pointed out that "many facilities have been made, which ultimately lead to restoring the confidence of taxpayers in paying taxes in the tax administration," indicating that "many categories have been exempted, the cases of allowances have been expanded, and they have been exempted from previous fines and accumulated interest in order to restore the confidence of taxpayers in the tax administration."

He said, "When taxpayers come to account, this will lead to an increase in tax revenues," stressing that "the aim of these measures is to create a tax system that is attractive to investors and not just to seek to increase tax revenues because increasing tax revenues is a foregone conclusion."  link

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Tishwash:  Central Bank of Iraq announces comprehensive banking reform map

After the Central Bank delegation returned from the last round of negotiations with the US Treasury and the US Federal Reserve, it revealed the roadmap for radical and comprehensive banking reform, which begins with working to cancel...

 The electronic platform for foreign transfers, which was implemented as a first stage to reorganize financial transfers in a way that ensures proactive control over them instead of subsequent control. This was a temporary exceptional measure and a gradual shift was planned towards building direct relationships between banks in Iraq and foreign correspondent and approved banks, mediated by an international auditing company to conduct pre-audit of transfers before they are executed by correspondent banks.

During the year 2024, up until now, 95% of the transfer process from the electronic platform to the correspondent banking mechanism directly between it and Iraqi banks has been achieved. This 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, according to the plan.

Thus, some expectations about possible effects on the exchange rate and transfer operations are baseless, because the process will not be sudden or in one go 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 accomplished in the coming short period.

The Central Bank confirms 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 UAE dirhams, through approved correspondent banks in those countries. (13) Iraqi banks have actually begun to conduct transfer operations with a pre-audit mechanism that has been agreed upon and approved in addition to transfers in dollars.

Providing channels for personal transfers for legitimate purposes and external purchases through electronic payment channels, global money transfer companies, cash sales to travelers, and paying cash dollars for incoming transfers to the parties and purposes specified in the Central Bank’s published instructions.

The Central Bank stresses that it has placed foreign transfer operations and meeting dollar demands on sound tracks consistent with international practices and standards and the Anti-Money Laundering and Terrorist Financing Law.

He explains 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 resort to, who move away from official channels in their dealings, so they bear the additional costs alone by purchasing at a higher price than the official price to delude others with the difference between the official price and others.

The map and mechanisms announced by the Central Bank will certainly lead to lifting the confusion and instability in the monetary market, which is prevalent due to the continued imposition of American restrictions on our private banks and directing accusations, slander, rumors, analyses, interpretations and targeting of the Central Bank, and will create a state of optimism by lifting the restrictions imposed on some private banks.

This means that there are great efforts made by the Central Bank, in cooperation with the government, since the beginning of 2023 until now, in the field of implementing the financial and banking reform program and fruitful coordination with financial policy, which refutes the slander. And the accusations and spreading optimism and reassuring the market and citizens. This is what the Governor of the Central Bank had previously emphasized before the Central Bank delegation’s recent trip to America. And the new reform roadmap is a result of the efforts previously made and which the Central Bank has been working on for a year and eight months, and it is as follows:

 - Reorganizing foreign trade financing to achieve several objectives at once, one of which is the transparency of foreign transfer operations that begin with the transfer process and the transferor to the final beneficiary and to the source through all data, documents and information that enhance and match reality.

All large and medium-sized companies are committed to achieving this goal. The problem now is the dealings of small traders outside the operations. 

Foreign transfers are a pressure on the dollar money market and cause it to rise.

- The Central Bank opened channels for the Chinese, Turkish, Indian and Emirati currencies, which are currencies that represent a significant weight in foreign trade, as there was a halt for a period due to a new regulation aimed at providing sufficient control over these operations.

“A new audit mechanism has been put in place by an international company, and the process has been finalised and is now being restarted.”

The Central Bank has continuously urged the opening of relations with correspondent banks, because the Iraqi bank without having external correspondents is considered a local bank and cannot open up to the world.

The Central Bank, for its part, supports and assists this trend.”

- “In light of the new regulation of the foreign exchange process, the real price at which the Central Bank sells more than $250 million daily at the official price should be considered. This means that the bank covers foreign trade, and this explains why there is no inflation or price increases.

The parallel market is a market for those who do not want to go towards the regular methods of transfer and it is an illegal trade or trade that escapes the regular procedures or other illegal operations such as drug trafficking, human trafficking, corruption money, etc.

- Whether the dollar price rose or fell is not a correct indicator, as one must look at what and how much the Central Bank sells at the official price to liquidate various needs.

- That "the primary objective of the Central Bank is to maintain the general level of prices and limit inflation, and this is supposed to be the measure of the success of monetary policy, which has succeeded in controlling this aspect and the level of inflation compared to other countries and even in previous years is much lower, and within the target, and this means that foreign trade, on which Iraq depends primarily to meet the needs of citizens, is covered by the official price."

- “There is great praise in all meetings with international organizations, including the International Monetary Fund, the Federal Reserve, and the US Treasury, for the transformations, management, and organization of the external transfer process in the Central Bank of Iraq at the present time.”  

 And that "the Central Bank's plan until the end of the year will reach 100%, with foreign transfers between Iraqi banks and correspondent banks, without going through the US Federal Reserve.

The plan to reform and lift restrictions on banks includes two axes: the first relates to conducting an audit of previous operations that were suspected by an independent external audit office, some of which have been completed while we await the completion of the audit of others in order to determine the overall picture and classify the nature of these problems and how procedures will be carried out regarding them later.

And to reach a real, stable banking sector that is consistent with what is required at the level of the national economy, and to prevent some banks from remaining marginal and not representing a real addition to the Iraqi economy, and to gain external acceptance through agreement on their implementation of international policies, procedures and standards.

- The Central Bank has not set a quota for foreign transfers for banks, and they can submit whatever foreign transfer transactions they can attract. The Central Bank does not interfere in customers’ choices, and the banks that carry out this process rely on their capabilities to attract their customers.   link

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Iraq Economic News and Points To Ponder Saturday Afternoon 9-7-24

Call For Political And Social Forces To The "Trial Of The Century"

Time: 2024/09/07 20:25:08 Read: 728 times

{Politics: Al Furat News} Member of the National Wisdom Movement, Riyadh Al-Awadi, called on political and social forces to support the call of the head of the National State Forces Alliance, Mr. Ammar Al-Hakim, to hold a public trial in the case of the theft of tax deposits known as the “theft of the century.”

Al-Awadi told {Euphrates News} that: "What Mr. Ammar al-Hakim's speech means is that this trial must be public and at the level of media and glorification that he received," considering it "a credible example of political work if it serves the interest of the country."

He added, "Mr. Ammar al-Hakim's call for a transparent trial of the "theft of the century" case gives strength to the political system and will enhance trust between citizens and politicians, as well as give high transparency to the judiciary in the country."

Al-Awadi stressed that "Mr. Ammar al-Hakim's call will contribute to reducing the scourge of corruption in the country," calling on political and social forces to "support the call that serves the interest of Iraq."

The head of the National State Forces Alliance, Mr. Ammar al-Hakim, called for a public trial in the case of the theft of tax deposits known as the "theft of the century."

In light of this, the Secretary-General of the Asa'ib Ahl al-Haq movement, Sheikh Qais Khazali, announced his support for Mr. Ammar al-Hakim's call.

Sheikh Al-Khazaali said in a tweet: “To resolve the conflict, put an end to sedition, establish the truth and invalidate falsehood, we announce our support for the call of His Eminence, Brother Sayyed Ammar Al-Hakim (may God glorify him) to hold a public and major trial in the case of (the theft of the century), to be broadcast live on satellite channels and media outlets.”

He added, “So that our dear Iraqi people may know the truth as it is, and so that our just judiciary may play its important role in protecting the rights of Iraq and Iraqis.”   LINK

The Central Bank explains the mechanism for ending the work of the dollar registration platform

September 6, 2024  Baghdad - Qusay Munther  The Central Bank has put in place a new mechanism to end the work of the electronic platform for registering the dollar, stressing that foreign transfer operations and meeting requests for the dollar are proceeding on sound tracks and in line with international practices and standards and the Anti-Money Laundering and Terrorist Financing Law.

The bank said in a statement received by (Al-Zaman) yesterday that (the electronic platform for foreign transfers managed by the bank at the beginning of 2023 began as a first stage by reorganizing financial transfers in a way that ensures proactive control over them instead of subsequent control by the Federal Reserve auditing daily transfers).

Gradual Transformation

He added that (this is an exceptional procedure as the Federal Reserve does not usually do this, and a gradual shift was planned towards building direct relationships between banks in Iraq and foreign correspondent and accredited banks, mediated by an international auditing company to conduct a preliminary audit of transfers before they are executed by correspondent banks),

 and he continued that (during the current year, 95 percent of the transfer process was achieved from the electronic platform to the mechanism of correspondent banks directly between them and local banks, which means that only about 5 percent 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),

indicating that (some expectations regarding 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 short period),

 indicating that (trade with the UAE, Turkey, India and China represents about 70 percent of Iraq's foreign trade as imports, which prompted the bank to find channels for transfer in euros, Chinese yuan, Indian rupee and dirham

The statement explained that (with the provision of channels for personal transfers for legitimate purposes and external purchases through electronic payment channels and international money transfer companies and 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), and stressed (putting external transfer operations and meeting requests for dollars on sound paths consistent with international practices and standards and the Anti-Money Laundering and Terrorist Financing Law).

Official price

The statement added 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 of these channels is an abnormal price that those with unorthodox or illegal practices resort to, who avoid official channels in their dealings, and they bear the additional costs alone by purchasing at a higher price than the official price to delude others with the difference between the official price and the other).  LINK

The Central Bank Of Iraq Sold More Than A Billion Dollars During The Past Week

Saturday 07 September 2024 | Economic Number of readings: 134  Baghdad/ NINA / The total sales of the Central Bank of Iraq of hard currency during the days in which the auction was opened last week exceeded one billion dollars.

The Central Bank sold during the past week and for the 5 days in which the auction was opened one billion, 286 million, 141 thousand, and 172 dollars, at a daily average of 257 million, 228 million, and 234 dollars, higher than the previous week, which amounted to one billion, 113 million, 820 million, and 107 dollars.

The highest dollar sales were on Sunday, where sales amounted to 279 million, 390 thousand, and 704 dollars, while the lowest sales were on Wednesday, where sales amounted to 255 million, 233 thousand, and 188 dollars.

Foreign remittance sales during the past week amounted to 1 billion, 283 million, 91 thousand, and 172 dollars, an increase of 96% compared to cash sales, which amounted to 48 million and 50 thousand dollars. / End   https://ninanews.com/Website/News/Details?key=1152374

Stability of the dollar exchange rate in local markets

Economy  | - 07/09/2024  Mawazine News – Baghdad  Mawazine News publishes today, Saturday, the exchange rates of the dollar against the Iraqi dinar in local markets.   The prices are as follows:

- Selling: 150,500 Iraqi dinars for every 100 dollars.

- Buying: 148,500 Iraqi dinars for every 100 dollars.

https://www.mawazin.net/Details.aspx?jimare=254555

Basra crude suffers huge weekly losses

Saturday 07 September 2024 | Economic Number of readings: 167  Baghdad / NINA / Basra crude (heavy and medium) suffered heavy weekly losses as global oil prices recorded sharp weekly losses.

Basra Heavy crude closed in its last session yesterday, Friday, up 40 cents to reach $68.76, but recorded weekly losses of $6.10, equivalent to 7.90%.

Basra Medium crude also closed in its last session up 40 cents to reach $71.76, and recorded weekly losses of $6.10, equivalent to 7.60%.

