Seeds of Wisdom RV and Economic Updates Saturday Morning 10-5-24

Good Morning Dinar Recaps,

XRP CASE NEWS : SEC APPEAL AGAINST RIPPLE DOCKETED

The battle between the SEC and Ripple does not seem to end in the near future as the appeal by the commission against court order dated August 7 has been docketed. This move has started another round in this conflict. Though sec has submitted the appeal notice, it still has time to submit the complete appeal briefing. But Ripple’s leaders are not backing down. They remain confident that they are on the winning side of the law.

SEC Appeals Ripple Case Decision
The SEC has officially filed its appeal in the Ripple case, registering it with the United States Court of Appeals for the Second Circuit.This comes after Judge Analisa Torres, ruled out that not all sales of XRP are securities and she put a civil fine of $125 million on Ripple for institutional sale of XRP tokens.

Attorney James K. Filan confirmed the filing and shared screenshots of the appeal that is now docketed under case number 24-2648. The appeal brings the legal clash between Ripple and the SEC back into the spotlight.

Ripple’s Legal Team Responds
Stuart Alderoty, Ripple’s Chief Legal Officer, didn’t seem too surprised by the SEC’s move. In fact, he called it disappointing but not unexpected. According to him, the court had already dismissed the SEC’s accusations that Ripple acted recklessly.

There were no fraud allegations, and no one suffered any losses. He hinted that Ripple might even file a cross-appeal, but either way, the company is ready for whatever comes next.

Ripple’s CEO Speaks Out
Ripple CEO Brad Garlinghouse wasn’t shy about sharing his frustration. Posting on X (formerly known as Twitter), he slammed the SEC for continuing the case. According to Garlinghouse, the SEC’s actions haven’t helped protect investors. Instead, they’ve damaged the credibility of the agency itself.

He pointed out that Ripple, the crypto industry, and even the rule of law have already won in court. Garlinghouse is clear—XRP’s status as a non-security won’t change, no matter what the SEC tries next.

Internal Shake-ups in Commission
A spokesperson for the SEC explained the agency’s reason for appealing. They believe the district court’s ruling contradicts decades of legal precedent set by the Supreme Court. The SEC is eager to argue their case in front of the appellate court.

At the same time, the SEC’s Enforcement Director, Surbir S. Grewal, has announced his resignation. He’s stepping down from his role on October 11, sparking questions about internal disagreements over the Ripple case.

@ Newshounds News™

Source:  Coinpedia

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COINBASE TO DELIST USDT AND UNAUTHORIZED STABLECOINS IN EU BY YEAR-END UNDER MICA REGULATIONS

Coinbase, a leading cryptocurrency exchange, has announced plans to delist all unauthorized stablecoins, including Tether's USDT, from its platform in the European Economic Area by December 30, 2024

Coinbase has announced plans to delist all unauthorized stablecoins, including Tether's USDT, from its platform in the European Economic Area by December 30, 2024.

This move is in response to the European Union's new Markets in Crypto Assets (MiCA) regulations, which require stablecoin issuers to secure e-money authorization in a member state.

The MiCA regulations, which became effective in June 2024, aim to ensure regulatory compliance and consumer protection within the EU's cryptocurrency market.

Coinbase's decision to delist non-compliant stablecoins underscores its commitment to adhering to these new regulatory standards and addressing non-compliance issues.

@ Newshounds News™

Source:  The Defiant

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HK’S BANK OF EAST ASIA TESTS STABLECOIN ISSUANCE USING UDPN

Hong Kong’s Bank of East Asia (BEA) recently conducted a proof of concept (PoC) involving issuing stablecoins using the Universal Digital Payments Network (UDPN). It tested both the issuance and redemption of stablecoins (minting and burning) and trialed a mobile application for clients.

Today most stablecoin usage happens in the cryptocurrency world or jurisdictions where consumers are keen to access dollars. One reason stablecoins haven’t gone mainstream is because of missing pieces of infrastructure. However, that is changing, meaning stablecoins will become increasingly competitive with bank payments, especially cross border. Banks are not standing by. They’re engaging in multi-bank tokenized deposit trials and issuing their own tokenized deposits or stablecoins.

The UDPN is a multi-faceted project supporting the issuance of stablecoins and tokenized deposits, as well as providing an interoperability layer between different digital currencies, including central bank digital currencies (CBDCs).

“Through our PoC with UDPN, we gained insights into global practices on Central Bank Digital Currencies (CBDCs) and the mechanism of stablecoins,” said the BEA’s Stephen Leung, Group CIO, General Manager and Head of Technology and Productivity Division.

“Experiments were conducted on the issuance of stablecoins, as well as the transfer and swapping between CBDCs and stablecoins. Cross-chain interoperability was also examined between stablecoins and digital currencies on different blockchains. This has laid (an) important foundation for any partnership opportunities that may arise in the future.”

Earlier this year the bank took part in a DLT repo transaction with HSBC involving digital green bonds issued by Hong Kong.

The UDPN was founded by Red Date Technology, the co-founder of China’s Blockchain-based Service Network (BSN) and the international BSN Spartan Network. Its development partner is the GFT consultancy. Earlier this year it launched a sandbox for banks.

Hong Kong’s digital currency activities
Meanwhile, the Hong Kong Monetary Authority (HKMA) is running at least three digital currency sandboxes, although this PoC was not part of them. The HKMA recently announced the expansion of its retail CBDC sandbox to include tokenized deposits. Plus, it has a sandbox for stablecoins and another for the institutional use of wholesale CBDC, which is part of Project Ensemble.

@ Newshounds News™

Source:   Ledger Insights  

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STABLECOIN ISSUER TETHER TO DEVELOP NEW SOLUTION FOR EUROPEAN MARKET

Tether is preparing to launch a new technology specifically for the European market. This strategic move comes in response to changing regulatory frameworks in the region, especially as MiCA (Markets in Crypto Assets) regulations come into full effect.

As part of the adjustment, Coinbase has announced plans to delist non-compliant stablecoins, including Tether’s USDT, from the European Economic Area (EEA) by December 30, 2024. This shift could reshape the landscape for European crypto users.

Stablecoin Market and MiCA
The new crypto regulation of the EU, MiCA, is designed to bring more safety and control to the cryptocurrency sector. However, these new sets of rules also pose risks for certain stable coins like USDt. The regulation requires at least 60% of the stablecoin reserve to be held in EU based banks however many banks in Europe can only insure deposits up to $100,000.

This poses high risk for stablecoins like USDt. Paolo Ardoino expressed his concerns about the risk this regulation can pose for stablecoins as well as banking systems.

Although some aspects of MiCA create obstacles, Tether praised the EU for building a well-structured regulatory environment. This framework, they say, is essential for the long-term growth of the industry.

Coinbase’s Deadline for Delisting Stablecoins
Coinbase has set December 30, 2024, as the deadline. By this date, all non-compliant stablecoins will be delisted in the European Economic Area. It’s a significant move for Europe however stablecoin services for other regions will remain unharmed. Several other exchanges like OKX and Bitstamp have already taken similar steps, preparing for MiCA’s full implementation.

Circle’s USDC, a stablecoin that meets MiCA’s requirements, is expected to remain available for European users. Coinbase users in European financial zones holding USDt or other non-compliant stablecoins must convert them. They will need to switch to compliant ones like USDC before the deadline.

Tether’s Response to MiCA
Tether is addressing the regulatory changes by creating a technology solution designed specifically for Europe. Although they haven’t shared the full details yet, the company indicated that the solution will focus on meeting the needs of Europe’s stable and structured economy.

This new initiative is part of Tether’s larger plan to keep a strong presence in the European crypto market, even with the regulatory challenges.

What This Means for Crypto Users?
Despite these hurdles, Tether is positive about its future in Europe and is working directly with regulators to develop workable solutions. For European users, Coinbase’s delisting and MiCA’s new rules mean that you may need to reconsider which digital assets to hold. Switching to MiCA-compliant stablecoins like USDC is one option to ensure your portfolio stays secure under the new laws.

Tether’s upcoming product could also provide new opportunities for users who prefer USDT, but it’s important to stay informed and prepared for the coming changes.

@ Newshounds News™

Source:  Coinpedia

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Iraq Economic News and Points To Ponder Saturday AM 10-5-24

Large And Dangerous" Economic Risks Await Iraq If It Becomes Involved In The Iran-Israel Conflict
 
Economy ​ 10-2-2024, 15:43 |Baghdad today - Baghdad   Economic expert Ahmed Al-Tamimi warned today, Wednesday (October 2, 2024), of the economic danger of dragging Iraq into conflict with the United States of America. Al-Tamimi said in an interview with “Baghdad Today” that   “trying to drag Iraq into conflict with the United States of America has great and dangerous economic risks for the internal Iraqi situation, especially since the economic situation is still completely controlled by the American dollar, and any conflict with Washington will prompt a dollar crisis.”
 
This could paralyze the Iraqi economy.”

 He stated that  "Iraq depends for everything regarding its various imports on the dollar, through legal frameworks through the platform or through the parallel market, and  any American step  towards Iraq regarding the dollar will have serious effects on all Iraqi markets, and  for this reason one must be careful not to drag Iraq into conflict with America."
 
Therefore, Iraq would like to maintain good financial, economic and other relations with the American side to ensure the stability of its economic conditions.
 
Professor of International Economics, Nawar Al-Saadi, revealed on Sunday (September 29, 2024) how Lebanon’s developments will affect the Iraqi economy and the oil market during the next stage. Al-Saadi said in an interview with "Baghdad Today",
 
"With regard to the impact of the recent events in Lebanon on the Iraqi economy and the oil market,
 
we can say that the repercussions will be different based on several factors, the
 
     first of which is that the Iraqi economy depends heavily on oil exports, and
 
     any major escalation in the region." It may lead to a rise in oil prices in the short term due to fears of supply disruption or increased geopolitical risks in the Middle East region.
 
This rise may be positive for Iraq in terms of oil revenues, but it may impose new challenges related to revenue management and the stability of financial markets.”  

He stated,  “On the other hand, supply chains may be affected if the situation deteriorates further, especially if navigation or air transport lines in the region are disrupted under these circumstances, and
 
Iraq may face challenges in importing basic materials or equipment necessary for industrial projects, which "It may put pressure on development plans."  

