Some “BRICS News” Sunday 9-15-2024

34 Countries Joining BRICS according to Russian President: The End of G7?

Fastepo:  9-15-2024

Russian President Vladimir Putin announced that 34 countries have expressed interest in joining BRICS, either formally or through various levels of engagement. During a meeting with senior BRICS officials focused on security matters, Putin emphasized Russia's commitment to the bloc's expansion as it assumes the 2024 chairmanship.

"More than three dozen countries, precisely 34, have shown interest in participating in BRICS activities in some capacity," Putin stated, underscoring Russia's priority to facilitate swift integration of new members.

As chair of BRICS for 2024, Russia has approached the role with a sense of urgency and responsibility, according to Putin. "Our chairmanship carries a special mandate: to ensure the seamless and accelerated integration of new member states into all BRICS mechanisms," he added.

 Putin highlighted the group's accomplishments in addressing global security challenges, including efforts to combat cybercrime and terrorism. "BRICS has developed a strong foundation of cooperation in areas such as counterterrorism, illegal arms and drug trafficking, transnational crime, and illegal migration,"

Putin said. He also pointed to the creation of a specialized electronic registry for sharing data on cyberattacks as a key achievement of the bloc’s collaborative efforts. This video explores the growing interest from potentials countries in joining BRICS and analyzes their potential contributions to the bloc.

 The discussion delves into how their membership could significantly expand BRICS' global influence and economic reach.

Through an in-depth examination of the economic, political, and strategic implications, the video offers insights into how BRICS might evolve in the coming years and what the inclusion of these new members could mean for the organization's role on the global stage.

https://www.youtube.com/watch?v=8nAuvk0YmmI

BRICS Minister Confirms Plans For Gold Backed Currency (Will Gold Price Soar In October?)

Smart Silver Stackers:  9-15-2024

In a recent interview, Andrey Mikhailishin, the head of the task force on financial services of the BRICS Business Council, outlined a list of projects related to the establishment of a BRICS global payment system.

Of particular interest to gold & silver stackers, is that BRICS plans to peg their unit of exchange 40% to gold.

There are plans to announce aspects of these new projects at the October BRICS conference.

If an official announcement of a BRICS gold backed currency does take place, there could be a major impact on the gold price & the silver price

https://www.youtube.com/watch?v=kBlFx-RbkE8

BRICS vs. NATO: Turkey's Bold Move and the US Dollar's Future

Taylor Kenny:  9-15-2024

CHAPTERS:

00:00 - Turkey Joins BRICS

00:37 - A Growing Power Bloc with Global Ambitions

01:18 - Turkey's Military Strength and NATO Influence

 02:27 - Tensions Between Turkey and the U.S.

03:41 - A Strategic Asset

 04:59 - Challenging U.S. Dominance

 05:34 - What’s at Stake?

 06:40 - Turkey’s Future Role

https://www.youtube.com/watch?v=dkOECosuEi0

Seeds of Wisdom RV and Economic Updates Sunday Afternoon 9-15-24

Good Afternoon Dinar Recaps,

Russia All Out For Crypto Regulation, US Dollar Dominance Under Threat?

In order to combat strain in international trade, Russia has plans to complete crypto regulation and to properly combat USD dominance

▪️Russia is pushing forth in its crypto regulation and adoption agenda
▪️The country aims to finalize its crypto regulation push by November
▪️The aim is to use these assets for international trade settlement

Russia is making big plans for crypto regulation in the region by November. Notably, the process has already commenced but will be finalized in the next few months. 

According to Anatoly Aksakov, the Chairman of the State Duma Financial Market Committee, Russia’s Central Bank and the Ministry of Finance will prepare the necessary by-laws from now until the scheduled time.

Russia Rolls Out Crypto Regulation Gradually
At the beginning of this month, the law that permits the use of crypto payments in foreign trade settlements and exchange trading within the framework of an experimental legal regime came into force. However, it needed full regulation, including bylaws, to establish rules for cross-border crypto payments.

Russia’s financial authorities will see that all these processes are finalized by November.

In addition to preparing the crypto regulation and bylaws, the Central Bank and the Ministry of Finance will consider the circle of individuals and organizations that will take part in the first stage of the process. The participants will include credit institutions and banks.

According to Aksakov, these entities would help to “feel out” the mechanism of this market. They will also help the authorities to better understand how to regulate it. As time progresses, the number of participants for the process will be expanded.

The Threat to US Dollar
Despite the crypto regulation moves, Russia is keen on not getting the assets into the wrong hands. The country acknowledged the versatility of the asset class and how it could also be misused.

Also, Russia has no plans to fully replace its fiat currency Ruble with cryptocurrencies. The Chairman of the State Duma Financial Market Committee stated that it would only be used for foreign trading activities and not for payment within Russia.

This move is in sync with the primary goal of the BRICS Group, a bloc of countries with some of the world’s leading economies. Member countries of this group are focused on challenging the dominance of USD. It is worth noting that Russia is one of the founding members of this bloc.

For the longest time, the BRICS Group has been trying to develop an alternative to the USD for cross-border settlements. They have onsidered the use of digital assets and some other asset classes for some time now. Last month, Russia hinted at building a Chinese yuan-pegged BRICS stablecoin to further push the de-dollarization efforts.

@ Newshounds News™

Source:  CoinGape

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SEC CRYPTO ENFORCEMENT ACTIONS SURGED 3,000% TO $4.7 BILLION IN 2024: REPORT

Despite fewer cases, the SEC’s enforcement strategy shifted to larger fines, with average penalties jumping to $426 million per action.

The U.S. Securities and Exchange Commission (SEC) has ramped up its enforcement actions against the cryptocurrency sector in 2024, imposing nearly $4.7 billion in fines.

This figure represents a 3,018% increase from the $150.3 million in fines issued in 2023.

Record Breaking Settlement
According to a report from Social Capital Markets, 2024’s figures are largely attributed to the SEC’s $4.47 billion settlement with Terraform Labs and its former CEO, Do Kwon, in June making it the largest enforcement action to date by the agency.

This legal action addressed serious issues, including misleading investors and offering unregistered securities, following the collapse of TerraUSD (UST) and its associated ecosystem.

The total fines for 2024, which stand at $4.68 billion, include various penalties such as forfeiture, disgorgement, civil penalties, settlement, and prejudgment interest.

Although the regulator’s crackdown dropped from 30 in 2023 to 11 in 2024, average fines soared to about $426 million, up from $14.71 million in 2022.

“This trend indicates a strategic shift by the SEC toward fewer but larger fines, with a focus on making high-impact enforcement actions that set precedents for the entire industry,” the report notes.

Other notable fines in 2024 include penalties against firms like GTV Media Group and fraudsters John and Tina Barksdale, each exceeding $100 million.

Crypto Fines Amounted to $7.42 Billion Since 2013
Since 2013, the SEC has issued over $7.42 billion in fines against the cryptocurrency industry. Of this total, 63% has been in 2024 alone.

In 2019, the $1.24 billion fine imposed on Telegram Group Inc. and TON Issuer Inc. for unregistered token sales led to a notable 2,000% increase in the average fine compared to previous years.

Ripple Labs received a $125 million fine for selling XRP as an unregistered security, causing the average fine for that year to rise to $35.2 million. However, the SEC is yet to agree as it can dispute this one.

The enforcement actions in 2024 also emphasize accountability for both companies and their executives, with “firm + Individual” penalties totaling $5.08 billion across 63 actions.

Most fines exceeded $1 billion, making up 46% of the total, largely due to the $4.68 billion penalty against Terraform Labs. Punishments ranging between $1 million and $10 million are also common, accounting for 30%, and often involve smaller firms. There were also judgments falling under $1 million, highlighting ongoing scrutiny of minor projects.

@ Newshounds News™

Source:  Crypto Potato

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Kraken Requests Jury Trial in Legal Battle With the SEC Over Alleged Securities Law Violations

The crypto exchange Kraken has officially requested a jury trial in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).

Last November, the SEC charged Kraken with operating its crypto trading platform as an unregistered securities exchange, broker, dealer and clearing agency.

Earlier this year, Kraken filed in US District Court to dismiss those charges, positing that the SEC’s claims would widen the definition of investment contracts and expand the regulator’s jurisdiction outside of its delegated responsibility.

That request didn’t fly with US District Judge William H. Orrick, who denied the exchange’s request last month, ruling that the SEC “plausibly alleged that at least some of the cryptocurrency transactions that Kraken facilitates on its network constitute investment contracts, and therefore securities, and are accordingly subject to securities laws.”

In a new document filed in court on Thursday, Kraken requests a jury trial and responds to the SEC’s complaint, arguing that it operated for more than a decade without any hint from the regulator that it was violating securities laws.

“In fact, in 2021, the Chair of the SEC told Congress that ‘the exchanges trading in these crypto assets do not have a regulatory framework at the SEC,’ and ‘it is only Congress that could really address this lack of a framework.’

Kraken has tried to work with the SEC to make registration feasible. But the industry’s efforts have been stonewalled at every step, as the SEC has instead chosen to pursue a strategy of fighting with its sister regulators for enforcement authority its Chair admitted it did not have.

This has predictably led to a patchwork of inconsistent and irreconcilable court decisions in an area that is plainly in need of a uniform regulatory approach.”

Kraken says the SEC refused to identify which crypto asset transactions it classified as investment contracts until the regulator filed its complaint last year.

“The digital assets themselves cannot be the investment contracts because they carry none of the rights and obligations of a share of stock, a bond, or any other financial asset that Congress has said is subject to SEC regulation. The digital assets themselves are the only things that are traded, brokered, or settled on Kraken.”

The SEC argues that Kraken hawked more than 11 different “crypto asset securities” on its platform and was required by law to register with the regulator.

Those alleged securities include Cardano (ADA), Algorand (ALGO), Cosmos (ATOM) and Solana (SOL), among others.

@ Newshounds News™

Source:   DailyHodl  

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TRUMP TAKEN TO SAFETY AFTER SECRET SERVICE OPENS FIRE ON MAN WITH POSSIBLE GUN AT HIS PALM BEACH GOLF CLUB

Donald Trump was taken to safety by the Secret Service after agents opened fire on a man who was spotted with what may have been a gun while the former president was on the links, according to law enforcement sources.

Sources said the Secret Service spotted a suspicious individual on the Trump International Golf Course West Palm Beach, and opened fire when agents saw what appeared to be the barrel of a gun.

It’s not clear whether the man was on the course or near it.

An agent opened fire, shooting multiple times.

“President Trump is safe following gunshots in his vicinity. No further details at this time,” Trump spokesman Steven Cheung said Sunday afternoon.

The man was later arrested by local police on I-95.

It comes almost exactly two months after Thomas Matthew Crooks shot Trump at a rally in Butler, Pa. on July 13 — wounding him in the ear.

Sen. Lindsey Graham took to X minutes after news of the shooting broke to laud the former president for his fortitude.

“Just spoke with President Trump. He is one of the strongest people I’ve ever known. He’s in good spirits and he is more resolved than ever to save our country.”

“President Trump is safe following gunshots in his vicinity. No further details at this time,” Trump spokesman Steven Cheung said Sunday afternoon.

The West Palm Beach course is about five miles inland from Mar-a-Lago, which Trump dubbed the “Winter White House.”

The Secret Service — which came under widespread criticism following the July assassination attempt — wrote on X that it was investigating a "protective incident” involving the former president that occurred shortly before 2 p.m.

The agency said it’s coordinating with the Palm Beach County Sheriff’s office on the investigation.

Initial reports suggested two people were firing at each other. However, sources said investigators now believe the Secret Service agent was the only shooter.

The man’s motives are not yet known. He was arrested by Palm Beach County sheriff’s deputies.

The White House issued a statement soon after the incident: “The President and Vice President have been briefed about the security incident at the Trump International Golf Course, where former President Trump was golfing. They are relieved to know that he is safe. They will be kept regularly updated by their team.”

This is a developing story.