Global oil prices have recorded extended losses for 4 consecutive sessions, amid anticipation of the position of / OPEC + /.

US West Texas Intermediate crude recorded weekly losses of 7.9%, and Brent crude recorded sharp weekly losses exceeding https://ninanews.com/Website/News/Details?key=1152318

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

Seeds of Wisdom RV and Economic Updates Saturday Afternoon 9-7-24

Good afternoon Dinar Recaps,

XRP POWERS UP CROSS-BORDER PAYMENTS – RIPPLE’S SOLUTION REDUCES COUNTERPARTIES AND SPEEDS UP TRANSACTIONS

▪️Ripple Payments addresses these challenges faced by businesses, such as liquidity issues and slow settlement, by using XRP crypto and the XRP Ledger.

▪️This system helps crypto businesses streamline operations, improve customer experience, and expand their global reach while reducing risks related to FX and crypto volatility.

With the growing adoption of crypto, traditional financial infrastructure has proven to be absolutely inadequate to cater to the needs of crypto and blockchain-powered companies.

Thus, in identifying the key challenges for businesses, Ripple is at the forefront of addressing issues related to liquidity, low settlement times, and limited off-ramp options, which have recently stemmed from outdated cross-border payment systems.

Ripple’s recently published report highlights how exchanges, OTC desks, and other crypto companies have faced huge struggles in global transactions.

This has led to a major hindrance in their growth and success while creating a need for real-time cross-border payment solutions that provide transparency and speed as modern digital assets provide.

The Ripple report stresses that real-time payments are crucial in today’s fast-moving crypto space. Customers expect immediate transactions, and businesses require quick, flexible global payouts and instant settlement to ensure liquidity. 

However, traditional financial systems fail to provide the necessary speed, flexibility, or transparency, causing delays and high costs.

The problems increase further with the complexity of establishing global payout networks and the limited availability of off-ramps for digital assets like stablecoins.

Many financial institutions that do provide off-ramp services impose high fees and unfavorable foreign exchange rates, making it costly for crypto businesses to operate. This is exactly where Ripple comes into the picture.

Ripple Payments Provides Some Interesting Solutions

As reported by Crypto News Flash, Ripple payments leverage the XRP digital asset and XRP Ledger blockchain to provide speed, access, and cost-efficiency as requested by Crypto businesses. This system allows for transaction settlement within seconds.

Besides, it operates 24/7, thereby reducing costs by streamlining international payments. This gives crypto companies a competitive advantage by ensuring they can meet market demands quickly and offer better pricing to customers.

Businesses can connect with Ripple’s global payments network to simplify payments using a single API or UI while offering stablecoin and digital asset off-ramps for various currency payouts. This comprehensive solution improves customer experiences, builds long-term loyalty, and strengthens brand reputation.

Ripple Payments is a complete solution for crypto businesses looking to expand their international reach, boost market responsiveness, and mitigate risks associated with FX and crypto volatility.

 As reported by Crypto News Flash, it can also be a game changer for local banks facilitating cross-border business transactions.

On the other hand, Ripple is also building the XRP Ledger with the goals of introducing smart contracts, EVM sidechain, and other innovative NFT features to the XRP Ledger, reported CNF.

@ Newshounds News™

Source:  Crypto News Flash

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IOTA NEWS: GROUNDBREAKING STUDY SHOWS HOW IOTA 2.0 SMART CONTRACTS SECURE SDN

A recent study explores how IOTA 2.0 smart contracts can enhance the security of Software-Defined Networking (SDN), addressing vulnerabilities in SDN’s centralized architecture.

The proposed solution leverages IOTA’s Tangle technology to offer scalability, eliminate transaction fees, and reduce energy consumption.

The latest study conducted explores the integration of IOTA 2.0 smart contracts into Software-Defined Networking (SDN) in order to explore the security vulnerabilities present in SDN’s centralized architecture. Although SDN offers network management solutions with better flexibility and control, its centralized nature comes along with significant security risks.

The paper’s proposed solution leverages IOTA’s Tangle technology, a directed acyclic graph (DAG) structure that boosts scalability, eliminates transaction fees, and reduces energy consumption.

According to the CNF report, the IOTA Tangle Treasury also implemented anti-fraud measures last month.

The study report also introduces three different smart contracts – Authority, Access Control, and DoS Detector – which ensure secure network operations by preserving control data integrity, preventing unauthorized access, as well as mitigating denial-of-service attacks.

Additionally, simulations conducted on the IOTA mainnet and the ShimmerEVM IOTA Test Network demonstrate the effectiveness of these contracts in bolstering SDN security. 

The findings emphasize IOTA 2.0’s potential to offer a decentralized and robust solution for securing SDN environments, thereby promoting the further integration of blockchain technology in network management, as reported by CNF.

Here’s How IOTA 2.0 Smart Contracts Secure SDN
As said, the SDN architecture uses IOTA’s Tangle technology to revolutionize network security via energy-efficient, scalable, and cost-effective solutions for real-time operations. 

Using its Directed Acyclic Graph (DAG) structure, IOTA’s Tangle facilitates parallel transaction processing without the need for miners. This helps in reducing both costs and energy consumption while facilitating secure network management.

As said, there are three smart contracts at the core of the system:

1.  Directed Acyclic Graph (DAG) structure: This acts as a gatekeeper, verifying trusted entities like ISPs while ensuring only authorized participants control network switches and devices.

2.  Access Control: This smart contract regulates communication between controllers and switches, thereby allowing only verified controllers to manage network data flow and preventing unauthorized access.

3.  DoS Detector Smart Contract: This smart contract provides real-time defense against denial-of-service (DoS) attacks by automatically blocking devices that send excessive requests.

For example, an Internet Service Provider (ISP) can securely manage switches across its network using IOTA 2.0’s smart contracts, ensuring all communications are verified and authorized.

Moreover, this decentralized, feeless system offers scalability and resilience, making it an ideal solution for global networks, the Internet of Things (IoT), and industrial applications, per the CNF report.

By decentralizing network management, IOTA addresses the risks of single points of failure and creates a more secure, adaptive system for modern cybersecurity needs.

@ Newshounds News™

Source:  CryptoNews

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STABLECOIN ECONOMY EXPANDS $1.08B IN 2 WEEKS DESPITE REDUCTIONS IN KEY COINS

In the past 15 days, the stablecoin economy experienced modest yet steady expansion, adding $1.08 billion to its overall value. During this time, tether’s market capitalization increased by 790 million.

Modest $1.08B Growth in Stablecoin Market Since Aug. 23

Growth in the stablecoin economy has slowed, though it continues to expand, as highlighted by recent statistics.

 From Aug. 23, 2024, to Sept. 7, 2024, the stablecoin market grew from $169.72 billion to $170.80 billion, a gain of $1.08 billion.

On Saturday, the stablecoin economy dominated trade volume, contributing $80.16 billion of the $114.2 billion traded in the last 24 hours.

Tether (USDT) saw its supply rise from 117.39 billion to 118.18 billion USDT, while Circle’s USDC experienced smaller gains, increasing by 50 million over the 15-day span.

However, DAI’s market supply dropped by 60 million since Aug. 23. Ethena’s USDE supply decreased by 330 million, and although FDUSD briefly surpassed USDE, it has since fallen back.

FDUSD, which stood at 2.65 billion, is now down 90 million, sitting at 2.56 billion today. Despite these reductions, the growth in USDT and several other stablecoins helped the stablecoin economy continue its upward trend, albeit at a slower pace compared to previous weeks. For instance, in the five days leading up to Aug. 23, the stablecoin economy expanded by $1.3 billion.

What do you think about the $1.08 billion added to the stablecoin economy over the last 15 days? Share your thoughts and opinions about this subject in the comments section below.

@ Newshounds News™

Source:  Bitcoin News

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CHAMBER OF PROGRESS DEMANDS CLARITY ON CRYPTO FROM PRESIDENTIAL HOPEFULS

Chamber of Progress has urged the presidential debate moderators to ask for crypto clarity as 18 million Americans await candidate positions.

The Chamber of Progress, a technology industry coalition advocating for digital innovation, has urged moderators of the upcoming ABC presidential debate to include a critical question on crypto regulation.

In a letter sent to moderators Linsey Davis and David Muir on Sept. 5, the organization highlighted the growing role of digital assets in the US economy and called for transparency on the candidates’ positions.

The letter stated that over 18 million Americans currently hold or trade crypto, making it a pressing issue in the 2024 election cycle. It emphasized the importance of addressing digital asset policy in the first debate between Vice President Kamala Harris and former President Donald Trump.

The letter added:

“Voters deserve to know where the nominees stand on crypto before they head to the ballot box in November.”

Rising adoption

According to the letter, crypto has gained traction across various demographics. Recent polls reveal that one in five Americans has invested in, traded, or used crypto.

Moreover, data from the Kansas City Federal Reserve shows that Black investors are more likely to hold crypto than traditional stocks or mutual funds.

With Black, Hispanic, and Asian US adults accounting for 20% of crypto users, the letter noted that crypto policy has become a key issue for underrepresented communities.

Additionally, polling data cited in the letter suggests that Gen Z and Millennial voters are particularly invested in digital asset policy. More than half of these groups support a federal approach that fosters crypto use in the US.

As the 2024 election approaches, 52% of voters believe increased regulation of digital assets is necessary, with one in five registered voters considering it a major issue when casting their ballots.

Clear stance on digital assets

The letter also highlighted the evolving positions of the two major candidates. Former President Trump, who once referred to crypto as a “scam,” has since reversed his stance and is now actively courting crypto voters. His campaign has built a “crypto army” aimed at mobilizing supporters in favor of digital asset adoption.

On the other hand, while Vice President Harris has not yet released a formal crypto policy agenda, one of her senior advisors recently indicated that she is open to regulation that would promote the industry’s growth while protecting consumers.

The letter the need for the candidates to explain how they plan to balance nurturing innovation with safeguarding consumer interests. It added:

“A crypto question at September’s debate could bring voters some much-needed clarity on this important issue.”

With the rising adoption of digital currencies and ongoing discussions about regulatory frameworks, the Chamber of Progress hopes this debate will provide a platform for clear positions on the future of crypto in the US.

@ Newshounds News™

Source:   CryptoSlate  

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US NATIONAL DEBT EXPLODES BY $684,322,497,000 IN THREE MONTHS AS FITCH WARNS AMERICA HAS FAILED TO FIX GROWING DEBT BURDEN

The US national debt has ballooned by over half a trillion dollars in just three months.

According to the U.S. Treasury, America’s national debt jumped from $34,635,364,143,328 on June 3rd to $35,319,686,640,609 on September 3rd – a surge of $684,322,497,000.

The massive rise is coming just over a month after the US national debt crossed the $35 trillion mark.

The US credit rating giant Fitch continues to sound the alarm on the growing debt and deficit.

In a new rating action commentary, Fitch says it is affirming its long-term “AA+” rating for the US with a stable outlook due to the nation’s high per capita income, position as the largest economy in the world and dynamic business landscape.

But the agency says it is not ready to upgrade the country to the “AAA” rating due to the nation’s underlying fiscal conditions.

“The ratings are constrained by high fiscal deficits, a substantial interest burden and high government debt, all of which are more than double the ‘AA’ rating medians…

The government has failed to meaningfully tackle large fiscal deficits, the growing debt burden and looming increases in spending associated with an aging population.”

The rating giant notes that the US has a significant edge over other nations due to the dollar’s status as the world’s reserve currency. But trust in the US and the dollar may erode if the country continues to rely on debt to fund expenses.

“However, persistent rises in the public debt burden would increase vulnerability to economic and confidence shocks.”

Last year, Fitch downgraded the long-term rating for the US from the “AAA” gold standard to “AA+,” citing expected fiscal deterioration over the coming years.