Al-Saadi added,  “With regard to the influence of the Iraqi armed factions, any direct or indirect interference in the conflict may expose Iraq to American pressure, including imposing restrictions on dealing in the dollar, and
 
the United States previously used the card of banning the dollar to pressure governments, especially those that...  “It contributes to regional destabilization, which may deepen the financial crises in Iraq and increase the cost of foreign trade transactions.”  https://baghdadtoday.news/259111-مخاطر-اقتصادية-كبيرة-وخطيرة-تنتظر-العراق-في-حال-انخرط-بصراع-ايران-وإسرائيل.html   

Parliament Is Preparing To Approve The “Most Important” Law To Recover State Funds From The Corrupt
 
Money and business  Economy News  Member of the Parliamentary Integrity Committee, Yousef Al-Kalabi, announced today, Thursday, the completion of the second workshop to mature the law for recovering state funds from the corrupt,
 
stressing that the law will be voted on before the end of the current legislative term. Al-Kalabi said in a press interview,
 
 “The committee has completed the second workshop on the Corruption Assets Recovery Law, which is considered one of the most important laws in the House of Representatives.”

 He added,  "This law completes the legislative deficiency in the process of recovering, seizing, and accessing funds.
 
The committee hosted representatives of many departments and state institutions, including the
 
     Financial Supervision Bureau, the
     Supreme Judicial Council, the
     Integrity Commission, the
     Bar Association, and   others." Al-Kalabi pointed out that  “the Parliamentary Integrity Committee is seeking broadly and carefully to legislate the law on importing money from corrupt people because of its importance, especially since
 
some of the corrupt people’s money has turned into assets, real estate, and trade, and when an order is issued to recover the money, we find that the corrupt money has multiplied several times.”

 He stressed that  "the House of Representatives has completed the first reading of the law on importing corruption funds, and  a report will be submitted to complete the second reading of the law, provided that it will be voted on before the end of the current legislative term."
 
Observations 155     10/03/2024 - https://economy-news.net/content.php?id=48301   

Supporting The Iraqi Economy.. The Government Takes A Series Of Decisions And Measures To Activate The Role Of The Private Sector
 
Economy / investigations and reports    Yesterday, 21:31  Baghdad - IA
 
Supporting the private sector and creating job opportunities, priorities emphasized by the government program of Prime Minister Muhammad Shiaa Al-Sudani, were supported by plans to invest in the role of this sector in diversifying the economy, reducing dependence on oil, and contributing to creating sustainable development.
 
Activating the private sector
 
This trend was supported by unprecedented government decisions, including a decision issued by the Council of Ministers on January 31, 2023, amending the prices of petroleum products for private and mixed sector projects, so that the price of black oil supplied to oxidized asphalt plants would be at a price of 35% of the international bulletin price, provided that it does not exceed The price of one ton is 250 thousand dinars, with a quantity of about 70-100% of the design capacity, and the situation is kept as it is for the factories that receive black oil at a price of 100 thousand dinars per ton, and for the rest of the factories at a price of 150 thousand dinars per ton.
 
As well as introducing the private sector into the implementation of new residential city projects by a decision of the Council of Ministers dated March 7, 2023.
 
The Council of Ministers took a set of decisions on March 28, 2023, which included writing off the amounts of professional fees and construction permit fees owed by industrial projects, the amounts of fines owed by commercial companies, and the amounts of fines owed by taxpayers resulting from the application of Article (30) of the Real Estate Tax Law No. (126) of 1959..
 
Government decisions also included granting sovereign guarantees to the private sector in the tripartite budget to support the establishment of laboratories and factories and establishing agricultural projects, proposing a new vision for grants to the private sector to achieve reform efforts, activating the laws in force that care for workers in the private sector, ensuring their retirement, and proposing a retirement and social security law in order to reform the legal environment. To operate the private sector and create jobs in it, which the House of Representatives actually voted on on May 17, 2023.
 
On April 7, the Council of Ministers voted to approve the issuance of investment and partnership instructions between the public sector and the private sector for the year 2024, based on the provisions of the Constitution and the Federal General Budget Law of the Republic of Iraq for the three fiscal years.
 
On June 4, the Council of Ministers issued several decisions to support the private industrial sector, which included obliging the Ministry of Oil not to cut the monthly fuel quota for all industrial projects, for any reason, as well as not to impose a month of maintenance on industrial projects and not to withhold the monthly fuel quota for this reason, and also a decision Providing all industrial projects with their actual shares of petroleum derivatives confirmed according to the need assessment list.

On July 23, and within the framework of developing and supporting the national industry, the Council approved the recommendations of the minutes of the meeting of the Dry Gas Committee for Investment Projects and the commitment of the Ministry of Oil to allocate and equip new industrial projects planned to be established in partnership with the private sector, by public companies in the Ministry of Industry and Minerals, in quantities of dry gas,

According to the quantities needed by these projects, according to a timetable for preparation, and at prices that achieve the economic feasibility of establishing these projects.

Quantities and prices are regulated through an agreement between the Ministries of Oil and Industry and with the approval of the Ministerial Council for the Economy.

Within the framework of the government's vision for economic reform and revitalizing the investment and development movement in the country, the Council of Ministers approved on August 18 the national strategy for bank lending prepared by the Central Bank of Iraq, including the recommendations and programs established in it.
 
The strategy aims to stimulate the growth of the Iraqi private sector by improving the business environment, attracting local and foreign investors, and increasing the credit granted to it from the non-oil GDP by 2029, as well as increasing credit to small projects from the non-oil GDP and financing nearly 100,000 projects.
 
Government procedures and openings
 
Within the framework of the measures adopted by the government to advance the private sector and make it a partner in the construction and reconstruction process, the government worked to end the wrong practices that hinder the work of the private sector and raise its contribution to the national economy by approving the recommendations of the Ministerial Council for the Economy and subjecting projects to fair competition on the basis of efficiency and confronting any extortion process.
 
The implementing companies may be exposed to it, in addition to facilitating the granting of entry visas to businessmen to Iraq, forming a follow-up cell to follow up on the implementation of projects, and firmly confronting any blackmail that the implementing companies may be exposed to, from any party.
 
In this regard, the Prime Minister also held a number of meetings, including a meeting with a number of businessmen, investors and project owners in the private sector, and a meeting with representatives of private sector companies specialized in implementing sewer network projects in Baghdad, during which he called on all private sector investors to seize the available opportunities. In Iraq.
 
On July 17, 2023, the Prime Minister chaired a meeting devoted to discussing the reality of the industrial sector in Iraq and the process of launching a new industrial initiative to advance this sector, in the presence of a number of advisors and representatives of the private sector.
 
On December 2, 2023, the Prime Minister announced the offering of 90 investment opportunities in partnership with the private sector in various industrial sectors throughout Iraq.
 
On December 6, 2023, the Prime Minister sponsored the signing of the partnership contract between the Iraqi Diyar Company (private sector) and the Saudi Northern Cement Company, in the first partnerships between the Iraqi and Saudi private sectors in the field of cement.
 
On March 9, the Prime Minister opened in Basra last March 9 factories and production lines for fertilizers, both types of fertilizers and urea, in partnership with the private sector.
 
He stressed that this partnership adds modern technology to the state and covers part of the budget requirements.
 
During his visit to the United States, which began on April 14, 2024, the Prime Minister decided to include a delegation from the private sector and Iraqi businessmen and women in the visiting delegation.
 
During the visit, the Prime Minister also sponsored the signing of similar memorandums of understanding between the Iraqi private sector and American companies in the fields of energy and pharmaceutical industry. On April 18, 2024.
 
On May 1, the Prime Minister inaugurated the continuous casting factory/first phase, at the General Company for Steel Industries, in the Taji area, north of the capital, Baghdad, after rehabilitating, modernizing and operating it, with a production capacity of up to 600 thousand tons annually.

He welcomed investors from the private sector in Iraq and greeted them.
 
Their step is to invest with companies of the Ministry of Industry and Minerals.
 
On May 9, the Prime Minister launched work on the Al-Ittihad Mills Project, in the city of Al-Madhatiya in Babil Governorate, and inaugurated the Al-Ittihad Company’s sugar factory expansion project, after adding new production lines for sugar production, raising the factory’s production capacity from (4,200) tons per day to (4,200) tons per day. 6000 tons per day, and a vegetable oil extraction plant, a plant feed production plant, and a premix plant were also opened in the company.
 
On July 5, the Prime Minister opened the second specialized workshop to support the private industrial construction sector, during which a cooperation agreement was signed between the Trade Bank of Iraq (TBI) and the German Export Credit Corporation, to finance private sector development projects.
 
Last July 20, the Prime Minister opened (4) factories for the Military Industrialization Authority, including the electric car production factory at the General Military Industries Company, implemented in partnership with the private sector.
 
Directions
 
On May 17, 2023, the Prime Minister issued a number of directives aimed at strengthening the partnership with the private sector and giving it more space in development fields.
 
Among these directives is the emphasis on partnership with the private sector, disbursing dues to private sector companies implementing projects, and providing job opportunities for young people by encouraging... Investment, attracting investors, and reviewing investment licenses granted in the governorates, in addition to giving priority to supporting the private sector and continuing to hold meetings with it.
 
The Prime Minister also confirmed on July 22, 2023, that the government has launched major projects with the participation of the private sector, such as manufacturing, petrochemical, and fertilizer industries projects, and
 
there are serious requests from local and regional companies to invest in gas, phosphate, and sulfur, in addition to integrated residential city projects, which include all economic activities.
 
Five cities were announced, and we are in the process of preparing the second phase in order to prepare them for investment.
 
He stressed that the private sector is a partner in the correct implementation of projects that address pressing service crises in all sectors.
 
While the government took steps, within its ministerial platform, to encourage the private sector, the government also worked in cooperation with the House of Representatives to legislate laws that would advance the private sector, such as the National Product Protection Law No. 11, the Consumer Protection Law No. 1, and the Competition and Antitrust Law No. 14.
 
Also, on August 1, the Prime Minister directed the formation of a committee from the departments of the Ministry of Construction, Housing, Municipalities and Public Works, which will undertake the process of opening and analyzing the offers submitted by private sector companies to build schools within the projects of the Iraq Fund for Development, as well as reviewing the contracts concluded with investors in building projects. school, auditing it, and indicating its conformity with the approved specifications and conditions.
 
Events and partnerships
 
Government support for the private sector included the participation of businessmen and women in the Iraqi-Egyptian Business Forum, which was held on June 13, 2023 during the Prime Minister’s visit to Egypt.
 
As part of government efforts to revitalize the private sector, the final statement of the joint Iraqi-Jordanian committee meeting on July 24, 2023 included support for the role of the private sector in increasing the volume of trade exchange between the two countries in the fields of industry, energy, investment, transportation, agriculture, environment, health and education, for the benefit of both countries. And the two brotherly peoples.
 
On September 3, 2023, the Ministry of Transport also signed an agreement with the International Finance Corporation (IFC) to rehabilitate and develop Baghdad International Airport.
 
