Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 1-14-25

Good Afternoon Dinar Recaps,

BRICS NEWS:  ANALYSTS PREDICT THE FUTURE OF BRICS CURRENCY

The BRICS alliance is working on the formation of a new currency to challenge the US dollar’s global prospects. The bloc aims to dethrone the US dollar from the world’s reserve currency and usher into a new financial era.

The bold idea is pushed most by members China, Russia, and Iran, as their economies are hampered by the US. The White House pressed sanctions on Russia and Iran and both countries are seeking an alternative currency.

On the other hand, China seeks global domination through BRICS and the launch of a new currency will boost its prospects.

On the contrary, India is against the idea as their leaders have openly supported the US dollar. India’s Foreign Minister S. Jaishankar repeatedly said that they need the US dollar and will not sideline it for trade. The statement highlights the stark differences and ideas among the member nations of the nine-country alliance.

Decoding the Future of BRICS Currency, Analysts Share Their Opinions

Two financial analysts decoded the future of the BRICS currency and shared their opinions about its prospects in the global markets. However, both strategists believe that the contrasting ideas among BRICS members will make the currency a disaster in the forex markets.

“In my mind, there are issues between those countries that make up the BRICS community,” says Michael Diaz, Global Managing Partner of Diaz, Reus & Targ, based in Miami. 

“I don’t believe that they will settle on a unified currency because they all have national security concerns. They could move to digital Bitcoin, but because of the individualized interests of those countries, I don’t see it as a risk to the US dollar,” he said.

Another analyst, Monteiro de Carvalho, a partner at Monteiro & Weiss Trade said that he does not believe BRICS currency can challenge the US dollar. 

“The very cohesion of BRICS ultimately favors a more fragmented international trade profile into competing blocs. Within BRICS, China acts as a globalizing agent, with its initiatives primarily aimed at opening markets for its products and companies. In the global context, this stance contrasts with countries that have adopted more protectionist measures,” he said.

@ Newshounds News™

Source:  Watcher Guru

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BLACKROCK LAUNCHES CANADIAN BITCOIN ETF WITH DUAL-CURRENCY TRADING OPTIONS

BlackRock has launched its first Canadian Bitcoin ETF, offering dual-currency trading options amid market fluctuations and outflows in the U.S. Bitcoin ETF sector.

▪️BlackRock has launched its iShares Bitcoin ETF (IBIT) on Cboe Canada, offering both CAD and USD trading options and providing Canadian investors easier access to Bitcoin exposure

▪️The fund invests primarily in the U.S. iShares Bitcoin Trust ETF and allows investors to hold Bitcoin exposure in tax-advantaged accounts through traditional brokerage platforms

▪️Treasury Secretary nominee Scott Bessent plans to divest his BlackRock Bitcoin ETF holdings before Trump’s inauguration to comply with Federal ethics guidelines

▪️The U.S. iShares Bitcoin ETF has accumulated $52.7 billion in assets under management, though it recently experienced a record-high outflow of $333 million on January 2, 2025

▪️Bitcoin spot ETFs saw collective outflows of $313.6 million on Monday, with Bitcoin trading around $95,000 at press time

Helen Hayes, Head of iShares Canada at BlackRock, explained the practical benefits of the new fund. “The iShares Fund provides Canadian investors with a convenient and cost-effective way to gain exposure to Bitcoin and helps remove the operational and custody complexities of holding Bitcoin directly,” she said.

@ Newshounds News™

Read More: Blockonomi

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JPMORGAN PROJECTS $3–$8 BILLION INFLOWS FOR POTENTIAL XRP ETF

▪️JPMorgan predicts that spot-based XRP ETF could see inflows of between $3 billion and $8 billion.

▪️Anticipation for XRP ETF approval is rising as multiple applications await the SEC’s verdicts.

▪️Ripple’s increasing usage and payment role make XRP a strong candidate for an ETF product.

JPMorgan, a leading global financial institution, has estimated that a spot-based XRP ETF may see flows of $3 billion and $8 billion. The financial giant based this approximation on the performance of Bitcoin and Ethereum ETFs that started in the market last year.

Spot ETFs have gained much popularity in the crypto market and represent about 8% of Bitcoin’s total market capitalization, which is now $1.81 trillion. Nonetheless, Ethereum ETFs have comparatively lower penetration at 3%, but the trend is still likely to experience an increase in future inflows.

According to JPMorgan, an XRP ETF is expected to have a similar market impact as Bitcoin ETFs. Similar levels of success are also expected from Solana-based ETFs. This will also stress the growing interest in diversified cryptocurrency ETFs among institutional and retail investors.

Industry players compete for approval

Increasing adoption and use of XRP in payment solutions add more weight to the crypto’s suitability for an ETF. Currently, there are already some applications for the XRP spot ETF being filed by some industry participants including Bitwise and WisdomTree. The competition has been further intensified especially after the emergence of positive results in Bitcoin and Ethereum ETFs.

As previously reported by Cryptopolitan, Ripple President Monica Long stated an XRP ETF may be launched right behind Bitcoin and Ethereum products. Her remarks are in line with the market sentiment that the prospect of an XRP spot ETF being approved has risen considerably.

Nate Geraci, a well-known expert in the ETF market, also noted that an XRP spot ETF could be approved within the year. This would be a great boost to Ripple and would also provide a lot of credence to the XRP token as a key digital currency in the market.

While XRP has been garnering much attention, BlackRock, the world’s largest asset manager, has ruled out plans to apply for more altcoin ETFs at this time. The company continues to concentrate on its Bitcoin ETF, which has made it a leading player in the cryptocurrency investment market.

Ripple’s executives have also been making headlines. Ripple CEO Brad Garlinghouse, the Chief Legal Officer Stuart Alderoty, and the U.S president-elect, Donald Trump, held a meeting that set speculations on possible friendly policies towards XRP. Even without any details about the meeting, the crypto community has considered this a positive sign.

The further expansion of the Ripple ecosystem has also added more wind to XRP’s sails. The RLUSD, a stablecoin issued on the XRP Ledger, is used to enhance the options of settlements on the XRP Ledger. The adoption of the XRP Ledger is expected to grow due to RLUSD improving cross-border transaction efficiency.

XRP price update

At the time of writing, XRP is trading at $2.47, a decrease of 3.28% in 24 hours.

@ Newshounds News™

Read more: Cryptopolitan

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BRICS vs. the Dollar, Clarifications, Threats, and Global Economic Dynamics

BRICS vs. the Dollar, Clarifications, Threats, and Global Economic Dynamics

Geopolitical Analyst:  1-14-2025

As the global landscape shifts, the BRICS nations are making it clear: their move towards de-dollarization isn’t a hostile act against the US, but a pragmatic response to what they perceive as Washington’s flawed monetary policies.

 Russian Deputy Foreign Minister Sergey Ryabkov, acting as Russia’s sherpa in BRICS, stated in a recent interview with TASS that they are prepared to explain this stance to US President-elect Donald Trump.

Ryabkov emphasized that BRICS is not seeking to dethrone the dollar as the world’s reserve currency. Instead, their actions are a direct consequence of what they consider “irresponsible and fundamentally flawed policy” emanating from Washington.

 He went on to highlight that these policies have persisted across multiple administrations, including Trump’s first term, suggesting a systemic issue rather than a personal attack on any particular leader.

This pointed critique comes amidst discussions about BRICS’ increasing efforts in local currency trade and their exploration of alternative financial mechanisms. While these moves are often interpreted in the US as a direct challenge to the dollar’s dominance, Ryabkov frames it as a necessary step taken to mitigate the risks associated with the perceived volatility and unpredictability of US monetary policy.

The message is clear: BRICS nations feel they are being forced to seek alternatives to protect their economies. They are not proactively attacking the dollar; they are reacting to circumstances they feel are largely dictated by Washington’s actions.

This echoes the sentiment expressed by Russian President Vladamir Putin, which Ryabkov summarized as, “They are biting the hand that feeds them.” This quote suggests a frustration within BRICS that the very policies the US pursues are ironically pushing other nations away from the dollar, and ultimately, potentially destabilizing the US’s own influence.

The willingness of BRICS to engage in dialogue with Trump is significant. It suggests a desire to clarify their position, avoid misinterpretations, and potentially find a path towards a more stable and predictable global financial system. It also indicates that they see an opportunity in a new Trump presidency to renegotiate, if not their financial independence, then at least a re-evaluation of US monetary policy.

The conversation is likely to be complex, requiring a frank and honest assessment of global financial realities. For the US, this means acknowledging that its policies have consequences beyond its own borders. For BRICS, it requires a clear and consistent message that outlines their intentions and avoids being portrayed as aggressively anti-dollar.

Ultimately, this situation presents an opportunity for both sides to reassess their approach and work towards a system that benefits all. The alternative is an increasingly fragmented global financial landscape, where the dollar’s long-standing dominance may be slowly eroded not by direct confrontation, but by a quiet retreat to safer, more predictable alternatives.

The message from BRICS is clear: they are not looking to undermine the dollar, but they are certainly looking for alternatives to the policies that they feel are pushing them away. The question remains, will the US listen?

https://youtu.be/pMExOSzRnNY

Iraq Economic News and Points to Ponder Tuesday AM 1-14-25

Foreign Workers And The Depletion Of The Dollar

Economical 01/13/2025  I have a happy gesture  There is no country without foreign labor, because it needs labor in specific fields that were not available in its youth, or it is one of the professions that have been renewed in the country’s environment, especially large and arduous works, so it seeks the help of labor.

This is one of the advantages of attracting these workers to operate production or service activities or any profession or business in which the workforce is not available at home.

In Iraq, the matter appears different.
 
The doors are open, and with them other doors have been opened through which the worker can enter during certain occasions, or for the ease of obtaining a visa.
 
Therefore, we see this labor in every governorate, and even in every Iraqi city, and it has reached the villages and countrysides, and
 
it performs work that is not difficult or that does not exist with Iraqi hands, and it is also possible that the origin is to employ the Iraqi labor force and reduce unemployment rates, at least in the picture.
 
The phenomenon that anyone can think of is these numbers that entered Iraq.
 
According to the official statistics of the Ministry of Labor and Social Affairs, this employment is estimated to be (one of the hot issues in need of real treatments, and we are interested in this issue and are working on it diligently).
 
It, i.e. the ministry, says (we do not have official statistics for foreign workers in Iraq), but
 
it estimates it (at more than 800 thousand to one million foreign workers in the country, according to unofficial statistics, and only 43 thousand of them are registered with social security).
 
In fact, the number is more than that, because there are unregistered workers who are in violation of the law, especially since the Ministry says that it gives two reasons for the entry of workers:

The first, according to tourism and visit licenses, multiple visas, and others, which is a circumvention of the law. The second is that many Syrian workers work in restaurants, shops, and markets, and their residency is illegal, neither according to the labor law, nor the residency law in the Ministry of Interior.
 
