Seeds of Wisdom RV and Economic Updates Friday Afternoon 2-7-25

Good Afernoon Dinar Recaps,

HOUSE REPUBLICANS PUSH FORWARD ON STABLECOIN REGULATION WITH NEW DRAFT BILL

▪️Earlier in the week, Sen. Bill Hagerty, R-Tenn., introduced a bill to regulate stablecoins.

▪️The House’s draft version will be brought up in a hearing next week.

House Financial Services Committee Republican Chair French Hill, R-Ark., released draft legislation to regulate stablecoins as U.S. lawmakers forge ahead on rules for those assets.

Hill, alongside Rep. Bryan Steill, R-Wis., posted a discussion draft for stablecoins on Thursday, which builds on work done over the years in the House Financial Services Committee.

 Steil leads that committee's digital asset-focused panel. Hill and Steil are seeking feedback on the draft, which will be brought up in a hearing next week in the House Financial Services Committee.

“By implementing a clear regulatory structure for payment stablecoins, we can support continued innovation, bolster the U.S. dollar’s position as the world’s reserve currency, and protect consumers and investors," Steil said in the statement. 

"I look forward to getting feedback from consumers, issuers, and stakeholders on this draft legislation as we work to provide clear rules of the road for this innovative technology.”

Lawmakers have been working to pass a stablecoin bill for years, with work focused primarily in the House. Now retired former House Financial Services Committee Chair Patrick McHenry, R-N.C., was working with top Democrat Maxine Waters, D-Calif, to create a regulatory framework for stablecoins since 2022. A sticking point for that bill was a provision that allows state regulators to approve stablecoin issuances without Federal Reserve input.

The discussion draft differs slightly from the previous stablecoin bill. For example, it gives the Office of the Comptroller of the Currency the authority to "approve and supervise federally qualified nonbank payment stablecoin issuers " instead of including a federal path through the Federal Reserve for "payment stablecoin issuers."

Work on the Senate side

Earlier in the week, Sen. Bill Hagerty, R-Tenn., introduced a bill to regulate stablecoins called the "Guiding and Establishing National Innovation for US Stablecoins" ahead of a press conference on Tuesday where lawmakers announced they would be forming a working group to write rules for crypto and stablecoins. That working group included members from the House Financial Services Committee, Senate Agriculture Committee, House Agriculture Committee and the Senate Banking Committee.

Senate Banking Committee Chair Tim Scott, R-S.C., highlighted the need to keep innovation in the U.S. while protecting consumers and working on financial inclusion.

"That’s why I’ve led stablecoin legislation with my colleagues in the Senate, and I look forward to working with Chairman Hill and our House counterparts to advance a solution to President Trump’s desk," Scott said.

The discussion draft is not a companion to Hagerty's bill, but Hill and Steil said both show an effort among Republicans to work on key issues.

"Both approaches represent an effort among Republicans to provide the robust protections and transparency consumers expect, provide for federal and state pathways for stablecoin issuance, and secure the United States as the leader in digital finance," they said.

@ Newshounds News™

Source:  The Block

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A THIRD OF ALL US STATES NOW EXPLORING BITCOIN, CRYPTO FOR PUBLIC FUNDS

Utah stands out as the state closest to a potential implementation. Its bill would authorize the allocation of 5% to "qualifying digital assets."

A growing wave of U.S. states are pursuing legislation to establish strategic Bitcoin reserves or enable crypto investments for public funds, opening a shift in state-level fiscal policy.

Out of 50 U.S. states, 16 have ongoing legislative considerations and varying statuses.

Utah stands out as the state closest to a potential implementation.

The state's Blockchain and Digital Innovation Amendments bill was passed and recommended on third reading by the Economic Development and Workforce Services Committee through the House, with a majority vote of 8 to 1 on January 28.

Utah's bill would authorize the state treasurer to allocate up to 5% of certain public funds to "qualifying digital assets," as long as they meet the main requirement of having over $500 billion in market capitalization, averaged over the past 12 months.

While the bill does not explicitly mention Bitcoin in its language, only Bitcoin categorically passes the core requirement in terms of market capitalization.

Dennis Porter, CEO of Satoshi Act Fund, pointed out this contention on X after Justin Bechler, a Bitcoin advocate, argued that Porter's characterization of the bill was misleading due to Utah's Money Transmitter Act.

On the Bitcoin trail

Though a total of 17 states have filed for similar proposals,North Dakota's proposal was notably rejected on February 4, according to data visualized by the Bitcoin Reserve Monitor.

Several other states are considering similar moves to allow Bitcoin or crypto for use in public funds.

State-level momentum continues building, with New Mexico becoming the latest entrant. Senator Anthony L. Thornton introduced the Strategic Bitcoin Reserve Act (SB275) on February 4, proposing a 5% allocation of public funds to Bitcoin.

Arizona's Senate Finance Committee has advanced similar legislation, passing SB1025 which would permit up to 10% of public funds, including pension systems, to invest in cryptocurrencies.

Wyoming and Massachusetts have also joined the race, with the latter opening its rainy day funds to be invested in Bitcoin or any digital asset for up to 10% of its stabilization fund.

Texas, meanwhile, has taken a different approach with dual proposals. The state has a Senate bill in the works that would allow up to 1% allocation from its general revenue fund balance.

It also has a separate House bill focused on Bitcoin donations, with provisions for crypto payment conversions to Bitcoin. So far, neither has advanced to law.

From Oklahoma and Missouri to New Hampshire, Pennsylvania, and Ohio, various states in the U.S. have either proposed or pending bills, with the legislative status of these bills across 16 participating states actively being tracked by Bitcoin Reserve Monitor.

@ Newshounds News™
Source:  Decrypt

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SEC OFFICIALS INSTRUCTED TO SHRINK CRYPTOCURRENCY ENFORCEMENT TEAM: REPORT

The U.S. Securities and Exchange Commission (SEC) is reportedly downsizing a special unit of more than 50 lawyers and staff members tasked to bring crypto enforcement actions.

Citing five people familiar with the matter, The New York Times reports that a leading lawyer in the unit was pulled out from the enforcement division and some were assigned to other departments within the agency.

The crypto enforcement unit was created during the first Trump administration but it nearly doubled its size in 2022 under previous SEC chair Gary Gensler, who initiated a crackdown on the US crypto industry.

A recent tally reveals that the unit brought more than 100 crypto-related actions during the Biden administration.

It is not yet clear though if the shake-up will affect pending enforcement actions, which include a case involving Coinbase. The crypto exchange is charged with violating federal securities laws by operating an unregistered platform.

The report says some people think that the reorganization constitutes unfair demotion. Corey Frayer, who served as senior adviser to Gensler on crypto issues, also criticizes the SEC’s friendlier stance on digital assets.

“What the new SEC leadership proposes to do for crypto is remove the speed limits and guardrails that have made our capital markets the strongest in the world.”

@ Newshounds News™

Source:  DailyHodl

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TRUMP’S ECONOMIC MOVES SHAKE THE CRYPTOCURRENCY MARKET

▪️The BTC price reacted negatively to Trump's comments.

▪️Trump's tariffs are causing turmoil in the cryptocurrency market.

▪️Next week promises further trade announcements impacting global economies.

BTC price dropped again while Trump was speaking. He is making statements regarding the trade war, viewing it as a weapon and leverage for improving the US economy.

The seriousness of the situation became evident recently. Although issues with Mexico and Canada were resolved temporarily, the new president is opening new fronts.

Trump and Cryptocurrencies

Trump’s arrival was fantastic for cryptocurrencies in terms of regulation. However, it is turning out to be disastrous for the global economy. Following China, Mexico, and Canada, he announced that there would be additional tariffs on Japan as well. Moreover, he promises much more. Trump mentioned that he would announce decisions on additional tariffs with several countries next week.

As the weekend approaches with low trading volume, Trump essentially dropped a bomb in the cryptocurrency space.

▪️I will talk with Putin.
▪️I will meet with the President of China.
▪️I will discuss the Nippon agreement with Ishiba.
▪️I will make an announcement regarding mutual trade next week.
▪️Tariffs on Japan are an option.
▪️Tariffs are a way to cover the budget deficit.
▪️Next week, I will announce mutual tariffs for many countries.
▪️I hope to meet with Zelenskiy next week to discuss the security of their rare earth elements.

@ Newshounds News™

Source:  CoinTurk News

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MISSOURI BILL PROPOSES BITCOIN RESERVE FUND FOR STATE INVESTMENTS

House Bill 1217, introduced by Representative Ben Keathley, aims to establish a Bitcoin reserve fund for Missouri and mandate crypto acceptance for state payments.

Missouri Representative Ben Keathley introduced House Bill 1217, which proposes the creation of a Bitcoin Strategic Reserve Fund to diversify the state’s investment portfolio.

On Feb. 6, Keathley filed HB 1217, proposing the US state of Missouri diversify its portfolio to include Bitcoin as a hedge against fiat currency inflation. If signed into law, the bill will allow the Missouri treasurer “to receive, invest, and hold Bitcoin under certain circumstances.”

Additionally, Keathley’s HB 1217 proposed a long-term Bitcoin hodl strategy for the state:

“The treasurer shall store all Bitcoin collected under sub-section 2 of this section for a minimum of five years from the date that the Bitcoin enters the state’s custody.”

