Iraq Economic News and Points to Ponder Wednesday AM 2-26-25

It Includes Several Priorities.. Al-Najjar Explains The Strategy Of The Iraq Development Fund
 
Economy    02-22-2025, 15:54  Baghdad - WAA - Mohammed Al-Talibi  The Executive Director of the Iraq Development Fund, Mohammed Al-Najjar, explained today, Saturday, the most prominent strategic priorities that the fund is working on to  support economic growth in the country, while stressing the work to   create new guarantees that allow citizens to obtain loans.

Al-Najjar said in a statement to the Iraqi News Agency (INA):

"The  priorities of the strategy that the Iraq Development Fund is working on to  
     support economic growth in the country are to find and create projects capable of accomplishing several things, including
 
     withdrawing the cash mass available to citizens,
     finding investment outlets for it, and also rebuilding projects that
     rebuild human capital in Iraq, in addition to projects that work to
     improve the environment in all its aspects, whether the actual environment, the economic environment, or the community."

He added that"the fund is also working to revive small and medium enterprises after
 they were the basis of the economy, but today their role is very weak, and we are working to rebuild them, and we are also working seriously to restore the spirit of initiative and leadership among young citizens," noting that
 
"working to create new types of guarantees that allow citizens to obtain loans other than the current guarantees." He continued:
 
"We are also working on three types of projects, including
 
     projects with a societal return, and
     projects with a return on capital or what is called a catalyst, and our role is a catalyst, and we are working on so-called
     growth projects, which are projects that generate money," noting that "the nature of the
 
fund's work is not only profit, but
 
our goal is development in all its forms,
 
     human development,
     wealth development,
     water development, and
     attracting the private sector to invest."

Regarding the monitoring and evaluation mechanisms adopted by the Fund to ensure the efficient and transparent implementation of projects and the achievement of their desired objectives, Al-Najjar pointed out that
 
“there is an international company that does this work, and
 
it submits its reports to the Fund’s Board of Directors.
 
We also adopt international standards for financial accounting for this purpose, as   we have internal and external auditing, as well as an audit from the Audit Bureau.”   https://www.ina.iq/228587--.html    

Developing {Electronic Payment} In Iraq
 
First 2025/02/26  Baghdad: Hoda Al –Azzawi   The country has recently witnessed a remarkable expansion in the use of electronic payment systems, whether in the private sectors such as companies, shops, markets, or in government institutions and departments.
 
This trend is part of the digital transformation strategy, which the
 
government seeks to achieve extensive financial and administrative reforms. In an interview with "Al -Sabah", a government advisor, a member of a specialized team, explained that
 
electronic payment carries many advantages, most notably the
 
     limit of corruption,
     reduce financial waste, and
     narrowing the gap in the lost tax amounts.  The system also contributes to
     accelerating the completion of transactions for individuals,
     replacing the long queues in government departments with
     smooth and rapid payment operations.
 
Dr. Mohamed Esmat Al -Bayati, a member of the advisory team for digital transformation in the General Secretariat of the Council of Ministers, stressed that
 
electronic payment is the cornerstone of the financial renaissance of Iraq. He added that
 
this system provides wider financial comprehensiveness,
 
which contributes to integrating large segments of society within the official banking system, and
 
thus reducing the size of the parallel economy and enhancing the stability of national criticism.    
  
https://alsabaah.iq/110806-.html 

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

Seeds of Wisdom RV and Economic Updates Wednesday Morning 2-26-25

Good Morning Dinar Recaps,

XRP NEWS: RIPPLE DEVS UNVEILS ROADMAP FOR INSTITUTIONAL DEFI ON XRP LEDGER

XRP Ledger is undergoing restructuring that might attract more institutional participants

▪The XRP Ledger is transforming with new innovations designed to boost institutional adoption.

▪Developers are particularly building to permit DeFi participation by institutions.

▪Onchain innovations to enhance include DiD, programmability and compliance.

Ripple Devs, an offshoot of Ripple Labs Inc has introduced a new roadmap designed for institutional Decentralized Finance (DeFi) on the XRP Ledger (XRPL). He also boasted of how this iteration is one of the greatest that the protocol has introduced in the past.

XRP Ledger And its Innovations Down the Line

With this new roadmap, the blockchain payment company intends to expand its possibilities for use in various financial applications. David “JoelKatz” Schwartz noted that this Ripple roadmap presents a detailed outline of its direction for this year, including its use cases and features that it plans to focus on.

In the past, XRPL has implemented innovations that have encouraged financial institutions to participate in the market.

These innovations could improve price transparency, liquidity efficiency, and the integration of compliance tools. One such innovation is the Central Limit Order Book (CLOB). This feature allows efficient price discovery and ensures deep liquidity for the assets traded on the network.

Another innovative addition is the Automated Market Maker (AMM), which enhances liquidity automation. Precisely, this XRPL AMM delivers the optimization of the exchange processes that exist between tokenized assets and stablecoins.

This solution is largely recognized for its distinct direct integration with the native Decentralized Exchange (DEX).

Last month, XRPL took it a step further by introducing a new AMM feature for holders of the Ripple USD (RLUSD) stablecoin.

XRPL Integration With Ondo Finance

In addition to these innovations, the XRP ecosystem underwent several amendments and upgrades.

The XRP Ledger also secured strategic partnerships that hold potential for expansion. As part of its collaboration, the XRP ecosystem tries to ensure that it contributes to meeting the growing demand for tokenized solutions, especially for Real-world Assets (RWAs).

Ondo Finance partnered with XRPL to debut tokenized US Treasuries for institutional investors.

The offering, dubbed Ondo Short-Term US Government Treasuries (OUSG), is backed by the BlackRock USD Institutional Digital Liquidity Fund (BUIDL). Based on its structure, investors can buy OUSG or redeem it anytime using Ripple USD.

What Next For XRP Ledger?

Going forward, XRPL plans to focus on features that improve regulatory compliance while expanding institutional lending options.

It is also keen on offering greater programmability to develop onchain financial products. 

Amongst the incoming innovations are digital credentials based on DID and Multi-Purpose Token (MPT), a new tokenization standard.

While the latter offers access to the creation of regulated financial markets directly on the blockchain, MPT allows for the representation of complex financial instruments. Noteworthy, these updates are still directed towards TradFi integration with DeFi.

Financial institutions can issue tokenized loans securely with XLS-65d, another key addition for institutional DeFi. This will help reduce the dependence on traditional intermediaries and promote more transparency in the credit markets.

The XLS-66d specifications offer benefits, such as on-ledger loans, off-chain underwriting, and first-loss capital protection. These will help ensure that financial risks are managed more efficiently.

@ Newshounds News™

Source:  CoinSpeaker

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IOTA SECURES KEY EU PARTNERSHIPS—DRIVING REAL UTILITY & MASS ADOPTION

▪IOTA is pushing new frontlines in the EU with new partnerships.

▪To bolster its push toward mass adoption, the IOTA rebased innovation is set to soar soon.

IOTA, a leading open-source distributed ledger technology, continues to form key strategic partnerships with the European Union (EU). IOTA’s collaboration in the EU is part of its broader mission to drive real utility and secure mass global adoption.

IOTA’s New Partnership in the EU

Popular Angel investor with the username @Walknonthemoon on social media platform X highlighted IOTA’s EU collaborations. According to Walknonthemoon, IOTA, through the strategic partnership will support EU and UK-backed trade lanes with its technology.

IOTA will focus on digitizing transport-related activities between the countries in the EU and the United Kingdom. The protocol’s technology will help streamline freight management and notify users of important updates about their shipments.

IOTA will also enable real-time data sharing among trading partners and reduce administrative costs. This collaboration aligns with IOTA’s vision of bringing real-world applications on-chain.

In a recent study, CNF reported that IOTA launched a digital infrastructure, the Trade and Logistics Information Pipeline (TLIP), to revolutionize trade.

The platform allows trading partners to share real-time data, reducing administrative costs. TLIP helped power the post-Brexit UK-EU trade, enhancing processes and saving thousands of hours otherwise wasted on slow and inefficient processes.