In light of the saying that for every foreign worker there is an Iraqi worker, this number will increase.
 
For example, in a grocery store, as a herbal seller, or as a generator operator, and other simple jobs that the employer prefers to the Iraqi because it is cheaper, more secure, and he also works silently in the place, and is not required and has no problems.
 
But the matter has economic dimensions, if we exclude other problems and dimensions, including what affects the dollar through currency transfers to the countries of these workers.

If we take the reality of the number that the Ministry approximated, then if each worker transfers $400 per month on average, this means $400 million per month, which means billions of dollars annually.
 
This labor depletes the foreign currency that comes from the oil source and from US Treasury transfers, which alone also causes the price of the dollar to rise, even if the transfers are made through official transfer outlets.     https://alsabaah.iq/108423-.html  

Emiratisation...Signs Of Positive Development To Support The National Economy

Economical 01/13/2025 Baghdad: Hussein Thaghab   Need is one of the basic drivers of creativity and innovation.
 
In the case of Iraq, the urgent need to provide medicines locally appears to have motivated the government and the private sector to invest in establishing local pharmaceutical factories.
 
This development is an important step towards reducing dependence on imports from abroad and achieving self-sufficiency in the field of medicines, especially in light of the current economic and health conditions.
 
The presence of 18 pharmaceutical factories under construction, with some of these projects progressing to advanced stages, reflects the serious trend towards building a strong infrastructure in the pharmaceutical industry sector.
 
This will contribute to providing necessary medicines at reasonable prices and with local quality in line with international standards, as well as creating job opportunities and strengthening the national economy.
 
International economic expert Dr. Saif Al-Halafi said:
 
The efforts of companies have begun to become clear by some investors in creating pharmaceutical generative factories in Iraqi startup companies that are coming par excellence to the competitive labor market, and here we must know the ability of the Iraqi Stock Exchange to absorb new ideas coming strongly through emerging Iraqi pharmaceutical generative companies.

And  including all of them in its multiple platforms, whether traditional or non-traditional, or the important listing in the OTC platform, to enter the important investment by the investor public through the new upcoming investment giant, which is the pharmaceutical industries in Iraq and the great economic feasibility it achieves for the country.

In all its joints. Al-Halafi added to “Al-Sabah”:
 
Economic power
 
It must be known that the global pharmaceutical industry is an economic and health force as  
it is considered one of the most important economic sectors in the world, as

it plays a pivotal role in improving public health and developing treatments and medicines that
 
     contribute to saving lives first, and
     achieving major economic benefits second, pointing out.
 
These industries rely heavily on advanced technology, research and development, and create job opportunities for a wide range of human development sectors, making them among the most profitable sectors in the world, according to estimates from previous years, as the global pharmaceutical industry achieved revenues exceeding 1.5 trillion. dollar. Al-Halafi pointed out that
 
Making profits
 
the new world expects to increase this number in the coming years due to the abundance of traditional or transmissible diseases or even an increase in the efficiency of vaccines for many diseases, pointing out that the
 
ability of pharmaceutical companies to achieve profits is based on several factors,
 
the most important of which is innovation, as companies spend Major companies invest huge amounts of money on research and development, which enables them to invent new medicines and improve existing medicines,
 
especially since medicines that treat chronic and rare diseases contribute greatly to increasing profits and increasing the domestic product of countries, and patents provide protection.
 
It has been legal for companies against competition for years, allowing them to set high prices for new medicines without interference from competitors.
 
The Iraqi government can also intervene in setting prices for local products to protect consumers. He stated that
 
Global demand
 
global demand increases with the increase in the population and their aging,
 
which raises the demand for pharmaceutical treatments in developing and developed countries alike, pointing out that the
 
pharmaceutical industries in the economies of countries contribute to strengthening the economies of countries, especially the Iraqi economy, through several ways, including
 
     creating job opportunities in The pharmaceutical sector and

    providing millions of job opportunities in research, development, production, and distribution. He pointed to the
 
  development of scientific specializations that become an urgent need to teach and diversify them in Iraqi universities, such as departments of mathematics, chemistry, analytical chemistry, and biology departments, as well as departments of pharmacy and medicine. It also goes to   increase government revenues through taxes imposed on major companies. He stressed that the
 
Domestic exports
 
pharmaceutical industries contribute significantly to supporting government budgets, as
 
they provide import hard currency for Iraq and will create export dollars in the event that the local product advances and is able to compete with foreign products in exports.
 
It also enhances local exports, as some countries such as the United States, Germany, rely on... India receives pharmaceutical exports as a major portion of its revenue. He explained that
 
in Iraq, the pharmaceutical industries face great challenges,
 
but with the government adopting a policy of localization of the industry, and the
 
continuous urging by the government and the Prime Minister, Mr. Muhammad Shiaa Al-Sudani, to develop these strategic industries, these industries began to show signs of positive development that could contribute to supporting the national economy. And improving the health system.

Advanced stages
 
He pointed to some current unaccredited approximate numbers about the pharmaceutical industries in Iraq, as  there are 18 pharmaceutical factories under construction, some of which have reached advanced stages of up to 98 percent.
 
There are 76 new requests from the private sector to establish pharmaceutical factories using modern technology, and 24 factories.
 
Pharmaceuticals were present until the end of 2022, operating at low capacity to cover only 10 percent of Iraq’s need for medicines.
 
Localization of industry
 
In turn, the specialist in economic affairs, Aqeel Al Hamad, said:

The initial approximate figures for the pharmaceutical industry localization program achieve 35 percent of Iraq’s need for medicines, which is covered by local production, compared to only 10 percent when the localization program began, pointing to the production of new medicines, such as 28 medicines to treat the high Blood pressure, 28 medications for diabetes, and 18 medications to treat cancer, pointing out that
 
with the continuation of the localization program and increased government support for this industry, Iraq can turn into an exporter. for medicines and medical supplies in the near future.
 
Regarding the role of the pharmaceutical industry in the Iraqi economy, the specialist in economic affairs, Jassem Jaber, pointed out that
 
it contributes to reducing dependence on imports, which is necessary to ensure the sustainable provision of medicines in the country.
 
It contributes to enhancing public health and increasing the production of medicines locally, which means providing treatments at reasonable prices and reducing the deficit in the availability of medicines.
 
Medicines, supporting the economy as local pharmaceutical industries provide job opportunities and stimulate investment in research, development and infrastructure. He stressed that
 
National revenues
 
the development of the pharmaceutical industry achieves an increase in national revenues, and
 
with the development of these industries, Iraq can become an exporter of medicines and medical supplies, especially after the completion of strategic projects such as Al-Faw Port and the Development Road and we have signs of the idea of ​​ an export dollar.     https://alsabaah.iq/108422-.html 

Parliamentary Finance: Bank Reform Strengthens Iraq's Financial Position Globally 

Time: 01/13/2025 11:45:35 Read: 253 times  {Economic: Al-Furat News} Member of the Parliamentary Finance Committee, Jamal Cougar, confirmed today, Monday, that the restructuring of the Rafidain and Al-Rashid banks is a decisive step to
 
     improve the financial situation of Iraq and
     enhance its position in the global financial system. Cougar told Al-Furat News Agency:
 
“Restructuring banks is a very important matter and has many positives, as
 
these banks have not been reviewed for many years.
 
These measures will contribute to strengthening the national economy and addressing some of the errors that may exist in the current financial system.”". He added:
 
"Reforming banks will lead to their development in line with the conditions of the US Federal Reserve and the SWIFT system, in addition to many international requirements that will contribute to improving the performance of the Iraqi financial sector at the global level."
 
It is noteworthy that Prime Minister Muhammad Shiaa Al-Sudani reviewed the plan for the restructuring project of Al-Rasheed and Al-Rafidain banks, and the technical and administrative procedures related to the project, which include a comprehensive review and structural administrative reforms with the aim of providing integrated banking services to citizens and companies. He explained that
 
the completion rate of the project to restructure Rafidain Bank has reached its final stages, confirming that
 
it will enter into implementation during the next few period, within the framework of a plan that has been studied and implemented in accordance with the set standards and specifications.    
  
https://alforatnews.iq/news/المالية-النيابية-إصلاح-المصارف-يعزز-مكانة-العراق-المالية-عالميًا    

To Withdraw Savings From Citizens... A Concerned Person Demands The Activation Of The Electronic Payment System In Iraq
 
January 13, 2025  Baghdad/Iraq Observer   Mustafa Hantoush, a researcher in financial and banking affairs, confirmed that although  Iraq issues approximately 102 trillion currency,  there are several problems surrounding this process, while he called for the necessity of activating the electronic payment system to be able to withdraw citizens’ savings in the form of bank deposits.

Hantoush told the Iraq Observer,   “Iraq issues a currency of approximately 102 trillion, and this currency is allocated to the Federal Reserve in a currency that has real reserves of
 
     gold,
     treasury bonds, and
     foreign currencies such as the dollar, for example.

It is a currency that is issued and covered by 100%, while some countries cover their currency by 50%, and they are doing so.”
 
“It is a good step that is expected to create strength and stability for the Iraqi currency.” He added,
 
"The currency exported from Iraq is in front of real reserves, and
 
any dinar is printed in exchange for real reserves among international banks, and
 
they are of good types, but there is a problem related to the amount of 102 trillion, as
 
     it does not appear and
     is either in the market or part of it for home savers." Hantoush called for
 
the necessity of “activating an electronic payment system that pays for a banking system to bring in savings, because the
 
presence of currency among citizens and outside the banking systems could create problems that affect other non-banking sectors, such as the real estate sector, as happened with the rise in real estate prices in 2020, where the exchange rate was manipulated, which led to a rise.”
 
“The property prices increased by 100% at a time when the exchange rate reached about 123.” He continued, 
 
 “One of the determinants of printing currency is
 
     monitoring savings in currency found in homes,
     determining their location,
     creating studies, and
     operating banking systems to withdraw them.
 
Iraq needs a real banking system based on banking operations to bring in deposits that
 
     attract this mass of savings and
     pump them back into the Iraqi banking sector.”  
  
https://observeriraq.net/لسحب-المدخرات-لدى-المواطنيين-معني-يطا/  

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

“Tidbits From TNT” Tuesday Morning 1-14-2025

TNT:

Tishwash:  Accompanied by a large delegation... Al-Sudani begins an official visit to Britain today 

Prime Minister Mohammed Shia Al-Sudani begins a visit to the United Kingdom this Monday afternoon, at the head of a high-level delegation, in response to an official invitation from the British Prime Minister.

According to a government statement received by the Mail, Al-Sudani "will hold a series of meetings, most notably with the King of the United Kingdom, His Majesty Charles III, and British Prime Minister Keir Starmer, in addition to meeting with a number of senior officials in the British government. He will also hold meetings with representatives of companies and the business sector, in addition to holding seminars and dialogues with specialized research centers."