@ Newshounds News™

Read more: CoinTelegraph

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Stocks, Gold to Soar? Trump’s Sovereign Wealth Fund is a Game Changer

Stocks, Gold to Soar? Trump’s Sovereign Wealth Fund is a Game Changer

David Lin:  2-6-2025

The idea of a U.S. sovereign wealth fund, fueled by tariffs, is gaining traction, and according to Axel Merk, President of Merk Investments, it could be a significant game changer for markets, potentially sending stocks and gold soaring.

 In a recent interview with David Lin, Merk delved into the potential ramifications of this proposal, along with his broader outlook on tariffs, commodities, and ongoing market volatility.

The concept, popularized by figures like former President Donald Trump, proposes utilizing revenue generated from tariffs to establish a sovereign wealth fund. Similar to funds managed by countries like Norway or Saudi Arabia, this fund would invest in a diversified portfolio of assets, aiming to generate long-term returns for the U.S. government.

Merk argues that this approach, while potentially controversial, could inject significant capital into the stock market. A sovereign wealth fund with substantial resources would become a major institutional investor, driving demand for equities and potentially pushing prices higher.

However, the creation of such a fund is inherently tied to the contentious issue of tariffs. Merk acknowledged the complexities surrounding tariffs, highlighting their potential to disrupt global supply chains and increase costs for consumers. He emphasized the need for careful consideration and strategic implementation to avoid unintended consequences.

While tariffs can generate revenue for the proposed fund, they also contribute to market volatility. Increased trade tensions often lead to uncertainty, causing fluctuations in stock prices and affecting commodity markets. Merk stressed the importance of managing these risks through diversification and a long-term investment horizon.

Beyond the sovereign wealth fund proposal, the conversation with David Lin also covered Merk’s outlook on commodities in general. He pointed out that individual commodities react differently to geopolitical events and economic cycles. Factors such as supply disruptions, demand shifts, and currency fluctuations all play a crucial role in shaping commodity prices.

He emphasized the need for investors to understand the specific dynamics of each commodity before making investment decisions. A blanket approach to the commodity market, he warned, could be fraught with risks.

In conclusion, the interview highlighted the potential for a U.S. sovereign wealth fund to reshape the investment landscape. While the idea presents exciting possibilities for stocks and gold, it is inextricably linked to the complexities of tariffs and the ever-present risk of market volatility.

Merk’s insights underscore the critical need for investors to stay informed, conduct thorough research, and adopt a strategic approach that considers the long-term implications of these potential shifts in the global economic landscape.

The creation of such a fund remains a proposal, and its actual implementation and impact are highly uncertain. However, the conversation sparked by this idea highlights the ongoing evolution of financial strategies and the potential for innovative approaches to managing national wealth.

0:00- How to Handle Volatility from Tariffs

4:47- Market Reaction

8:52- U.S Sovereign Wealth Fund Announced

15:52- How will DOGE affect economic & fiscal policy in the US

18:37- Market Reaction to Trump’s first 21 days

 25:05- Gold Equities Outlook

https://youtu.be/QqFVGKEg7sg

Seeds of Wisdom RV and Economic Updates Friday Morning 2-7-25

Good Morning Dinar Recaps,

RIPPLE’S GARLINGHOUSE TO JOIN TRUMP’S U.S. CRYPTO ADVISORY COUNCIL? HERE’S WHO IS IN THE RUNNING

▪️Ripple CEO Brad Garlinghouse is shortlisted for a key role on President Trump’s U.S. Crypto Advisory Council.
▪️The council will address crucial debates, including whether cryptocurrencies should be classified as commodities or securities.
▪️Other prominent crypto leaders, including figures from Kraken, Coinbase, and Circle, are also considered for council positions.

Ripple CEO Brad Garlinghouse is reportedly on the shortlist for a key role on President Donald Trump’s U.S. Crypto Advisory Council. This council, formed by executive order in Trump’s first week back in office, promises to play a pivotal role in shaping the future of cryptocurrency policies in the U.S.

Crypto regulations are certainly going to get a new look now. Is Ripple now on the fast-track to success?

U.S. Crypto Regulations Under Review

Under the Biden administration, many crypto companies faced challenges due to unclear and strict regulations. However, Trump’s push for innovation in digital assets is leading to a new direction.

The advisory council aims to bring industry leaders together to discuss the future of crypto in the U.S. and craft policies that foster innovation while ensuring proper regulation.

Commodities or Securities: A Critical Debate

One of the council’s biggest tasks will be determining whether cryptocurrencies should be classified as commodities or securities. This decision will have a direct impact on which regulatory body—the SEC or CFTC—will oversee the industry.

Garlinghouse’s Impact on Crypto Regulations

Garlinghouse’s potential role on the council has sparked much discussion about Ripple’s influence in shaping crypto policy. Known for his long-time advocacy for clearer regulations, Garlinghouse could play a key part in creating a more defined and fair regulatory environment for the entire crypto industry.

Other Crypto Leaders in the Running

Garlinghouse is not the only one being considered for a position on the council. Other well-known figures in the crypto world, including Kraken’s former general counsel Marco Santori, crypto podcast host Frank Chaparro, and CEOs from major companies like Circle’s Jeremy Allaire, Coinbase’s Brian Armstrong, and Crypto.com’s Kris Marszalek, are also under consideration.

Could XRP Join a National Reserve List?

There are also rumors that XRP could be included in a national reserve list, although nothing has been confirmed. Some speculate that Trump’s previous meeting with Ripple executives before his inauguration could be related to this development. If true, this move could position Ripple as an important player in the U.S. financial system.

With key players like Garlinghouse in the mix, the future of U.S. cryptocurrency regulation is bound to take a more defined and innovative turn.

@ Newshounds News™

Source:  Coinpedia

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OHIO LAWMAKERS PUSH FOR STATE BITCOIN RESERVE AND CRYPTOCURRENCY PAYMENTS

Ohio introduces a bill to create a Bitcoin reserve fund, allowing public funds and tax payments to be handled in cryptocurrency.

▪️Ohio plans to create a Bitcoin reserve fund managed by the state treasurer.

▪️The bill requires Bitcoin investments to be held for at least five years.

▪️Ohio aims to lead the nation in government-backed Bitcoin initiatives.

Ohio is advancing plans to create a Bitcoin reserve fund. Senate Bill 57 introduced by Senator Sandra O’Brien on January 28 grants authority to the state treasurer to invest public funds exclusively into Bitcoin.

The proposal moved to the Financial Institutions, Insurance, and Technology Committee for additional evaluation the day after its introduction. The proposed law would mandate that all Bitcoin investments stay in the fund for at least five years.

The proposal mandates Ohio’s treasury oversee Bitcoin investments through secure safekeeping systems. The law also requires state agencies to receive Bitcoin as payment for taxes, fines and other government fees. All cryptocurrency payments that state agencies receive will be converted to Bitcoin before being deposited into the reserve.

Under the bill’s provisions Ohio residents, government bodies and universities can contribute Bitcoin donations to the fund.

Previous Crypto Initiatives in Ohio  

Ohio has explored cryptocurrency adoption in the past. In December, House Republican leader Derek Merrin introduced House Bill 703 to support Bitcoin investments in state reserves.

Additionally, state senator Niraj Antani proposed a bill to enable tax and fee payments using cryptocurrency. The latest Bitcoin reserve bill builds on these earlier efforts, introducing a structured approach for state-level Bitcoin investment and storage.

National and Statewide Trends  

The initiative aligns with federal discussions on digital asset adoption. President Donald Trump’s executive order called for research into a national digital asset reserve. Ohio lawmakers view these federal developments as potential catalysts for state policy adjustments. The bill seeks to position Ohio as a leader in government-backed Bitcoin initiatives.

Several other U.S. states are also considering Bitcoin reserve legislation. Utah, Arizona, and South Dakota have introduced similar bills. Utah’s House committee approved a bill allowing treasury funds to include digital assets.

Texas passed the Texas Strategic Bitcoin Reserve Act, requiring the state to hold Bitcoin as a reserve asset for at least five years. On January 28, Arizona’s Senate approved its own Bitcoin reserve bill, permitting public funds to invest up to 10% of assets in virtual currencies.

According to Bitcoin Reserve Monitor, at least twelve states have proposed legislation for Bitcoin reserves. The increasing interest in state Bitcoin holdings reflects a broader trend of cryptocurrency adoption at the government level. Ohio’s new proposal could establish the state as a key player in this movement.

@ Newshounds News™

Source:  CryptoNewsLand

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“Tidbits From TNT” Friday Morning 2-7-2025

TNT:

Tishwash:  Iraq prepares to implement the first historic transfer operation through the international (TIR) ​​system

 The International Road Transport Union (IRU) announced Iraq's readiness to implement the first historic transport operation via the international road transport (TIR) ​​system, in a historic step towards enhancing cross-border trade.

During a visit last week, the Union confirmed that Iraq is close to achieving a major achievement in international trade, as it will soon witness the first transport operation under the umbrella of the internationally recognized system for customs transit, noting that this step reflects Iraq's commitment to modernizing the trade sector and adopting international practices.

