Iraq Economic News and Points to Ponder Saturday Afternoon 12-28-24

The Dollar Continues To Decline Against The Dinar In Baghdad And Erbil At The Closing

Economy  | 12/28/2024  Mawazine News – Baghdad  The dollar price decreased in the markets of Baghdad and Erbil, the capital of the Kurdistan Region, on Saturday, with the closing of the stock exchange.

The dollar price also decreased with the closing of the Al-Kifah and Al-Harithiya stock exchanges, recording 151,500 Iraqi dinars for every 100 dollars, while this morning it recorded 151,600 dinars for every 100 dollars.

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The selling prices stabilized in the exchange shops in the local markets in Baghdad, where the selling price reached 152,500 Iraqi dinars for every 100 dollars, while the purchase price reached 150,500 dinars for every 100 dollars.

In Erbil, the dollar also decreased, where the selling price reached 151,450 dinars for every 100 dollars, and the purchase price reached 151,350 dinars for every 100 US dollars. https://www.mawazin.net/Details.aspx?jimare=257973

Gold Prices Stabilize In Local Markets In Iraq

Economy  | 12/28/2024  Mawazine News – Baghdad  Gold selling prices in local markets in the capital, Baghdad, recorded stability today, Saturday, at the beginning of the last week of 2024.

The price of an ounce of gold recorded $ 2622, while the price of the 21-karat lira recorded 565 thousand Iraqi dinars, and the selling prices of the yellow metal were recorded as follows:

21-karat mithqal at 565 thousand dinars

18-karat mithqal at 485 thousand dinars

22-karat mithqal at 590 thousand dinars

24-karat mithqal at 645 thousand dinars

https://www.mawazin.net/Details.aspx?jimare=257960

Oil Prices Rise In Global Markets

Economy  | 12/28/2024  Mawazine News - Follow-up  Oil prices rose by more than 1%, achieving weekly gains amid weak trading before the end of the year, supported by a larger-than-expected decline in US crude inventories.   Brent crude futures rose 91 cents, or 1.2%, to settle at $74.17 a barrel. U.S. West Texas Intermediate crude rose 98 cents, or 1.4%, to $70.60, with both crudes up 1.4% for the week.   https://www.mawazin.net/Details.aspx?jimare=257953

Exceeding $73 Per Barrel.. Iraqi Oil Ends The Week's Trading On The Rise

Buratha News Agency1522024-12-28  At the end of trading, yesterday, Friday (December 27, 2024), Iraqi oil recorded a price increase exceeding $73 per barrel, coinciding with the rise in global crude.

According to data, Basra Heavy crude recorded $70.19 per barrel, while the average recorded $73.29 per barrel, with a change of -0.16, respectively, for February 2025 delivery.

The data also showed an increase in global crude prices, with British Brent crude recording $74.17, while US West Texas Intermediate crude recorded $70.60 per barrel, with a change rate of +0.98 and +0.90, respectively.    https://burathanews.com/arabic/economic/454352

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More Than A Billion Dollars In Sales From The Central Bank Of Iraq In 4 Days

Banks  Economy News – Baghdad  The total sales of hard currency in US dollars by the Central Bank of Iraq during the days in which the auction was opened during the past week amounted to more than one billion dollars.

During the past week and for the 4 days in which the auction was opened, the Central Bank sold 1 billion, 67 million, 584 thousand, and 729 dollars, at a daily rate of 291 million, 196 million, and 182 dollars, higher than the previous week, when the selling rate reached 289 million, 134 thousand, and 990 dollars.

The Central Bank auction opened its doors on Sunday, Monday, Tuesday and Thursday, after being closed during the official holidays last week, which included Friday, Saturday and Wednesday.

The highest dollar sales were on Monday, when sales reached 296 million, 151 thousand, and 962 dollars, while the lowest sales were on Sunday, when sales reached 284 million, 696 thousand, and 947 dollars.

Foreign remittance sales during the past week amounted to 1 billion, 67 million, 537 thousand, and 979 dollars, an increase of 95% compared to cash sales, which amounted to 46 million, 750 thousand dollars.

82 views  Added 12/28/2024 - https://economy-news.net/content.php?id=51366

Iraq Is The World's First In The Density Of Natural Resources.. A New Vision For Investing Resources

Time: 2024/12/28 Read: 1,118 times  {Economic: Al Furat News} The economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed a new vision for investment in materials in Iraq.

Saleh told {Euphrates News} that: “What the economic policy in our country is looking forward to is thinking outside the box and providing sustainability in the current account surplus of the Iraqi balance of payments through investment expansion in natural resources, manufacturing them and making them ready for export in a way that provides returns that help establish a sovereign wealth fund.”

He added, “The most appropriate model is to generate a sovereign wealth fund {directing its investments towards internal opportunities} and according to a different vision; since our country is ninth in the world in terms of the diversity of its natural resources in the ground and first in the world in terms of the concentration of wealth per square kilometer.”   LINK

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

Stock Market at Breaking Point, What Gets Gold to $4k?

Stock Market at Breaking Point, What Gets Gold to $4k?

Kitco News: 12-27-2024

As 2024 draws to a close, financial markets find themselves at a historic crossroads.

Gold has surged to unprecedented heights, breaching the $3,000 mark for the first time, while Bitcoin has crossed the elusive $100,000 threshold.

This dramatic rise in value has left investors and analysts alike pondering the implications for 2025.

 In an exclusive interview with Kitco News, Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, provides valuable insights into the current state of these markets and the macroeconomic factors at play.

Gold’s ascent is not merely a reflection of its status as a safe haven asset; it has broader implications for the global economy. According to McGlone, the fact that gold has breached $3,000 could signal significant economic shifts.

“Historically, when gold reaches such levels, it often indicates rising inflation, heightened geopolitical tensions, or a loss of confidence in fiat currencies,” he explains. As central banks worldwide embark on a rate-cutting spree, the demand for gold as a hedge against currency devaluation is likely to grow.

Bitcoin’s meteoric rise to over $100,000 raises questions about sustainability. While McGlone acknowledges the cryptocurrency’s growing acceptance and institutional interest, he also cautions against potential volatility.

Key drivers behind Bitcoin’s strength include increased adoption by major financial institutions, ongoing technological advancements, and a burgeoning interest in decentralized finance. However, investors must remain vigilant as the landscape evolves.

The current macroeconomic environment is fraught with challenges, including geopolitical tensions and concerns over stagflation—the combination of stagnant economic growth and rising inflation. McGlone emphasizes the importance of diversification in an uncertain landscape.

