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The Downsides Of Buying A House In Cash
The Downsides Of Buying A House In Cash
Christy Bieber Sun, September 22, 2024 Moneywise
My financial advisor says I shouldn't pay 100% cash for a house — is it better to take out a mortgage and invest in the S&P 500 instead?
If you have a lot of cash and are considering buying a property, you may be tempted to pay for the home outright. After all, not having a mortgage sounds nice.
But the reality is that it’s not always a good idea to buy your house in cash for many reasons. Before writing a big check for your real estate investment, you’ll want to consider the opportunity costs of tying up your money this way.
The Downsides Of Buying A House In Cash
Christy Bieber Sun, September 22, 2024 Moneywise
My financial advisor says I shouldn't pay 100% cash for a house — is it better to take out a mortgage and invest in the S&P 500 instead?
If you have a lot of cash and are considering buying a property, you may be tempted to pay for the home outright. After all, not having a mortgage sounds nice.
But the reality is that it’s not always a good idea to buy your house in cash for many reasons. Before writing a big check for your real estate investment, you’ll want to consider the opportunity costs of tying up your money this way.
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The downsides of buying a house in cash
The biggest downside of buying a house in cash is that you can’t invest the money you sink into the home.
Your return on investment (ROI) for paying cash is the interest you save on your mortgage loan. Even with rates still hovering near record highs, your ROI would still be around 6.93% (the 52-week average interest rate for a 30-year mortgage loan as of September 12, 2024.) Meanwhile, the S&P 500 has produced a 10% average annual return since its inception almost 70 years ago, offering a potentially higher ROI if you invest in the stock market.
There are also some other factors to think about.
If you itemize your deductions, you can get a tax break for your mortgage interest, so the government subsidizes your home purchase. Plus, your housing payment effectively gets cheaper every year due to inflation, which reduces the value of the money you're making housing payments with.
TO READ MORE: https://www.yahoo.com/finance/news/financial-advisor-says-shouldnt-pay-113300313.html
“Iraq at the UN” News Posted by Clare at KTFA 9-23-2024
KTFA:
Clare: Prime Minister: We are working to support investments that aim to diversify the economy away from oil
9/22/2024
Prime Minister Mohammed Shia Al-Sudani said that we are working to support investments that aim to diversify the economy away from oil, while focusing on the role of the private sector in providing job opportunities.
The Prime Minister stressed in his speech at the Future Summit on Confronting Future Challenges, which is being held on the sidelines of the 79th session of the United Nations General Assembly in New York: The need to give Iraq priority in climate financing as it is one of the most affected countries, and we have begun implementing our commitments stipulated in the National Contributions Document.
KTFA:
Clare: Prime Minister: We are working to support investments that aim to diversify the economy away from oil
9/22/2024
Prime Minister Mohammed Shia Al-Sudani said that we are working to support investments that aim to diversify the economy away from oil, while focusing on the role of the private sector in providing job opportunities.
The Prime Minister stressed in his speech at the Future Summit on Confronting Future Challenges, which is being held on the sidelines of the 79th session of the United Nations General Assembly in New York: The need to give Iraq priority in climate financing as it is one of the most affected countries, and we have begun implementing our commitments stipulated in the National Contributions Document.
The Prime Minister also stressed the keenness to provide incentives to the private sector and invest in renewable energy projects, which reduces our dependence on fossil fuels and contributes to a more sustainable future. LINK
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Clare: Prime Minister meets Kenyan President in New York
9/22/2024 Baghdad
Prime Minister Mohammed Shia Al-Sudani stressed the need to enhance mutual diplomatic representation between Iraq and Kenya.
The Prime Minister's media office stated in a statement received by Mawazine News that "Prime Minister Mohammed Shia Al-Sudani received at his residence in New York, today, Sunday, the President of the Republic of Kenya, William Ruto, on the sidelines of his participation in the 79th session of the United Nations General Assembly.
During the meeting, they discussed bilateral relations between the two countries, supporting their frameworks in many fields, ways to consolidate joint cooperation, and everything that would enhance the interests of their peoples. The two sides also discussed the file of Kenyan workers in Iraq."