IOTA’s partnership with the EU will also focus on powering sustainable energy rewards in the Netherlands. This partnership further strengthens the network as a key player in providing sustainability-related solutions. Every project IOTA undertakes has an outlook toward sustainability which is now embedded into its core technological development.

Last year, IOTA unveiled its Electronics Digital Product Passport (DPP) prototype to enhance transparency and traceability throughout the lifecycle of electronic devices. As CNF discussed earlier, this product highlights IOTA’s push towards integrating blockchain in environmental sustainability efforts.

In addition, IOTA is leading on-chain Know-Your-Customer (KYC) verification for the EU. Through its robust solutions, IOTA aims to offer substantial cost savings for European banks. As featured in our recent coverage, the IOTA Foundation recently collaborated with walt.id, IDnow, Bloom Wallet, and Spyce5 to pioneer a groundbreaking KYC solution for Web3 applications.

The solution paves the way for a more sustainable and effective banking ecosystem in Europe.

IOTA Rebased on the Horizon

The mainnet launch of the IOTA Rebased Protocol is set to happen soon, designed to also bolster the mass adoption of the chain. The IOTA Rebased Protocol marks the most important upgrade from IOTA as it sets the network for extensive scalability, programmability, and decentralization transformation.

Through the updated protocol, IOTA plans to achieve a processing speed of more than 50,000 transactions per second and finalization times of less than 500 milliseconds.

Ahead of its main net launch, the IOTA Rebased test network recently announced onboarding a new set of trusted validators. They are expected to bring trusted, enterprise-grade validation to IOTA.

Also, IOTA has announced additional transaction fees to Rebased. As explained in our last article, this initiative is expected to simplify tokenomics.

@ Newshounds News™

Source:  Crypto News Flash

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“Tidbits From TNT” Wednesday Morning 2-26-2025

TNT:

Tishwash:  Central Bank: Achieved international integration by linking the Iraqi electronic payment system to global network

The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced today, Wednesday, that the financial inclusion rate has risen to more than 40  % , noting that the bank has achieved international integration by linking the Iraqi electronic payment system to global networks.

Al-Alaq said in a speech during the ninth annual exhibition and conference for finance and banking services in Iraq, "There is a complete roadmap for digitizing banking services through electronic payment as a main tool for digital transformation, as the number of devices has reached 63 thousand devices in the governorates of Iraq," according to what was reported by the official news agency.

He added, "The number of electronic teller machines has reached more than 4,000 machines and the number of bank cards is about 17 million cards," indicating that "the Central Bank supported the licensing and operation of electronic wallets via mobile phone that allow charging, transferring and paying bills, which raised the rate of financial inclusion to more than 40  % compared to 20% three years ago

He pointed out that "the number of permanent wallets reached 1.2 million wallets, and we achieved international integration by linking the Iraqi electronic payment system to global payment networks, which allows the transformation of accepting foreign cards locally and expanding the acceptance of Iraqi cards internationally," adding that "the achievements made in the field of information technology and electronic payments in the Central Bank represent a fundamental shift in the financial system."  link

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Tishwash:  Al-Sudani discusses with US Secretary of State areas of coordination between Iraq and the new Washington administration

Prime Minister Mohammed Shia Al-Sudani received a call from US Secretary of State Marco Rubio today, Tuesday (February 25, 2025). The call discussed bilateral relations between Iraq and the United States, with a focus on ways to enhance and develop them in various fields.

According to a statement by the Prime Minister's media office, received by "Baghdad Today", during the conversation, areas of coordination between Iraq and the new US administration were discussed, in addition to frameworks for cooperation within existing bilateral agreements. 

According to the statement, the progress made in joint work between the two countries was reviewed, with an agreement to intensify communication and enhance cooperation to achieve common interests. link

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Tishwash:  The dollar declines in Iraq.. Stability or temporary calm?

Today, Tuesday, the local Iraqi markets witnessed a noticeable decline in the exchange rate of the dollar against the dinar, as the selling price fell to 149,750 dinars for every 100 dollars, while the buying price reached 147,750 dinars.

This decline comes after months of volatility, as the dollar exceeded the 150,000 dinar barrier for a long time, raising widespread concerns about its impact on prices and inflation in the country.

What are the reasons for the decline?

There are several factors that may be behind this decline, most notably:

The measures of the Central Bank of Iraq aimed at controlling the exchange rate, by tightening control over dollar transfers and reducing reliance on the black market.

Recent government moves to combat financial speculation and take steps to control the flow of dollars in official markets.

Improvement in the flow of dollars through official channels, following agreements between Iraq and international financial institutions.

Will this decline continue?

Despite the current decline, the most important question remains: Will we witness real stability in exchange rates? Or is this decline merely a temporary decline due to immediate measures? Previous experiences indicate that the exchange rate is affected by many factors, including the political situation, cash flows, and US measures against banks accused of currency smuggling.

Implications for markets and prices

Any decline in the dollar price is expected to contribute to a decline in the prices of imported goods, especially food, medicine and electronics, but the question remains: Will this decline be reflected quickly in the markets? Or will traders continue to price according to previous prices to achieve greater profits?

Conclusion

The dollar breaking the 150,000 dinar barrier for the first time in months is a positive development, but it does not necessarily mean that the crisis is over. The matter remains subject to the ability of the government and the Central Bank to maintain this stability and prevent speculation that may return the dollar to its upward path again. Is this decline the beginning of an economic breakthrough, or just a temporary break before a new wave of increases?  link

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Mot: .. And How Was Your Daze!!

Mot: .. Special ole ""Opal"" – LOL  Pickles stomps painting

Seeds of Wisdom RV and Economic Updates Tuesday Evening 2-25-25

Good Evening Dinar Recaps,

SEC BACKS OFF: UNISWAP ANNOUNCES END OF INVESTIGATION

The platform called the move a “huge win for DeFi” after reports have suggested the SEC may be radically changing its approach to crypto enforcement in 2025.

Uniswap Labs, the developer behind the Uniswap decentralized exchange, reported that the US Securities and Exchange Commission (SEC) has dropped its probe into the firm.

According to a Feb. 25 X post, the SEC concluded its investigation into Uniswap and has no plans to pursue enforcement action against the firm. The report followed Uniswap’s announcement that it received a Wells notice from the SEC in April 2024 while the commission was under the leadership of then-Chair Gary Gensler.

“This is a huge win for DeFi and reaffirms what we’ve always known – that the technology we build is on the right side of the law, and our work is on the right side of history,” said Uniswap.

At the time of publication, the SEC had not made any official announcement regarding Uniswap. However, Coinbase made a similar claim on Feb. 21 that the commission would be closing its case against the crypto exchange roughly two years after being launched. The regulator’s Enforcement Division will also be closing investigations into Robinhood Crypto and OpenSea.

Changing course on crypto in 2025?

According to multiple filings with the SEC, the commission’s crypto task crypto met with representatives of several firms in February as part of efforts to explore potential changes to digital asset regulation.

Commissioner Hester Peirce, who leads the task force, suggested that the SEC wait until it has a Senate-confirmed chair to set a different regulatory path.

However, with the Uniswap action and others, the commission seems to be quickly changing its approach to crypto enforcement. Some experts have suggested that all other SEC cases, including a pending appeal from Ripple Labs following a court judgment, could be paused or withdrawn entirely.

Before US President Donald Trump took office, Reuters reported that the SEC would consider freezing all crypto enforcement cases that did not involve fraud as part of the administration’s change in policy on digital assets. 

Project 2025, an ultra-conservative policy framework that Trump’s team has largely followed since Jan. 20, suggested that the administration “remove regulatory impediments” at the SEC.

@ Newshounds News™

Source:  CoinTelegraph 

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NASDAQ FILES 19B-4 FOR CANARY CAPITAL’S HEDERA HBAR SPOT ETF

Big news for HBAR and Litecoin. Nasdaq has officially filed a 19b-4 form with the SEC, seeking approval to list and trade shares of the Canary HBAR ETF.    

According to Bloomberg analyst Eric Balchunas, this puts HBAR and Litecoin in the best position among current altcoin ETF filings, increasing their chances of gaining regulatory approval ahead of others. This ETF is designed to track the real-time price of HBAR, the 21st-largest cryptocurrency by market capitalization.