Moreover, the prospect of de-dollarization poses a threat to the U.S. dollar’s dominance in global trade.

As we look to 2025, the financial landscape is likely to be shaped by the repercussions of 2024’s unprecedented market movements. Investors will need to be prepared for increased volatility and shifting market dynamics. McGlone suggests that a focus on asset allocation, risk management, and a keen understanding of macroeconomic indicators will be crucial in navigating the year ahead.

In conclusion, 2024 has been a historic year for financial markets, with gold and Bitcoin reaching remarkable new heights. The implications for 2025 are profound, with potential economic shifts that could impact investors globally.

As McGlone aptly puts it, “Staying informed and adaptable will be key to successfully navigating the uncertainties of the coming year.” Don’t miss this essential interview as we delve into the future of financial markets and what lies ahead for investors in 2025.

https://youtu.be/yVIA19_HdOI

Iraq Economic News and Points to Ponder Saturday AM 12-28-24

In Numbers: The Decline In The Value Of The Iraqi Dinar
 
Economy | Yesterday, |Baghdad Today – Baghdad  Today, Friday (December 27, 2024), the economic expert, Manar Al-Obaidi, determined how much the Iraqi dinar has lost its value.
 
Al-Obaidi explained in a blog post followed by “Baghdad Today” that “the value of any currency is determined based on two basic factors, which are the   quantity of the currency issued, which is the total cash pumped by the central bank, and the  size of the reserves, which includes foreign currencies, investments, and gold held.” At the Central Bank.

 He stated, "The situation at the end of 2023, the amount of currency exported reached 101 trillion dinars, and the  value of official reserves reached 145 trillion Iraqi dinars." Al-Obaidi added,
 
"As for the situation at the end of 2024, the amount of currency exported remained at the same level, 101 trillion Iraqi dinars, and the value of official reserves decreased to 139.7 trillion Iraqi dinars."
 
He pointed out, “The impact on the value of the Iraqi dinar.
 
Despite the stability of the exported monetary mass, the decrease in the value of official reserves by 5.3 trillion Iraqi dinars led to a decline in the purchasing power of the dinar.
 
As a result of this decrease in reserves, the actual value of the Iraqi dinar declined by 5.3%.”". Al-Obaidi pointed out,
 
"The continued decline in the actual value of the dinar will lead at some point to an increase in inflation as a result of the decline in the strength of the dinar in exchange for only the reserves.
 
All of this was the average price of Iraqi oil was high, so how will things turn out in the event of a decline in oil prices?"  https://baghdadtoday.news/264779-بالأرقام.-انخفاض-قيمة-الدينار-العراقي.html

Finance: Digital Transformation Has Accelerated The Completion Of Transactions And Reduced The Need For Cash Transactions
 
economy    24-12-2024, 11:51  Baghdad - IA - Wissam Al-Mulla    Today, Tuesday, the Ministry of Finance announced that   it has made great strides in digital transformation and electronic payment, while  indicating progress in the field of automating customs procedures to ensure financial sustainability and diversification of the economy.
 
The representative of the Minister of Finance/Undersecretary of the Ministry, Rebaz Muhammad Hamdan, said in her speech during the fourth annual international scientific conference, entitled (Digital Financial Services - Challenges of Reality and Foreseeing the Future) and attended by the correspondent of the Iraqi News Agency (INA), that
 
“our conference today comes within the government’s efforts to implement... The government program, as digital financial services have witnessed rapid development in recent years, and modern technology has contributed to accelerating the financial process.” 

He added, "The Ministry has made great strides in digital transformation, including financial transfers, electronic payments, online loans, and mobile banking services, which has increased the efficiency of accelerating financial transactions, reducing the need for cash transactions, and providing services to people who cannot access traditional banking services," noting that
 
“Innovation and development in this field were enhanced, ways of cooperation were discussed between relevant authorities in the field of financial technology, and
 
the most prominent solutions related to cybersecurity and future risks in this sector were reviewed and how to take precautions for those risks.” He continued,
 
"The Ministry has advanced in the field of automating customs procedures to ensure financial sustainability and the diversification of the economy in accordance with the principles of integrity, transparency and anti-corruption, and has implemented programs in the Financial and Accounting Training Center to train employees on the use of new digital systems with the aim of enhancing digital skills in the Ministry, improving financial performance and enhancing confidence in the financial system."".      https://www.ina.iq/224332--.html 

Finance: Digital Transformation Has Accelerated The Completion Of Transactions And Reduced The Need For Cash Transactions
 
economy    24-12-2024, Baghdad - IA - Wissam Al-Mulla    Today, Tuesday, the Ministry of Finance announced that  it has made great strides in digital transformation and electronic payment, while  indicating progress in the field of automating customs procedures to ensure financial sustainability and diversification of the economy.
 
The representative of the Minister of Finance/Undersecretary of the Ministry, Rebaz Muhammad Hamdan, said in her speech during the fourth annual international scientific conference, entitled (Digital Financial Services - Challenges of Reality and Foreseeing the Future) and attended by the correspondent of the Iraqi News Agency (INA), that  “our conference today comes within the government’s efforts to implement... The government program, as digital financial services have witnessed rapid development in recent years, and modern technology has contributed to accelerating the financial process.”  He added,
 
"The Ministry has made great strides in digital transformation, including financial transfers, electronic payments, online loans, and mobile banking services, which has increased the efficiency of accelerating financial transactions, reducing the need for cash transactions, and providing services to people who cannot access traditional banking services," noting that
 
“Innovation and development in this field were enhanced, ways of cooperation were discussed between relevant authorities in the field of financial technology, and  the most prominent solutions related to cybersecurity and future risks in this sector were reviewed and how to take precautions for those risks.”

He continued,  "The Ministry has advanced in the field of automating customs procedures to ensure financial sustainability and the diversification of the economy in accordance with the principles of integrity, transparency and anti-corruption, and has implemented programs in the Financial and Accounting Training Center to train employees on the use of new digital systems with the aim of enhancing digital skills in the Ministry, improving financial performance and enhancing confidence in the financial system."".     https://www.ina.iq/224332--.html 

Integration Requirements
 
December 26, 2024   In order to speed up the procedures and complete the
merger transactions for exchange companies (A, B) and brokerage companies that buy and sell all foreign currencies, please provide us with the attached merger requirements.
 