@ Newshounds News™

Source:  NY Post

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Muddy Water SEC's Crypto Custody Confusion: Understanding the Exemption  |  Youtube

#SeedsofWisdomTeam

@ Newshounds News™

Source: Seeds of Wisdom Team Currency Facts 

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Great Breakdown - #Brics from R Jax and Lowtide. #Seeds of Wisdom Team  |  Youtube

#SeedsofWisdomTeam

@ Newshounds News™

Source: Seeds of Wisdom Team Currency Facts 

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Economist’s “News and Views” Sunday 9-15-2024

"The Debt Trap Is Sprung" | Alasdair Macleod

Liberty and Finance:  9-14-2024

Alasdair Macleod discusses the current state of the banking system and the rising value of gold.

He highlights the increasing fragility of banks, citing Warren Buffett's significant sell-off of Bank of America shares as indicative of broader concerns about inflation and capital flow.

Macleod explains that central banks' aggressive gold accumulation responds to the potential devaluation of fiat currencies, with gold reaching all-time highs partly due to weakening confidence in the dollar.

According to Macleod, the ongoing shift in investment toward gold reflects a flight from unstable financial systems and increasing investor fear.

This analysis underscores the growing importance of precious metals as a hedge against economic instability and currency risk.

NTERVIEW TIMELINE:

0:00 Intro

 1:36 Banking system

7:45 Gold's rally

15:15 Economic outlook

19:55 Gold BRICS currency?

https://www.youtube.com/watch?v=GXNvGo0u818

Silver to Outperform Gold 4 to 1 as New Monetary System Emerges in the Next 3 Years

David Lin:  9-15-2024

David Morgan, Publisher of The Morgan Report, discsusses the outlook for gold, silver, and how the gold "barometer is signalling "stormy times ahead".

1:00 - Gold vs silver

4:19 - Silver as industrial metal

7:30 - Gold as a barometer

8:30 - Stormy times ahead

11:20 - Bankruptcies

16:00 - Inflation outlook

 21:40 - Increased deficit

24:10 - Federal reserve rate cut

27:00 - Capital flow shifts

29:46 - Dollar outlook

 32:30 - New monetary system

33:30 - Why hasn't silver hit new highs?

36:50 - Industrial use case of silver

 38:20 - Silver mining

40:00 - How money controls us

https://www.youtube.com/watch?v=m1vhyEueV8Q

A Powerful Economic Indicator Just Triggered A MASSIVE Warning

George Gammon:    9-14-2024

https://www.youtube.com/watch?v=fz4o8A5RF6g

“Tidbits From TNT” Sunday 9-15-2024

TNT:

Tishwash:  Al-Sudani: Iraq today is on the right path

Prime Minister Mohammed Shia Al-Sudani, during a dialogue seminar by the Anki Foundation for Studies and Research on the path to development, in the presence of Mr. Al-Hakim:

Iraq depends on oil as the only source to cover its expenses, which have begun to increase.

The development path needs more study and clarification.

We must think properly to activate sectors that support oil.

- There must be projects that suit Iraq to be a focus of development.

We have started establishing and implementing the development road project, which will transform Iraq into an open country.

We have unnatural materials that have not been exploited in industries and the strategic location of Iraq. 

We are in the planning, design and other studies phase and we have approached the World Bank to begin implementing the development road from Basra to Mosul.

Capital finds opportunity in Iraq amid security and political stability

- Many capitals want to invest in Iraq

Iraq today is on the right track

Iraq is witnessing recovery and stability and everyone needs his return

Iraq will enter the gas market after investing in several fields

Iraq is the best corridor in the communications and optical cable file 

Providing job opportunities is one of the reasons that prompted us to proceed with the development road project.

We concluded the Faw Investment Refinery contract and it was activated.

With these projects, we will recreate the experience of the sixties and seventies to work in the private sector to provide job opportunities.

- The railway designs for the development road project have been fully completed.

- The third meeting of the Ministerial Council on the development path will be held next November.

We have started preparing a study on forming a body to manage the development road project.

- We have made real reforms in the tax and banking system.

There is no spot on Iraqi territory outside the control of our security forces, and we have directed the preparation of a comprehensive plan to secure the path of development.

The development road project needs 5 years to be completed.  link

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Economist: Lower oil prices will not affect dollar exchange rate and salaries in Iraq - Urgent

Economic expert Mustafa Akram Hantoush explained today, Saturday (September 14, 2024), that the decline in oil prices will not affect the exchange rate of the dollar and salaries in Iraq.

Hantoush said in an interview with Baghdad Today, "The dollar exchange rates in Iraq will not be affected by the decline in oil prices, as this issue depends on supply and demand in the local market, and has no relation to the oil file and oil revenues."

He explained that "in terms of operating expenses, including salaries, they will not be affected by the crisis, even if oil prices reach $50, as the state is able to pay salaries and governing expenses."

Hantoush added that "the impact of fluctuations in oil prices will greatly affect investment programs, and that oil prices may threaten the state's investment side, as happened in the past years, including 2015, 2016, and 2017, when projects suffered from significant delays in those years."

These financial concerns reflect the challenges facing the global oil market, as oil prices have fallen significantly in recent weeks due to weak global demand, especially from China, which is the world's largest oil importer.

Every now and then, fears are circulated in Iraq about the government’s inability to pay employees’ salaries due to financial liquidity, especially since the country’s oil imports, which constitute more than 90% of the Iraqi economy, are in Iraq’s account at the US Federal Reserve.   link

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Tishwash:  Are the winds of “economic” change blowing after electronic payment?

Will electronic payment end the fluctuations of the Iraqi economy, and what if it has a negative impact on it? And how can it be controlled without supervision?

These are big questions that the “Iraq Observer” agency puts in the hands of those in charge, while the activities of the “Electronic Payment towards Financial Stability in Iraq” conference were launched today, Saturday, in the capital, Baghdad, under the auspices of Prime Minister Mohammed Shia Al-Sudani, and jointly organized by the Prime Minister’s Office, the Association of Private Banks, and the Central Bank of Iraq, at the Rashid Hotel, with the attendance of Arab and international banking figures.

Absolute rentierism

In turn, the economic expert Abdul Karim Al-Issawi said, “All the economic reforms and legal legislation undertaken by the Iraqi governments in the field of advancing and developing the performance of the economy to reduce the contribution of the extractive sector in the formation of commodity sectors, the contribution of other economic commodity sectors; foremost of which are agriculture and industry.”

Al-Issawi told the Iraq Observer Agency, “The stereotype of absolute rentierism from a single funding source represented by oil export revenues remains as it is.”

The economic expert explained that “one of the reasons for this, most notably the absence of correct and scientific visions to restore life to the manufacturing industries after they were exposed to sabotage and the loss of their qualified cadres, and the industries were exposed to the phenomenon of commercial dumping practiced by neighboring Arab and non-Arab countries, the result of which was their exclusion from competition, in addition to the lack of control over official and unofficial border crossings.”

He continued: “On the other hand, the process of employing workers has doubled as a policy followed by successive Iraqi governments after 2003 for reasons and motives, most of which are political and without well-studied scientific planning. The problem was reinforced by the weak contribution of the private sector to economic development, which did not receive appropriate support.”

He pointed out that there is a point that must be noted and reminded of: the transitional phase laws have increased public expenditures from the federal budget, and as a result, made the allocations for operating expenses account for more than 80% of Iraq's annual budget.

He added, "It is unfortunate that this large amount of spending is not on Iraqi products, but rather on imports of foreign goods and services, and thus is reflected in the economic multiplier of the countries exporting to Iraq."

He said that the reality of the Iraqi economy puts the government of Prime Minister Mohammed Shia al-Sudani before difficult choices that must be made to reduce spending, rationalize government expenditures for the three presidencies, and reduce budget allocations for some ministries that receive taxes from providing services to beneficiaries.

He said: “It is certainly necessary for Iraqi governments to always keep in mind that the issue of diversifying the Iraqi economy is extremely important, given the nature of crude oil in global markets as a commodity that is exposed from time to time to shocks whose effects Iraq cannot avoid due to the lack of economic and financial buffers such as sovereign funds or a stock market, which can be resorted to to provide financial resources to meet the requirements of operational and investment expenses.

He added: “What reinforces these fears are the geopolitical tensions in the Middle East and the military threats between the occupying entity and Iran and other areas in southern Lebanon and Yemen and from parties in Iraq. There is no doubt that a direct military clash will quickly affect Iraq’s oil exports if Iraq’s ports are targeted and the Strait of Hormuz is closed.”

Official reassurance

In turn, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, reassured citizens after the global decline in oil prices.

“Despite the noise surrounding the global energy markets and the conflicting possibilities about their impact on the national economy, it is necessary to know the strengths of the Iraqi economy,” Saleh said in a statement followed by the “Iraq Observer” agency. “The decline in Iraq’s external debt to its lowest level in the last forty years, not exceeding $10 billion, came from the government’s determination to follow a precise program to settle the external debt, which today constitutes less than 9% of the country’s total foreign exchange reserves, which are approximately $108 billion, and are the highest reserves in the country’s monetary and financial history.”

He added, "In terms of stability and growth in economic activity, the growth indicators in the non-oil GDP have touched 6%, supported by construction and housing activities and infrastructure development, in addition to the development of grain sector production, accompanied by the renaissance of the transportation and communications sector and the growth of the digital economy."

Quarter of a billion

While the Central Bank of Iraq's dollar sales amounted to more than $257 million in the currency auction.

The bank sold in its auction the day before yesterday 257 million 345 thousand 110 dollars, covering it at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, at a rate of 1310 dinars per dollar for foreign transfers, and at a rate of 1305 dinars per dollar in cash.

Most of the dollar sales went to boost balances abroad in the form of transfers and credits, which amounted to $244,595,110, up 95% from cash sales of $12,750,000.

The number of banks that purchased cash dollars was one bank, while the number of banks that met requests to enhance balances abroad was 15 banks, and the total number of exchange companies participating in the auction was 22 companies.  link

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Mot:  ooooooooooh the Insight of the INternet is just Awesome at times!!!!  Fainting goat

https://www.youtube.com/watch?v=NmMKaBL7mks

Mot:  Nothing is Impossible = but… 

Seeds of Wisdom RV and Economic Updates Sunday Morning 9-15-24

Good Morning Dinar Recaps,

BREAKING: RIPPLE CLO CONFIRMS XRP VS. SEC CASE IS FINALLY OVER-$5 NEXT?

▪️Ripple’s legal battle with the SEC concludes, marking a significant moment for the cryptocurrency industry.

▪️Future SEC cases involving digital assets may take into account the fair notice defense that Ripple used.

Stuart Alderoty, Ripple’s Chief Legal Officer, has officially declared the end of the company’s long-running legal battle with the United States Securities and Exchange Commission (SEC), as has been highlighted by blockchain researcher Collin Brown.

Alderoty recently announced that the U.S. District Court for the Southern District of New York, presided over by Judge Analisa Torres, issued its final ruling on August 7, 2024. This ruling is a key milestone for Ripple because the court cut the SEC’s first proposed penalty of over $2 billion to a much more manageable $125 million.

Furthermore, the verdict imposes restrictions on Ripple’s future XRP sales to institutional clients in the United States, indicating a partial triumph for the business.

Ripple Legal Win May Shape Future Crypto Regulation
The outcome of this high-profile case not only brings closure to Ripple, but it also has a long-term consequence on the cryptocurrency sector. Alderoty noted that Ripple’s fair notice defense, a cornerstone of their legal strategy, is still relevant for other cryptocurrency startups facing regulatory problems from the SEC.

This approach has the potential to set precedent in future cases, particularly those involving whether some digital assets qualify as securities under US law. This outcome may influence how authorities handle enforcement actions in the rapidly expanding digital asset industry, where clarity is sometimes missing.

Prior to this statement, as we previously reported, Coinbase’s Chief Legal Officer, Paul Grewal, expressed public concerns about the SEC’s inconsistent treatment of multiple cryptocurrencies.

Grewal specifically addressed the ambiguity surrounding Ethereum’s treatment, which continues to perplex the crypto community.

His critique emphasized the SEC’s shifting posture, leaving market participants unsure about which tokens would be investigated as securities. This broader regulatory picture has made many companies and token holders nervous, as being designated a security can have serious financial ramifications.