@ Newshounds News™

Source:  Dailyhodl

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Source:  Currency Facts

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Okie's  NDA Secrets  Why Catfish Stay Safe!  |  Youtube

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The Future of Money RV, GCR, and QFS  |  Youtube

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Source:  Currency Facts

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China's New Forex Tool Game Changer  |  Youtube

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Read more:  Currency Facts

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Some “Iraq News” Posted by Clare at KTFA 9-7-2024

KTFA:

Clare:  Opportunities in Iraq” after overcoming “years of turmoil” at an international conference in Washington

9/7/2024

The American Atlantic Council Institute announced that it will organize a conference on Iraq in Washington on October 15, with the participation of current and former politicians and experts from the United States and Iraq, where it will address opportunities and challenges in relations, overcoming years of turmoil, with a focus on the energy sector, and diversifying the Iraqi economy. 

According to the American Institute, the conference, which is being held within the framework of the "Iraq Initiative", under the title "The Path to Recovery, Development and Global Partnerships in Iraq", will bring together a diverse group of senior experts, researchers and policy makers from both the United States and Iraq, including current and former senior officials. 

The report, translated by Shafaq News Agency, explained that the conference, the third of its kind for the "Iraq Initiative", will address the major challenges and opportunities facing Iraq as it begins to overcome years of volatility, with early signs of recovery and development. 

The report added that the conference will focus this year on the advancement of the energy sector, the efforts of the Iraqi government towards sustainable economic diversification, and the evolving path of the US-Iraq relationship. 

The report added that the conference will witness dynamic discussion panels that explore how Iraq, the United States and the international community can interact positively with Iraq as it moves through its unique social, political, economic and security changes.

The report added that the conference will witness direct personal participation and via video, and will include translation into Kurdish and Arabic. 

The report concluded by saying that the "Iraq Initiative" program provides transatlantic and regional policymakers with unique insights and analyses on the ongoing challenges and opportunities facing Iraq as the country attempts to establish an inclusive political system, attract economic investment, and stimulate a vibrant civil society.   LINK

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Clare: A large ministerial delegation will visit the region tomorrow to discuss several files and issue important decisions

9/7/2024

 Kurdistan Democratic Party member Wafaa Mohammed Karim confirmed today, Saturday, that tomorrow, Sunday, there will be a joint visit from the federal government to the region to discuss several files and follow up on the salaries of Kurdistan Region employees.

 Karim told Al Furat News Agency, "Tomorrow there will be a visit by the Ministers of Finance, Foreign Affairs, Planning, two ministers, the head of the Border Ports Authority, and the Governor of the Central Bank to the region to discuss several files and hold important meetings to follow up on the file of the border ports and the salaries of the Kurdistan Region employees."

He added: "The large ministerial delegation will go to resolve files and take decisive decisions regarding salaries, border crossings, and checkpoints between the region and the center." 

He stressed that "all these files will be discussed and important decisions will be issued in favor of both parties." 

In a related context, a source told Al Furat News Agency that Minister of Labor Ahmed Al Asadi will be among those attending the meeting.

From.. Raghad   LINK

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Clare:  The first of its kind.. A meeting between the Economic Ministerial Council of the Baghdad and Erbil governments in Kurdistan

9/7/2024

A delegation from the Federal Ministerial Council for Economy will arrive this evening, Saturday, to hold a meeting with the Economic Council in the Kurdistan Region tomorrow, Sunday.

The federal delegation is headed by Deputy Prime Minister, Minister of Foreign Affairs and Chairman of the Ministerial Council for the Economy, Fuad Hussein.

The first joint meeting will be held tomorrow between the Federal Ministerial Council for the Economy and the Economic Council in the region, in the presence of Masrour Barzani, Prime Minister of the Kurdistan Regional Government. It will last for two days, to discuss the controversial issues between the two sides, and to ensure constitutional rights, financial dues, and the region’s share of the federal budget.   LINK

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Clare:  Passing the investment law within two weeks.. What are the positives?

9/7/2024  Economy

The Parliamentary Investment and Development Committee expected, today, Saturday, to pass the Industrial Investment Law within the next two weeks in Parliament, while it spoke about the advantages and positives of this law.

The deputy head of the committee, Hussein Al-Saabri, said in an interview with Sumarya News, "Parliament will approve the industrial investment law within two weeks, and this law is one of the most important laws that serve the industrial investor in Iraq and raise the pace of industrial movement in the country," indicating that "this law includes customs exemptions and land ownership for the investor inside and outside the cities, with the precise identification of industrial areas within the cities."

Al-Saabri added, "The law also includes the protection of foreign investors, their money, and ownership within new industrial districts and areas with certain controls," noting that "the law is currently in the linguistic and legal amendment stage in preparation for presenting it to parliament sessions within two weeks for the purpose of voting on it."

Al-Saabri considered that "the approval of this law represents a qualitative leap in Iraqi industry," noting that "the law will greatly reduce exceptions, but rather there will be fair competition between companies and entities that win project contracts."   LINK

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Clare:  Prime Minister issues directives to develop electronic payment systems and services

9/7/2024  Baghdad

Prime Minister Mohammed Shia Al-Sudani directed, on Saturday, to take a package of measures and directives to develop electronic payment systems and services and follow up on their implementation by specialized committees.

A government source said, in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "in the framework of Prime Minister Mohammed Shia Al-Sudani's continuous follow-up to the development of electronic payment systems and services, and in light of his review of the field supervisory reports related to the implementation of these services in various Iraqi ministries and institutions, he directed to take a package of relevant measures with follow-up of their implementation by specialized committees."

He added, "The directives were as follows:

1. Directing the Ministry of Planning, in cooperation with the Central Bank of Iraq and the World Bank, to create a national budget allocated to support and develop digital payment systems across the country.

2. Directing all ministries, including the Central Bank of Iraq, to ​​prepare an electronic cash flow statement periodically to ensure financial transparency, determine liquidity and manage risks, which contributes to improving financial planning.

3. Directing ministries and government institutions to establish strategic partnerships with banking and non-banking financial institutions as well as technology institutions and adopt effective action steps for cooperation and exchange of proposals and expertise.

4. Obligating financial and banking institutions to develop their technical and digital systems in accordance with the latest international standards, including strengthening anti-money laundering and anti-fraud systems; in order to ensure operational efficiency, improve the quality of banking services and achieve full compliance with regulatory controls.

5. Obligating financial and banking institutions to develop cyber protection systems and adopt the cyber resilience document, with strict adherence to the controls issued by the Central Bank regarding electronic governance, to ensure comprehensive protection of banking systems against cyber threats and ensure business continuity in the face of crises.

6. Directing ministries and government institutions to develop capable government work teams to follow up on electronic payment operations on a daily basis through training and qualification, and through specialized system portals provided by payment services companies.

7. Directing the Ministry of Communications to cooperate with ministries and government institutions to expedite the adoption of the Electronic Signature and Electronic Transactions Law No. 78 of 2012 to be compatible with the requirements of electronic payment and collection settlements in the Ministry of Finance in cooperation with the Central Bank of Iraq.

8. Instructing the Ministry of Finance to submit a study on the mechanisms for creating intermediate accounts, adopted by government institutions as a mechanism for dealing with restricted government accounts to solve the problem of interruptions for citizens in the event of failure of financial operations.

9. The Central Bank shall issue directives to private and government banks to deal transparently and not discriminate between electronic payment companies.

10. The Central Bank of Iraq shall prepare what is necessary to cancel the prepaid ceilings for cards used locally to ensure wider and more flexible use.

11. Directing ministries and government institutions to establish specialized units within government departments to facilitate financial matching and settlements and resolve disputes arising from electronic payment, in coordination with banks.

12. Directing the Integrity Commission to intensify monitoring of collection points in government departments to ensure transparency and integrity.

13. Directing the Financial Supervision Bureau to develop and legislate administrative and financial updates that are compatible with electronic payment systems and to follow up on them on an ongoing basis.

14. Emphasizing on government institutions and electronic payment service provider companies to implement the paragraphs contained in the electronic financial collection and collection agreements according to the responsibilities of each party contained in those agreements.

15. Directing government banks to complete the activation of the comprehensive banking system to improve financial and administrative performance.

16. Obligating all ministries and government institutions to adopt advanced electronic administrative and accounting systems to enhance efficiency and transparency.   LINK

“Tidbits From TNT” Saturday 9-7-2024

TNT:

Tishwash:  Urgent  Baghdad and Washington agree on a plan for the withdrawal of international coalition forces

Reuters news agency reported that the United States and Iraq agree on a plan for the withdrawal of international coalition forces from Iraq.

Reuters said, "The understanding between America and Iraq will witness the departure of hundreds of soldiers by September 2025."

She pointed out that "the understanding between America and Iraq stipulates the withdrawal of all forces in 2026."  link

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Tishwash:  Approval of a plan to introduce solar energy systems to homes in Iraq

Prime Minister Mohammed Shia Al-Sudani chaired a meeting on the electricity sector today, Thursday (September 5, 2024), during which a plan was approved to introduce solar energy systems to homes in Iraq.

The Prime Minister's media office said in a statement received by "Baghdad Today" that "Al-Sudani 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."

He added, "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."

He stressed that "during the meeting, the economic model for purchasing electricity was approved, which came after several meetings and the follow-up of the Prime Minister and his guidance with the participation of the (KBR) company, which represents the advisory body to the government, in order to study it and submit recommendations regarding it."  link

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Tishwash:  Three times more... Investment Authority announces increase in investment volume to $69 billion

Chairman of the National Investment Commission, Haider Makiya, announced today, Friday, an increase in the volume of investments achieved during a year and a half, while indicating that the amount reached 69 billion dollars, and explained the details of the largest environmentally friendly city in Baghdad.

"The volume of investments achieved by the Authority since the beginning of 2023 until mid-2024 amounted to $69 billion," Makiya told the Iraqi News Agency (INA), noting that "this number is the largest achieved by the Authority since its establishment until the beginning of 2023, which did not exceed $25 billion, achieving an increase of three times this amount."

He added that "the Authority is working continuously and seriously to consolidate the idea of ​​(productive investment), which represents a purposeful message to achieve in various economic sectors instead of merely setting a specific vision and seeking to provide the necessary implementation tools for it, which gives the Authority greater flexibility in controlling the type of investments, the extent of the need for them, and their feasibility," noting that "there are a number of successful investment models that the Authority is currently working on, including the (Sustainable Baghdad Forests) project, which is implemented on an area estimated at 700 dunums, and qualifies it to be one of the largest environmentally friendly cities and the largest residential cities in Baghdad, with an investment volume of up to one and a half billion dollars."  link

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Tishwash:  Saleh: 70% of the market and the private sector are {gray} and evade paying taxes

The financial advisor to the Prime Minister, 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 a press statement, "Taxes constitute in total about (25) percent of the gross domestic product in developed countries, 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."

He added, "While negative taxes, which are cash income subsidies 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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Mot:  Happy International Dog Day!

Mot: . Amazing Ad She Wrote... 1500 guys Responded!! 

Iraq News Highlights And Points To Ponder Saturday AM 9-7-24

Who Is Responsible For The Fluctuation Of The Dollar Price?

2024-09-07 | Clear procrastination in managing the country's financial and economic file.

The failure to wrap the dollar rope around the neck of the Iraqi dinar through an American policy that besieged the country’s economy and began to interfere in the smallest details of financial movement and demand statements of financial transactions that require the exchange of dollars because the movement of Iraqi trade was confined to a number of foreign banks.  LINK

Finance Will Suffer.. What Does The Drop In The Price Of A Barrel Of Iraqi Oil To $70 Mean?