For more, click here.   https://cbi.iq/static/uploads/up/file-173521355168533.pdf
 
https://cbi.iq/news/view/2746   
 
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[ partial and approximate of https://cbi.iq/static/uploads/up/file-173521355168533.pdf ]
 
DATE:  26/12/2024  
 
Exchange companies for the two (8 and 8) under establishment
 
Mediation companies by selling and selling all foreign currencies
 
M/ Integration requirements
 
In order to accelerate procedures and complete the completion of your companies ’integration.
 
Please provide us with the accompanying integration requirements, so that this directorate can proceed with this directorate.
 
Integration without delay or delay, as the delay in completing the requirements of integration will lead to the delay in granting you The final license.
 
You can communicate through the available channels, including the adopted email of this directorate:
Nbfi.supervision@cbi.ig.
 
with appreciation/    To abide by what is mentioned above.

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

Seeds of Wisdom RV and Economic Updates Saturday Morning 12-28-24

Good Morning Dinar Recaps

IRS FACES LEGAL PUSHBACK OVER NEW DEFI COMPLIANCE RULES

▪️Three major crypto advocacy groups have filed a lawsuit against the IRS.

▪️They are challenging its new regulation that classifies DeFi platforms as brokers.

▪️The crypto community and some lawmakers have also criticized the regulation.

Three prominent pro-crypto groups — the Blockchain Association, DeFi Education Fund, and the Texas Blockchain Council — have initiated legal action against the US Internal Revenue Service (IRS).

The lawsuit challenges the IRS and Treasury Department’s recent decision to categorize decentralized finance (DeFi) platforms as brokers, a ruling that has sparked significant controversy within the crypto sector.

IRS Broker Redefinition Triggers Legal and Legislative Issues

On December 27, the IRS finalized new regulations targeting the DeFi industry by expanding the definition of a broker to include decentralized exchanges and other front-end platforms.

This adjustment mandates that these entities report all crypto and other digital asset transactions, including details about the taxpayers involved. Set to be enforced starting in 2027, these regulations aim to enhance transparency in digital asset transactions.

However, the crypto advocacy groups contest that the IRS’s extension of broker status to DeFi platforms overreaches the statutory authority granted to the agency. They also argued that the move infringes upon the Administrative Procedure Act (APA) while deeming the action unconstitutional.

Further, they argue that the rule imposes undue compliance burdens on software developers, particularly those creating trading interfaces. According to them, this could severely inhibit innovation and significantly strain American entrepreneurs.

“The IRS and Treasury have gone beyond their statutory authority in expanding the definition of “broker” to include providers of DeFi trading front-ends even though they do not effectuate transactions.

Not only is this an infringement on the privacy rights of individuals using decentralized technology, it would push this entire, burgeoning technology offshore,” Marisa Coppel, the Head of Legal for the Blockchain Association, said.

Meanwhile, the regulatory change has also provoked a strong reaction from the broader crypto community, with several industry leaders calling for legislative intervention.

Bill Hughes, a lawyer at Consensys, criticized the rule’s release during the holiday season as a strategic move to minimize industry pushback. Similarly, Miles Jennings, General Counsel at a16z Crypto, described the rule as a drastic overreach intended to clamp down on DeFi operations.

Moreover, Alexander Grieve, Vice President of Government Affairs at Paradigm, has urged the upcoming Congress to reassess and possibly reject these new stipulations.

US lawmakers like French Hill and Patrick McHenry have already spoken against the move, suggesting they might oppose it.

“The Biden-Harris Treasury chose to defy both Democrats and Republicans in Congress by finalizing its controversial broker tax reporting rule today. This rule is an overreach by the Treasury, a blatant and poorly crafted attempt to target DeFi, and should never have been finalized in the final days of the Biden-Harris Admin,” Hill stated.

@ Newshounds News™

Source:  Be In Crypto

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9 NEW COUNTRIES WILL OFFICIALLY JOIN BRICS AS PARTNER COUNTRIES (NOT FULL MEMBERS) ON JANUARY 1, 2025.

 Belarus   Bolivia    Cuba   Indonesia   Kazakhstan   Malaysia   Thailand   Uganda   Uzbekistan

@ Newshounds News™

Source:  @BRICSNews

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“Tidbits From TNT” Saturday Morning 12-28-2024

TNT:

Tishwash:  Dagher: I don't understand why we borrow when oil exceeds $70 

Today, economic expert Dr. Mahmoud Dagher criticized the economic policies that push Iraq to borrow despite oil prices exceeding $70 per barrel.

Dagher explained that the external debt exceeded the figures announced according to the World Debt Report, while the internal debt amounted to more than 81 trillion Iraqi dinars, which constitutes an additional burden on the general budget that bears the debt installments and interest, as these costs reach 9 trillion dinars.

He pointed out that the government's continued borrowing lacks any economic justification, especially with the fluctuation of Iraq's GDP as a country dependent on oil revenues, which makes the debt-to-GDP ratio unrealistic or economically feasible.

Dagher concluded his statement by stressing the need to reconsider these financial policies, warning of the repercussions of borrowing on the Iraqi economy if oil prices decline in the future  link

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Tishwash: Chinese Payment Firm enables Iraq's new SuperQi App

Iraq’s Qi and Ant International join forces to launch SuperQi app

SuperQi aims to serve millions of Iraqis, offering a comprehensive suite of services that include scan-to-pay, money transfers, bill payments, loans, mobile recharge and other payment solutions 

Qi, a leading player in Iraq’s fintech sector, has unveiled its groundbreaking third-generation app, SuperQi, in collaboration with Ant International.

Powered by Alipay+ Wallet Tech solutions, SuperQi integrates a digital lifestyle super app with a fully functional digital bank, bringing a new era of financial inclusion and digital services to Iraq.

Since its launch in July 2024, SuperQi has seamlessly fused Western digital banking models with the best practices from Asia’s leading super apps.

Bahaa Abdulhussein, chairman of Qi, said “At Qi, our vision is to build a cashless Iraq by bringing financial services to every corner of our society. SuperQi is a testament to this commitment, simplifying financial transactions and fostering greater inclusivity for all Iraqis.

He added: “Our collaboration with Ant International is not just about advancing digital finance; it represents a transformative leap towards creating a broader digital ecosystem that addresses the needs of the unbanked population.”

Available in Arabic, English, and Kurdish, SuperQi aims to serve millions of Iraqis, offering a comprehensive suite of services that include scan-to-pay, money transfers, bill payments, loans, instalments, mobile recharge, shopping, travel and other payment solutions.

SuperQi also supports Iraq’s expanding financial infrastructure, with over 20,000 point-of-sale merchants and 10,000 cash-out agents.