This filing marks a significant expansion of Canary Capital’s crypto investment products, following the launch of its HBAR Trust in October 2024 and an initial ETF registration (S-1) in November.

What This Means for HBAR?

If approved, the ETF would allow investors to gain exposure to Hedera’s HBAR token without directly purchasing or holding it. This kind of institutional investment vehicle has historically been seen as a positive development for crypto adoption, making it easier for traditional investors to enter the space.

HBAR’s price has reacted positively to the news, surging 5% following Nasdaq’s filing. This follows a previous 20% jump after the S-1 filing in November, showing strong investor enthusiasm for an HBAR-based ETF.

Canary Capital’s Growing Influence in Crypto ETFs

Canary Capital is also pursuing other cryptocurrency ETFs. Alongside the HBAR ETF, the firm has filed for a spot Litecoin ETF, which is now awaiting SEC approval. According to Bloomberg analyst Eric Balchunas, Litecoin’s regulatory outlook appears favorable, as it has not been caught in legal disputes with the SEC and has been classified as a commodity by the CFTC.

The spot Litecoin ETF has already been listed on the Depository Trust and Clearing Corporation (DTCC) under the ticker “LTCC,” an essential step toward its launch.

More Crypto ETFs in the Pipeline

Canary Capital isn’t stopping at HBAR and Litecoin. The firm has also filed for a spot XRP ETF, which the SEC has already acknowledged. Plus, there are reports that Canary is exploring similar investment products for Solana (SOL), indicating a broader push for crypto ETFs.

The introduction of more spot crypto ETFs signals a growing interest in making digital assets more accessible to institutional investors. 

While the SEC’s decision on the HBAR ETF is still pending, this filing represents a major step toward mainstream crypto adoption. If approved, it could pave the way for more blockchain-based investment products in the future.

@ Newshounds News™

Source:  Coinpedia

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Some “Iraq News” Posted by Clare at KTFA 2-25-2025

KTFA

Clare:  Al-Sudani and US Secretary of State discuss areas of coordination between the two countries by phone

2/25/2025

Prime Minister Mohammed Shia Al-Sudani received a phone call today, Tuesday, from US Secretary of State Marco Rubio.

A statement from the Prime Minister's Office, a copy of which was received by {Euphrates News}, stated that "during the phone call, the two sides discussed the overall bilateral relations between Iraq and the United States, and ways to enhance and develop them."

The statement added that "the call witnessed a discussion of areas of coordination between Iraq and the new US administration, and frameworks for cooperation in the context of bilateral agreements."

He pointed out that "the progress made in joint work in various fields was reviewed, and it was agreed to intensify communication and deepen cooperation." LINK

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Clare: After a "difficult labor", the 2025 budget tables finally find their way to the Council of Ministers

2/24/2025

 A responsible source in the Iraqi Ministry of Finance stated on Monday that the delay in sending the federal budget tables to the Council of Ministers is related to amendments to Article 12 of the Budget Law.

The Iraqi parliament recently approved an amendment to the general budget related to Article 12, which settles a dispute between the Kurdistan Region and the federal government over receiving the region’s oil.

In summary, the Iraqi Parliament voted in June 2023 on the draft general budget law for the fiscal years (2023, 2024, 2025), to approve special budget tables for those years, which will be sent by the Iraqi government to Parliament for voting.

The government source told Shafaq News Agency, "The Ministry of Finance has been working for some time on preparing the general budget tables for the year 2025, in order to send them to the Council of Ministers for approval."

He pointed out that "the Ministry of Finance will finish preparing the tables and send them to the Council of Ministers for voting on them in the middle of next month," noting that "the Council of Ministers will vote on the tables without delay and then send them to the House of Representatives for voting on them."

The Federal Ministry of Oil announced yesterday, Sunday, the completion of the necessary procedures to complete the export of oil produced in the Kurdistan Region via the Turkish port of Ceyhan, stressing that this step comes in accordance with the mechanisms specified in the budget law and its amendment, and within the production ceiling set for Iraq in the OPEC organization.

The Kurdistan Regional Government's negotiating delegation responded to the Ministry of Oil's announcement by calling on the federal government to implement its obligations before proceeding with the oil export process.

The delegation explained that despite the regional government’s confirmation of its commitment to implementing the first amendment law to the federal general budget law, which relates to re-exporting oil produced from the region’s fields to the Turkish port of Ceyhan via SOMO, implementing the law requires agreement on several basic points, including determining the quantities allocated for local consumption in the region, in line with actual needs, similar to the rest of Iraq, and establishing a clear and specific mechanism for paying the dues of production and transportation companies to the regional government, in accordance with what is stated in the law.  LINK

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Clare:  PM Advisor announces Launch of 70 Banking Products to Promote Development and Financial Inclusion

2/25/2025  Baghdad-

The Prime Minister's Advisor for Economic Affairs, Abdul Hussein Al-Anbaki, announced today, Tuesday, the launch of 70 new Islamic banking products.

Al-Anbaky told the Iraqi News Agency (INA) that "the Sharia Standards Committee for Islamic Banks continues to review more standards to ensure their compliance with national regulations, within the framework of cooperation with the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)," noting that "the Sharia standards set by the organization are adopted in 37 regulatory bodies across 26 countries as a basis for formulating local regulations and are not mandatory."

He added that "the new banking products represent a qualitative shift in the banking sector, and will contribute to attracting savings, stimulating development financing, and reducing the phenomenon of hoarding, which negatively affects the Iraqi economy, with 73% of the money supply remaining outside banks."

He explained that "these products provide banking solutions that are compatible with Sharia controls, which enhances customer confidence in Islamic banks, and pushes towards expanding financial inclusion and raising the credit rating of Iraqi Islamic banks. It will also allow a large segment of society to return to banking transactions, after having been deprived of them due to the absence of products compatible with Islamic Sharia."

Al-Anbaki called on "the Central Bank to support these products and integrate them into monetary policies, to ensure their positive impact in enhancing financial stability, stimulating the supply of money and demand for it, and increasing the doubling of credit," stressing that "this step will enable Iraq to benefit from global experiences in Islamic banking systems, which will contribute to achieving comprehensive economic development."  LINK

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Clare: The Central Bank organizes a workshop on the international Islamic standards issued by the AAOIFI

The Central Bank of Iraq organized a workshop on the international Islamic standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).

The workshop witnessed the participation of a number of employees of the Central Bank and employees of the banking sector in Iraq.

The workshop discussed the international Islamic standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the importance of applying them at the level of the Iraqi banking sector.

It is noteworthy that the Central Bank of Iraq organizes seminars and workshops on an ongoing basis to advance the banking sector and its employees alike.

 Central Bank of Iraq
Media Office
February 25, 2025

https://cbi.iq/news/view/2802

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Clare:  Iraq signs agreement with British Petroleum to rehabilitate four Kirkuk fields

2/25/2025

 On Tuesday, the Iraqi government signed an agreement with the British Petroleum

(BP) company to rehabilitate and develop the four Kirkuk fields, under the auspices and attendance of Prime Minister Mohammed Shia al- Sudani .

The Prime Minister's Office stated in a statement received by Shafaq News Agency, "This signing comes after an agreement with the concerned company on technical issues and contractual terms, including the economic model of the project, based on the memoranda of understanding that were signed in London during Al-Sudani's last visit to Britain, which aimed to ensure the best contractual terms and benefits for the Iraqi side, after detailed and lengthy negotiations with the Ministry of Oil, according to his directives, for the optimal investment of energy and providing crude oil to the northern refineries and reducing their dependence on southern oil, and the agreement is the final stage before signing the contract in a final manner."

The statement added, "The agreement includes developing the four main Kirkuk fields (Bai Hassan, Kirkuk with its two domes "Baba and Avana", Jambur, and Khabbaz), in a way that guarantees the investment of associated gas, as well as the rehabilitation and expansion of gas facilities in the North Gas Company and the establishment of a power station with a capacity of 400 megawatts to achieve the desired goals of this integrated strategic project."

