Seeds of Wisdom RV and Economic Updates Saturday Morning 12-21-24

Good Morning Dinar Recaps,

SEC APPROVES FIRST-EVER BITCOIN & ETHEREUM COMBO ETFS

▪️These new ETFs are unique because they combine Bitcoin and Ethereum, offering investors diversified exposure to the two largest cryptos.

▪️By simplifying the investment process and reducing the perceived risks, these ETFs aim to make crypto investing more accessible.

▪️The SEC's approval of these ETFs signifies a significant step forward for the crypto industry.

The U.S. Securities and Exchange Commission (SEC) has just made a groundbreaking move in the crypto world. It has approved two new exchange-traded funds (ETFs)—the Hashdex Nasdaq Crypto Index US ETF and the Franklin Crypto Index ETF—and they are unlike anything we’ve seen before.

These ETFs combine the power of both Bitcoin and Ethereum into a single investment, making it easier for everyday investors to tap into the world of digital currencies.

But what makes these ETFs so special, and why is the SEC’s approval a big deal? Let’s understand.

What Makes These ETFs Different?

While crypto ETFs are already on the market, these two stand out. Instead of focusing just on Bitcoin or Ethereum, they mix both. The share of each cryptocurrency is based on its market value, giving investors a balanced exposure to both.

Why is this important? Putting all your money into one cryptocurrency can feel risky, especially with how volatile the market can be. By holding both Bitcoin and Ethereum, these ETFs help spread out the risk and let investors take advantage of the strengths of each cryptocurrency.

A Simpler Way to Get Into Crypto

For many, buying Bitcoin or Ethereum directly can be intimidating. These ETFs make it easier by taking away the need to manage wallets or store digital assets on your own. This makes crypto investments more accessible, particularly for people who are new to the space or don’t want the hassle of managing their own assets.

A Major Milestone for Crypto Regulation

The SEC’s approval of these ETFs is a big moment, not only for the crypto industry but for regulators too. It shows that the SEC is taking the market more seriously and is open to more crypto-based financial products.

So, why were these ETFs approved? A key reason is the strong connection between Bitcoin and Ethereum futures and their spot prices. This link helps keep prices stable and reduces the chances of market manipulation, which is important for investors looking for safer options.

Setting Strict Standards for Investors

Both funds have agreements with the Chicago Mercantile Exchange (CME) to closely track trading activity, ensuring everything stays above board. The SEC’s approval shows that these ETFs meet high standards for security and transparency, giving investors more confidence.

What’s Next for Crypto ETFs?

The approval of these ETFs could open the door to even more creative investment options in the future. By combining Bitcoin and Ethereum, these ETFs offer a streamlined way to enter the crypto market. They take away the complexities of buying, storing, and managing digital assets, making it easier for people to get involved.

Looking ahead, there’s a possibility that other cryptocurrencies could be added to similar ETFs, expanding the market even further. But for now, these Bitcoin-Ethereum combos are a significant step forward.

If you’ve been waiting for an easier way to get into crypto without all the complications, these ETFs might be exactly what you’ve been looking for.

FAQs

How do the new crypto ETFs differ from others?
These ETFs blend Bitcoin and Ethereum, offering balanced exposure to both, reducing risk compared to investing in a single cryptocurrency.

Are these crypto ETFs safe for new investors?
Yes, these ETFs are designed to be safer by tracking Bitcoin and Ethereum futures, offering simpler, less risky exposure to crypto investments.