Investors Eye the $5 Target
The conclusion of Ripple’s legal battle with the SEC, however, does not eliminate well the uncertainty for XRP holders. But the crypto has been gaining market traction, with XRP last trading at around $0.5859, up 2.76% over the last 24 hours and 10.10% over the last week.

This price increase coincides with newfound hope among many in the XRP community, also known as the XRP Army. According to CNF, analysts, notably Captain Faibik, expect that XRP will achieve a mid-term target of $2.5, igniting hopes for even bigger rises.

Some investors are hoping to break through the $5 mark, which has long been a target but has remained out of reach.

@ Newshounds News™

Source:  Crypto News Flash

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BRICS NEWS

CHINA AND IRAN CALL FOR ‘DURABLE CEASEFIRE’ IN GAZA AT BRICS SECURITY CONFERENCE

China’s top diplomat Wang Yi meets Russia’s Vladimir Putin and national security chiefs of Iran and India on sidelines of forum

China and Iran jointly called for a “durable ceasefire” in Gaza and resumption of talks for a “two-state” solution on the sidelines of the Brics security conference in Russia.

In a Thursday meeting in St Petersburg, China’s top diplomat Wang Yi and Iranian Supreme National Security Council Secretary Ali Ahmadian discussed the situation in Gaza as tensions between Iran and Israel escalated.

According to a Chinese foreign ministry readout, Wang and Ahmadian both called for “a full withdrawal of troops” from Gaza and Palestinian sovereignty and self-governance.

China advocates a “two-state” solution for the Israeli-Palestinian conflict. Iran, which has long denied Israel’s legitimacy as a state, has shown some signs of a shift in its policy, including voting in favour of a UN resolution on a humanitarian truce in Gaza last year, which also called for a two-state solution.

Iran promised revenge on Israel after Hamas leader Ismail Haniyeh was assassinated in Iran in July.

@ Newshounds News™

Source:  SCMP

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GLOBAL BANKING NETWORK SWIFT PAVES WAY FOR TOKENIZED ASSET INTEGRATION

SWIFT, the global banking communications network, not the wildly popular American popstar, has announced plans to integrate digital assets.

On Sept. 11, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) announced that it was “paving the way towards real-world solutions that will enable our members to access and transact with regulated digital assets and currencies.”

The organization has a vision of enabling its members to transact with both traditional and emerging crypto assets on its interbank network.

SWIFT is a cooperative established in 1973 in Belgium and owned by the banks and other member firms that use its services.

Ethereum Connections?
VanEck’s head of digital assets research, Matthew Sigel, observed that the only layer-1 blockchain SWIFT has ever mentioned in such communications is Ethereum.

He also noted that their experiments focus on interoperability between traditional finance and emerging technologies such as tokenized assets and CBDCs.

The announcement acknowledged the growth in tokenized real-world assets (RWA), citing Standard Chartered research that estimated their market size would reach $30 trillion by 2034.

 It added that market sentiment is certainly strong, with 91% of institutional investors interested in investing in tokenized assets.

SWIFT noted that there are currently fragmented “digital islands” due to divergent platforms, technologies, and regulations. There is also a high level of complexity for institutional investors dealing with multiple tokenization platforms.

SWIFT has been experimenting with blockchain transfers and RWA, noting:

“Our successful blockchain interoperability experiments showed how Swift’s infrastructure can facilitate the transfer of tokenized value across public and private blockchains.”

However, it plans to evolve its infrastructure to offer access to digital assets and currencies across various use cases and enable securities investors to simultaneously pay for and exchange tokenized assets in real time.

“The payment leg will initially be made using existing fiat currencies, but will later be able to use tokenized forms of money, such as CBDCs, tokenized commercial bank money, or regulated stablecoins.”

In the coming months, SWIFT plans to continue developing technical solutions with the financial community.

No Crypto on SWIFT
While the announcement sounds promising for crypto, it is highly unlikely that users will be able to send decentralized digital assets such as Bitcoin or Ethereum using the network. However, it could be a boon for the underlying infrastructure, such as Ethereum and Chainlink.

In September 2023, SWIFT conducted an experiment with banks leveraging Chainlink’s Cross-Chain Interoperability Protocol (CCIP).

Earlier that year, SWIFT announced a collaboration with Chainlink, which included several financial institutions to assess the feasibility of integrating with diverse blockchain networks.

@ Newshounds News™

Source:   Crypto Potato

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CRYPTO MARKET AWAITS FOMC & POWELL’S SPEECH AMID US FED’S 0.5% RATE CUT BETS

The crypto market awaits the FOMC meeting and Powell's speech, with soaring bets on a 0.5% US Fed rate cut fueling optimism over a potential recovery.

▪️The crypto market expects a 0.5% US Fed rate cut in September, boosting optimism and potential rallies.

▪️The FOMC meeting and Powell's speech are likely to impact the crypto market's upcoming stance and trends.

▪️The soaring bets over the 50 bps Fed rate cut helped Bitcoin price to hit $60K last week.

The crypto market is bracing to enter a crucial week, amid soaring bets over a 50 bps US Fed rate cut. This marks a significant phase for the broader financial market, let alone the crypto space, with the US FOMC interest-rate decision in focus. In addition, Fed Chair Jerome Powell is also scheduled to speak following the FOMC meeting, which would provide cues on the central bank’s upcoming stance with their policy rate plans.

Crypto Market To Enter A Crucial Week
The crypto market eagerly awaits the much-awaited September FOMC meeting on the policy rates. With the latest cooling US CPI and PPI inflation figures, bets are recently soaring over a 0.5% Fed rate cut at the upcoming meeting.

Notably, this optimistic view has also fueled a rally in the broader financial market, with the US stock market noting its best trading week since November last year. In addition, Bitcoin soared past the $60K mark last week, indicating the increasing risk-bet appetite of the market participants.

According to the CME FedWatch Tool, there is a 50% probability of a 50 bps rate cut by the US Federal Reserve at their upcoming meeting. Simultaneously, the same bets are also there towards a smaller rate cut of 0.25%. Besides, the market is anticipating a 100 bps cut in the policy rates with three rate cuts this year. This development appears to have bolstered the broader market sentiment.

Fed Chair Jerome Powell’s Speech In Focus
Following the FOMC interest-rate cut decision on Wednesday, September 18, Fed Chair Jerome Powell is also expected to hold a press conference on the same date. The crypto market will keep a close watch on the speech for cues on the potential move of the central bank going forward.

Although it is expected that Powell would signal a dovish stance, given the recent economic data, any other move could dampen the market sentiment. It’s worth noting that last week Bitcoin and the top altcoins noted a recovery following the soaring bets over a larger interest rate cut.

Having said that, any hawkish comment could hinder the recovery phase of the crypto market, potentially triggering a massive selloff in the broader financial sector.

Meanwhile, September tends to be a bearish month for the crypto sector, especially Bitcoin. However, market expert predicts that with soaring bets over an easing policy rate plan, the market may witness a strong rebound ahead. In addition, the fourth quarter is also expected to bring a bullish sentiment among investors, potentially triggering a rally in the market.

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Source:  CoinGape

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Circle predicts stablecoins will become mainstream global payment method

Stablecoin issuer Circle expects internet payment firms and other financial services companies will attempt to enter or expand in the space.

Circle, the issuer of the world’s second-largest stablecoin USDC, feels “confident” that stablecoins will become mainstream money. Simultaneously, regulations should be harmonized globally to ensure compliance for all payment stablecoin issuers.

“Circle is confident that there will be mainstream adoption of stablecoins as the money for the internet age,” Dante Disparte, chief strategy officer and head of global policy at Circle, told Cointelegraph in an exclusive interview.

“We expect there will be internet payments firms and other financial services companies that (will) attempt to enter or to expand in this space, which is a strong signal that stablecoins are here to stay,” Disparte pointed out.

However, Disparte feels it is equally important that rules and regulations be harmonized globally. He said that the essential principles of conservative reserving and financial crime compliance should be applied equally to any company claiming to issue a payment stablecoin.

Circle moves to New York  
Disparte’s comments come as the stablecoin issuer prepares to move its global headquarters to New York by early 2025 after filing for an initial public offering (IPO) in January.

Disparte pointed out that the US framework empowers state banking and money transmission supervisors to develop and regulate the payments industry at the state level. Other countries regulate payments or electronic money (e-money) activities at a national level.

“A key question now is whether the US will finally enact federal stablecoin rules or maintain the status quo of uncertainty, which policymakers in both US political parties say is unacceptable,” Disparte said. He explained:

“The absence of a US regulatory framework for dollar-referenced stablecoins represents a threat to American interests. This vacuum could incentivize the creation of products that exploit trust in the dollar while bypassing US regulations, potentially becoming a refuge for illicit actors.”

Federal legislation for payment stablecoins is essential to promote safe competition for how Americans send, spend, save, and secure their money in an increasingly technology-dependent market, according to Disparte.

The stablecoin bill, advanced by the House Financial Services Committee in July 2023 has generated significant policy momentum and support, he said.

“Congress should approve such a bill on a bipartisan basis, and the President should sign it if it comes to his desk. The legislation would create a floor for all issuers to comply with US anti-money laundering, countering terrorist financing and sanctions obligations,” Disparte said.

He added that these norms should be applied to US issuers of payment stablecoins, as well as their international counterparts, many of whom are being licensed to issue dollar-denominated stablecoins from jurisdictions including the EU and UAE.

Will EU’s MiCA 2.0 fill gaps in the regime?
The European Union’s Markets in Crypto-Assets Regulation (MiCA) came into partial effect in June, with new rules concerning stablecoins coming into force on June 30.

On July 1, Circle said it had become the first global stablecoin issuer to achieve compliance with the MiCA regulatory framework after it got the Electronic Money Institution (EMI) license from the French banking regulatory authority. Circle’s USDC (USDC) and EURC are regulatory compliant under the new rules.

“With MiCA, Europe succeeded in doing what other jurisdictions, including the U.S., have yet to achieve: provide legal and regulatory clarity for not one piece of the digital asset market, but all of it,” Disparte said. However, he pointed out:

“Like all novel rules or comprehensive regulations, MiCA is imperfect, and in places overly prescriptive, so much so that EU policymakers are already contemplating MiCA 2.0, which would potentially fill certain gaps in the regime, such as non-fungible tokens, decentralized finance and other areas.”

Stablecoin market sees increasing competition
Competition in the stablecoin market is heating up with new entrants like PayPal’s USD-pegged stablecoin, PayPal USD , which has already surpassed $1 billion in market cap. Ripple Labs has started testing its USD-pegged stablecoin, Ripple USD (RLUSD), on both the XRP ledger and Ethereum, and it plans to expand to more blockchains.

Tether’s USDT remains the largest stablecoin with a market cap exceeding $118 billion, according to data from CoinMarketCap. Tether has also announced plans for a new stablecoin pegged to the UAE dirham (AED).

On Aug. 26, the market cap for stablecoins, excluding algorithmic ones, reached a record $168 billion. The market hit an all-time high of $167 billion in March 2022 but fell to $135 billion by the end of that year.

“We invite any competitors to come to America, the EU, Singapore, and beyond, to submit themselves to a vigorous licensing process, to follow the same standards that are the bedrock of our company, and to join us as regulation-first, compliant companies so that this ecosystem can grow and thrive long into the future,” Disparte added.

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Source:  CoinTelegraph

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Iraq Dinar Update - #xrp ripple #iraqi dinar Digital Transformation - Global Event

Iraq Dinar Update - #xrp ripple #iraqi dinar Digital Transformation - Global Event

MIlitiaMan and Crew:  9-14-2024

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

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

https://www.youtube.com/watch?v=jnbLExx2M0M

Iraq News Highlights And Points To Ponder Saturday Afternoon 9-14-24

Iraq Buys Nearly 52 Tons Of Gold In Three Years

2024-09-14 Shafaq News/ The World Gold Council announced on Saturday that Iraq has bought about 52 tons of gold during the past three years.

According to the latest schedule published in September by the Council and reviewed by Shafaq News Agency, "Iraq bought 51.9 tons of gold during the previous years from 2022 until September 2024."

He added, "Iraq bought 33.9 tons of gold in 2022, 12.3 tons in 2023, and 5.7 tons in 2024, including 3.1 tons in February and 2.6 tons in May."