The statement indicated that "this project will provide for the absorption of workers in various specializations, operate local companies, implement social benefit projects, and develop the skills of engineering and technical resources, supporting the staff of the North Oil Company and the North Gas Company, within the government's vision for training programs and raising the level of competencies within the framework of what British Petroleum provides, in coordination with the Ministry of Oil." LINK

Iraq Economic News and Points to Ponder Tuesday Afternoon 2-25-25

Iraq Ranks Seventh In The World In Gold Purchases

25 February 2025 | Economic Number of readings: 298  Baghdad / NINA / The World Gold Council announced today that Iraq is at the forefront of Arab countries in buying gold during the year 2024.

According to the Council's data, Iraq ranked first among Arab countries in buying gold, as the volume of its gold purchases in 2024 amounted to about 20.1 tons, and thus these reserves amounted to 152 tons, while Iraq's gold purchases in 2023 were about 12.3 tons.

The Council added that Qatar came second, followed by the Emirates in third, and then Egypt in fourth.

The Council indicated that Iraq came seventh as the largest buyer of gold in the world in 2024 after Poland, which came first, Turkey in second, India in third, Azerbaijan in fourth, China in fifth, and the Czech Republic in sixth. / End  https://ninanews.com/Website/News/Details?key=1188648

Gold Settles Near High

Tuesday 25 February 2025 | Economic Number of readings: 207  Baghdad / NINA / Gold settled near an all-time high on Tuesday, supported by safe-haven demand amid concerns that US President Donald Trump's plans for tariffs could stoke inflation and ignite a major global trade war.

Spot gold was little changed at $2,950.39 an ounce, down about $6 from its all-time high of $2,956.15 hit yesterday, while US gold futures rose 0.1 percent to $2,967.40.

As for other precious metals, spot silver rose 0.3 percent to $32.45 an ounce, while platinum was little changed to settle at $966, while palladium fell 0.4 percent to $936.25. / End2 https://ninanews.com/Website/News/Details?key=1188637

Al-Sudani And Rubio Discuss Coordination Between Iraq And The New US Administration

Tuesday 25 February 2025 20:37 | Politics Number of readings: 95  Baghdad / NINA / Prime Minister Mohammed Shia al-Sudani discussed with US Secretary of State Marco Rubio, by phone, the coordination between Iraq and the new US administration.

The Prime Minister's media office stated in a statement: "Al-Sudani received, today, Tuesday, a phone call from US Secretary of State Marco Rubio, during which they discussed the overall bilateral relations between Iraq and the United States, and ways to enhance and develop them."

He added: "Al-Sudani and Rubio discussed areas of coordination between Iraq and the new US administration, and frameworks for cooperation in the context of bilateral agreements. They also reviewed the progress made in joint work in various fields, and agreed to intensify communication and deepen cooperation." / End  https://ninanews.com/Website/News/Details?Key=1188781

EU: Improving Financial Culture In Iraq Is Essential For Economic Development/

Money and business  Economy News – Baghdad  The European Union confirmed, on Tuesday, its commitment to supporting Iraq in promoting financial culture as a necessity for development, noting that the launch of the “Our Bank” application represents a major step in developing future financial plans for Iraqi families.

During the launch of the "Our Bank" application and the smart robot for financial awareness, which was attended by "Al-Eqtisad News", the country director of the German Development Agency (GIZ), Lutz Zimmermann, said that "enhancing financial awareness contributes to improving financial services, and this is what we are working on through developing financial culture and its applications in Iraq."

He added that "launching this application is an important milestone in facilitating access to financial services and reducing hesitation in dealing with banking affairs," stressing the importance of "having effective tools and guidelines for using the application, as they play a role in reducing financial problems and achieving more efficient financial management."

For his part, the head of the European Union Cooperation Department and representative of the German Embassy, ​​Lennart de Ridder, explained that "access to financial services is no longer a luxury, but a vital necessity," noting that "the European Union pays great attention to the financial inclusion project, especially with technological developments that require enhancing digital banking services."

He stressed that "the European Union, in cooperation with the German government and the Central Bank of Iraq, seeks to enhance financial transparency and develop government knowledge in this field; to ensure the success of financial systems and their proper preparation."

De Ridder considered that “the launch of the (Our Bank) application represents a fundamental step in supporting the Iraqi economy, as it is a pivotal tool for disseminating financial information and enhancing financial awareness, which contributes to enabling individuals to access banking services accurately and efficiently.”

He concluded by saying: “We are committed to supporting Iraq financially and enhancing financial culture, as achieving progress in this area is essential for the sustainability of economic development in the country.” 73 views  Added 02/25/2025 - https://economy-news.net/content.php?id=52983

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

Money and business  Economy News – Baghdad  Al-Eqtisad News publishes the decisions of the Cabinet session, which was held today, Tuesday, headed by the Council Chairman, Mohammed Shia Al-Sudani.

The Prime Minister's media office stated in a statement seen by Al-Eqtisad News that "Prime Minister Mohammed Shia Al-Sudani chaired, today, Tuesday, the eighth regular session of the Council of Ministers, during which general developments in the country were discussed, a number of important files and the progress of the implementation of the government program were discussed, in addition to discussing the topics on the agenda and taking the necessary decisions regarding them."

He added that "the Council approved the new draft law of the Popular Mobilization Authority, and referred it to the House of Representatives for voting, noting that "within the government's efforts to protect the environment and reduce pollution, the Prime Minister directed the adoption of the recommendations of the report on addressing the problems of air pollution and the spread of bad odors prepared by the Ministry of Environment, according to the following:

1. Strengthening the Ministry of Finance's human cadres in the environmental directorates in Baghdad and the governorates, by transferring specialized environmental cadres from the Ministry of Health to the Ministry of Environment as an exception to the instructions.

2. Accelerating the procedures for the Ministry of Finance to finance the Ministry of Environment, to provide spare parts, maintain and rehabilitate air quality monitoring stations, and establish the nucleus of a national center for handling, processing and linking monitoring stations in Baghdad and the governorates and emission sources, and providing portable devices to support the work of the basic system.

3. Securing the necessary funding for the Ministry of Environment to carry out its daily tasks related to environmental inspection, control and monitoring.

 4. The Ministry of Oil adopts combustion improvement incentives, to raise the quality of fuel supplied to factories and plants and reduce emissions, while accelerating the transition to using liquefied gas as a clean fuel for these facilities.

5. Accelerating the evaluation of the experience provided by the Ministry of Industry and Minerals regarding the installation of emission control systems. 6. Emphasizing the security authorities in supporting technical teams and tightening control over irregular industrial activities that pollute the air, and taking legal measures against them.

He continued, "In the field of following up on the completion of infrastructure projects, he directed the exemption of the Al-Hamza Al-Kabir sewerage project in Diwaniyah Governorate from the requirements for approval in the Ministry of Finance, and proceeding with contracting procedures, to be completed when the federal general budget schedules for the year 2025 are issued, and the plan of the Ministry of Construction, Housing, Municipalities and Public Works related to loans is approved."

He explained that "within the framework of the government's work to complete stalled projects and launch service projects, the Council approved the following:

1. Increasing the amount of the reserve and the total cost of the project (building the Al-Amiriya Municipality Directorate/Anbar Governorate, with furnishing) included in the governorate's budget.

2. Establishing the infrastructure component (rainwater drainage, sewage and electricity supply) within the components of the project (establishing a general hospital with a capacity of (200) beds in Nahrawan, turnkey/Baghdad) included in the investment budget tables of the Ministry of Health for the year 2024, and increasing the total cost of the component.

3. Increasing the reserve amount and the total cost of the project (establishing a 100-bed hospital in Safwan District) in Basra Governorate.

"Within the plans to secure the ration card items, the Council approved the recommendations for settling the dues of Al-Owais Company as follows: Forming a committee to negotiate with Al-Owais Company, headed by the Administrative Undersecretary of the Ministry of Planning and including the Director General of the General Government Contracts Department at the Ministry of Planning, the Director General of the Accounting Department at the Ministry of Finance, and the Director General of the General Company for Foodstuffs Trading at the Ministry of Trade, to process and settle the company's dues for the difference resulting from changing the exchange rate of the food basket contract, and submit a recommendation on the amount to the Council of Ministers," he added.

