“Tidbits From TNT” Monday 3-17-2025

TNT:

Tishwash:  Iraq: Top 5 Arab economy in 2024

Five Arab countries, including Iraq, accounted for 72% of the region’s GDP, which surpassed $3.6 trillion in 2024, according to a new report from the Arab Investment & Export Credit Guarantee Corporation ("Dhaman") released on Sunday.

The UAE, Saudi Arabia, Egypt, Iraq, and Algeria emerged as the leading contributors to the Arab economy, the report showed.

The forecast for 2025 suggests a 4.1% growth in the Arab economy, driven by strong performances in 14 countries, including nine oil producers, which together make up around 78% of the total GDP.

Despite economic challenges, the analysis highlights a boost in oil and gas export revenues, though crude oil production dropped by 4%, with uneven growth across the region.

Iraq continues to play a central role in the Arab economy, with its reliance on oil exports alongside government efforts to diversify income sources and increase investments in other sectors.

Per capita income in the Arab world reached $7,557 in 2024, with a modest increase expected to $7,602 in 2025. The population surpassed 467 million, growing by 2%.

Inflation in the region climbed to 12% last year, but is expected to ease to 8.5% in 2025. Unemployment rose to 9.7%.

Arab foreign trade saw a 3.6% increase, reaching $3.3 trillion, thanks to a 1% rise in exports and a 7% jump in imports.

Foreign exchange reserves across Arab countries grew by 3.7%, reaching $1.2 trillion, enough to cover imports for more than eight months.

The region's government debt decreased to 48.3% of GDP, with further reductions expected, dropping to 47.6% in the coming year.  link

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Tishwash:  To reduce speculation, a Sudanese advisor reveals a new monetary strategy.

The Prime Minister's economic advisor, Mazhar Mohammed Saleh, revealed a new monetary strategy Sunday evening that seeks to reduce speculation.

Saleh said in a statement to Al-Furat News that: "A new monetary strategy aims to gradually attract foreign exchange transactions to the officially regulated banking system."

He explained that "this strategy focuses on expanding the base of buying and selling foreign currency at fixed and stable rates, in line with the current monetary policy."

Saleh emphasized that "these steps coincide with enhancing the freedom of the foreign exchange process, with a high commitment to transparency and money governance in line with international standards."

He pointed out that "this strategy is being implemented in an organized and precise manner by the Iraqi banking system, and specifically targets large transfers, especially those related to financing wholesale trade."

Saleh also pointed out "the importance of stimulating electronic banking transactions to reduce cash circulation, which contributes to feeding the parallel market with cash dollars, thus reducing speculative operations that take place outside the framework of the law."  link

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Tishwash:  Rafidain: Electronic collection amounts jumped to more than 6 trillion dinars in 2024.

Rafidain Bank announced record growth in electronic tax settlements for government departments' accounts during 2024, with amounts exceeding 6 trillion dinars.

A statement issued by Rafidain Bank confirmed, "The pace of collections through electronic payment companies has increased, reflecting the significant development in the adoption of digital systems in government revenue management."

The statement explained that "total tax collections during 2024 amounted to more than 6.06 trillion Iraqi dinars, recording a continuous increase compared to the first months of the year."

According to the statement, September 2024 witnessed the highest growth rate, with total settlements reaching 838.5 billion dinars, an increase of 11.12% compared to the previous month.

At the beginning of 2025, the system continued its "strong performance, with total collections in January 2025 reaching approximately 707.5 billion dinars, followed by February with 689.2 billion dinars." 

Government departments also recorded a "significant increase in the activation of the electronic collection system, with the number of activated entities rising to 1,808 by February 2025, compared to 1,395 by December 2024."

Rafidain Bank affirmed that "this significant growth reflects the success of the state's efforts to promote digital transformation, reduce reliance on cash, and achieve higher levels of financial transparency and efficiency," noting that "the electronic collection system represents a fundamental pillar in improving collection mechanisms and reducing the risks of financial corruption."

He also noted that "this qualitative leap comes within the framework of the ongoing efforts led by Rafidain Bank, in cooperation with government agencies, to support the digital economy, enhance confidence in electronic financial transactions, and raise the efficiency of the financial sector in Iraq link

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Mot: .. May the Road Rise ~~~~~

Mot: .. Bet Ya Didn't Knows!!  Elves in ireland

Seeds of Wisdom RV and Economic Updates Monday Morning 3-17-25

KEY US ECONOMIC EVENTS THIS WEEK: HOW MARKETS AND CRYPTO MAY REACT

▪Key US economic indicators this week, including retail sales, housing starts, and jobless claims, will provide signals about the economy.

▪The Federal Reserve's interest rate decision, expected to remain unchanged, will be closely watched for future policy hints.

▪Multiple indexes released on Thursday, including Existing Home Sales and the Fed Manufacturing Index, are forecast to decline.

This week, several key economic events in the US could shape market trends and investor sentiment. From retail sales and housing data to jobless claims and the Federal Reserve’s interest rate decision, these reports will offer crucial insights into the state of the economy.

Why does this matter? Because shifts in economic indicators don’t just affect traditional markets – they impact crypto too! A strong economy could fuel investor confidence, while signs of slowdown might trigger uncertainty.

Prime US Economic Events This Week

US Retail Sales Index – Monday

The US Retail Sales Index, set for release on Monday, measures the total sales of retail goods and services over a month.

In January, it dropped from 0.7% to -0.9%. The consensus expects that it would rise from -0.9% to 0.7%. According to TEForecast, the index would climb to 0.5%.

An increase in retail sales usually signals a strong economy, boosting investor confidence and encouraging riskier investments like cryptocurrencies. However, if consumer spending is too strong, the Federal Reserve may take a stricter stance on interest rates, which could negatively impact the crypto market.

US Housing Starts Index – Tuesday

The Housing Starts Index, coming out on Tuesday, tracks the number of new residential construction projects that begin each month.

In January, the index fell from 1.515 million to 1.366 million. The consensus forecast predicts a slight increase to 1.375 million, while TEForecast expects a further decline to 1.34 million.

A rise in housing starts signals economic growth and can boost investor confidence. However, if construction activity increases too much, it may push interest rates higher, making borrowing more expensive and potentially slowing down crypto investments.

US Initial Jobless Claims – Thursday

The Initial Jobless Claims report, scheduled for Thursday, tracks the number of people filing for unemployment benefits for the first time.

In the second week of March, it slipped from 222K to 220K. The consensus estimates that it would grow sharply from 220K to 224K. As per TEForecasts, it would reach as high as 225K.

Higher jobless claims indicate economic weakness, which can lower investor confidence. However, a weakening labor market may also delay interest rate hikes, which could support crypto prices in the short term.

US Existing Home Sales – Thursday

The Existing Home Sales Index, also releasing on Thursday, measures the number of homes sold where the mortgage has been finalized.

In January, home sales fell from 4.29 million to 4.08 million. Analysts expect another drop to 3.92 million.