Source:  Alsumaria News  1,717 views   - Economy  Economic expert Nabil Al-Marsoumi revealed, today, Saturday, September 7, 2024, the impact of the decline in the price of a barrel of Iraqi oil to $70.

Al-Marsoumi said in a tweet followed by Sumaria News that the drop in oil prices to $70, with the decline in Iraqi oil exports to 3.3 million barrels per day, will lead to a decline in monthly oil revenues to 9 trillion dinars, of which 1 trillion dinars will go to cover the expenses of oil licensing companies,

 leaving 8 trillion dinars, which is only enough to finance salaries in their various forms, which amount to 7.5 trillion dinars per month, while half a trillion dinars will be allocated to finance the ration card items, while the rest of the operational and investment expenses will be financed from scarce non-oil revenues and from internal and external borrowing.

He added that taxes and fees will rise, debts will increase, and the foreign reserves in the Central Bank of Iraq will begin to descend because it is the first and last line of defense in light of the absence of any sovereign fund in Iraq, pointing out that the Ministry of Finance will suffer even in financing salaries during the next two months, and therefore it is expected that salaries will be delayed and may be reduced if the price of a barrel remains in the seventies for 6 months.  LINK

Employee Salaries Will Be Delayed And May Be Reduced.. Iraq Enters The Danger Zone Due To Oil - Urgent

Economy |Today,  Baghdad Today – Baghdad  Economist Nabil Al-Marsoumi expected, today, Saturday (September 7, 2024), that employees’ salaries would be delayed during the next two months, while he expected that salaries would be reduced if oil prices continued to decline for a period of 6 months.

Al-Marsoumi wrote a post on his personal account on the Facebook platform, which was followed by Baghdad Today, that “the drop in oil prices to $70 with the decline in Iraqi oil exports to 3.3 million barrels per day will lead to a decline in monthly oil revenues to 9 trillion dinars, of which one trillion dinars will go to cover the expenses of oil licensing companies, leaving 8 trillion dinars, which is only enough to finance salaries in their various forms, which amount to 7.5 trillion dinars per month, while half a trillion dinars will be allocated to finance the items of the ration card.”

He added, "The rest of the operational and investment expenses are being financed from scarce non-oil revenues and from domestic and foreign borrowing. Taxes and fees will rise, debts will increase, and the downward path of foreign reserves in the Central Bank of Iraq will begin because it is the first and last line of defense in light of the absence of any sovereign fund in Iraq.

The Ministry of Finance will suffer even in financing salaries during the next two months, and therefore it is expected that salaries will be delayed and may be reduced if the price of a barrel remains in the seventies for 6 months."

On Wednesday, September 4, 2024, economic expert Mustafa Hantoush warned of the danger of the decline in oil prices in the global market on Iraq’s budget .

Hantoush told Baghdad Today, "Iraq depends entirely on oil sales revenues to finance its budget, and certainly a decrease in those prices will have a major and dangerous impact on securing budget funds, especially in light of the significant increase in the size of the operating budget, which constitutes more than (75)% of the budget ."

He explained that "according to information, Iraqi oil is sold at less than global prices, and for this reason the budget relies on numbers lower than the price of oil sold, in anticipation of any emergency event that may reduce those prices, especially since the world is facing incidents that may lead to new declines, and this certainly has a major impact on the budget situation ."

Hantoush urged "the relevant government agencies to move quickly to find solutions to confront such an emergency, as this matter may affect the possibility of providing sufficient funds to support and finance the budget ."

Oil prices fell, continuing their losses after falling more than 4% to hover around their lowest levels since December, amid expectations that the political conflict that halted exports from Libya's main ports may be resolved and concerns about slowing global demand growth .

Informed sources say that "the price of a barrel of Iraqi oil fell today in the global markets to reach $69 per barrel, noting that its estimated price in the three-year budget was fixed at $70 per barrel," noting that "Iraqi oil is sold at its monthly price, not daily ."  LINK

Parliamentarian Warns: Iraq Will Enter A Civil War In This Case

Posted On 2024-09-07 By Sotaliraq  Member of Parliament for Kirkuk Governorate, Wasfi Al-Asi, believes that Iraq will enter into a civil war if all decisions of the dissolved Revolutionary Command Council are cancelled.

It is noteworthy that the Iraqi Council of Representatives issued a law in August 2007 stipulating the cancellation of the decisions of the dissolved Revolutionary Command Council No. (172) of 1989 and its amendment and Decision (1177) of 1975, while it cancelled dozens of laws that conflict with modern legislation.

The draft law to cancel the decisions of the dissolved Revolutionary Command Council includes a number of articles related to cancelling the decisions of the Revolutionary Command Council issued in the 1970s.

Al-Asi said, “The decisions of the Revolutionary Command Council that are to be cancelled in the House of Representatives are more than 9 decisions,” indicating that “they have nothing to do with the issue of taking lands from the Kurds and Turkmen and are absolutely in the interest of the Arabs.”

Al-Asi pointed out that these were decisions “in the period before 1979, that is, during the time of Ahmed Hassan al-Bakr, and at a time when there was no intention to Arabize or take the rights of others,” describing them as “decisions of public benefit issued by the Revolutionary Command Council to expand cities and urban development, and in which there is a public interest.”

Al-Asi pointed out that “most of the neighborhoods in Kirkuk and the rest of the governorates depend on this decision, otherwise this expansion would not have happened, as oil and military facilities, infrastructure and power stations were established, and if we cancel some of the decisions, the Kirkuk Great Water Project is supposed to be removed.”

The representative of Kirkuk province confirmed that he is not against lifting the injustice against any citizen in Kirkuk, adding that “the interest of the state in every era is a supreme interest and is better than the interest of the citizen, and that the effects of these laws begin with the Agrarian Reform Law of 1970 No. 117, which is taking the lands of the landowners who are called feudal lords and distributing them to the farmers.”

Al-Asi warned that “if these decisions are cancelled, all of Iraq will enter into a cycle of civil war,” noting that “hundreds of farmers live and work on these lands.”

If the bill is passed, the lands seized during the rule of the Baath regime headed by Saddam Hussein in Kirkuk and other areas will be returned to their original owners, especially Resolution No. 369 regarding the lands of Kirkuk and Tuz Khurmatu.    LINK

Iraq's Losses Amount To $19 Billion Due To The Suspension Of Oil Exports.. Crisis In Restarting The Pipeline

Saturday,07-09-2024,AM 9:21   Ibrahim Al Habib   The spokesman for the Kurdistan Oil Industry Corporation (APICOR), Miles Caggins, confirmed that no agreement has been reached yet regarding the re-operation of the pipeline between Iraq and Turkey, and the resumption of crude oil exports from the Kurdistan Region to global markets. The financial losses incurred by Iraq as a result of the suspension of oil exports were estimated at $19 billion.

 In his remarks, Caggins explained that talks between officials from the Kurdistan Regional Government, the federal government and the Turkish side have not yet led to the resumption of exports, noting that many international oil companies have suspended their production in light of the current crisis.

He added that APICOR members want to hold discussions on amendments to the contracts signed, which should include guarantees for late payments and guarantees for how future payments will occur.

 These statements indicate the depth of the crisis facing the oil sector in Iraq, which needs an urgent solution to ensure the resumption of oil activities and mitigate the major economic damage inflicted on the country.    https://non14.net/public/169941

Seeds of Wisdom RV and Economic Updates Saturday Morning 9-7-24

Good Morning Dinar Recaps,

BRICS SUMMIT 2024: 54 NATIONS TO ATTEND, DITCHING THE US DOLLAR – IS BITCOIN ADOPTION NEXT?

▪️The BRICS summit for 2024 is gaining momentum, with about 54 nations likely to attend.

▪️Bitcoin might take center stage as the group explores an alternative currency in an aggressive de-dollarization push.

About 54 nations are set to attend the highly anticipated BRICS 2024 Summit scheduled for next month. A major discussion at the event would focus on reducing US dollar trade settlements within the group. This has raised questions about the adoption of Bitcoin (BTC) among BRICS member countries.

This bloc is an intergovernmental organization with Brazil, Russia, India, China, and South Africa as its founding members.

Expectations of BRICS Expansion

Market participants are highly anticipating an expansion announcement from BRICS, just like it did in the BRICS 2023 Summit. As noted in our previous report, the economic group welcomed UAE, Egypt, Ethiopia, and Iran in January, bringing the total number of member countries to nine.

Notably, the BRICS Group’s first attempt at expansion was in 2010, when it welcomed South Africa as a member. With 54 countries expected to attend the BRICS Summit this year, a similar expansion could take place. Russian aide Yury Ushakov said 36 heads of state have received invitations, while 18 nations have already confirmed they will attend.

Compared to 2022, the BRICS group has grown into a key economic collective on a global scale. With a key event on the horizon, the group’s influence has amplified further this year. While 2023’s summit had the most historic announcement, this year’s event is set to be the biggest in the Bloc’s history.

Officials have praised the preparations for the upcoming event. Ushakov stated,

We are satisfied with the way the perpetration [for the summit] is going. The preparations are indeed serious, as the event is of an unprecedented scale.

Notably, talks about expansions have also been going on, with many countries expressing interest in joining the economic group. As discussed earlier, almost 30 countries expressed interest in joining the group in January. This has only increased over the previous eight months, highlighting the group’s growing influence on economic, political, and security collaboration.

BRICS De-dollarization Efforts With Blockchain

The upcoming event could have an unprecedented impact on global finance as the BRICS bloc has been actively working towards de-dollarization. A recent update we covered shows that the group has been developing its BRICS Pay system.

The blockchain-based payment system is set to be the global south’s answer to the West’s SWIFT. Market players think the system could finally debut at the upcoming summit.

As more nations move away from the US dollar’s dominance, BRICS may contemplate embracing Bitcoin. The digital asset is largely decentralized and inclusive of all investors without discrimination, which makes it a good fit for the BRICS.

The approval of spot Bitcoin exchange-traded funds (ETFs) in the United States has further strengthened Bitcoin’s position as an asset class. Therefore, integrating Bitcoin into the new BRICS payment system could be a major topic at the BRICS 2024 Summit.

@ Newshounds News™

Source:  Crypto News Flash

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US SEC TARGETS CRYPTO MARKET AGAIN, REVOKES SECURITIES LICENSE OF CRYPTO LENDER

The US SEC has revoked the securities license of a crypto lender for non-compliance with reporting requirements, sparking concerns of regulatory overreach in the crypto market.

▪️US SEC revokes Salt Blockchain's securities license due to non-compliance with reporting rules.

▪️SEC claimed that the crypto lender failed to file periodic reports since December 31, 2021.

▪️Regulatory action sparks concerns about SEC's regulatory overreach in the crypto market.

▪️Expert predicts increased enforcement actions by SEC near fiscal year-end.

The US SEC has once again targeted the digital assets sector, with the latest regulatory actions against crypto lender Salt Blockchain. The agency has revoked the securities license of the crypto lender, sparking discussions in the market. It’s worth noting that the regulatory body has received heavy backlash from the crypto community recently, claiming the regulatory overreach of the agency.

US SEC Revokes Salt Blockchain’s Securities License

The US SEC has recently disclosed in a report that it has revoked the registration of securities for Salt Blockchain. The move against the Delaware-based crypto lender comes as the firm failed to comply with legal report requirements, the report showed.

The order states that the company hasn’t filed periodic reports since December 31, 2021, which violates Section 13(a) of the Securities Exchange Act of 1934, along with other rules. Notably, this non-compliance with reporting requirements has led the agency to impose sanctions, ultimately revoking the firm’s securities license.