The Council of Ministers also followed up, according to the statement, on the development of energy sector projects, as the Council approved increasing the amount of the consulting contract to develop the Basra refinery/the FCC cofactor cracking project for the Japanese companies (UNICO) and the French companies (TECHNIP), and increasing the contract period, as an exception to the controls attached to the instructions for implementing government contracts (2 of 2014).

In the same sector, the Council authorized the Ministry of Oil/Basra Oil Company to sign a non-binding agreement of principles with AURASYIA SCOPE OIL & GAS UK LTD regarding the tank depot and artificial island project,

due to the importance of the project from the strategic oil perspective and to establish Iraq’s position in the territorial waters of the Gulf and to develop the national economy and increase the financial revenues of the federal public treasury.

The Council of Ministers also approved the following:
Authorizing the Director General of the General Company for Electricity Production/Middle Euphrates to sign an extension contract addendum according to the requirements of the added work, related to the maintenance and operation of diesel stations, for five years,

based on the commercial offer submitted by (Dasov) Company, at the same price for the tariff using the (TAKE AND PAY) method and achieving a production capacity of (750) megawatts during the first contractual year and implementing works outside the scope of the contract,

and that the extension period be subject to annual review according to the requirements and with the agreement of the two parties to the contract, as an exception to the instructions for implementing government contracts (2 of 2014) and the controls attached thereto,

with the company responsible for the efficiency of the operation of the updated or added system, and in a manner that ensures the safety of the operation of the generating units in the four diesel stations according to the recommendations of the unit manufacturer.

The Ministry of Electricity was also authorized to sign a contract for the entire project (simple cycle with combined cycle 921 megawatts) in Nasiriyah, and the project allocation is divided into several stages (multi-year allocation).

In the context of enhancing international cooperation in the field of peaceful nuclear energy, the Council of Ministers voted to approve the authorization of the Minister of Higher Education and Scientific Research/Chairman of the Iraqi Atomic Energy Commission to negotiate and sign the draft cooperation agreement between the Government of the Republic of Iraq and the Government of the People's Republic of China in the field of peaceful uses of nuclear energy, and for the Ministry of Foreign Affairs to prepare the necessary authorization document and submit it to the General Secretariat of the Council of Ministers in order to obtain the signature of the Prime Minister.

Based on the Prime Minister's directive, the Council of Ministers voted to grant the Iraqi doctor (Mohammed Taher Abu Raghif) a residential apartment in the Al-Khadhra residential complex in the capital, Baghdad, and a diplomatic passport, in appreciation of the humanitarian role he played during the war in Gaza, provided that the Ministry of Finance allocates the amount of the apartment referred to above.     https://economy-news.net/content.php?id=52985

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

Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 2-25-25

Good Afternoon Dinar Recaps,

RUSSIA REJECTS BRICS, PROPOSES HISTORIC DEAL WITH THE US

Russia is slowly bowing out of the BRICS agenda of cutting ties with the US and the dollar for trade and transactions.

In a historic deal, Russian President Vladimir Putin has proposed to supply 2 million tons of aluminum to the US markets. The move could stabilize prices in the commodity metals sector and smoothen out price fluctuations and market volatility.

In addition, BRICS member Russia also outlined potential deals with the US in supplying rare earth resources. Russia has the world’s fifth-largest rare earth metals reserves that the US could use for industry and military production and benefit immensely.

The prospective economic deal covers aluminum and rare earth materials from BRICS member Russia to the US. President Donald Trump had earlier hinted that “major economic development transactions with Russia” could soon take place.

The rare earth materials are mostly used for magnet production that turns power into motion for electric vehicles (EV). It also covers the production of cell phones and other military equipment. If the deal goes through with the US, this will be a complete U-turn of policies from BRICS member Russia.

“We would be ready to offer (joint projects with) our American partners. And when I say ‘partners,’ I mean not only administrative and governmental structures but also companies, if they showed interest in joint work,” said Putin and added, “We undoubtedly have, I want to emphasize, significantly more resources of this kind than Ukraine.”

BRICS Countries Take U-Turn With the US

After Trump took over the White House in January, BRICS countries are backtracking from teaching the US a lesson. India recently rejected the idea of launching a BRICS currency and embraced the US dollar for trade. 

Brazil is also considering nixing the idea of a common currency in the upcoming summit in July.

Also, China is urging the US to not weaponize trade with tariffs. BRICS member Russia, which was a staunch supporter of de-dollarization, is now seeking business deals with the US.