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

List Of Gold And Dollar Prices In Local Markets In Iraq

Economy |Today   Baghdad Today - Baghdad    Baghdad Today publishes a list of the dollar exchange rates against the Iraqi dinar, and gold prices in local markets, today, Saturday (September 14, 2024), as the dollar exchange rates witnessed a slight decline in the markets, after recording an increase in the stock exchanges and markets at the end of last week.

The gold prices in the markets were as follows:

A 21-caliber weight costs 550 thousand dinars

An 18-gauge weight is worth 470 thousand dinars

A 22-caliber weight costs 575 thousand dinars

A 24-caliber weight costs 628 thousand dinars

A 21-carat lira costs 550 thousand dinars

While the exchange rates of the US dollar against the Iraqi dinar in three governorates were as follows:

Baghdad:    Selling price: 150,100    Purchase price: 149,600

Erbil:    Selling price: 150,250    Purchase price: 149,850

Basra:   Selling price: 150,000    Purchase price: 149,000 LINK

Iraqi Banks Are In Crisis: Structural Imbalance, Double Taxation And Deep Corruption

Inside the Central Bank of Iraq in Baghdad, March 25, 2024 (Mohammed al-Rubaie/AFP)

Iraqi banks suffer from many problems related to their organizational structure , and face widespread crises and risks due to the largely unstable monetary and investment environment, which prompted the US Treasury to monitor a number of private banks and ban many of them, while corruption that is deeply rooted in the economy poses an ongoing challenge to the sector.

Iraq has eight government banks , and the structure of the Iraqi private banking sector consists of 32 Islamic banks and 28 commercial banks. Samir Al-Nusairi, advisor to the Iraqi Private Banks Association, told Al-Araby Al-Jadeed: “The number of private bank branches is around 500 branches inside and outside Iraq, and they have expanded and developed technically according to modern electronic banking systems.”

Al-Nusairi pointed out that the private banking sector in Iraq faces operational challenges, most notably the US sanctions imposed on 32 banks, preventing them from using the US dollar in banking transactions, which affected their local and international activities and harmed the national economy.

He pointed out that the most important obstacles facing banks currently are technical, financial and administrative in the procedures and instructions for digital transformation, which requires providing full support for this transformation process and using electronic payment tools in government, mixed and private institutions, and setting a time frame for the complete transition from the use of paper money to electronic payment.

He added that the private banking sector suffers from the differentiation between it and the government banking sector, and also suffers from weak activity and low liquidity, deposits, revenues and profitability in most banks, especially the 32 banks against which sanctions were issued, in addition to the decline in the shares of most banks in the trading market in the Iraq Stock Exchange.

Iraqi banking crises

Al-Nusairi stated that private banks also suffer from double taxation, as the Tax Department in the Kurdistan Region of Iraq, for example, imposes on the branches of private banks in the region (their number exceeds 70 branches) to pay the annual tax, while these banks, according to the current Federal Tax Authority Law, pay the same tax centrally in Baghdad.

Al-Nusairi stressed the necessity for the Iraqi Council of Ministers to resolve the issue in the region and put an end to double taxation, and for tax collection to be centralized according to the law and for the audited final accounts submitted to the General Tax Authority to be adopted as a basis for tax accounting. LINK

The Budget Is Exposed To 3 Strong Shocks.. A Representative Reveals The Extent Of Its Impact On Liquidity And State Obligations

Baghdad Today – Baghdad   Member of the Finance Committee, Mustafa Jabbar Sand, revealed today, Friday (September 13, 2024), that the budget was exposed to 3 strong shocks, while he determined the extent of their impact on liquidity and the state’s obligations.

Sand said in a post on Facebook, which was followed by "Baghdad Today", that "the budget is exposed to three strong shocks, which will greatly affect the liquidity and obligations of the state."

He added, "The first point is the decline in oil prices, as the budget set oil prices at $80 per barrel, assuming that there is an increase in prices (70 + 10). To facilitate the calculation, every dollar that falls below the set price causes a loss of $100 million per month, and if the decline continues for a whole year, the loss is $1.2 billion. This is if Iraqi oil is sold at a discount of one dollar from $80.

What if Iraqi oil is sold today at $68 per barrel? The monthly loss is $1.2 billion, and the annual loss is $14.4 billion if the price continues for a whole year."

Sand explained that "the second point is OPEC's reduction, because the region exports about 200 thousand barrels per day via tankers and about 60 thousand barrels for local consumption, OPEC asked Iraq to reduce production by about 200 thousand barrels from national production, and the value of the loss of the reduction is estimated at 480 million dollars per month, and if it continues for a whole year, it is estimated at 5.7 billion dollars."

He explained that "the third point is the failure to hand over the region's oil revenues to the center, as the budget stipulated the region's commitment to export 400 thousand barrels per day, and its annual loss due to this violation is estimated at 11.6 billion dollars," noting that "the total losses above are estimated at 31.5 billion dollars, equivalent to 41 trillion dinars, which represents 70% of the total public salaries of the state.

The first point is caused by someone outside the will of everyone, and the second and third are borne by the prime minister and his government, and everyone who heard about it and accepted it."   LINK

Al-Sudani's Advisor: The Government's Internal Debt Decreased By Two Trillion Dinars

Economy:  September 13 Information/Baghdad…  The Prime Minister’s Advisor for Economic Affairs, Mazhar Muhammad Salih, stated that the government’s internal debt has decreased by two trillion Iraqi dinars.

 Mazhar Muhammad Salih said, “Iraq is not among the countries with external debt at the present time,” indicating that “the external public debt is less than 10 billion dollars, and this will be paid over the course of time between now and 2028.”

 He explained that “there are allocations in the general budget to pay off debts, and this is what has made Iraq always in the credit rating and creditworthiness at level B, and it is stable like many countries such as Jordan, Egypt, Pakistan and others.”

 Mazhar Muhammad Salih noted that “this debt has decreased, because Iraq has not borrowed and its external loans are few compared to its many repayments, especially during the past ten years on a regular basis.”    LINK

Parliamentarian Reveals The Extent Of The Budget’s Impact On Liquidity And State Obligations: It Is Exposed To 3 Strong Shocks

Posted On  2024-09-14 By Sotaliraq   Member of the Finance Committee, Mustafa Jabbar Sand, revealed that the budget was exposed to three strong shocks, while he specified the extent of their impact on liquidity and the state’s obligations.

Sand said in a post on Facebook, "The budget is exposed to three strong shocks that will greatly affect the state's liquidity and obligations."

The first point is the decline in oil prices, as the budget set oil prices at $80 per barrel, assuming that there is an increase in prices (70 + 10), and to facilitate the calculation, every dollar that falls below the set price causes a loss of $100 million per month, and if the decline continues for a whole year, the loss is $1.2 billion.

This is if Iraqi oil is sold at a discount of one dollar from $80, so what if Iraqi oil is sold today at $68 per barrel? The monthly loss is $1.2 billion, and the annual loss is $14.4 billion if the price continues for a whole year,” he added.

Sand explained that “the second point is OPEC’s reduction, because the region exports about 200 thousand barrels per day via tankers and about 60 thousand barrels for local consumption, OPEC asked Iraq to reduce production by about 200 thousand barrels from national production, and the value of the loss of the reduction is estimated at 480 million dollars per month, and if it continues for a whole year, it is estimated at 5.7 billion dollars.”

He explained that “the third point is the failure to hand over the region’s oil revenues to the center, as the budget stipulated that the region is committed to exporting 400,000 barrels per day, and its annual loss due to this violation is estimated at $11.6 billion,” noting that “the total losses above are estimated at $31.5 billion, equivalent to 41 trillion dinars, which represents 70% of the total public salaries of the state.

The first point is caused by someone outside the will of everyone, and the second and third are borne by the prime minister and his government, and everyone who heard about it and accepted it.” LINK

Seeds of Wisdom RV and Economic Updates Saturday Afternoon 9-14-24

Good Afternoon Dinar Recaps,

XRP Ledger Set for Upgrades as Amendments Secure Majority

XRP Ledger (XRPL) might be poised for significant upgrades in the days ahead as key amendments have recently gained majority support from the network's validators.

On XRP Ledger, fully functional transaction process changes are introduced as amendments and validators vote on them. According to Vet, an XRPL dUNL validator, two XRP Ledger amendments just gained the majority and are now in the two-week activation period. These two amendments are fixPreviousTxnID and fixEmptyDID, a crucial amendment required before the DID amendment.

Amendments represent new features or other changes to transaction processing. The amendment system utilizes the consensus process to approve any changes that affect transaction processing on XRP Ledger.
To be enabled, amendments must have at least 80% support from trusted validators for two weeks. If support falls below 80%, the amendment is temporarily rejected, and the two-week time frame repeats.

If an amendment achieves more than 80% support for two weeks, it passes and the change is permanent for all subsequent ledger versions. To disable a previously enacted amendment, a new amendment must be introduced.

Two new XRPL specs published Aside from the two amendments that have entered the two-week activation period, Mayukha Vadari, a senior software engineer at RippleX announced the addition of two new specs to XRP Ledger this week. Vadari in a tweet stated she had published two new XRPL specs focused around permissioning and compliance.

First, XLS-80d: Permissioned Domains, which is a building block feature aimed at making on-chain permissioning easier to handle, developing on top of XLS-70d. Second, XLS-81d: Permissioned DEX — Secure and regulated trading environments. Vadari believes that these additions will help to drive greater flexibility and safety on XRPL.

@ Newshounds News™

Source:  U Today

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New US Bill Aims To Bring Order To Crypto Chaos With Unified Regulations

Congressman John Rose of Tennessee introduced the “BRIDGE Digital Assets Act,” one of the most important legislative proposals with changes in the regulatory landscape of crypto assets in the United States.

It provides for a Joint Advisory Committee consisting of participants from the Securities and Exchange Commission and the Commodity Futures Trading Commission. It would, therefore, look to harmonize the sometimes-conflicting regulations existing presently between the two agencies for digital assets, coming under both securities and commodities jurisdictions.

Rose argues that the “regulation-by-enforcement” approach stifles innovation and drives investment overseas, requiring the United States to create an environment friendlier to digital asset development.

Joint Committee’s Role
It proposes a composition for the Joint Advisory Committee that should consist of at least 20 participants from the private sector, including digital asset issuers, academic researchers, and users.

They would be able to provide insight into and make recommendations regarding digital asset regulations with respect to aspects such as decentralization, functionality, and security.

The committee will be expected to meet at least twice a year, with findings and recommendations mandated to be done and given both to the SEC and the CFTC. This collaborative approach could bridge the regulatory gap to create a more cohesive approach in regulating digital assets, hence benefiting both consumers and investors.

Addressing Gaps In Crypto Regulation
One of the key features of the BRIDGE Digital Assets Act is that it aims to deal with the confusion at the current regulatory level. Both the SEC and CFTC interpret digital assets in a different way, hence creating confusion among businesses and investors.

The bill calls for a joint committee where the two agencies further align their regulatory frameworks with cooperation and clarity. The catch here is that the alignment shall avail an opportunity for a harmonized approach in the regulation of digital assets, which if realized would raise the protection of customers, as well as disclosure and economies in transaction costs.

Future Implications
The BRIDGE Digital Assets Act could be a major change in how digital assets are regulated in the United States. It also includes a specific timeline for actualizing the bill: the agencies, the SEC and CFTC, will adopt a joint charter to provide for the committee within 90 days and will appoint the members on the committee within 120 days, while the first meeting is expected to take place within 180 days of the enactment.

This structured approach not only sets a framework for the improvement of regulatory practices but also points toward new innovation in the digital asset space. As the crypto industry is still evolving, perhaps the BRIDGE Act would be the key to unlock such a balance between regulation and innovation, one that will finally play to the benefit of the US economy and its positioning in the global digital asset landscape.

@ Newshounds News™

Source:  Bitcoinist

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Cardano (ADA) Upgrade Ogmios v6.7.0 Just Landed: What's New

The novel release of Ogmios, a Cardano-node bridge interface responsible for the interaction with Ouroboros via JSON/RPC endpoints, addresses the issues with the so-called transactions era mismatch, CF open source tech director says. 