The statement said, "The Prime Minister's visit comes within the framework of enhancing prospects for cooperation between Iraq and the United Kingdom, as it will witness the signing of agreements and memoranda of understanding in various tracks, especially in the economic, investment and security fields."

He added that Al-Sudani will be accompanied on his visit by a high-level delegation that includes a number of ministers, members of the House of Representatives, the Governor of Basra, and a number of advisors, in addition to representatives of the private sector, businessmen and industrialists specializing in various economic sectors  link

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Tishwash: Foreign Minister arrives in New York to assume presidency of G77 and China

 Deputy Prime Minister and Minister of Foreign Affairs, Fuad Hussein, arrived in New York, today, Monday, January 13, 2025, to participate in the ceremony of Iraq assuming the presidency of the Group of 77 and China for the year 2025.

The Ministry of Foreign Affairs stated in a statement received by "Baghdad Today", that "Minister Hussein will hold meetings with the Secretary-General of the United Nations, Antonio Guterres, and the President of the United Nations General Assembly, Mr. Philomon Yang.

It is noteworthy that Iraq achieved a remarkable diplomatic achievement by being officially elected to chair the Group of 77 and China during the 48th annual meeting, which was held at the United Nations headquarters in New York on September 27, 2024, with the participation of Fuad Hussein.

It is worth noting that the Group of 77 and China is the largest group of countries within the United Nations, with 134 member states.  link

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Tishwash:  Chinese Ambassador: A large number of Chinese companies are present in Iraq

The Chinese Ambassador to Iraq, Cui Wei, confirmed today, Sunday, that there are a large number of Chinese companies present in Iraq as a result of the security and stability witnessed by the country and the government support provided, in addition to the facilities provided to foreign companies.

Cui Wei said, during a press conference followed by "Kalima News": "The volume of trade cooperation between Iraq and China since the beginning of last year until November amounted to 50 billion US dollars."

He explained that "cash dealings between the two countries are currently in the initial stages," indicating that "in the coming period it will be developed as it is an important source for both countries."

He added, "There are a large number of Chinese companies present in Iraq as a result of the security and stability witnessed in the country and the government support provided, in addition to the facilities provided to foreign companies."

He pointed out that "the government has given clear attention to the reconstruction and building file, and there is also a decrease in unemployment and poverty rates," stressing that "a report published in one of the international agencies indicates that growth rates in Iraq will rise during the current year by 4.1 percent."

He pointed out that "Iraq's efforts in renaissance, development and progress are clear, and there is a possibility of harmonizing the development road projects and the Belt and Road Initiative."

He noted that "the work carried out by Chinese companies in the port of Faw will be completed by the tenth month of this year, which is the work of cleaning the channel."  link

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Mot: .. Only ole ""Earl"" 

Mot :  The big “Here After”

MilitiaMan & Crew Iraq Dinar News-CBI-Systems Adjusting-Political Support-Global Financial System-United Kingdom

MilitiaMan & Crew Iraq Dinar News-CBI-Systems Adjusting-Political Support-Global Financial System-United Kingdom

1-13-2025

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=vwUEmwxjOrI

Iraq Economic News and Points to Ponder Monday Evening 1-13-25

British And French Companies Compete With China In Energy Projects In Iraq
 
Energy   Economy News - Follow-up   A report by the American energy news website, Oil Price, discussed the recent progress of two international Western companies to develop oil and gas fields in Iraq, indicating the return of Western companies to compete with Chinese dominance in the energy sector in Iraq, at a time when the British Petroleum Company will develop the Kirkuk oil field, while an agreement was reached with the French Total Company for an accelerated gas investment project in the Artawi field with a capacity of 50 million cubic feet per day.

The report states that China has invested huge sums in energy and construction projects in Iraq since 2013 under the Belt and Road Initiative and the Iraq-China Framework Agreement to implement projects in exchange for oil equipment and expand its activity across 34 oil and gas fields across the country that it won in licensing rounds that Western companies were absent from.

Today, BP is prominent in the scene, having agreed with the Iraqi side on December 19 on the final terms for developing the giant Kirkuk oil fields in northern Iraq, which contain an estimated 9 billion proven barrels of oil reserves. For BP, the site will complement its share in the giant Rumaila field.

The Kirkuk and Rumaila oil fields, whose production constitutes 80% of Iraq’s combined oil production, require continuous water pumping projects to maintain production. Reports indicate that the British company’s preparations for work in the field have been completed and it is expected to start the field development project by the end of this January.

The report quoted a source in the North Oil Company as saying that while the company has submitted an initial plan that includes completing the survey work and preparing the wells that have decreased in production, the agreement between the oil company and the British company to develop the Kirkuk fields will come into effect by the end of this month.

As for the French company Total, it has started work on the long-delayed $27 billion energy project in Iraq, as it has begun building a gas processing plant in Iraq in the Artawi field in Basra, which is the first phase of a huge deal for several energy projects, with the production capacity to process 50 million cubic feet per day, which is enough to supply at least 200,000 housing units in Basra.

In May of last year, the French energy company Total reached an agreement with the Iraqi government to begin work on the delayed $27 billion energy project. The company had initially signed a deal with Iraq in 2021 to build and complete four oil, gas and renewable energy projects in southern Iraq over 25 years at an initial investment rate of $10 billion.

However, this huge project has faced obstacles due to disagreements between Iraqi political parties over the terms of the deal, which led to its postponement. However, in the end, Iraq agreed to a 30% lower share in the project, which moved the deal back, opening the door to attracting foreign investment back to the country.

In recent years, Western companies such as the American company Exxon Mobil, the Dutch company Shell, and the British company British Petroleum have returned to Iraq to implement oil and gas field development projects in Iraq, which will contribute to increasing production rates after years of instability. Another factor that encouraged Western companies to come to Iraq is the relative security stability that the country is experiencing, which has doubled the chances of foreign investment to return.

Total CEO Patrick Pouyanne said in press statements, "The Iraqi government has confirmed all the terms of the agreement and there are no amendments, and this is more than good news for me."

Meanwhile, Iraq is expected to resume oil exports via the Iraq-Turkey Ceyhan pipeline to the Mediterranean coast. Oil exports through this pipeline, which amount to 450,000 barrels per day, have been halted since Turkey closed the pipeline on March 25, 2023, in response to a French international dispute settlement court ruling that Iraq be compensated $1.5 billion for oil exports without Baghdad’s knowledge.  223 views  Added 01/13/2025 - https://economy-news.net/content.php?id=51892

"Al-Eqtisad News" Publishes The Full Decisions Of The Cabinet Session

Money and business   Economy News – Baghdad  Al-Eqtisad News publishes the full decisions of the second Cabinet session, which was held today, Monday, headed by Prime Minister Mohammed Shia Al-Sudani.

The Prime Minister's Media Office said in a statement, seen by "Al-Eqtisad News", that "Al-Sudani chaired, today, Monday, the second regular cabinet session of the current year, during which the general conditions in the country were discussed, important files and priorities of the government program were discussed, in addition to discussing the topics included on the agenda and taking the necessary decisions regarding them."

The statement added, "The Council of Ministers voted to exempt retirees from its decision No. (24888) regarding deducting (1%) of salaries to support (Gaza and Lebanon) retroactively, starting from the date of its issuance on November 24, 2024, and to recover the deducted amounts, due to the difficulty of retirees submitting requests for their unwillingness to donate, unlike employees who can submit requests through their departments, and all deducted amounts will be returned."

He explained that "within the government's measures in the environmental field, the Council of Ministers approved the recommendations of the report on treating air pollution and the spread of bad odors, which was prepared by the Ministry of Environment, as follows:

First: Immediate recommendations, including:

1. Strengthening human resources and logistical infrastructure in the environment directorates, rehabilitating air quality monitoring stations in Baghdad and the governorates, establishing the nucleus of a national center for handling, processing and linking monitoring stations and emission sources, and providing supporting portable devices.

2. Securing the necessary funding to support regulatory activities, establishing a sustainable funding mechanism to support the Ministry of Environment, and allocating part of the state’s general budget to strengthen the environmental inspection system.

3. Polluting activities provide efficient control systems for the polluting emissions resulting from them, provide environmental requirements, and adhere to applicable environmental legislation.

4. Coordination between security and environmental agencies to develop a long-term plan to ensure continued monitoring and closure of violating activities.

5. Using the best available technological solutions to improve fuel combustion efficiency in activities.

6. Participation of security agencies with technical teams to monitor irregular industrial activities that pollute the air, and take legal action against them.

Second: Medium and long-term recommendations, which included:

1. Preparing an integrated national program to address air pollution, analyze data, review legislation, estimate health impact, and calculate damage costs, with the participation of relevant parties to achieve sustainable goals.

2. Providing industrial and service activities with fuel treated with a low sulfur content within standard specifications to reduce emissions to the permissible limits.

3. Updating environmental laws and legislation to include the mandatory application of modern technologies in industrial facilities, and developing comprehensive national action plans to reduce air pollution.

4. Supporting scientific studies and research to identify pollution sources and their effects, and developing emission treatment solutions.

5. Afforestation, protection of natural areas and increasing green spaces.

6. Proper waste management, establishing regular landfill sites, encouraging waste recycling, achieving zero waste, setting strict policies, implementing alternative waste management technologies, and raising awareness of environmentally friendly practices.

He added that "the Council approved the recommendations of the minutes of the meeting of the Diwani Order Committee (23577) regarding the appointment of educational supervisors and specialists, which stipulate the appointment of specialist and educational supervisors who are graduates of the (Peace, Construction, Creativity and Challenge Course), provided that the deletion and creation are carried out by the Ministry of Finance according to the data sent by the Ministry of Education."

He pointed out that "the Ministries of Education and Finance are preparing the criteria for those accepted from among the applicants for work in educational and specialist supervision, based on separating the job grade from the job title."

In order to find a legal formula for the homes of squatters, the Council of Ministers approved the following:

1. The Mayor of Baghdad and the governors shall sell the properly divided residential lands owned by the competent municipality to the squatters who built residential buildings on them before December 10, 2024 (the date of determining the residential units by the population census committees), located within the boundaries of the basic design, as an exception to the public auction, in accordance with the Law on the Sale and Lease of State Property No. (21 of 2013) as amended.

2. The sale referred to in paragraph (1) above requires the following:

A- The land must be within the boundaries of the basic design.

B- Building from fixed structures.

C- Sale to the actual occupant of the property or his heirs whom he was legally responsible for supporting.

D - To submit an application to the Municipality Directorate within 180 working days from the date of issuance of the regulations by the Ministry of Construction and Housing.

E- The application must be accompanied by a written declaration certified by a notary public stating that the applicant, his spouse, or any of his minor children do not own a residence or a residential plot of land.

And - that the sale be for a real consideration estimated by an appraisal committee formed pursuant to Law No. 21 of 2013, as an exception to the public auction.