The Prime Minister referred to "the foundations of the relationship between Iraq and Kenya, which date back decades," stressing "the need to enhance mutual diplomatic representation and develop the level of fruitful economic partnership."
For his part, the Kenyan President praised "Iraq's pivotal role in the region and its efforts to enhance security and stability in it. He also expressed his country's desire to build the best relations between the two friendly countries in the economic and trade fields."
At the end of the meeting, the two sides exchanged official invitations to visit both countries, in order to develop bilateral relations at various levels and fields. LINK
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Clare: International Praise for the Central Bank of Iraq: A Model for Developing Strategies that Serve the Development of the Banking Sector
9/23/2024 Baghdad
The Regional Director for the Kingdom of Saudi Arabia, Lebanon and Iraq at the International Finance Corporation (IFC), Fawaz Al-Balbeisi, confirmed today, Monday, that Iraq is one of the first countries to adopt a comprehensive approach to governance and environmental and social accountability, noting that the Central Bank of Iraq is a model for developing strategies that serve the development of the banking sector.
Al-Balbeisi said in a speech during the launch ceremony of the Financial Sustainability Map Project and the Environmental, Social and Corporate Governance Guide for Banks, that “Iraq has provided humanity with justice and law, and it is not surprising that it is one of the first countries to adopt a comprehensive approach to environmental and social governance and accountability,” indicating that “this new achievement comes as a result of the strategic partnership between the International Finance Corporation and the Central Bank of Iraq in cooperation with the Kingdom of the Netherlands and our joint efforts to develop an advanced Iraqi banking sector that contributes to Iraq’s sustainable future.”
He added that “the achievements that we celebrate today are a very important step for the Iraqi banking sector towards establishing sound practices of environmental, social and corporate governance standards that are consistent with international standards and rules, where they are not just a reference framework for celebration, but rather a systematic approach achieved by the banking sector,” noting that “environmental and governance standards have changed the environment and governance of the institution, and are a standard for professional excellence and have become a basic requirement for managing and reducing risks and thus financial sustainability and business prosperity.”
He continued: "Today, this event gains great importance in light of Iraq's confrontation with the challenges led by climate change, which requires approximately $233 billion until 2040 to respond to the development gaps necessary to move towards sustainable economic paths."
He continued, "Environmental, social and corporate governance responsibility is not only a statement of transparency, accountability and fairness, but also essential components of responsible investment strategies committed to sustainable practices and ethical standards in all financing and investment decisions. The Iraqi banking sector represents the provision of the necessary financing to meet its nationally defined goals in Iraq, and all of this highlights the importance of the role of the Central Bank, led by Ali Al-Alaq, in achieving this goal."
He pointed out that "with the development of the banking, financial and operational sector's capabilities over the past years, this achievement is complementary to other initiatives led by the Central Bank, the latest of which was the launch of the national strategy last May."
He pointed out that "the Central Bank is a model in developing strategies that serve the development of the banking sector in a way that reflects positively on the external view of the banking system and makes it a tributary that enhances sustainable development in Iraq," expressing his "thanks to the government of the Kingdom of the Netherlands for their support in reaching this achievement and to the Central Bank team and the International Finance Corporation whose tireless work enabled us to reach this achievement." LINK
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Clare: Prime Minister invites Secretary-General of Digital Cooperation Organization to visit Iraq
9/22/2024 Baghdad - WAA
Prime Minister Mohammed Shia Al-Sudani extended an invitation to the Secretary-General of the Digital Cooperation Organization, Dima Al-Yahya, to visit Iraq.
The Prime Minister's Media Office stated in a statement received by the Iraqi News Agency (INA), that "Prime Minister Mohammed Shia Al-Sudani received yesterday evening, Sunday, Baghdad time, the Secretary-General of the Digital Cooperation Organization, Dima Al-Yahya, on the sidelines of his participation in New York in the 79th session of the United Nations General Assembly."
At the beginning of the meeting, the Prime Minister expressed his "thanks for Dima Al-Yahya's serious efforts and interest in Iraq's accession to the organization, which represents a personal interest for him, with what the organization can provide in terms of expertise, skills, training, and codification of laws and rules for all digital businesses, most notably digital trade and how to activate and benefit from it."