Meanwhile, Salt Blockchain had previously faced regulatory hurdles in 2020, but it appeared that the firm has resolved those issues. Besides, the company has even explored potential buyers at a point. However, the latest regulatory action highlights the firm’s ongoing compliance struggles.

Meanwhile, the revocation became effective on September 6, 2024, and marks a significant setback for Salt Blockchain as it navigates the regulatory landscape.

Notably, the order showed that Section 12 (j) of the Securities Exchange Act grants authority to the agency to suspend to freeze a securities license if an issuer fails to maintain the legal requirements.

Crypto Market Remains On Edge

The SEC’s latest action against Salt Blockchain has stirred debates about the agency’s regulatory approach toward the crypto sector. Critics argue that the SEC’s enforcement strategy is too aggressive, potentially stifling innovation and growth within the digital assets market.

Many in the crypto community view these actions as part of a broader pattern of regulatory overreach. Notably, the agency has recently faced heavy criticism for issuing a Wells Notice against OpenSea, targeting NFTs.

In addition, Jake Chervinsky, Chief Legal Officer of VariantFund, noted that enforcement actions by agencies like the US SEC and CFTC could intensify as their fiscal year-end approaches on September 30. Chervinsky suggested that regulatory bodies often increase enforcement activities near fiscal deadlines to bolster performance metrics for budgetary reviews. In a recent X post, the CLO said:

“It’s typical in September to see a flurry of enforcement actions as they shore up their performance reports and budget requests for Congress.”

@ Newshounds News™

Source:  CoinGape

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ANALYSTS BELIEVE TOKENIZATION SOLVES GLOBAL TRADE FINANCE ISSUES

▪️Tokenization can solve global trade finance issues, say major financial analysts.

▪️It simplifies financing, increases liquidity, and reduces transaction costs.

▪️Efforts like MakerDAO's competition promote tokenization despite adoption challenges.

Analysts from major financial institutions believe tokenization will significantly solve global trade finance issues. According to stakeholders from Standard Chartered and HSBC, tokenization will make financing options more accessible for interested organizations.

HSBC Global Trade Solutions Product Manager Bhriguraj Singh recently stated in an interview that tokenization would be directly beneficial for these companies and trade finance providers.

According to Singh, tokenization will simplify financing and distribution in global trade processes, which could make banks and other companies more liquid.

Tokenization and Trade Finance Gap

Tokenization is the process of representing real-world assets (RWAs) or data on a blockchain. This process increases liquidity and improves accessibility. 

By converting assets into tokens on a blockchain, tokenization speeds up trade transactions and reduces transaction costs due to the absence of intermediaries.

 Steven Hu, Head of Digital Assets, Trade, and Working Capital at Standard Chartered, believes blockchain technology will optimize financial services and make credit facilities more accessible.

The trade finance gap refers to the difference between import and export demands and the corresponding approvals. According to the Asian Development Bank (ADB), this gap worsened by 29.4% in 2022, reaching $2.5 trillion from $1.7 trillion in 2020. Estimates predict this figure will rise to $36.2 trillion by 2030.

“Imagine a future where the trade finance element is structured within a digital token and can be freely traded in secondary markets. This will turn into a new potential business model based on fees.” – Steven Hu

Advantages of tokenization include expanding a company’s target audience and making it easier to invest in unfamiliar markets. Additionally, it significantly reduces the transaction process, allowing companies to transfer securities and make instant payments via blockchain. Otherwise, this process could take several days.

While Steven Hu praises the benefits of tokenization, he also noted that a lack of expertise could delay its adoption.

Ongoing Efforts

While widespread adoption of tokenization may take time, efforts are already underway by various stakeholders. For instance, in July, MakerDAO announced a tokenization competition for innovators looking to introduce related products.

MakerDAO’s Spark Tokenization Grand Prize plans to include $1 billion worth of tokenized real-world assets (RWA) into the decentralized finance (DeFi) ecosystem. The competition prioritizes proposals aligned with MakerDAO’s Spark ecosystem and focuses on those with high liquidity and competitive pricing potential.

The judging panel includes renowned platforms such as Steakhouse Financial and Phoenix Labs, which will evaluate the submitted proposals. After selecting several finalists, MKR token holders will vote to determine the ultimate winner.

Tokenization has the potential to narrow the global trade finance gap. HSBC and Standard Chartered officials state that this technology will optimize financial services and make credit facilities more accessible. However, the lack of expertise and the process of widespread adoption may take time.

Meanwhile, organizations like MakerDAO are undertaking various initiatives to promote tokenization. These processes should be closely monitored, and developments should be carefully followed.

@ Newshounds News™

Source:  CoinTurk News

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STAKING REWARDS TO HOST WORLD’S LARGEST STAKING SUMMIT IN BANGKOK NOVEMBER 8–9, 2024

Crypto staking explorer Staking Rewards has announced that its international staking conference is returning for its third consecutive year.

The two-day summit will be hosted in Bangkok, Thailand, from November 8-9, 2024, uniting key participants in the global staking industry to provide insights and innovations that will shape the future of PoS (proof-of-stake).

Set to be hosted at the Siam Kempinski Hotel in Bangkok, the 2024 Staking Summit promises to be the largest event of its kind.

Over the course of two days, delegates will hear keynotes, panel discussions, fireside chats and participate in workshops that illuminate the latest industry developments across the multi-chain landscape.

Topics such as Bitcoin staking, restaking, LSTfi, validators, home staking and emerging PoS chains will be among the many themes up for debate during a conference that covers every aspect of the multi-billion dollar staking industry.

@ Newshounds News™

Read more:  Daily Hodl

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HOW GENERATIVE AI IS TRANSFORMING BANKING  |  Youtube

@ Newshounds News™

Source:  Currency Facts

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CBI Bank's High Stakes NYC Negotiations  |  Youtube

@ Newshounds News™

Source:  Currency Facts

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STOCK MARKET CRASH SILVER'S NEXT MOVE!  |  Youtube

@ Newshounds News™

Source:  Currency Facts

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TRUMP'S BOLD PLAN TO SAVE THE DOLLAR!  |  Youtube

@ Newshounds News™

Source:  Currency Facts

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Militiaman and Crew:  9-6-2024

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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Iraq News Highlights and Points To Ponder Friday Afternoon 9-6-24

The Theft Of The Century Has Mixed Up Its Cards And Its Rope Has Been Lost In Its Arrows

Local   The theft of the century has mixed up its cards and its rope has been lost in its arrows

Information/Report..    In a dramatic scene starring the head of the Parliamentary Integrity Commission, Haider Hanoun, and amidst intense anger and excitement, he announced, yesterday, Wednesday, the start of the real battle against corruption, during the press conference he held in Erbil, dedicated to revealing the secrets of the theft of the century that shook political circles in Iraq, and the repercussions of the main accused, Nour Zuhair, leaving the country despite the decision to prevent him from traveling before his appearance from Lebanon on satellite channels and his threat to reveal prominent names involved in the case.

Hanoun revealed that Nour Zuhair was involved in stealing customs deposits worth more than a trillion dinars, demanding “holding a session in the presence of Judge Diaa Jaafar to reveal the full facts to the public.”

These repercussions have mixed things up and complicated the scene that expresses the extent of corruption in Iraq. Will those in charge of this file be able to end corruption or will they continue to revolve in its vortex by exchanging accusations?

On March 15, the head of the Integrity Commission revealed the fate of the defendants in the theft of the century case, while confirming that the main defendant, Nour Zuhair, and 30 others will be tried soon, indicating that Nour Zuhair’s case is currently with the judiciary to complete the lawsuit procedures and that the investigation court is working to complete some of the funds, and then go to the subject court to try them according to the law.

Al-Fatah Alliance leader Ali Al-Fatlawi criticized the way the head of the Integrity Commission appeared in his press conference yesterday, Wednesday, which is incorrect, even if the accusations are true, indicating that attacking two basic pyramids in the state, integrity and the judiciary, must be done in ways that are far from media defamation.

Al-Fatlawi told Al-Maalouma Agency, "The way the head of the Integrity Commission appeared yesterday, Wednesday, at the press conference was not appropriate for a person who stands at the top of the most important oversight institution."

He added that "hitting two fundamental pyramids in the state, integrity and the judiciary, must be done with a real stance and official evidence without resorting to the media," calling on "the government and parliament to take a serious stance and take real measures against any person."

For his part, MP Haider Al-Salami called for holding a public session to host the head of the Integrity Commission, Haider Hanoun.

Al-Salami told Al-Maalouma Agency that the Integrity Commission is an important institution concerned with many files related to combating corruption and uncovering the threads of money theft operations. What its chairman, Haider Hanoun, raised yesterday in a press conference included important points related to pressures, the secrets of some files, interventions, and the pace of their completion.

He called on the Presidency of the House of Representatives to "hold a public session to host the Chairman of the Integrity Commission and the Corruption Court Judge to clarify the facts, noting that it is impossible to turn a blind eye to the encroachment on public funds and the plundering of the country's wealth."

He pointed out that "holding the session will provide more facts, stressing his rejection of mortgaging the country's wealth for narrow personal and partisan interests."

Meanwhile, the spokesman for the State of Law Coalition, MP Aqil Al-Fatlawi, confirmed today, Thursday, that a number of members of the House of Representatives will go to host the head of the Integrity Commission, Haider Hanoun, while he called for the formation of a committee to investigate what Hanoun had proposed.

Al-Fatlawi said in a statement followed by / Al-Maalouma /, "The meeting of the Coordination Framework discussed yesterday what was raised by the head of the Integrity Commission during the press conference he held in Erbil," indicating that "the Coordination Framework always stresses the necessity of respecting the decisions of the judiciary."

He added, "A number of members of the House of Representatives will go to host the head of the Integrity Commission, Haider Hanoun, calling for the formation of a committee to investigate what Hanoun proposed."

Yesterday, the head of the Integrity Commission, Haider Hanoun, appeared in a press conference in which he confirmed that he was subjected to pressure not to reveal corruption files, while he revealed corruption files. LINK

Mishaan Al-Jubouri: The Chairman Of The Integrity Commission Scored A Goal For The Corrupt

Politics |  05/09/2024   Mawazine News - Baghdad   Politician Mishaan Al-Jubouri considered, on Thursday, that what the head of the Integrity Commission, Haider Hanoun, did in his press conference was to score a goal for the corrupt.

Al-Jubouri said, via the "X" platform: "I have always been in solidarity with the Integrity Commission and its head and supported them in their war on corruption, but I disagree and have reservations about the way Judge Haider Hanoun spoke at the press conference."

He added: "In my opinion, he scored a goal for the corrupt against the state team of which he is a part," adding: "Insulting the judiciary and questioning its men is a grave mistake." https://www.mawazin.net/Details.aspx?jimare=254474

Chairman Of The Integrity Commission: We Are Determined To Draw Up A Six-Year Strategy To Combat Corruption

Thursday,05-09-2024   The Chairman of the Federal Integrity Commission, Judge Haider Hanoun, confirmed today, Thursday, the determination to draw up a six-year strategy to combat corruption, while stressing the importance of adopting national strategies to combat this scourge within the preventive approach and the principle of participation in confronting corruption.

Hanoun said, during his speech at the ceremony announcing the first report on implementing the strategy to combat corruption in the public sector, held by the Kurdistan Integrity Commission in Erbil and reported by the Integrity Commission in a statement received by Noon News Agency, that "the national strategy for integrity and combating corruption includes economic, industrial, agricultural, scientific, humanitarian, military and health plans,"

 stressing "the necessity of its efforts to preserve the country's wealth and needs and cover those needs, in addition to creating human energies from its citizens capable of leading the helm of affairs in the future."