Cardano (ADA) era mismatch errors are gone with Ogmios v6.7.0 release Cardano (ADA), a major proof-of-stake (PoS) network, received an upgrade for Ogmios, a crucial component of its node software stack. Ogmios v6.7.0 release is focused on fixing the issues with transactions from previous "Eras," i.e., phases of Cardano (ADA) consensus maturation.

As explained by Cardano Foundation tech director Matthias Benkort, with the new software activated, the system automatically upgrades transactions from previous eras (up until Alonzo) on submission.

Published Sept. 13, 2024, Ogmios v6.7.0 is designed to address the issue where the ledger would complain about receiving a transaction in an invalid era (typically Babbage or Alonzo) while being in a more recent era (typically Conway). As covered by U.Today previously, Cardano (ADA) ushered into Conway era with the activation of its long-anticipated Chang hard fork.

The upgrade affects the period after the activation of the Alonzo hard fork in mid-September 2021. DEX Screener finally added Cardano (ADA) liquidity pools tracking Software packages with the upgrade are available in the official GitHub repository of Cardano (ADA) dubbed Cardano Solutions.

The Cardano (ADA) ecosystem witnessed yet another major milestone this week. For the first time ever, its liquidity pools became visible on DEX Screener, a popular browsing platform for decentralized finance (DeFi).

As of printing time, DEX Screener tracks 34 ADA-based liquidity mechanisms with various Cardano-based altcoins. The largest one, BOOK/ADA has a verified marker cap of $121 million in equivalent while SNEK/ADA amassed $55 million.

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Source:   U Today  

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Ripple Set to Introduce Ethereum-Compatible Smart Contracts on XRP Ledger

This upgrade will enable developers to create scalable dApps, DeFi projects, and supply chain management solutions across XRPL, Ethereum, and EVM networks.

▪️Ripple is upgrading the XRP Ledger with Ethereum-compatible smart contracts via a new sidechain.

▪️The upgrade incorporates the Axelar network for cross-chain token transfers and introduces Wrapped XRP (eXRP) as the main token on the sidechain.

▪️It sparked debate within the XRP community about Ripple's long-term strategy, particularly regarding the company's support for RLUSD on the Ethereum blockchain.

@ Newshounds News™

Source:  Newz Chain

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IMF Backs BRICS Expansion

Enhanced international economic cooperation “should be welcomed and encouraged,” a spokeswoman has said.

ASIATODAY.ID, ANKARA – Expansion of BRICS could be beneficial globally and should therefore be “encouraged,” Julie Kozack, a spokeswoman for the International Monetary Fund (IMF), told journalists on Friday in response to a question about Ankara’s plans to join the group.

Türkiye was the latest nation to formally apply for BRICS membership in early September. Founded in 2009 by Russia, China, India and Brazil, the organization was joined by South Africa the following year. In 2024, the group expanded further to include Egypt, Iran, the United Arab Emirates and Ethiopia.

Earlier on Friday, Russian President Vladimir Putin noted that up to 34 nations had expressed interest in BRICS, with ongoing discussions about potential partnerships.

When asked if the IMF “sees any dangers in BRICS,” Kozack replied, “our view is that improved and expanding international cooperation and deepening trade and investment ties among groups of countries should be welcomed and encouraged,” especially if aimed at “reducing fragmentation and lowering trade and investment costs” among participating nations.

The spokeswoman also emphasized that “the decision to join such initiatives is a sovereign decision of each member country.”

Ankara has previously asserted its right to establish relations with any nation or international organization it deems fit, stating that its engagement with BRICS or the Shanghai Cooperation Organization (SCO) does not interfere with its other commitments, including to NATO.

“We do not consider BRICS to be an alternative to any other structure. We regard all these structures and alliances as having distinct functions,” Turkish President Recep Tayyip Erdogan said earlier. He added that Ankara seeks to be a “reliable partner” for all organizations it is part of.

“As a NATO member, we do not see it as a problem to interact with countries in the SCO, BRICS, the European Union, or the Organization of Turkic States. We believe these relationships contribute to world peace,” the Turkish leader stated.

Bloomberg reported earlier in September that Turkish membership could be considered at the upcoming BRICS summit in Kazan, Russia, in late October. Erdogan has been invited to the meeting. Russian presidential aide Yury Ushakov confirmed that Ankara formally applied for membership and said the organization would consider it. (RT/AT Network)

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Source:   Asia Today

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In-Depth Study Reveals Stablecoins as Pivotal Players in Global Finance

As digital economies evolve, stablecoins emerge not just as mere facilitators for crypto trading but as pivotal tools in global financial systems. A comprehensive report by Castle Island Ventures and Brevan Howard Digital, sponsored by Visa, unveils the profound impact of stablecoins on monetary dynamics worldwide.

Transforming Global Finance: The Rising Influence of Stablecoins
According to the Castle Island Ventures report, stablecoins, once primarily used as trading tools within the cryptocurrency space, are now integral to more traditional financial transactions.

This transformation reflects a significant shift from their initial purpose, highlighting their importance beyond the crypto-sphere.

Researchers point to a staggering $2.6 trillion in transactions settled through stablecoins in the first half of 2024 alone, indicating their growing prominence as a reliable medium for both everyday and large-scale financial activities. 

The report notes that over 20 million addresses engage with stablecoins monthly, highlighting their critical role in the financial practices of both individuals and businesses globally.

In emerging markets, stablecoins are increasingly preferred for their ease of use and reliability, providing a digital alternative to traditional banking systems that may be inaccessible or unreliable. This trend is particularly pronounced in regions with volatile economic conditions, where stablecoins offer a semblance of stability and security. The report states:

Stablecoins are particularly appealing when dollar banking is non-existent or hard to access, in countries exhibiting high inflation, or countries with poor or costly access to fiat transactional networks.

In the report, Castle Island Ventures explained it collaborates closely with regulatory bodies to navigate the complexities of the global financial landscape.

The researchers conclude that evolving regulatory frameworks are crucial for maintaining the integrity and efficacy of stablecoin transactions, which promise to enhance financial inclusion worldwide.

@ Newshounds News™

Source:  Bitcoin

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THIS IS IMPORTANT - New Bill Seeks To Reconcile Regulatory Division Between SEC and CFTC | Youtube 

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Source: Seeds of Wisdom Team Currency Facts

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Iraq Economic News and Points To Ponder Late Friday Night 9-13-24

Reasons For The Rise In Gold Prices In Iraq And The World.. An Expert Explains

Time: 2024/09/13 Read: 1,170 times   {Economic: Al Furat News} An economic expert attributed the rise in gold prices in local markets in Iraq to the increase in global demand for the yellow metal.

Salah Nouri told Al Furat News Agency: "In general, gold is considered a safe haven for investment in the event of risks in other areas (stocks, bonds, and oil contracts), and through global events, stock prices have risen in the American markets, which are global markets."

He pointed out "expectations of reducing interest rates on US government bonds, which are investment bonds by many countries, including Iraq."

Nouri pointed out that "the purchase of gold by central banks has increased as major Chinese investors move towards investing in gold as a safe haven from the slowdown in the Chinese economy."

He pointed out that "the aforementioned events led to a rise in gold prices globally," noting that "the return to decline in light of global economic and political conditions is likely to be slow and requires time depending on global economic growth and the incentive to invest in stock and bond markets."

Gold prices rose to an all-time high on Friday and were set for weekly gains on a weaker dollar, while investors focused on U.S. economic data that could provide additional insights into the Federal Reserve's interest rate decision.

Locally, the price of gold rose to an unprecedented level in Iraq, reaching 430,000 dinars per mithqal (about 5 grams) by Thursday evening.   LINK

Oil Compass Is Heading Upwards.. Brent Exceeds $72

Energy    Economy News - Follow-up  Oil prices held on to gains in early Friday trading, continuing a rally sparked by production disruptions in the U.S. Gulf of Mexico, where Hurricane Frances forced producers to evacuate platforms before hitting the Louisiana coast.

Brent crude futures rose 34 cents, or 0.5 percent, to $72.31 a barrel by 0016 GMT.

U.S. West Texas Intermediate (WTI) crude futures rose about 38 cents, or 0.6 percent, to $69.35 a barrel.

If these gains continue, both benchmarks will halt a series of weekly declines, despite a tough start to the week that saw Brent fall below $70 a barrel on Tuesday for the first time since late 2021.

At current levels, Brent is expected to record a weekly increase of about 1.7 percent, and West Texas Intermediate by more than 2 percent.

Official data showed that nearly 42 percent of oil production in the Gulf of Mexico region was shut down as of Thursday.

The supply shock helped oil prices recover from a sharp sell-off earlier in the week, with demand concerns sending both crudes to multi-year lows.

Both OPEC and the International Energy Agency this week cut their demand growth forecasts, citing economic difficulties in China, the world's largest oil importer.

China's crude oil imports fell 3.1 percent on average this year from January to August, compared with the same period last year, customs data showed on Tuesday.  105 views 2024/09/13 - https://economy-news.net/content.php?id=47549

Baghdad To Host Tomorrow The Conference "Electronic Payment Towards Financial Stability In Iraq"

Friday 13 September 2024 | Economic Number of readings: 115   Baghdad / NINA / The activities of the "Electronic Payment towards Financial Stability in Iraq" conference will start tomorrow, Saturday, in the capital, Baghdad, under the patronage of Prime Minister Mohammed Shia Al-Sudani, and jointly organized by the Prime Minister's Office, the Association of Private Banks and the Central Bank of Iraq, at the Rashid Hotel and in the presence of Arab and international banking figures.   https://ninanews.com/Website/News/Details?key=1153581

US Vows To Respond To Attack On Diplomatic Facility In Baghdad

Political | 10:45 - 09/13/2024   Mawazine News – Baghdad  The US Embassy in Iraq announced on Friday that its diplomatic facility in the capital, Baghdad, was attacked last Tuesday, renewing its call on the Iraqi government to protect diplomats and the international coalition. The

US Embassy spokesperson said in a statement that "the Diplomatic Support Complex in Baghdad, a US diplomatic facility, was attacked on Tuesday, September 10," adding: "Fortunately, no injuries were reported."
He pointed out that the Iraqi government has repeatedly affirmed its commitment to protecting US diplomatic missions and military personnel present in Iraq at the invitation of the Iraqi government.

The US Embassy called on the Iraqi government to enhance protection for diplomatic personnel and partners from the international coalition and their facilities, stressing the right of the United States to defend itself and protect its personnel anywhere in the world.

A security source reported that a bombing targeted the US Embassy's logistics center inside Baghdad International Airport on Tuesday evening.

The source indicated that the bombing took place near the US Embassy's logistics support and the headquarters of the Counter-Terrorism Service in the vicinity of Baghdad International Airport. https://www.mawazin.net/Details.aspx?jimare=254828

Minister Of Planning: The General Population And Housing Census Will Be Conducted Next November And There Will Be A Curfew

The Minister of Planning, Mohammed Tamim, announced that the general population and housing census will be conducted in all Iraqi governorates on November 20 and 21, and there will be a curfew.

Tamim said while chairing a meeting of the Supreme Commission for Population Census that the general population and housing census will be implemented electronically and will be the last census witnessed by Iraq, because we will be faced with a huge database covering all aspects of life and the characteristics of the population, social and economic.

He added that the results of the general population and housing census will appear within a few hours with high accuracy and reliability, as a result of the use of modern and advanced technologies in conducting the census.

He pointed out that the ministry has provided 120,000 tablets from solid international manufacturers, with high specifications, and they will be used by state institutions after the census is completed.

 He added that there are great efforts being made by ministries and entities not affiliated with a ministry, and governorates to support the conduct of the general population census.
He explained that the Council of Ministers has taken a package of important decisions in order to provide the best conditions for conducting the population census and ensuring its success.

There are no political obstacles preventing the population census from being conducted, and there is high-level coordination with the Kurdistan Regional Government regarding conducting the census on its scheduled date of 11/20/2024.  https://www.radionawa.com/all-detail.aspx?jimare=39475

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

Seeds of Wisdom RV and Economic Updates Saturday Morning 9-14-24

Good Morning Dinar Recaps,

Positioning for growth in Hong Kong’s evolving digital assets markets

Hong Kong has evolved rapidly into a global beacon for the issuance and trade of digital assets, with investors attracted to the city’s growing liquidity and to incentives and guardrails provided by a proactive regulator.