The Prime Minister stated that "a higher committee for digital transformation in Iraq has been formed, headed by the Prime Minister, and the committee will develop a comprehensive strategy for digital businesses and artificial intelligence, in line with Iraq's ambitions and international requirements in the field of digital transformation, extending an official invitation to Al-Yahya to visit Iraq."
For her part, Al-Yahya welcomed "Iraq's approval to join the Digital Cooperation Organization, as there are multiple action plans and programs that will soon see the light in Iraq after it signs the organization's charter, and she stressed that Iraq will be one of the countries that benefit from the transfer of skills and training." LINK
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Clare: Prime Minister: Committed to supporting multilateralism in addressing global challenges
9/22/2024 Baghdad
Prime Minister Mohammed Shia Al-Sudani affirmed, on Sunday, the commitment to work with the international community to find common solutions and cooperate in building a better and more sustainable future for all, while calling for strengthening international cooperation in the fields of land, maritime, cyber, and outer space security, in order to ensure comprehensive security.
The Prime Minister's Media Office stated in a statement, which was reviewed by "Al-Eqtisad News", that the Prime Minister participated in the Future Summit held in New York on the sidelines of the 79th session of the United Nations General Assembly.
He pointed out that "the summit aims to enhance cooperation on key challenges, bridge gaps in global governance, reaffirm existing commitments to the Sustainable Development Goals (Global Goals) and the United Nations Charter, and lay the foundations for more effective global cooperation that can deal with today's challenges and any new threats that may arise in the future."
He explained that "the Prime Minister delivered Iraq's speech at the summit, during which he stressed the pursuit of serious steps towards achieving sustainable development and effectively responding to the goals of the National Development Plan (2024-2028), by adopting comprehensive strategic reforms."
The following are the most prominent points made in the Prime Minister's speech at the Future Summit:
• We are working to enhance economic reform and improve the conditions of the most vulnerable groups.
• We have adopted a strategy that advances vulnerable groups in terms of social justice, and builds human resource capacities through developing education and health, and caring for youth and women.
• Committed to establishing the concepts of climate justice, especially in combating drought and desertification and ensuring the sustainability of water resources and food security.
• Confronting climate challenges requires effective international cooperation within the framework of the United Nations Framework Convention and the Paris Agreement.
• We stress the need to give Iraq priority in climate finance, as it is one of the most affected countries, and we have begun implementing our commitments set forth in the National Contributions Document.
• We support investments aimed at diversifying the economy away from oil, with a focus on the role of the private sector in providing job opportunities.
• Sustainable development requires ambitious investments, and we are keen to provide incentives to the private sector and invest in renewable energy projects.
• We strengthen our international relations on the basis of mutual respect and common interests, and commitment to the principle of not allowing our territories to be used to attack other countries.
• We support all efforts to promote human rights and involve civil society organizations in achieving development goals.
• Achieving peace requires a joint international effort, and diplomacy and dialogue are key to achieving stability.
• We call for strengthening international cooperation in the areas of land, maritime, cyber, and outer space security, to ensure comprehensive security.
• Science and technology are the basis of sustainable development, and we are working to transition to a digital economy and provide an integrated database to support decision-making.
• We seek to enhance international cooperation in the field of technology transfer and capacity building, while supporting Iraqi inventors in every forum.
• We encourage scientific research in clean oil and gas technologies, and work to enhance technical education to provide young people with the skills required for the modern labor market.
• Enhancing international cooperation is essential to ensure that countries have access to the necessary tools and capabilities to benefit from artificial intelligence in a responsible and ethical manner.
• We emphasize the importance of adopting clear strategies for using artificial intelligence safely and responsibly to serve humanity.
• We seek to provide a supportive environment for youth by holding workshops to enhance their role in development.
• We are keen to provide advanced educational opportunities and training programs, and cooperate with the United Nations to develop indicators to measure youth development.
• We call for reforming international institutions to enhance their representation and ability to address global challenges.