Z - The sale price shall be paid in accordance with the provisions of the above law.

3. It is not permissible to sell more than one piece to the applicant for ownership, and Kirkuk Governorate is not included in the provisions of this decision.

4. The committees formed in the Baghdad Municipality and the governorates, in accordance with Legislative Resolution No. (154 of 2001), shall assume legal responsibility for removing encroachments on municipal lands after the issuance of this resolution.

Within the banking reform procedures, the following was approved:

1. Establishing a new joint-stock bank that relies on the latest technologies, and aims to be a partner with companies and businessmen, whether inside or outside Iraq, and to provide financial and banking services to individuals through an integrated digital experience, and to be a leading bank at the regional level.

2. Naming the bank as the First Rafidain Bank.

3. The bank’s capital shall be (1) trillion Iraqi dinars, and the state’s contribution (government sector, public sector and individuals) shall be (24%) of the nominal capital.

4. The bank shall start with a paid-up capital of no less than (500) billion dinars.

5. Maintaining Rafidain Bank as a financial and basic gateway for implementing all government transactions, while continuing to work on its structure with Rashid Bank through a roadmap for developing Rafidain Bank in coordination with the contracted consulting company, Ernst & Young.

6. Authorizing the Central Bank to contract with a consulting company to establish the new bank, and to provide support in the various founding operations of the bank, its formations and departments.

7. The committee formed under the chairmanship of the Governor of the Central Bank, the General Managers of the Central Bank of Iraq, the General Manager of Rafidain Bank, the Undersecretary of the Ministry of Finance, and the Advisors to the Prime Minister shall coordinate with the consulting company regarding the establishment of the aforementioned bank.

8. Proceed with the plan to transform the Industrial Bank into a private joint-stock company (with a strategic partner).

9. Maintaining the status quo for the Agricultural Bank, the Real Estate Bank, and the Housing Fund.

He added that "in the electricity sector, the Council voted to approve the amendment of Cabinet Resolution (393 of 2019), confirmed by Cabinet Resolution (24210 of 2024), which includes the implementation of projects in the electricity system on lands belonging to government agencies after obtaining initial approvals from the owner and other parties, and before completing the allocation procedures or transfer of ownership of the part related to the start of project implementation, in a way that ensures compliance with the Ministry of Finance's directive dated September 12, 2024, as follows:

1- Handing over the lands owned by the Ministry of Finance for the sites of secondary station projects to the Ministry of Electricity (initial handover), and the latter ministry shall undertake the necessary procedures for the project.

2- Forming a working group to expedite the allocation procedures set forth in Paragraph (1) of Cabinet Resolution No. (24210) and registering them with the competent real estate registration departments.

The statement continued, "In order to maximize the state's revenues, the following was approved:

1. Authorizing the Minister of Construction, Housing, Municipalities and Public Works to advertise for renting spaces designated for installing billboards on public road right-of-ways located outside the boundaries of the Baghdad Municipality and municipalities and on bridges.

2. The rental mentioned in paragraph (1) above shall be for one company, a company for each governorate, or multiple companies, as required by the circumstances of the advertisement.

3. Applications are exclusively for companies registered with the Ministry of Commerce/Companies Registration Department specializing in the field of advertising.

4. Rental allowances for advertising spaces shall be estimated by the committees that must be formed in the Ministry of Construction, Housing, Municipalities and Public Works/Roads and Bridges Department, pursuant to the Sale and Lease of State Property Law No. (21) of 2013 (as amended).

He explained that "in order to meet the needs of displaced and returning families and to ease their burden, the Council of Ministers agreed to the Ministry of Migration and Displacement continue to work in accordance with paragraph (1) of Cabinet Resolution (24007 of 2024), which includes the inclusion of these categories in the programs of subsidy salaries, social protection, full-time assistants, and soft loans."

He pointed out that "in the field of energy, the Council of Ministers approved the Iraqi Drilling Company's contract with the companies (EBS and Kosel), the subcontractor of the Iraqi Drilling Company, according to new contractual terms as an exception to the contracting methods stipulated in the instructions for implementing government contracts (2 of 2014) to implement the contract for the project to drill (18) wells."

As part of the government’s measures to complete stalled and suspended projects, the Council of Ministers approved the following:

1. Deleting the non-referred components that did not include the estimated cost amounts stated in the Ministry of Planning’s letter dated December 30, 2024.

2. Deleting the completed components that are not included in Cabinet Resolution No. (301 of 2021) stated in the Ministry of Planning letter referred to in the above paragraph, based on the cumulative expenditure.

3. Deleting the components referred to investment or that have been delivered to the beneficiary and that are not included in Resolution (301 of 2021), based on the cumulative expense.

4. Establish (4) complementary business components shown in the attached table, linking the Ministry of Planning’s letter dated December 30, 2024.

5. Reducing the total cost of the project (establishing 20 model youth and women’s forums in the districts and sub-districts of Baghdad Governorate and the governorates) in the investment budget tables of the Ministry of Youth and Sports for the year 2024, and changing the name of the project to (establishing model youth and women’s forums in the districts and sub-districts of Baghdad Governorate and the governorates, number 14) instead of establishing model youth and women’s forums in the districts and sub-districts of Baghdad Governorate and the governorates, number 20).

The Council of Ministers approved the exemption of the projects (Rehabilitation of the main Dora sewage pumping station) and (Rehabilitation of (22) pumping stations on the Rusafa side) from Cabinet Resolution (24217 of 2024) and their continued financing from the World Bank loan, while ensuring the World Bank’s commitment to financing and emphasizing the Baghdad Municipality to complete the two projects urgently, according to a statement from the media office.

The following was also approved:

1. Financing the Ministry of Finance with an amount equivalent to (390) thousand US dollars, the Republic of Iraq’s contribution to the Arab Labor Organization in the amount of the financial appropriation, based on the provisions of the Federal General Budget Law (13 of 2023).

2. Appointing employees in administrative positions in line with the amount of the Republic of Iraq’s contribution, which amounts to (10%) of the countries’ contributions within the budget approved by the Arab Labor Organization.

The statement highlighted that "the Council voted on the draft law on the Republic of Iraq's accession to the Arab States in Asia Cooperative Agreement for Research, Development and Training in the Field of Nuclear Science and Technology for the year 2017 (ARASIA), which entered into force on July 28, 2020, and referred it to the Council of Representatives, based on the provisions of the Constitution." 114 views 01/13/2025 - https://economy-news.net/content.php?id=51911

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

Seeds of Wisdom RV and Economic Updates Monday Evening 1-13-25

Good Evening Dinar Recaps,

FILIPINO BANKS PLAN TO LAUNCH MULTI ISSUER STABLECOIN PHPX ON HEDERA DLT

Later this year several Filipino banks are planning to launch a multi bank peso stablecoin, PHPX, which will initially operate on the Hedera DLT network. The banks include the UnionBank of the Philippines, Rizal Commercial Banking, Cantilan Bank and the Rural Bank of Guinobatan. 

Singapore startup Just Finance is the initiator, but the banks will have a significant role in the governance. Given a key goal is cross border payments, the plans include more than just a stablecoin. There’s a need to exchange stablecoins in different currencies.

UnionBank, or more specifically its fintech spin off UBX, has been involved in blockchain for years including managing a quasi stablecoin network, albeit in a closed loop system.

In 2018 it set up a token-based automated clearing house (ACH) to enable payments for rural and community banks that were not members of the national retail payment system (NRPS) to funnel them via UnionBank.

That system uses a permissioned version of Ethereum and the more-or-less invisible backend token is PHX, not to be confused with PHPX the planned new stablecoin.

While the ACH has served its purpose, it’s time to take the next step. “We need to create something that is publicly exchangeable, so that we can support use cases outside of our own closed loop ecosystem,” said John Januszczak, UBX CEO, during an interview with Ledger Insights. He also wants to support stablecoins beyond that created by UBX.

Hence, when David Inderias and Mikko Perez from Just Finance approached UBX with the concept for PHPX, Mr Januszczak was open to it.

While it’s not the only use case, cross border payments are top of the list, particularly for remittances.

Filipino stablecoin remittances

Inbound remittances from people working abroad are a critical source of funds in the Philippines. According to the World Bank, the country is the fourth largest recipient of remittances which totaled $40 billion in 2024, representing around 10% of the country’s GDP.

Some of the stablecoin goals are basic. “The speed of payments has not kept up with the speed of commerce,” said Mr Januszczak. “As the operator of a payments network, it’s not about the technology, it’s about that fundamental problem.”

He noted that the people doing the work abroad have limited control over how their hard earned cash is spent. They often send the money to someone in the Philippines who looks after the bills.

“We want Filipinos that are earning money in the US (or elsewhere) to be able to pay their kids’ school tuition directly from the United States (and) for that payment to be affected in real time,” said Mr Januszczak. 

“We want to open up the opportunity for people to contribute to insurance policies and wealth products from overseas. So not just vanilla, pedestrian remittances, but remittances that give back that control.”

For the banks involved, the stablecoins will often be abstracted in the backend, so the customer simply chooses to send $500 rather than being aware of the stablecoin details. The $500 is exchanged for PHPX or another stablecoin in the background. From there it can be deposited into a bank account, a G Cash wallet or for cash pickup at an over the counter location. Hence, banks will provide seamless on and off-ramping.

Ultimately, consumers could have direct access to PHPX, but that would be subject to regulator approval.

Stablecoins and FX

To enable cross border payments, part of the plan is to create a multi currency stablecoin exchange. Given cross border payments will involve swaps of foreign currency stablecoins in USD, SGD or JPY with PHPX, that requires liquidity providers who can earn a yield. It also will have to be regulatory compliant. 

At launch it’s likely the banks or those implementing use cases will take on that role. But in a decentralized environment, that could open up over time, involving qualified investors as liquidity providers in the Philippines.

A safe PHPX stablecoin design

Turning to the stablecoin, Mr Inderias from Just Finance emphasized quality and compliance.

With a multi issuer token, the big question is what happens if a bank goes bust? Most of the stablecoin reserves will be held in segregated bank trust accounts which will hold government bonds, with a small cash balance for short term settlement. The trust accounts are ring-fenced rather than part of the general liability of the bank. Hence, if a bank fails, the stablecoin is bankrupt remote (provided the money hasn’t disappeared because of fraud). Given that Just Finance doesn’t hold the cash, the stablecoin should also be safe if it ran into trouble.

As a bank stablecoin, another challenge is compliance with Basel Committee crypto-asset rules. If stablecoins are classed with other cryptocurrencies (Group 2) that could get expensive for banks to hold them. In the latest Basel iteration, to qualify as a Group 1b (low risk) stablecoin the DLT network has to be permissioned, which is the reason for choosing the Hedera DLT as the initial network.

Another requirement to satisfy the Bangko Sentral ng Pilipinas (BSP) is for any coins the system interacts with to comply with the EU’s MiCAR regulations or regional equivalents.