A drop in US existing home sales signals economic slowdown. It may also suggest lower consumer spending. This could affect crypto market sentiment adversely.

Philadelphia Fed Manufacturing Index – Thursday

The Philadelphia Fed Manufacturing Index, based on a survey of manufacturers in the Third Federal Reserve District, is set for release on Thursday.

In February, the index dropped from 44.3 points to 18.1 points. Analysts expect it to fall further to 12.1 points, while TEForecast predicts a decline to 11 points.

A shrinking manufacturing index indicates economic contraction and could lead to a more cautious market, affecting investment in both traditional and digital assets.

Federal Reserve Interest Rate Decision – Wednesday

The Federal Open Market Committee (FOMC) will meet on Tuesday, with its decision on interest rates expected on Wednesday.

Most experts believe the Federal Reserve will keep rates unchanged for now. Recently, Fed Chair Jerome Powell  suggested that the central bank is taking a cautious “wait-and-see” approach, as many economic factors remain uncertain.

@ Newshounds News™
Source:  Coinpedia

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SOUTH KOREA'S CENTRAL BANK RULES OUT BITCOIN RESERVE POSSIBILITY: REPORT

▪The Bank of Korea said it has not considered the option of creating a bitcoin reserve.

▪The central bank cited bitcoin’s volatility and IMF guidelines as the reasons for its decision not to review.

The Bank of Korea (BOK) stated Sunday that it has not considered the possibility of incorporating bitcoin into its foreign exchange reserve, in an answer to a written query from a member of the National Assembly's Strategy and Finance Committee.

The BOK cited bitcoin's high volatility as a primary reason for its negative stance on accruing the cryptocurrency, the Korea Economic Daily reported.

The central bank expressed concern that volatility in the cryptocurrency market could lead to a significant surge in transaction costs when cashing out bitcoin, according to the news report.

Bitcoin also does not comply with the International Monetary Fund's guidelines for foreign exchange reserve management, the BOK said. The IMF states in its guidelines that a foreign exchange reserve must control liquidity, market and credit risks "in a prudent manner."

On March 6, U.S. President Donald Trump signed an executive order to establish a Strategic Bitcoin Reserve, based on the BTC the government seized from criminal or civil proceeding

While Trump's move prompted several countries to positively consider creating their own bitcoin reserves, the South Korean central bank has cited skeptical views shared by Japan, Switzerland and the European Central Bank.

Beyond the issue of creating a bitcoin reserve, South Korea has recently been moving to loosen its strict regulations on crypto. The country's financial watchdog is currently rolling out its plan to gradually lift the ban on institutional crypto trading, and is preparing to establish its second crypto legal framework, focusing on managing stablecoins.

The Block reached out to the BOK for further comment.

@ Newshounds News™
Source:  The Block

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Iraq confronts economic crises with the "Digital Dinar." The parallel market is threatened with "Extinction."

TNT:

Tishwash:  Iraq confronts economic crises with the "digital dinar." The parallel market is threatened with "extinction."

The Central Bank of Iraq is preparing to launch the digital dinar, marking the transition to digital currency management.

The digital dinar is a digital currency issued by the central bank, officially part of a country's monetary system. It is similar in value to the traditional dinar, but is traded electronically via digital wallets or approved financial applications.

It facilitates instant money transfers within the country or across borders, reduces the logistical burden of issuing paper or metal currency, and enables broader segments of society to access digital financial services.

This project comes in light of the significant economic challenges facing Iraq, such as its heavy reliance on paper money and the phenomenon of hoarding. The digital dinar aims to address these challenges by providing a safe and effective digital alternative to paper money.

Central Bank Governor Ali Al-Alaq had previously stated during a speech he delivered at the Finance and Banking Conference and Exhibition that "the financial and banking system will witness fundamental transformations, including the decline of paper currencies and their replacement by digital payments for central banks."

He explained that "the Central Bank is moving to create its own digital currency, which will gradually replace paper transactions, as is the case with some central banks around the world."

Mazhar Saleh Mohammed, the Prime Minister's advisor for financial and banking affairs and former deputy governor of the Central Bank, highlighted the importance of the digital dinar and its relationship to the dollar exchange rate in local markets.

Speaking to Al-Eqtisad News, Mohammed emphasized that the digital dinar is a global trend in the development of payment systems, particularly in the description of monetary units that will acquire digital rights bearing the same legal acquittal force issued by the monetary authority as banknotes in acquitting debts, as they are units of account, exchange, and storage of value within the digital economic community and via a highly sophisticated, rapid, and accurate information system.

 He added that these monetary units will be used with high transparency to cover various real transactions of goods and services, as well as to settle small and large obligations. He noted that all exchange transactions will be transparently recorded between traders, up to the point of purchasing a loaf of bread, under the supervision of the monetary authority, thus ending the ambiguous or illegal uses of money once and for all.

Regarding the digital dinar's relationship to exchange rates, Al-Sudani's advisor explained that the official exchange rate will be the prevailing and sole rate, the digital exchange rate adopted by monetary policy.

The parallel market will disappear in its current form, as it is difficult to invent a secondary digital market whose operations operate outside the control of the digital monetary authority. However, usurious digital markets may emerge among the same traders.

He pointed out that the digital cash system provides the banking system with sufficient digital cash liquidity to grant loans without the risk of liquidity risk within banking markets. This encourages investors to borrow easily, increases economic growth levels, and promotes sustainable development. It also facilitates access to global digital exchanges for global payments and settlements.

"Introducing digital currency requires two things," according to the Prime Minister's advisor. He explained that the first is a high level of public awareness of the digital monetary system, while the second is the availability of an advanced information, communications, and data technology infrastructure that evolves continuously over time.

He pointed to the need for a legal infrastructure to protect digital currency transactions, particularly in protecting users' rights to their income and wealth, which cybersecurity provides against any dangerous digital breaches.

Many questions are being raised about the digital dinar and its differences from cryptocurrencies, which economic expert Ziad Al-Hashemi answers.

Al-Hashemi points to a "significant difference" between digital currencies and cryptocurrencies: "The former are issued and regulated by central banks, such as the digital dollar and the digital dirham, while cryptocurrencies such as Bitcoin are not subject to any official authority and their value depends on supply and demand, making them highly volatile."

He stated that if the Central Bank of Iraq issues the digital dinar, it will be the sole entity controlling the issuance and distribution of the digital currency, facilitating oversight and preventing financial crimes, unlike cryptocurrencies, which operate on a decentralized system that is difficult to control.

He pointed out that the digital dinar will be fully backed by the central bank and have a relatively stable value, similar to paper currency. However, it will be traded electronically only through bank accounts and wallets, contributing to reducing the use of paper money, achieving financial inclusion, and reducing reliance on the dollar in daily transactions.