A specialized workshop was also organized, focusing on the importance of the United Nations international agreements, such as the TIR Convention and the Dangerous Goods Convention, highlighting the role of these agreements in simplifying trade, enhancing security and reducing accidents.

The Federation stressed the importance of cooperation between the public and private sectors to ensure smooth implementation of the two mentioned systems, which contributes to enhancing Iraq's position in regional and international trade.

In conclusion, the Federation stressed that this step represents a new beginning for Iraq in the field of transportation and international trade, with the adoption of the best international practices to enhance efficiency and economic growth.  link

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Tishwash:  Al-Sudani's advisor rebukes citizens for storing money at home and calls for investing it

 "Support the national economy

Mohammed Sahib Al-Daraji, the technical advisor to the Prime Minister, confirmed today, Thursday, that the volume of investments in Iraq amounts to about 60 billion dollars, while he pointed out that there is a large cash mass among citizens outside the banking system, which makes it economically useless if it remains stored in homes, calling for it to be converted into investment projects that contribute to transforming it into assets that support the national economy.

Al-Daraji said in a statement to the official agency, followed by the 964 network , that “Iraq’s gross domestic product exceeded $260 billion, which makes the ratio of external debt compared to the domestic product at a very low level, which opens the door to a new phase of external financing, but with studied conditions,” noting that “Iraq’s external public debt witnessed a significant decrease, as it fell from $20.9 billion to $9.8 billion.”

He stressed, “The importance of funding being directed towards productive projects capable of paying off their debts on their own, rather than focusing on consumer or ill-considered projects.”

Regarding current investments, Al-Daraji pointed out that “the volume of local and foreign investments in Iraq amounts to about 60 billion dollars, most of which are in the real estate and housing sector, which is a good thing,” stressing “the necessity of strengthening the role of the Iraqi investor and supporting him to diversify investments.”

He pointed out that “there is a large cash mass held by citizens outside the banking system, which makes it economically useless if it remains stored in homes,” calling for “transferring this money to investment projects that contribute to transforming it into assets that support the national economy and enhance sustainable development.” link

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Tishwash:  Taif Sami confirms to the World Bank the government’s commitment to implementing financial and economic reforms

Minister of Finance Taif Sami Mohammed received today, Thursday, the World Bank Representative in Iraq, Emmanuel Salinas, and his accompanying delegation, to discuss ways to enhance cooperation between the two sides in supporting development projects and implementing economic reforms.

Sami stressed, according to the ministry’s statement, a copy of which was received by {Al Furat News}: “The importance of partnership with the World Bank in financing programs aimed at achieving sustainable development,and the Iraqi government’s commitment to implementing financial and economic reforms to ensure the stability of the national economy.”

She pointed out that "these reforms aim to enhance sustainable growth, improve the management of financial resources, combat corruption, and enhance transparency in government institutions."

For his part, the World Bank representative praised the Iraqi government's efforts to improve the economic environment and enhance transparency and efficiency, stressing "the bank's readiness to provide more technical and financial support in line with Iraq's development priorities."

The two parties agreed - according to the statement - to continue coordination and joint work to achieve strategic goals and enhance economic stability in the country. link

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Tishwash:  Lost Fortunes: Iraqi youth risk all in the world of Crypto and Forex

Despite government warnings, digital trading in both cryptocurrency and foreign exchange (forex) continues in Iraq, mostly among young people eager for a quick buck. Many, however, do not consider the consequences and risks associated with these transactions.

The rise in crypto and forex trading comes after Iraq’s recent economic crises, including the government’s limitations on US dollar trading to stabilize the exchange rate.

Although there have been no official statistics on the number of Iraqis scammed through digital trading, economic experts believe the figures are substantial. However, since Iraq bans both crypto and forex trading, victims have no way to legally reclaim their losses.

Since crypto and forex transactions occur outside the banking system, the traders are more susceptible to fraud. Last year alone, dozens of young Iraqis lost their life savings due to digital trading.

20-year-old Saja Al-Saadi is one such victim. She told Shafaq News that she had saved five million Iraqi dinars (around $3,800) from work but was lured by digital trading platforms promising high returns, who instead stole her money in the blink of an eye. “I was devastated,” she said. “Since these platforms are illegal in Iraq, I couldn’t even file a complaint with the police to recover my money.”

Another victim, 45-year-old trader Abdul Amir Khalil, faced a much larger loss of over $250,000. Khalil turned to digital trading platforms to avoid banking procedures and streamline transactions. “After transferring $250,000 to a digital trading company, the platform disappeared overnight, and I was unable to recover the money due to blockchain encryption despite enlisting the help of IT specialists.” He told Shafaq News.

Many of these scams are operated by individuals who use untraceable crypto transactions to steal funds. Some are run by local networks that pose as investment firms, promising “huge returns,” using fake social media profiles and instant messaging apps like Telegram and WhatsApp to reach potential victims.

while the list of victims continued to grow, the Central Bank of Iraq (CBI) declared in 2022 that it does not license forex, stock, or crypto trading platforms.

The bank warned that fraudulent online companies falsely claimed to be licensed, using misleading advertisements to promote investments in stocks, crypto, gold, and oil.

According to Iraq’s Anti-Money Laundering and Terrorism Financing Law No. 39 (2015), digital trading is prohibited due to risks associated with fraud, illicit transactions, and economic instability. The use of electronic wallets and cards for crypto trading is also prohibited, due to “concerns over money laundering and financial crimes.”

Despite this prohibition, many traders bypass restrictions anyway using VPNs and international bank accounts or rely on middlemen in neighboring countries like Turkiye, Jordan, and the UAE to deposit and withdraw funds.

Economic expert Ali Dadoosh explained to Shafaq News that forex companies targeting Iraqi investors operate without oversight from the CBI or any regulatory body.

“Iraq lacks a legal framework for forex trading; there is no official regulatory body overseeing digital currency transactions,” he noted.

Dadoosh emphasized that while digital currency trading can be profitable for experienced investors, it carries significant risks for untrained traders.

According to Dadoosh, while non-crypto digital currencies are traceable and regulated by banks (if fraud is suspected, banks can freeze transactions or reverse transfers), crypto is encrypted, unregulated, and often used for illegal activities, including money laundering and drug trafficking, and recovering stolen crypto funds is nearly impossible.

While digital currencies offer advantages, such as lower transaction costs and faster transfers, Dadoosh warned that most Iraqis lack the expertise needed to avoid falling victim to fraud.

He advised young Iraqis to learn trading before investing and to only use well-established, legal companies and wait for new government regulations.

There have been voices inside Iraq calling on the government to regulate crypto and forex trade instead of prohibiting it, countries such as Egypt and Turkiye have already begun talks on legalizing crypto and forex trade regulations. The UAE has permitted it under strict regulations that ensure investor protection. link

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Iraq Economic News and Points to Ponder Thursday Afternoon 2-6-25

It Gives Gold And Huge Money .. The Iraqi Al-Ahly Bank Launches The “Honest And Transparent” Prizes Program

February 6, 2025 Last update: February 6, 2025  Independent/- The Iraqi National Bank announced the launch of the new award program for the "Zanakin" account for the year 2025, which is the largest in the history of the account in terms of value and diversity of prizes. The bank said in a statement,
 
 Zanakin’s customers will have the opportunity to win financial and in-kind prizes, whose total value reaches more than 3 billion Iraqi dinars distributed to more than 1,453 winners throughout the year, including luxury cars and gold bars in addition to the largest prize in the history of the Iraqi National Bank of the owner Good luck, which is the grand prize, and its value is one billion dinars.”

He explained,  "The prizes are in the form of daily prizes; 6 million Iraqi dinars distributed to 6 winners per day, while the weekly prizes are granted 4 gold bars of four winners every week.
 
In addition, a car will be awarded monthly to 12 cars throughout the year to the grand prize worth one billion Iraqi dinars for one winner at the end of 2025.

 The bank stressed that “the mechanism of drawing on the prizes depends on an electronic lottery system that guarantees integrity and transparency, while announcing the names of the winners through the bank’s social media platforms.
 
Also, communicating with the winners is also to ensure that they receive their prizes after confirming their eligibility according to the conditions of the program.
 
The account enables clients to increase their chances of winning daily, weekly, monthly and major prizes, based on the size of the deposited balance and the duration of its retention.
 
Besides, the account holders enjoy all other banking services and benefits provided by the Iraqi National Bank, which makes "Zanakin" the perfect choice for customers looking for an account that combines savings and true opportunities for profit.
 
For his part, the authorized director of the Iraqi National Bank, Ayman Abu Dahim, said,
 
“By launching the 2025 Zankin Awards, we confirm our continuous commitment to providing innovative banking programs.
 
The Zankin account is a platform that combines savings and distinctive opportunities that change the lives of the winners.
 
We seek to enhance the culture of saving among our customers by providing valuable and varied prizes that keep pace with their aspirations and realize their dreams.
 
We will continue to work to provide the best banking services that reflect our market leadership and meet the needs of our various customers.”

And "Zankin" is a useless saving account, which allows customers to benefit from a wide range of banking advantages in addition to winning prizes.

The account provides complete flexibility for customers, as they can access their money and make withdrawals at any time.