Hanoun urged, "adopting mechanisms to raise the level of integrity in the performance of institutions and create a competitive environment among them on the one hand, and among their employees on the other hand; to determine the most honest institution and the institution that best provides services to citizens,"

 noting that "the Federal Integrity Commission adopted such visions in launching the National Strategy for Integrity and Combating Corruption for the years (2021 - 2024), as well as the Integrity Commission in the Kurdistan Region - Iraq in launching the Anti-Corruption Strategy in the Kurdistan Region - Iraq for the years (2021 - 2025)."

He pointed out that "the Commission is in the process of preparing a new national strategy for integrity and combating corruption for the next six years (2023-2025), which relies in its preparation and implementation on cooperation with the three legislative, executive and judicial authorities, and with the Federal Board of Supreme Audit and the Integrity Commission in the Kurdistan Region - Iraq on the one hand, in addition to partnership with the private sector, civil society and investigative journalism."

He added, "The strategy, which is currently being prepared, will take a scientific approach using advanced technology in its implementation, and will seek to integrate influential categories of stakeholders such as women, youth, scientific and professional competencies, and give them distinguished roles in it;

with the aim of raising levels of integrity in the public and private sectors, helping institutions correct errors on their own, motivating them to make continuous improvements in their performance, accelerating the pace towards the digital transformation of good governance, and enhancing all of this with regional and international cooperation."

He pointed out that "the Federal Integrity Commission and the Integrity Commission in the Kurdistan Region - Iraq are determined to put the final touches on signing a joint coordination memorandum between them in implementation of the provisions of Articles (11 / Fourth) and (16 / Fourth) of the Integrity and Illicit Gains Commission Law No. (30) of 2011 (amended), and to coordinate efforts in the field of combating corruption within the Republic of Iraq,"

noting that "training workshops for the teams implementing the National Strategy for Integrity and Combating Corruption in the Commission, ministries and entities not affiliated with the Federal Ministry will soon be held at the headquarters of the Integrity Commission in the Kurdistan Region - Iraq in Erbil, and that these workshops will include the strategy implementation teams in the Kurdistan Region."

https://non14.net/public/169914

Seeds of Wisdom RV and Economic Updates Friday Afternoon 9-6-24

Good Afternoon Dinar Recaps,

IS THE XRP LEDGER SET FOR MAJOR UPGRADE? RIPPLE CEO BRAD GARLINGHOUSE DROPS NEW CLUES

▪️Ripple is upgrading the XRP Ledger (XRPL) with key advancements like the introduction of smart contracts and the Ethereum Virtual Machine (EVM) sidechain.

▪️Ripple CTO David Schwartz and XRPL Labs Director Wietse Wind have expressed differing views on adopting Layer 1 smart contracts.

Blockchain startup Ripple has recently undertaken the task of upgrading the XRP Ledger, the underlying blockchain technology that powers up Ripple’s global payments network.

Earlier this week, Ripple shared that it’s upgrading its XRP Ledger to enhance its functionality by focusing on key advancements such as smart contracts introduction to the XRPL mainnet and thus boosting programmability through the upcoming EVM Sidechain, per the CNF report.

Ripple CEO Brad Garlinhouse has expressed optimism about the future of the XRP Ledger, stating that “The foundations of crypto infrastructure serving real-world use cases are steadily becoming more robust by the day.”

The recent announcements regarding the smart contracts and the EVM sidechain for the XRP Ledger come over and above the Automated Market Maker (AMM) functionality announced earlier this year.

Ripple Chief Technology Officer (CTO) David Schwartz expressed his enthusiasm for the integration, which aims to strengthen XRPL’s role in the Decentralized Finance (DeFi) sector.

The introduction of Automated Market Makers (AMMs) will simplify token exchanges, improving transaction efficiency and enhancing the overall user experience. 

These innovations will further boost XRPL’s appeal while attracting a wider user base and driving adoption and growth in the DeFi ecosystem as it continues to hit new milestones, per the CNF report.

The XRPL EVM Sidechain and XRPL Hooks

Revealed earlier this year in 2024, the EVM Sidechain will bridge the XRP Ledger along with the Ethereum Virtual Machine (EVM). This would further pave the way for developers to build decentralized applications (dApps) that leverage the strengths of both platforms.

The XRP EVM Sidechain brings forth a compelling proposition wherein developers familiar with the EVM ecosystem can deploy their existing dApps on the XRP Ledger which will benefit from faster transaction speeds and lower fees. On the other hand, the XRP Ledger developers will gain access to a vast library of existing dApps along with the broader developer community.

A key element in XRPL’s evolution is the introduction of Hooks, a foundational technology that will allow seamless integration of smart contracts into XRPL’s mainnet. Ripple said it will focus on making these smart contracts permissionless, enabling anyone to deploy them while ensuring they are accessible to developers of all skill levels.

Moreover, the platform will offer extensive customization options, allowing developers to tailor smart contracts to meet specific requirements. 

XRPL Labs Director Wietse Wind expressed mixed emotions about the recent adoption of Layer 1 (L1) smart contracts following years of dedicated effort by XRPL Labs. Wind shares his disappointment in discovering Ripple’s change in stance through indirect sources rather than direct communication, per the CNF report.

This sentiment comes in contrast to earlier remarks by Ripple CTO David Schwartz at XRP Ledger Apex, where the mainnet was described as a “fixed function ledger” not designed for smart contracts.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

CARDANO INITIATES CONWAY ERA WITH SUCCESSFUL CHANG HARD FORK

▪️Cardano successfully implemented the Chang hard fork, initiating the Conway era.

▪️ADA holders voiced concerns about governance and reward system changes.

▪️Hoskinson clarified the new governance options for withdrawing staking rewards.

Cardano successfully implemented the Chang hard fork, initiating the Conway era. This step represents significant progress towards full decentralization. ]

This milestone included the implementation of the CIP-1694 governance model, allowing ADA holders to actively vote on network decisions. According to the network’s blog post, this significant milestone “realizes the vision of a fully autonomous and decentralized network.”

Changes in Governance and Reward System

However, following the Chang hard fork, ADA holders began to worry about changes in governance and reward systems. Cardano’s founder Charles Hoskinson responded to these growing concerns.

“To withdraw staking rewards from the network, a user must choose one of three options: not voting, abstaining, or delegating to a DRep.”

Linda, as a stake pool operator of MALU Pool, first voiced these concerns in an X post, stating: “After the next hard fork, you will likely need to delegate to a DRep to continue withdrawing your staking rewards. (This is not confirmed yet, but it seems very likely.)” This statement led to intense discussions within the Cardano community about how governance changes would affect staking rewards.

Hoskinson’s Explanations

In response to Linda, Hoskinson detailed that ADA holders must choose one of three options to withdraw staking rewards: “not voting, abstaining, or delegating to a DRep.”

Hoskinson suggested, “If a user only chooses delegation, wallets like Lace will automatically select abstaining to simplify the user experience.”

An X user asked if abstaining meant selecting the abstaining delegation option. Hoskinson clarified that abstaining is an active choice, noting that ADA holders had confused abstaining with doing nothing. However, Hoskinson stated, “It is an action, which is why I clarified my tweet.”

Concerns in the New Governance System

Following the implementation of the Chang hard fork, there are growing concerns about the new governance system, particularly the potential for misuse or mismanagement of the roles of DReps. A user expressed their concerns, saying: “I choose to abstain. I don’t want to see little girl and boy influencer DReps zeroing out the treasury in this experiment.”

“That’s why this option is there. You can even vote no confidence in the entire system.”

Hoskinson reassured the concerned community by emphasizing the flexibility brought by the new governance system. According to Hoskinson, the new governance system allows users to express their views.

Currently, ADA holders hold the key to the network. They can participate in voting or delegate their governance rights to DReps. Stake Pool Operators like Linda continue to participate in the governance process while maintaining the network’s infrastructure.

At the time of writing, ADA is trading at $0.3253, experiencing a 1.63% decrease in the last 24 hours.