Al-Hashemi noted that the primary goal of this step is to eliminate the phenomenon of cash hoarding, whereby citizens keep large sums of money outside banks due to lack of confidence in the banking system. This hinders the flow of funds and negatively impacts economic activity. If the project is implemented well, the digital dinar could help disburse hoarded liquidity and stimulate lending and credit.  link

MilitiaMan & Crew-Iraq Dinar News-Reassurances Oil flow-Salaries to be Paid-Digital Currency-IMF-AMF-Cash Liquid

MilitiaMan & Crew-Iraq Dinar News-Reassurances Oil flow-Salaries to be Paid-Digital Currency-IMF-AMF-Cash Liquid

3-16-2025

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=X9dTi6rJWhc

Iraq Economic News and Points to Ponder Sunday Afternoon 3-16-25

To Reduce Speculation, A Sudanese Advisor Reveals A New Monetary Strategy

Time: 2025/03/16 19:29:30 Reading: 720 times  {Economic: Al Furat News} The Prime Minister's economic advisor, Mazhar Mohammed Saleh, revealed a new monetary strategy Sunday evening that seeks to reduce speculation.

Saleh said in a statement to Al-Furat News that: "A new monetary strategy aims to gradually attract foreign exchange transactions to the officially regulated banking system."

He explained that "this strategy focuses on expanding the base of buying and selling foreign currency at fixed and stable rates, in line with the current monetary policy."

Saleh emphasized that "these steps coincide with enhancing the freedom of the foreign exchange process, with a high commitment to transparency and money governance in line with international standards."

He pointed out that "this strategy is being implemented in an organized and precise manner by the Iraqi banking system, and specifically targets large transfers, especially those related to financing wholesale trade."

Saleh also pointed out "the importance of stimulating electronic banking transactions to reduce cash circulation, which contributes to feeding the parallel market with cash dollars, thus reducing speculative operations that take place outside the framework of the law." LINK

https://alforatnews.iq/news/%D9%84%D8%AA%D9%82%D9%84%D9%8A%D8%B5-%D8%A7%D9%84%D9%85%D8%B6%D8%A7%D8%B1%D8%A8%D8%A7%D8%AA-%D9%85%D8%B3%D8%AA%D8%B4%D8%A7%D8%B1-%D9%84%D9%84%D8%B3%D9%88%D8%AF%D8%A7%D9%86%D9%8A-%D9%8A%D9%83%D8%B4%D9%81-%D8%B9%D9%86-%D8%A7%D8%B3%D8%AA%D8%B1%D8%A7%D8%AA%D9%8A%D8%AC%D9%8A%D8%A9-%D9%86%D9%82%D8%AF%D9%8A%D8%A9-%D8%AC%D8%AF%D9%8A%D8%AF%D8%A9

Parliamentary Finance Committee Warns Of Sanctions Against Rafidain Bank: It Is Marred By Regulatory Concerns

Banks  Economy News – Baghdad  Deputy Chairman of the Finance Committee in the House of Representatives, Ikhlas al-Dulaimi, warned of the possibility of the US Treasury imposing sanctions on Rafidain Bank if it continues to implement procedures marred by regulatory concerns.

Al-Dulaimi said, in an interview monitored by Al-Eqtisad News, that "Rafidain Bank, like any private bank, is subject to the instructions and regulations of the US Treasury Department under an agreement with the Central Bank of Iraq and the international company charged with monitoring the work of banks in Iraq."

She added, "The international company pointed out the existence of violations in the work of Rafidain Bank, which prompted the bank to contract with a foreign company to improve its performance and address these concerns."

Al-Dulaimi pointed out that "the bank's continued operation according to its previous procedures could lead to US sanctions being imposed on it, along with other private banks, if the recorded violations are not corrected."

On January 30, 2025, US Republican Representative Joe Wilson renewed his attacks on Iraq, but this time by demanding sanctions on the government-owned Rafidain Bank. https://economy-news.net/content.php?id=53438

Al-Sudani's Advisor: Iraq's Foreign Reserves Reach $110 Billion

Money and Business  Economy News – Baghdad  The Prime Minister's financial advisor, Mazhar Mohammed Salih, confirmed on Sunday that Iraq's foreign exchange reserves are a safety net against economic fluctuations, noting that they are estimated at approximately $110 billion.

"Iraq's foreign exchange reserves are one of the most important indicators supporting investment, both domestic and foreign, as the country has a stable foreign exchange portfolio estimated at approximately $110 billion, distributed between gold, dollars, and foreign currencies," Saleh said in a statement to the official agency, followed by "Al-Eqtisad News."

He explained that "these reserves contribute to strengthening macroeconomic stability, both domestically and externally, making them a protective factor against global economic fluctuations and shocks. They also provide strong coverage for the monetary base and financial indicators related to trade and international debt maturing soon."

He added, "The current account of the balance of payments is recording positive rates that enhance the stability of the value of the Iraqi dinar, thus reducing the impact of fluctuations in global oil markets, given the nature of Iraq's rentier economy." He noted that "Iraq, as the fifth largest oil producer in the world, enjoys sustainable foreign financial flows, enabling it to quickly and efficiently support its cash reserves."

He stressed that "these strong reserves provide a stable investment environment, which contributes to accelerating the pace of investment and supporting the country's promising economic growth." https://economy-news.net/content.php?id=53450

The dollar fell by 148 against the Iraqi dinar.

Economy | 11:30 - 03/16/2025  Mawazine News – Baghdad  The dollar exchange rate declined on the Al-Kifah and Al-Harithiya stock exchanges, reaching 148,000 dinars for every $100.

The selling price at exchange shops in Baghdad's local markets was 149,000 dinars for every $100, while the buying price was 147,000 dinars  https://www.mawazin.net/Details.aspx?jimare=260205

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

Seeds of Wisdom RV and Economic Updates Sunday Afternoon 3-16-25

Good Afternoon Dinar Recaps,

JPMORGAN CHASE, WELLS FARGO AND BANK OF AMERICA REFUSE TO REIMBURSE CUSTOMERS AFTER SCAMMERS ATTACK ACCOUNTS: REPORTS

New reports show JPMorgan Chase, Wells Fargo and Bank of America are closing the door on customers hit by fraud, rejecting their claims and refusing to reimburse their accounts.

JPMorgan Chase refused to refund a customer in Northern California after a scammer used a fake driver’s license to initiate unauthorized withdrawals, reports the ABC-affiliated news station KGO-TV.

Katrina, who preferred not to give her last name, says someone pretending to be her withdrew money from her Chase account without even having her bank card or PIN.

The con artist, who is still at large, made two withdrawals from Katrina’s account totaling $1,500.

Katrina filed a police report and the next month, she received a letter from Chase telling her that the bank has denied her claim, alleging that she both authorized and benefited from the withdrawals. After Katrina reached out to the local news for help, the bank reversed its decision.

Meanwhile, Wells Fargo has told a customer in South Carolina that she’s out of luck after falling victim to scammers pretending to work at the bank’s fraud department, reports the NBC affiliate WGAL.

Stephanie Zufall received a message asking her to verify a $1,300 Apple Pay transaction. She replied “no” and soon received a call from someone posing as a Wells Fargo representative.