• We are committed to public sector governance, combating corruption, removing obstacles to private sector growth, and focusing on accelerating digital transformation and activating laws to hold violators accountable.
• Iraq is committed to working with the international community to find common solutions, and our cooperation will contribute to building a better and more sustainable future for all.
• We stress the need to end the ongoing aggression on Gaza and Lebanon, and work to establish security and stability in the region and the world. LINK
Economist’s “News and Views” Monday 9-23-2024
Last Time Fed Cut 50 bps Was The Start Of The Great Financial Crisis
Arcadia Economics: 9-23-2024
The markets are cheering that the Federal Reserve is once again back to lowering interests rates, and at a faster than expected pace.
But the history of the beginning of new rate cutting cycles shows that all might not be so easily fixed. Especially when we look back to the last 50 basis point cut, which was delivered right as the Great Financial Crisis really began to accelerate.
So Vince Lanci looks through what's happened in the past, and compares that to the situation we face today.
Last Time Fed Cut 50 bps Was The Start Of The Great Financial Crisis
Arcadia Economics: 9-23-2024
The markets are cheering that the Federal Reserve is once again back to lowering interests rates, and at a faster than expected pace.
But the history of the beginning of new rate cutting cycles shows that all might not be so easily fixed. Especially when we look back to the last 50 basis point cut, which was delivered right as the Great Financial Crisis really began to accelerate.
So Vince Lanci looks through what's happened in the past, and compares that to the situation we face today. And to find out more, click to watch the video now!
U.S. Can ‘No Longer Afford Debt’, Only Way To Avoid Biggest Default In History | Luke Gromen
David Lin: 9-21-2024
Luke Gromen, Founder & President of Forest For The Trees, discusses the insurmountable amounts of debt the U.S. now faces, and what must be done to avoid a sovereign debt default.
0:00 - Intro
1:20 - Dollar crisis
5:53 - Sovereign debt crisis
9:35 - Rising U.S. debt
9:30 - Dollar outlook
13:30 - Fed funding deficits?
18:45 - Causes of inflation
25:00 - Tariffs
27:35 - Anti-price gouging
30:18 - Inflation/interest rate outlook
33:00 - Gold and Bitcoin
42:00 - National security
45:00 - Recession signs
Global War To DISTRACT From Currency Crisis - "I Hope I'm Wrong" | Matthew Piepenburg
Liberty and Finance: 9-21-2024
Matthew Piepenburg discusses the alarming state of the global financial system, arguing that it is caught in a cycle of excessive debt and centralization.
He highlights his forthcoming article titled "Global Snapshot: Stupid, Broken, and Evil," emphasizing that the current system is unsustainable, with war serving as a convenient distraction for politicians.
Piepenburg expresses concern over the Federal Reserve's recent emergency rate cut, suggesting it signifies a desperate attempt to manage an inevitable crisis rather than a sign of economic strength.
He points out that inflation is a persistent issue, exacerbated by poor fiscal policies and a political unwillingness to make necessary reforms.
Finally, he notes a growing global trend away from reliance on the U.S. dollar as countries seek to protect their wealth through hard assets, indicating a significant shift in the financial landscape.
INTERVIEW TIMELINE:
0:00 Intro
1:44 Fed rate cut
13:50 Economic reality
19:03 Holding hard assets
34:13 War as a distraction
48:15 Von Greyerz
“Coffee With MarkZ” Monday Morning Chat 9-23-2024
Thank you MarkZ for all your time, and encouragement daily….. PDK
MarkZ Update- Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: Welcome to another week of great expectations
Member: Well, we didn’t wake up to an RV, or am I just not awake yet? lol
Member: Good morning everyone, hoping that passing the HCL law will start the RV process.
Thank you MarkZ for all your time, and encouragement daily….. PDK
MarkZ Update- Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: Welcome to another week of great expectations
Member: Well, we didn’t wake up to an RV, or am I just not awake yet? lol
Member: Good morning everyone, hoping that passing the HCL law will start the RV process.
Member: IMO-The HCL approval is in the missing Gazette... when they are ready they will post it.
Member: RV info was really lit up yesterday! from Iraq. HCL approved?
MZ: It saw a lot of movement over the weekend.