@ Newshounds News™

Source:  CoinPedia

~~~~~~~~~

GERMANY FINALLY PASSES LEGISLATION NEEDED FOR FULL CRYPTO MICAR IMPLEMENTATION

A month ago we wrote that the collapse of the German government coalition was creating problems with implementing the EU’s cryptocurrency regulation MiCA, because it had failed to pass legislation. 

However, on Wednesday the German parliament (Bundestag) finally passed the bill, the Digitalization of Financial Markets Act (Finanzmarktdigitalisierungsgesetz of FinmadiG). Apparently, it was added to the agenda at short notice. Parliament responded to industry requests to ensure the legislation was in place before MiCAR comes fully into force on December 30.

FinmadiG isn’t only about crypto and MiCAR as it also impacts other EU laws such as DORA and the Transfer of Funds Regulation. However, for MiCAR it introduced the Supervision of Crypto Markets Act (KMAG), the piece of legislation that supplants Germany’s old crypto rules with MiCAR.

Technically MiCAR is a regulation, so it does not require local laws. However, legislation was required to designate BaFin as the regulator. Without that, BaFin could not award licenses. That would have allowed EU firms with crypto licenses from other countries to operate in Germany, but German firms would not have been able to operate in the EU.

Additionally, MiCAR has grandfathering clauses allowing firms with existing licenses to continue to operate for up to 18 months, with each jurisdiction deciding on the transition period. The new German legislation specifies a year.

Different EU MiCAR transition periods

However, this week the European regulator ESMA noted that the varying transition periods mean crypto asset service providers (CASPs) need to get new authorizations under MiCAR sooner rather than later. 

For example, if a German CASP doesn’t have a new license by July 2025, they cannot operate in EU countries that have imposed a six month transition period. That includes Latvia, Hungary, Netherlands, Poland, Slovenia and Finland. Lithuania’s transition is five months, and four jurisdictions had not specified the timing when ESMA published its note.

We believe ESMA may have been responding to a letter from the Electronic Money Association (EMA) and three EU crypto trade bodies. They highlighted that the latest regulatory technical standards for licensing were only endorsed by the European Commission at the end of October. That doesn’t give national authorities much time to adopt them or for CASPs to apply.

@ Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

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 Seeds of Wisdom Team™ Newsletter

Thank you Dinar Recaps

MilitiaMan & Crew-Iraq Dinar News-Revenues-Fiber Optics-Global Partnerships-Investment Opportunity-Exchange Rates

MilitiaMan & Crew-Iraq Dinar News-Revenues-Fiber Optics-Global Partnerships-Investment Opportunity-Exchange Rates

12-20-2024

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

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

https://www.youtube.com/watch?v=aAtjd4bMI9w

The Fed’s 2% Inflation Target is Dead, are we Headed for a 1929 Collapse?

The Fed’s 2% Inflation Target is Dead, are we Headed for a 1929 Collapse?

Wealthion:  12-19-2024

In a pivotal announcement that has rattled economic expectations, the Federal Reserve has implemented a rate cut, signaling a significant shift in monetary policy.

Following this decision, noted economist E.J. Antoni, PhD, asserts that the Fed’s longstanding 2% inflation target has become an illusion.

In a recent discussion with Wealthion’s Andrew Brill, Antoni presented a sobering analysis of what this means for the economy, investment strategies, and the financial prospects of average Americans.

Despite the Federal Reserve’s projections for a moderation in inflation, the reality is starkly different. According to Antoni, inflation remains stubbornly high and appears to be on an upward trajectory. He describes the inflationary pressures as “sticky,” suggesting that various factors, including supply chain disruptions, labor market constraints, and high consumer demand, are undermining the Fed’s efforts to stabilize prices.

 This persistent inflation challenges the optimistic forecasts that have characterized recent Fed communications.

Antoni elaborates on how the latest round of rate cuts affects various sectors of the economy. For small businesses, lower interest rates may seem beneficial in theory; however, the reality is that such measures can lead to increased borrowing costs over time and create uncertainty in the financial landscape.

Access to capital remains a critical issue for small businesses navigating a volatile economic climate, and this Fed action could exacerbate existing difficulties.

The housing market also faces significant repercussions from these rate cuts. As mortgage rates fluctuate, potential homebuyers remain hesitant, stalling what was already a struggling sector. The combination of reduced rates and persistent inflation has resulted in a stagnant market, making homeownership increasingly elusive for many Americans.

 For those who already own homes, rising inflation can lead to the erosion of purchasing power and increased living costs, further straining household budgets.

Antoni points to a worrying trend regarding the United States dollar, which has lost approximately 20% of its value due to reckless government spending and misguided monetary policies. This depreciation undermines Americans’ purchasing power and signals potential long-term consequences for economic stability. As the dollar weakens, it raises concerns about the viability of the U.S. economy, particularly in global markets where currency strength plays a crucial role.

Looking ahead, Antoni warns that America could face dire economic consequences reminiscent of the early 20th century.

He outlines two potential scenarios that could unfold: a brief but sharp depression akin to the downturn of 1920 or a more prolonged collapse similar to the Great Depression in 1929. Each possibility carries substantial implications for investment strategies and the overall economic health of the nation.

The current economic environment, characterized by inflation, reduced consumer confidence, and uncertainty in monetary policy, poses significant risks. For investors, understanding the macroeconomic landscape becomes vital in navigating potential downturns and identifying opportunities amidst chaos. Strategic adjustments to portfolios may be necessary as individuals seek to shield themselves from incoming economic shocks.

The discussion with Antoni brings to light the hidden costs of the Federal Reserve’s monetary policies and government overspending. While rate cuts may serve as a tool to stimulate the economy, the broader effects often lead to inflationary spirals, eroding wealth and savings for ordinary Americans.

Indeed, the consequences of monetary decisions extend beyond economic indicators, impacting daily lives in tangible ways.

In conclusion, E.J. Antoni’s insights underscore the complexity of the current economic climate, particularly post-rate cut. The challenges of inflation, the vulnerabilities of small businesses, the faltering housing market, and a depreciating dollar reveal the precarious balance that the Federal Reserve is attempting to maintain.

As individuals and investors brace for what lies ahead, awareness and strategic foresight will be essential in navigating this turbulent economic landscape.

https://youtu.be/zoUd6WOjzkI

Iraq Economic News And Points To Ponder Friday AM 12-20-24

The Central Bank Of Iraq Challenges The Dollar With New Currencies!
 
December 19, 2024 Last updated: December 19, 2024   Independent/- In a new step that reflects its approach to strengthening Iraq’s role in the global economy, the  Central Bank of Iraq announced the expansion of external transfer channels for local banks to include new currencies.
 
According to the statement issued today, the Jordanian dinar and the Saudi riyal were added to the list of permitted currencies, in addition to allowing the use of the euro to finance trade with Türkiye after it was limited to European Union countries.

This step comes in addition to currencies previously used, such as the US dollar, UAE dirham, Chinese yuan, and Indian rupee.
 
The Central Bank stressed that this expansion aims to provide broader options for local banks and enable them to meet the needs of foreign trade at official transfer rates.
 
The objectives of the step and its economic consequences
 
According to the statement, this step aims to achieve streamlined financial transfers and the involvement of a larger number of Iraqi banks in external transfer operations.
 
It also seeks to enhance economic cooperation between Iraq and other countries, which contributes to diversifying economic and trade channels and strengthening relations with international partners.
 
The Central Bank explained that the smooth transition that took place during 2024 from using the electronic platform to approved correspondent banks contributed significantly to improving banking operations.
 
This move was widely praised as a fundamental shift in line with international standards.
 
Expanding the economic horizon
 
This announcement comes as the Central Bank seeks to expand the horizons of economic cooperation between Iraq, neighboring countries and the world.
 
The addition of new currencies reflects a deep understanding of the market needs and Iraq's dealings with various countries.
 
These expansions would support Iraq's ability to
 
     enhance the role of its banking sector in international trade, and
     increase global confidence in the Iraqi banking system.

Towards a modern banking system
 
Thanks to this step, the Central Bank of Iraq continues its efforts to develop the local banking system in line with modern banking practices.
 
It is expected that these expansions will
 
     contribute to improving the efficiency of commercial operations and
     reducing dependence on traditional currencies,
     enhancing Iraq's economic diversification.
 
Through these measures, the Central Bank of Iraq demonstrated its commitment to developing the financial system to meet local and international needs, thus contributing to enhancing the stability of the Iraqi economy and achieving sustainable growth.     https://mustaqila.com/البنك-المركزي-العراقي-يتحدى-الدولار-ب/   

Oil: The Proportion Of Associated Gas Investment Increased To 70%
 
Economy The Ministry of Oil announced today, Thursday,that the percentage of associated gas investment has increased to 70%. A statement from the ministry - received by the Iraqi News Agency (INA) - stated that “in implementation of the government program and the directives of the Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani, the Undersecretary for Gas Affairs, Izzat Saber Ismail, chaired the leadership meeting for gas projects, in the presence of the general directors of the relevant oil companies and departments.”
 
During the meeting, the agent pointed out the achievements that have been achieved in the associated gas investment sector, which will reach 70% by the end of this year. The agent stressed,
 
“The government and the ministry, through the directives of Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani, are keen to raise gas investment rates in a way that contributes to providing fuel for electric power generation plants and supporting the national economy.”

The agent added,  “The Ministry has also achieved an achievement in the field of production, storage, and export of liquid gas, as well as increasing gas supply outlets for vehicles, due to the high numbers to which gas systems have been added,” noting,
 
“The number of technical workshops has also increased to raise the level of services provided to citizens.”".

The statement continued,  "During the meeting, the projects implemented by the Ministry to raise associated gas investment rates were reviewed, as well as projects implemented to develop gas fields, to support the energy and industry sector in the country."    https://www.ina.iq/224007--70.html   

Economist Warns Of Impact On Iraq's Budget And Projects Due To Reduction In Oil Exports
Time: 2024/12/20 13:54:38 Read: 1,313 times  {Economic: Al Furat News} An economic expert warned that Iraq’s budget and investment projects would be affected by the reduction in its oil exports.
Salah Nouri told Al Furat News Agency: "Iraq is greatly affected by the reduction of its share of oil exports in a complex manner."

gHe explained that "the licensing rounds continue to produce according to the contract despite the reduction in exports and receive their dues from production costs with profit."

Nouri pointed out that "the financing of the federal general budget is affected as a result of the decrease in oil export revenues, whether the current or investment budget, and the completion of some investment projects may be halted."   LINK

  Gold Heads For Weekly Losses After Fed Decision

Time: 2024/12/20 08:54:34 Read: 1,846 times  {Economic: Al Furat News} Gold is heading towards a weekly decline today, Friday, after the Federal Reserve’s decision to slow the pace of interest rate cuts during 2025, while the market’s focus shifted to the US personal consumption spending data scheduled to be released later today.

Spot silver is also on track for its worst weekly performance since late 2023.

By 0326 GMT, spot gold was at $2,596.89 an ounce.

The precious metal lost about two percent over the week.

US gold futures rose 0.1 percent to $2,611.30 an ounce.

Gold is holding steady as investors "wait for Trump to resume office next year, and the Fed will hold one meeting after another, looking at the data and seeing what Trump's trade policy will include," said Soni Kumari, a commodities strategist at Australian bank ANZ, according to Reuters.

Investors are now awaiting the core personal consumption expenditures index, the Fed's preferred inflation gauge, for further clues about the US economic outlook.

The US Federal Reserve cut interest rates by 25 basis points, and the bank's signal of an expected slowdown in interest rate cuts pushed gold to its lowest level since November 18. LINK

Central Bank: Iraq Expands Foreign Transfers In New Currencies Other Than The Dollar

The Central Bank of Iraq announced on Thursday the expansion of foreign transfer channels for local banks to include new currencies other than the dollar, namely: the Jordanian dinar and the Saudi riyal.

The bank also decided to allow Iraqi banks to finance trade with Turkey in euros after it was previously limited to using them with European Union countries, in addition to transfers available in US dollars, Emirati dirhams, Chinese yuan and Indian rupees.

The bank explained in a statement today that "this step comes within its efforts to expand foreign trade financing options in various currencies and channels, and the bank has begun taking the necessary measures to meet banks' requests in these currencies."

The statement also indicated that "this expansion in foreign transfer channels provides transfer operations at the official price, and aims to streamline transfers and involve a greater number of banks in foreign transfer operations, and expand the horizons of economic cooperation between Iraq and other countries, especially in light of the bank's efforts to find other channels to meet the volume of demand for various foreign currencies according to Iraq's dealings with those countries."

The bank confirmed that "a smooth transition took place during 2024 from the electronic platform to directly approved correspondent banks, and thus the Central Bank achieved a fundamental transformation in line with international banking practices, and this transition is widely praised." https://www.radionawa.com/all-detail.aspx?jimare=40666

The Central Bank Of Iraq Decides To Add The Saudi Riyal And The Jordanian Dinar

Banks  Economy News – Baghdad   The Central Bank of Iraq announced the expansion of external transfer channels for local banks to include new currencies: the Jordanian dinar and the Saudi riyal, and allowing Iraqi banks to finance trade with Turkey in euros after it was previously limited to using it with European Union countries.

The Central Bank's media office stated in a statement received by "Al-Eqtisad News" that "this step comes within its efforts to expand foreign trade financing options in various currencies and channels, and the bank has begun taking the necessary measures to meet banks' requests in these currencies."

The Central Bank pointed out that "this expansion in the external transfer channels provides transfer operations at the official price, and aims to streamline the transfer and involve a greater number of banks in external transfer operations, and expand the horizons of economic cooperation between Iraq and other countries, especially in light of the bank's efforts to find other channels to meet the volume of demand for various foreign currencies according to Iraq's dealings with those countries.

It is worth noting that a smooth transition took place during 2024 from the electronic platform to directly approved correspondent banks, thus the Central Bank achieved a fundamental transformation in line with international banking practices, and this transition is widely praised.

250 views 12/19/2024 - 11:07 AM   https://economy-news.net/content.php?id=51058

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

Seeds of Wisdom RV and Economic Updates Friday Afternoon 12-20-24

Good Afternoon Dinar Recaps,

US COURT SCHEDULES KEY DATES FOR RIPPLE CASE

▪️The US Court of Appeals sets critical dates for the Ripple lawsuit.

▪️Bradley Sostack must submit key documents by specified deadlines.

▪️Ripple remains hopeful amidst ongoing legal challenges with the SEC.

The United States Court of Appeals has announced important dates related to a new lawsuit filed by Bradley Sostack against Ripple $2. The court will outline filing deadlines and the dates for presenting major arguments during the appeals process.

Ripple Case Dates

The appellate court received the appeal notification concerning the Ripple case and assigned a case number. The court requested that any motions filed in this process be submitted individually.

Plaintiff Bradley Sostack must submit the Mediation Questionnaire by December 23. The court also expects to receive the Appeals Transcript Order and the Appeals Transcript by December 31 and January 30, respectively.

The plaintiff will initiate the appeals process by submitting the opening brief on March 6 against Ripple and CEO Brad Garlinghouse. Ripple Labs, XRP II, and Garlinghouse are required to respond to the plaintiff’s main assertion by April 7, 2025.

“If there are reported hearings, parties should identify transcripts and make assignments mutually if necessary” – Court

Previous Court Rulings

Ripple, having benefited from prior dividend court rulings, has been appealed by Bradley Sostack. Judge Phyllis Hamilton approved the request to modify the decision and hearing request in the XRP case.

The lawsuit between Ripple and the SEC continues in the Second Circuit Court of Appeals. Ripple executives and the crypto community remain hopeful about the dismissal or withdrawal of the case. SEC Chairman Gary Gensler’s resignation on January 20 has fostered optimism regarding the case’s future.

As developments unfold in the Ripple case, stakeholders are preparing for the ongoing process. Keeping track of the dates set by the court will be crucial for the case’s progression.

@ Newshounds News™

Source:  Coin-Turk