The scammer tricked Zufall into depositing $3,000 into an ATM via her mobile wallet, then stole it by linking her account to his.

Wells Fargo denied her claim and in response to the news report, says it’s re-opened the investigation.

Lastly, Bank of America says it will not reimburse an aspiring entrepreneur’s account after she lost $20,000 to a scammer impersonating the bank.

The customer says she received a call from a spoofed number matching BofA’s support number on her debit card, reports the ABC-affiliated WLS-TV.

The scammer convinced her to transfer the money to supposedly protect it, only for her to later discover that she had been deceived.

Bank of America says it’s not liable and its real staff would never ask customers to send money over the phone.

The customer says the loss has forced her to abandon plans to start a new business.

“I’ve been working 10 to 13 hours plus with no break. I have to expedite that money that was stolen from me, and it wasn’t just stolen from me, but stolen from my kids, too.”

@ Newshounds News™
Source:  Daily Hodl

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BRICS MAKES MAJOR ANNOUNCEMENT ON DE-DOLLARIZATION

The major announcement from the BRICS alliance is that the bloc is divided on the global de-dollarization agenda. The nine-member alliance is seeing divisions as cracks open up from all sides on what the group stands for. While some countries want to launch a new common currency for trade and transactions, others don’t. The breaking up of ideas is causing a split within the group with each country wanting different agendas.

BRICS: India & Brazil Announce ‘No Interest’ in De-Dollarization

BRICS member India has made it clear that it has no interest in ending reliance on the US dollar and will not pursue the de-dollarization agenda. Foreign Minister S. Jaishankar said that India has “absolutely no interest” in undermining the US dollar. He said that the country “has never had a problem” with the greenback and has no plans to replace it.

In addition, four Brazilian government officials on the condition of anonymity said that Brazil plans to reject the BRICS currency. Brazil chairs the upcoming summit in July and plans to dismiss the formation of the new currency. President Luiz Lula da Silva is planning to nix the idea as he chairs the 17th summit, reported Reuters. Therefore, BRICS members India and Brazil are against de-dollarization in 2025.

Even BRICS members South Africa and the United Arab Emirates (UAE) remain on the sidelines of the de-dollarization initiative. Only Russia, China, and Iran are aggressively looking to replace the US dollar for cross-border transactions. Russia and Iran are reeling under sanctions that are making them desperate to find an alternative to the US dollar.

On the other hand, China is looking to use BRICS as a stepping stone to pursue its agenda of global domination. India does not want that to happen as it sees the Communist country as an opportunist. In conclusion, the idea of BRICS reshaping the de-dollarization initiative is a farce with no unity and more divisions.

@ Newshounds News™
Source:  Watcher Guru

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XRP HOLDERS THIS IS WHY RIPPLE WILL REPLACE SWIFT - BANKS WILL BEG FOR XRP  |  Youtube

XRP JUST FLIPPED ETHEREUM IN FDV - NOTHING IS KEEPING XRP FROM GOING PARABOLIC  |  Youtube

@ Newshounds News™
Source:  Common Sense Crypto

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Iraq Economic News and Points to Ponder Sunday AM 3-16-25

Why Was Iraq Not Included On Trump's New Sanctions List Despite Being Included In 2017?

In 2017, during President Donald Trump's first term, Iraq was included in the list of countries subject to the travel ban to the United States. However, Iraq was later exempted from this ban due to enhanced security cooperation and information sharing between the two countries, as well as Iraqi efforts in combating ISIS.

In 2025, the Trump administration is preparing a new list of 43 countries that could face travel bans or restrictions to the United States. According to draft recommendations, these countries are divided into three categories:

Red List: 11 countries whose citizens are completely barred from entering the United States, including: Afghanistan, Sudan, Syria, Yemen, Libya, Iran, Somalia, North Korea, Venezuela, Cuba, and Bhutan.

Orange List: 10 countries whose citizens will be subject to severe travel restrictions, but not a complete ban, including: Russia, Belarus, South Sudan, Sierra Leone, Eritrea, Haiti, Laos, Myanmar, Pakistan, and Turkmenistan.
Yellow List: 22 countries will be given 60 days to correct deficiencies in their security measures and information sharing, otherwise they may be transferred to one of the two previous lists.

It is noteworthy that Iraq has not been included on either of these new lists. This is due to the continued close cooperation between Iraq and the United States in the areas of security and information sharing. Iraq has also improved its security screening and passport issuance procedures, bringing it into compliance with required US standards.

This ongoing cooperation and Iraq's commitment to strengthening its internal security and sharing security information with the United States contributed to its removal from the new ban list. https://www.radionawa.com/all-detail.aspx?jimare=41382

A Dialogue Session Discusses The Central Bank's Measures For Banks Deprived Of Dollars

Saturday, March 15, 2025, 3:31 PM | EconomicNumber of readings: 166  Baghdad / NINA / The Iraqi Private Banks Association organized a dialogue session to discuss developments in the banking sector in Iraq, including those related to deprived banks and fines imposed by the Central Bank of Iraq. The session was attended by the Governor of the Central Bank and representatives of banks and electronic payment companies.

The Chairman of the Iraqi Private Banks Association, Wadih Al-Handhal, stressed the importance of joint cooperation between the Central Bank of Iraq, banks, and electronic payment companies to enhance financial stability and develop the banking system in accordance with the latest international standards.

He added, "The Special Committee for Assisting Deprived Banks, formed in the Ministerial Economic Council, called for the necessity of assisting deprived banks and suspending fines imposed on them, as they are going through difficult circumstances, which everyone knows." He indicated that "deprived banks work daily to implement global financial requirements and are subject to daily fines," calling for these fines to be suspended and reviewed by the Central Bank of Iraq.

For his part, the Governor of the Central Bank, Ali Al-Alaq, addressed the Central Bank's measures related to banks deprived of using the dollar, noting that there are signs of optimism in discussions with the American side on this issue.

Al-Alaq stressed that "the Central Bank of Iraq supports the establishment of digital banks, indicating that the number of applications has reached 75 banks, which contributes to accelerating the digital transformation of the banking sector in Iraq."

He pointed out that the first phase will be to grant only one or two licenses for the purpose of experimentation and studying the problems and challenges facing these digital banks.

He explained that "banks are required to work on raising the rate of financial inclusion by providing modern banking services targeting wider segments of society," stressing that "the transition towards a digital economy is an essential step to enhance financial stability and economic development." /End https://ninanews.com/Website/News/Details?key=1192022

Reassuring Citizens, The Central Bank Told NINA: We Have Ample Cash Liquidity

Saturday, March 15, 2025, 4:35 PM | EconomicNumber of reads: 335   Baghdad / NINA / The Central Bank of Iraq (CBI) reassured the banking and community circles of ensuring the availability of cash liquidity to cover all local transactions in Iraqi dinars.

The Governor of the Central Bank, Ali Al-Alaq, said in a statement to the National Iraqi News Agency ( NINA ), that "the Central Bank is the last entity that can be without cash liquidity in Iraq."