@ Newshounds News™

Source:  CoinTurk News

~~~~~~~~~

BINANCE TO BECOME THE FIRST LEGAL CRYPTO EXCHANGE IN KAZAKHSTAN

Binance is just one step away from becoming the first fully regulated crypto exchange in kazakhstan. It has achieved a major milestone by securing formal consent from the Astana Financial Services Authority (AFSA).

This is a major development for the company and reflects its unwavering commitment to regulatory compliance and security in the crypto industry.

The Journey of Collaboration and Education

Binance did not get this achievement overnight. This is the culmination of a two year journey of collaboration and development. The company has been working closely with Kazakhstan’s government organizations to advance blockchain education and adoption.

Binance partnered with the Ministry of Digital Development, Innovations, Aerospace industry and the Ministry of Education.

This partnership resulted in launching a large-scale blockchain education initiative. The motive of this program is to educate 40 thousand people in Kazakhstan by 2026. This will solidify the country’s position as a leader in digital technologies.

Binance had made huge efforts for this partnership. In May 2022, the former CEO of Binance, Changpeng Zhao had a meeting with the president of Kazakhstan, Kassy-Jomart Tokayev. Their discussion regarding blockchain and crypto education became the foundation of Binance’s deep engagement in the country.

From Initial License to Fully Regulatory Consent

In October 2022, AFSA granted Binance a permanent license to operate a digital asset platform. It also allowed the exchange to provide custody services at Astana International Financial Center (AIFC). This was an initial license , a testament to Binance’s robust compliance and security controls.

This allowed the platform to offer exchange and conversion services, fiat currency deposits and withdrawals along with custody of crypto assets. In 2023, Binance launched its local digital asset platform. Government officials, representatives from the banking industry and many other prominent people joined the launch.

The Road Ahead : A fully Regulated Exchange

Binance is poised to significantly expand its operations in Kazakhstan with the recent consent from AFSA. Once the full license is won, the platform will be fully authorized to operate as a cryptocurrency trading facility.  This will enable the company to better serve the local digital assets ecosystem and set a new standard of crypto trading in the country.

The Journey of Binance in Kazakhstan, from education initiative to regulatory achievements, underscores its commitment to foster innovation, trust and growth in this dynamic market.

@ Newshounds News™

Source:  Coinpedia

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GLOBAL BANKING SHAKE UP BASEL 3 CODES  |  Youtube

@ Newshounds News™

Source:  Currency Facts

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ARGENTINA'S GOLD TRANSFER  |  Youtube

@ Newshounds News™

Source:  Currency Facts

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Iraq Economic News and Points To Ponder Friday AM 9-6-24

Government Advisor: The Discussions Between The Iraqi Central Bank And The US Federal Reserve Achieved Advanced Results
 
Economy   4-09-2024  Baghdad - INA - Amna Al-Salami   Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, confirmed today, Wednesday, that the 

renewed understanding with the US Federal Reserve will allow the monetary authority to restore an internal banking market, while he indicated that the
 
results of the discussions between the Central Bank and the Federal Reserve are good and consistent with business rules, and pointed out that
 
it will allow the implementation of a precise path between... Iraqi and international banks.  Saleh said to the Iraqi News Agency (INA):

 “We notice from the statement of the Central Bank of Iraq that there is optimism about the results of his delegation’s discussions with the Federal Reserve in the United States of America in particular and consultations with the parties of the main banking system in the United States, specifically (the large international banks concerned with banking operations). international cross-market), and that
 
an advanced model of understandings has been achieved at this stage.”  He added,
 
"This came to document the path of steps and banking mechanisms adopted in external transfer, especially related to
 
     financing foreign trade for the benefit of the Iraqi market, and to
     ensure a degree of streamlines and high flexibility in the scope of external transfer operations and
 
through the active role that will be played by global correspondent banking entities that have high standards in terms of strong compliance." Disclosure and Governance.  He added,
 
"Such correspondent banking entities around the world will undoubtedly be a counterpart to the 13 private commercial banks referred to in the statement of discussions issued by the Central Bank of Iraq, which dealt with the results of the discussions between the monetary authorities of both Iraq and the United States of America."  He stressed,
 
"This matter will allow the implementation of a clear and precise path in accelerating payments and settlements between Iraqi banks and global correspondent banks, as well as the final beneficiary in the trade financing cycle in the international trade and exchange areas that Iraq deals with by paying in different reserve currencies," noting that
 
"In addition to the dollar as a payment and settlement currency, other global currencies such as the euro, the British pound, and the Chinese yuan will take over the task, as well as important stable currencies such as the Emirati dirham and the Indian rupee, and the
 
basis of this coordination with the monetary authorities in the United States comes from the source of the country’s basic reserves before going. To diversify into other international currencies is the United States dollar itself, verified from oil receipts deposited in the petrodollar currency at the Federal Reserve Bank.”  

He stated,   “Based on the above, such a renewed understanding, in accordance with the road map, will provide the monetary authority in our country with a clearly defined and highly flexible plan to rebuild the internal banking market and on solid reform foundations that are consistent with the standard work rules adopted in international banking, especially in the issue of Building external banking relationships and safely moving funds across the global financial and banking systems.” https://www.ina.iq/216201--.html   

An Economist Talks About New Measures After Stopping Transfers
 
economy |  09/03/2024  Mawazine News _ Baghdad   Economic expert Osama Al-Tamimi said:   “The statements and interviews conducted by the Governor of the Central Bank of Iraq, Ali Al-Alaq, in New York over a period of three days with US Treasury officials gave a new impetus and confidence to the Iraqi banking system.”
 
According to his speech to Mawazine News Agency, Al-Tamimi described the advanced steps to join the global banking system in terms of expanding experience and international banking relations, which will increase knowledge in control procedures for foreign transfers and direct sales of the dollar.  The economic expert explained:
 
 “This will lead to the development of systems in line with international and local standards and the development of a system for covering foreign trade and protecting the banking and financial sector from money laundering and terrorist financing operations.”  He went on to say:
 
 “The Central Bank of Iraq will stop dealings in the future with foreign correspondent banks and reduce reliance on them, after developing the network of Iraqi banking relationships, gaining the necessary experience, reducing commissions generated as a result of external coverage transactions, and terminating the work.”
 
Gradually using the electronic platform for transfers and replacing them with direct banking relationships between Iraqi banks and the network of international correspondent banks, as well as achieving stability in the exchange rate in the local market.    https://www.mawazin.net/Details.aspx?jimare=254412   

Specialists: Governance And Transparency Are “Important Axes” For Activating Banking Performance
 
Economical 09/04/2024  Baghdad: Hussein Thaghab   Economic specialists believe that governance and transparency are important axes for activating banking performance in the country. Islamic banking expert Sadiq Al-Shammari said on the sidelines of a session of the General Council of Islamic Banks and Institutions, attended by Al-Sabah:
 
The importance of governance as a modern means aims to preserve the financial system.

We stop at governance in Islamic banks, its importance, its mechanisms, and the guiding principles issued by the General Council of Banks and Financial Institutions.  Al-Shammari added to “Al-Sabah” that

“the financial technology revolution and
 
the great development in digital transformation, such as the
     spread of electronic payments,
     artificial intelligence, and
     data analysis,
 
have contributed to facilitating the provision of financial services directly by financial technology institutions,”
 
noting the importance of “banks working to adapt themselves.” With the rapid digital changes, changing work methodology, and creating flexible solutions to serve its customers more effectively.”
 
He called for "adopting a number of initiatives and activities that contribute to the growth and development of Islamic banks and financial institutions, for example the growing interest in cybersecurity and major risks."
 
He pointed to the necessity of issuing the Islamic Economic Encyclopedia, which includes all the Sharia provisions that Islamic banks need to be a reference for fatwa and Sharia oversight bodies in strengthening governance in Islamic banks, as well as conducting more studies and research on governance, especially in the Islamic sector, to deepen its understanding and importance, especially with regard to The role of members of Sharia supervisory boards in enhancing governance in Islamic banks.
 
He stated that the importance of governance is clear from its objectives, which are to
 
     achieve transparency and
     justice and
     grant the right to hold the managements of banks and financial institutions accountable, thus
     achieving protection for all shareholders and shareholders,
     taking into account the interests of business and workers, and
     limiting the exploitation of power for purposes other than the public interest, leading to the
     development of investments and savings,
     maximizing shareholders’ profits, and
     achieving Sustainable development for the development of society, and
 
the presence of an effective system capable of providing trust and combating corruption in Islamic financial institutions, including Islamic banks, will bring them greater success and support the expansion of their operational operations, although
 
this requires supporting what the departments related to governance within financial institutions do.

In turn, Islamic banking expert Mohamed El-Beltagy pointed out the importance of adhering to Sharia controls, the nature of the relationship with depositors, and
 
the multiple financing formulas that are part of the focus of Islamic banking and have become the focus of attention of a wide segment of the world’s societies, leading to the application of the rule of sharing in profits and losses and correcting the money document.
 
Al-Beltagy warned that governance and transparency are important axes in solidifying the performance of the banking system of any country, enhances the development of work joints, and leads to achieving goals according to what was planned.    https://alsabaah.iq/102145-.html   

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

Seeds of Wisdom RV and Economic Updates Friday Morning 9-6-24

Good Morning Dinar Recaps,

CORE BLOCKCHAIN UNVEILS LIQUID STAKING TOKEN FOR BITCOIN: $LSTBTC

A New DeFi Opportunity for Bitcoin Holders

Core Blockchain has introduced a new liquid staking token, $LstBTC, that promises to revolutionize how Bitcoin holders engage with decentralized finance (DeFi). 

This innovation allows users to stake their Bitcoin (BTC) without having to lock it up, offering them the ability to earn rewards while maintaining liquidity. With this launch, Core Blockchain aims to bridge the gap between Bitcoin and DeFi, enhancing BTC’s utility within this rapidly growing sector.

Liquid Staking for Bitcoin: Expanding DeFi Access

The $LstBTC token is pegged 1:1 to Bitcoin, meaning each token represents an equal amount of BTC. What sets it apart is its liquid staking feature, which resolves a longstanding issue for Bitcoin holders. Typically, staking assets like BTC requires locking them up in exchange for rewards, limiting their use in other applications.

 However, with $LstBTC, users can stake their Bitcoin and still keep it liquid, making it available for DeFi use. This dual benefit is expected to enhance Bitcoin’s role in the DeFi ecosystem, a space where the cryptocurrency has traditionally been underrepresented.

Core Blockchain believes that $LstBTC provides a new avenue for Bitcoin holders who want to earn rewards without sacrificing the flexibility of their assets.

The token’s innovative design allows users to participate in DeFi protocols, such as lending, borrowing, and yield farming, without the usual restrictions imposed by traditional staking mechanisms.

Daily Rewards in $CORE Tokens

One of the key incentives of $LstBTC is that it offers daily rewards to its users in $CORE, the native token of Core Blockchain. This feature makes staking more appealing to Bitcoin holders, who can now earn a steady stream of $CORE tokens while their BTC remains accessible for DeFi activities.

The daily reward structure provides an additional layer of utility, attracting users who want to maximize their returns without losing access to their Bitcoin.

Core Blockchain envisions $LstBTC as a tool that will drive greater adoption of its ecosystem. By integrating liquid staking with Bitcoin, the platform anticipates attracting both existing users and newcomers who are looking for more flexible ways to utilize their digital assets. This strategic move aligns with Core’s broader goal of expanding its user base and increasing participation in DeFi.

Boosting DeFi Adoption Through Security and Growth
Another critical aspect of $LstBTC is its focus on security. The token is managed through a multi-signature (multi-sig) setup, which involves multiple entities participating in its management. This added layer of protection ensures that the token is secure and resistant to single points of failure.

 Multi-sig setups are commonly used in the blockchain space to enhance security by requiring multiple approvals for any transaction, thus safeguarding the asset from potential misuse or theft.

Rich Rines, an early contributor to the Core DAO, highlighted that while Bitcoin dominates the cryptocurrency market, its integration into DeFi has been limited.

He believes that $LstBTC could be a game-changer in this regard. By making Bitcoin more accessible and usable in DeFi, Core Blockchain aims to unlock the potential of BTC in a sector where it has traditionally had a minimal presence.

The liquid staking solution not only benefits individual users but also aims to attract developers to build new products on Core’s platform. By providing a secure and flexible tool for staking Bitcoin, the company hopes to encourage the creation of additional liquid staking products, further expanding the ecosystem’s capabilities.

Driving Ecosystem Growth and Adoption
Core Blockchain anticipates that $LstBTC will attract a wider audience, from experienced Bitcoin holders to developers eager to build on the platform. The token’s unique combination of liquidity, staking rewards, and security is designed to appeal to a broad range of users, driving growth and innovation within the ecosystem.

The company expects that as more people adopt $LstBTC, the Core platform will see a surge in development activity. New liquid staking products, DeFi applications, and tools built around $LstBTC could significantly enhance the platform’s offerings. The growth in adoption could, in turn, attract more developers to the ecosystem, creating a positive feedback loop that fuels further expansion.

Core’s vision for $LstBTC is not limited to short-term gains. The company aims to position itself as a key player in the DeFi space by providing innovative solutions that address some of the industry’s most pressing challenges, such as asset liquidity and security.

By creating a product that combines these elements, Core Blockchain is paving the way for Bitcoin to play a more significant role in the future of decentralized finance.

In conclusion, the launch of $LstBTC represents a major step forward for both Core Blockchain and the broader DeFi space. By offering Bitcoin holders a way to stake their assets without locking them up, Core is addressing a key pain point for users and unlocking new opportunities for growth.

The added security of a multi-sig setup and the potential for ecosystem expansion make $LstBTC a compelling proposition for those looking to engage with DeFi while retaining the flexibility of their Bitcoin holdings.

@ Newshounds News™

Source:  Cointrust

~~~~~~~~~

DECENTRALIZED PHYSICAL INFRASTRUCTURE NETWORKS OFFER NEW OPPORTUNITIES IN THE CRYPTO WORLD

▪️DEPIN integrates physical assets with blockchain technology.

▪️It has significant potential in energy and smart city projects.

▪️Widespread adoption may take time due to early-stage development.

In the world of cryptocurrencies, decentralized physical infrastructure networks (DEPIN) are emerging as a new application area. This new technology is expected to create a significant shift in the crypto ecosystem. DEPIN aims to enable decentralized applications (dApps) to integrate more with the physical world.

What is DEPIN?

Decentralized physical infrastructure networks allow users to manage physical assets using blockchain technology. This includes controlling sensors, distributed energy sources, and other physical devices via blockchain. DEPIN is noted to have significant potential, particularly in the energy sector and smart city projects.

Revolution in the Energy Sector

The use of DEPIN in the energy sector can enable more efficient management of distributed energy resources. Users can optimize their energy consumption by managing individual energy sources like solar panels through blockchain. This can lead to reduced costs and more equitable energy distribution.

Smart City Applications

In smart city projects, DEPIN technology can enable more efficient and sustainable management of city infrastructure. For example, DEPIN can be considered for areas such as traffic management, waste collection, and water resource management. This technology is expected to reduce infrastructure costs while improving service quality in cities.

MV Capital argues that DEPIN will be the next major application area for cryptocurrency. The company states that this technology holds great potential for the future and can create a revolution in many sectors.

“DEPIN will enable decentralized applications to integrate more with the physical world.” – MV Capital

DEPIN, along with decentralized finance (DeFi) and other blockchain-based applications, can create a new wave in the crypto ecosystem. The adoption of this technology can enable cryptocurrencies to be used more widely in real-world applications.