MZ: In Iraq: Pay attention to this one. “Al Alaq –We are constantly reviewing the deletion of dinar zeros and there are no restrictions on the balances in America” That part “No restrictions” is telling us that Iraq is in charge of its own money . In this article when you do a deep dive in it- they are doing exactly what they did in Kuwait with the terminology and phrasing and telling us it’s time to remove those zeros.
MZ: In Kuwait they greatly increased the value…they had to turn them in for lower denomination notes or deposit them in banks….
Member: If there are no restrictions on Iraq, why are we still waiting? I was not here during Kuwait, so not sure how this actually moves forward. Hard to not be numb to good news.
MZ: Those restrictions just suddenly disappeared.
Member: The fact that Iraq and the currency is in mainstream media is all I needed to calm down after over a decade of this speculation
Member: So we have to exchange our 25 k notes for lower denoms before we exchange?
MZ: No….That is how it worked in Kuwait
Member: Some are saying we have to exchange our big 25 k notes into lower denoms to exchange…….IMO exchanging the 25K bills into smaller bills is probably really just in Iraq as we don't got to the store to spend them
Member: Mark - when the zeros are deleted and the new lower currency is released in Iraq - is that notice to those outside Iraq to convert the $25,000 notes to the newer notes?
MZ: Now we go to another key piece…..”Tomorrow the launch of employees salary financing” That came out yesterday so it is today. Today they are getting paid. This is HCL (Hydro Carbon Law) stuff going on.
MZ: “Kurdistan deposits nearly 100 Billion dinars of its non-oil revenues in the Baghdad Treasury” IMO they would not be doing this if they were not done with HCL Look for an announcement at any moment.
Member: "Sudani has gone to the US treasury to deliver a new exchange rate This time Sudani goes, not Alak !!!" - Frank 26
MZ: That is the Rumor….We have Sudani in New York and Al Alak (Governor of the CBI) is openly discussing deleting the zeros- which is kind of a first for him. And we have HCL movement in Iraq. There is big stuff going on
Member: Alaq announces pioneering financial sustainability map for Iraq’s banking sector???? That article today Mark? That’s got to be the RV!!
Member: Did your euro bond contact have his meeting on sat?
MZ: There is a lot of chatter on the bond side- but nobody has been paid yet. Funds did not release over the weekend like they hoped. We should get updates today to see where they are at in that process.
MZ: No update on CMKX but I was really hoping to see fines and penalties by now…but we have not.
Member: I heard as of today, Canada will no longer accept the US Dollar, Hope this is true?
Member: simply lynn posted video saying on forex charts dinar is trading at $3.25 she posted it in her rapid updates yesterday via someone who works on forex
Member: I would jump for joy at that rate!!
Member: Oct. 1st. 159 countries to stop using the U.S.Dollar. This has to be huge .
Member: And Oct 1st is the first day of the new US fiscal year.
Member: I keep saying…!!! Nothing is going to happen until the new USTN is out !
Member: FYI - 100 days from today, we'll officially be in 2025.
MZ: Be aware a crippling port strike is scheduled to happen in a week on the east coast. A lot of food and paper goods come through those ports.
Member: A good time to stock up again on paper towels and toilet paper….lol
Member: Judy on the restored republic posted someone saying to sign up for the QFS now.
MZ: You cannot sign up for the QFS. Be careful there are a lot of scammers and misinformation out there. Also people pretending to be somebody else. Most of the scams are on telegram….we have changed our site to read only……and opening a discord sight which is free with no ads . The link is https://discord.com/invite/AxGE6k4pvx
MZ: I probably will soon also be leaving Twitch….that is another reason to use discord
Member: It’s really hard to stay positive with all these delays
Member: The day isn't over yet! Emails can come at any moment - keep the faith!
Member: Have a great day everyone…..see you all tonight
THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY&NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY
FOLLOW MARKZ : TWITTER . https://twitter.com/originalmarkz?s=21. TRUTH SOCIAL . https://truthsocial.com/@theoriginalm...