He explained that "the Central Bank has wide scope to provide local currency to the extent that this currency is covered by foreign reserves, which currently far exceeds the level of local sufficiency, and more than we can finance."

He added, "There is frequent confusion between the position of the Central Bank, which is a completely different situation from the financial situation related to the financial policy in the country or the Ministry of Finance," indicating that "the Ministry of Finance's revenues are based in dollars through Iraqi oil sales in the global market."

Al-Alaq stressed that "the Central Bank deals in Iraqi dinars for all amounts it receives in dollars, and this is very available under any circumstances," calling for distinction and separation between the financial situation at the level of the government and the Ministry of Finance, and the availability of cash at the Central Bank of Iraq. / End 5   https://ninanews.com/Website/News/Details?Key=1192029

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

Seeds of Wisdom RV and Economic Updates Sunday Morning 3-16-25

Good Morning Dinar Recaps

U.S. SENATE PASSES CONTROVERSIAL BILL TO AVOID GOVERNMENT SHUTDOWN

▪The Senate passed a Republican-led spending bill to avert a government shutdown, with key Democratic support.

▪Senate leader Schumer prioritized avoiding a shutdown, arguing it would grant Trump and "DOGE" excessive power.

▪The bill's passage revealed a divide within the Democratic party, with moderates and allies supporting Schumer's pragmatic approach.

The U.S. Senate narrowly avoided a government shutdown on Friday, passing a Republican-led spending bill just before the midnight deadline. The vote was 62-38, with 10 Democrats siding with nearly all Republicans. But while the bill kept the government running, it exposed deep divisions within the Democratic Party – especially when it comes to handling Donald Trump’s influence.

Behind the scenes, tensions ran high. Some Democrats wanted to take a stand against the GOP, while others feared the consequences of a shutdown. Senate Majority Leader Chuck Schumer was caught in the middle, making a strategic move that surprised many. So, why did he support the bill?

Schumer’s Quiet Strategy

Senate Majority Leader Chuck Schumer faced pressure from progressives and House Democrats to oppose the GOP-backed bill. However, he stayed quiet about his stance all week. On Thursday, he finally announced his support, giving other Democrats the green light to follow. This move helped reduce the risk of a shutdown during uncertain economic times.

Schumer admitted the bill wasn’t ideal but argued that shutting down the government would give Trump and his allies too much power.

The Democrats Who Voted With Republicans

Nine Senate Democrats joined Schumer in supporting the bill, temporarily giving up some leverage over Trump. These lawmakers included moderates, Schumer’s close allies, senators from states with many federal workers, and those nearing retirement. They agreed with Schumer that preventing a shutdown was the better option, fearing that Trump and Elon Musk could use the crisis to gain even more control.

Schumer warned that the future of government funding was now in the hands of Trump, Musk, and their allies. He cautioned that if a shutdown happened, it could last six to nine months and create serious instability.

Some Democrats criticized him for giving up too soon, saying he missed a rare chance to pressure Republicans after the House passed the GOP’s spending bill with Trump’s backing.

“I’ll Take Some Bullets,” Says Schumer

The vote largely followed party lines, 54-46, leaving many Democrats frustrated. They argued the bill failed to address key issues like healthcare and housing.

Schumer acknowledged the criticism but stood by his decision. “I’ll take some of the bullets,” he said, accepting that both moderates and progressives would be unhappy. The nine Democratic senators who voted with him may also face political consequences, but none are expected to have immediate election challenges.

House Democrats Frustrated Over Schumer’s Move

House Democrats, who had earlier rejected the bill, were upset with Schumer’s decision. Leaders like Hakeem Jeffries wanted a short-term funding bill to allow more time for negotiations. They argued the GOP bill gave Trump too much power while cutting critical services, including funding for Washington, D.C.

Senate Republicans, including John Thune, defended the bill, saying Democrats failed to complete last year’s budget, making another stopgap measure necessary.

Despite criticism from some Democrats, the White House stood by Schumer. The president praised him for making a “bold and courageous” choice, showing his approval of the compromise.

@ Newshounds News™

Source:  Coinpedia

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4 TYPES OF FINANCIAL DOCUMENTS YOU SHOULD KEEP TOGETHER AT ALL TIMES IN CASE OF EMERGENCY — HERE’S WHY

Life is full of the unexpected. You never know when you may find yourself in dire straits or faced with an emergency that’s totally out of your control. Sadly, Americans are affected by weather-related disasters now more than ever before.

According to the NOAA’s National Centers for Environmental Information (NCEI), 2024 alone was full of “billion-dollar” weather-related natural disasters: There were 27 individual weather and climate disasters with at least $1 billion in damages, which is only one less than the record of 28 events in 2023. Last year’s natural disasters took nearly 600 lives and cost approximately $182.7 billion in total.

With natural disasters on the rise, you’ll absolutely need to be prepared for whatever comes your way. This includes having a “financial go bag” at the ready.

A financial go bag is basically what it sounds like: It’s a bag with everything related to your finances, identity, emergency contacts and medical information that you need to keep on your person.

Here are four specific categories of items you’ll want to be sure you have in your financial go bag.

Financial and Legal Documents

Having copies of any applicable financial and legal documents printed and at the ready is critical, according to the Federal Emergency Management Agency (FEMA). For example, if your home is destroyed in a fire, maintaining copies of these documents in your go bag may be the only physical proof you have of account ownership.

These include but are not limited to the following types of documents:

▪Credit and debit card statements
▪Checking account statements
▪Savings account statements
▪Retirement and investment account statements
▪Utility bills
▪Student loan statements
▪Alimony and child support documents
▪Elder care information.

Identification

When faced with a catastrophe, you’ll need to have at least a few forms of identification in your bag, according to FEMA.

Two important reasons are you may need to be identified to receive emergency medical attention, or authorities may need to identify you if you’re attempting to cross a security checkpoint.

These include but are not limited to the following types of identification:

▪Passport
▪Driver’s license
▪Social Security card
▪Green card
▪Military service identification
▪Pet ownership papers and identification tags.

List of Emergency Contacts

FEMA also recommends keeping a list of emergency contacts in your bag in case of evacuation. For example, maybe your cell phone, which contains all your contacts, dies, and the only way to contact someone is by using someone else’s phone and referencing the list in your bag.

These include but are not limited to the following types of contacts:

▪Doctors and specialists
▪Dentists
▪Pediatricians
▪Veterinarians
▪Your children’s school
▪Your employer
▪Local emergency services.

Medical Information

If an emergency strikes, it could result in injuries to you or your family. In the worst-case scenario, you have to have all pertinent medical information ready in your bag, according to FEMA, to ensure you receive the care and benefits you’re entitled to get.

This includes but is not limited to the following medical information:

▪Health insurance cards
▪Medicare and/or Medicaid cards
▪Dental insurance cards
▪Any other health benefits, such as VA benefits
▪A detailed and up-to-date list of medications you take
▪Immunizations records
▪Allergy information
▪Medical equipment and devices you need
▪Pharmacy information
▪Living will, medical power of attorney and any disability documentation.