~~~~~~~~~

METALLICUS ACQUIRES FINTECH OPERATOR CONNECTED TO 70 CREDIT UNIONS

The acquisition brings Metal blockchain solutions to Bonifii’s portfolio of credit unions.

Digital banking and blockchain platform Metallicus recently announced the acquisition of fintech service company Bonifii, a credit union service operator (CUSO) connected to 70 credit unions.

The partnership will purportedly establish a separate CUSO for credit union partners that establish and deploy on The Digital Banking Network (TDBN), a multilayer blockchain network servicing the fintech and financial services industry.

According to a blog post from Bonifii, the organization is currently the only CUSO directly connected to a blockchain core developer.

Marshall Hayner, founder and CEO of Metallicus and board member of the Dogecoin Foundation, told Cointelegraph that the acquisition brought the company’s total credit union partners to more than 80, with more than 16 of those already leveraging Metal blockchain technology. He explained:

“Our plan is to continue onboarding more financial institutions and credit unions onto The Digital Banking Network, providing them with bespoke solutions that allow them to move onchain, enhance their operational requirements, reduce costs and enhance services for credit union members globally.”

Digital banking and FedNow

Metallicus has been among the more active blockchain firms in the digital banking space. Its early involvement in the US Federal Reserve’s FedNow digital payments system has positioned it as a core blockchain with inroads to US government programs.

FedNow is a digital payments infrastructure that allows qualified banking institutions to provide government-backed instant payment solutions to their customers. As Cointelegraph reported in May 2023, Metal Blockchain was one of the first chains accepted for integration with the program.

The recent acquisition of Bonifii could allow Metallicus to expand its footprint into the credit union space. Hayner told Cointelegraph that Bonifii president John Ainsworth will transition to the Metallicus team, where he will lead Metal Blockchain’s expansion into the credit union sector as General Manager.

A cursory review of the company’s finances indicates that, prior to the acquisition, Bonifii had raised roughly $20 million over several early investment and seed rounds. While details on Metallicus’ financials do not appear to be publicly available, CoinMarketCap reports a market capitalization of $13.65 million for the Metal Blockchain.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

TOP ECONOMIST SHARES WHY SILVER IS THE SAFEST BET RIGHT NOW  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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 Seeds of Wisdom Team™ Newsletter

Thank you Dinar Recaps

“Tidbits From TNT” Friday 12-20-2024

TNT:

Tishwash:  Because of Iraq!.. Iran will accept “what it did not accept before” 

Strategic and security affairs researcher, Firas Elias, said on Thursday that Iran will accept “what it did not accept before” in order to preserve Iraq because it is the gateway to its safety and the gateway to the danger that could reach it in the future.

Elias said in a post on the “X” platform, which was followed by “Al-Jarida”, that “Iraq is the jewel in Iran’s crown in the region, and it is the wall that protects it from a major collapse, so it will secure and preserve it, even if it is forced to accept what it did not accept before.”