It included the IFC providing consultations on the path to developing the role of the private sector and enhancing its entry into the arena of public services in partnership with the public sector and sectors facing challenges. Futurism.     https://www.ina.iq/218436--.html   

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

BRICS Intra-bank System Shook The World Bank and IMF: Is Dollar Finished?

BRICS Intra-bank System Shook The World Bank and IMF: Is Dollar Finished?

Fastepo:  10-4-2024

Another significant development is the launch of an intrabank system that demonstrates BRICS’ commitment to creating practical solutions for its members.

Russia and Iran have deepened their economic ties by connecting their national payment systems—Russia’s SPFS (System for Transfer of Financial Messages) and Iran’s SEPAM (System for Electronic Payment Messaging).

This integration allows both countries to conduct financial transactions in their own currencies, the ruble and the rial, bypassing the U.S. dollar and the SWIFT network.

The initiative is part of a larger effort to enhance economic sovereignty and circumvent Western sanctions that have limited both nations’ access to international financial systems.

Now, let’s discuss the dedollarization efforts by BRICS. The movement to reduce reliance on the U.S. dollar across the Global South is gaining momentum, particularly through initiatives led by major emerging economies like the BRICS bloc.

This surge in dedollarization is driven by the desire for financial independence and the need to mitigate risks associated with external sanctions.

https://www.youtube.com/watch?v=i2tGwtn_nwE

Seeds of Wisdom RV and Economic Updates Friday Afternoon 10-4-24

Good Afternoon Dinar Recaps,

XRP ADOPTION BY BRICS AND JAPAN CONTINUES, SEC APPEAL FAILS TO DETER

▪️PDespite the SEC lawsuit, the BRICS nations and Japan have continued to show interest in XRP.

▪️PThe coin has recovered from the losses triggered by the Appeal filed earlier this week.

Despite the uncertainty in the Ripple ecosystem, the XRP coin is gaining traction from prominent stakeholders and organizations. Earlier this week, the US Securities and Exchange Commission (SEC) filed an appeal in its Ripple lawsuit, potentially extending the legal battle it initiated in 2020.

As CNF mentioned earlier, the regulator’s move quickly reverberated across the community, resulting in price drops for XRP. Despite this shift, XRP is still attractive to users.

BRICS and Japan Pushes for XRP Adoption
Amid these challenges, the BRICS Alliance, an intergovernmental organization, and Japan continue to push for XRP adoption. In an X post, renowned analyst Crypto Tank said the SEC’s appeal filing had not deterred the BRICS and Japan from embracing XRP.

“SEC appeal won’t matter. BRICS and Japan are still adopting XRP, and they don’t care about the lawsuit one bit,” says Crypto Tank. The analyst’s comments reinforced opinions that XRP is crucial to the emerging financial system.

SEC appeal won’t matter. BRICS and Japan are still adopting XRP and they don’t care about the lawsuit one bit. Brad has even stated this before. XRP is the Heart of the New Financial System no matter what. Don’t get FUDded out…

— CryptoTank (@Tank2033js) October 2, 2024

He further highlighted a previous statement from Ripple’s CEO Brad Garlinghouse, describing XRP as the heart of the new financial system. Indeed, XRP’s characteristics as a bridge asset make it a popular choice amongst businesses and financial institutions.

Unlike other traditional payment networks, XRP is easily accessible, cheap, and has low to zero friction. These characteristics make the coin a more viable option for the BRICS alliance, which was created by countries seeking freedom from the US Dollar.

The BRICS nations initially comprise Brazil, Russia, India, China, and South Africa. In 2024, five new nations, including Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates, joined the alliance. The alliance has promoted the use of local currency, thus reducing reliance on the US dollar.

Developing countries view this initiative as beneficial to their financial systems. Recently, the BRICS announced the development of its blockchain-based payment system. In a previous CNF article, Russian President Vladimir Putin says the system will enable BRICS nations to conduct international trade without interference from the Western financial systems.

Intriguingly, XRP adoption is also spreading across Japan. As revealed in a previous report by CNF, 80% of Japanese banks use Ripple for blockchain payments. This highlights the growing prominence of Ripple and XRP in the traditional financial sector.

Legal Battle Surrounding XRP
The SEC recently filed a notice of appeal against Judge Analisa Torres’s July 2023 ruling in the Ripple lawsuit. The ruling stated at the time that XRP sales to retail investors do not constitute securities transactions, giving Ripple a partial victory.

However, the court ruled recently that Ripple should pay a $125 million fine for violating securities laws through institutional sales. This amount is far less than the $2 billion the SEC had initially requested from Ripple.

With the appeal, most experts and community members expect the SEC to challenge XRP’s security classification when traded on exchanges. Notably, the regulator once filed an interlocutory appeal, which the court denied. Many community members hope the regulator will encounter a similar outcome this time.

@ Newshounds News™

Source:  Crypto News Flash

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WILL SWIFT NETWORK’S UPCOMING TRIALS BOOST CRYPTO ADOPTION?

Here’s a look at banking network SWIFT’s upcoming trials for digital asset and currency transactions.

▪️SWIFT will conduct live trials for digital asset transactions in 2025, enhancing global finance.
The initiative aims to integrate various currency platforms for seamless cross-border transactions.

▪️The year 2024 has witnessed a surge in cryptocurrency adoption, largely driven by the launch and expansion of the ETF market.

In light of this trend, SWIFT, the global bank messaging network based in Belgium, is set to launch live trials of digital asset and currency transactions.

What benefits will SWIFT’s live trails offer?
This initiative will involve banks in North America, Europe, and Asia, connecting over 11,500 financial institutions worldwide.

Although SWIFT itself does not manage funds, its network facilitates secure communications and transactions among banks. This allows for the exchange of various financial messages.

Scheduled for 2025, these trials will mark a significant step in demonstrating how SWIFT can support the transfer of both digital and traditional assets across over four billion accounts globally.

This would showcase an advanced version of its infrastructure designed for real-world applications.

Remarking on the same, Swift Chief Innovation Officer Tom Zschach said,

“As new forms of value emerge, our intention is to continue offering our community the ability to seamlessly make and track transactions of all kinds of assets — using the same secure and resilient infrastructure that is integral to their operations today.”

For those unaware, the upcoming live trials will utilize SWIFT’s extensive global network to integrate various digital and traditional currency platforms seamlessly.

What’s more to it?
The trials will showcase how financial institutions can interchangeably transact across existing and emerging asset types.

This demonstration highlights the potential for banks to leverage their current SWIFT connections, thereby enhancing efficiency and accessibility in global finance.

Providing further insights on the matter, the firm added,

“Global financial institutions will have the ability to use Swift’s global platform to conduct pilot transactions for the settlement of digital assets and currencies.”

Additionally, SWIFT will transition from experimental trials to real-world applications of digital asset and currency transactions, beginning in 2025.

This initiative allows global financial institutions to utilize SWIFT’s infrastructure for seamless transactions across traditional and digital assets.

By enabling interoperability among currencies and networks, SWIFT seeks to simplify and secure cross-border financial exchanges.

This advancement reinforces SWIFT’s commitment to evolving in digital finance and positions it as a key facilitator of modern transactions.

Will CBDCs play a role?
That being said, SWIFT, which plays a crucial role in global banking, has been engaged in trials of both CBDCs and tokenized assets.

In March, the firm said that it would launch a new platform to connect CBDCs currently in development to the existing financial system.

As of the latest update, the SWIFT initiative involves different types of digital assets in combination across different platforms.

Therefore, Nick Kerigan, SWIFT’s head of innovation, put it best when he said,

“To successfully trade and settle a tokenised bond transaction, you need the cash and that’s where a tokenised deposit or wholesale CBDC comes in. It’s not good enough if you just have delivery or just payment, you need both.”

@ Newshounds News™

Source:  AMB Crypto

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US CONGRESS WILL BE KEY IN DEFINING CRYPTO REGULATIONS POST-2024 ELECTION, EXPERT SAYS

With the 2024 presidential election just around the corner, crypto has gained significant momentum as a key issue in the race to the White House, especially with candidates Vice President Kamala Harris and former President Donald Trump expressing support for the digital asset industry.

However, law experts assert that it is not the US President who will ultimately determine the future of digital assets in the United States, but Congress.

Focus On Congressional Action As The Key
A recent report by Dr Tonya Evans, a professor at Penn State Dickinson Law, highlights that Vice President Harris has moved away from President Biden’s previously antagonistic approach to cryptocurrencies, largely driven by the Securities and Exchange Commission (SEC) and other regulators.

As reported by Bitcoinist, Harris now emphasizes a pro-innovation narrative, suggesting that blockchain and digital assets are crucial components of her vision for an “Opportunity Economy” to empower middle-class families and small businesses.

On the other hand, Trump has made headlines by promising to transform the US into the “crypto capital of the planet” and pledging to remove SEC Chair Gary Gensler from his position on his first day in office.

Despite these eye-catching promises, Evans believes that the President’s ability to enact meaningful change in the crypto landscape is limited.

Evans notes that the Congress, as the legislative branch of government, wields the real power to shape the regulatory framework governing digital assets. Under Article II of the Constitution, the President cannot unilaterally create laws or alter regulations.

Instead, the President’s role is primarily to enforce the laws that Congress passes and oversee regulatory agencies like the SEC and the Commodity Futures Trading Commission (CFTC).

Evans further explains that Congress must take decisive legislative action for sustainable progress in the digital asset industry. Yet, she has noted that many observers and advocates for cryptocurrency often focus their attention on presidential races, neglecting Congress’s vital role in regulation.

Bipartisan Support For Crypto Grows In Congress
Despite what has been seen as a lack of congressional action in recent years, Evans is championing a notable advancement in the legislative landscape with the passage of the Financial Innovation and Technology for the 21st Century Act (FIT21), which incorporates Rep. Tom Emmer’s Securities Clarity Act.

This law aims to provide much-needed clarity in the digital asset space by distinguishing between an asset and the securities contract to which it may be linked, which would be key in potential future cases such as one of the most notorious between blockchain payments company Ripple and the SEC.

In addition, support for crypto innovation is gaining traction in Congress. Figures like Rep. Maxine Waters (D-CA), once a critic of cryptocurrencies, now recognize the importance of engaging with emerging technologies.

At a recent town hall event, pro-crypto lawmakers urged Harris to adopt a more favorable stance toward digital assets. At the same time, Senate Majority Leader Chuck Schumer (D-NY) expressed optimism about passing bipartisan legislation.

Moreover, the StandWithCrypto.com database indicates that over 50 Democratic lawmakers, including prominent figures like Rep. Ro Khanna (D-CA), is now supportive of pro-crypto legislation.

Unlike the executive branch, the law professor said, Congress has the power to create tailored laws to meet the needs of the crypto industry. Evans concluded, “Now is the time to focus where the real power lies – on Congress.