@ Newshounds News™

Source:  Yahoo Finance

~~~~~~~~~

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“Tidbits From TNT” Sunday Morning 3-16-2025

TNT:

Tishwash:  Kurdistan Regional Government: Baghdad holiday tomorrow does not include the region

The Kurdistan Regional Government announced today, Saturday, that tomorrow's Baghdad holiday does not include the region.

The regional government said in a statement, "Official holidays and occasions have been previously specified in its official schedule. The holidays and occasions remain as they are."

She added, "No changes will be made to it unless the Kurdistan Parliament, in accordance with its powers, decides to reconsider it and make a new decision regarding it."  link

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

Tishwash:  Reassuring citizens, the Central Bank told NINA: We have ample cash liquidity.

The Central Bank of Iraq (CBI) reassured the banking and community circles of ensuring the availability of cash liquidity to cover all local transactions in Iraqi dinars.

The Governor of the Central Bank, Ali Al-Alaq, said in a statement to the National Iraqi News Agency ( NINA ), that "the Central Bank is the last entity that can be without cash liquidity in Iraq."

He explained that "the Central Bank has wide scope to provide local currency to the extent that this currency is covered by foreign reserves, which currently far exceeds the level of local sufficiency, and more than we can finance."

He added, "There is frequent confusion between the position of the Central Bank, which is a completely different situation from the financial situation related to the financial policy in the country or the Ministry of Finance," indicating that "the Ministry of Finance's revenues are based in dollars through Iraqi oil sales in the global market."

Al-Alaq stressed that "the Central Bank deals in Iraqi dinars for all amounts it receives in dollars, and this is very available under any circumstances," calling for distinction and separation between the financial situation at the level of the government and the Ministry of Finance, and the availability of cash at the Central Bank of Iraq. /  link

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

Tishwash:  The government is preparing to approve the 2025 budget. Al-Sudani's advisor reveals the details.

The Iraqi government is likely to approve the draft budget before Eid al-Fitr, according to Mohammed Shia al-Sudani, the prime minister's financial and economic advisor.

Mazhar Mohammed Saleh said the Cabinet will likely approve the 2025 budget law before Eid al-Fitr and submit it to Parliament.

Saleh explained that spending constitutes approximately 67% to 70% of the total public expenditures in the budget law, which consist of salaries, allowances, retirement, and social care.

The Prime Minister's advisor noted that the budget is approximately 200 trillion dinars, with a deficit of approximately 64 trillion dinars.

Iraq has a three-year budget for 2023, 2024, and 2025, and is required to submit the budget schedule to Parliament annually.

Parliament approved the 2024 budget schedule on June 3, 2025.

Iraq's 2024 budget amounts to more than 211 trillion dinars, an increase of approximately 12 trillion dinars compared to 2023   link

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

Tishwash:  New meetings with oil companies to resume exports via the Turkish port of Ceyhan.

Economic expert Hevidar Shaaban revealed, today, Sunday (March 16, 2025), that two meetings were held between the Federal Ministry of Oil and the Ministry of Natural Resources in the Regional Government, with representatives of oil companies operating in Kurdistan .

Shaaban told Baghdad Today, "The first meeting will be held in Baghdad this week, and another meeting will be held next week in Erbil between the same parties to resolve the issue of resuming oil exports through the Turkish port of Ceyhan."

He added, "The oil export problem is not related to the federal government or the regional government, but rather the oil companies are refusing to resume exports at this time until the regional government's debts are paid."

Among the most prominent issues facing the resumption of oil exports through the Turkish port of Ceyhan are the method of calculating oil quantities, the method of payment, and the share of international companies extracting oil from the Kurdistan Region, in addition to the issues of salaries, fees, and customs duties. Delegations between the two sides are attempting to resolve these issues before the start of export operations . 

Oil Minister Hayan Abdul Ghani surprisingly announced last February the resumption of exports from Kurdistan, a move that could end a nearly two-year conflict that has disrupted supplies of more than 300,000 barrels per day entering global markets via Turkey  link

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

Mot: Not True - it Isn't!!!

Mot: .... When Ya!!!!

The US has to Borrow Just to Pay the Interest on its Debt

The US has to Borrow Just to Pay the Interest on its Debt

Gregory Mannarino:  3-14-2025

 Headlines screaming “ITS OVER” are certainly attention-grabbing, but the situation surrounding US debt is far more nuanced than a simple doomsday declaration.

The claim that the US needs to borrow just to pay the interest on its debt is a significant one, and while not entirely accurate yet, it highlights a worrying trend. Let’s break down the reality, the risks, and what it might mean for the future.

The statement hinges on the fact that the US national debt is substantial and growing. As of late 2023, it sits well above $30 trillion. With interest rates rising, the cost of servicing that debt has also increased dramatically. This year, the US is projected to spend hundreds of billions of dollars on interest payments alone.

The concern is that these interest payments are becoming so large that they contribute significantly to the overall deficit. This deficit, in turn, necessitates further borrowing, creating a potential “debt spiral” where borrowing is required simply to cover the interest on existing debt.

The US is not currently solely borrowing to pay interest. The deficit is driven by a complex interplay of factors, including government spending programs, tax policies, and economic conditions. However, the increasing burden of interest payments is undoubtedly exacerbating the situation.

However, these factors are becoming increasingly challenged. Economic growth is slowing, and political gridlock often hinders meaningful fiscal reforms. The consequence? The rising interest payments are indeed becoming a larger and larger portion of the deficit, inching closer to the terrifying scenario painted by the headline.

While the US isn’t solely borrowing to pay interest yet, the escalating burden of debt servicing is a serious concern. The path forward requires a commitment to fiscal responsibility, sustainable economic growth, and effective monetary policy.

 Ignoring the warning signs and failing to address the issue could lead to dire consequences for the US economy and its global standing. It’s not necessarily “over,” but the future depends on decisive action taken now. Ignoring the problem is not an option.

Watch the video below from Gregory Mannarino for further insights and information.

https://youtu.be/KTr67CSGiTI

Iraq Economic News and Points to Ponder Saturday Afternoon 3-15-25

Iraq discusses with the IMF strengthening the dinar

March 14, 2025  Baghdad - Al-Zaman:  The Iraqi delegation concluded its meetings with the International Monetary Fund, with the participation of Finance Minister Taif Sami and the Governor of the Central Bank of Iraq, Ali Al-Alaq, in Amman.

The Ministry of Finance stated in a statement that "the meetings focused during discussions on Iraq's economic performance and prospects for sustainable growth, with the International Monetary Fund commending the progress made."