He explained, "Today, it (Iran) is open to all the regional and international solutions and conditions proposed in Iraq, because it is the gateway to its safety and the gateway to the danger that could reach it in the future." link

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

Tishwash:  What are the objectives of expanding foreign transfer channels by the Central Bank of Iraq? 

Economic expert Alaa Al-Fahd revealed, today, Thursday (December 19, 2024), the goal of the Central Bank of Iraq in expanding external transfer channels for local banks.

Al-Fahd said in an interview with Baghdad Today, "Within the Central Bank's policy and its continuous attempts to control foreign transfers to finance trade, especially in dollars, there is a continuous effort to expand the basket of foreign currencies used in imports, especially with countries with which we have import dealings, the transfer is in the currencies of the countries, and there was an agreement on this with the Turkish side, as well as the Emirates, China, and today with Jordan and Saudi Arabia."

He explained that "this step reduces the demand for the dollar to finance foreign trade, as most of the demand for the dollar is to finance foreign trade, and with the expansion of the currency basket, the pressure in the parallel (black) market on the dollar decreases, and this reduces the exchange rate in the local market."

He added, "This step will also allow many banks to deal with many countries according to the currencies of those countries, and this will enhance a major role in developing the work of banks in terms of experience. Its main goal is to control the dollar exchange rate and work to reduce it."  link

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

Tishwash:  Amidst the challenges... What is Iran's plan to save its currency?

The imminent return of US President-elect Donald Trump to the White House and rising tensions with Israel have put pressure on the Iranian currency, the rial, to lose another chunk of its value and hit a new record low.

The European Union has added further pressure on the Iranian rial, after announcing its intention to activate the “trigger” mechanism, following Tehran’s condemnation by the International Atomic Energy Agency’s Board of Governors last month for “not cooperating sufficiently” in its nuclear program.

After the Iranian press used to publish daily reports about the decline in the value of the currency against the dollar, the Iranian government's economic team announced its plan to limit the decline of the rial and curb the prices of hard currency in the markets.

Supply and demand

In a move aimed at bridging the gap between the government exchange rates and the parallel market, the Central Bank of Iran has cancelled the government pricing of hard currency allocated for importing some basic commodities, starting last Saturday, so that the price of the green currency will be determined according to the mechanism of supply and demand between exporters and suppliers in the consensus market designated for trading hard currencies.

Following this move, the consensus price of the dollar stabilized the next day at around 600,000 Iranian rials, but it continued to rise on Monday and Tuesday in the “NIMA” market for foreign exchange trade at 613,000 and 617,000 rials, respectively.

In the parallel free market, the price of one dollar jumped to 768 thousand riyals last Monday, then touched the threshold of 778 thousand riyals yesterday, Tuesday, after trading at about 733 thousand riyals, on the eve of the launch of the new mechanism.

Objectives and justifications

The Central Bank of Iran's move came after a number of factories refused to continue their activities due to the accumulation of losses resulting from the mandatory pricing, as they were forced to display their export revenues in the government market, and sell their hard currency at prices lower than their real price, and in return buy raw materials according to the parallel market prices.

Iranian Economy Minister Abdolnaser Hemmati said that implementing this mechanism is a preliminary step towards getting rid of the mandatory pricing, especially in the hard currency market, adding that the mandatory pricing will lead to financial corruption, rent distributions and exacerbate difficulties in the hard currency market.

In a tweet on the X platform, Hemmati wrote that unrealistic prices cannot be defended without containing inflation, and despite the feasibility in the short term, it will not last long, warning that continuing to work with mandatory pricing would eliminate the national reserves of hard currency and undermine the country's economic security.

A strong shield to protect the economy

A segment of Iranian experts believe that the Central Bank aims, through its measures, to encourage factories to produce and export.

Economic writer Hamid Sayed Qurbani welcomed the new mechanism, considering it to be in the interest of economic development through supporting exports, and also in line with the restrictions that should be imposed on imports in order to achieve comprehensive self-sufficiency and presence in foreign markets.

In an article titled “The harmonious currency; a first step towards national development” published on the (Economy Online) website, Sayed Qurbani believed that the new mechanism will reduce the volume of unnecessary demand for imports, and contribute to eliminating the false demand for hard currency, leading to a reduction in its prices in the markets, transferring profits from the suppliers’ basket to exporters, and supporting national production.

Given the national fear of shrinking oil exports with Trump’s return to the White House by imposing more sanctions, which could lead to an increase in the currency’s price in the markets, the author likens the new mechanism to a strong shield that will protect the national economy from external shocks to the exchange rate.

Political developments

In contrast, Iranian economic expert Albert Baghzian recalls the obsession of successive Iranian governments with unifying the exchange rate and bridging the gap between official prices and the free market, stressing that the harmonious price mechanism will succeed if it satisfies suppliers and exporters and spares them the need to consult the black market for supply and demand, adding that he does not expect the new mechanism to succeed.

In an interview with Setareh Sobh newspaper, Baghazian considered lifting foreign sanctions a condition for the Iranian economy to get rid of the crises of high hard currency prices and the decline in the value of the national currency, explaining that the exchange rate in Iran is affected by political developments more than economic indicators and supply and demand in the markets.

He said: “Given the reality of sanctions, tension in Syria, and Trump’s return to power in the United States, concern will remain in the Iranian hard currency market, because providing hard currency in sufficient quantities is a condition for talking about unifying the exchange rate, which encourages the strengthening of the national currency and the decline in the value of foreign currencies.

The Iranian academic said that his country suffers from a problem in providing hard currency due to the sanctions, even the revenues from oil sales return to the country in the form of goods, stressing that imposing sanctions on the economy is equivalent to cutting off a person’s limbs and paralyzing his life, as the major powers have been imposing embargoes instead of wars and military attacks.

The fall of the lion

On the other hand, a third segment in Tehran senses a direct relationship between the fall of Bashar al-Assad’s regime in Syria and the acceleration of the decline of the Iranian currency and its recording of a new record low against the dollar, due to the major repercussions of the regional political development on the Iranian economy.

Although the value of trade exchange between Iran and Syria did not exceed $170 million during the past year, the fall of Assad paints a foggy horizon for Tehran’s dues to Damascus, which are estimated at tens of billions of dollars.

In this context, the analytical website (Bazaar News) published an article entitled “The Syrian Crisis and Its Impact on the Iranian Economy,” in which its author believes that the new scene in the Levant will expose part of Iranian investments in the Syrian infrastructure and its military and security sectors to destruction.

The article believes that the lack of security in Syria may affect Tehran's investments in neighboring countries, as well as undermine the Iranian corridor linking the East and the West and reduce its position in front of the corridor planned to link India and Europe via the Middle East (IMEC). link

***********

Mot: . ooooh lordy - been un of does Years!!!!

Mot:  ........... UH OH!!!!!

Seeds of Wisdom RV and Economic Updates Friday Morning 12-20-24

Good Morning Dinar Recaps,

MOROCCO TO ADOPT A LEGAL FRAMEWORK FOR CRYPTO ASSETS

Morocco aims to regulate the use of crypto assets without hindering innovation in the crypto ecosystem.

Legal Framework for Crypto Nears Adoption in Morocco

A legislative framework governing crypto assets in Morocco is almost ready for adoption, according to Abdellatif Jouahri, the governor of Morocco’s central bank, Bank Al-Maghrib (BAM). This framework seeks to promote financial innovation while regulating the usage of crypto assets.

The central bank governor shared the key update at the BAM council’s final meeting for 2024 with the crypto regulation aligning with G20 recommendations and addressing the risks linked with crypto assets.