The account also allows the balance of the balance easily through the bank's ATM network.     
https://mustaqila.com/يمنح-ذهباً-وأموالاً-طائلة-المصرف-الأه/

Iraq, US Review Strategies To Enhance Financial Cooperation
 
Iraq   Amr Salem   February 6, 2025  An aerial view of a part of the Iraqi capital, Baghdad. Photo: AFP
 
Baghdad (IraqiNews.com) – The Iraqi Minister of Finance, Taif Sami, emphasized on Tuesday the value of collaboration with the United States in bolstering Iraq’s economic reforms and financial stability.
 
Sami’s remarks took place during her meeting with the Chargé d’Affaires of the US Embassy in Baghdad, Daniel Rubinstein, where the two sides discussed strategies to promote financial and economic cooperation between Iraq and the United States, according to a statement cited by the Iraqi News Agency (INA).
 
Iraq is committed to strengthening financial sectors and creating an appealing business environment, according to the country’s finance minister.
 
Rubinstein emphasized the United States’ eagerness to help Iraq with economic growth and to strengthen collaboration on financial reforms.
 
In order to accomplish shared goals, the US official emphasized the significance of ongoing collaboration between financial institutions in the two countries.
 
During a meeting held in October with the US Ambassador to Iraq, Alina Romanowski, Sami emphasized the significance of collaboration with the United States to advance Iraq’s current goals of financial stability and sustainable development.
 
According to the Iraqi finance minister, one of the key factors toward achieving the government’s objectives is the economic collaboration between the two countries.
 
As part of the strategic cooperation between Iraq and the United States, Romanowski emphasized the US commitment to continue aiding Iraq in several sectors, particularly in  the financial and economic areas.
https://www.iraqinews.com/iraq/iraq-us-review-strategies-to-enhance-financial-cooperation/

The Central Bank Of {Al -Sabah}: The Government Supports The Transformation Of The Digital Economy
 
First 2025/02/06  Baghdad: Hussein Thaghab  The Iraqi Central Bank affirmed that the government is working to develop the regulatory frameworks that support the transformation of the digital economy, especially in the field of electronic payment.
 
According to the representative of the Iraqi Central Bank at the Baghdad International Exhibition, the Virgin Taha Jumaa for "Al -Sabah",
 
"There is importance for the transformation that Iraq is witnessing towards the digital economy." Juma pointed out that
 
"one of the most important challenges facing the current stage is to gain citizens' confidence in electronic payment products, which will contribute to stimulating the hidden funds in homes and transferring them to the banking sector, as
 
this transformation is part of a larger strategy aimed at stimulating the national economy through investment Money in a way that serves major projects in the country. "
 
In the context of supporting digital transformation, Dr. Safwan Qusai, an expert in the financial sector, talked about the importance of strengthening financial inclusion as a primary priority in the context of expansion in the culture of electronic payment in Iraq. Qusai told Al -Sabah that
 
"this trend supported by the Iraqi government and the World Bank seeks to use advanced mechanisms and technologies aimed at providing financial services to the poor segment in society, which is in line with the goals of the Iraqi government in targeting the social classes that live below the poverty line Providing projects that help them improve their financial position. "

Qusai pointed out that  "digital transformation requires a variety of financial services and the development of banking products," noting that  "this change only comes by promoting banking culture among citizens."

 He added that  "providing a credit card for every citizen will contribute to the operation of the idle liquidity estimated at (70) trillion dinars.    https://alsabaah.iq/109738-.html    

Iraq Confirms Its Keenness To Enhance Cooperation With "NATO"
 
The second and the third   Baghdad: Morning  Wednesday, the President of the Republic, Abdul Latif Jamal Rashid, and Prime Minister Mohamed Shi'a Al -Sudani, expressed Iraq’s desire to enhance cooperation with NATO in the field of training and exchange of information and military industries, while the Sudanese received an official invitation to attend the North Atlantic Assembly in Brussels.

A presidential statement, which was received by "Al -Sabah", stated that  "the President of the Republic, the Secretary-General of the NATO (NATO) received Mark Rate, and the accompanying delegation, and during the meeting, the joint files between Iraq and NATO were discussed, as well as a review of the overall security situation in the region, As well as discussing a number of issues related to logistical support for the NATO Mission operating in Iraq.
 
The President of the Republic stressed, according to the statement,
 
"the need to expand the horizons of bilateral cooperation in the areas of providing advice, and contribute to building and developing the military capabilities of the Iraqi security forces."

He pointed out, "The development of the security services in all their formations and the growing capabilities in the field of training and preparation," stressing that
 
"Iraq has exceeded difficult conditions represented by the war on terrorism, and that the security forces managed to eliminate ISIS gangs and their remnants, and it has the readiness and ability to face various security challenges."

 Rashid explained that "today Iraq is blessed with security and economic stability, and that the political parties adopt the principle of dialogue between them," noting that
 
"relations with neighboring countries and the world are good, and we welcome the arrival of businessmen and investors to benefit from the opportunities in the country."
 
For his part, Rawah praised "internal stability and the return of normal life in Iraq," stressing  
"the NATO mission is keen to consolidate bilateral cooperation relations in the field of training, consulting and exchanging information, in a way that enhances the capabilities of the Iraqi armed forces with all its types."

He pointed to "the pivotal role of Iraq The important thing in achieving stability in the region."
 
Meanwhile, the Prime Minister stressed the importance of continuing communication to build cooperation relations with NATO.  A statement of his office, received by "Al -Sabah", stated that
 
"the Prime Minister received the Secretary -General of the NATO and his accompanying delegation, and during the meeting, the cooperation relations between Iraq and the alliance were discussed in the files related to capacity building and the support of the Iraqi armed forces in the areas of advice and training, as The meeting witnessed the discussion of developments in the region, the status of the armistice in Gaza and Lebanon, and the developments of the situation in Syria.

The Sudanese stressed, according to the statement, "the importance of continuing communication to build cooperation relations with NATO, within his consultative mission in Iraq, in light of the state of recovery, political stability and economic growth witnessed by the country, in a way that helps to practice Iraq for its pioneering role in the region," stressing
 
"preserving The balanced Iraqi position despite the challenges, as Iraq has maintained its higher interests, as well as supporting stability efforts in the region.  And Al -Sudani indicated that
 
"Iraq is looking at the interest of the NATO consulting mission in Iraq, and cooperation in the field of training, planning and exchanging experiences."
 
The Sudanese touched on the "ambitious war industries program supported by the government," stressing
 
"Iraq's desire to cooperate with NATO in the field of military industries, especially defense equipment, which contributes to enhancing security and deterring any possible aggression."
 
In turn, the Secretary-General of NATO expressed his appreciation for the Iraqi steps, and sent an official invitation to the Sudanese to attend the North Atlantic Assembly, which will be held soon in Brussels and delivered the speech of Iraq in it, and praised "the government's efforts in security developments and the state of stability and growth in the country,"
 
stressing "keenness NATO to strengthen the relationship with Iraq and enhance fruitful cooperation, especially in the field of military industries.     https://alsabaah.iq/109731-.html  

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

Seeds of Wisdom RV and Economic Updates Thursday Evening 2-6-25

Good Evening Dinar Recaps,

US SENATE PANEL APPROVES CRYPTO ADVOCATE, BILLIONAIRE HOWARD LUTNICK FOR COMMERCE SECRETARY

The Senate Commerce, Science, and Transportation Committee advanced the candidacy of Howard Lutnick, a crypto proponent and billionaire entrepreneur, to the position of Commerce secretary by a vote of 16–12.

America’s technological and financial scene undergoes a radical change and a wealthy man with strong ties to cryptocurrencies is leading important national initiatives valued in hundreds of billions of dollars.

Lutnick: Major Tech Programs Hang In The Balance

Lutnick’s appointment places him in charge of the $280 billion CHIPS and Science Act and the massive $42.5 billion BEAD program. These figures don’t only appear on paper; they reflect America’s determined efforts to transform its semiconductor sector and technical infrastructure. With global tech supremacy on the line, the stakes are higher than ever

Warren’s Crypto Concerns Spark Fierce Debate

The confirmation hasn’t been without its share of fireworks. Senator Elizabeth Warren has thrown down the gauntlet, demanding answers about Lutnick’s ties to Tether, the controversial stablecoin issuer.

Her January 28 letter pulled no punches, questioning everything from Cantor Fitzgerald’s investment in Tether to potential compliance issues. The plot thickened when it emerged that Lutnick’s financial disclosure form detailed assets worth over $806 million and involvement in 800 entities.

Washington is split by the confirmation as Ranking Member Maria Cantwell voted against Lutnick, citing inadequate dedication to current program goals. One thing is evident as this billionaire entrepreneur takes on his new position: the tech and crypto scene of America is set to change and might even completely alter the digital future of the country.

Cruz Champions Tech Policy

While Warren raises red flags, fellow Senator Ted Cruz is upbeat about what he sees as a victory for tech innovation. His vision? A complete reimagining of the BEAD program, moving away from its fiber-optic focus to embrace alternatives like satellite internet and fixed wireless. It’s a stark departure from previous policies, with Cruz dismissing the former Biden administration’s approach as riddled with “lawless conditions.”

Bitcoin Dreams And Stablecoin Schemes

Lutnick is open about his plans for cryptocurrency. At the 2024 Bitcoin Conference in Nashville, he confidently stated that cryptocurrency is “the future of financial independence.” He wants to require checks for stablecoins and might create a national Bitcoin reserve. This idea has made crypto fans excited but has worried traditional finance regulators.