He continued, "The meeting also discussed non-oil GDP growth of 5% in 2024, driven by the expansion of the agricultural sector and increased public spending, with growth expected to reach 3.5% in 2025," noting "the effort to reduce dependence on oil revenues, which will enhance economic diversification and stability."

He pointed out that "actual spending for 2024 and revenue forecasts for 2025, along with deficit financing strategies, will be reviewed, as will updating the public debt strategy to ensure financial sustainability and enhance investor confidence in government bonds."

The meeting addressed "reforms in the financial sector," with the International Monetary Fund stressing the importance of modernizing the banking system to attract foreign capital, and emphasizing "expanding cooperation with international correspondent banks to facilitate trade financing."

The International Monetary Fund (IMF) renewed its support for developing Iraq's fiscal policy, proposing to provide advisors and experts to assist the Ministry of Finance in managing public debt and improving the tax system, as well as increasing the use of the Iraqi dinar in key transactions to strengthen the national currency.

The meetings reflected "Iraq's commitment to financial reforms, enhancing economic stability, and adopting investment-friendly policies, in line with its strategic partnership with the International Monetary Fund." LINK

try: The Coming Years Will Witness A Qualitative Leap In The Industrial Sector Through New Projects And Modern Production Lines.

Local | 05:16 - 03/15/2025  Mawazine News – Baghdad  The Ministry of Industry confirmed, on Saturday, that the industrial sector will witness a qualitative leap in the coming years, while indicating that 196 partnership contracts were concluded with the private sector to boost production.

Ministry spokeswoman Duha Al-Jubouri said: "The ministry did not adopt the full privatization of factories, but rather resorted to partnerships with the private sector in accordance with the ministry's partnership law," noting that "the number of effective partnership contracts has reached 196 contracts, distributed among 27 companies."

She added, "50 of these contracts were concluded during the period from October 27, 2022, until now.

" She explained that "some contracts have been signed, while others are still under study or in the foundation stone laying stage," noting that "the partnerships covered multiple sectors, including communications and energy,

Which included the manufacture of power stations and transformer assembly, the petrochemical industries, as well as the automotive industry, which included the assembly and manufacture of machinery, in addition to armoring and conversion projects for various wheels."

She continued, "The partnerships included the mining, electrical, and construction industries, as well as the maintenance and rehabilitation of gas turbine units, in addition to the establishment of new factories to produce phosphate fertilizers, medicines, insulin, and human vaccines."

Al-Jubouri emphasized that "these contracts will contribute to improving and increasing production," noting that "these projects, being huge factories operating with modern technologies, will require several years to complete their construction and operation."

She added, "The coming years will witness a qualitative leap in the industrial sector through new projects and modern production lines."   https://www.mawazin.net/Details.aspx?jimare=260195

Industry: 196 Partnership Contracts With The Private Sector To Boost Production

Aluminum factory in Iraq. "Internet"  Money and Business   Economy News – Baghdad  The Ministry of Industry confirmed on Saturday that the industrial sector will witness a qualitative leap in the coming years, noting that 196 partnership contracts have been concluded with the private sector to boost production.

Ministry spokeswoman Dhuha Al-Jubouri said in a statement reported by the official news agency and reviewed by Al-Eqtisad News, "The ministry did not adopt the full privatization of factories, but rather resorted to partnerships with the private sector in accordance with the ministry's partnership law."

She noted that "the number of effective partnership contracts has reached 196, distributed among 27 companies."

She added that "50 of these contracts were concluded during the period from October 27, 2022, until now."

She explained that "some contracts have been signed, while others are still under study or in the foundation stone laying stage," noting that "the partnerships covered multiple sectors, including communications and energy, which included the manufacture of power stations and transformer assembly, the petrochemical industry, as well as the automotive industry, which included the assembly and manufacture of machinery, in addition to armoring and conversion projects for various wheels."

She continued, "The partnerships included the mining, electrical, and construction industries, as well as the maintenance and rehabilitation of gas turbine units, in addition to the establishment of new factories to produce phosphate fertilizers, medicines, insulin, and human vaccines."

Al-Jubouri emphasized that "these contracts will contribute to improving and increasing production," noting that "these projects, being huge factories operating with modern technologies, will require several years to complete their construction and operation."

She added, "The coming years will witness a qualitative leap in the industrial sector through new projects and modern production lines."   https://economy-news.net/content.php?id=53424

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

Seeds of Wisdom RV and Economic Updates Saturday Afternoon 3-15-25

Good afternoon Dinar Recaps,

2,300,000 CREDIT AND DEBIT CARDS LEAKED ON DARK WEB AS HACKERS INFECT MILLIONS OF DEVICES, DRAIN BANK ACCOUNTS: REPORT

Millions of debit and credit cards have been leaked on the dark web amid an explosion in the number of devices infected by data-stealing malware, according to cybersecurity and anti-virus firm Kaspersky.

Kaspersky says that from 2023 to 2024, at least 2.3 million bank cards were exposed via infostealer malware and posted on the dark web.

Over the same period, infostealer malware infected 26 million devices running Windows. The cybersecurity firm says bank card information is stolen in every 14th infection by this type of malware.

According to Kaspersky expert Sergey Shcherbel, the actual number of devices infected by infostealers is most likely higher.

“Cybercriminals often leak stolen data in the form of log files months or even years after the initial infection, and compromised credentials and other information continue to surface on the dark web over time. Therefore, the more time passes, the more infections from previous years we observe.”

The cybersecurity firm says the infostealer malware known as Redline was the most prevalent of the data-thieving malware, accounting for 34% of the total infections in 2024. Risepro, which primarily focuses on stealing banking card details and passwords, is another fast-spreading infostealer.

“The most significant surge in 2024 was in infections caused by Risepro, whose share of total infections increased from 1.4% in 2023 to almost 23% in 2024.”

According to Kaspersky, the Risepro infostealer, which is also targeting cryptocurrency wallet data, is spreading through software cracks, game mods and key generators.

Kaspersky advises individuals and organizations monitor bank notifications, enable two-factor authentication and run full security scans on all devices to remain vigilant against these types of malware threats.

@ Newshounds News™
Source:  DailyHodl