Mod: MarkZ "Back To Basics" Pre-Recorded Call" for Newbies 10-19-2022 ) https://www.youtube.com/watch?v=37oILmAlptM
MARKZ DAILY LINKS: https://theoriginalmarkz.com/home/
Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, medical opinions or many guests on this stream……just RV/currency related topics.
ZESTER'S LINK TREE: https://linktr.ee/CrazyCryptonaut
THANKS FOR JOINING. HAVE A BLESSED DAY! SEE YOU ALL THIS EVENING FOR NEWS @ 7:00 PM EST ~ UNLESS BREAKING NEWS HAPPENS!
News, Rumors and Opinions Monday AM 9-23-2024
Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.
RV Excerpts from the Restored Republic via a GCR: Update as of Mon. 23 Sept. 2024
Compiled Mon. 23 Sept. 2024 12:01 am EST by Judy Byington
Global Currency Reset:
“On Tues. 1 Oct. 2024 Corp. Dissolves – Ends Fiat Monetary System Experiment. Gold/Asset-Backed Quantum Financial System Locked, Loaded & Taking Over.” on Telegram Sat. 21 Sept. 2024
Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.
RV Excerpts from the Restored Republic via a GCR: Update as of Mon. 23 Sept. 2024
Compiled Mon. 23 Sept. 2024 12:01 am EST by Judy Byington
Global Currency Reset:
“On Tues. 1 Oct. 2024 Corp. Dissolves – Ends Fiat Monetary System Experiment. Gold/Asset-Backed Quantum Financial System Locked, Loaded & Taking Over.” on Telegram Sat. 21 Sept. 2024
“The first week in October over the Emergency Broadcast System, the military will reveal all. Also, in the first week of October, we expect to see various countries adopting and rolling out a valid QFS. Military reserves and armies are expected to be activated in the US, Canada, UK, EU, Iceland, South America, Mexico, African regions, Malaysia and over 80 other countries.” … (JFK Jr.) on Telegram Sat. 21 Sept. 2024
Judy Note: Tues. 1 Oct. is the date the new United States of America Restored Republic and Global Currency Reset begin and when the Cabal’s fiscal year ends. Most important, Tues. 1 Oct. is the deadline for banks to be Basel III Compliant (monies backed by gold) or they will be closed. The banks will be taking on a different role as service-only centers. In other words, after Tues. 1 Oct. the Caball which has been officially bankrupt since 2008, will no longer have access to US Taxpayer dollars.
Sun. 22 Sept. 2024 Zimbabwe GESARA: Six million rural Zimbabweans to receive Title Deeds in rural areas. Did Zimbabwe just get liberated? Title deeds to land being given out to humanity, along with trust funds set up for the people!
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BRICS Alliance; Chinese Elders:
BRICS was an Alliance of the nations of Brazil, Russia, India, China and South Africa formed in 2008 after the so-called US “Mortgage Crisis.” In reality the crisis happened when the C***l continued to print fiat US Dollars while bankrupt and unable to even pay interest on gold borrowed from the Chinese Elders which backed that US Dollar, the basis for international trade. In the ensuing years since BRICS formed, they evaluated gold and resources of 209 nations in preparation for a Global Currency Reset. After the GCR all countries currencies would be at a 1:1 with each other instead of relying on the fiat US Dollar for international trade.
The Chinese Elders were composed of different multigenerational Chinese families living in the Philippines who over centuries, owned and held responsibility for around 90% of the world’s gold, lending it out to countries for establishment of their financial systems. There were five top Chinese Elders who were responsible for the Global Currency Reset and RV release of funds.
Read full post here: https://dinarchronicles.com/2024/09/23/restored-republic-via-a-gcr-update-as-of-september-23-2024/
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Ariel: IQD Holders What would you do if you woke up tomorrow morning and suddenly realize you are a multi millionaire 3 times over?
Are you all ready for that type of money? Because at this point I am expecting the rate change at any moment.
When you exchange don’t act like you don’t know how to log on to X and speak. Because a lot of you all about to start acting bad & bougie.