The newly formed SEC Crypto Task Force, under Commissioner Hester Peirce, will work closely with Lutnick to navigate these uncharted waters.

@ Newshounds News™
Source:  Bitcoinist

~~~~~~~~~

CZECH REPUBLIC PASSES CRYPTO-FRIENDLY LAW, EXEMPTS BITCOIN FROM CAPITAL GAINS

The Czech Republic has passed legislation exempting Bitcoin and other digital assets from capital gains tax if held for more than three years.

President Petr Pavel signed the law, according to BTC Prague, aligning the country’s crypto taxation with traditional securities.

The tax exemption applies to individuals and non-business activities, eliminating previous tax disadvantages for long-term crypto investors. The amendment, set to take effect in mid-2025, brings the Czech Republic’s regulatory framework in line with the European Union’s Markets in Crypto-Assets rules.

The Chamber of Deputies approved the law in January as part of broader efforts to modernize the country’s financial regulations. Under the new rules, Bitcoin holders who sell their assets after three years will no longer owe income tax on profits, mirroring the tax treatment of long-term stock investments.

Czech Bitcoin reserve

The Czech National Bank is reviewing a proposal to add Bitcoin to its reserves, but the process may take months, and any exposure would be far lower than the initially suggested 5%, sources say.

Governor Ales Michl introduced the idea, but European Central Bank President Christine Lagarde dismissed the proposal, emphasizing the need for liquidity and security in reserves.

In response, the Czech National Bank commissioned a study to evaluate Bitcoin’s feasibility, with Michl stating he would accept its findings, even if they reject the plan.

@ Newshounds News™
Source:  CryptoNews

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Thursday Afternoon 2-6-25

Good Afternoon Dinar Recaps,

BRICS: TRUMP SPARES INDIA AFTER THEY OFFICIALLY EMBRACE THE US DOLLAR

US President Donald Trump has spared BRICS member India from tariffs as they officially embraced the US dollar for trade. Trump imposed 25% tariffs on Mexico and Canada and ignited a global trade war. He also imposed 10% tariffs on China and could go further if they advance the de-dollarization agenda.

However, BRICS member India has been spared from tariffs as they spoke positively about using the US dollar for cross-border transactions. India’s Foreign Minister S. Jaishankar repeatedly said in multiple interviews that they do not support the de-dollarization initiative. He explained that India will settle trade in local currencies with other countries only when it fits the trade agreement.

Jaishankar also praised Trump and said that India has a good relationship with the new White House administration. “We’ve always said that India has never been for de-dollarization,” he said at various press conferences.

He made it clear that India will work closely with the US and will use the dollar for payment settlements. The Minister also revealed that India is not working towards the formation of a new BRICS currency and will not support bringing the US dollar down.

BRICS: India Plays It Safe By Supporting the US Dollar

The Reserve Bank of India (RBI) Governor Shaktikanta Das also pitched in saying that India does not support de-dollarization. “Nobody is talking about or thinking about de-dollarization. There is no step we have taken to de-dollarize,” said Das to Bloomberg. “De-dollarization is certainly not our objective and is not on the table. BRICS currency was an idea raised by one of the members and was discussed but no decision has been taken.”

All these statements made Trump spare BRICS member India as they fully support the US dollar’s prospects. India also needs the US dollar as its economy depends on America’s progress through Information Technology and other sectors. The US has invested heavily in India as backend offices and meddling with businesses could prove costly for the Modi government.

@ Newshounds News™

Source:  Watcher Guru

~~~~~~~~~

CFTC ACTING CHAIR SAYS THE AGENCY IS ENDING REGULATION BY ENFORCEMENT

The commission will divide its enforcement responsibilities into two task forces focused mainly on “complex fraud” and retail fraud.

Caroline Pham, acting chair of the US Commodity Futures Trading Commission (CFTC), announced that the agency would be winding down its practice of regulation by enforcement, likely impacting its approach to crypto firms during the Trump administration.

In a Feb. 4 notice, Pham said the CFTC was restructuring the priorities for its Division of Enforcement to focus on fraud, suggesting that the move “will stop regulation by enforcement” against “good citizens.” 

The commission will divide its responsibilities into two task forces focused mainly on retail fraud and violations of the Commodity Exchange Act and “complex fraud and manipulation.”

“This taskforce realignment will enhance our vigorous and energetic enforcement program by empowering our talented staff to focus their expertise on matters that secure justice for victims and uphold public confidence in the integrity of our markets,” said acting enforcement director Brian Young.

The shift in the commission’s approach to enforcement was one of Pham’s first actions since becoming the CFTC acting chair on Jan. 20 following former chair Rostin Behnam’s stepping down. At the time of publication, it was unclear whom US President Donald Trump intended to nominate to fill Behnam’s seat at the CFTC once he leaves on Feb. 7.