According to the governor, the World Bank and the International Monetary Fund (IMF) provided technical assistance in the development of the framework with a clear aim to balance crypto innovation and a well-regulated financial environment.

“We want to regulate the use of crypto-assets without hindering the innovation that may arise from this ecosystem. We engaged all relevant parties to create this framework. This approach ensures effective adoption and minimizes uncertainties.” Jouahri said.

Morocco hopes to establish itself as one of the first developing nations to provide complete and clear legislation for crypto assets by putting this legal framework into effect.

This program equips the nation to handle the financial and economic difficulties posed by the digitalization of monetary systems. The adoption of the legislative text involves a period of public consultation, followed by parliamentary and cabinet approval.

In 2023, Morocco ranked 13th out of 20 nations with the biggest bitcoin usage, according to a survey by Insider Monkey while a Chainalysis global crypto adoption report in the same year ranked the North African nation 20th in crypto adoption.

@ Newshounds News™

Source:  Bitcoin News

~~~~~~~~~

NIGERIAN SEC TIGHTENS CRYPTO MARKETING RULES

The SEC’s new rules on digital asset promotions aim to “curb the menace” of social media influencers promoting unregulated crypto products.

The Nigerian Securities and Exchange Commission (SEC) has updated its crypto rules, adding requirements on crypto-related marketing promotions from virtual asset service providers (VASPs) and social media influencers.

In its revised Digital Asset Rules, the SEC said that VASPs engaging third-party service providers to promote their crypto products must “obtain prior approval from the Commission.” The rules also require VASPs to ensure that the third-party provider complies with marketing rules set by the SEC.

The rules apply to any VASP offering services to the country’s residents and are scheduled to come into effect on June 30, 2025.  

New rules to “curb the menace” of Finfluencers

The SEC’s revisions also address the role of social media influencers, or “Finfluencers,” in promoting cryptocurrency products and services.

Crypto influencers must obtain a “no-objection authorization” from the SEC before publishing their digital asset ads. In addition, they must verify whether the company they are promoting is licensed by the SEC.

Finfluencers must also disclose if they received payment to promote the crypto products or services that they are promoting. Failure to comply can result in penalties, such as a minimum fine of 10 million Nigerian naira (about $6,400) or up to three years in jail.

The SEC also noted that they would monitor crypto ads actively to ensure they adhere to the rules. Violations would result in enforcement actions, including sanctions and financial penalties.

The SEC wrote that the new rules aim to “curb the menace and address the growing popularity of financial influencers.” The SEC said it wants to prevent sharing unauthorized financial investment products on social media or any other marketing mediums.

Nigeria plans to start enforcement actions on unregulated VASPs

At present, only two exchanges are regulated in Nigeria. On Aug. 29, the SEC issued its first provisional operating license to the African crypto exchange Quidax Technologies. It has also approved Busha Digital to operate in the country. The licenses allow the trading platforms to operate as registered exchanges in Nigeria.

On Sept. 9, the SEC said it plans to start enforcement actions against businesses involved in unregulated crypto transactions. Emomotimi Agama, the director-general of Nigeria’s SEC, said that the agency will take action against entities offering crypto services to Nigerians without the proper permits.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

THIS SMALL DOLLAR CHANGED 1000 LIVES ON CHRISTMAS FRIDAY!  |  Youtube

Help us Help others in the community have a better Christmas with just a dollar.  Link

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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 Seeds of Wisdom Team™ Newsletter

Thank you Dinar Recaps

MilitiaMan & Crew-Iraq Dinar News-CBI adds New International Currency- Official Price-Foreign Transfers Enhanced

MilitiaMan & Crew-Iraq Dinar News-CBI adds New International Currency- Official Price-Foreign Transfers Enhanced

12-19-2024

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

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

https://www.youtube.com/watch?v=Qzpf5-PpMf4

Seeds of Wisdom RV and Economic Updates Thursday Evening 12-19-24

Good evening Dinar Recaps,

BIS CONSULTATIVE GROUP PROPOSES RETAIL CBDC ARCHITECTURE

According to a BIS report, Jamaica, Nigeria, China, Sweden, the Bahamas and Peru have CBDC programs in various stages of development.

The Bank for International Settlements (BIS) Consultative Group on Innovation and the Digital Economy has proposed a retail central bank digital currency (CBDC) architecture based on a hybrid approach where issuance and governance of the CBDC are handled by a country’s central bank while commercial banks provide consumer-facing services.

According to the BIS, the proposed CBDC framework takes a modular approach to design and will focus on a token-based model to promote privacy.

However, the CBDC architecture will also support account-based models where users have specific accounts tied to an entity. The authors of the proposal wrote:

“Privacy can be guaranteed by separating transaction from identity information, such that the latter remains with private intermediaries and users. This helps to reduce risks and ensure greater privacy protections than in other models.”

Despite promises of privacy, CBDCs are widely seen as the antithesis of permissionless finance, with lawmakers, individuals and even central banks raising concerns about systemic risks, privacy and viability.

CBDCs face widespread backlash

In September, the Bank of Canada backtracked its CBDC development after receiving public feedback indicating that Canadians had little interest in using a central bank digital currency.

In the United States, attorney John Deaton, known in the crypto community for representing XRP holders in the Securities and Exchange Commission lawsuit, vowed to fight against CBDCs.

The lawyer called the campaign against CBDCs “a hill to die on” and said the dangers of a centrally managed digital ledger to individual liberty were a major cause of concern.

A bill introduced by Missouri lawmaker Rick Brattin on Dec. 1 seeks to ban CBDCs in the state. Provisions in the bill would prohibit businesses from accepting CBDCs for payment and prevent any CBDC research or development.

European Parliament member Sarah Knafo recently called on the European Union to abandon CBDCs and adopt Bitcoin.

The European MP said the digital euro was an attempt to usher in totalitarianism and encouraged the European Union to establish a Bitcoin strategic reserve as other nation-states continue accruing the digital currency.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

BINANCE.US TO RESUME USD SERVICES IN EARLY 2025 ANTICIPATING FAVORABLE REGULATIONS

In a latest development, Binance. US plans to resume USD services in early 2025, anticipating changes in U.S. crypto regulations. The exchange halted fiat operations in 2023 due to regulatory pressure and SEC claims.

Interim CEO Norman Reed noted on Wednesday that the current SEC administration has caused significant harm to American consumers and the crypto industry, including Binance.US.

SEC’s Regulatory Assault

In June 2023, the SEC accused the subsidiary of violating securities laws. It alleged the company offered unregistered investment products and engaged in anti-fraud practices. The platform has operated under restricted banking access since June 2023, when SEC civil claims triggered a suspension of dollar deposits and withdrawals.

He noted that a key part of this regulatory assault was a concerted initiative by the outgoing administration to unjustly deny cryptocurrency and fintech businesses access to banking services. Reed argues that the SEC’s resistance to innovation has hindered the U.S. financial system’s potential and blocked most Americans from accessing the benefits of blockchain technology.

Going Ahead With Optimism

Despite ongoing legal battles with the SEC, he is optimistic, emphasizing that the SEC has failed to provide evidence of any wrongdoing after 17 months of compliance. Looking forward, with Paul Atkin’s nomination as the next SEC Chair, he foresees a clear regulatory framework for digital assets in the U.S.

As USD services prepare for a return, Binance.US plans to launch new features in the coming months and expand its product lineup.

“While I can’t provide a definitive launch date yet, let me be clear: It is not a matter of if, but when,” interim CEO Norman Reed said in the statement. “We are closer than ever to restoring USD services and our plan is to achieve this important milestone in early 2025,” he added.

He underscored that the platform offers unique features, including 0% fee Bitcoin trading on BTC/USDC, which no other major U.S. crypto platform provides. It also supports 160 cryptocurrencies and staking for over 20 assets, offering more options than any other major on-chain staking platform in the U.S.

He strongly believes that 2025 will be a breakout year for Binance.US, with the teams working hard at building a comeback story for the ages.

@ Newshounds News™

Source:  CoinPedia

~~~~~~~~~

🌱SOVEREIGN VS CITIZEN #CONSTITUTION #SOVEREIGNTY   |  Youtube

Mason speaks about Sovereign vs Citizen.