Meanwhile, a key advantage of stablecoins over bank payments, is they don’t require interbank settlement. In the Philippines, the main National Retail Payment System (NRPS) limits payments to around $1,000 to manage risks. That’s because while the banks credit recipients almost immediately, the interbank settlement is not real time.

By contrast, the existing closed looped clearing house operated by UBX has been using blockchain for years, minting and burning tokens which are backed by reserves. Hence, it has already seen the benefits of stablecoin-style payments, where clearing and settlement don’t involve separate steps.

Getting to launch

The central bank is going to have the last say about when the solution goes live, with the earliest launch date between May and July this year.

Mr Inderias emphasized that the goal of PHPX isn’t purely for remittances. He also envisages larger cross border payments for trade and the potential domestic use of the stablecoin at point of sale (POS). But before that can even be considered, the first step is getting bank applications live.

“If and when we go to retail, we’ll do that in a measured way under the purview of the regulator,” he said.

@ Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

US BANKS CAN HOLD BITCOIN AND CRYPTO UNDER INCOMING TRUMP EXECUTIVE ORDER: REPORT

President-elect Trump will issue an executive order effectively allowing banks and financial institutions to hold Bitcoin (BTC) and crypto assets on behalf of their clients, according to a new report.

The incoming order will reverse a regulatory guideline that has shaped how financial institutions account for and custody digital assets, reports the Washington Post

“…Trump is expected to issue executive orders on the first day of his presidency that may address issues including “de-banking” and the repeal of a controversial crypto accounting policy requiring banks holding digital assets to count them as liabilities on the bank’s own balance sheet, according to a person involved with the conversations.”

The expected executive order is designed to reverse SAB 121, an SEC guideline that requires certain financial entities to list even the crypto assets they hold on behalf of customers as liabilities.

Crypto proponents say the guideline blocks financial institutions’ ability to enter the digital asset arena.

A bill aiming to eliminate SAB 121 recently passed both the House and the Senate, but President Biden vetoed the bill.

@ Newshounds News™

Source:  DailyHodl

~~~~~~~~~

COINBASE SCORES ANOTHER WIN AGAINST 'ARBITRARY AND CAPRICIOUS' SEC ORDER

A panel of Third Circuit federal judges ruled the SEC must explain its lack of crypto rulemaking—but stopped short of ordering the agency to create such regulations.

A panel of federal appeals court judges in Philadelphia dealt another blow to the SEC’s crypto regime on Monday, emerging as the latest prominent court to question how the federal agency has navigated its regulation of digital assets.

The U.S. Court of Appeals for the Third Circuit ruled today in favor of Coinbase, which sued the SEC last year over the agency’s refusal to explicitly lay out its crypto policy. Instead of putting forth crypto-specific rules, the SEC has instead sporadically sued crypto firms over the last six-odd years in a pattern that has been disparagingly dubbed “regulation by enforcement.”

Today a three-judge panel, comprised of two Democrats and one Republican, ruled that the SEC’s dismissive response to Coinbase’s request for crypto-specific rulemaking was unacceptable.

“Because we believe the SEC’s order was conclusory and insufficiently reasoned, and thus arbitrary and capricious, we grant Coinbase’s petition in part and remand to the SEC for a more complete explanation,” today’s order reads.

The judges added that they declined, however, to force the SEC to create crypto-specific rules, as Coinbase had requested.

According to Judge Thomas Ambro, a Clinton-era Democrat who wrote Monday’s opinion, previous case law established that an agency like the SEC could only be forced to create rules against its will if an extreme delay in creating those rules “endangered human lives”—a requirement clearly not met by crypto-related regulations.

So the SEC doesn’t have to issue new crypto rules now, but it must explain to Coinbase in much greater detail why it has, thus far, refused to do so.

“Rather than force the agency to make a rule, we order it to explain its decision not to,” Judge Stephanos Bibas, a Republican appointed to the court by Donald Trump, wrote Monday in a concurring opinion. “Indeed, a rule may not prove necessary to solve the problems here; the agency could just state its position on crypto assets unequivocally.”

@ Newshounds News™

Source:  Decrypt

~~~~~~~~~

CARDANO & RIPPLE TO PARTNER? ADA EYES RLUSD INTEGRATION

A cooperation that would see two of the industry’s most prominent networks team up, both Cardano (ADA) and Ripple are reportedly discussing a partnership that would include the latter’s recently launched Ripple USD (RLUSD) stablecoin. Indeed, the discussions were confirmed in a recent post to X (Foermly Twitter) by Cardano founder Charles Hoskinson.

The asset has had a rather slow start to the year despite immense promise. However, that is widely expected to turn around. Moreover, with both ADA and XRP projected to make headway in the coming months, a partnership could ensure their prices skyrocket together.

Charles Hoskinson Confirms Talk to Bring Cardano and Ripple Together

2025 may be set to be a big year for Cardano and Ripple, as both companies look to build off of a momentous final two months to last year. Moreover, the two sides are reportedly engaged in talks, according to the former’s founder. The discussion centers around the promising Ripple stablecoin debut that would bring about an RLUSD integration.

Charles Hoskinson went as far as to confirm that discussion was taking place. However, he did not elaborate on what exactly was discussed between both sides. Yet, if it comes to fruition, it would be a game-changer for ADA, the native token on the Cardano network.

The cryptocurrency has certainly struggled since the start of the year. Over the last seven days, ADA has fallen more than 16%, according to CoinMarketCap. Moreover, the asset’s 13% drop in the last 30 days has it trading under the $1 mark. However, the token is not expected to remain this year, as it is projected to have a monumental year ahead.

According to cryptocurrency price prediction platform CoinCodex, Cardano will retake the $1 mark in January and then some. Indeed, analysts project the token to end January with a high price of $1.8, providing a potential ROI of more than 101%.

That isn’t all, as the asset is expected to build off of that success. Specifically, the platform projects ADA to reach the $2 mark in February, reaching heights of $2.50, with a 174% potential jump, by the end of the year’s second month.

With $3.9 yearly highs projected, Ripple and RLUSD stablecoin integration would help the network reach these marks. Moreover, they could help them exceed them, rewriting the potential it had entering the year.

@ Newshounds News™

Source:  Watcher Guru

~~~~~~~~~

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Iraq Economic News and Points to Ponder Monday Afternoon 1-13-25

Iraq's Oil Exports To The United States Reached About 80 Million Barrels In 10 Months

Economy  | 01/13/2025  Mawazine News – Baghdad  Iraq's exports of crude oil and its derivatives to the United States amounted to nearly 80 million barrels during 10 months of last year 2024.

The US Energy Information Administration stated that "Iraq's exports of oil and its derivatives during 10 months of last year amounted to 79 million and 416 thousand barrels."

It added that "Iraq exported about 6 million and 890 thousand barrels of oil and its products during October, down from 9 million and 625 thousand barrels in September."

It continued, "The total crude oil exported from Iraq to America for October amounted to 5.190 million barrels, while the remaining 1.700 million barrels were oil derivatives, including 1.695 million barrels of non-condensed oils and five thousand barrels of remaining fuel oil." https://www.mawazin.net/Details.aspx?jimare=258520

The Percentage Of Foreign Remittances In Dollars In The Sales Of The Central Bank Of Iraq Increased To More Than 93%

economy | 04:45 - 01/13/2025   Mawazine News – Economy  The Central Bank of Iraq's currency auction, on Monday, witnessed a high percentage of foreign remittances, reaching 93.3% of total sales, with the participation of nine banks.

According to the bank's statement, total sales in the auction amounted to 289 million, 734 thousand, and 323 dollars, at a basic exchange rate of 1310 dinars per dollar for documentary credits, international settlements for electronic cards, and foreign remittances, while the cash exchange rate amounted to 1305 dinars per dollar.

Most of the amount, worth 270 million, 848 thousand, and 323 dollars, was allocated to enhance balances abroad in the form of remittances and credits, while cash withdrawals amounted to 18 million and 850 thousand dollars.

Only one bank participated in purchasing cash dollars, while eight banks met requests to enhance foreign balances, and the auction witnessed the participation of 29 exchange companies in the operations.   This trend reflects an increasing reliance on enhancing foreign balances through remittances, which reflects the current dynamics of the cash market in Iraq.
https://www.mawazin.net/Details.aspx?jimare=258536

Gold Prices Stabilize In Baghdad

Economy | 01/13/2025  Mawazine News – Baghdad  The prices of Iraqi and foreign gold stabilized in the local markets in the capital, Baghdad.

- The price of gold in the wholesale markets on Al-Nahr Street in the capital, Baghdad, reached 570 thousand dinars for one mithqal of 21 karat Gulf, Turkish and European gold, and the purchase price was 566 thousand dinars.

- The selling price of one mithqal of 21 karat Iraqi gold was recorded at 540 thousand dinars, and the purchase price was 536 thousand dinars.

- The prices of gold in goldsmiths' shops, with the selling price of one mithqal of 21 karat Gulf gold ranging between 570 thousand and 580 thousand dinars, while the selling price of one mithqal of Iraqi gold ranged between 540 thousand and 550 thousand dinars. https://www.mawazin.net/Details.aspx?jimare=258516

Oil Prices Continue To Rise, Brent Crude Exceeds $80 Per Barrel

Economy | 13/01/2025   Mawazine News – Economy   Oil prices rose for the third consecutive session on Monday evening, after the price of Brent crude exceeded $80 per barrel, recording its highest levels in more than 4 months, supported by expectations of the impact of major US sanctions on the Russian oil sector and the expected effects on exports to China and India, the major importers of crude.

Brent crude futures were up 71 cents, or 0.9%, at $80.47 a barrel by 1424 GMT, after hitting an intraday high of $81.68, the highest since Aug. 27, 2024.

U.S. West Texas Intermediate (WTI) crude was up 94 cents, or 1.2%, at $77.51 a barrel after touching a high of $78.58, the highest since Aug. 15, 2024.

Brent and WTI have jumped about 6% since Jan. 8, and rose on Friday after the U.S. Treasury Department imposed new sanctions on Russian oil producers Gazprom Neft and Surgutneftegaz, as well as 183 tankers that ship Russian oil, targeting revenues Moscow uses to fund the war in Ukraine. https://www.mawazin.net/Details.aspx?jimare=258559

Al-Halbousi Discusses With US Deputy Assistant Secretary Of State Strengthening Bilateral Relations Between The Two Countries

Monday 13 January 2025 19:30 | Politics Number of readings: 125   Baghdad / NINA / The head of the Progress Party, Mohammed al-Halbousi, discussed with the US Deputy Assistant Secretary of State for Middle Eastern Affairs, bilateral relations between the two countries.

His media office said in a statement, "The head of the Progress Party, Mohammed al-Halbousi, received today, Monday, the US Deputy Assistant Secretary of State for Middle Eastern Affairs, Victoria Taylor. The statement added He continued, "The meeting also discussed developments in the region, and strengthening regional and international efforts to restore security and stability in the region. / End https://ninanews.com/Website/News/Details?key=1179865

Iraqi Stock Exchange Closes Down 1.73%

Stock Exchange  The Iraqi Stock Exchange closed on Monday down 1.73% after yesterday's gains.  The stock exchange traded 1.99 billion shares, worth 2 billion dinars, in 47 companies.

The United Bank of Iraq share achieved gains of 20%, reaching 0.06 dinars, followed by Gulf Insurance by 3%, while Middle East Bank lost by 12.5%.

The banking sector was the most traded, with 1.3 billion shares traded, worth 1.48 billion dinars.

Foreign investors bought 10.2 million shares worth 42.49 million dinars in the shares of the Bank of Baghdad, Gulf Commercial Bank, Al-Amin Insurance, Metal Industries and Bicycles companies, while they bought 20.5 million shares in the Baghdad Soft Drinks Company. 129 views 01/13/2025 - https://economy-news.net/content.php?id=51898

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

Seeds of Wisdom RV and Economic Updates Monday Afternoon 1-13-25

Good Afternoon Dinar Recaps,

RIPPLE XRP AND BANK OF AMERICA: BIG CLAIMS, FEWER ANSWERS

▪️Ripple XRP integration at Bank of America sparks debate, with claims remaining unverified.

▪️Bank of America files 83 patents tied to Ripple blockchain, fueling XRP adoption speculation.

▪️XRP price rises 3.39% amid rumors of BoA’s blockchain use, with $2.89 as key resistance level.

Recent claims about Bank of America (BoA) using Ripple’s XRP for internal transactions have sparked heated debate within the financial and cryptocurrency sectors. While the bank’s potential use of XRP could signal a major shift in digital payments, these assertions remain unconfirmed, marking caution necessary.

Unverified Claims and Historical Context

David Stryzewski, CEO of Sound Planning Group, made headlines during a FOX Business interview on January 6, 2025, by stating that BoA has integrated XRP for all its internal transactions. He also revealed that BoA has filed 83 patents related to Ripple’s blockchain technology, demonstrating a considerable investment in the infrastructure that supports digital payments.

However, despite this bold claim, Bank of America has not issued an official confirmation. Historical records show that BoA has been exploring blockchain solutions for years. For example, in 2017, the bank filed a patent for a real-time settlement system that referenced a “ripple” distributed ledger without explicitly naming XRP. This action suggests an ongoing interest in decentralized technology but raises questions about its current adoption practices.

Technical Analysis and Market Sentiment

Market reactions reflect the news, with XRP trading at $2.41, a 3.39% daily increase. Analysts have identified a critical resistance level at $2.89 and support near $2.00, creating key zones for traders to monitor. Bullish sentiment has surged due to the potential for broader institutional adoption, but skeptics urge caution because of the lack of official statements.

Broader Implications and Future Outlook

If Stryzewski’s claims are accurate, this development could set a precedent for cryptocurrency adoption in traditional banking systems. RippleNet, where BoA is a governance member, shows the growing collaboration between financial institutions and blockchain solutions. Still, the absence of verifiable evidence highlights the importance of relying on official updates for a clear understanding.

Meanwhile, the XRP community remains optimistic, driven by Ripple’s recent achievements, such as the launch of the RLUSD stablecoin. This milestone, along with XRP’s increasing adoption, underscores the asset’s growing role in global finance.

@ Newshounds News™

Source:  Coin Edition