@ Newshounds News™
Source:  CoinTelegraph

~~~~~~~~~

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Smart Money and BRICS are Rushing into Gold

Smart Money and BRICS are Rushing into Gold

Wealthion:   2-6-2025

The global financial system may be teetering on the edge of a significant shift. Skyrocketing global debt, struggling central banks, and a seemingly paradoxical rise in gold prices, even amidst a strong dollar and elevated bond yields, are raising serious questions about the future of our economic stability.

Recently, financial expert Jonathan Wellum joined Trey Reik of Bristol Gold Group to dissect these complex issues, offering insights into why gold is outperforming its traditional role and what potential pitfalls lie ahead. Their analysis paints a picture of a system under pressure, ripe with opportunities and fraught with risks.

Historically, a strong dollar would typically dampen gold’s appeal. However, the current environment is witnessing a decoupling. Wellum and Reik argue that gold is no longer simply reacting to currency fluctuations, but is behaving as a haven asset reflecting dwindling confidence in fiat currencies themselves.

This “powering over” of gold suggests a growing distrust in the ability of governments to manage their fiscal responsibilities, leading investors to seek the perceived safety and stability of precious metals.

The United States’ national debt, currently exceeding $36 trillion, looms large over the global economy. This unsustainable level of debt is arguably distorting market dynamics and creating systemic risks. Wellum and Reik highlight how this debt burden necessitates continuous borrowing, leading to a cycle of increasing interest payments and further compounding the problem. This unsustainable trajectory is forcing investors to re-evaluate their strategies and consider alternative assets.

As concerns about the stability of the global financial system grow, sophisticated investors are increasingly turning to gold as a hedge against uncertainty. This shift in investment strategies signals a growing recognition that traditional asset classes may be vulnerable in the face of mounting debt and economic instability. The demand for gold as a safe haven is likely to intensify as these anxieties persist.

The conversation also addressed the potential for increased market volatility. With rising interest rates, persistent inflationary pressures, and the looming debt crisis, the stock market faces significant headwinds. Wellum and Reik suggested investors should prepare for a period of heightened uncertainty and potentially adjust their portfolios to mitigate downside risk. They emphasize the importance of understanding the interconnectedness of these factors and their potential impact on asset valuations.

Central bank credibility is also under scrutiny. The Federal Reserve’s handling of inflation and interest rate policy has faced criticism, leading to a decline in public trust. This erosion of trust in monetary policy further fuels the demand for alternative assets like gold, seen as a store of value independent of government control. The future role and effectiveness of central banks in managing economic stability are now being questioned.

The discussion also explored different ways to gain exposure to gold. While owning physical gold bullion offers direct protection against currency devaluation and systemic risk, investing in gold mining companies provides leverage to rising gold prices. Wellum and Reik debated the merits of each approach, highlighting the potential for higher returns in gold miners but also acknowledging the increased risk associated with individual company performance and operational challenges.

Finally, the impact of geopolitical tensions, particularly the potential for renewed trade wars under a Ttump administration, was discussed. The imposition of tariffs and other protectionist measures can disrupt global supply chains, increase inflation, and further destabilize the economic landscape, driving investors towards safe haven assets like gold.

These geopolitical uncertainties underscore the importance of diversifying portfolios and considering assets with inherent value independent of political maneuvering.

The analysis presented by Wellum and Reik paints a concerning, yet crucial, picture of the current financial system. They suggest that the confluence of factors – unsustainable debt levels, central bank challenges, and geopolitical instability – is creating an environment ripe for market volatility and potentially significant economic disruption.

While the future remains uncertain, the enduring appeal of gold as a safe haven asset serves as a potent signal, urging investors to carefully reassess their strategies and prepare for the potential for a significant shift in the global financial landscape.

https://youtu.be/acq20Cdzvgg

Iraq Economic News and Points to Ponder Late Wednesday Evening 2-5-25

The Ministry Of Planning Discusses With The World Bank The Preparation Of A Roadmap For Building Human Capital In Iraq

Wednesday 05 February 2025 | Economic Number of readings: 150    Baghdad / NINA / The Ministry of Planning held a joint meeting with the World Bank on Wednesday, during which they discussed joint cooperation in the field of preparing a roadmap for building human capital in Iraq.

A statement by the ministry stated that "Undersecretary of the Ministry Maher Hammad Johan headed the Iraqi side, while the World Bank team was headed by the Regional Director for Human Development in the Middle East and North Africa, Fadia Saada.

Johan explained: "The importance of the human capital building project comes from its contribution to achieving development goals," stressing Iraq's endeavor to harness efforts towards improving investment in human capital, keeping pace with global trends, and responding to local needs for human development,

in addition to identifying investment priorities and directing them towards making fundamental changes at the level of policies, plans, programs and all government interventions, and in effective partnerships with the international community, the local community and the private sector," calling for more cooperation with the World Bank in this field.

For her part, the Regional Director for Human Development in the Middle East and North Africa, Fadia Saadeh, said: “Investing in human capital is essential for the future of the country, and Iraq has the ability to harness its young population as an engine of economic growth,” indicating: “Bridging the service delivery gaps is in education and health care, expanding access to social protection, and creating job opportunities, especially for women and youth.”

She added: “If reforms are implemented effectively, Iraq can transform its current challenges into opportunities, and ensure a more equitable and prosperous future for all its citizens.”

The meeting witnessed the presentation of three presentations, the first of which was on the priorities and programs of the National Development Plan (2024-2028), presented by the Director General of the Department of Economic and Financial Policies, Sabah Jundi Mansour, the second presentation was on the recommendations of the first national conference on human capital in Iraq, and the next steps, presented by the Director General of Human Development, Dr. Maha Abdul Karim Al-Rawi, and the last presentation was from the World Bank team on the future outlook for human capital projects in Iraq. /End8    https://ninanews.com/Website/News/Details?key=1183964

Finance Minister To Parliamentary Delegation: The Ministry Is Committed To Implementing Reforms To Boost Non-Oil Revenues

Wednesday 05 February 2025 | Economic Number of readings: 23   Baghdad / NINA / Minister of Finance Taif Sami affirmed the ministry's commitment to implementing financial reforms that would enhance non-oil revenues and achieve financial sustainability.

A statement by the Ministry of Finance stated: "Minister Taif Sami received, today, Wednesday, at the ministry's headquarters, a number of members of the Council of Representatives, and during the meeting, their requests and those of citizens were listened to,

 in addition to discussing the mechanisms for implementing the general budget, following up on the allocations of service and development projects, in addition to discussing ways to support productive sectors and provide the necessary resources to improve the level of services provided to citizens."

The minister affirmed, according to the statement, the ministry's commitment to implementing financial reforms that would enhance non-oil revenues and achieve financial sustainability in accordance with approved government programs.

The representatives praised the ministry's efforts in managing the financial file, and stressed the importance of enhancing joint cooperation to ensure the achievement of economic goals.

The parliamentary delegation included the following MPs: Manal Al-Maslamawi, Rafiq Al-Salihi, Luqman Al-Rashidi, Mudhar Al-Karawi, Hassan Al-Masoudi, Fatima Al-Hawi, Ala Al-Nashi, Sarah Al-Dulaimi, Mona Al-Jubouri, Faisal Al-Naili, Wafaa Al-Shammari, Suhaila Al-Sultani, Mustafa Al-Karawi, Amal Al-Nasiri, Osama Al-Badri, Ahmed Rashid Salmani, Basem Nghamish Al-Gharbawi, Mahasin Al-Dulaimi, and Hassan Al-Asadi. / End   https://ninanews.com/Website/News/Details?key=1184007

Finance On Restructuring Of Rafidain, Rashid And Insurance Companies: A Fundamental Step

Banks   Economy News – Baghdad   Today, Wednesday, Finance Minister Taif Sami discussed following up on the procedures for restructuring Rafidain and Rashid Banks and insurance companies.

The ministry said in a statement that "Sami held an expanded meeting with the head of the Insurance Bureau, directors of government banks and insurance companies, and the international auditing and oversight firm Ernst & Young, to follow up on the measures taken to implement the restructuring of insurance companies and government banks, most notably Rafidain and Rashid Banks."

According to the statement, Sami pointed out that "the restructuring represents a fundamental step to enhance financial stability and improve the efficiency of government banks in accordance with international standards," noting "the importance of developing banking systems, enhancing internal control, and implementing specialized training programs for banking cadres to ensure the provision of advanced financial services."

Sami added, "The strategic plan will include introducing modern banking technologies, such as electronic payment, enhancing transparency, improving capital management and completing the comprehensive banking system, in addition to cooperating with international financial institutions and benefiting from global expertise, in addition to setting specific time frames for implementing modernization processes, which will raise the efficiency of government banks and support the national economy."

The Prime Minister's Office announced yesterday, Tuesday, the launch of an initiative to reform the banking system, in cooperation with the Central Bank of Iraq, consisting of 4 main points, and it comes in partnership with the global management consulting company (Oliver Wyman). https://economy-news.net/content.php?id=52540

Dollar Prices In Iraq Fall: 151 Thousand "Per Paper"
Economy | 05/02/2025   Mawazine News – Baghdad  Mawazine News publishes today, Wednesday, the exchange rates of the dollar against the Iraqi dinar in local markets. - Selling 151,000 dinars for 100 dollars - Buying 149,000 dinars for 100 dollars. https://www.mawazin.net/Details.aspx?jimare=259379

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

Seeds of Wisdom RV and Economic Updates Thursday Morning 2-6-25

Good Morning Dinar Recaps,

CFTC’S PHAM SEEKS ‘COMMON-SENSE’ REGULATION OF PREDICTION MARKETS IN NEW ROUNDTABLE

▪️The CFTC will hold a public forum to discuss prediction markets, though it did not name any specific marketplace in its announcement.

▪️CFTC Acting Chair Pham said past years of anti-innovation policies have restricted “common-sense” regulations of prediction markets.

The Commodity Futures Trading Commission announced Wednesday that it will hold a public roundtable to examine prediction markets, where its acting chair Caroline D. Pham expressed the need for more clarity in regulating such platforms.

“Unfortunately, the undue delay and anti-innovation policies of the past several years have severely restricted the CFTC’s ability to pivot to common-sense regulation of prediction markets,” said CFTC Acting Chairman Caroline D. Pham.

Pham said prediction markets are an “important new frontier” that can bring truth to the information age by utilizing the power of markets.

“The current Commission interpretations regarding event contracts are a sinkhole of legal uncertainty and an inappropriate constraint on the new administration,” Pham said.

Last year, the commission requested a district court to review a previous ruling in Kalshi’s favor in an attempt to block U.S. election bets on the prediction market. The two have been in a legal dispute since 2023 over the offerings of event contracts linked to congressional matters.

Earlier this week, it was reported that the CFTC was questioning prediction market Kalshi and Singapore-based crypto exchange Crypto.com over whether their derivatives-based Super Bowl sports events contracts were compliant.

“CFTC must break with its past hostility to innovation and take a forward-looking approach to the possibilities of the future,” Pham stated.

The roundtable

The public roundtable is a necessary first step in establishing a comprehensive regulatory framework for prediction markets, Pham said, as the new framework aims to promote the platforms while protecting users from deceptive market practices.

The forum will tackle several key roadblocks in establishing the framework, including past CFTC decisions, court orders and enforcement actions, and interpretations of event contracts on prediction markets in general.

“Participants will include a wide variety of experts and stakeholders representing numerous and diverse interests in these issues,” the statement said.

However, the release did not mention names of prediction markets that would be discussed at the public roundtable.

The roundtable is scheduled to be held at the CFTC headquarters in Washington, D.C., with further details on the event yet to be announced.

@ Newshounds News™

Source:  The Block

~~~~~~~~~

RIPPLE EXPANDS US WORKFORCE BY 75% AFTER ELECTIONS: IS THE SEC LAWSUIT ENDING SOON?

Ripple’s CLO, Stuart Alderoty, recently shared his thoughts on the new U.S. administration’s approach to cryptocurrency.  In an interview with CNBC, Alderoty expressed his satisfaction with the changes brought about by the new administration.

He explained that the previous administration had essentially waged a “war” on crypto, pushing the industry out of the U.S. in favor of restrictive policies. However, since the inauguration, Alderoty praised the new administration for embracing cryptocurrency and clearing obstacles that had been stifling innovation.

Ripple’s Onshore Hiring Surge Amid SEC Case

Alderoty revealed that Ripple, which has been based in the U.S. for over 12 years, is benefiting from these shifts. He said that following the election, 75% of Ripple’s hiring efforts, which were previously offshore, are now being brought back onshore in the U.S. 

The company is eager to build and expand its operations domestically, with the belief that the U.S. can once again become the global leader in cryptocurrency technology.

These changes come amid the ongoing SEC case, which has been dragging on for four years. The updates have left many wondering if the case might be coming to an end soon.

Ripple’s Response to U.S. Crypto Reform

When discussing U.S. crypto reform, Alderoty outlined three major forces shaping the landscape: President Trump’s executive order, changes in federal regulation, and legislative action from Congress. 

He stressed the importance of the executive order, which reaffirms the U.S.’s goal of becoming the “crypto capital of the world.” The order has sparked a series of positive regulatory developments, including the appointment of David Sachs as the “crypto czar,” who is leading a task force to review and update crypto regulations.

Additionally, Alderoty praised the actions of the SEC’s acting chair, Mark Uyeda, who recently acknowledged the regulatory confusion of the past few years. Alderoty is optimistic that these changes will make it easier for banks to engage with crypto, further positioning the U.S. as a favorable environment for crypto innovation.