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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 Seeds of Wisdom Team™ Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Thursday Afternoon 12-19-24

Good Afternoon Dinar Recaps,

BRICS CREATOR SAYS INDIA WILL BE 3RD LARGEST GLOBAL ECONOMY & KEY MEMBER

Things have changed dramatically for the BRICS bloc since the acronym was first coined in 2001. Over the last two years, it has become a key voice in the geopolitical and global economic sectors. Now, BRICS Creator Jim O’Neill has recently expressed his view on its trajectory, while noting that India is poised to soon be the third-largest global economy and a key alliance member.

In a recent interview with The Economic Times, the economist discussed the growth rate of the country. Specifically, he noted that India is “doing almost exactly what we thought over 20 years ago, and that is in the process of becoming bigger than Japan and Germany” and becoming a global force.

India Poised to be BRICS Leader? Jim O’Neill Discusses Shifting Power Balance

The last two years have seen the BRICS economic alliance notably increase in prominence. A massive reason for that has been its seeking of increased independence from a Western-dominated economic system. With de-dollarization being the focus, it has sought to increase the use of its own local currencies.

But that recent surge in prominence has overlooked the reality that the bloc has been in existence for more than 20 years. Moreover, it has continued to shift and change throughout that time. Now, the latest shift could be upon us. Indeed, BRICS creator Jim O’Neill has recently said India may well be on its way to being the third-largest global economy and a key BRICS member.

In a recent interview, O’Neill says India could be on its way to entering the top 3 “in the next five to ten years.” Moreover, he notes that the BRICS country is presented with a key opportunity in the near term.

“This is India’s chance to really demonstrate its ubiquity with some of the natural things in India’s favor.” Specifically, he noted that it is among the younger nations within the bloc. That is not the case for China, one of the key economies in the bloc. Moreover, it should lead to an increased labor force, while they should be able to thrive in a world shifting under a Trump-run America.

Interestingly, India’s relatively low global trade could help them as Trump returns to the White House, O’Neill notes. Tariff plans would not be as big a threat to the nation in the coming years. Meanwhile, the economist notes that Modi and India have been sought out by G7 and BRICS nations. They want India as an ally, and it is due to its strong growth prospects in the coming years.

@ Newshounds News™

Source:  Watcher Guru

~~~~~~~~~

HONG KONG APPROVES 4 NEW CRYPTO TRADING PLATFORM LICENSES IN REGULATORY PUSH

The licensed platforms must meet rigorous standards and undergo evaluations to ensure compliance with global security practices.

Hong Kong’s Securities and Futures Commission (SFC) has issued licenses to four virtual asset trading platforms (VATPs), marking another step in its fast-tracked regulatory framework, according to a Dec. 18 statement.

The licensed platforms include:  Accumulus GBA Technology Ltd, DFX Labs Company Ltd, Hong Kong Digital Asset EX Limited, and Thousand Whales Technology (BVI) Ltd.

This brings the total number of licensed crypto trading platforms in the Asian city allowed to serve retail customers to seven, including HashKey Group, OSL, and the Hong Kong Virtual Asset Exchange (HKVAX).

Licensing regimes

The SFC stated that the recently licensed firms underwent rigorous on-site inspections earlier this year as part of the guidelines introduced in June. The inspections identified areas for improvement, which the firms addressed to secure their restricted licenses.

The licenses come with initial restrictions, but these will be lifted after the platforms pass a second-phase assessment by external evaluators. The process will ensure the platforms meet the required regulatory standards for full operational functionality.

The SFC emphasized that the VATPs must conduct vulnerability assessments and penetration tests through independent third parties. These evaluations are critical to maintaining security and align with global international standards.

The SFC’s Executive Director of Intermediaries, Eric Yip, stated that the licensing process involved close collaboration with the VATPs’ leadership teams. He highlighted the Commission’s dual focus on protecting investors while fostering growth in Hong Kong’s virtual asset ecosystem.

Yip said:

“We aim to strike a balance between safeguarding the interests of investors and facilitating continuous development for the virtual asset ecosystem in Hong Kong.”

Meanwhile, this development aligns with the SFC’s broader plan to expand the licensing of crypto businesses by year-end. In October, the regulator revealed that 11 additional VATPs are under license consideration, with approvals expected to roll out in batches.

The SFC’s proactive approach highlights Hong Kong’s commitment to becoming a global hub for virtual asset innovation while maintaining robust investor safeguards.

@ Newshounds News™

Source:  CryptoSlate

~~~~~~~~~

News on Crypto Regulations for the US!  Bullish news for Utility Crypto!

Rich (CSC) announces that in early January, Congress will be passing crypto regulations soon after returning from break on January 3rd.  This will be followed by mass adoption of the utility ISO 20022 coins we have been talking about which will lead to the new financial system followed by the RV.  But we still have a while for all this to happen.  It just looks like it is all coming together a little sooner with regulations being addressed before the inauguration of Trump.  All good news.  

@ Newshounds News™

Source:  Common Sense Crypto

~~~~~~~~~

OHIO JOINS GROWING TREND OF STATES CONSIDERING BITCOIN RESERVES

@ Newshounds News™

Source:  The Defiant

~~~~~~~~~

FOREX TRADING: THE TAX SECRETS THEY WON'T TELL YOU  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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 Seeds of Wisdom Team™ Newsletter

Thank you Dinar Recaps

Ariel: The Final Step and Deleting the Zeros

Ariel: The Final Step and Deleting the Zeros

12-19-2024

Iraq Dinar Update (Important Read)

#4 The Final Step

First Strategic Objective: Support and Enhance Monetary Stability

This strategic framework outlines four key sub-objectives with their corresponding initiatives to maintain monetary stability:

1. Stability of the General Level of Prices

– Issue medium or long-term securities capabilities
– Manage monetary policy rates in alignment with monetary stability and economic growth requirements
– Support and stimulate microfinance development
– Implement a comprehensive national lending strategy

2. Stability of Exchange Rates

– Transition from platform-based to correspondent bank systems for foreign remittance procedures

3. Manage Reserves According to Best Practices

– Diversify investment tools based on source
– Enhance and increase gold reserves

4. Improve the Quality and Structure of the Iraqi Currency

– Introduce new high-quality currency issues with reduced environmental impact
– Establish a dedicated currency examination laboratory
– Implement automation for cash operations, including counting and sorting functions

Do you see how close we are? What is the 1st thing they have to do in #4? Introduce a new currency correct? And they also stated that they want to complete this within 10 days which brings us to Christmas.

Everything started on December 15th. This is where the 10 days come from.

What does this mean for an foreign investor like Americans or other?

U.S. investors who purchased IQD at a fraction of its nominal value (e.g., 1 IQD = 1/100th of a U.S. cent) have effectively acquired significant amounts of IQD for very little USD.