~~~~~~~~~

XRP LEDGER UPGRADE: IMPORTANT CHANGES YOU MUST KNOW

The XRP Ledger (XRPL) is currently in the process of a major technology update, with several amendments already announced for voting.

The XRP development team revealed that about 80% of the XRPL servers have been successfully updated, and older version servers are expected to be automatically disconnected once this update is complete. This update will bring a number of important changes that have the potential to impact various aspects of XRP and XRPL usage as a whole.

Update to XRP Ledger v2.3.0

XRP Ledger v2.3.0 brings several important amendments aimed at improving network efficiency and functionality. Some of the key changes included in this update include:

▪️XLS-70: Credentials
This amendment allows you to provide credentials to the ledger and use them to automatically approve incoming payments.

▪️XLS-33: Multi-Purpose Token
This change presents a new, more optimal version of the token, especially for institutions operating in the Decentralized Finance (DeFi) sector. This aims to support the broader adoption of fungible tokens in DeFi.

▪️XLS-37: AMM Clawback
This amendment allows the use of tokens with a clawback feature in Automated Market Maker (AMM) systems, providing more flexibility in the management of revocable tokens.

▪️XLS-52: NFTokenMintOffer
With this amendment, you can make sales offers for Non-Fungible Tokens (NFT), opening up more opportunities in the ever-growing NFT market.

▪️Bug Fixes and Efficiency Improvements
In addition to the major amendments, this update also includes a number of technical improvements, such as fixing a bug that resulted in missing links in the NFT directory and improvements to the AMM transaction process that can improve overall system performance.

XRPL Server Update Progress

As part of this update, the development team also announced that around 80% of the XRPL servers have been successfully updated. This marks a major step in ensuring the XRPL network remains relevant and efficient.

Servers using versions 2.2.x and older are expected to automatically disconnect once the update is complete, forcing most users to upgrade to stay connected to the network.

Implications of the Update to the XRP Network

In addition to technical updates, recent data shows a significant increase in activity on the XRP network. According to data from CryptoQuant released in November 2024, XRP's Network Value to Transactions (NVT) ratio saw a spike, indicating increased activity on the network.

 Further analysis from CryptoQuant also showed significant changes in transaction types on XRPL, especially in “OfferCreate” transactions, reflecting increased trading activity on the network.

In January 2024, payment transactions accounted for 88% of all transactions on the ledger, while “OfferCreate” transactions accounted for 12%. However, in November 2024, both types of transactions will experience equal adoption with a contribution of 50% each. This shows that the adoption of new features, including decentralized trading (DEX), is starting to gain popularity among XRPL users.

XRP Outlook Post Update

In December 2024, crypto analyst Paul Barron revealed that the XRPL network was on the verge of a major breakthrough. According to him, the update that is being carried out has the potential to trigger a significant spike in the price of XRP.

Even though the price of XRP is currently hovering around $2.3 after experiencing a 4.4% decline in the last seven days, optimism for the future of the XRP network remains high, especially with increased activity and ongoing updates.

Thus, the XRPL v2.3.0 update not only brings significant technical changes, but also opens up new opportunities for adoption and further development in the XRP ecosystem, both for individuals, institutions, and developers in the DeFi and NFT sectors.

As the server upgrade nears completion, the XRP network is expected to become stronger and more competitive in the ever-evolving blockchain world.

@ Newshounds News™

Source:  BitTime

~~~~~~~~~

LEDGER INSIGHTS - 13 JAN – TOKENIZATION, DIGITAL ASSETS NEWS

TOKENIZATION AND DIGITAL ASSETS: POLICY & LEGAL

FDIC Vice Chair acknowledges crypto debanking, outlines policy plan. He’s a candidate to become chair.
Ledger Insights  

United States Consumer Financial Protection Bureau (CFPB) interpretive rule proposes to include stablecoins, crypto in Electronic Fund Transfer Act (EFTA) as digital payments. This would give consumer protections such as the right to dispute errors or fraudulent transactions. Comments should be submitted by the end of March.  
CFPB-EFTA Document

OECD explores impediments to tokenization adoption.
Ledger Insights

New Springer legal book including digital assets
Governance and Control of Data and Digital Economy in the European Single Market: Legal Framework for New Digital Assets, Identities and Data Spaces
OPEN ACCESS DIGITAL LINK 

Indonesian commodities regulator transfers digital asset responsibilities:
the Commodity Futures Trading Supervisory Agency (Bappebti) transferred its digital assets duties including crypto and derivatives to the Financial Services Authority (OJK) and Bank Indonesia (BI).

OJK takes on most of the responsibilities with the central bank supervising derivatives where the underlying assets relate to money markets or foreign exchange.  KK Advocates 

Kenya’s Treasury publishes a draft set of digital asset rules and requests feedback.
Draft Document 

European Central Bank’s Bindseil and others explore tokenization terminology.  Tokenization Terminology 

TOKENIZATION & DIGITAL ASSETS: PROJECTS, PARTNERSHIPS

NUS, Northern Trust and UOB partner to tokenize green bond data. Part of Project Guardian. Ledger Insights 

Ownera, which provides a blockchain interoperability router FinP2P, partners with Layer 1 blockchain Kadena.  LINK 

Germany’s Bundesbank advertises for (more) DLT technical roles. Good news for wholesale DLT settlement solutions?  LINK 

Blockchain Security Standards Council issues first two standards. Its members include Anchorage Digital, Coinbase, Fireblocks, OpenZeppelin, Ribbit Capital. One of the standards is on asset integration – such as tokens.  LINK

@ Newshounds News™

Source: Ledger Insights 

~~~~~~~~~

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How America’s Debt Addiction is Triggering a Collapse

How America’s Debt Addiction is Triggering a Collapse

ITM Trading:  1-12-2025

The global economic landscape is shifting, prompting many to question the stability of current systems. In the United States, concerns are growing about the potential for runaway inflation and the possibility of a significant currency reset.

While mainstream economic analysis often downplays these risks, a closer look at government spending, historical precedents, and the current economic climate suggests a need for careful consideration and proactive planning.

One of the most pressing anxieties is the rising cost of goods and services. While inflation is a natural part of a healthy economy, excessive inflation, particularly when coupled with stagnant economic growth (stagflation), can be incredibly damaging.

Some analysts argue that the U.S. is already experiencing early signs of stagflation, pointing to rising prices alongside slowing GDP growth. This presents a challenging scenario for policymakers, as measures to combat inflation, such as raising interest rates, can further stifle economic activity.

The underlying concern stems from what some perceive as unsustainable levels of government spending. Trillions of dollars have been pumped into the economy in recent years, contributing to an expansion of the money supply. While these measures were intended to stimulate growth and mitigate the effects of the pandemic, critics argue that they have added fuel to the inflationary fire.

History is replete with examples of nations grappling with hyperinflation and currency devaluations. From the Weimar Republic in the 1920s to more recent cases in South America and Africa, the consequences of uncontrolled inflation are severe: widespread poverty, social unrest, and a drastic loss of faith in the government and its institutions. These historical examples highlight the potential for even developed economies to fall victim to extreme economic instability when imbalances are ignored for too long.

Some argue that the current situation shares worrying similarities with these past crises – excessive government spending, rapid growth in money supply, and a weakening of public confidence. While it’s impossible to predict the future with certainty, understanding these historical patterns is crucial for informed decision-making.

Given the uncertain environment, many individuals and institutions are looking for ways to safeguard their savings and investments. Diversification is always a valuable strategy, but in times of perceived crisis, alternative asset classes are often explored.