@ Newshounds News™

Source:  Watcher Guru

~~~~~~~~~

GRAYSCALE’S CARDANO ETF UNDER SEC REVIEW – DECISION EXPECTED BY AUG. 2025

▪The SEC has officially started reviewing Grayscale’s Cardano ETF proposal for potential approval.

▪A final decision on the Cardano ETF is expected by August 2025 after the review process.

▪Polymarket shows a 62% chance of approval, rising from 51% in January 2025.

The U.S. Securities and Exchange Commission (SEC) has officially started reviewing Grayscale’s proposal for a Cardano (ADA) exchange-traded fund (ETF). If approved, this would be a major milestone for Cardano, making it easier for investors to gain exposure to ADA through traditional markets.

This move follows NYSE Arca’s request to list and trade shares of the Grayscale Cardano Trust on the stock exchange. With the SEC now reviewing the application, the countdown to a decision has begun – one that could shape ADA’s future in a big way. A final ruling is expected within 180 days.

So, will Cardano join the ranks of crypto assets with an approved ETF? And what could this mean for ADA’s price and market adoption? Here’s what you need to know.

Cardano ETF Review Begins

On February 24, 2025, the SEC formally accepted NYSE Arca’s application, marking the start of the review process. The request was originally submitted on February 10, 2025. If approved, this ETF would allow investors to gain exposure to Cardano (ADA) through a regulated platform without needing to hold the cryptocurrency directly.

A Cardano ETF would make it easier for investors to buy and sell shares tied to ADA’s price. This could attract more traditional investors and increase ADA’s accessibility in a secure and regulated environment.

Approval Odds Are Rising

The chances of a Cardano ETF approval in 2025 are improving. Polymarket, a decentralized prediction platform, now estimates a 62% likelihood of approval, up from 51% in January. The SEC’s recent acknowledgment of multiple crypto ETF filings, including Grayscale’s XRP ETF, has contributed to this growing optimism.

How It Could Impact ADA’s Price

A Cardano ETF could boost demand by attracting institutional investors, potentially driving up ADA’s price. Analysts believe that as long as ADA holds support between $0.67 and $0.81, further gains are possible. However, if it falls below this range, downward pressure could follow.

At the moment, Cardano is trading at $0.68, with a market capitalization of $24.16 billion. Its trading volume has surged by 81.15%, reaching $1.08 billion, reflecting growing market interest.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

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Iraq Economic News and Points to Ponder Tuesday AM 2-25-25

Outside The Debt Circuit
 
Economic 2025/02/24  Bashir Khazal  For many years, external debt formed a great burden on the treasury of the Iraqi state, to pay the debts of countries, banks and global organizations, due to the absurd wars that have rolled over the country since the eighties The state's revenues are mortgaged in a large part to pay that debt.
 
However, the rotation towards an effective and successful economic policy in the recent period led to the enforcement of Iraq from the largest part of it, and it has become out of the danger of banks and creditors abroad.

A step in the right direction is calculated for the current government in its program for developing the Iraqi economy.
 
For the first time, the Iraqi state gets rid of the burden of external debt that it has set economically after the war from the year 1980 to the present time.
 
Currently, the remainder of debts to international parties constitute only less than 9 billion A dollar is from now to the year 2028, and
 
the ratio of this debt compared to GDP does not constitute a burden on the state,
 
It constitutes what is 5 percent of GDP, and the
 
global standard allows 60 percent of GDP to be external debts.
 
At this stage, Iraq has become a well-fortified country in the place of external debt.
 
More precisely that it has become outside the dangers of external debt, which gives the country high credit in the field of global credit rating,
 
with an integrated coordination between the Central Bank of Iraq and the Ministry of Finance in paying debt dues, whether debt services are "benefits and installments" or pay the debts once",
 
It is also calculated to perform these economic institutions that were able to take good steps despite the presence of corruption cases from here and there, the
 
government is still working to fight it. By all means, exercising successful policies by public finances in the subject of debt, through the
 
     financial strengthening of external debt extinguishing, and
     borrowing in a lower rate,
 
which led to positive results that reflected its reality on the entire Iraqi economy, and by 2028 the external debts will remain due.  

Steps in the right direction in the government's economic policy that supports its foreign policy, and
 
Iraq has the opportunity to turn into the most important global economic country,
especially since foreign investments put its eye that Iraq is a country of diverse resources and raw materials necessary for a large strategic industries that enter a large part of it in the field of energy production.
 
Despite the difficult crisis and conditions that the region and the regional environment in particular, we see that
 
Iraq also succeeded to distance itself as a country away from the conflicts and wars that can deplete its wealth, capabilities and human and natural resources, as
 
the successful policy is that the decision is correct and effective in crises and returns to it. Multiple-sided benefits in the present and future.    https://alsabaah.iq/110621-.html   

Cooperation Between Iraq And The ITIC Center To Promote Tax Reform
 
Economic 2025/02/24   Baghdad: Hussein Thaghab  In a move that is a qualitative shift towards promoting tax reform, an Iraqi local institution signed a strategic cooperation agreement with the International Center for Taxes and Investment (ITIC) in Washington, with the aim of supporting efforts to reform the tax system in Iraq.
 
This agreement, signed by the "Asset" organization, came at a time when the data showed the increase in tax revenues during the year 2024 to more than 3.5 trillion dinars, which reflects a remarkable improvement in managing this vital sector.
 
The Chairman of the tax reform committee, Counselor Dr. Abdul Hussein Al-Anbaki,
 
the agreement as an "important step towards reforming the tax system in Iraq", stressing that
 
cooperation with ITIC represents a qualitative shift in the reform process.  Al-Anbaki told Al-Sabah:
 
“The International Center provided a team of full -time experts specializing in tax reform to
 
     study the current reality of taxes in Iraq, and work to
     reform the pillars of this sector.” He added:
 
“Our goal is to build a fair and transparent tax system,
 
     dependent on best practices International, and
     contributes to strengthening the investment environment and
     supporting the national economy." 

 He continued:  "We pay great attention to the private sector, as we seek to attract investments by providing an ideal environment.
 
Our supreme goal is to raise the contribution of the private sector to GDP in greater proportions."
 
For his part, Khaled Al Jabri, head of the "Assets" organization and member of the Higher Committee for Tax Reform in Iraq, described
 
this partnership as "an important and strategic step towards strengthening international cooperation in the field of tax and investment reforms in Iraq."  Al-Jabri told Al -Sabah:
 
 “This cooperation contributes to achieving a more transparent and sustainable economic environment, and enhances non-oil revenues by improving the business environment, especially for foreign companies operating in Iraq or that wish to enter the Iraqi market.”  He added:
 
"This cooperation works to provide the Iraqi government with the expertise necessary to
 
     achieve growth in all areas of the economy, and to
     enhance non-oil national imports at the expense of oil imports." Al-Jabri pointed to the
 
growth of tax revenues in Iraq, as the year 2024 witnessed the investigation of tax revenues of 3.755 trillion dinars, stressing that
 
the work continues to address the main problems that hindered the performance of the tax system for a long time. He revealed that the coming days will witness the treatment of three main problems that have burdened the taxpayers, the
 
first of which is the problem of similarity of names, which are being addressed through an advanced digital system that prevents procedural errors.
 
 Inquiry about the taxpayers will also become completely digital, which facilitates the knowledge of the tax situation without the need to review the body. In addition,
 
 inquiries about companies will become an electronic available for government departments, which enhances transparency, encourages investment and speeds up procedures."  He pointed out that the
 
role of the Supreme Committee for Tax Reform in achieving growth is clear, as the Supreme Committee for Tax Reform contributed directly to improving revenues,
 
by organizing the tax administration within the General Tax Authority, which      
 
  helped reduce corruption and
  accelerate the completion of transactions, and
  issue motivational decisions such as exempting the taxpayers Of fines and benefits, which encouraged them to pay the dues.      https://alsabaah.iq/110620-.html 

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

Seeds of Wisdom RV and Economic Updates Tuesday Morning 2-25-25

Good Morning Dinar Recaps,

BIG NEWS: SEC PLANS TO CUT 10 REGIONAL OFFICE LEADERS AS PART OF DOGE-DRIVEN COST-CUTTING PLAN

The U.S. Securities and Exchange Commission (SEC) plans to remove the top leaders at its 10 regional offices as part of a broader cost-cutting initiative. As reported by Reuters, according to sources familiar with the matter, the SEC informed directors across these offices on Friday that their positions will be eliminated as part of a plan set to be submitted next month.

This move is part of a larger push for cost reductions under the Trump administration, which has been focused on purging federal agencies and cutting expenses. The SEC, which oversees the U.S. capital markets, is responding to pressure from President Donald Trump to reduce staff and expenses.

SEC leaders have been asked to suggest major budget cuts. As part of cost-cutting, a new department DOGE, led by Elon Musk is involved, and Musk has demanded federal employees list their recent accomplishments or risk being fired.

The decision to eliminate the regional directors, which requires approval from the three-person SEC commission, comes as the agency has already started scaling back its crypto enforcement efforts.

The SEC has offices from San Francisco to Miami, where officials lead investigations into public companies, brokers, and investment advisers. These directors play a crucial role in enforcement and examination decisions, making their removal a significant change within the agency.

 The reorganization plan will be submitted by SEC leaders, including Acting Chairman Mark Uyeda, and is expected to focus on restructuring operations to improve efficiency.

Reacting to the same, former SEC lawyer Marc Fagel said, “It’s almost like the head of DOGE, previously charged with securities fraud and currently the defendant in an ongoing SEC enforcement action, isn’t entirely free of conflicts in dismantling the SEC’s effectiveness.”

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

OHIO INTRODUCES BILL PREVENTING STATE TAXES ON CRYPTO PAYMENTS

The legislation also requires state pension funds to evaluate investing in crypto exchange-traded funds, and covers the right to self-custody and crypto mining.

Lawmakers in the US state of Ohio have introduced a bill that prohibits the state legislature from imposing taxes on digital assets when used as a payment method.

Ohio House Bill 116, introduced on Feb. 24 by Representative Steve Demetriou and co-sponsored by Tex Fischer, Brian Lorenz, Ty D. Mathews, Riordan McClain and Josh Williams, aims to amend existing legislation preventing municipalities from imposing extra taxes or fees on crypto assets beyond those applied to traditional fiat transactions.

“The general assembly shall not enact a bill that proposes to impose a fee, tax, assessment, or other charge on digital assets used as a method of payment for goods and services,” it reads.

The bill defines “digital assets” as cryptocurrencies, stablecoins and non-fungible tokens.  

The bill clarifies that taxes usually applied to legal tender, such as state or sales taxes, would still apply to crypto transactions, but there should be no new levies.

The “Ohio Blockchain Basics Act” also stated that no state agency or political subdivision may prohibit individuals from accepting crypto assets as payment for goods and services.

Right to self-custody, crypto mining

The bill also lets its residents retain the right to self-custody their digital assets using hardware or self-hosted wallets and partake in crypto staking.

Additionally, activities such as mining, staking, and exchanging crypto assets for other crypto assets do not require “money transmission” licensing under existing Ohio laws.

Individuals are also permitted to engage in crypto mining in residential areas if they comply with local zoning regulations. Meanwhile, mining businesses are explicitly allowed in industrial zones and cannot be unfairly targeted by local zoning changes.

Under the proposed legislation change, Ohio state retirement funds will also be required to evaluate the potential risks and benefits of investing in a crypto exchange-traded fund and report back to the General Assembly within a year.

Ohio representatives have been proactive with crypto-related bills in recent months. In September, Ohio Senator Niraj Antani introduced a bill requiring the state to accept cryptocurrency for payment of state taxes and fees.

In December, Ohio House Republican leader Derek Merrin introduced HB 703, aiming to establish a strategic Bitcoin reserve for the state.

Meanwhile, Ohio Senator Sandra O’Brien introduced another bill in February to create an “Ohio Bitcoin Reserve Fund,” with a five-year hodling period.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

SOUTH DAKOTA FOLLOWS MONTANA'S LEAD, THROWS WATER ON BITCOIN RESERVE PLANS

While South Dakota lawmakers rejected the bill citing volatility concerns, Rep Logan Manhart plans to push for its revival next year.

South Dakota lawmakers dealt another blow to Bitcoin advocates on Monday when they voted to axe a bill that would have allowed the state to invest in Bitcoin.

In a key move, the House Commerce and Energy Committee voted 9-3 to defer HB1202 until the 41st day of the session, a procedural decision that effectively killed the bill, as the session concludes in no more than 40 days.

South Dakota’s decision follows a similar outcome in Montana, where lawmakers shot down a Bitcoin reserve bill in a 41-59 vote last week.

The proposal, introduced by State Representative Logan Manhart (R-S.D.), sought to permit the state to allocate up to 10% of its public funds into Bitcoin investments as a way to diversify its financial portfolio.

"It’s a commonsense update to South Dakota’s investment strategy by allowing a limited allocation of state funds into alternative assets that have consistently proven to preserve value, particularly in inflationary environments," Manhart said, as cited in the South Dakota Public Broadcasting report.

Matt Clark, South Dakota’s State Investment Officer, raised concerns about Bitcoin’s volatility and lack of intrinsic value.

@ Newshounds News™

Source: Decrypt 