For example, if you spent $1 to purchase IQD, you might currently hold a substantial number of IQD notes because of the historically low exchange rate.

A reinstatement or revaluation at a 1:1 exchange rate (1 IQD = 1 USD) would mean each IQD note would be worth one U.S. dollar.

Example: A 100,000 IQD note, purchased for a minimal cost, would convert to $100,000 USD under a 1:1 exchange rate.

If the value of the IQD increases beyond 1:1 to, for example, 1:3 (1 IQD = 3 USD), the same 100,000 IQD would convert to $300,000 USD. At 1:8, it would convert to $800,000 USD.

What a 100k IQD Note Will Be Worth Once You Convert It To USD Upon Revaluation?

1:1 (100k)
1:2 (200k)
1:3 (300k)
1:4 (400k)
1:5 (500k)
1:6 (600k)
Etc.

This basic math. Because regardless if you hold IQD this will be what the exchange rate will be on the Forex. People who attempt to buy IQD after the reinstatement on international markets will not see any profits. Only those who bought IQD at 1/100th of its price for pennies on the dollar.

When Iraq talks about “deleting the three zeros,” it typically refers to removing the zeros from the exchange rate, not necessarily from the physical currency itself. This is why people are confused. You think they will take out a magic marker and erase zeros off a paper currency?

Please give me your IQD so I can save you from disappointment. I, promise I will not give it back.

Article Here: https://jaredaiq.net/News/7929

These are the 3 zeroes on the exchange rate they will be deleting. Which will make 0.00076/0.76. Not the currency. Which means if you have 100k once it goes international you would gain only 0.76/76,000 USD/ROI.

So imagine the other examples of 1:1 or higher?

https://dinarchronicles.com/2024/12/18/ariel-prolotario1-the-final-step-and-deleting-the-zeros/

Iraq Economic News And Points To Ponder Thursday AM 12-19-24

Get Ready.. The Exchange Rate Is On Track For A New Rise: The Dollar Selling Platform Will Stop And “The Shock Is Coming”

 Economy ​ 12-17-2024, 15:38 |Baghdad today – Baghdad    Economic affairs specialist Nasser Al-Tamimi warned today, Tuesday (December 17, 2024), of a rise in the dollar exchange rates in Iraq in the coming days.

 Al-Tamimi told “Baghdad Today” that   “there are real fears in the Iraqi market about the continued rise in dollar exchange rates after the platform was suspended by the Central Bank of Iraq,” noting that   “this matter will constitute a shock, especially at the beginning of the implementation of the decision and will push for a rise.”

The dollar, to increase demand for it in the parallel market.” He added,

"After stopping the platform, most merchants, especially small ones, will rely on the parallel market to finance their foreign trade, while continuing to finance trade with Iran and Turkey with dollars, in illegal ways," pointing out that

 "this is what will push the rise and that is why practical steps must be taken to prevent This is done by the monetary authority in the country, and urgently.”

 On Wednesday (September 4, 2024), the Central Bank of Iraq revealed the mechanism for ending the electronic platform for external transfers, while indicating that placing external transfer operations and meeting requests for the dollar is on sound paths and consistent with international practices and standards. The bank said in a statement received by “Baghdad Today” that

 “the electronic platform for external transfers managed by the Central Bank of Iraq began at the beginning of 2023 AD as a first stage to reorganize financial transfers in a way that ensures proactive control over them instead of subsequent control through the Federal Reserve auditing daily transfers.”

 This was an exceptional measure, as the Federal Reserve does not usually undertake this, and

 a gradual shift was planned towards building direct relationships between banks in Iraq and foreign correspondent and accredited banks, with an international auditing company mediating this. By pre-scrutinizing transfers before they are executed by correspondent banks. He added,

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

 This means that only about 5% of it remains inside the platform, which will be transferred through the same mechanism before the end of this year." year and according to the plan,” explaining that

 “some expectations about possible effects on the exchange rate and transfer operations are unfounded, because  the process will not happen suddenly or in one batch at the end of this year, but rather  it was already achieved during the period.”

"With effort and careful follow-up, the remaining small percentage will be completed in the next short period." He stressed that   "trade with the United Arab Emirates, Turkey, India, and China represents about 70% of Iraq's foreign trade as (imports),

 which called on the Central Bank of Iraq to find channels for transfer in the currencies of the euro, the Chinese yuan, the Indian rupee, and the Emirati dirham, via correspondent banks." approved in those countries, and

 (13) Iraqi banks have already begun conducting transfer operations with a pre-audit mechanism that has been agreed upon and approved, in addition to transfers in the dollar currency.”

He continued:  “With the provision of channels for   personal transfers for legitimate purposes and   foreign purchases through electronic payment channels and international money transfer companies,

  cash sales to travelers, and   payment of cash dollars for incoming transfers to the destinations and purposes specified in the Central Bank’s published instructions.”

The Central Bank of Iraq stressed that it has “put external transfer operations and meeting requests for the dollar on sound paths and are consistent with international practices and standards and the law on combating money laundering and the financing of terrorism,” explaining that

 “providing the aforementioned channels for all purposes at the official price of the dollar makes this price the real indicator of practices.”

This is proven by the reality of price stability and inflation control, and any other price that is traded outside these channels is considered an abnormal price that is resorted to by those who resort to non-fundamental or illegal practices who stay away from official channels in their dealings.

 They alone bear the additional costs by purchasing at a higher price than the official price, in order to deceive others about the difference between the official price and others.”

 https://baghdadtoday.news/264127-استعدوا.-سعر-الصرف-على-موعد-مع-ارتفاع-جديد-منصة-بيع-الدولار-ستتوقف-والصدمة-قادمة.html   

Iraq is outside the list of major countries holding US bonds
 
Money and business Economy News - follow up   The US Treasury Department announced on Tuesday that Iraq is no longer a major foreign holder of US bonds.
 
According to the Treasury report for September, which showed that Iraq was not among the top 20 countries that hold US bonds, after last year it was ranked among the top holders with a holding amounting to $32.6 billion.

The report indicated that  “Japan topped the list of major countries in possession of US bonds, as its possession amounted to $1.123 trillion, followed by  China in second place with a possession of $772 billion, while the United Kingdom came third with $764 billion, and the  Cayman Islands came fourth with $420 billion.”

Luxembourg is fifth with $417 billion, and  Canada is sixth with $370 billion.
 
The report indicated that Saudi Arabia was the only Arab country that maintained its position among the 20 largest holders of US bonds, as its holding amounted to $143.9 billion.
 
The report indicated that the total holdings of US bonds around the world amounted to 8 trillion and 872 billion dollars in September.
 
US bonds are a type of debt instrument issued by the US government to raise money, and  many countries buy them as a safe investment.
 
In past years, many Arab and foreign countries, including Iraq, owned large amounts of these bonds, and
 over time, Iraq's possession of American bonds decreased until it fell out of the list of the top 20 countries holding these bonds.  views 249   https://economy-news.net/content.php?id=51026   

The Central Bank Expands External Transfer In New Currencies
 
Thursday 19, December 2024 11:24 | Economical     Number of readings: 81  Baghdad / NINA / The Central Bank of Iraq announced the expansion of external transfer channels for local banks,
to include new currencies: the
 
     Jordanian dinar and the
     Saudi riyal, and to
     allow Iraqi banks to finance trade with Turkey in the euro, after it was limited to use with European Union countries,  in addition to transfers available in currencies.
 
     US dollar,
     UAE dirham,
     Chinese yuan and
     Indian rupee.
 