Traditional assets may lose their value in an inflationary period, as prices rise and purchasing power erodes. This has led some to consider holding physical assets, such as precious metals like gold and silver. Historically, these metals have been seen as stores of value and a hedge against inflation. The idea is that while fiat currencies may depreciate, the value of physical assets can hold steady or even appreciate.

Ultimately, the future of the U.S. economy remains uncertain. While some experts dismiss the risks, the possibility of significant economic challenges, including inflation and currency volatility, is a valid concern.

The most important step individuals can take is to stay informed, understand the potential risks, and make informed decisions based on their unique circumstances. This involves careful attention to news and expert analysis, as well as a proactive approach to personal financial management. Rather than panic, it’s time for thoughtful planning and diversification to navigate the potential challenges ahead.

https://youtu.be/Y_G74U4fVu4

Iraq Economic News and Points to Ponder Monday AM 1-13-25

During 2024.. The Iraqi Central Bank Imposes Fines Worth 279 Billion Dinars On Banks And Money Changers
 
Economy    2025-01-11 23:52  Shafaq News/ The Central Bank of Iraq announced, on Sunday, the imposition of fines on banks and non-banking institutions (exchange companies) worth 279 billion Iraqi dinars, during the year 2024.
 
A table of the bank, viewed by Shafaq News Agency, showed that the fines imposed on banks and financial companies during the past year amounted to 279 billion and 144 million and 977 thousand and 628 dinars, indicating that “the fines also included 238 administrative penalties for these banks and non-banking institutions, distributed between warning and warning.” And the grace period.”

The table showed that “the month of January witnessed the highest fines on banks and non-financial institutions, as these fines amounted to 98 billion, 277 million, 722 thousand and 62 dinars, with administrative penalties amounting to 17 penalties, while the month of September witnessed the lowest fines, as they amounted to 2 billion, 331 million, 465 thousand and 48 dinars in penalties.” Administrative penalties amounted to 13.”
 
The table did not show the names of the banks on which fines were imposed, nor the nature of the administrative penalties.
 
The Association of Investors in the Iraqi Stock Exchange criticized the Central Bank of Iraq's increase in fines on banks, noting that it would affect the profitability of investors in the shares of these banks.  
  
https://shafaq.com/ar/اقتصـاد/خلال-2024-المركزي-العراقي-يفرض-غرامات-بقيمة-279-مليار-دينار-على-مصارف-وصيرفات 

Central Bank Renews Directive To Spread And Expand Financial Services And Atms

Banks  Economy News – Baghdad   The Central Bank of Iraq renewed, on Sunday, a directive to banks and non-banking financial institutions to spread and expand their financial services in areas that lack the presence of various services for bank card holders.

The Central Bank said in a statement received by "Al-Eqtisad News" that "the bank is working within its strategy to provide various services to bank cardholders, by expanding the spread of cash delivery outlets and through all available channels, including ATMs and POC cash payment devices, as well as authorized exchange companies, electronic payment company outlets, and POS electronic payment devices spread throughout Iraq."

The statement added, "The Central Bank confirms in its circulars that included directing banks and non-banking financial institutions to spread and expand their financial services in areas that lack the aforementioned services."

He continued, "The bank seeks to develop these services by establishing the latest infrastructure for financial products and services in Iraq, and improving them continuously," calling for "submitting inquiries and complaints, if any, through the following link: https://complaint.app.cbi.iq/." 79 views  Added 2025/01/12 - https://economy-news.net/content.php?id=51858

Tasks of the Directorate of Supervision of Non-Banking Financial Institutions
 
    1- An introductory overview of the directorate:
    The Directorate of Supervision of Non-Banking Financial Institutions at the Central Bank of Iraq is responsible for licensing, supervision and control of non-banking financial institutions, with the aim of protecting the financial system from potential risks and enhancing confidence in the non-banking financial sector.
 
It also seeks to ensure the provision of safe and effective financial services to citizens, in addition to ensuring that these institutions comply with laws and instructions in accordance with global standards in the field of compliance, which contributes to enhancing financial stability.
    
    2- The directorate’s powers and tasks:
    - Licensing non-banking financial institutions.
 
        All license applications are carefully examined in accordance with the principle of equality between all applications, in order to ensure the availability of conditions that allow it to compete in the Iraqi market and keep pace with rapid developments in the global and local financial sectors, while achieving the highest levels of efficiency and transparency.
 
    - Supervision and control of non-banking financial institutions.
 
        This directorate acts as a supervisory authority, adopting a flexible and contemporary supervisory approach that enables it to carry out supervision and monitoring to ensure success in the Iraqi financial sector.
    
    3- Laws, regulations and instructions.
 
        Central Bank of Iraq Law (Link to PDF).
        Anti-Money Laundering and Terrorist Financing Law No. 3 of 2015 (Link to PDF).
        Electronic Payment Services System No. 2 of 2024 (Link to PDF).
        Work regulations for agents of foreign remittance service providers for the year 2021 (Link to PDF).
        Operating controls for exchange companies (Link to PDF).
        Regulations for the work of financing companies (Link to PDF).
    
    4- Types of non-banking financial institutions.
    A- Types of non-banking financial institutions
 
        Electronic payment companies (redirect link to the electronic payment companies page).
        Exchange companies (redirect link to the exchange companies page).
        Finance companies (redirect link to the finance companies page).

    B- Licensing requirements and controls for each type.
 
        Electronic payment companies (Link to Page).
        Exchange companies (Link to page).
        Finance companies (Link to page).
    
    5- Control and inspection procedures.
 
        Oversight methodologies and inspection mechanisms (Link to PDF).
        Periodic reports required from institutions.
        Requirements for appointments to leadership positions (Link to PDF).
    
    6- Reports and publications.
    7- Advertisements
    8- Updates related to laws and instructions.
    9- Workshops and training courses.
    10- Communication channels.
    
    11- The official mail of the directorate.
 
        The Directorate’s email ( nbfi.supervision@cbi.iq ).
        The official email of the Exchange Companies Control Department (Company.sup@cbi.iq) .
        The official mail of the Finance Companies Control Department.
        The official email of the Electronic Payment Service Providers Monitoring Department (electronicpay.bs@cbi.iq)
  
https://cbi.iq/news/view/2759 

 National Data Center, Customs And Border Ports Authority Announce Launch Of Customs Automation System

Sunday 12 January 2025 | Economic Number of readings: 198  Baghdad / NINA / The National Data Center at the General Secretariat of the Council of Ministers announced the launch of the "ASYCUDA" system in cooperation with the General Authority of Customs and the Border Ports Authority, in ten land, sea and air border ports, after conducting a comprehensive assessment of the infrastructure in 14 border ports, within the framework of supporting the government's program for digital transformation and automation of customs operations in Iraq.

Director of the National Data Center Department, Ammar Mazhar Al-Tamimi, stressed that the success of operating the system reflects the exceptional efforts made to develop the infrastructure supporting customs automation, pointing to the government's commitment to the success of this vital project that contributes to enhancing the efficiency of customs operations and achieving transparency.

Al-Tamimi pointed out, according to a statement by the Secretariat of the Council of Ministers, that the efforts included providing the General Authority of Customs with modern technical equipment, in addition to establishing a secure network system based on advanced servers and firewalls, with the allocation of a separate environment to ensure data security and link the system to the secure government network. "

In a related context, the General Authority of Customs in the Ministry of Finance and the Border Ports Authority, with the support of the National Data Center, continue to work on expanding the scope of the system to include additional ports, including Basra International Airport, Khor Al-Zubair Port, and Abu Flus Port, which are scheduled to be operational in the coming months."

The customs automation project aims to raise the efficiency of customs performance and facilitate the movement of goods in line with international standards, in a qualitative step to support the national economy and improve the business environment in Iraq. " https://ninanews.com/Website/News/Details?key=1179572

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

Seeds of Wisdom RV and Economic Updates Monday Morning 1-13-25

Good Morning Dinar Recaps,

SEN. TED CRUZ: FIGHTING REGULATORY OVERREACH, CHAMPIONING BITCOIN

In an interview with Cointelegraph, US Senator Ted Cruz discusses Bitcoin’s role in driving small business growth, its potential as a hedge against inflation and why Texas is becoming a top crypto hub.

In an exclusive interview with Cointelegraph, US Senator Ted Cruz shared his vision for Bitcoin, the broader crypto industry and the future of his home state of Texas.

As a self-proclaimed Bitcoin miner, Cruz emphasized the potential of BTC to empower small businesses, drive innovation, and serve as a hedge against inflation.

Despite his optimism for the future of BTC and crypto mining, Cruz warned against hasty government regulations, stressing the need for Congress to better understand before overreaching with regulatory actions.

“Very few Members of Congress understand cryptocurrency, so I am urging my colleagues to proceed slowly and carefully with any regulations governing cryptocurrency,” he said.

Bitcoin’s impact on small businesses

Cruz said he is “bullish on Bitcoin,” praising its capacity to provide privacy, autonomy and independence from government control.

“Most congressional Democrats are deeply skeptical of Bitcoin,” he said. “They don’t like that it creates individual freedom, privacy, autonomy and independence from the government.”

With the incoming administration of US President-elect Donald Trump, Cruz predicted that “Republicans will unleash small businesses and cryptocurrency like never before.”

“I’m proud to lead the fight to defend cryptocurrency from overreaching government regulation. I introduced legislation to prohibit the development of a central bank digital currency and to clarify that the Federal Reserve has no authority to do so unilaterally.”

Texas as an oasis for Bitcoin

Cruz described Texas as “an oasis for Bitcoin” due to its abundant, low-cost energy and business-friendly environment. He said the state’s “frontier mentality” and low taxes have made it a magnet for Bitcoin mining firms and crypto enthusiasts.

“Cryptocurrency mining requires dependable, low-cost energy, and if Texas is known for anything, it is abundant low-cost energy,” Cruz said. “I am thrilled to see so many jobs coming to Texas, and we need to make sure that trend continues and accelerates,” he added.

Recent developments, such as Hive Digital relocating its headquarters to Texas and Marathon Digital acquiring a wind farm in the state, underscore Cruz’s sentiment.

Cruz told Cointelegraph that, to his knowledge, he is the only member of the Senate who is a BTC miner and has “three miners hashing in West Texas right now.”

“I have a weekly buy order to take advantage of dollar-cost averaging,” he said. “I’ve been investing for several years, over which time Bitcoin’s value has roughly tripled.”

@ Newshounds News™

Source:  CoinTelegraph

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INCOMING TREASURY TO SELL BITCOIN ETF HOLDINGS

According to a recent report by Bloomberg, hedge fund manager Scott Bessent, who was recently nominated to be the new Treasury secretary, will divest his Bitcoin ETF holdings. The billionaire American investor owns no more than $500,000 worth of shares of BlackRock's iShares Bitcoin Trust ETF (IBIT). Overall, Bessent has listed more than $500 billion worth of assets.