@ Newshounds News™

Source:   Bitcoinist

  ~~~~~~~~~

🌍 El Salvador doubles down on Bitcoin, defies IMF concerns  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

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Economist’s “News and Views” 10-4-2024

BRICS Dump Dollars for Gold - LFTV Ep 193

Kinesis Money:  10-4-2024

In this week’s episode of Live from the Vault, Andrew Maguire delivers a chart-driven analysis of the gold and silver price action for the first week of this year’s fourth quarter, before answering pressing community questions.

The London precious metals expert then turns his attention to the remainder of the year 2024, highlighting Indian and Chinese central bank buying, and providing an overview of the latest BRICS activity.

Timestamps

 00:00 Start

01:45 The first week of Q4

17:30 What to expect in the rest of 2024

20:45 The upcoming BRICS meeting

25:30 The gold revaluation timeline

31:00 Dedollarisation

https://www.youtube.com/watch?v=edab3Njpyog

Major Report PROVES That An Economic Crisis Is Coming!

Atlantis Report:  10-3-2024

The rising number of layoffs across various industries is a worrying trend. Despite the supposed economic growth, many people are losing their jobs.

Even industries that were believed to be safe are not immune. This is causing concern as it hasn't been seen in recent years.

Moreover, the level of consumer debt is another alarming issue. The fact that around one-third of Americans are struggling to pay their bills indicates that not everyone is benefiting from the so-called economic boom.

With the possibility of inflation and interest rate hikes, people already burdened by debt face an uncertain future.

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

George Gammon: What if the US Debt Hits $50 TRILLION Tomorrow?

Daniela Cambone:  10-3-2024

The real issue with U.S. debt isn't paying it off—it's the economic distortions fueled by government spending, says George Gammon, real estate investor and host of The Rebel Capitalist Show.

 In this insightful interview with Daniela Cambone, Gammon explains how the global monetary system allows the U.S. to pile on debt without immediate repercussions, driving a dangerous cycle of overspending.

He dives into the role of the Eurodollar system in propping up demand for U.S. Treasuries, which keeps interest rates lower than expected, even as debt levels soar.

CHAPTERS:

0:00 Economic Distortion

3:15 U.S. Debt Crisis

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

Iraq Economic News and Points To Ponder Friday AM 10-4-24

Economists Determine The Reasons For The Rise In The Dollar In Iraq And Expect It To Exceed 160,000

Economy  Iraq  Dollar prices Dinar to rise  2024-10-03 01:23  Shafaq News/ The “Future Iraq” Foundation for Economic Studies and Consultations, on Thursday, attributed the reasons for the rise in the price of the dollar against the dinar in Iraq to the decline in transfers of other currencies and the  inability to cover the demand for foreign currency for the purpose of import, expecting the rise to continue, bringing the price of one dollar to 1,600. dinar in the coming period.
 
The head of the institution, Manar Al-Obaidi, said in a statement received by Shafaq News Agency, that the prices of the dollar against the dinar during the past days reached the range of 1,550 dinars per US dollar.

Al-Obaidi attributed  the reason for the rise to the decline in transfers of other currencies, specifically the UAE dirham and the Chinese yuan, as a result of the large restrictions set by correspondent banks that are in the process of enhancing the balances of these currencies,
 
in addition to the reservation of the banks under the Citi-Pilot project in opening accounts for operating companies and limiting them to working with companies. She had previously been treated differently than others.

Among the reasons that the head of the institution spoke about is “the inability of all transfer mechanisms to cover the demand for external currency for the purpose of importing some goods, specifically mobile phones and gold, which are considered the highest value goods for import, which prompts importers to resort to the parallel market for the purpose of importing.”.

He added,  "It is expected that the dinar will continue to decline against the dollar, and it may reach rates of 1,600 dinars per dollar in the coming months if the problems are not addressed through practical solutions."
 
1- Increasing the network of correspondent banks around the world, especially in the UAE and China.
 
2- Controlling financial policy by limiting the entry of some types of goods in order to reduce demand for them versus supply.
 
3- Pressure on the banks under the Citi-Pilot project to be more open to accepting a wide range of clients.
 
4- It may be necessary to temporarily prevent the import of some goods to reduce the demand for foreign currencies until more organized and smooth solutions are found for the external transfer process. Al-Obaidi said,
 
“Without adopting these solutions, the dinar will continue to decline against the dollar and may exceed the 1,600 barrier soon.”
In turn, economic and financial expert Abdul Rahman Al-Mashhadani attributed the rise in the dollar exchange rates in Iraq to political rather than economic reasons..

Al-Mashhadani said in a statement to Shafaq News Agency,   “The dollar has stabilized for a long period in the past few days at 149 to 150 thousand Iraqi dinars for a $100 bill, especially after transferring the dollars of real travelers to the airport, organizing the sales process in a smooth manner, and resolving the crisis of bottlenecks on exchange companies and payment companies available inside.”

Airport." He added,  "There are no economic reasons or justifications behind the rise because the central bank is still financing large amounts of foreign trade, and this is the important element that covers the volume of orders for merchants."

The expert expected that  "the rise in exchange rates is due to the  
     unrest witnessed in the region and the
     fear that Iraq is one of the stations that could be targeted,
 
which prompted merchants to liquidate the accounts of debtors and creditors, especially those who have obligations to merchants abroad.
 
Fear of instability may cause a rise and thus will be affected."
 
The merchant must pay what he owes. He noted that the second matter “is the fear and panic that afflicts people in such crises.
 
They turn to converting dollars for fear that things will get worse and they will be forced to travel or emigrate, even if they are inside Iraq,” adding that “the dollar is the safest means at hand because it is needed in "Markets."
 
The price of the dollar rose in local markets to reach approximately 155 thousand dinars compared to 100 dollars after the events that the region witnessed, including military operations in Lebanon and Iran on the one hand and Israel on the other hand.    https://shafaq.com/ar/اقتصـاد/م-سسة-اقتصادية-تحدد-اسباب-ارتفاع-اسعار-الدولار-بالعراق-وتتوقع-وصوله-لـ1600-دينار   

Government Advisor: There Is No Concern About Iraq’s Financial Situation And Our Foreign Reserves Are Diverse
 
Time: 10/02/2024 14:02:16 Read: 2,834 times  {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, reassured about the country’s financial and economic situation.

Saleh told {Al-Furat News} agency:  “We should not worry about the ongoing fluctuations, whether in monetary gold or the various foreign currencies that make up the country’s foreign reserve portfolio, which varies from major foreign currencies and monetary gold and in accordance with the international standard investment guides that it adopts.”

The monetary authority has high-level technical cooperation with multilateral international financial organizations, specifically the International Monetary Fund and the World Bank.”’

 He stated,  “Usually, the Central Bank of Iraq hedges in managing its sovereign investment portfolio with a well-studied and highly sensitive diversification, with standard ratios and precise weights for each foreign currency, in addition to the cash gold from which the foreign reserves are composed.
 
This is within the scope of what is called hedging against the risks of fluctuations in currency and gold exchange rates, which is a policy that expresses efficiency.” Managing the country's investment portfolio according to diversification in various foreign currencies and gold. Saleh explained,
 
“A fall in the market value of gold, for example, must be offset by a rise in the value of the dollar or other foreign currencies through managing the components of the foreign reserves portfolio itself, as
 
diversification is an important pillar of the hedging policy in managing investments in foreign assets from currency exchange rate fluctuations.” foreign currencies and gold by diversifying the country’s sovereign investment portfolio.” ‘

He pointed out that  "the sovereign investment portfolio avoids what is called in the literature of the accounting policy of central banks (unrealized losses), by immediately realizing (unrealized profits), 

which are the same unrealized profits that correspond to the unrealized losses resulting from the fluctuation of gold or foreign exchange prices at the time." same". 

 He pointed out that  "a good diversification policy, in the assets or holdings of the investment portfolio,
provides sufficient neutrality in  preserving the total market value of the country's foreign asset reserves and  always stabilizing their value."   https://alforatnews.iq/news/مستشار-حكومي-لا-قلق-في-الوضع-المالي-للعراق-واحتياطنا-الأجنبي-متنوع   

Banking Advisor: The Government Is Committed To Opening New Horizons For Partnership With Investors
 
Economy     1-10-2024, 17:39  Baghdad - IA - Wissam Al-Mulla  Today, Tuesday, the representative of the Prime Minister and his advisor for banking affairs, Saleh Mahood, affirmed the government’s commitment to supporting the Securities Commission and opening new horizons for partnership with investors,
 
calling on the legislative authority to accelerate the issuance of the necessary legislation to meet the requirements of the modern market and enhance the investment environment in Iraq.
 
Mahood said at the World Investor Day Conference - attended by the Iraqi News Agency (INA) correspondent:
 
“It is a great honor to represent Prime Minister Muhammad Shiaa Al-Sudani in this event organized by the Securities Commission,” indicating that
 
“this conference represents a vital platform for strengthening ties.” between the government and investors and highlights the investment opportunities available in Iraq.” 

He added,  "The world lives today in an era characterized by rapid economic changes, which requires activating the role of the securities sector as a main tool for stimulating economic growth," adding,
 
"The Iraqi government headed by Muhammad Shiaa Al-Sudani is fully aware of the importance of this sector as a lever for growth and attracting local and international investments."". 

 He pointed out that “global experiences have proven that investments are not only an engine for growth, but rather a
 
  means of developing infrastructure,
  creating job opportunities, and
  enhancing transparency and
  efficiency in resource management,” considering that
 
“the Securities Commission is a vital partner in achieving these goals, as it works to regulate markets and enhancing their protection. 

Mahood emphasized "the importance of cooperation between the public and private sectors," stressing that  "the success of investments depends on investment partnerships that contribute to mitigating risks and increasing confidence." 

 He explained, "There is an urgent need to accelerate the issuance of the necessary legislation to modernize the legal system to suit the requirements of the modern market, as
 
there must be clear mechanisms to protect investors and facilitate investment procedures, which contributes to improving the business climate in the country." 

He pointed out, "The importance of strengthening corporate governance, as building a strong governance system is vital to ensuring transparency," stressing: "Investors must feel that their money is protected and that there are effective mechanisms to monitor performance." 

 Mahood called for "focusing on education and awareness, as building human capabilities and developing skills in the financial sector contribute to creating an attractive investment environment," stressing "the importance of establishing training programs and workshops targeting investors, bankers, and government agencies." 

He stressed, "The commitment of the Iraqi government and Prime Minister Muhammad Shiaa Al-Sudani to provide support to the Securities Commission and open new horizons for cooperation and partnership with investors," considering, "This conference is an important step towards building a prosperous and sustainable Iraqi economy."    https://www.ina.iq/218206--.html   

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

Seeds of Wisdom RV and Economic Updates Friday Morning 10-4-24

Good Morning Dinar Recaps,

CFTC REPORTEDLY MULLING ACCEPTING DIGITAL ASSETS AS TRADING COLLATERAL

The proposal faces multiple steps before approval, but its passage could ultimately be a boon for the digital assets market.

The use of digital assets as trading collateral could be approved by the United States Commodity Futures Trading Commission (CFTC) by the end of the year.

According to a report from Bloomberg, a subcommittee of the Commodity Futures Trading Commission’s Global Markets Advisory Committee recently voted affirmatively to recommend a proposal allowing digital ledger technology-based collateral in commodities and derivatives trading.

In effect, were the proposal to be accepted by the CFTC, traders could settle transactions using digital assets as collateral with the same speed and ease as similar digital ledger and blockchain based transactions.

Brokers would be able to accept blockchain-based tokenized assets, such as BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), via market-embedded systems.

Tokens as collateral
The use of blockchain-based assets as collateral in trading is already fairly common throughout the participating marketplace. However, those participants are limited to large firms such as BlackRock and JP Morgan. The CFTC’s general approval could serve as a catalyst for mainstream adoption.

However, it’s unclear at this time what exactly the Global Markets Advisory Committee has recommended or what’s even in the aforementioned proposal. According to Bloomberg, the main committee still has to approve the subcommittee’s recommendation before the proposal can be formally submitted to the CFTC for approval.

There’s no guarantee that the CFTC will approve the proposal or that it will pass without potential restrictions concerning which institutes and blockchains can participate.

As Cointelegraph recently reported, spot Bitcoin exchange-traded funds (ETFs) demonstrated banner performance throughout the month of September.

BlackRock's Bitcoin ETF in particular outperformed its peers. It saw the highest daily inflow of any fund during the month on Sept. 25, during a five-day inflow streak across all spot Bitcoin ETFs in the United States.

This demonstrates the growing popularity and prospective value of digital assets in the traditional finance markets. It could also serve as a bullish indicator for digital asset adoption overall and play some role in the CFTC’s decision-making process.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

IMF PRESSURES EL SALVADOR TO OVERHAUL BITCOIN REGULATIONS

According to the International Monetary Fund (IMF), El Salvador has an annual GDP growth rate of 3% and roughly $144 million in outstanding loans.

During an Oct. 3 press conference, the International Monetary Fund (IMF) renewed calls pressuring El Salvador to scale back its Bitcoin policies and overhaul its regulatory framework surrounding the digital asset.

Julie Kozack,  director of the IMF’s communications department, did not specify the exact details behind the proposed regulatory shift but instead provided this statement:

"What we have recommended is a narrowing of the scope of the Bitcoin Law, strengthening the regulatory framework and oversight of the Bitcoin ecosystem, and limiting public sector exposure to Bitcoin."

Since El Salvador legalized Bitcoin as a form of legal tender in 2021, the IMF has pressured the Central American country to step away from Bitcoin and embrace traditional financial infrastructure.

In August 2024, the IMF voiced the same demands but admitted that many of the purported risks of Bitcoin adoption “have not yet materialized.”

IMF attitude to Bitcoin and crypto
The IMF has expressed concerns regarding Bitcoin. As some fiat currencies experience devaluation, certain individuals and a few nation-states have begun exploring alternatives, including Bitcoin, which is often viewed as offering a different monetary framework compared to traditional fiat systems.

In 2023, the IMF provided technical consulting to help Andorra record and monitor Bitcoin transactions. Later, in March 2024, it suggested Pakistan institute a capital gains tax on crypto to qualify for a $3 billion loan.

More recently, IMF executives floated the idea of taxing energy used for crypto mining to reduce carbon emissions. This added tax could drive up energy costs for miners by 85%, a potentially devastating blow for an industry already struggling with post-halving economics and increased mining difficulty.

IMF pushes central bank digital currencies
While the IMF continues to oppose Bitcoin and non-state-controlled cryptocurrencies, it is simultaneously pushing for central bank digital currencies (CBDC) globally.

This past September, the IMF released its ”REDI” framework for CBDC development. REDI stands for regulation, education, design, and incentives — geared toward helping central banks make CBDC adoption more palatable to prospective populations.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

The BRICS economic bloc will add around 10 new members during its upcoming summit.

The world continues to change in big ways.

I will be covering this event live in real-time.

@ Newshounds News™

Source:   Gold Telegraph X  