@ Newshounds News™
Source:  Coinpedia

~~~~~~~~~

RIPPLE’S RLUSD TOKEN SECURES MAJOR LISTINGS

The Ripple USD (RLUSD) stablecoin has secured several new listings, according to a Wednesday announcement.  

The much-hyped stablecoin is now available for trading on Revolut and Zero Hash. These recent additions are likely to result in substantially broader RLUSD adoption.

London-based fintech firm Revolut boasts more than 50 million customers across the globe. Last September, it was reported that the company planned to launch its own stablecoin. In November, it also obtained the approval to expand its services across the EU after securing a banking license in the UK.

Zero Hash is a prominent cryptocurrency infrastructure platform. With the addition of RLUSD, the platform now supports five stablecoins across various chains.

RLUSD is, of course, available on both Ethereum and the XRP Ledger, and the stablecoin is expected to add more platforms in the future.  The Zero Hash integration is significant for the RLUSD since it means that Ripple's stablecoin is now part of the stablecoin engine that is powering various fintech firms in the realm of payments (remittances, payouts, AI agents) and trading.

Zero Hash CEO Edward Woodford says that the listing of Ripple's RLUSD token shows that the company is committed to offering its customers the most "innovative and regulated" stablecoin products.  

As reported by U.Today, the Ripple stablecoin recently surpassed $100 million in market capitalization.  

The token was also recently listed on Bitstamp, one of the oldest cryptocurrency exchanges.  

According to CoinGecko, the market cap of RLUSD currently stands at $108 million.

@ Newshounds News™
Source:  U Today

~~~~~~~~~

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“Tidbits From TNT” Thursday Morning 2-6-2025

TNT:

Tishwash:  Al-Sudani, Russian envoy discuss bilateral cooperation and stability

Iraq’s Prime Minister Mohammed Shia Al-Sudani met Wednesday with Mikhail Bogdanov, Russian President Vladimir Putin’s special representative to the Middle East and North Africa, to discuss bilateral relations and ways to enhance cooperation across multiple sectors, according to a statement from Al-Sudani’s media office.

The discussions also addressed regional and international developments, focusing on “efforts aimed at strengthening stability in the region.” The prime minister reaffirmed Iraq’s commitment to “fostering stronger ties between Iraq and Russia.”

The meeting follows earlier talks in Baghdad between Iraqi Speaker of Parliament Mahmoud Al-Mashhadani and a Russian delegation led by Bogdanov,

Statement from PM Al-Sudani’s media office:

Prime Minister Mohammed S. Al-Sudani met today, Wednesday, the Special Envoy of the President of the Russian Federation to the Middle East and North Africa, Mr. Mikhail Bogdanov. The meeting focused on bilateral relations between Iraq and Russia and explored ways to enhance cooperation across various fields.

The discussions also covered regional and international developments and efforts aimed at strengthening stability in the region. Prime Minister Al-Sudani expressed his initial approval to participate in the upcoming Arab-Russian Summit to be hosted by the Russian Federation, recognizing its importance in advancing mutual interests.

The Prime Minister reiterated the government’s commitment to fostering stronger ties between Iraq and Russia and expanding avenues of cooperation in multiple sectors. He also emphasized the need to enhance collaboration on the Development Road project and Russian initiatives concerning transit routes to ensure shared benefits and the growth of common interests.

For his part, Mr. Bogdanov conveyed the greetings of Russian President Vladimir Putin to Prime Minister Al-Sudani and reaffirmed his government’s keenness to activate bilateral memoranda of understanding. He also confirmed Russia’s readiness for the upcoming tenth meeting of the Iraqi-Russian Joint Committee, which will oversee the implementation of agreements and memoranda of understanding between the two nations.

 ***********

Tishwash:  Participants to Al-Sabah: Baghdad International Fair is a golden opportunity for economic cooperation

Participants in the Baghdad International Fair considered it a “golden opportunity” that could be a supportive starting point for the sustainable development process that the country is witnessing.

The 48th edition of the exhibition this year is witnessing a wide turnout from citizens, investors and businessmen, due to the quality of companies and products displayed locally and internationally.

Industrial investments

The official of the Ministry of Industry wing, Mohammed Qasim, told Al-Sabah: “Iraq is heading towards localizing its national industry, as well as bringing in global industries through investment within the country,” noting that “this matter requires the creation of an ideal work environment that is in harmony with the requirements of industrial investment and actually contributes to turning the wheel of industrial production.”

Industrial cities

Qasim stressed that “industrial cities are considered a trend that can contribute to localizing industry in Iraq, as these cities will provide all the requirements of the Iraqi and foreign industrialist, especially since the path of development has recalculated the calculations of many companies that can transfer their industries to Iraq and launch from it to various markets of the world.”

He pointed out that "the exhibition is an important opportunity to communicate with Arab and foreign participants who came with a real desire to be present in local markets, especially since Iraq has become the focus of attention of major international companies."

Golden opportunity

Baghdad Chamber of Commerce Advisor Wahbi Al-Khafaf told Al-Sabah: “The Chamber views the exhibition as a golden opportunity that can be used to serve the Iraqi economy, which needs combined local and international efforts to move its wheel.”

Available opportunities

Al-Khafaf pointed out that “the companies present at the exhibition have a great desire to work inside Iraq, which is considered a “promising market” that can benefit those who work inside it and invest in the available opportunities in all production and service sectors.”

 He also pointed out that “the companies that have come with new goods know that the Iraqi market is large and can accommodate regional and international presence, and some are thinking of localizing their industry within the country.”

More space

As for the representative of the Iraqi Iron Company, he explained to “Al-Sabah”, “The exhibition gave the company a larger space to communicate with the companies participating in the exhibition, especially construction and reconstruction companies and contracting companies that implement major projects that require huge quantities of iron to create concrete blocks.”

He stressed that "the national product is manufactured according to international specifications and competes with the best of its global counterparts." 

Local companies

He pointed out that “the exhibition represents an important opportunity, as it saved us a lot of effort and time in reaching this number of local and international companies.”

He pointed out that “the citizen provided an opportunity to communicate with citizens who learned about the nature of the company’s products, selling prices, and product efficiency, as the exhibition is a free opportunity for dissemination.”

Renew participation

A representative of the Pakistani company GFC, which specializes in electrical appliances, confirmed to Al-Sabah that the exhibition is important.

He pointed out that “the Iraqi citizen’s interest in the pavilion created a desire to renew participation in all exhibitions organized inside Iraq, especially since the Iraqi market is vast, and we can be present in all cities.”

Second package

In turn, the representative of the Ministry of Construction and Housing, Aram Majeed, told Al-Sabah, “The presence of the ministry’s team inside the Baghdad International Fair comes to reflect the ministry’s achievements during the past year, the projects that have been implemented and those under implementation, and the projects of the second package that will be launched soon, and includes a number of important projects, including the bridge that connects the Kadhimiya area with the Al-Krayat area.”

Economic cooperation

As for the financial affairs specialist, Athir Abdul Baqi, he said about the exhibition: “The banking sector is an important axis for any economic cooperation between Iraq and the countries of the world, and through our movement inside the exhibition, we noticed the presence of international companies inside the banks’ pavilions and inquired about the nature of the products offered, and how the money movement is going.”

Development plans

He pointed out to “Al-Sabah” that “most delegations stop at the issue or the joint of the development plans for the performance of the banking system, and where it stands among the services provided regionally and internationally, as companies look forward to entering into various businesses within Iraq and studying the reality of the financial sector and the services provided by the banking system.”

(1250) companies of various specializations representing 22 Arab and foreign countries are participating in the 48th session of the Baghdad International Fair.

Economic growth

Economic expert Aqil Al-Hamad told Al-Sabah: “Trade fairs generally represent a facade that indicates the extent of the country’s economic and urban growth.”

He added, "The Baghdad Exhibition is important for international companies, especially since the volume of turnout is large from foreign investors, and it has become a real proof of Iraq's economic importance."

Industrial reality

He explained that “exhibitions work to create solid partnerships between the private sector and foreign companies, and this in itself is an important factor that can improve the nature of the industrial and development reality, in addition to its role in providing many job opportunities and meeting the market’s needs for solid local products. In order to achieve the maximum possible degree of benefit, government agencies must hold more meetings with Iraqi economic organizations to learn about the nature of the exhibitions that should be held.”

Meanwhile, the Ministry of Trade stated that “its formations participated in the 48th session of the Baghdad International Fair, with special pavilions within the framework of enhancing economic cooperation and cultural exchange.

She explained in a statement received by “Al-Sabah” that “the companies’ participation came to highlight their activities and announce and promote their investment projects, which reflect the government’s commitment to enhancing sustainable development and supporting innovation in various fields.”

She pointed out that “the exhibition is an ideal platform for communication between companies and investors, and reflects Iraq’s ability to host major international events that enhance its economic position in the region, as it included a wide range of local and international companies displaying their latest products and services,” indicating that “the pavilions of the ministry’s formations witnessed a great turnout from visitors, and a comprehensive presentation was given on the projects and programs implemented by the ministry’s companies in various sectors.”