Innovation within the space has seen not only crypto spot and futures ETFs flourish, but also the issuance of the world’s first blockchain-based, multi-currency green bond. 

The market is now anticipating more, with the establishment of a stablecoin sandbox earlier this year set to see more digital products hit the market.

The demand for new investment opportunities including ETFs has been strong for both institutions and retail investors, including family office, who are relatively new to the asset class, experts at a recent Bloomberg conference said.

Global demand goes local
A conference speaker shared that digital asset is a fast-growth market, with more than $100 billion invested in at least 245 crypto ETFs worldwide, and Hong Kong has responded enthusiastically to capitalizing on this growing market.

The Securities and Futures Commission (SFC) has approved five bitcoin and ether spot and futures-based ETFs in the city, launched by China AMC, Bosera, Harvest, CSOP, and Samsung.

More digital investment products are in the pipeline too, stablecoins among them. These are digital assets tied to fiat currencies that are seen as essential to anchoring the asset class into regular markets. Several stablecoins are being considered for inclusion in a sandbox programme devised by the Hong Kong Monetary Authority (HKMA).

Additionally, a robust cross-border market infrastructure that provides a bridge to the huge market in mainland China is expected to bring firepower to new markets. So-called dim sum bonds, for instance, facilitate investment in both directions across the frontier – including by global firms based south of the border – and can be crafted to embrace digital assets.

The characteristics of the Hong Kong market that make it attractive to other asset investors also apply to digital assets. Its low-tax fiscal regime operates within a business-friendly environment backed by a strong legal system.

Strong regulatory backing to foster growth
A regulatory framework engineered by the SFC and HKMA to provide a supportive environment for investors is enabling Hong Kong’s rise as a digital power. The rapid approval of crypto ETFs, the licensing of trading platforms, and the stablecoin sandbox have boosted confidence in Hong Kong’s potential to be a regional hub.

Tokenization: A democratizing force in investing
The same drivers of demand for digital assets – principally institutions and family offices – would likely clamor for more tokenized products. The cost of trading them is lower and execution is instantaneous – an important consideration amid the operational expense being incurred to meet T+1 post-trade settlement rules.

Hong Kong has the infrastructure in place to accommodate an expansion of its tokenized offerings, and it is at no greater disadvantage than its competitors in terms of the challenges that tokenization presents. Ensuring trusted and secure data, and formulating roadmaps to advance from product proof-of-concept stages are difficulties faced by product manufacturers worldwide.

Technology is crucial to seize new opportunities

With Hong Kong’s prospect of strengthening its position at the digital asset vanguard, market participants will look to update their data and technology stacks to take advantage of the coming opportunities. That’s likely to be the case for wealth managers and family offices especially, which are less likely to have the expertise or tools to operate optimally within the digital space.

Technology will also be crucial in meeting the fast-changing regulatory obligations as well as to enable firms to tap new opportunities associated with the market.

@ Newshounds News™

Read more:  Bloomberg

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BIS Codifies VSD Policies, Removes Caps on Non-Egregious Base Export Penalties
13 Sep 2024 by Ian Cohen

A new final rule issued by the Bureau of Industry and Security this week will codify a host of updates the agency made to its administrative enforcement policies over the past three years, including measures to help BIS more quickly resolve minor voluntary disclosures and increase penalties on exporters who choose not to report serious violations.

 Other changes will give BIS broader discretion to impose higher fines, including by eliminating language that had capped maximum base civil penalties for “non-egregious” violations.

@ Newshounds News™

Read more:  Export Compliance Daily

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BRICS NEWS: WILL SAUDI ARABIA’S DITCHING OF THE PETRODOLLAR OPEN THE DOOR FOR BITCOIN AND XRP IN OIL SETTLEMENTS?

▪️US dollar under serious threat as Saudi Arabia’s top official discloses that the country is open to using Yuan for crude settlement amid the upcoming BRICS Summit.

▪️However, the US could “put up a fight” as former president Donald Trump proposes 100% tariffs on countries moving away.

The de-dollarization strategy is still on as Saudi Arabia seeks to implement the BRICS long-term goal by moving away from the Petrodollar to the Petroyuan. While the Middle Eastern country has not yet joined the alliance, it has been invited to attend the 2024 summit.

 Before its official acceptance, Saudi Arabia doubled its effort to strengthen its existing relationship with China by incorporating Chinese products such as the C919 passenger jet, electric vehicles, and renewable energy infrastructure.

To take this relationship to the next level, Saudi Minister of Industry and Mineral Resources Bandar Al-khorayef has disclosed that the country is open to new ideas, including using yuan in a crude settlement. According to him, their decision hinges on the country’s best interest, as they try not to mix politics with business.

The petroyuan is not substantial to [the ministry]; we believe Saudi Arabia will do what’s in its best interest … but I think Saudi Arabia will always try new things and is open to new ideas, and we try not to mix politics with commerce.

According to experts, the broader use of petroyuan is seen as the next step for the internationalization of the Chinese currency and a challenge to the US dollar’s dominance. Beijing’s effort to advance the reach of the Yuan in international trade is evident in the three-year currency swap deal signed with Saudi Arabia last year. This deal was worth 50 billion yuan (US$7.1 billion) and demanded that trading partners trade in local currencies.

Saudi Arabia Defends Idea, BRICS Alliance Receives Massive Interest
Saudi Arabia is China’s second-largest source of crude export and a formidable entity in global supplies. This implies that ditching the Petrodollar could greatly impact the US economy.

Speaking on this possibility, Khorayef explained that its monitoring policy is based on balancing the exchange rate between the yuan and the US dollar. However, he did not provide a timeline for when this would happen.

This gives us a great opportunity to plan and compete, but most importantly, it gives our investors who will invest in our country the ability to hedge their risk on currency…From a commercial point of view, between a supplier and a customer, I think such an arrangement can happen with the freedom they have. It is not something that we would look at from a policy point of view.

Conversely, BRICS is increasing its effort to mitigate the reliance on the US dollar by designing its native currency.

Fascinatingly, this idea has resonated with over 50 countries which have expressed interest in joining the alliance. According to our previous report, all interested countries are located within four main continents – Asia, Africa, South America, and Eastern Europe.

According to analysts,  However, the US is willing to strongly resist this expansion as presidential candidate Donald Trump threatens that the BRICS initiative and the successful implementation of the pretroyuan idea could position Bitcoin and XRP as places of exploration. his administration would impose a 100% tariff on these countries. As we explained, Trump has also proposed a 60% increment on all Chinese imports when elected into office.

@ Newshounds News™

Source:  Crypto News Flash   

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In-Depth Study Reveals Stablecoins as Pivotal Players in Global Finance

As digital economies evolve, stablecoins emerge not just as mere facilitators for crypto trading but as pivotal tools in global financial systems. A comprehensive report by Castle Island Ventures and Brevan Howard Digital, sponsored by Visa, unveils the profound impact of stablecoins on monetary dynamics worldwide.

Transforming Global Finance: The Rising Influence of Stablecoins

According to the Castle Island Ventures report, stablecoins, once primarily used as trading tools within the cryptocurrency space, are now integral to more traditional financial transactions.

This transformation reflects a significant shift from their initial purpose, highlighting their importance beyond the crypto-sphere.

Researchers point to a staggering $2.6 trillion in transactions settled through stablecoins in the first half of 2024 alone, indicating their growing prominence as a reliable medium for both everyday and large-scale financial activities.

The report notes that over 20 million addresses engage with stablecoins monthly, highlighting their critical role in the financial practices of both individuals and businesses globally.

In emerging markets, stablecoins are increasingly preferred for their ease of use and reliability, providing a digital alternative to traditional banking systems that may be inaccessible or unreliable. 

This trend is particularly pronounced in regions with volatile economic conditions, where stablecoins offer a semblance of stability and security. The report states:

Stablecoins are particularly appealing when dollar banking is non-existent or hard to access, in countries exhibiting high inflation, or countries with poor or costly access to fiat transactional networks.

In the report, Castle Island Ventures explained it collaborates closely with regulatory bodies to navigate the complexities of the global financial landscape. 

The researchers conclude that evolving regulatory frameworks are crucial for maintaining the integrity and efficacy of stablecoin transactions, which promise to enhance financial inclusion worldwide.

@ Newshounds News™

Source:  Bitcoin News

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THIS IS IMPORTANT - New Bill Seeks To Reconcile Regulatory Division Between SEC and CFTC | Youtube

@ Newshounds News™

Source: Seeds of Wisdom Currency Facts

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“Tidbits From TNT” Saturday

TNT:

Tishwash:  Launch of the Electronic Payment Conference towards Financial Stability in Iraq

The activities of the Electronic Payment Conference towards Financial Stability in Iraq began today, Saturday.

The correspondent of the Iraqi News Agency (INA) stated that "under the slogan (Enhancing Financial Stability in Iraq), the electronic payment conference was held under the supervision of the Central Bank and in cooperation with the Association of Banks,"

Noting that "the conference was attended by representatives of the relevant Iraqi ministries, governors of foreign central banks, diplomatic missions, international institutions operating in Iraq, information technology companies, electronic payment companies, banks and international financial institutions, in addition to Iraqi and foreign private banks operating in Iraq."

He added that "the banking technologies conference represents an important platform for achieving cooperation between financial and banking institutions in Iraq and international financial information technology companies."  link

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Tishwash:  Government Advisor: Iraq Recently Paid 2 Trillion Dinars of Its External Debt

The Iraqi Prime Minister's Advisor for Economic Affairs, Mazhar Mohammed Salih, stated that the government's internal debt has decreased by two trillion Iraqi dinars.

Mazhar Mohammed Salih said, "Iraq is not among the countries with external debt at the present time," indicating that "the external public debt is less than 10 billion dollars, and this will be paid between now and 2028."

He explained that "there are allocations in the general budget to pay off debts, and this is what has made Iraq always in the credit rating and creditworthiness at level B, and it is stable like many countries such as Jordan, Egypt, Pakistan and others."

Mazhar Mohammed Salih noted that "this debt has decreased, because Iraq has not borrowed and its external loans are few compared to its many repayments, especially during the past ten years on a regular basis."

"At the same time, the dual financial crisis in 2014-2017 and the dual financial health crisis in 2019-2020 led Iraq to resort to internal borrowing, not from the Iraqi financial market but from government banks, as if the state borrowed from itself through its policies," according to the advisor to the Iraqi Prime Minister.

He added: "Today, the external debt constitutes less than 5% of the GDP, while the global standard is 60% of the permissible GDP, so Iraq is not considered a final debtor in external debt, but rather very simple things."

He believed that "the largest debt at the present time is the internal debt, which was 78 trillion Iraqi dinars when the state needed to borrow in the dual financial and security crises in 2014-2017 and the financial and health crises in 2019-2021, as the government resorted to internal borrowing and then this debt accumulated."

Mazhar Muhammad Salih revealed that "the internal debt decreased from 78 trillion to 76 trillion Iraqi dinars, meaning that there is an improvement in repayments," considering Iraq's situation "good in terms of external debt and solid and there is no problem at all."

The advisor to the Iraqi Prime Minister pointed out that "there are those who exaggerate this issue, and I believe that this exaggeration is incorrect," stressing that "the debt policy is a solid and well-known policy and has its contexts in repayment and settlements, whether currently or in the future."

The Iraqi government had previously announced last April, through its spokesman, Bassem Al-Awadi, that the government had taken a series of executive measures and adopted a package of financial decisions, which resulted in reducing the external public debt by more than 50%, so that the debt decreased from $19.729 billion at the end of 2022 to $15.976 billion in 2023, reaching approximately $8.9 billion this year.  link

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Tishwash:  Arab Monetary Fund: We are working with Iraq to build national financial strategies

Director General and Chairman of the Board of Directors of the Arab Monetary Fund, Fahd bin Mohammed Ali Al-Turki, stressed today, Saturday, the need to work with Iraq to build national financial strategies through well-known and technical programs. 