@ Newshounds News™

Read more:  U Today

~~~~~~~~~

RIPPLE CTO REVEALS COMPANY'S MEDIA STRATEGY ON XRP

Ripple CTO David Schwartz breaks silence on crypto company's approach to misinformation regarding XRP

Ripple's CTO David Schwartz recently shared some thoughts on the company's media strategy during its three-year legal battle with the Securities and Exchange Commission. 

The case ended with Ripple getting a partial victory, after they argued that XRP, the cryptocurrency associated with Ripple, should not be classed as a security. The court concluded that XRP is not a security, but the crypto company was fined for selling coins to institutional clients. 

This clarified the asset's status, which has big implications for both the San Francisco-based company and the wider crypto market.

Schwartz talked about the challenges Ripple faced in dealing with false information about XRP during the lawsuit. He admitted that the company couldn't do much to directly challenge the false stories about the cryptocurrency because of legal and strategic limits.

Instead, they relied on their community, also known as the "XRP Army," to spread the right message. But this meant that misinformation and speculation spread, which was not ideal.

Schwartz said that Ripple tried not to amplify unverified claims or people spreading misinformation on purpose, but he admitted that this approach might have had the opposite effect. He said that if they dealt with inaccuracies, they might accidentally give them more credibility or visibility, which would make it harder for Ripple to respond to the media.

Schwartz also talked about how Ripple tries to tell the difference between helpful contributions and baseless claims in the XRP community. While the company recognized the importance of fostering a positive narrative, it maintained caution in engaging with content or individuals that might harm its reputation or mislead the public. #XRP #XRP News #Ripple News

@ Newshounds News™

Source:  U Today

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MASTERCARD INTRODUCES CRYPTO CREDENTIAL FOR SEAMLESS P2P TRANSACTIONS IN UAE, KAZAKHSTAN

▪️Mastercard has launched Crypto Credential in the UAE and Kazakhstan to simplify crypto transactions.

▪️The solution ensures secure transactions by verifying both the sender’s and recipient’s wallet compatibility.

Mastercard has launched its Crypto Credential solution, which will make it easier for people in the UAE and Kazakhstan to use cryptocurrencies. This launch enables the users to send and receive digital assets through easily memorable names instead of complicated blockchain addresses, making it easier to incorporate crypto.

Crypto Credential is one of Mastercard’s efforts to strengthen the security of digital asset transactions. Through cooperation with regulated exchanges like CoinMENA in the UAE, Fuze in Dubai, and ATAIX Eurasia in Kazakhstan, the solution is designed to enable the verification of transactions and ensure that both transacting parties have met certain verification standards. It also checks that the recipient’s wallet can accept the transferred asset.

It ensures that crypto users have a certain degree of confidence in the service, which checks the transaction details, including Travel Rule data and metadata sharing. Mastercard believes simplicity is key in crypto transactions to help boost trust among consumers and businesses.

“We are excited to see Mastercard embracing blockchain technology,” said Talal Tabba, CEO of CoinMENA. “Innovations like Crypto Credential are key to making digital assets more user-friendly, especially for those transitioning from traditional finance.”

How Mastercard Crypto Credential Works

The adoption of Crypto Credentials begins with the user’s validation in accordance with the Mastercard guidelines. After successful validation, users are given a unique alias that can be utilized on any supported exchange for transferring and receiving cryptocurrencies.

When a transfer is initiated, the system verifies if the recipient’s alias is active and if the wallet of the recipient supports the given digital asset. If not, the sender is informed, and the transaction is stopped to avoid the loss of the funds. This mechanism ensures security and ease of use since users are shielded from mistakes and deceit.

Initially, the pilot phase will cover only peer-to-peer transactions. Nevertheless, Mastercard plans to use Crypto Credentials in several services in the future. Some of the possible applications are Non-Fungible Tokens (NFTs), ticketing, and other new payment applications based on the market’s needs and legal frameworks.

A Broader Expansion Across Regions

Mastercard Crypto Credential is not only available in the UAE and Kazakhstan. It is part of a greater implementation strategy for the company’s commercialization plans in markets across North America, Europe, Latin America, and Asia-Pacific. This expansion enables the user to transfer digital assets not only within these regions but also across blockchains and types of assets.

The new initiative has garnered support from industry leaders. Arutyun Poghosyan, CEO of ATAIX Eurasia, expressed enthusiasm about the collaboration, stating, “We are incredibly excited to implement Mastercard’s Crypto Credential technology. This partnership strengthens our position in the crypto space.”

In addition to the Crypto Credential, Mastercard has also collaborated with JPMorgan to create innovative B2B cross-border payment flows. CNF has earlier covered that the partnership links Mastercard’s MTN and JPMorgan’s Kinexys Digital Payments and is beneficial for businesses, according to CNF. 

This partnership leverages a single API to streamline foreign transactions, and minimize the time that is usually lost in crossing borders and other barriers that have hitherto slowed down global trade.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

XRP BULLS IN ACTION? KOREAN EXCHANGE SEES STUNNING OUTFLOWS

Popular cryptocurrency XRP eyes mysterious $60 million whale activity on Korea's biggest exchange

A big XRP transfer from Upbit, South Korea's biggest crypto exchange, is causing some buzz about what it might mean for the popular cryptocurrency. Whale Alert tracked the withdrawal of 24 million XRP, worth about $60.63 million, from Upbit's wallet "rDxJNb" to an address that had not been recognized before, "r9n1JL."

 It is common for such a movement to be made between the big players in the cryptocurrency game, like Ripple or major exchanges like Binance, so it's possible this wallet could even belong to Upbit itself. But this is just guesswork, and we are still not sure who owns the address.

While it is tempting to think this is a sign that whales are building up their holdings, it's best not to jump to any conclusions just yet. Have to do some more digging and keep a close eye on things to see what is really going on.

@ Newshounds News™

Read more:  U Today

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

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Newshound's News Telegram Room Link

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Seeds of Wisdom Team™ Website

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Thank you Dinar Recaps

“Tidbits From TNT” Monday Morning 1-13-2025

TNT:

Tishwash:  Central Bank Renews Directive to Spread and Expand Financial Services and ATMs

The Central Bank of Iraq renewed, on Sunday, a directive to banks and non-banking financial institutions to spread and expand their financial services in areas that lack the presence of various services for bank card holders.

The Central Bank said in a statement received by "Al-Eqtisad News" that "the bank is working within its strategy to provide various services to bank cardholders, by expanding the spread of cash delivery outlets and through all available channels, including ATMs and POC cash payment devices, as well as authorized exchange companies, electronic payment company outlets, and POS electronic payment devices spread throughout Iraq."

The statement added, "The Central Bank confirms in its circulars that included directing banks and non-banking financial institutions to spread and expand their financial services in areas that lack the aforementioned services."

He continued, "The bank seeks to develop these services by establishing the latest infrastructure for financial products and services in Iraq, and improving them continuously," calling for "submitting inquiries and complaints, if any, through the following link: https://complaint.app.cbi.iq/."link

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

Tishwash:  Currency smuggling.. Central Bank punishes 10 Iraqi banks due to foreign transfer violations

MP Baqir Al-Saadi confirmed today, Sunday, that the Central Bank of Iraq issued penalties against ten Iraqi banks due to violations related to the foreign transfers file, which has become a direct threat to the local economy.

Al-Saadi said in a statement to Al-Maalouma Agency, “The file of smuggling hard currency outside Iraq is still a source of great concern, amidst multiple question marks about the mechanisms for implementing these operations, especially with the ongoing investigations into the commission of serious violations by exchange offices and banks in foreign transfers.”

He added that "the penalties issued by the Central Bank against 10 banks so far come within the framework of reducing violations related to foreign transfers, which are considered one of the most prominent methods used to smuggle currency out of the country."

Al-Saadi pointed out that “currency smuggling has serious effects on the local economy and causes an increase in financial crises in the country,” noting that “most of the transfers made for the purpose of smuggling go to one of the Gulf countries, which "Requires serious reconsideration and the implementation of strict measures to stop this ongoing bleeding."

The representative stressed that "the Iraqi Financial Institution is working seriously to address this problem by setting new criteria and re-evaluating the tools used in financial transactions, with the importance of revealing the results of the investigations to public opinion." link

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

Tishwash:  Government Advisor: ASYCUDA System is a Vital Tool for Developing Customs Work and Boosting International Trade

The Prime Minister's Advisor for Financial Affairs, Mazhar Muhammad Salih, reviewed today, Sunday, the importance of adopting the ASYCUDA system in customs administration, noting that it reduces delays at ports and boosts international trade.

Saleh told the Iraqi News Agency (INA): "ASYCUDA is a customs data management system developed by the United Nations Conference on Trade and Development (UNCTAD) since the eighties of the last century, as this system aims to simplify and accelerate customs and border crossing operations using modern digital technology, according to the generations of the system applied, including the second advanced generation that relies on cloud digital technology."

He added that "in line with the government program to enhance the efficiency of collecting non-oil revenues and make them no less than 20% of total revenues, the Ministry of Finance and government support agencies have taken the step of joint cooperation with the United Nations to develop customs control and collection systems and control the movement of imports and exports in accordance with the best digital measures in applying customs tariffs on incoming imports and conducting matches with countries of origin."

Saleh continued that "the General Authority of Customs and the Border Ports Authority completed the procedures for working with the ASYCUDA system last year and are progressing in the new year 2025, including providing high-quality digital infrastructure," noting that "the importance of implementing the ASYCUDA system is that it provides comprehensive automation of customs operations, such as data recording, fee assessment, customs clearance, and records management."

The Prime Minister's Advisor for Financial Affairs explained that "this system reduces delays at border crossings and increases efficiency, in addition to enhancing transparency and disclosure of traded materials, and most importantly, it reduces corruption by reducing direct human interaction and adopting a reliable electronic system for recording and processing data," noting that "the increase in customs revenues that occurred last year was due to ASYCUDA's role in improving the process of assessing customs duties and taxes, which ensures fair and accurate collection of revenues."

Saleh explained that "the system enhances international trade by reducing administrative obstacles and allowing for the acceleration of the clearance process, which encourages the growth of trade between countries, and helps support analysis and statistics, and even provides a comprehensive database on the movement of goods across borders, which supports decision-makers in setting economic and trade policies. As for improving border security, the ASYCUDA system allows for better tracking and inspection of shipments, which helps combat smuggling and illegal activities."

He stated that "the ASYCUDA system is a vital tool for developing customs work and achieving a balance between facilitating trade and protecting borders, which makes it a fundamental pillar of any modern customs system, as Iraq is among the group of Arab countries that apply this system in an integrated manner in ports, airports and land borders, including Jordan, the Emirates, Saudi Arabia and Egypt." link

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

Mot: .. Warning them Young fur Sure!!! 

Mot: .... Frustrating When This Happens