The Ministry also invited visitors, whether officials, business owners or citizens, to visit its companies’ pavilions and learn about future projects and initiatives aimed at strengthening the national economy. link

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Tishwash:  Sami meets with Ernst & Young to restructure banks: Strategy includes electronic payment

Finance Minister Taif Sami said on Wednesday, February 5, 2025, that the strategic plan to restructure banks includes introducing “modern technologies” such as electronic payment.

Meeting to follow up on the restructuring procedures of Rafidain and Rashid Banks and insurance companies 

According to a statement seen by "Ultra Iraq", Finance Minister Taif Sami held "an expanded meeting with the head of the Insurance Bureau, directors of government banks and insurance companies, and the international auditing and oversight company (Ernst & Young) to follow up on the measures taken to implement the restructuring of insurance companies and government banks, most notably Rafidain and Rashid Banks."

Sami pointed out that "the restructuring represents a fundamental step to enhance financial stability and improve the efficiency of government banks in accordance with international standards," stressing "the importance of developing banking systems, enhancing internal control, and implementing specialized training programs for banking cadres to ensure the provision of advanced financial services."

The Minister explained that "the strategic plan will include introducing modern banking technologies, such as electronic payment, enhancing transparency, improving capital management and completing the comprehensive banking system, in addition to cooperating with international financial institutions and benefiting from global expertise, in addition to setting specific time frames for implementing modernization operations, which will raise the efficiency of government banks and support the national economy." link

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Mot: The insight - ole ""Mot"" Brings Ya - is Simply AMAZING!! – LOL

.Mot: .. Ya Know!! -- Just Saying ~~~~

MilitiaMan & Crew Iraq Dinar News-Commitment Judicial Decisions-Central Bank of Iraq-French Ambassador-Paris Club

MilitiaMan & Crew Iraq Dinar News-Commitment Judicial Decisions-Central Bank of Iraq-French Ambassador-Paris Club

2-5-2025

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=u5WHzyLUMJ8

Iraq Economic News and Points to Ponder Wednesday Evening 2-5-25

Finance Launches Bonds Worth Two Trillion Dinars To Boost Investment And Provide Savings

Money and business  Economy News – Baghdad  The Ministry of Finance announced today, Wednesday, the launch of national bonds (first issue) for public subscription, with a total value of two trillion Iraqi dinars, for the period from February 10 to March 10, 2025.

The ministry said in a statement that the issuance of these bonds comes "as part of its plan to enhance local investment and provide savings tools for citizens and investors."

According to the statement, the bonds are divided into two categories: The first bond is worth 500,000 dinars with an annual interest of 6%, and is due after two years, with interest paid every six months. The second bond is worth 1,000,000 dinars with an annual interest of 7.5%, and is due after four years, with interest paid every six months.

The statement indicated that the bonds are tradable on the Iraqi Stock Exchange, which provides a distinct investment opportunity for citizens and companies looking for stable financial instruments.

The bond offering comes based on Article 77 of the Federal General Budget Law No. (13) for the years 2023, 2024, and 2025, with the aim of supporting the national economy and enhancing confidence in the Iraqi financial system, according to the Finance Ministry statement. https://economy-news.net/content.php?id=52539

Parliamentary Finance Committee Discusses With US Delegation The File Of Contracts Of Foreign Oil Companies Operating In Kurdistan

Energy  Economy News – Baghdad  On Wednesday, the Finance Committee of the House of Representatives discussed with an American delegation the file of contracts of foreign oil companies operating in the Kurdistan Region of Iraq.

The media office of the head of the committee said in a statement, seen by "Al-Eqtisad News", that "the head of the Finance Committee, Atwan Al-Atwani, received a delegation from the US Embassy headed by Julie Jones, the economic advisor to the embassy, ​​and Chris Torres, advisor to the Iraqi Council of Representatives file in the political department."

The statement added that "the meeting discussed the details of amending Article 12 of the Federal General Budget Law related to oil production and export, in addition to the financial challenges facing the country and preparations for preparing and approving the 2025 budget schedules."

He continued, "The meeting discussed the file of contracts of foreign oil companies operating in the region, and some details related to oil production and export, within the framework of amending the general budget law that the Council of Representatives recently voted on, as a first step to resolve the oil disputes between Baghdad and Erbil and in line with the Iraqi constitution."

Al-Atwani stressed, according to the statement, "the necessity for the region to commit to paying its financial dues to the central government in exchange for receiving its entitlements, including employee salaries and project financing, to end financial disputes," renewing the Finance Committee's keenness to "end all disputes and stop oil smuggling; due to its negative impact on the country's financial stability."

The statement explained that "the meeting witnessed a discussion of the timing of approving the budget schedules for the year 2025; with the aim of launching projects according to the specified timetable, with an emphasis on increasing non-oil revenues, reducing spending on non-essential projects, investing in service and educational projects, and supporting the private sector." https://economy-news.net/content.php?id=52551

IEA: Iraq Has 600,000 Barrels Of Oil Surplus Per Day

Energy   Economy News – Baghdad  The International Energy Agency revealed, on Wednesday, that Iraq has surplus capacity estimated at 600,000 barrels per day.

The agency stated, in a report reviewed by "Al-Eqtisad News", that "the total spare capacity of OPEC amounts to about 5.3 million barrels per day, including 3.1 million barrels per day in the Kingdom of Saudi Arabia, 1.1 million barrels per day in the United Arab Emirates, 600 thousand barrels per day in Iraq, and 400 thousand barrels per day in Kuwait."

The report added, "This total surplus is equivalent to about 5.1% of global oil demand, which the International Energy Agency expects to average about 104 million barrels per day in 2025."

A few days ago, OPEC+, which includes OPEC, Russia and their allies, made production cuts, reducing output by about 6 million barrels per day in a series of steps since 2022 to support the market. OPEC has reserves of oil called idle production that can be used in times of war or natural disasters.
https://economy-news.net/content.php?id=52533

Oil Prices Stabilize During Early Wednesday Trading

Economy | 05/02/2025   Mawazine News – Baghdad    Oil prices steadied in early trade on Wednesday after volatile trading in the previous session as investors shrugged off the impact of Chinese tariffs on U.S. energy imports, although President Donald Trump's renewed push to crack down on Iranian crude exports provided some support.

Markets move Brent crude futures were down 18 cents, or 0.24 percent, at $76.02 a barrel by 0210 GMT. US West Texas Intermediate crude lost 9 cents, or 0.12 percent, to $72.61, according to Reuters data.

WTI at one point fell 3 percent on Monday, its lowest since Dec. 31, after China announced tariffs on US imports of oil, liquefied natural gas and coal in retaliation for US tariffs on Chinese exports.

But prices rebounded after Trump reimposed his first-term “maximum pressure” campaign on Iran to curb its nuclear program, which has reduced Iranian crude exports to zero.

Analysts at Goldman Sachs said in a note on Tuesday that the impact of China’s retaliatory tariffs on energy prices would be limited “given that global supply and demand for these commodities will not be impacted by the Chinese tariffs.”

They added that both countries would be able to find alternative markets. Prices were also pressured by rising crude and fuel inventories in the United States, the world’s biggest oil consumer.

The American Petroleum Institute showed crude inventories rose by 5.03 million barrels in the week to Feb. 1. Ending January 31. It reported that gasoline stocks increased by 5.43 million barrels, and distillate stocks decreased by 6.98 million barrels. The official US government oil inventory data is scheduled to be issued on Wednesday evening.   https://www.mawazin.net/Details.aspx?jimare=259375

BP Intends To Invest In The Oil Sector In Iraq

Economy |  05/02/2025   Mawazine News – Baghdad  Reuters quoted a senior Iraqi oil official as saying that oil giant BP is expected to spend up to $25 billion over the life of a project to redevelop four oil fields in Kirkuk at a time when Baghdad is seeking to regain foreign investment.

If the deal is signed, a move the official expects to happen in the coming weeks, it would mark a major achievement for Iraq after years of production constrained by war. Iraq is OPEC’s second-largest oil producer after Saudi Arabia, with an average output of more than 4 million barrels per day.

BP will invest $20 billion to $25 billion under a profit-sharing agreement that will last for more than 25 years, the official said.

BP declined to comment on the Reuters report, but pointed to a statement last month saying BP and the Iraqi government had made significant progress toward reaching an agreement to support the operator of several Kirkuk oilfields in an integrated redevelopment project.

The potential BP deal would be the second major deal between Iraq and an international oil company in two years, following a deal in Basra with Total Energies, which was valued at around $27 billion.

BP’s deal would focus on rehabilitating facilities at four oilfields and developing natural gas to support Iraq’s domestic energy needs. The official said technical and economic negotiations were ongoing.

The deal is well underway, and final contracts could be signed in the first half of February, possibly by the end of this week.

The official said the deal would allow BP to increase crude oil production capacity from the four Kirkuk fields by 150,000 barrels per day, bringing total capacity to at least 450,000 barrels per day in two to three years. Current production is 300,000 barrels per day, according to three officials from the state-run National Oil Company. A profit-sharing model is under discussion that would allow BP to recover costs and start making a profit once production increases from current levels, the oil official said.

 BP has a 50 percent stake in a joint venture that operates the giant Rumaila oil field in the south of the country, where it has been operating for a century.   https://www.mawazin.net/Details.aspx?jimare=259381

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