~~~~~~~~~

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“Tidbits From TNT” Tuesday Morning 2-25-2025

TNT:

Tishwash:  As the world's largest buyer of gold, Iraq ranks seventh

The World Gold Council announced today, Tuesday, that “Iraq ranked first among Arab countries in purchasing gold.”

He said in a statement, "The volume of Iraq's gold purchases in 2024 amounted to about 20.1 tons, and thus these reserves amount to 152 tons, while Iraq's gold purchases in 2023 were about 12.3 tons."

The council added, "Qatar came in second, followed by the UAE in third, Azerbaijan in fourth, China in fifth, and the Czech Republic in sixth."  link

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

Tishwash:  Urgent | Oil Minister: We look forward to resuming exports from Ceyhan within two days

Oil Minister Hayan Abdul Ghani confirmed today, Monday, the readiness of the export pipeline to the port of Ceyhan, while there are discussions with the Turkish side to resume exports within the next two days.

Abdul Ghani said in a press statement followed by “Iraq Observer”, “The ministry continues to export oil through the southern outlet in Basra port and Basra oil port.”

He added, "The ministry is now in discussions and correspondence with the Turkish side to resume exports," indicating that "once the Turkish side's approval arrives, exports will resume."

Abdul Ghani expressed his hope that “exports will resume within the next two days,” stressing that “the oil export pipeline to the Ceyhan oil port is ready, and there are some technical matters that need to be reorganized to resume exports.”

He stressed that "the agreed quantity for export through the Kurdistan Region, according to the budget law, ranges between 300 and 325 thousand barrels per day, part of which is used for local consumption, while the rest is exported."  link

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

Tishwash:  After a "difficult labor", the 2025 budget tables finally find their way to the Council of Ministers

A responsible source in the Iraqi Ministry of Finance stated on Monday that the delay in sending the federal budget tables to the Council of Ministers is related to amendments to Article 12 of the Budget Law.

The Iraqi parliament recently approved an amendment to the general budget related to Article 12, which settles a dispute between the Kurdistan Region and the federal government over receiving the region’s oil.

In summary, the Iraqi Parliament voted in June 2023 on the draft general budget law for the fiscal years (2023, 2024, 2025), to approve special budget tables for those years, which will be sent by the Iraqi government to Parliament for voting.

The government source told Shafaq News Agency, "The Ministry of Finance has been working for some time on preparing the general budget tables for the year 2025, in order to send them to the Council of Ministers for approval."

He pointed out that "the Ministry of Finance will finish preparing the tables and send them to the Council of Ministers for voting on them in the middle of next month," noting that "the Council of Ministers will vote on the tables without delay and then send them to the House of Representatives for voting on them."

The Federal Ministry of Oil announced yesterday, Sunday, the completion of the necessary procedures to complete the export of oil produced in the Kurdistan Region via the Turkish port of Ceyhan, stressing that this step comes in accordance with the mechanisms specified in the budget law and its amendment, and within the production ceiling set for Iraq in the OPEC organization.

The Kurdistan Regional Government's negotiating delegation responded to the Ministry of Oil's announcement by calling on the federal government to implement its obligations before proceeding with the oil export process.

The delegation explained that despite the regional government’s confirmation of its commitment to implementing the first amendment law to the federal general budget law, which relates to re-exporting oil produced from the region’s fields to the Turkish port of Ceyhan via SOMO, implementing the law requires agreement on several basic points, including determining the quantities allocated for local consumption in the region, in line with actual needs, similar to the rest of Iraq, and establishing a clear and specific mechanism for paying the dues of production and transportation companies to the regional government, in accordance with what is stated in the law. link

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

Mot: .. What an Interesting idea!!!! 

Mot: . Ya Knows - When I'm Bored 

MilitiaMan & Crew-Iraq Dinar News-Global Transformation-Census Distribution Fairly-Financial Balance-Oil Flow

MilitiaMan & Crew-Iraq Dinar News-Global Transformation-Census Distribution Fairly-Financial Balance-Oil Flow

2-24-2025

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=BbdNq5fU0dU

Iraq Economic News and Points to Ponder Monday Evening 2-24-25

Gold Retreats From Highs

Arabic and international   Economy News - Follow-up  Gold prices retreated on Monday from an all-time high hit during trading, supported by concerns about US President Donald Trump's plans to impose new tariffs, while investors' focus turned to a key report on inflation in the United States, due later in the week.  Spot gold fell 0.09% to $2,937.30 an ounce, while futures fell 0.03% to $2,951.90.

The precious metal hit an all-time high of $2,954.69 on Thursday.

Tariff concerns

Trump said last week he would announce new tariffs within the next month or so, adding lumber to his previous plans to impose duties on autos, semiconductors and pharmaceuticals.

This comes on the heels of additional tariffs, including a 10% tax on Chinese imports and a 25% duty on steel and aluminum.

Investors are closely watching the path of interest rates in the United States, where Trump’s policies are seen as inflationary. Rising inflation could prompt the US Federal Reserve to keep interest rates high, reducing the appeal of gold as a non-yielding asset.

Markets are looking ahead to the Federal Reserve's preferred measure of inflation, the personal consumption expenditures index, due out on Friday, to determine the future direction of US monetary policy.    https://economy-news.net/content.php?id=52964

Stability Of Oil Prices In Global Markets

Economy | 05:05 - 02/24/2025   Mawazine News – Economy  Oil prices stabilized during the session, Monday, the beginning of trading in the week, as investors awaited any clarifications regarding the talks to end the war between Russia and Ukraine.

Brent crude futures rose 0.5 percent to $74.56 a barrel, while US West Texas Intermediate crude also rose by 0.014 percent to $70.51 a barrel.

Brent and US West Texas fell by more than $2 a barrel on Friday, with the former recording a weekly decline of 0.4 percent and the latter 0.5 percent.

All eyes remain on the talks to end the Russia-Ukraine war, which is entering its fourth year.

Sanctions imposed by the United States and the European Union on Russian oil exports have limited its shipments and disrupted the flow of oil supplies transported by sea, and global energy supplies are expected to increase in the event of a peace agreement and the lifting of sanctions. https://www.mawazin.net/Details.aspx?jimare=259822

Find Out The Dollar Prices In The Iraqi Markets At Closing

Economy | 05:54 - 02/24/2025   Mawazine News – Economy   The dollar prices against the Iraqi dinar witnessed a decline today, Monday, in the markets of the capital, Baghdad, and in Erbil, the capital of the Kurdistan Region, coinciding with the closing of the stock exchange.

The dollar prices decreased with the closing of the Al-Kifah and Al-Harithiya stock exchanges to record 149,000 dinars for every 100 dollars, while the prices recorded this morning were 149,350 dinars for every 100 dollars.