Al-Turki said in a speech during the Electronic Payments Conference towards Financial Stability in Iraq, which was attended by the correspondent of the Iraqi News Agency (INA): "The various regulatory capabilities played a fundamental role in creating a digital regulatory environment to motivate banks and financial institutions to employ modern technologies to transform towards digital transformation and banking services, enhance their efficiency and reduce risks, including cybercrimes."

He added: "In this area, the regulating legislation, electronic financial transfers, digital financial consumer protection and anti-money laundering requirements must achieve a balance between stimulating digital transformation on the one hand and managing and reducing risks on the other hand." 
He continued: "The good design of payment systems and ensuring environmental control between them and their interconnection with other systems such as credit systems would enhance the efficiency of digital transformation and opportunities for economic growth," indicating that "digital transformation is a fundamental factor in reshaping the banking sector in the Arab region." 
He pointed out that "governments and central banks can play a role in supporting digital transformation, by establishing digital regulation, and this is evident from investing in digital infrastructure and addressing cybersecurity challenges, which helps create an environment that enhances innovation and growth in the banking sector."

“What is heartening is what we heard from the Central Bank Governor regarding working on many of these aspects, which is that having a tight regulatory framework is crucial to enhancing digital innovation, as governments should focus on equal opportunities and ensuring that regulations are consistent to reduce risks,” he said.

He explained that "investing in digital infrastructure would stimulate digital banking services that help enhance access to banking services and products for the population using the financial system and non-using the financial system, adding: "The Arab region has renewed modern financial technology companies in its countries for increased investments, reaching 1,500 companies by the end of the first half of 2024 compared to less than 300 companies four years ago in financial activities worldwide and the region." 

He added that "important global modern financial technology statistics provide huge opportunities for investment in this sector, as total investments in modern financial technologies in 2023 amounted to about 115 billion US dollars, and investment in this sector is expected to continue to grow steadily until it reaches 325,000,000,000 by 2026. According to the International Finance Report, the Arab region has faced varying attacks over the past four years, in addition to the digital gap can vary."

He added: "There is still a digital gap between developing and developed countries, which limits the spread of digital payments in some regions, in addition to relying on technology without creating systems Alternative, which makes digital payments vulnerable to disruption in the event of any technical problems.”
He pointed out that "with the increase in the number of financial transactions and their expansion, the use of artificial intelligence emerges in this context, as it can contribute in the field of digital expansion to revealing huge amounts of data in a short time and searching and detecting abnormal patterns that may indicate fraud operations." He explained that "this is done using machine learning techniques that learn from previous data and accurately and quickly identify suspicious natural and abnormal patterns. It also helps monitor and analyze the behavior of users of financial services to ensure normal payment patterns. If any unusual activity is detected, the system can send immediate alerts to verify the validity of transactions. In addition, artificial intelligence techniques are used to strengthen digital identity applications such as voice recognition to verify the user's identity before completing financial transactions, which increases the level of security. Understanding the full objects of the number and financial technologies requires continued attention to many aspects." 

He pointed out that "the Governor of the Central Bank of Iraq mentioned many things, most notably investment in infrastructure represented by the extensive use of mobile phones, especially in remote areas, and the development of agency networks that meet the need of individuals to carry out withdrawal and deposit operations at the local and regional levels, and the distribution of the scope of digital identity, including electronic fingerprint systems and the expansion of open application program interfaces, which are available to the public so that developers can access software that represents property rights so that new applications can communicate and interact with each other."

He continued: "Developing legal and regulatory frameworks that allow users of financial services to organize their use and ensure a competitive environment, taking into account the importance of whether non-banking institutions should be allowed to access the infrastructure of national banks and issue electronic money and how to do so, and paying attention to developing regulatory and supervisory capabilities to reduce risks and enhance financial and digital awareness and education."

He stated that "modern financial technologies play a major role in achieving the goals of financial inclusion, and in recent years, cooperation between institutions and parties in the financial sector has led to sponsorship and encouragement from Arab central banks to achieve real progress in the levels of financial inclusion in the Arab region, as it received the benefits of central banks, financial service providers and government agencies from financial technologies to expand access to financial services for those not dealing with the banking sector according to the database of the global Tex Index and the World Bank."

He stressed that "there is a significant increase in the adoption of digital financial services in the Arab region, especially after the Corona pandemic, as the percentage of adults compared to what it was in 2017, which was 30%, was reinforced by the spread of mobile phone services, as the task of distributing access to digital services in rural areas was represented," adding that "the praise and cooperation between the Arab Monetary Fund and the Central Bank, whether through the active participation of the bank's cadres in the work of the committees according to the work emanating from the Council of Governors of Arab Central Banks or through the famous and technical programs with the Central Bank of Iraq, which include contributing to building national strategies for financial contribution."  link

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Mot: Ya Know.. She just Might have a Point = Huh!!!! 

Mot: ....... YES!!! == a Believer I Am!!! 

Seeds of Wisdom RV and Economic Updates Friday Afternoon 9-13-24

Good Afternoon Dinar Recaps,

Legal Experts React as SEC Regrets Confusion Over Its Crypto Asset Security Claim

The U.S. SEC expresses regret for any confusion it may have created through the use of its invented term, “crypto asset securities.”

In an interesting development, Coinbase’s Chief Legal Officer (CLO) Paul Grewal called the public’s attention to the SEC’s recent efforts to backtrack on its claim that crypto assets themselves constitute securities.

SEC Regrets Confusion Over Its Crypto Asset Security Definition
Per Grewal, the SEC made this move in footnote six of the amended complaint in the Binance lawsuit.

Notably, the SEC said it regrets any confusion it may have invited by repeatedly using the term “crypto asset securities.”

According to the SEC, the term does not imply that the crypto assets are inherently securities themselves. Instead, it uses the term as a shorthand for the expectations, set of contracts, and understanding surrounding the sale and distribution of the token.

Interestingly, the SEC vowed never to use the term in the proposed amended complaint (PAC) to avoid further confusion.

SEC Backtracks
Last year, the SEC labeled ten crypto assets, including Solana (SOL) and Cardano (ADA), as securities in its lawsuit against Binance. A year later, the regulator requested that it wished to amend its complaint, eliminating the need for the court to issue a verdict characterizing the tokens as securities.

The SEC officially filed the amended motion yesterday, expressing regrets for the confusion its use of the term crypto asset securities has created in the lawsuit.

Notably, Binance is required to file a response to the SEC’s motion for amendment by October 11, 2024. The world’s largest exchange is expected to either consent or oppose the SEC’s request.

Legal Experts React
Expectedly, top legal experts reacted to the SEC’s backtracking and admission of its wrong usage of crypto asset securities.

Grewal, who called the public’s attention to the development, criticized the SEC, questioning how Ethereum (ETH) transactions were no longer classified as securities while the ten tokens at issue in the Binance lawsuit remain under scrutiny. He asserted that the SEC might reveal this sudden change only when it takes legal action against an entity.

The Coinbase CLO added that the SEC has a long history of treating tokens as securities, questioning why the regulator chose to mislead the court with its recent filing. Interestingly, Grewal mentioned Ripple’s CLO Stuart Alderoty in the X thread, humorously stating that the SEC’s admission of wrongdoing would leave him perplexed.

Reacting, Alderoty noted that the SEC admitted two things in the Binance lawsuit. First, the agency acknowledged that crypto asset security is a made-up term. Second, it requires a bundle of contracts, understandings, and expectations to prove that a crypto asset security is an investment contract.

He added that it is about time the SEC admitted that the agency has become a twisted “pretzel of contradictions.”  

Furthermore, prominent legal expert James Murphy (a.k.a. MetaLawMan) expressed outrage about the SEC’s recent admission.

The pro-XRP lawyer criticized the SEC’s “make it up as you go along enforcement strategy,” suggesting that the approach has harmed U.S. investors, damaged the country’s reputation for innovation, and harmed American companies.

@ Newshounds News™

Source:  The Crypto Basic

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SEC Surprisingly Details Exemptions From SAB 121, Further Muddying the Waters

Paul Munter, Chief Accountant at the SEC, revealed in a speech earlier this week that the SEC has granted exemptions to rules relating to the custodying of crypto assets that have been widely reviled in the industry.  

Earlier this week, the SEC’s Chief Accountant revealed in a public speech that the agency had granted exceptions to SAB 121, the controversial accounting rule that’s been heavily criticized in the industry for making it impractical for financial institutions to custody crypto assets.

Issued in March 2022, SAB 121 requires that a bank custodying crypto put the assets on their balance sheet and create a corresponding liability equal to the worth of the crypto, which is unusual as other custodied assets are typically listed off the balance sheet.

The result of this rule means that financial institutions must hold an enormous amount of capital just to custody crypto assets, making it prohibitively costly to do so.

In a speech at a conference on Monday, however, SEC Chief Accountant Paul Munter disclosed that certain companies had been granted exemptions from SAB 121, and did not need to create a liability on their balance sheets when custodying digital assets.

Munter mentioned that several entities had received this exemption — including a bank and various brokerage houses and blockchains — without specifying who they were.

In Munter’s speech, he described the different ways that the three types of entities could receive an exemption.

In the case of a bank, the pathway involved working with a state regulator first to ensure that crypto assets being custodied would return to the customer in the event of a bankruptcy, and that activity with customers would only comprise institutional custody with sufficient controls in place to manage risk. 

For a brokerage, an exemption could apply if the broker is not in possession of the cryptographic key and works directly with the customer — essentially, not custodying any crypto itself. 

Finally for a blockchain, Munter highlighted how a distributed ledger tracking holdings and transfers of digital assets, without custodying any crypto, could exempt it from SAB 121.

Political Backlash
Senator Cynthia Lummis (R-WY), a longtime supporter of the crypto industry, strongly criticized the moves in a statement to Unchained.

“The SEC is clearly trying to sidestep Congress and the Congressional Review Act by having one-on-one meetings to determine whether or not it will enforce SAB 121 on a case-by-case basis,” Lummis wrote.

Lummis has been trying to overturn SAB 121 reversed for some time, asking the Government Accounting Office (GAO)  in early 2023 to determine whether the SEC did more than provide guidance and actually created a rule. 

The GAO subsequently released a report at the end of October 2023 agreeing with her, and Lummis then argued that the SEC had violated the Congressional Review Act (CRA) because it did not follow the correct process for establishing a rule (the CRA requires federal agencies to submit rules to the House and Senate before they take effect). 

Lummis subsequently worked with Rep. Mike Flood (R-NE) and Rep. Wiley Nickel (D-NC) on a resolution to overturn SAB 121 on the grounds that it violated the CRA.

The resolution passed, but was then ultimately vetoed by President Biden on the grounds that overturning SAB 121 would jeopardize the well-being of consumers and investors.

On Wednesday, Lummis further noted that Munter’s speech “seems entirely political, as the SEC staff should be transparent with issuers, investors and Congress by revising or rescinding SAB 121 directly, not making policy through speeches. I am incredibly concerned with the approach the SEC is taking and will continue to ensure it is not unfairly targeting the digital asset industry.”

Industry Reaction

Aaron Jacob, CEO of TaxBit, a company that  provides tax and accounting compliance solutions for digital assets, mockingly described the SEC as using a “ready, fire, aim” approach to accounting guidance for crypto custody. He pointed out the confusion initially caused by the release of SAB 121, and then the additional  confusion created by Munter’s speech. 

“[SAB 121] is not very extensive guidance,” Jacob said. “It’s only about a page-and-a-half long, clearly targeted towards folks like Coinbase and…publicly-traded companies that are ‘safeguarding customer assets,’” said Jacob.

Jacob said he was shocked when he realized that Munter had revealed exceptions to SAB 121 in his speech.  “A lot of people are scratching their heads saying, ‘Well, what was the point of this to begin with? Some banks argue with the SEC behind closed doors, and apparently get a free pass [from SAB 121].’” In Jacob’s view, the SEC’s exceptions were a way for the agency to acknowledge that it had overstepped.

In a post on X on Friday, Alex Thorn, head of research at Galaxy, agreed that the exceptions seemed to be a way for the SEC to backtrack without totally abandoning SAB 121.