The app’s accessibility is designed to meet the evolving financial and lifestyle needs of users, targeting over 30 per cent of Iraq’s population by 2026.

Qi has already made significant strides in improving financial inclusion in Iraq. The rate of banked individuals in the country has surged from a mere 5 per cent to nearly 50 per cent in recent years.

By enabling access to banking services through SuperQi, the fintech company aims to further accelerate this shift towards a cashless society.

“With SuperQi, we empower millions of Iraqis with accessible, efficient, and secure solutions, paving the way for a more interconnected, inclusive, and technologically advanced nation,” said Abdulhussein.

Qi focused on an ambitious expansion plan with the launch

With over 11 million cardholders and five million mobile app users, Qi plans to reach over 15 million app users within the next three years.

This is in line with its mission to reshape the way financial transactions occur in Iraq, offering unparalleled convenience for users to take control of their finances.

SuperQi’s impact goes beyond individual users — it is designed to create a thriving ecosystem for businesses as well. The app offers secure and flexible payment solutions, enabling businesses to connect with customers in new, innovative ways.

“The launch of SuperQi is a milestone in Iraq’s journey towards a cashless society,” said Ali Muneam, CEO of Qi. “By bridging the gap for millions who still rely on cash transactions, SuperQi is not just a financial solution, but a key step in modernising our nation’s economy.”

Luay Al Obaidi, chief product officer of SuperQi, emphasised the app’s broad appeal: “SuperQi represents a paradigm shift in how we address the lifestyle and daily needs of our diverse customer base. We invite businesses across Iraq to leverage SuperQi as a platform to deliver their services seamlessly and effectively.”

The app’s integrated features offer everything from digital banking to e-commerce, solidifying its place as a central platform for Iraq’s digital future.

Qi’s collaboration with Ant International has enabled the launch of a powerful financial ecosystem, one that stands poised to unlock new economic opportunities in Iraq’s growing digital landscape.

Committed to a cashless, digital-forward future

From its inception in 2007 to the launch of SuperQi, Qi has been a torchbearer for innovation, leadership, and sustainability. SuperQi signifies a monumental shift in Qi’s vision for fintech’s role in everyday financial management, after being rewarded as the Best Credit Solutions Provider in Iraq, offering a lifestyle super-app providing its users seamless experience all day, every day, for all their payments.

This reflects Qi’s commitment to a bold, cashless, digital-forward future, in line with the visionary goals set by Bahaa Abdulhussein.  link

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Tishwash:  Praising the government's success in attracting investors and capital to the country

As the year 2024 draws to a close, witnessing an urban renaissance that the country has lacked for decades, academics and specialists praised the government’s success in attracting investors and capital to the country, stressing that the security stability enjoyed by the country and the development of the banking system that came in accordance with the government program, pushed the wheel of investment forward.

Safe reality

Professor of Economics at Al-Nahrain University, Sattar Al-Bayati, told Al-Sabah: “In light of the current safe reality and the stability that the country is witnessing, there is a development and urban movement that the country is witnessing according to the government program, and the achievements that occurred during this year with regard to Baghdad, especially in the matter of cleanliness, roads, bridges and projects in various sectors, as well as the bridges that were built or rehabilitated and appeared in a new guise

These are all positive messages sent by the government to investors, whether Iraqis or Arab and foreign investors, that there is a suitable environment for investment in general, especially direct investment in light of the existence of Investment Law No. 13 of 2006 and its amendments, which contain many articles that serve the investor.”

 He pointed out that “there are two types of investment, which are foreign direct investment and indirect foreign investment,” indicating that “indirect investment occurs in the Iraq Stock Exchange, or any stock market or stock exchange.”

 Infrastructure

He added, "The government is counting on direct investment, because it is a real investment that can be made directly in the basic structures or infrastructure that the country needs, such as residential complexes, bridges, hospitals, or universities. Direct investment can invest in all of these."

Great benefit

In turn, economic expert Alaa Al-Fahd told Al-Sabah: “The government has focused on investment aspects and development projects with high economic feasibility,” indicating that “these projects, if completed, will be the gateway and beginning for development projects and investments and attract foreign investment, while greatly benefiting from the state of security and political stability in Iraq.” Al-Fahd confirmed that “there is an investment revolution in Iraq currently.”

Financial capabilities

“Security and political stability can be a gateway for investments in various fields and sectors, such as the services sector, housing sector and infrastructure, and this is one of the government’s priorities,” he added, noting that “this requires consolidating the partnership between the public and private sectors, whether local or foreign, as this is the first stage to gain confidence and move from the socialist state and the government’s implementation of projects, to another new state with the participation of the private sector in projects in which the local private sector can invest according to the existing financial capabilities and infrastructure belonging to the state, and even in the field of managing service facilities and others.”

Big investments

He pointed out that Iraq today has begun to attract very large investments that have so far reached 62 billion dollars, but it needs more than 500 billion dollars in the areas of infrastructure, services and productive projects, in addition to the government’s orientation towards oil transformation industries,” indicating that “these industries in themselves will contribute firstly to achieving self-sufficiency, and secondly, Iraq can be a source of oil derivatives, as well as a source of transformation industries instead of the state having to bear the costs of importing them.” 

Government vision

“There is a government vision for a map of high-priority investment projects, and the government has begun to lay the basic foundations in terms of financial transfer, financial leverage, and financial inclusion, which is one of the largest pillars of investment,” he said, stressing that “investment seeks financial security and financial inclusion, with the presence of a banking system capable of managing the investment process, primarily by providing bank credit, as well as achieving financial security in terms of foreign transfers and relations between local banks.” And foreign.  link

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Mot: .. They Say -- Its Not What You Say - Its What Ya Mean!!! 

Mot... Now This is VERY IMportant!!! to Us All!!!!

What You Could Buy If You Won The Mega Million Jackpot

Here's How Many Taylor Swift Tickets, Iphones and Private Jets You Could Buy If You Won The Mega Million Jackpot

Kate Murphy · Reporter  Yahoo News  Updated Fri, December 27, 2024

The Mega Millions jackpot is more than $1 billion. Here's how many Taylor Swift tickets, iPhones and private jets you could buy if you won. The grand prize drawing will be held Friday at 11 p.m. ET.

The Mega Millions jackpot shot to $1.22 billion this week — the seventh time in Mega Millions history that the jackpot has surpassed the billion-dollar mark.