~~~~~~~~~

BRICS LOOK TO BLOCKCHAIN FOR ALLIANCE PAYMENT SYSTEM

Amid the alliance’s efforts to move away from the US dollar-dominated financial system, the BRICS bloc is reportedly eyeing blockchain as the basis for its developing payment system. Indeed, the collective is introducing a new proposal to push its efforts for economic autonomy forward.

The BRICS bloc has been engaged in a faceoff with the US since the return of President Donald Trump to the White House. Specifically, he has threatened 150% tariffs on the alliance amid its de-dollarization efforts. In response, the bloc has fractured, with some continuing to pursue movement away from the greenback.

BRICS New Proposal Eyes a Blockchain-Based Payment System

Throughout the last year, the BRICS bloc has targeted its own independence from the US dollar. The currency has continued to be weaponized, with the Biden administration instituting sanctions and Trump now introducing tariffs. Indeed, the collective has gone as far as to challenge the influence of the Petrodollar.

Those efforts have only taken a step forward this week with the 2025 summit nearing. Indeed, the BRICS bloc is eyeing blockchain technology for an alliance payment system that will further challenge the greenback, according to a new proposal.

cording to a new report, BRICS 2025 chairmanship holder, Brazil, has introduced the new initiative. It would seek to streamline cross-border transactions and lower costs to increase efficiency for local currency settlement. Although the bloc has assured it will not challenge the US dollar’s dominance, it would encourage and promote local currencies.

It will now be up to Trump and the US to identify the difference. Throughout his first two months back in office, he has not shown that kind of discernment when it comes to the greenback. Specifically, his campaign trail activities that signaled the US dollar’s status as a global reserve asset remained one of his most important focuses.

@ Newshounds News™
Source:  Watcher Guru

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Saturday Morning 3-15-25

Good Morning Dinar Recaps,

US CONGRESSMAN TO INTRODUCE NEW CRYPTO BILL PROTECTING TRUMP’S STRATEGIC BITCOIN RESERVE

Recent reports revealed that another member of the US House of Representatives will introduce a new bill on March 14 to codify US President Donald Trump’s executive order for a Strategic Bitcoin Reserve (SBR). This move follows recent efforts by several US lawmakers to formalize and protect Trump’s crypto plan.

New Bill Proposes US Bitcoin Reserve’s Protection

On Friday, Bloomberg reported that US Representative Byron Donalds will introduce a bill to codify President Trump’s executive order to establish a national Bitcoin (BTC) reserve. The proposed legislation reportedly seeks to formalize Trump’s plan and protect the strategic reserve from potential industry-adverse administrations in the future.

According to the report, the bill “would ensure that the reserve and stockpile could not be eliminated by executive action from a future president.” The US President signed an executive order on March 6 to create a strategic BTC reserve and a “Digital Asset Stockpile” within the US Department of the Treasury.

The order indicates that these initiatives would be funded by crypto seized from government criminal and civil forfeiture proceedings, including the US’ 200,000 BTC holdings and other digital assets already owned by the Treasury Department.

In a statement to Bloomberg, Donalds affirmed that the “Democrats waged a war” on the crypto industry and it “is the time for Congressional Republicans to decisively end.” The legislation requires at least 60 votes in the US Senate and a House majority to pass.

The US Representative’s move is the latest in the recent efforts from various US lawmakers to give Bitcoin recognition as a strategic asset at the state and national levels under the new crypto-friendly administration, including Senator Cynthia Lummis’s actions to codify President Trump’s recent executive order.

On Tuesday, US Senator Lummis reintroduced her reserve bill, initially introduced last July, in the Senate to implement a BTC purchase program. As reported by Bitcoinist, the bill is co-sponsored by Republican Senators Jim Justice, Marsha Blackburn, Bernie Moreno, Roger Marshall, and Tommy Tuberville.

The Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act, or Bill S954, aims to “ensure the transparent management of Bitcoin holdings of the Federal Government, to offset costs utilizing certain resources of the Federal Reserve System, and for other purposes.”

The US Senator highlighted the “landmark legislation that will codify President Trump’s bold vision to establish the United States Strategic Bitcoin Reserve and strengthening our nation’s economic foundation for generations to come."

Lawmakers Split Over Trump’s Crypto Reserve

Meanwhile, US Representative Nick Begich also introduced the “Bitcoin Act on 2025,” a companion bill to Senator Lummis’ legislation, to the US House on Tuesday. The legislation, co-sponsored by six Republican Representatives, is “designed to ensure the United States secures its financial independence and maintains its leadership in the global digital economy.”

Begich emphasized the need for the United States to establish a formal Bitcoin reserve, like its gold reserves, as “America cannot afford to fall behind in this financial revolution.”

Nonetheless, recent reports revealed that other Congress members are opposing President Trump’s crypto plan. Democratic Representative Gerry Connolly recently wrote a letter to Treasury Secretary Scott Bessent, pushing to abandon the strategic reserve plans.

The congressman considers, “Such a reserve provides no discernible benefit to the American people but would significantly enrich the President and his donors. It would also constitute unsound fiscal policy by picking winners among currencies via social media and wasting taxpayer dollars.”

The letter also asks for the documents and communications about the reserves, soliciting a “detailed list of safeguards that are in place to protect against government officials financially benefiting from the strategic cryptocurrency reserve.”

@ Newshounds News™

Source:  Bitcoinist

~~~~~~~~~

GOLD ETFS WINNING THE ASSET RACE WITH BITCOIN FUNDS–FOR NOW

The price of the traditional safe-haven asset has soared recently, but bitcoin is the real “hot sauce,” says analyst Eric Balchunas.

Gold exchange-traded funds in the U.S. are leading in assets under management again after briefly being dethroned by the new American Bitcoin ETFs, a result of the traditional risk-off asset’s surge to a record high and BTC’s recent slump.

American ETFs giving investors exposure to gold’s price are collectively managing close to $150 billion in assets, VettaFi data shows. The 11 Bitcoin ETFs—approved by the SEC last year—now have over $93 billion in managed assets.

In December, Bitcoin ETFs briefly overtook their gold counterparts, according to K33 Research, thanks to the cryptocurrency’s price increase following the election of U.S. President Donald Trump, whose policies were widely expected to boost the digital asset industry.

Bitcoin spiked to an all-time high at nearly $109,000 in January the day of his inauguration. But it has steadily lost ground and was recently trading around $84,000, down about 25% from that record.

Friday’s BTC price comes the precious metal hit a record of $3,014 per ounce as investors spooked by the new president’s trade war look for less volatile investments. Gold is a traditional safe-haven asset favored during periods of economic turbulence.

Bitcoin has largely traded similar to tech stocks and other risk-on assets over the past year.

“Bitcoin has some safe haven qualities, but lately it’s behaved more like a risk asset, and that’s why we’ve seen more outflows in those spot ETFs,” etf.com’s Senior Content Editor Kent Thune, who oversees research at the publication, told Decrypt, noting gold’s status as an inflation hedge and safe-haven investment in the “current environment.”

The new Bitcoin ETFs smashed expectations last year following their approval after new capital from investors previously locked out of the world of crypto investing flooded the market. The funds collectively breached $3 billion in net flows just one month after they started trading—beating the launch of the gold ETFs 20 years ago.

But macroeconomic uncertainties and traders concerned about Trump’s policies, including his tariffs on favored trading partners, have led to massive outflows this year, helping push the price of Bitcoin down.  

Still, this trend could soon be reversed, Bloomberg ETF analyst Eric Balchunas said, as Bitcoin is the real “hot sauce.”

“It’s not really a reflection of customer interest,” he said, adding gold catching up with Bitcoin again was simply down to “the market.”

“Most regular people want stocks and bonds and spice—they want real speculative stuff. So to me, gold isn’t hot sauce, and the fact that Bitcoin could act as hot sauce made it still a lot better over the past year than gold, even though gold is going up.”

“I just think that gold can never be hot sauce,” he said, adding that while gold has won the battle, Bitcoin could win the war in the medium- to long-term.

@ Newshounds News™

Source:  Decrypt

~~~~~~~~~

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