“If I’m being honest, it looks like the SEC never thought banks would want to play in crypto, intended this rule to apply only to crypto-native companies (perhaps punitively), and has now crafted a way to let traditional banks off the hook in a way that saves face by not reversing their posture of the last 2 years,” Thorn wrote:

Industry trade associations also expressed concerns with Munter’s speech.

 “Unfortunately, SEC staff have reaffirmed their stance on SAB 121, but have now outlined certain scenarios they consider outside of its scope – with the announcement coming in a speech at a conference,” said Patrick Kirby, Policy Counsel for the Crypto Council for Innovation. “SAB 121 limits consumers’ options to safely custody their digital assets and upends decades of bank custody practices.”

Taylor Barr, Senior Policy Associate from the Digital Chamber, agreed. “The SEC’s cherry-picking of a few scenarios where firms fall outside the scope of SAB 121 doesn’t change the fact that SAB 121 is fundamentally flawed and untenable,” Barr said. “These exceptions only highlight how arbitrary and inconsistent the rule is,” said Barr.

One source from a bank who wished to remain anonymous because of ongoing discussions with regulators, agreed it is accurate to note there are scaling hurdles because of SAB 121, in that it has been difficult to grow and expand the business of digital asset custody due to the accounting requirements of SAB 121.  

For his part, Jacobs suggested the SEC just needs to be clear about its stance on requirements for crypto custody. “I think they should, whether it’s repeal or amend [SAB 121], do something to make it more clear… and people will applaud those efforts,” Jacobs said.

@ Newshounds News™

Source:  Unchained Crypto

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England High Court Rules Tether USDT Stablecoin is Property

In what is certainly an important development for the digital asset sector, England’s High Court of Justice has ruled that Tether’s USDT stablecoin is property. Indeed, the asset has officially fallen under the distinction as the UK continues to establish key property rights for these tokens.

Just a day earlier, a UK bill was introduced to establish all cryptocurrency as property. This would provide key legal protection for holders within the country. Now, England is following suit, with the key designation being given to the largest stablecoin by market cap.

England Rules USDT is Property in Key Decision

The ongoing push for regulatory clarity regarding cryptocurrencies has been a vital effort. The growing industry has too long suffered from a lack of standards that has only obfuscated the potential impact of the technology. With the prominence of these assets growing, that has begun to change in 2024.

Now, legislation is coming to the forefront, greatly shifting how these assets are perceived. Specifically, England’s High Court has ruled that Tether’s USDT stablecoin is to be considered property. Moreover, this comes after the UK introduced legislation clarifying crypto as personal property.

In a new filing, Deputy High Court Judge Richard Farnhill said “USDT attracts property rights under English law.” Moreover, he added that “it can be the subject of tracing and can constitute trust property in the same way as other property.

This ruling reinforces the introduced legislation that would classify cryptocurrencies as property. That bill was read for the first time in Parliament on Wednesday. However, they note it is not a thing ‘in possession,’ as money would be considered, or a thing ‘in action’ like shares.

Yet, that doesn’t change the fact that it is property, nonetheless. Such a judgment should be vital for the industry’s continued growth. Proving the necessity to observe crypto as its own entity. It isn’t an existing object, it is the evolution of finance as we know it.

@ Newshounds News™

Source:  Watcher Guru

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EU Regulator: Stablecoin Standards Will Become Official Before Year-End

The European Banking Authority has provided an update on the journal publication of stablecoin standards. The EU regulator said Wednesday that 15 technical standards, including those for stablecoin issuers, will become official before the end of 2024. The technical standards will be published under the European Union’s Markets in Crypto Assets (MiCA) Act.

The new rules will cover standards for authorization, stress testing, and methods to estimate the number and value of transactions for stablecoin issuers. The MiCa rules were passed last year.

The commission is reportedly looking over the standards. needing to decide whether to adopt the texts as is or to request changes. Once the commission has signed off, the rules will need to be looked at by the European Parliament and European Council before implementation.

Following the EU Parliament and EU Council’s observations, the rules have to go through translation and formal adoption before being published.

Circle was the first global stablecoin issuer to comply with MiCA. Circle’s Electronic Money Institution license enables both USDC and EURC to be issued in the EU in compliance with MiCA’s regulatory obligations for stablecoins or e-money tokens. It also gives Circle a top position in grabbing market share among the 27-nation trading bloc’s 450 million people

@ Newshounds News™

Source:  Watcher Guru

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CBI UPDATE  |  Youtube

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Source:  Seeds of Wisdom Team - Currency Facts

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Some “Iraq News” Posted by Clare at KTFA 9-13-2024

KTFA:

Clare:  Baghdad to host tomorrow the conference "Electronic Payment towards Financial Stability in Iraq"

9/13/2024

The activities of the "Electronic Payment towards Financial Stability in Iraq" conference will start tomorrow, Saturday, in the capital, Baghdad, under the patronage of Prime Minister Mohammed Shia Al-Sudani, and jointly organized by the Prime Minister's Office, the Association of Private Banks and the Central Bank of Iraq, at the Rashid Hotel and in the presence of Arab and international banking figures. LINK

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Clare:  National Security announces the launch of the first cybersecurity platform in Iraq

9/13/2024

 The National Security Service announced, today, Friday, the launch of the first cybersecurity platform in Iraq.

The official spokesman for the National Security Service, Arshad Al-Hakim, said in a video clip that “the National Security Service participated in awareness and educational activities at the 25th International Book Fair,” indicating that “the National Security Service launched the first cybersecurity platform in Iraq.”

He added that "the platform will secure the links used by citizens," noting that "the platform will enable citizens to know whether their data has been leaked or not."  LINK

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Clare:  The Central Bank sponsors the Baghdad International Book Fair

September 12, 2024

The Central Bank of Iraq is participating in the 25th session of the Baghdad International Book Fair, which kicked off today, Thursday, under the slogan “Iraq Reads” in the presence of a number of ministers, educated officials and specialists.

The Central Bank of Iraq is sponsoring this important cultural event and is participating through its pavilion in the exhibition hosting the events, with the participation of 600 Iraqi, Arab and foreign publishing houses from 21 countries.

The exhibition’s activities will continue until Sunday, September 22, 2024, which will be full of the presence of Iraqi, Arab and foreign writers and thinkers, who will organize morning and evening seminars, signing parties, art exhibitions and plays.

 Central Bank of Iraq 
Media Office 
September 11, 2024

https://cbi.iq/news/view/2669

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Clare:  Trade participates in UNESCO Digital Education Week

9/11/2024

The Ministry of Trade announced, on Wednesday, the presence and participation of its commercial attaché in Paris in the Digital Transformation Week for the Education Sector, which was held at the headquarters of the United Nations Educational, Scientific and Cultural Organization (UNESCO).

It said in a statement: The forum included the presentation and discussion of a number of topics, most notably the presentation of Arab and foreign experiences in the use of technology and artificial intelligence (AI) in education and the mechanisms of green and sustainable digital transformation for the education sector and the role of private sector companies in this field.

The statement pointed out "the importance of Iraq's participation in this forum to learn about the latest programs and initiatives adopted by UNESCO in supporting digital transformation and artificial intelligence and methods of financing these programs, in line with the Iraqi government's orientation towards adopting governance and digital transformation in all activities and services provided by Iraqi ministries."   LINK

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Clare:  Among them is the "Al-Nouri Complex" in Mosul.. A review of global engineering visions that were not applied in developing other cities

9/13/2024

The American website "Ark Daily", which specializes in architectural news, reviewed a group of envisioned engineering projects for cities and regions in several countries, including the Al-Nouri Complex in the Iraqi city of Mosul.

The American website, which specializes in planning, explained in a report translated by Shafaq News Agency, that "the master plans, or what is called the 'Master Plan', represent comprehensive design strategies that lead the future development of cities, regions, or mega projects."

The report pointed out that "such projects, which have not been implemented, from a design and architectural perspective, reflect a serious effort to achieve a balance between the need for flexibility and long-term vision and the integration of infrastructure with public space. These are engineering plans that often include sustainable development, urban cohesion and cultural interconnection."

The report explained that the "Master Plan" does not only constitute the physical environment, but also the social fabric of communities by focusing on the possibility of walking, multi-use spaces, and the combination of the natural environment and that which is being built, which reflects the role that architecture plays in shaping the future of urban life.

The report noted that "the unbuilt projects it reviews represent visionary urban strategies, including the bold reconstruction of Iraq's al-Nouri complex as a cultural and spiritual center, projects that deal with complex narratives of memory and restoration."

Regarding the reconstruction of the Al-Nouri complex, the report said that it “represents the cultural and spiritual core of Mosul, and reflects the reconstruction of collective memory through ‘Mosul in the minds of Mosulis’.”

The report continued, saying, "Despite the unexpected demolition of the city and the huge material and social losses it caused, hope will increase as the Al-Hadba minaret begins to rise towards the sky, while the dome of the prayer hall will be a symbol of the beautiful neighborhoods of Mosul."

The report considered that "the Nouri complex is a starting point for collective recovery and the new cultural and spiritual core of the city."

The report also reviewed other sustainable engineering projects related to the village of Damoun in Palestine, the city of Mokolo Green Scarf in Cameroon, the Marine Research Center in Yemen, the city of Ever de Bleikrij in Belgium, the city of Trikala in Greece, the waterfront in the Canadian city of Vancouver, in addition to cities in Turkey, the United States and India.  LINK

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Clare:  North Oil begins preparing Kirkuk fields to hand them over to BP

9/13/2024

A responsible source in the North Oil Company reported on Friday that it has begun preparing oil wells in Kirkuk Governorate and determining production levels in preparation for handing them over to the British company " BP " for development.

The source told Shafaq News Agency, "The North Oil Company has started developing a work plan to reach the highest possible production from the Kirkuk, Bai Hassan, Jambur, and Khabbaz fields, before handing them over to the British company ( BP ), which was contracted to develop these fields."

He added, "The Fields Authority was directed to implement the drilling and reclamation plan during the current year, and to conduct activities to activate wells without a tower, and to expedite the provision of yards in coordination with the Projects Authority, with the completion period for each yard set at three weeks."

The source added, "The company is working on extending the pipes and completing their equipment within the specified time period to connect the Bai Hassan wells 198 and 199, with implementation to take place within one month."

He explained that "the company is working on connecting the valves of five wells in the Khabbaz oil field, completing the repair of damaged pipes in the Shuraw/Baba Dome station, and stabilizing production rates for the wells northwest of Avana, according to the expected plans for the Kirkuk oil field, which will contribute to raising the efficiency of the production process."

He pointed out that "the company will complete all the requirements of the British company within three weeks to a month, and a meeting will be held with the company's representatives in the coming days for the purpose of completing and implementing what was signed, and then following up on the program that the British BP will implement to increase the production of the North Oil Company."

In this context, economic expert Ali Khalil confirmed to Shafaq News Agency, "The contract of the British company ( BP ) that was signed by the Iraqi government through the Ministry of Oil must oblige the British company to carry out its work in an integrated manner and for its work to be tangible through an increase in production and results within a specific period."

He pointed out that "the British company had a previous contract in 2013 with the North Oil Company and ended the contract in January 2020 for $100 million, but it left work with the North Oil Company."

Khalil explained that “the previous contract included 3D seismic studies of the field’s reservoir to build on the 2D data that was already available, as it is estimated that the Kirkuk field contains about nine billion barrels of recoverable oil.”

On August 1, Prime Minister Mohammed Shia al-Sudani sponsored the signing ceremony of a comprehensive oil memorandum of understanding between the Ministry of Oil and the British Petroleum Company ( BP ) to develop Kirkuk oil and gas production fields.

On the Iraqi side, the agreement was signed by Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani, while on the BP side, the agreement was signed by the company ’s CEO Murray Auchincloss.

The memorandum includes the rehabilitation and development of the four fields of the North Oil Company in Kirkuk, namely the Kirkuk field with its two domes (Baba and Avana), the Bai Hassan field, the Jambur field, and the Khabbaz field, as well as the possibility of agreeing on other fields or exploration areas by agreement of both parties, in light of the government’s efforts to optimally invest in promising opportunities in the energy sector, with the aim of increasing and enhancing oil production and gas and solar energy investments in this region.   LINK