While a sizable tax bill would knock down the jackpot’s amount considerably, we took a look and opted to use $1 billion to illustrate the full scope of the prize.

Several Stadiums' Worth Of The Most Expensive Taylor Swift Tickets

Ticket prices for Taylor Swift’s "Eras Tour" varied by location and date. When the tour went live in Glendale, Ariz., in 2023, the average ticket price there was $529. But at Lucas Oil Stadium in Indianapolis, the average ticket expense was $3,071, making it the most expensive location, according to USA Today. At that average ticket price, the Mega Millions jackpot winner could afford to buy 325,626 tickets, or buy out the 70,000-seat stadium 4.7 times.

More Arizona Iced Tea Cans Than Jackpot Dollars

A $1 billion jackpot could buy more than 1 billion cans of AriZona tea. You read that right. For more than three decades, the company has consistently kept the brand’s 23-ounce cans at 99 cents. The founder, Don Vultaggio, spilled the tea on the consistent price in an interview with NBC’s Today show earlier this year.

"We're successful, we're debt free, we own everything," Vultaggio said. "Why have people who are having a hard time paying their rent pay more for our drink? Maybe it's my little way to give back."

However, retailers and business owners have the right to set their own prices. That’s why you may pay more than the can’s suggested 99-cent price at a place like a gas station.

TO READ MORE:  https://finance.yahoo.com/news/keep-quiet-heres-know-win-232828281.html

“Tidbits From TNT” Friday 12-27-2024

TNT:

Tishwash:  Iraq establishes 'investment portfolio' to support stability of national currency

The economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed Iraq’s first step after extinguishing its foreign debts towards establishing an investment portfolio to support the stability of the national currency.

Saleh explained to {Euphrates News} that: "Since 2004, after Iraq was able to extinguish $100 billion of its accumulated debts, known as pre-1990 debts resulting from wars and conflicts, and with the improvement in the current account of the balance of payments, the first step taken by Iraq was to establish an investment portfolio of foreign reserves."

He added, "Or what is called the country's foreign exchange reserves that perform the function of stabilizing the value of the national currency or what is called the external value of money."

Saleh said that "these assets that support the stability of the balance of payments and the national currency {i.e. foreign reserves} are one of the aspects of the sovereign funds called {quasi-sovereign wealth fund}."

He pointed out that "they differ from traditional sovereign funds in that their assets are characterized by high liquidity or investment in liquid or semi-liquid assets and are subject to a highly accurate diversification rule in foreign currencies and highly liquid financial investment tools by virtue of their function as international reserves supporting the balance of payments and stabilizing the value of the national currency."  link

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Tishwash:  Call to re-evaluate the cost of oil production in Kurdistan under the supervision of an international auditing firm

The economic expert, Safwan Qusay, called for a re-evaluation of the cost of oil production in Kurdistan under the supervision of an international auditing company.

Safwan told {Euphrates News} that: "The House of Representatives is supposed to, with the arrival of the budget schedules from the government to the parliament presidency, assign the Finance Committee to study them in order to approve them faster to avoid the agreement in 2025."

He added, "There is an urgent need to restore the cost of producing a barrel of oil from the Kurdistan Region's fields and raise this number under the supervision of an international auditing company to $16 or something commensurate with this cost, and for the region to pledge to deliver more than 400,000 barrels to SOMO."

Safwan pointed out that "amending the article related to exporting Kurdistan oil includes increasing the cost by $6 at the level of all oil fields in Iraq, and this rate can be reduced in some governorates to $2, and the transfer can be enhanced for the purpose of financing $16 from the Ministry of Finance to the region."
 
"There is a desire in China next year to double the total production, meaning we expect an increase in Iraqi oil consumption, which may give importance to increasing the value, thus the possibility of canceling the voluntary cuts by OPEC and returning the pumping of Iraqi oil to its normal production rates of 4 million and 500 thousand barrels of oil per day," he added. 

Regarding the industrial city project in Basra, Safwan explained, "After completing the population census, we have a clear map of the deficit in housing units of no less than two million and 500 thousand housing units that are supposed to be built, and the demand for iron will increase with the presence of service projects and the necessity of establishing a train system."

He stressed "the need to develop the iron and steel industry in Iraq to move to the steel industry and create an economic partnership with companies that depend on iron and steel, whether in the housing sector or cars and other iron products," considering economic diversification "an important step taken by the government to rehabilitate the private sector, which suffers greatly."

Regarding the fluctuations in the dollar price and its impact on citizens, Safwan said, “The Central Bank of Iraq still has ambitions to modernize the banking systems and involve the largest possible number of banks in the process of financing foreign trade by reclassifying them and linking them to a system of international correspondents; but these efforts alone will not be able to control the exchange rate. We need to invest in technology at the border crossings.”   link

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Tishwash:  The International Development Bank announced, today, Thursday, the introduction of an electronic payment mechanism for entertainment services. 

The International Development Bank announced, today, Thursday, the introduction of an electronic payment mechanism for entertainment services. 

The bank's management said in a statement received by the Iraqi News Agency (INA): "The bank has entered into a strategic partnership with the 1001 application, which represents a new step towards achieving a shared vision in enhancing support for youth by providing an entertainment service and an integrated social experience through the use of electronic payment tools and bank cards."

It added, "This came with direct support and utmost importance from the Chairman of the Board of Directors of the International Development Bank, Ziad Khalaf; In order to encourage the use of legal digital content within Iraq, which contains a comprehensive store for the Iraqi public. This contract also contributes to enhancing digital entertainment and participation among youth in supporting sports culture and using payment via electronic cards.

" It stated, "Through this partnership, we seek to provide direct access to the digital, diverse and comprehensive content of the T0D/1001/bein sport/OSN+/lalega/Spanish League libraries, the English Premier League, the European Champions League, the German League, Formula 1, the NBA Basketball League and tennis tournaments," explaining that "this partnership represents a true reflection of our shared values ​​in enhancing quality, providing the best and keenness to achieve excellence in everything we offer. link

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Mot:  What to appear 

Mot:  . Ever Wonder How Santa Pays fer da Toys!!!!! 

Iraq News Highlights and Points to Ponder Friday AM 12-27-24

Foreign Policy: Demographic Gift Will Make Iraq A “Global Economic Power” With Washington’s Help

Translated reports |Today  Baghdad Today – Translation  The American newspaper Foreign Policy, which is close to the White House, published a report today, Friday, December 27, 2024, on the population census prepared by the Iraqi government, stressing that the results of the census must be respected by all political parties in Iraq to prevent "dire consequences" and pave the way for "huge investment."