~~~~~~~~~

️BREAKING NEWS:  El Salvador doubles down on Bitcoin, defies IMF concerns

Crypto community members have advised the Central American country's to reject the IMF recommendations.

El Salvador has doubled down on its Bitcoin moves despite ongoing pressure from the International Monetary Fund (IMF) regarding the country’s use of the digital asset.

On Oct. 4, Juan Carlos Reyes, President of the National Commission on Digital Assets (CNAD), announced that the Central American country’s lawmakers had passed “important amendments to the CNAD law.”

Bitcoin moves
According to him, these changes grant the CNAD authority to regulate Bitcoin companies in the country.

Further, the CNAD will now be the primary regulatory body overseeing the nation’s Bitcoin industry. It will also implement a risk-based regulatory framework to position El Salvador as a global digital asset adoption and regulation leader.

Reyes added:

“Our team [will] combine regulatory knowledge with practical Bitcoin experience, ensuring a balanced and effective approach.”

Reyes also mentioned that more information on the proposed regulatory framework will be shared in the coming weeks.

In a parallel development, the National Bitcoin Office (ONBTC) of the Office of the President of El Salvador stated that the country was building new capital markets on the bellwether digital asset.

According to ONBTC:

“Only on bitcoin can an individual ever self-custody their wealth and property. Capital will never form upon chains designed for velocity rather than sovereignty.”

These moves came after the IMF once again expressed concerns about El Salvador’s Bitcoin initiatives.

Julie Kozack, Director of the IMF Communications Department, stated that the country’s stance on Bitcoin remains an ongoing topic of discussion. She said:

“What [IMF] has recommended is a narrowing of the scope of the bitcoin law, strengthening the regulatory framework and oversight of the bitcoin ecosystem, and limiting the public sector exposure to bitcoin.”

Interestingly, this recommendation follows the IMF’s earlier acknowledgment that some risks associated with El Salvador’s Bitcoin involvement have not yet materialized.

Despite the IMF’s caution, many in the crypto community have advised the country to ignore this advice. Mathew Sigel, head of digital assets at VanEck, accused the IMF of holding El Salvador “hostage” over its pro-Bitcoin stance despite the nation’s economic and societal progress.

Instead, Sigel encouraged President Nayib Bukele to “stand firm” as his “vision is driving a remarkable transformation.”

@ Newshounds News™

Source:  CryptoSlate

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recap

“Tidbits From TNT” Friday Morning 10-4-2024

TNT:

Tishwash:  The Governor of the Central Bank receives the Turkish Ambassador and representatives of Turkish bank branches in Iraq

His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received the Ambassador of the Republic of Turkey to Iraq, His Excellency Mr. Anil Bora Inan, with a delegation of representatives of Turkish banks operating in Iraq.

The meeting coincides with the launch of financial transfers to Turkey, according to a new mechanism in euros and implemented within Turkey through its banks. This mechanism, which is being implemented for the first time, will simplify trade coverage operations with high fluidity and speed.

The attendees discussed ways to provide the requirements of the new mechanism; in order to make it a success and accommodate the large number of remittances from merchants and the business sector.

The bank representatives expressed their readiness to implement the new mechanism and provide the regulatory and supervisory requirements in coordination with the international auditing company. They also highlighted their efforts in expanding their channels with approved correspondent banks.

His Excellency the Ambassador praised the efforts of the Central Bank in managing the process of transformation in external transfers, and the measures taken by the bank to organize and facilitate transformation operations, praising his meeting with the Governor of the Central Bank of Iraq and the continuous and direct coordination between the Central Bank's management and authorized banks.

Central Bank of Iraq 
Media Office 
October 3, 2024  link

************

Tishwash:  Iraq Rethinks Bank Merger Plans

Iraq's Cabinet has revised an earlier decision to merge its Agricultural, Industrial and Real Estate Banks.

At the start of 2024, the Cabinet approved a contract with UK-based professional services firm Ernst & Young (EY) to study the merger of Industrial Bank, Real Estate Bank, and Agricultural Bank [Agricultural Cooperative Bank?] into a single entity, with Ernst & Young providing expertise and recommendations, and determining the time period required for the merger and the mechanism for transferring balances to the new bank.

The decision this week means that only the Agricultural Bank and the Real Estate Bank will be merged, while the Ministry of Finance has been tasked with converting the Industrial Bank into a joint-stock company.

A statement from the Prime Minister's Office confirmed that Ernst & Young will assess the Industrial Bank's assets, and the existing contract with EY will be amended to include these changes.

Additionally, the Cabinet approved a 500 billion dinar [$382 million] capital increase for the Trade Bank of Iraq (TBI), sourced from its profits. link

************

Tishwash:  World Bank: Iraq has made progress in improving the business environment, making it globally competitive

The World Bank confirmed, today, Thursday, that Iraq is witnessing a major transformation in improving the business environment and public services, which has made it competitive globally.

The Ministry of Finance said in a statement received by the Iraqi News Agency (INA): "The World Bank issued the Business Ready 2024 (B-READY) report, which showed that Iraq is witnessing a major transformation in improving the business environment, and clarified the progress made by Iraq in vital areas such as regulatory frameworks, public services, and operational efficiency."

She added, "The report showed some positive developments and achievements that Iraq has made in making the business environment more attractive and efficient for local and international companies, including:

1- Stability of the regulatory framework, as Iraq has made significant progress in creating a more stable and business-friendly regulatory framework, and has succeeded in improving the ease of doing business by simplifying company registration processes and eliminating minimum capital requirements. This improvement contributes to making Iraq more attractive to entrepreneurs, especially small and medium enterprises (SMEs), which play a key role in creating job opportunities and diversifying the economy. Positive impact: Aligning Iraqi commercial regulations with international standards has facilitated cross-border transactions and created a more stable and predictable environment for investors.

2- Improving access to public facilities and infrastructure, as Iraq has made tangible progress in the public utilities sector, which is essential for business operations. The government has reduced the time required to access basic services such as electricity and water, and infrastructure investments are currently underway to improve the reliability of service delivery in the future. Positive impact: These reforms have already contributed to reducing operational disruptions and increasing investor confidence in the market, despite the need Further improvements are underway.

3- Strengthening labor market regulations, as Iraq introduced new labor market regulations aimed at protecting workers and promoting market inclusiveness. Achievements include equal pay policies, anti-discrimination regulations, and support for collective bargaining rights. The government also expanded public employment services and training programs to meet the needs of the private sector. Positive impact: These reforms have helped create a more flexible and inclusive labor market, making Iraq more globally competitive.