As for the selling prices in exchange shops in the local markets in Baghdad, they stabilized, as the selling price reached 150,000 dinars for every 100 dollars, while the purchase price reached 148,000 dinars for every 100 dollars.

As for Erbil, the dollar also recorded a decline, as the selling price reached 149,050 dinars for every 100 dollars, and the purchase price was 148,950 dinars for every 100 dollars.

https://www.mawazin.net/Details.aspx?jimare=259824

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

Seeds of Wisdom RV and Economic Updates Monday Evening 2-24-25

Good Evening Dinar Recaps,

BRICS: US DOLLAR FALLS FOR 3RD STRAIGHT WEEK FROM TRUMP TARIFFS

With a trade war brewing with the BRICS alliance, the US dollar has fallen for the 3rd straight week amid the ongoing Trump tariffs. Indeed, the country is beginning to see the effects of the ongoing import taxes as the currency struggled to end the week yet again.

All eyes are on how the global economy will react to the increased global tensions. Friday saw US President Donald Trump restate his threat towards the economic alliance. This time, he warned of 150% tariffs, as he further claimed that the bloc “broke up” amid the warning.

US Dollar Takes a Hit as Trump Tariff Hurts More Than Just BRICS

There have been growing concerns over US President Donald Trump’s economic policy. The aggressive nature of the plans has many worrying that it will only fast-track further de-dollarization. 

Indeed, what drove the nation to move away from the greenback, to begin with, was the weaponization of the global reserve asset. However, the current administration is seeking to do far worse than sanctions could.

Yet, it appears as though the continued threat of import taxes has begun to hinder the currency itself. Indeed, amid the BRICS opposition, the US dollar fell for the 3rd straight week amid the ongoing Trump tariffs, according to a Reuters report.

The fading value of the greenback has had an adverse reaction to the fast start of Trump’s second campaign. Specifically, his return to the Oval Office and the US dollar’s performance under his watch “has been mostly bluster on tariffs,” the report notes.

This is not a new phenomenon either. The greenback had been “struggling for traction in the past few weeks.” Moreover, in February alone, it has dropped more than 1.8%. Currently, the global reserve asset, is headed for its largest monthly drop since September.

The driving factor looks to be the ongoing tariff threat warnings. Although they have yet to be actualized, they are certainly taking their toll. With the US economy stagnating over geopolitical tensions, there is little interest for investors to increase dollar holdings, driving the fall.

@ Newshounds News™

Source:  Watcher Guru

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THE ‘BITCOIN’ SENATOR TO CHAIR FIRST DIGITAL ASSET HEARING WEDNESDAY

It has been a long journey for Senator Cynthia Lummis (R-WY) as she champions Bitcoin and digital assets in Congress. Earning respect and acceptance both in the bitcoin community and the legislative arena takes time, but after four years, Lummis will finally assume the role of Chair of the newly established Digital Asset Subcommittee under the Senate Banking Committee.

This presents a historic opportunity as Congress moves toward passing comprehensive legislation on stablecoins and market structure, potentially within the next year.

However, Senator Kirsten Gillibrand (D-NY), Lummis’ longtime co-sponsor on crypto legislation, does not serve on the Senate Banking Committee. Therefore, Lummis must garner support from Senate Democrats on the committee to advance bipartisan initiatives. 

Gillibrand, along with Lummis, has already co-sponsored Senator Bill Hagerty’s (R-TN) GENIUS Act, signaling her commitment to bridging political divides in the evolving regulatory landscape that would start with stablecoin legislation.

Witness Endorsement of an X Article “That Colossal Wreck”

Among the scheduled witnesses for the upcoming hearing is Jai Massari, Co-Founder and Chief Legal Officer of Lightspark. This past Friday, February 21, Massari endorsed an article on X calling for significant reform within the SEC that included calling out Democrats who previously led the SEC’s crypto regulation by enforcement efforts under the Biden Administration.

Austin Campbell, an Adjunct Professor at the NYU Stern School of Business, former and recently appointed as the CEO of WSPN, who has been a frequent witness in Congress and thought leader on crypto policy, with a tradfi background from Chase, Stone Ridge and JP Morgan Chase, has been a vocal critic of the SEC’s regulatory approach under the Biden Administration.

In his article mentioned above with respect to Massari’s endorsement, "That Colossal Wreck," Campbell revealed that a senior Democratic Party official had urged him to temper his rhetoric toward former SEC Chair Gary Gensler and others who were previously at the SEC. 

According to Campbell, he refused and then was inspired to lay out his vision of what he felt should happen to those who participated in the SEC over the last four years based on the damage caused by their policies.

"They should not be allowed to return to the government, allowed anywhere near the levers of power, and anyone in the Democratic party supporting, aiding, abetting, or directing them should be ejected immediately and roundly derided for this absolutely shameful chapter in US financial regulatory history," said Campbell.

Massari emphatically tweeted on X regarding Campbell’s article:

"This. All of this. Every word. @CampbellJAustin 🔥✅🏆 We must do better. Face the no good, very bad story and work to fix it. Caring about good government and institutions means taking a hard and clear-eyed look, particularly when it is not politically convenient."

While it is not yet known what Massari will testify on specifically as written testimony is not yet public, this message seems to underscore the need for cooperation and bipartisanship to forge meaningful and long-lasting crypto legislation in the U.S., regardless of the politics involved. 

Between what appears to be a softer tone on crypto in the Senate Banking Committee from Ranking Member Elizabeth Warren (D-MA) and the drive by Chairman Tim Scott (R-SC) and the Republicans to pass stablecoin and possibly market structure legislation within the first 100 days of the Trump Administration, Massari and her other witnesses may spur on Congress toward historical, landmark laws for crypto in the U.S. that have been years in the making.

It is going to be a challenge for Lummis to make sure this new subcommittee can be effective. Her colleague across the aisle will be Ranking Member Ruben Gallego (D-AZ). 

Senator Gallego did vote last year when he was a Congressman for FIT21 in the House, as well as for the repeal of SAB 121, which according to industry ratings means he strongly supports crypto.

Details on the Witnesses and Hearing Information

Besides Massari, Mr. Jonathan Jachym, Deputy General Counsel and Global Head Of Policy & Government Relations for Kraken Digital Asset Exchange, will be testifying. Jachym just testified in the House. The third and final witness posted at this point is Mr. Lewis Cohen, Partner, Cahill Gordon & Reindel LLP. 

Cohen is one of the leading “crypto native” lawyers in the United States and advises clients on complex legal and regulatory matters related to blockchain, cryptocurrency, and tokenization across global capital markets. a witness.

The hearing can be viewed via livestream starting on Wednesday, February 26 at 2:30pm ET and will take place in Dirksen Senate Office Building 538.

@ Newshounds News™

Source:  Forbes

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ROBINHOOD SAYS SEC DROPPED CRYPTO INVESTIGATION, IN LATEST WITHDRAWAL

Today Robinhood announced that Robinhood Crypto was notified by the Securities and Exchange Commission (SEC) that the SEC would not be taking enforcement action. This follows the SEC issuing a Wells Notice last year warning of impending legal action relating to crypto custody, cryptocurrency listings and platform operations.

Under acting SEC Chair Mark Uyeda, several crypto related cases have been dropped or paused. It recently dropped the investigation into NFT platform OpenSea and on Friday Coinbase said its SEC court case would end, subject to Commissioner approval. Earlier this month the SEC paused its case against Binance.

Plus it withdrew its appeal in its attempt to expand the definition of brokers to include liquidity providers.

Back to Robinhood, “We applaud the staff’s decision to close this investigation with no action,” said Dan Gallagher, Chief Legal, Compliance and Corporate Affairs Officer, Robinhood Markets, Inc.

 “Let me be crystal clear—this investigation never should have been opened. Robinhood Crypto always has and will always respect federal securities laws and never allowed transactions in securities.” Mr Gallagher is himself a former SEC Commissioner.

The announcement highlighted that Robinhood Crypto had been careful in its approach, only listing 18 cryptocurrencies after thorough due diligence, as opposed to the hundreds listed by other platforms.

@ Newshounds News™

Source: Ledger Insights

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