The newspaper said, according to what was translated by "Baghdad Today", that Iraq, which is now enjoying a "demographic gift" as a result of the high percentage of youth among its population, which has reached sixty percent, must invest properly by implementing plans and making decisions that improve the Iraqi economy and raise "investment and entrepreneurship rates and integrate the young workforce into the private sector through government initiatives that guarantee investment," according to its description.

She continued, "The United States must help the Iraqi government to exploit the demographic gift correctly and achieve appropriate economic investment in it to prevent the severe damage that Iraq will be exposed to, and consequently the United States and its interests in the country, if it fails to do so," noting that failure to invest the demographic gift correctly will lead to "high rates of unemployment, crime, and political and security instability."

The network also confirmed that Iraq would be a "huge regional and international economic power if it exploited its demographic gift as East Asian countries did, achieving what was known at the time as their economic miracle during the nineties by exploiting the youth and their high percentages in society."

The Foreign Policy report concluded by stressing that the Iraqi government, along with Washington, must ensure that Baghdad succeeds in exploiting its demographic gift during the coming period, stressing that the real test of the Iraqi government and regime’s ability to lead the country in a correct manner that guarantees continued international support will be after the announcement of the final results of the census expected during the next month.

On November 20 and 21, 2024, Iraq conducted a comprehensive population and housing census, including the Kurdistan Region, the first since 1987.

The Iraqi government announced the preliminary results of the census on the 25th of last month, where the population of Iraq reached more than 45 million people, including foreigners and refugees, and the percentage of the population of working age (15-64 years) reached 60.2%, so that Iraq has entered the demographic gift stage with the percentage of the population of working age reaching 60%.   LINK

Policy   Al-Ekti: There Is No Real Will To Pass The Oil And Gas Law

Information/Baghdad...  On Friday, the member of the Patriotic Union of Kurdistan, Burhan Sheikh Raouf, confirmed that there is no real will to pass the oil and gas law and legislate it in parliament, despite the existence of an agreement in the State Administration Coalition to legislate it within 9 months of the beginning of Al-Sudani’s rule.

Sheikh Raouf told Al-Maalouma, "The Patriotic Union of Kurdistan seeks and stands by resolving all the problems between Baghdad and Erbil and passing the oil and gas law by the House of Representatives."

He added, "There is a need for an oil and gas law and finding solutions to the oil problems between Baghdad and Erbil according to the legal and constitutional frameworks and in cooperation and coordination between the federal and Kurdish governments."

He explained that "the delay in approving the oil and gas law is due to the lack of a real will to legislate it, despite the existence of an agreement within the State Administration Coalition to pass this law within 9 months of the formation of Al-Sudani's government, but the situation did not proceed as agreed upon." End 25N  LINK

What Is The Size Of The Budget Deficit Until Last October?

Money and business  Economy News – Baghdad   Economic expert Nabil Al-Marsoumi revealed, today, Friday, the size of the budget deficit until last October.

Al-Marsoumi said in a tweet followed by "Al-Eqtisad News", "Although the general average of oil prices in the past period was around $73 per barrel, the Iraqi budget until last October recorded a real deficit of 16 trillion dinars after public expenditures rose with advances to about 140 trillion dinars compared to 124 trillion dinars for public revenues."

 The economic expert pointed out that "a large part of this miracle was covered through domestic borrowing, which rose at the end of last October from 70 to 80 trillion dinars." Views 69  12/27/2024 - https://economy-news.net/content.php?id=51339

Uncertainty over the 2025 budget.. Parliament: We don't know anything about it yet

Baghdad Today – Baghdad  Member of Parliament Ahmed Al-Sharmani explained today, Thursday (December 26, 2024), that Parliament does not know anything about the 2025 budget schedules, suggesting that the government is deliberately delaying sending it.

Al-Sharmani said in an interview with "Baghdad Today", "According to the Financial Management Law, the budget or its schedules must reach the House of Representatives at the end of the month (10) of each year, and any delay in doing so is considered a legal violation, especially since this violation has been repeated for many years."

He explained that "the 2025 budget tables are not known to the House of Representatives so far, and the delay in sending them is a violation, and there is no specific date for sending those tables."

Al-Sharmani added, "Perhaps the government will link sending the tables with amending the law proposed in Parliament, and this will delay sending the tables for a long time due to disagreements over the origin of the amendment."

MP Jawad Al-Yassari confirmed on December 19, 2024, that political differences over amending the budget law will delay voting on the 2025 budget schedules, indicating that “the Iraqi government is waiting for Parliament to amend the budget law, so that it can send it the schedules for 2025 according to the amendments.”

It is noteworthy that Member of Parliament Mustafa Al-Karaawi announced on December 8, 2024, the postponement of the second reading of the amendment to the General Budget Law until after the legislative holiday.   LINK

Uncertainty Over The 2025 Budget.. Parliament: We Don't Know Anything About It Yet

Baghdad Today – Baghdad   Member of Parliament Ahmed Al-Sharmani explained today, Thursday (December 26, 2024), that Parliament does not know anything about the 2025 budget schedules, suggesting that the government is deliberately delaying sending it.

Al-Sharmani said in an interview with "Baghdad Today", "According to the Financial Management Law, the budget or its schedules must reach the House of Representatives at the end of the month (10) of each year, and any delay in doing so is considered a legal violation, especially since this violation has been repeated for many years."

He explained that "the 2025 budget tables are not known to the House of Representatives so far, and the delay in sending them is a violation, and there is no specific date for sending those tables."

Al-Sharmani added, "Perhaps the government will link sending the tables with amending the law proposed in Parliament, and this will delay sending the tables for a long time due to disagreements over the origin of the amendment."

MP Jawad Al-Yassari confirmed on December 19, 2024, that political differences over amending the budget law will delay voting on the 2025 budget schedules, indicating that “the Iraqi government is waiting for Parliament to amend the budget law, so that it can send it the schedules for 2025 according to the amendments.”

It is noteworthy that Member of Parliament Mustafa Al-Karaawi announced on December 8, 2024, the postponement of the second reading of the amendment to the General Budget Law until after the legislative holiday.   LINK

Seeds of Wisdom RV and Economic Updates Friday Morning 12-27-24

Good Morning Dinar Recaps,

RUSSIA USES BITCOIN TO AVOID SANCTIONS, FINANCE MINISTER SAYS

Russia has begun using Bitcoin to avoid Western sanctions, according to the country’s Finance Minister Anton Siluanov. In a TV interview this week, the FM confirmed the country is now using cryptocurrency to make and receive international payments, thanks to a new law.