She pointed out that, “Despite the positive points documented in the report, it was based on outdated data collected in 2023 by the Business Ready team from the private sector, and the data reflects the stage that preceded its collection before the current government’s reform initiatives and the stimulus general budget were fully implemented.”

She continued, “Because the government has given great attention to the private sector, the business environment has developed significantly over the past two years and will continue to develop at an accelerated pace in the coming months and years when the fruits of the reforms are fully reflected, including what has been achieved, such as: reforming a significant number of laws and regulations, tax and customs reforms, electronic payment, e-commerce, digital transformation, reforming state-owned companies, guarantees granted to the private sector, and others.

Therefore, the report did not fairly show Iraq’s journey towards reform and the progress made in many areas, including establishing a more stable regulatory framework.”

The ministry stressed that "the Iraqi government is committed to continuing economic reforms, and the impact of the general budget and reform initiatives will appear in future reports based on updated data, which is what the World Bank should have done originally in the report issued today."  link

************

Mot: ..... Poor Little Guy!!! ~~~~~

Mot: .... good ole ""Earl"" is Always there fer ""Opal"" 

Iraq Economic News and Points To Ponder Thursday Evening 10-3-24

World Bank: Iraq Has Made Progress In Improving The Business Environment

Economy  | 03/10/2024  Mawazine News – Economy  The Ministry of Finance announced today, Thursday, that Iraq has made progress in improving the business environment that will make it competitive globally.

A statement by the Ministry of Finance received by Mawazine News stated that "the World Bank issued today, Thursday, the Business Ready 2024 (B-READY) report, which showed that Iraq is witnessing a major transformation in improving the business environment, and clarified the progress made by Iraq in vital areas such as regulatory frameworks, public services, and operational efficiency."

The report showed some positive developments and achievements that Iraq has achieved in making the business environment more attractive and effective for local and international companies, including:

1. "Stability of the regulatory framework" as Iraq has made significant progress in creating a more stable and business-friendly regulatory framework. It has succeeded in improving the ease of doing business by simplifying company registration processes and eliminating minimum capital requirements.

 This improvement contributes to making Iraq more attractive to entrepreneurs, especially small and medium-sized enterprises (SMEs) that play a key role in creating job opportunities and diversifying the economy. (Positive Impact):

Aligning Iraq’s trade regulations with international standards has facilitated cross-border transactions and created a more stable and predictable environment for investors.

2. “Improving Access to Utilities and Infrastructure” Iraq has made significant progress in the utilities sector, which is essential for businesses to operate.

The government has reduced the time it takes to access basic services such as electricity and water. Infrastructure investments are underway to improve the reliability of service delivery in the future.

(Positive Impact): These reforms have already reduced operational disruptions and increased investor confidence in the market, although further improvements are needed.

3. “Strengthening Labor Market Regulations” Iraq has introduced new labor market regulations aimed at protecting workers and promoting market inclusiveness. Achievements include equal pay policies, anti-discrimination regulations, and support for collective bargaining rights.

The government has also expanded public employment services and training programs to meet the needs of the private sector. (Positive Impact): These reforms have helped create a more flexible and inclusive labor market, making Iraq more globally competitive.

The statement of the Ministry of Finance continued, “Despite the positive points documented in the report, it was based on outdated data collected in 2023 by the Business Ready team from the private sector - and the data reflects the stage that preceded its collection before the current government’s reform initiatives and the general stimulus budget came into effect in full.

Given that the government has given great attention to the private sector, the business environment has developed significantly over the past two years and will continue to develop at an accelerated pace in the coming months and years when the fruits of the reforms are fully reflected, including what has been achieved, such as: reforming a significant number of laws and instructions, tax and customs reforms, electronic payment, e-commerce, digital transformation, reforming state-owned companies, guarantees granted to the private sector, and others.

herefore, the report did not fairly show Iraq’s journey towards reform and the progress achieved in many areas, including establishing a more stable regulatory framework.”

He concluded: “The Iraqi government is committed to continuing economic reforms, and the impact of the general budget and reform initiatives will appear in future reports based on updated data, which is what the World Bank should have done originally in the report issued today.” https://www.mawazin.net/Details.aspx?jimare=255574

Customs: Our Revenues During 7 Months Of The Current Year Exceeded One Trillion Dinars

Money and business  Economy News – Baghdad  The General Authority of Customs announced, on Thursday, that customs revenues exceeded one trillion dinars during 7 months of the current year 2024, indicating that it is about to implement real reform measures that will positively affect the level of revenues.

The head of the authority, Hassan Al-Akeili, said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "customs revenues during the year 2022 were 807 billion dinars, and in the year 2023, revenues rose to one trillion and 33 billion, an increase of 28%, while the current year 2024 and until last July, revenues reached one trillion and 145 billion dinars."

He pointed out that "the Authority hopes that revenues will reach 2 trillion dinars by the end of this year, although the current rate is still below the level of ambition," stressing that "the Authority is about to implement real customs reform measures that will positively affect the level of revenues."

Al-Akeili added, "The estimated amount of the authority's revenues in the budget is 2 trillion dinars, and we are on track to reach it by the end of the year." 141 views   2024/10/03 https://economy-news.net/content.php?id=48308

Oil Jumps Nearly 2% On Middle East Supply Concerns

03 October 2024 | Economic Baghdad / NINA / Oil prices rose on Thursday evening, amid investor concerns that the expansion of the war in the Middle East could disrupt crude supplies from the region.

Brent crude futures rose $1.41, or 1.91 percent, to $75.31 a barrel, while West Texas Intermediate crude futures rose $1.45, or 2.07 percent, to $71.55 a barrel.

Market concerns are growing about the possibility of Israel targeting Iranian oil infrastructure, raising the specter of retaliation from Iran.

Analyst Ashley Kelty, of Panmure Gordon, told Reuters that there are concerns that such an escalation could prompt Iran to close the Strait of Hormuz or attack Saudi infrastructure, as it did in 2019.

The strait is a major logistics point through which a fifth of daily oil supplies pass. / End9

https://ninanews.com/Website/News/Details?key=1159557

Central Bank Governor: New Mechanism For Financial Transfers To Türkiye In Euros Launched

Banks  Economy News – Baghdad  The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, confirmed on Thursday the launch of a new mechanism for financial transfers to Türkiye, implemented in the euro.

A statement by the Central Bank, received by "Al-Eqtisad News", stated that "the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, received the Ambassador of the Republic of Turkey to Iraq, Anil Bora Inan, with a delegation of representatives of Turkish banks operating in Iraq."

The statement added, quoting Al-Alaq, that "the meeting coincides with the launch of financial transfers to Turkey, according to a new mechanism carried out in euros and implemented within Turkey through its banks," stressing that "this mechanism, which is being applied for the first time, will simplify trade coverage operations with high fluidity and speed."

The statement explained that "the attendees discussed ways to provide the requirements of the new mechanism; in order to make it a success and accommodate the large number of transfers from merchants and the business sector."

The statement continued, "the representatives of the banks expressed their readiness to implement the new mechanism and provide the regulatory and supervisory requirements, in coordination with the international auditing company," and they also indicated "their efforts in the context of expanding their channels with approved correspondent banks."

The statement indicated that "the Turkish ambassador praised the efforts of the Central Bank in managing the process of transformation in external transfers, and the measures taken by the bank to organize and facilitate the transformation processes," praising "his meeting with the Governor of the Central Bank and the continuous and direct coordination between the Central Bank's management and authorized banks."  65 views  Added 2024/10/03 - https://economy-news.net/content.php?id=48312

In Iraqi Dinars.. The Iraqi Government Opens Accounts To Deposit Donors’ Money

Local | 03/10/2024  Mawazine News – Baghdad  The Iraqi government announced, on Thursday, the opening of accounts in the Trade Bank of Iraq (TBI) to receive donations from citizens, institutions and businessmen.

A statement by the Prime Minister's Office, received by Mawazine News, added that "within the framework of Iraq's continued support for the people of Gaza and Lebanon, the Iraqi government has decided to open accounts in the Trade Bank of Iraq (TBI) to receive donations from citizens, institutions and businessmen, in response to the directives of the supreme authority and the desire of the Iraqi people to strengthen the steadfastness of our brothers in the face of the Israeli aggression."

Opened bank accounts:

- Account for the relief of the people of Gaza:

Name: Office of the Prime Minister - Relief of the people of Gaza

Number: IBAN IQ07 TRIQ 9890 1101 4345 001

Account for the relief of the people of Lebanon:

Name: Office of the Prime Minister - Relief of the people of Lebanon

Number: IBAN IQ07 TRIQ 9890 1101 4346 001

The Prime Minister and members of the Council of Ministers donated a month's salary each to support these two accounts.

An electronic application will also be announced later, allowing citizens, public service employees and businessmen to donate easily without having to visit the bank. The Federal Supreme Audit Bureau will have to conduct continuous audits of these accounts to ensure transparency and integrity in the management of donations.

This approach reflects the spirit of solidarity and cooperation among peoples in the face of humanitarian crises.   https://www.mawazin.net/Details.aspx?jimare=255567

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

Seeds of Wisdom RV and Economic Updates Thursday Evening 10-3-24

Good Evening Dinar Recaps,

BRICS UNIFIED EXCHANGE TO LEVERAGE BLOCKCHAIN AND VIRTUAL CURRENCY FOR SETTLEMENTS

Deputy Chairman of the State Duma Alexander Babakov proposed creating a unified BRICS exchange using blockchain and virtual currency for inter-bloc settlements.

 Babakov stated that such an organization “will be the key to the economic sovereignty and independence of our countries,” while sidestepping the use of third-party payment networks.

Newly Proposed BRICS Unified Exchange May Use ‘Blockchain and Virtual Currency’
BRICS, the international organization, is eyeing digital solutions to reduce its dependence on third-party payment systems. 

Deputy Chairman of the State Duma Alexander Babakov proposed creating a single BRICS exchange, where countries of the block would conduct trade and settlements of their products, including raw materials and goods.

Babakov told Ria Novosti that such an organization would bring benefits to the member states, allowing them to stop relying on currencies of adversary countries like the U.S. dollar. 

Babakov stated that the exchange might allow member states to make payments in national currencies and “even develop their own settlement mechanism based on blockchain and a single virtual currency” and “strengthen the financial sovereignty of our countries.”

Talks of a single, BRICS-wide currency spurred last year. However, the organization pivoted to increase the use of national currencies instead. The move has already reported positive results, with national currency settlements exceeding U.S. dollar payments.