The bank explained in a statement: 
“This step comes as part of its efforts to expand options for financing foreign trade in various currencies and channels,” indicating that  it has begun taking the necessary measures to meet banks’ requests in these currencies. He pointed out:

 “This expansion of external transfer channels 
     provides transfer operations at the official rate, and
     aims to streamline the transfer and
     involve a larger number of banks in external transfer operations, and
     expand the horizons of economic cooperation between Iraq and other countries,
 
especially in light of the bank’s endeavor to find other channels to meet the volume of The demand for various foreign currencies according to Iraq’s dealings with those countries.”  https://ninanews.com/Website/News/Details?key=1175491   

Specialists Suggest Restructuring Some Banks Similar To Government Ones
 
Economical 12/19/2024  Al-Sabah: Hussein Falih  Experts and specialists in financial and banking affairs stressed the need to redouble efforts aimed at restoring customers’ confidence in banks, stressing that  
this step would absorb the accumulated cash mass and increase the volume of deposits,
 
calling at the same time for the restructuring of some private banks similar to government ones.
 
Financial advisor Abdul Rahman Al-Sheikhli told Al-Sabah: 
The Iraqi banking system was suffering from many problems, especially before 2003 as a result of the lack of private banks,
 
but after 2003 work expanded to establish many banks, but
 
most of them did not keep pace with international systems and standards, so it was You suffer from a lot of problems. Al-Sheikhly added that
 
restructuring
 
during the last year and a half, specifically after the imposition of US Federal sanctions on some banks, all of them began seeking to restore their status in a manner consistent with international standards, stressing the
 
necessity of restructuring some banks in order to be supported by international standards. The financial advisor pointed out the
 
Hoarding money
 
necessity of restoring trust between the banking institution and the customer, as
 
it was lost a long time ago,
 
which prompted citizens to hoard their money outside banking channels for the purpose of preserving its timely disposal, because
 
some private banks due to
 
     circumstances beyond their control,
     mismanagement, and
     other matters.

It kept the citizen away from the banks. The spokesman pointed out

Electronic systems
 
the necessity of 
     moving completely towards automation and the
     use of modern electronic devices in a manner commensurate with the large size and responsibility undertaken by banking institutions, stressing that
 
in the recent period these banks have begun to change their work towards electronic systems according to the government’s directions. Al-Sheikhli explained that the
 
Sound system
 
Prime Minister recently focused on a very important aspect, which is 
     restructuring government banks, first, and
     then private banks, where  
government banks began, especially in the Rafidain Bank, and the 
completion rate for this project reached the range of 74 to 75 percent, and
what remains is only less than 25 percent and perhaps It will be completed soon, so 
we will have a wonderful model of a very sound banking system that we can adopt and emulate in other banking institutions.
 
Serious steps 
For his part, the expert in financial and banking affairs, Mustafa Akram, said in an interview with “Al-Sabah”:  The government has begun serious steps to rehabilitate and develop the Iraqi banking system, as  most banks, especially private ones, suffer from backwardness as a result of monetary policies, indicating that the   government has focused on
 
     automating the work of banks and introducing a
     system Electronic payment in order to develop the Iraqi banking system.
 
Digital transformation
 
It is noteworthy that the Association of Private Banks recently announced an increase in deposits in the banking sector during the last two years, while  indicating the government’s great interest in the recent period regarding digital transformation in general and the shift towards an electronic payment system, and that “during the last two years deposits in the banking sector increased,
 
Nearly 75 percent of the monetary mass is outside the banking system and requires a great effort to motivate citizens, companies, and institutions to use the banking system more, which is what is currently happening, but  this type of work needs to be accelerated to control financial operations in Iraq.    https://alsabaah.iq/107455-.html 

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

Seeds of Wisdom RV and Economic Updates Thursday Morning 12-19-24

Good Morning Dinar Recaps,

GERMANY’S DEKABANK LANDS CRYPTO CUSTODY LICENSE

Germany’s DekaBank has received a bank crypto custody license from German regulator BaFin and the European Central Bank (ECB). We believe Commerzbank was the first German bank licensed last year. However, other major banks have not received licenses, including DZ Bank.

BaFin has issued another 11 crypto custody licenses, mainly for crypto firms. One of them is the digital asset custody subsidiary of Hauck Aufhäuser Lampe Privatbank.

The difference with DekaBank and Commerzbank versus the crypto firms is they are licensed under the Banking Act (KWG).

This is DekaBank’s second new license this year. In July it received a license as a crypto securities registrar for the German issuance of DLT-based digital securities. These crypto securities don’t require a central securities depository (CSD) for issuance.

DekaBank is very active in the digital asset space. It is the founder of SWIAT, the blockchain platform for digital securities in which Standard Chartered and LBBW are also investors. In September Siemens used the platform to issue a €300 million digital bond.

Our understanding is that a crypto custody license is not needed for crypto securities, but is required for cryptocurrencies.

As part of the announcement, DekaBank said this allows the bank to operate throughout Europe under the EU’s MiCAR crypto legislation.

A MiCAR holdup?

We’ve previously reported that there’s a bit of a challenge with MiCAR for German institutions. In October 2023 a draft version of the Supervision of Crypto Markets Act (KMAG) was introduced. It’s the piece of legislation that supplants Germany’s old crypto rules with MiCAR. The problem is this legislation has not been passed and with the collapse of the German ruling coalition, it’s not likely soon.

Hence, while in theory DekaBank’s license will allow it to operate in the EU, we believe that may be subject to the passage of the KMAG law. We contacted DekaBank to confirm, but didn’t receive a response in time for publication.

@ Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

XRP LAWSUIT: JOHN REED STARK SAYS JUDGE TORRES WAS ‘MISTAKEN,’ SLAMS RIPPLE DECISION

The legal battle between Ripple and the SEC has been gaining momentum as the January 15 hearing approaches. John Reed Stark, a former SEC enforcement official and crypto skeptic, recently appeared on Docket Media LLC podcast and opened up about the historic Ripple decisions. He said that the Ripple ruling doesn’t provide broad legal clarity and should only be applied to cases with similar specific facts.

He criticized the Ripple decision, claiming that many people misunderstand the ruling, likely because they haven’t fully read it. He argued that Judge Torres was ‘mistaken on multiple counts, a view shared by other judges who have reviewed the case.

“There’s so many things about the Ripple decision that people get entirely wrong because I don’t think they read it. It’s completely… it’s respectfully to Judge Torres, I think she was mistaken on multiple counts, as does Judge Rakoff and every single other judge that has looked at that decision (thought),” he said.

Stark pointed out that the Ripple decision was twofold. First, he agreed that the initial offering of XRP tokens to sophisticated investors should have been registered as securities to protect those investors. However, Stark disagreed with the decision when it came to the secondary market, where XRP was traded on exchanges.

‘Ripple Decision Created Confusion’

He argued that the lack of a direct relationship between Ripple and retail investors meant they weren’t protected, which he believes is an unfair argument. Stark compared it to buying stocks in companies, where investors don’t have a direct contractual relationship with the company but are still protected under securities regulations.

Stark also criticized the Ripple decision for creating confusion, especially after pro-crypto companies began citing it to argue that tokens were not securities. In response, the SEC sought an interlocutory appeal, hoping to stop the ongoing proceedings. However, the judge rejected the SEC’s request, stating that the Ripple decision could not be used as precedent unless the exact same circumstances were present.

@ Newshounds News™

Source:  CoinPedia

~~~~~~~~~

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 Seeds of Wisdom Team™ Newsletter

Thank you Dinar Recaps