The Kremlin last month created an experimental legal framework for cryptocurrency miners. It included a provision whereby approved entities can use crypto for international trade.

 Russia is one of several countries in BRICS that are embracing crypto, especially Bitcoin. Russia in particular has embraced the new digital ruble, and now has Bitcoin as a new alternative to fiat currency.

Additionally, the new Bitcoin law is a benefit for Russian energy companies. Now, the companies can sell to a power-hungry group of domestic bitcoin miners, in an industry that continues to grow. While not all countries that Russia does deals with cater to crypto yet, being one of the first in the region to embrace Bitcoin is a huge step.

In the realm of de-dollarization, Russia’s decision to use Bitcoin in trade is also a plus. While Russia claims that the BRICS bloc is not trying to rid the world of the greenback, the USD is still a rival Russia hopes to overshadow soon. Bitcoin is becoming a more popular alternative to USD and fiat. Even the US is considering a Bitcoin reserve for the greenback’s safety net.

Earlier this year, State Duma deputy Anton Tkachev proposed a Bitcoin Reserve in Russia to protect against Western sanctions. The move goes hand-in-hand with this new law allowing Russia to trade internationally with BTC. 

Furthermore, Tkachev told Finance Minister Anton Siluanov that cryptocurrencies are “virtually the only instrument for international trade” under current restrictions. Russia’s newest law could create a challenge for President-elect Donald Trump as well.

The incoming US president is both a crypto supporter and advocate for U.S. dollar dominance and faces challenges from Putin and Russia. Therefore, his support of both BTC and Fiat could create a conflict in the future.

@ Newshounds News™

Source:  Watcher Guru

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LAWMAKERS PREPARE TO INTRODUCE NEW CRYPTOCURRENCY REGULATIONS IN 2024

▪️U.S. Congress prepares to introduce new cryptocurrency regulations in 2024.

▪️Legislation focuses on stablecoins and market structures like FIT21.

▪️Future approval of these bills depends on congressional priorities in 2025.