The BRICS bloc, integrated by Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE), accounts for a fourth of all the trade conducted, and more than one-third of the world’s gross domestic product (GDP). This means the hypothetical exchange would move a relevant part of the world’s trade, disrupting the use of the U.S. dollar.

President Vladimir Putin disclosed that BRICS was already designing and implementing an independent payment system to create “conditions for efficient and independent servicing of the entire foreign trade.” This system could be part of the proposed exchange.

@ Newshounds News™

Source:  Bitcoin News

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PAYPAL SETTLES INVOICE WITH EY IN PYUSD FIRST BUSINESS PAYMENT

PayPal’s senior vice president for blockchain, cryptocurrency, and digital currency stated that stablecoins are well-suited for enterprises.

PayPal completed its first business payment on Sept. 23, using its stablecoin PYUSD to settle an invoice with Ernst & Young LLP, Bloomberg News reported on Oct. 3.

The transaction was facilitated using software company SAP’s digital currency hub, a platform that allows businesses to send and receive digital payments instantly. The amount was not disclosed.

Stablecoin payments suitable for business
Notably, stablecoins are usually tied to retail users, especially in regions with volatile fiat currencies.

According to the “2023 Geography of Cryptocurrency Report” by Chainalysis, countries such as Argentina, Venezuela, and Mexico display high usage of stablecoins as protection against inflation and a cheaper alternative to make cross-border transactions.

Jose Fernandez da Ponte, PayPal’s senior vice president for blockchain, cryptocurrency, and digital currency, stated that the enterprise environment is also well-suited to the usage of stablecoins.

He added that business-to-business payments, especially cross-border, are often slow and costly due to third-party intermediaries. Thus, the adoption of stablecoins in these cases offers faster settlement and is increasingly favored by businesses.

PayPal introduced services on Sept. 25 that allow US merchants to buy, hold, and sell crypto via their business accounts.

An Ernst & Young survey published in July highlighted that PYUSD is the most used stablecoin for payments, with 47% of respondents using the PayPal dollar-pegged token in their payments. The survey included accredited and non-accredited investors.

Moreover, the payments infrastructure BVNK started swapping US dollars sent to its platform through Swift for stablecoins, including PYUSD, and then sending the funds to clients around the globe.

The vice president of crypto-related business at PayPal also addressed concerns in the industry following the collapse of FTX. He explained that the partnership with such traditional giants is to demonstrate the stability and utility of PYUSD for business transactions.

@ Newshounds News™

Source:  CryptoSlate

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PAUL GREWAL HIGHLIGHTS INCONSISTENCIES IN SEC LEGAL CLAIMS

▪️Paul Grewal highlights inconsistencies in the SEC's legal strategies.
▪️Coinbase and Ripple face significant challenges from the SEC.
▪️Regulatory clarity is crucial for the healthy development of the crypto economy.

Paul Grewal, the Chief Legal Officer of Coinbase, has identified inconsistencies in the U.S. Securities and Exchange Commission’s (SEC) legal claims. He expressed this view based on the SEC’s response filed in the Lejilex case.

Lejilex Case
In the Lejilex case, the SEC argues that whether digital asset transactions qualify as securities is determined not by the nature of the asset. However, Grewal pointed out that the SEC has stated the opposite to Judge Failla.

Grewal claims that the SEC shares different opinions with one judge compared to another. He stated that he does not expect such inconsistencies from U.S. authorities. Coinbase has been supporting Lejilex against the SEC for the past few months.

“We will do everything we can to provide regulatory clarity for cryptocurrency investors.” – Grewal

SEC and Ripple Battle
In the case between Coinbase and the SEC, the SEC sought to extend the discovery period from October 18 to February 18. During this postponement, Coinbase filed a motion requesting the Commodity Futures Trading Commission (CFTC) to communicate with the issuers of 12 tokens mentioned in the related case. This move will aid the lawsuit in the Southern District of New York.

Ripple Labs, a blockchain-based payment infrastructure firm, is also under pressure from the SEC. The SEC has been pursuing its case against Ripple for nearly four years and has recently appealed regarding the securities status of XRP.

Lawyers supporting Ripple believe the SEC will likely face a negative outcome this time as well. The SEC’s inconsistencies have become a central discussion point in many cryptocurrency cases. Similar to the Lejilex example, the regulatory body has defined these as personnel errors in numerous instances.

It remains uncertain how these inconsistencies will impact the authorities’ decisions in the appeals process. If the SEC can provide clearer evidence proving the business relationship between Ripple and XRP, we might see a reversal of the decision.

@ Newshounds News™

Source:   Coin Turk  

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BREAKING NEWS ON PORTS | Youtube

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Source:  Seeds of Wisdom Team RV Currency Facts

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Economist’s “News and Views” 10-3-2024

Fears of Global Shortage of Crude Oil Send Prices up Amid Massive Port Strikes

Lena Petrova:  10-3-2024

In the ever-evolving landscape of global economics, few events can send shockwaves through markets quite like an oil supply shock. Recently, a combination of massive port strikes and geopolitical tensions has led to an unprecedented surge in crude oil prices, igniting fears of a potential global shortage.

 As countries scramble to secure their energy supplies, it’s essential to understand the underlying factors that are driving this crisis and what it means for consumers and industries alike.

https://youtu.be/TT3QYQau3zs

Port Strike Catastrophe, $5 Billion a Day and Rising Prices Everywhere

Taylor Kenny:  10-3-2024

In a development that could shake the foundations of the U.S. economy, a massive port strike is currently gripping the nation. The repercussions are already being felt, as millions of dollars in trade are disrupted, leading to rising prices and escalating inflation. Taylor Kenney from ITM Trading recently shared insights into this monumental strike—the largest the United States has seen in over fifty years—and the severe implications it could have for inflation, production, and the overall economic landscape.

The numbers speak volumes. With the strike estimated to cost the economy a staggering $5 billion a day, it’s crucial to understand how this situation escalated. The reasons for the labor unrest are multifaceted, primarily rooted in disputes over wages, working conditions, and job security, which have been festering for years. The immediate impact is felt at West Coast ports—critical arteries for international shipping—where cargo ships are left anchored, waiting to unload their containers filled with goods.

According to data released recently, the strike has caused significant backlogs in the supply chain, making it increasingly difficult for businesses to obtain necessary materials and products. This isn’t just a localized problem; it’s a crisis with national ramifications that reaches into every grocery store, warehouse, and manufacturing plant across the country.

As the strike persists, inflation rates are likely to see another jolt upward. The U.S. has been grappling with inflation for months, with prices rising at an alarming pace. Now, the disruption in port operations only adds fuel to the fire. When goods are delayed, they become scarcer, and scarcity, as we know, drives prices higher.

Consumers may begin to notice higher prices on essential goods, ranging from food items to electronics. This reality is even more pressing for households already dealing with tight budgets, as increased costs can lead to difficult choices about where to allocate their resources. Moreover, as retailers and manufacturers face higher shipping costs due to delays and increasing demands for faster service once operations resume, it’s reasonable to expect that those costs will be passed along to consumers.

Production processes across various industries are intricately linked to the flow of goods. Manufacturing relies heavily on timely deliveries of raw materials; disruptions at ports can halt these production lines. A recent report highlighted that sectors like automotive and consumer electronics are already reporting slowdowns in production due to a lack of components and materials stuck in shipping limbo.

This slowdown could lead to job losses in sectors reliant on timely production, further exacerbating the economic challenges faced by workers across the country. Business owners may also have to reassess their operational capacities, leading to potential layoffs or reduced hours, which would just further impact the economy and consumer confidence.

While temporary strikes can lead to a quick resolution motivated by negotiations, the long-term implications of this port strike could be drastic.

If no agreement is reached, companies may need to find alternative shipping routes or suppliers, adding complexity and cost to their operations. This shift could displace workers, upset long-standing relationships, and even lead to a reshaping of U.S. logistics.

As we look ahead, it’s essential for policymakers and industry leaders to recognize the urgency of this situation. A swift resolution will be critical in preventing further damage to the supply chain, stabilizing prices, and restoring confidence in the economy.

https://youtu.be/2OlnrMr-AU8

https://dinarchronicles.com/2024/10/03/itm-trading-port-strike-catastrophe-5-billion-a-day-and-rising-prices-everywhere/

Seeds of Wisdom RV and Economic Updates Thursday Afternoon 10-3-24

Good Afternoon Dinar Recaps,

VISA LAUNCHES PLATFORM TO HELP BANKS ISSUE STABLECOINS GLOBALLY

▪️Platform is expected to go live in 2025, payments firm says
▪️A pilot test will be run on Ethereum at some point next year

Visa Inc. is launching a platform for banks to issue fiat-backed tokens such as stablecoins and tokenized deposits, as more financial institutions and businesses express interest in how cryptocurrencies and blockchain technology can improve their operations.

The product, which will be known as the Visa Tokenized Asset Platform or VTAP, will allow banks to “mint, burn and transfer” tokens. While still in the testing stage, the plan is to go live next year, according to a Thursday statement.

Stablecoins are cryptocurrencies whose value is usually pegged to assets such as the dollar. They’re used to conduct transactions and as a refuge from the often volatile price swings in tokens like Bitcoin and Ether.

Spanish bank BBVA has been testing the platform through the year and expects a pilot for select customers on the Ethereum blockchain at some point next year.

“Visa has been at the forefront of digital payments for nearly sixty years, and with the introduction of VTAP, we are once again setting the pace for the industry,” Vanessa Colella, global head of innovation and digital partnerships at Visa, said in the statement.

Stablecoins and other fiat-backed tokens have gained in popularity, with PayPal Holdings Inc.’s PYUSD and other offerings in the market. Stripe Inc. also allows merchants using its payments processing capabilities to accept stablecoins for online transactions.

“We’re excited to leverage our experience with tokenization to help banks integrate blockchain technologies into their operations,” Colella said.

@ Newshounds News™

Source:  Bloomberg

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RIPPLE TEAMS WITH BRAZILIAN EXCHANGE TO LAUNCH INTERNATIONAL PAYMENT SOLUTION

▪️Ripple and Mercado Bitcoin partner to streamline international payments in Brazil, enhancing cross-border treasury operations.

▪️Ripple expands its Latin American presence through Mercado Bitcoin, aiming to simplify cross-border payments for businesses.

By means of a strategic alliance with one of Brazil’s biggest cryptocurrency exchanges, Mercado Bitcoin, Ripple has strengthened its footprint in Latin America.

Using Ripple’s payment system, Mercado Bitcoin will be the first Brazilian company, especially with an eye toward improving internal treasury processes between Brazil and Portugal.

*************

Ripple Strategic Expansion in Brazil’s Growing Crypto Market
The cooperation coincides with a period of fast expansion in the crypto market of Brazil. Known for offering real-time settlement and liquidity solutions, Ripple’s digital infrastructure fits quite well in the framework of Brazil’s dynamic crypto policy scene.