DEPIN stands out as an innovation that integrates crypto technology not only with digital financial transactions but also with the physical world. This technology is considered for a wide range of uses, from energy management to city infrastructure.

There is a general consensus that DEPIN technology holds great potential in the energy sector and smart city projects. However, some sources emphasize that the technology is still in its early stages and that widespread adoption may take time.

While there is agreement on DEPIN’s potential, it is noted that more development is needed for the technology to mature. Discussions on this topic show that there are different views on what the future impact of DEPIN will be

@ Newshounds News™

Source:  Cointurk News

~~~~~~~~~

JAPAN MULLS LOWER CRYPTO TAX RATES IN 2025 OVERHAUL

The country intends to lower taxes on crypto to a flat rate of 20% – in line with taxes that currently apply to traditional assets such as stocks.

Japan's financial regulator, the Financial Services Agency (FSA), has proposed a significant overhaul of the country's tax code for fiscal year 2025. A key component of this reform is a potential reduction in the tax rate for cryptocurrency assets.

In a recent request submitted to the government, the FSA advocated for treating cryptocurrencies as traditional financial assets, aligning them with publicly traded investments. This move could pave the way for a more favorable tax environment for crypto holders in Japan.

“Regarding the tax treatment of cryptocurrency transactions, cryptocurrency should be treated as a financial asset that should be an investment target for the public,” the FSA said.

The FSA's proposal aligns with the growing sentiment among crypto advocates in Japan, who have been petitioning the government to reform the tax on cryptocurrencies, saying that high tax rates on crypto profits are "hindering" the ability to save and invest.

Currently, crypto profits in Japan are subject to a miscellaneous income tax rate ranging from 15% to 55%. The highest rate applies to earnings exceeding 200,000 Japanese yen ($1,377). This compares unfavorably to the 20% maximum tax rate on profits from stock trading.

For corporate entities, the tax burden on unrealized crypto gains is even more substantial, with a flat 30% rate applied at the end of each financial year, regardless of whether a profit has been realized through a sale.

At the WebX Conference held in Tokyo last week, Japanese Minister of Economy, Trade and Industry Takeru Saito said he would help the industry create more use cases by implementing tax reforms to support the development of start-ups, local media reported.

While the FSA's proposal represents a positive step towards a more crypto-friendly tax environment in Japan, the ultimate outcome will depend on the deliberations of the tax system research committee and the country's national legislature.

If approved by both houses of the Japanese government, the proposed tax reforms could significantly impact the nation's crypto industry.

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Source:  Blockhead

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“Tidbits From TNT” Friday Morning 9-6-2024

TNT:

Tishwash:  UAE, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, Oman extend additional voluntary output cuts

 The OPEC+ countries have agreed to extend their additional voluntary production cuts of 2.2 million barrels per day for two months until the end of November 2024.

This came as these countries that previously announced additional voluntary cuts in April and November 2023, including the United Arab Emirates, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, held a virtual meeting on 5th September, 2024, during which the eight member countries emphasised their collective resolve to ensure full compliance with the voluntary production adjustments.

In recognition of this strengthened resolve and renewed firm commitment, the eight participating countries have agreed to extend their additional voluntary production cuts of 2.2 million barrels per day for two months until the end of November 2024, after which these cuts will be gradually phased out on a monthly basis starting 1st December, 2024, with the flexibility to pause or reverse the adjustments as necessary.

The overproducing countries also reconfirmed their commitment that the entire overproduced volume will be fully compensated for by September 2025.

In August 2024, Saudi Arabia, Russia, the United Arab Emirates, Kuwait, Algeria, and Oman, conducted two ministerial discussions with Iraq and Kazakhstan. Both countries were urged to achieve full conformity and compensate for the overproduced volumes since January 2024. Iraq and Kazakhstan committed to engage with secondary sources to outline their plans for production adjustments to achieve compliance and meet the compensation schedules they submitted to the OPEC Secretariat on 22nd August.

The group includes Iraq and Kazakhstan, who have overproduced since January 2024, but have strongly reaffirmed their commitment to the agreement and to their compensation schedules submitted to the OPEC Secretariat as agreed under the 53rd meeting of the JMMC on 3rd April 2024.

Iraq and Kazakhstan reinforced their commitment during the OPEC Secretary General’s visits in late August, conducted in coordination with Saudi Arabia's Minister of Energy and the Chairman of the OPEC and non-OPEC Ministerial Meetings. During those visits, the OPEC Secretariat organised workshops with the secondary sources where both countries provided extensive details on the immediate and concrete measures they are implementing to achieve full conformity with the required production levels and to meet their compensation schedules for August and for September. These measures included advancing field maintenance plans and reducing production alongside with delaying and canceling spot sales for the month of August. Moreover, the countries committed to adjust compensation plans for any over produced volumes in August.  link

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Tishwash:  Iraqi Ambassador to Egypt Calls on Arab Companies to Invest in Iraq

Iraqi Ambassador to Egypt Qahtaan Taha Khalaf announced on Thursday Iraq's support for Egypt in the face of the Zionist campaign to disrupt the Palestinian cause, while calling on Arab companies to invest in Iraq.

Khalaf said, in the opening session of the 114th session of the Economic and Social Council, which was followed by "Al-Eqtisad News", that "the Republic of Iraq supports the Arab Republic of Egypt in what it is exposed to in terms of fabricated Zionist accusations, campaigns and plans in an attempt to disrupt the Palestinian cause."

He added that "the Iraqi government welcomes hosting the 34th regular Arab Summit in Baghdad in 2025," noting that "this grand celebration that the Arab nation is looking forward to, we are trying to come up with decisions that rise to the level of the current challenges, in order for the summit to constitute a qualitative leap in the field of joint Arab action."

He pointed out that "the delegates supporting the Republic of Iraq communicated with the General Secretariat of the League of Arab States to set a date for the meeting of the third team concerned with developing economic and social work headed by Iraq," noting that "the meeting did not take place due to emergency circumstances, the last of which was setting August 26 and a memorandum was circulated in this regard, but the visit of Iraqi Prime Minister Mohammed Shia al-Sudani to Egypt prevented the meeting from being held."

He explained that "Iraq's policy is focused on economic openness, building a broad network of economic relations and attracting investments, and from these starting points, the Iraqi government has developed an ambitious program to develop all sectors, enhance and improve services and simplify procedures."

He added that "the companies that have been present in Iraq for years include Turkish, Iranian and Chinese companies, and we find Arab companies from Egypt, neighboring countries and other Arab countries alongside them," calling on Arab countries to "participate in rebuilding Iraq and exploiting the available opportunities in restoring infrastructure in Iraq."

He thanked "the United Arab Emirates for presenting a study of the work of this council and the General Secretariat of the League of Arab States and the employees for their efforts to prepare for this meeting and provide full support to reach the best results for the advancement of joint Arab action."  link

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Tishwash: Iraq's gateway to the world.. All eyes are on the launch of the FAO and corruption is the biggest "risk"

Iraq is preparing to announce the imminent launch of the Grand Faw Port, one of the largest strategic projects in the country, despite the major challenges that this project has faced since its inception.

Faw Port is an important commercial gateway linking Iraq to the outside world and reducing dependence on the ports of neighboring countries.

The project has faced many obstacles, including financing, political tensions, and logistical challenges. However, official authorities confirm that the project has overcome most of these obstacles, and that the official launch of the port is imminent, which raises hopes of boosting trade and investment in Iraq.

Jamal Al-Halbousi, an expert in maritime border demarcation, says, “The news coming from the port of Al-Faw is good and joyful, especially since the work rate on the project now reaches 98 percent, according to the Daewoo company implementing the port, which is equipped with five docks. Work is now underway to complete the fifth dock, which is 1,750 meters long.”

He added, "More important than these docks is the navigation channel leading to them, as work is being done on it at the agreed capacity so that it can accommodate large ships and navigation is at a very high economic level, meaning that the depth of the navigation channel should not be less than 19.8 metres, and so far it has reached 12 metres or a little more."

He points out that “many aspects have been completed, such as the roads, most of which have been completed, as well as the bridges, the submerged tunnel, and the container yard,” noting that “there are five other projects that complement the port and these must be carried out, and according to the Ministry of Transport, the percentage of completion in them exceeds the timeframes set for them, but until now we need to test them, as within 20 days water must be pumped into the submerged tunnel for the test.”

Al-Halbousi hopes for the “success of the Faw Port project, because that would close all doors to competing ports in the region. Therefore, the five docks must be coordinated and interconnected, and the work must be in one chain. There must be a gradual completion, and there must be an appropriate mechanism for the work and the idea of ​​transporting and transferring goods.”

Regarding the obstacles, he confirms that “corruption is the biggest obstacle facing the port of Faw, so there must be efficient management, and unfortunately Iraq lacks it so far. If the same administrative work in other Basra ports, such as Khor Al-Zubair and others, is reflected in the port of Faw, it will be a disaster for the new port. However, if it is managed by expert companies, the port is a historic opportunity for Iraq to revive the economy.”

 He added, "The port will start operating with five docks, and their success in operation will give Iraq an opportunity to develop and increase the docks because Umm Qasr Port operates with 29 docks, and what is planned for the Grand Faw Port is to contain a greater number of docks than what is present in Umm Qasr Port."

For his part, economic expert, Ziad Al-Hashemi, explains that “the port of Faw holds great strategic importance for the growing Iraqi economy, in which the rate of imports increases annually.”

He added, "The Faw Port, with its five berths, will be able to provide modern services and operations that facilitate the speed and smoothness of handling containers entering and leaving the port, which will enhance commercial movement and the availability of goods required within the Iraqi markets."

Al-Hashemi confirms that “the project may face some challenges related to the contracting process with port operating companies, managing the docks, and the movement and operations of the port, in addition to the fact that the failure to complete the development road paths may cause a limitation in linking the port facilities with the land paths towards the Iraqi governorates, which creates a bottleneck that causes delays in the flow of goods.”

He explained that "there are potential security and political challenges for parties that may want to exploit the port to obtain illegal financial gains and resources. The port may also face a decrease in demand for its cross-border trade services to and from Turkey and neighboring countries, due to the fragile security and political stability, which may lead to an increase in the costs of transit and insurance for containers passing through Iraq to and from the port for the benefit of other countries."

The Faw Port was supposed to have 99 berths and be the largest port in West Asia, surpassing the Jebel Ali Port in the United Arab Emirates. The port adds strategic importance to Iraq and generates huge financial returns through the transport of goods and oil products faster than before.

Fourteen years have passed since the foundation stone was laid for the construction of this port, but political conflicts and the intersection of internal and external interests, in addition to corruption factors, prevented its completion, which prompted the "Popular Movement for the Belt and Road", last April, to demonstrate in the vicinity of the Green Zone, to expose the files of financial and administrative corruption in the Grand Faw Port.

The Greater Faw Project represents an important economic and political goal, given its high financial cost and political and social importance, as many political actors and armed groups seek to control or undermine it to achieve personal gains and political goals.

The Ministry of Transport confirmed this week that the five-berth project, one of the projects of the Grand Faw Port, is witnessing remarkable progress on the ground and faster than its scheduled timelines, noting that the Korean company Daewoo has reached a completion rate of 98 percent in the project.

It is noteworthy that the project to establish the container terminal for the Grand Faw Port, which is one of the five projects of the project, includes the construction of five giant docks for unloading ships with a length of 1,750 meters, and the construction of a container yard with a length of 2,000 meters.  link

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Mot: .. School -- First Day

Mot:  Ever Wonder Why Parents dont post the Second Day of School????