@ Newshounds News™

Read More:  Coin-Turk

~~~~~~~~~

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MilitiaMan & Crew Iraq Dinar News-Iraqs Wealth Fund-National Currency-Arab World Volume Trading-Iraq up 131%-Why?

MilitiaMan & Crew Iraq Dinar News-Iraqs Wealth Fund-National Currency-Arab World Volume Trading-Iraq up 131%-Why?

12-26-2024

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=JOuI3DdGFBE

Iraq Economic News and Points to Ponder Thursday Evening 12-26-24

Iraq Establishes 'Investment Portfolio' To Support Stability Of National Currency

Time: 2024/12/26 Read: 1,612 times   {Economic: Al Furat News} The economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed Iraq’s first step after extinguishing its foreign debts towards establishing an investment portfolio to support the stability of the national currency.

Saleh explained to {Euphrates News} that: "Since 2004, after Iraq was able to extinguish $100 billion of its accumulated debts, which are called pre-1990 debts resulting from wars and conflicts, and with the improvement in the current account of the balance of payments, the first step taken by Iraq was to establish an investment portfolio of foreign reserves."

He added, "Or what is called the country's foreign exchange reserves that perform the function of stabilizing the value of the national currency or what is called the external value of money."

Saleh said that "these assets that support the stability of the balance of payments and the national currency {i.e. foreign reserves} are one of the aspects of the sovereign funds called {quasi-sovereign wealth fund}."

He pointed out that "they differ from traditional sovereign funds in that their assets are characterized by high liquidity or investment in liquid or semi-liquid assets and are subject to a highly accurate diversification rule in foreign currencies and highly liquid financial investment tools by virtue of their function as international reserves supporting the balance of payments and stabilizing the value of the national currency."  LINK

Parliamentary Finance Committee Settles The Matter: The Dollar Exchange Rate Will Not Change

Money and business  Economy News – Baghdad  The Parliamentary Finance Committee revealed the numbers of employees, retirees and social welfare beneficiaries, confirming that their salaries are fully secured for next year, with no intention to change the dollar exchange rate.

Committee member, Moeen Al-Kazemi, stressed the "need to increase non-oil revenues to ease the burden on the general budget."

Al-Kadhimi stressed that "the government is working to increase revenues from non-oil sources such as taxes, customs, the Communications and Media Commission, and profitable companies in state departments, in addition to collecting water, electricity and other services."

He pointed out that "non-oil revenues could reach 30 trillion dinars in 2025, in addition to 120 trillion dinars of oil revenues, which makes the total revenues sufficient to secure the salaries of 4.2 million employees, and the salaries of 3.5 million retirees," noting that "the allocations for these salaries amounted to 65 trillion dinars in 2024, and it is expected that there will not be a significant increase during the next year."

Al-Kadhimi also explained that "the number of beneficiaries of social care will reach 5 million beneficiaries," stressing "the importance of following a sound financial policy to increase non-oil revenues and ensure financial stability, while maintaining the dollar exchange rate without change."333 views  Added 12/26/2024 - 3:33 PM  https://economy-news.net/content.php?id=51320

Dollar Exchange Rates Rise In Baghdad Markets On Thursday Morning

Time: 2024/12/26 Read: 1,677 times  {Economic: Al Furat News} The US dollar exchange rate rose this morning, Thursday, in Baghdad markets.    The prices are as follows..

The selling price is 153,000 dinars, while the purchase price is 151,000 dinars per 100 dollars. LINK

The Iraqi Market Trades Shares Worth More Than 6 Billion Dinars In A Week

Stock Exchange  Economy News – Baghdad  The Iraq Stock Exchange announced that it traded shares worth more than 6 billion dinars during four trading sessions until Thursday.

The trading session was not organized yesterday, Wednesday, as it was an official holiday.

According to trading indicators, the number of shares traded during this week amounted to more than 7 billion shares, with a financial value of more than 6 billion dinars.

The ISX60 index closed the first session of the week at (1076.99) points, while the index closed at the end of the week at (1059.19) points, achieving an increase of (1.65%) over its closing at the beginning of the session.

The ISX15 index closed the first session of the week at (1179.37) points, while the index closed at the end of the week at (1159.41) points, achieving an increase of (1.69%) over its closing at the beginning of the session.

During the week, (3033) purchase and sale contracts were executed on the shares of companies listed on the market.

98 views  Added 12/26/2024 - https://economy-news.net/content.php?id=51319

Gold Prices To Rise Significantly... First Predictions In 2025

Economy | 12/25/2024  Mawazine News – Baghdad  American financial expert and investment advisor, Jim Willey, predicted that the year 2025 will witness geopolitical tensions that will lead to a significant rise in gold prices, expecting that an ounce of gold will reach $3,100 in 2025.

Willey wrote in a post on his account on the social networking site “X”, saying: “Gold has been a symbol of wealth and security for centuries, but today it is no longer just a shiny metal, but has become a shield against economic collapses, geopolitical chaos, and reckless financial policies of governments,” noting that there is no need to refer to history books to confirm this fact, which can be seen by simply taking a look at the current reality.

“In the past, a $20 gold coin could buy you a suite at the Plaza Hotel in New York, buy you a high-quality suit, or get you a steak dinner. Today, the same $20 bill can buy three people coffee at Starbucks. Has gold changed? No, gold is still a one-ounce piece of precious metal. What has changed is the purchasing power of paper money, which makes this story one of the most tragic lessons in economic history,” the financial expert explained.

The financial expert touched on the issue of the price of gold in 2025, saying that “historically, every major rise in gold prices has been linked to two main factors: economic instability and geopolitical tensions.

Now, both of these factors are reaching new highs, and no one would be surprised to see gold rise to $3,100 in 2025.”

“Another solid fact about gold is that it thrives in chaos and uncertainty,” Wiley believes. “If world leaders abandon war-mongering and seek lasting peace, gold prices will indeed fall. But let’s be realistic, what about peace? It’s just a nice dream.”

According to Wiley’s predictions, 2025 will see major geopolitical shifts in the world, economic turmoil and financial system disruptions. US economic policies, China’s global strategies and the BRICS experiment with gold-backed currencies will play pivotal roles in shaping gold’s trajectory, and ultimately gold will remain the stable safe haven it has always been.

The financial expert concluded his outlook for the coming year by emphasizing that the future of gold prices is uncertain, but one thing is clear: as long as governments refuse to balance their budgets and continue to engage in geopolitical brinkmanship, gold will not only remain an investment but also a lifeline of stability. Paper currencies will always falter in the face of gold’s enduring resilience, and this is one of the most unchanging truths of humanity.

https://www.mawazin.net/Details.aspx?jimare=257892

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

The Next Big Catalyst for Gold will be a Stock Market Crash

Mike McGlone: The Next Big Catalyst for Gold will be a Stock Market Crash

Palisades gold Radio:  12-26-2024

Tom welcomes Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, to discuss commodities and their prospects for 2025.

McGlone acknowledges challenges such as lower oil and grain prices, harming producers due to a global surplus and decreasing Chinese demand driven by electric vehicle adoption. He anticipates continued declines in industrial metals like copper and explores geopolitical risks, particularly market implications of tensions between the US and adversaries - China, Russia, North Korea, and Iran.

McGlone suggests gold as a prudent investment due to its performance during volatile markets when stocks and Bitcoin underperform.

McGlone discusses technological advancements and their impact on the economy. He suggests an investment strategy of rotating between gold and Bitcoin at highs and lows based on their current divergence in performance.

McGlone expresses concerns over Bitcoin's excessive ETF inflows as a sign of market speculation.

Regarding silver, he suggests the silver-gold ratio should be higher based on volatility and historical patterns, with potential implications if China buys silver through ETFs to address economic challenges.

Anticipating potential corrections in the US stock market, increased unemployment, and bond yield issues could lead to a different silver-gold ratio.

Time Stamp References:

0:00 – Introduction

 0:47 - Commodities in 2025

3:22 - Global Demand Decline

5:08 - U.S. & China Deficits

10:38 - Commodities & Tariffs

 16:34 - Bitcoin 'Indicator'

20:22 - Tether & Treasuries

26:07 - Gold/Bitcoin Ratio

 30:28 - ETF Demand & Flows

33:16 - Market Correction?

37:04 - 2025 Gold Target

39:42 - Thoughts on Silver

42:25 - Concluding Thoughts

43:45 - Wrap Up

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

Seeds of Wisdom RV and Economic Updates Thursday Morning 12-26-24

Good Morning Dinar Recaps,

BRICS TO DITCH US DOLLAR FOR GOLD-BACKED CRYPTOCURRENCY

Over the last year, the BRICS bloc’s ongoing de-dollarization efforts have been a focal point. The collective has sought to limit Western hegemony and establish itself on the grander world stage. Amid its ongoing pursuits, could the BRICS bloc be in line to ditch the US dollar for a gold-backed cryptocurrency?

The economic alliance has been stashing gold reserves for much of 2024, with many believing it could be for its own trade currency. Although the bloc has affirmed that it has no interest in a native currency, it has shown a recent embrace of cryptocurrency. Both could converge on a perfect answer for its ongoing greenback dilemma.

BRICS Cryptocurrency? Why Alliance Could Build Combine Gold & Bitcoin to Take Down US Dollar

The last two years have seen the global south continue to champion the term de-dollarization. Indeed, the economic alliance has sought greater ways to limit Western economic dominance. Throughout last year, the emergence of a BRICS currency has been the focal point of that.

Now, that pursuit has taken center stage. With Donald Trump emerging victorious in the 2024 presidential election, he has threatened 100% tariffs on nations abandoning the dollar. Truthfully, that presents BRICS with one true option: double down or abandon the idea.

To this point, they have opted for the former. But it may not stay that way, as BRICS could ditch the US dollar with a gold-backed cryptocurrency. Although the bloc has not yet announced such an idea, its maneuvering does favor its presence.

For the last two years, the bloc has ferociously accumulated gold reserves. That was supposed to be for an alliance trade settlement currency. Moreover, in 2024 they have opted to dial back opposition to the cryptocurrency sector. Earlier this month, Russian President Vladimir Putin said that no one could control Bitcoin.

That appeared to show his favor of the currency. Nations like China have followed suit, with many believing both could soon embrace digital assets. With an AI and technology alliance being formed under BRICS, blockchain technology could soon be at the forefront.

That would not stop the bloc from developing its very own currency that combines both matters. It would illicit some issues with the West but would also fast-track its ongoing de-dollarization plans. Moreover, it would establish BRICS as a clear global force.

@ Newshounds News™

Source:  Watcher Guru

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@ Newshounds News™ will be running only one Newsletter input to Dinar Recaps through the New Year.  Visit our Telegram rooms, Website and Youtube Channel for RV related learning material, podcasts. documents, projects, news and more.  Links below! 

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