The cooperation between Mercado Bitcoin and Ripple is expected to speed up and make more reasonably priced international payments. This lets companies quickly onboard and fast access over 80 worldwide marketplaces by integrating Ripple’s technology with minimum friction.

For Ripple, this alliance marks yet another phase of its continuous expansion over Latin America. Since 2019, when it first established local offices, the corporation has been progressively becoming more visible in Brazil.

Working with Travellex Bank, Ripple unveiled its On-Demand Liquidity (ODL) service in Brazil in 2022, enabling Brazilian companies to make flawless, international payments with cryptocurrency.

By means of this new partnership, Mercado Bitcoin will also be able to use the global scale and liquidity of Ripple, providing improved payment options for its clients.

Head of banking at Mercado Bitcoin Jordan Abud showed enthusiasm about this alliance and underlined how it would help the global aspirations of the exchange. By means of Ripple’s sophisticated payment system, Mercado Bitcoin seeks to lower running expenses and provide a more all-inclusive platform for its customers.

On the other hand, as we previously highlighted, SCB, another Ripple partner, just collaborated with Thunes to increase its instant remittance capabilities.

By means of its SCB Easy platform, this cooperation enables SCB to provide money transfers across 26 countries with support for 17 currencies. Using RippleNet for cross-border payments guarantees that SCB makes transparent and safe transactions rather than merely quick ones.

https://www.crypto-news-flash.com/ripple-teams-with-brazilian-exchange-to-launch-international-payment-solution/

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

🌍Silver the People's Metal  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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Thank you Dinar Recaps

Iraq News Highlights and Points To Ponder Thursday Afternoon 10-3-24

Dollar Trading Halted In Anbar Due To High Exchange Rate

Economy   Today    Information/Anbar  Exchange offices in Anbar province have refrained from buying and selling the dollar after sudden speculations led to a rise in the exchange rate.

A source in the governorate told Al-Maalouma Agency that "the fluctuation in the exchange rate of the dollar, which rose suddenly, led to exchange offices refraining from trading in the currency."

He added, "The exchange offices are waiting for the market to stabilize to resume trading in the dollar."

He explained that "a force from the National Security Service carried out a security operation targeting a number of exchange offices in search of exchange rate speculators."

He explained, "The exchange rate jumped to 155 thousand dinars for every 100 dollars after it was 150 thousand dinars for every 100 dollars." End 12A  LINK

Dollar Storm Hits Local Markets.. Only Half A Point Left For 155 Thousand - Urgent

Economy |Baghdad Today - Baghdad

Today, Thursday (October 3, 2024), the dollar exchange rates recorded a new rise in the main stock exchanges and local markets in Iraq.

Baghdad Today correspondent said that the exchange rates in the main stock exchange in the capital, Baghdad, recorded a price of 153,500 dinars for every 100 dollars.

He added that the selling price of the dollar in local markets was 154,500 dinars, while the buying price was 152,500 dinars for every 100 dollars.

He added that the selling price of the dollar in Erbil reached 154,500 dinars, while the purchase price reached 153,750 dinars for every 100 dollars.

He pointed out that the selling price of the dollar in Basra reached 154,000 dinars, while the purchase price reached 153,500 dinars for every 100 dollars.   LINK

This Is Why Oil Traders Are Betting On It Rising To $100 

Energy   Economy News - Follow-up  A wave of crude oil options that could be triggered if prices rise to $100 a barrel were traded on Wednesday, a sign that some traders are looking to hedge against the risk of supply disruptions in the Middle East.

At 11:20 a.m. in New York, about 27 million barrels of Brent crude were trading at $100 for December options, while more than 7 million barrels of U.S. crude were trading at $100 for December options.

Market participants said the flows were likely a mix of buying and selling. While some traders were trying to hedge against a short-term surge in oil prices, others had sold call options in recent weeks and had to cover those positions.

I think of $100 call options as insurance policies for people who are hoping their insurance policy is going to be worthless,” said Scott Shelton, an energy specialist at TPICAP Group Plc.[/rtl]

“I still think there is potential for a significant loss of production, but when it comes to geopolitics, it is always difficult to predict,” he added, noting that the fundamental balance between supply and demand remains weak overall

Brent crude on Tuesday posted its biggest daily swing since March last year as Iran launched a missile attack on Israel and Tel Aviv vowed to retaliate, a move that rippled through an oil market that had seen heavy selling in previous weeks

The increased interest in options contracts, which bet on rising prices, has led to their value soaring. For example, options contracts on West Texas Intermediate and Brent crude oil have hit $100, the highest level since mid-August.

However, traders warn that this bullish trend in options may be driven by a market that is certain to face an oversupply in the coming months, with unstable demand growth and increased production from OPEC+ members and other producers

While some contracts were traded directly, others were spreads that involved simultaneously buying $100 options and selling related contracts, such as $120 options, limiting the ultimate profit from the upside33 views 2024/10/03 - https://economy-news.net/content.php?id=48295

Baghdad And Washington Discuss Enhancing Joint Cooperation In The Fields Of Energy, Oil And Economy

Thursday 03 October 2024 12:32 | Economic Number of readings: 44  Baghdad / NINA / Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein discussed with the US Under Secretary of State for Management, Ambassador John Bass, and the Energy Affairs Officer, Ambassador Jeffrey Bate, enhancing joint cooperation in the fields of energy, oil and economy.

A statement by the Ministry of Foreign Affairs stated that Hussein met with John Bass and Jeffrey Bate on the sidelines of the ministerial meeting of the international coalition against ISIS held in Washington. During the meeting, they discussed enhancing joint cooperation in the fields of energy, oil and economy, and continuing diplomatic efforts to maintain the stability and security of Iraq.

The two sides also discussed the need to protect sea lanes to ensure the export of Iraqi and Gulf oil by securing these lanes.

According to the statement, the focus was on continuing the dialogue between Baghdad, Erbil and the oil companies operating in the Kurdistan Region of Iraq to ensure the resolution of disputes related to oil exports. The security situation in the region and the repercussions of the ongoing escalation and its impact on energy and oil sources were also discussed.

The two sides stressed the importance of continuing cooperation between the United States and Iraq to ensure that the country does not get dragged into any regional escalation, and to work to confront the economic challenges resulting from regional unrest.

For his part, Ambassador Bass welcomed Iraq's participation in the tenth ministerial meeting of the international coalition against ISIS, and the strengthening of efforts to combat terrorism. https://ninanews.com/Website/News/Details?key=1159487

Government Moves To Build 6 New Refineries

Thursday,03-10-2024,  Taisir Al-Asadi  The Parliamentary Oil and Energy Committee is working on reviewing and amending the Crude Oil Refining Investment Law of 1964 with the aim of enhancing investment in the oil refinery sector. While expressing its support for the government’s initiative to generalize electronic payment operations at fuel stations in the governorates, it revealed that there is a trend to establish six new refineries.

Sabah Sobhi, a member of the Oil and Energy Committee, told Al-Sabah that “the crude oil refining law is old and contains conditions that do not encourage investment, noting that amending it has become necessary to attract local and international investments, which can contribute to improving the quality of production and reducing environmental costs.”

Sobhi pointed out that "the amendments will provide a more attractive legal environment for companies wishing to enter this sector, which will reduce the financial burden on the government, which is working to develop the infrastructure, increase the production capacity of refineries, and reduce environmental damage resulting from the old technologies currently used."

In addition, the committee expressed its support for the government's initiative to generalize electronic payment operations at fuel stations in the governorates, indicating that this step is important in enhancing transparency and reducing traditional cash transactions and contributes to improving service and collecting money.

Sobhi said: "The use of electronic payment facilitates the process of obtaining fuel, and its generalization in the governorates will benefit the state by improving the mechanisms for recovering and collecting money in a better way than paper transactions that are subject to damage."

Sobhi explained that "this trend enjoys the full support of the committee, because it is in line with development and represents a qualitative shift in the fuel filling sector, which makes obtaining the service smoother and reduces the financial and administrative burdens on the state, in addition to contributing to reducing financial corruption resulting from traditional paper transactions.

In a related context, Sobhi explained that relying on oil alone creates great risks for the Iraqi economy, especially when sudden price drops occur, noting that the committee supports increasing non-oil revenues and addressing any emergency situation.

He stressed that "the committee is keen to keep subsidized gasoline prices as they are, despite government support."

In a related context, committee member Basem Naghamish explained to "Al-Sabah" that "Iraq is committed to the OPEC agreement on production levels and there is no intention to increase it at present to maintain price stability, noting that the Iraqi government announced plans to establish six new refineries, and some companies have begun purchasing private investment portfolios." https://non14.net/public/170726

Eagerly Waiting" OPEC Awaits Global Production Estimates To Confirm Iraq's Commitment

Economy   2024-10-03 | Alsumaria News – Economy   OPEC is eagerly awaiting the second week of October, awaiting the release of secondary sources' reports on member states' production estimates, in order to ensure the extent of OPEC's commitment to...Iraq With production compensation plans that were supposed to start last September.

During the meeting held yesterday, Wednesday, he stressed that Iraq Kazakhstan and Russia, achieving full compliance and compensation according to the timetables submitted for September, and the three countries renewed their strong commitment to maintaining full compliance and compensation throughout the remaining period of the agreement,

while the organization indicated that the final assessments of crude oil production levels in September are based on approved secondary sources that provide data on the production of the countries participating in the Declaration of Cooperation, which will be available by the second week of October 2024.

Iraq's production capacity is 4.6 million barrels per day, but according to the OPEC reduction agreement, its share has reachedIraq4.4 million barrels per day, but it made voluntary cuts in two stages that made its share only 4 million barrels per day, but it did not adhere to all of these stages, to present a compensation plan starting from September 2024 and ending in September 2025.

This compensation plan ensures that it reducesIraqIts production is between 90 and 120 thousand barrels per day, which means that the productionIraqStarting in September, it should be around 3.9 million barrels per day with only the Kurdistan Region producing.

While everyone is waiting for the secondary sources’ estimates to be released, the Bloomberg estimates that have already been released indicate thatIraqIt has reduced its production by 70,000 barrels per day, but it is still far from achieving the compensation plan, as well as the voluntary reduction plan in particular, as it produced 4.25 million barrels per day last September, which is about 10% more production than it is supposed to produce.IraqIn September, it was only 3.9 million barrels per day.

There were reports of "Saudi discontent" with the failure of some OPEC member states to adhere to production quotas, which could lead to Saudi Arabia and other major producing countries abandoning the agreement and increasing their production and flooding the market, which could lead to a major collapse in oil prices, or what is known as a "price war."  LINK