Anyway I hope you all bought all you need. The rate release is but a glance away. Ariel
Source(s):
https://x.com/Prolotario1/status/1838040718201295114
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 [Iraq boots-on-the-ground report] FIREFLY:The crooks are also talking on TV. Every time a commercial comes out...They're saying changing the rate will be a disaster. FRANK: The crooks are Iran/parliament...The only reason they're saying this is because they know very well the rate is about to change. It's no secret. Sudani is preparing the whole Middle East and all his people for the change this year.
Nader From The Mid East They're going to remove the 3 zeros soon... In 1990 Kuwait did the same thing...If you go back in that time and you find the article, you can read it, it's the same article come out, the big bills are going to be the same than the small bills...25,000 dinars they're going to count like 25. What they did was the opposite, the whole opposite, the 25,000 become 25,000. They stayed 25,000. When you go change your money [Iraqi dinars] this is what's going to having...You'll have three weeks to find a way to exchange your money to small category dinar. Once you change your money to small categories you guys safe. That's how it's going to work...
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Alak speak about banking sector Iqd
Nader: 9-23-2024
Iraq News Highlights and Points To Ponder Monday AM 9-23-24
Economy 2024-09-23 | 2,121 views Sumerian News – Economy The political analyst revealedtributaryAl-Atwani,todayMonday, the secrets of what is happening at the border crossings and how to treat the honest employee, while he pointed out thatThe Iraqi StateCompletely unable to control border crossings.
Al-Atwani said in an interview with Sumaria News, "The border crossings are considered one of the sovereign gates of the Iraqi state, and one of the most important outlets for corruption for political parties," noting that "there is poor treatment of expatriates and Iraqi citizens, and they rely on a political party."
Corruption Deals And The Assassination Of An Honest Employee... What Is Happening At The Border Crossings?
Economy 2024-09-23 | 2,121 views Sumerian News – Economy The political analyst revealedtributaryAl-Atwani,todayMonday, the secrets of what is happening at the border crossings and how to treat the honest employee, while he pointed out thatThe Iraqi StateCompletely unable to control border crossings.
Al-Atwani said in an interview with Sumaria News, "The border crossings are considered one of the sovereign gates of the Iraqi state, and one of the most important outlets for corruption for political parties," noting that "there is poor treatment of expatriates and Iraqi citizens, and they rely on a political party."
He pointed out that "the political parties inIraqMost of them have military wings, and therefore there are justifications and power for the corrupt person present at the border crossings and protection from dismissal from his position or follow-up and monitoring of all his activities,” indicating that “the border crossings are one of the economic gates through which many corruption deals pass, including currency smuggling, money laundering and drug trafficking.”
He revealed that “every employee who seeks to report the existence of a corruption deal is exposed to dismissal, beating and continuous penalties, and some of them are physically liquidated.
There are cases that we have witnessed in previous years, and the best evidence is a police officer who was assassinated in a hideous manner and was thrown into a kerosene tank as a result of reporting oil smuggling at the crossings.BasraTwo years ago.”
He concluded by saying that “the companySumerI addressed directlyPrime MinisterWith more than 200 thousand barrels smuggled through the northern ports, stressing that "the Iraqi state is completely unable to control the border ports, which are one of the biggest doors to corruption." LINK
Corruption And Forgery Files Revealed, Comparable To The Theft Of The Century
Policy Information / Anbar .. A responsible source in Anbar Governorate revealed, today, Monday, forged transaction files with amounts equivalent to the theft of the century in Anbar.
Follow the "Information" page on Facebook.. News that does not need verification..
The source told Al-Maalouma Agency that "the supervisory authorities are investigating the current governor of Anbar, Mohammed Al-Karbouli, and the personal aide of the dismissed Speaker of Parliament, Mohammed Al-Halbousi, Ahmed Al-Jaberi, and other leaders of the Progress Party, regarding the forgery of official documents in the governorate and Baghdad, the value of which reaches more than 2 trillion dinars."
He added, "These amounts were transferred to local banks under fictitious names during the period when Halbousi was the Speaker of Parliament and Karbouli was the director of his office."
He continued, "Al-Karbouli supervised the management of this operation, noting that the investigations indicate that there was a large financial waste in Halbousi's office at that time."
He expected that "these files will topple big heads related to Halbousi and former Prime Minister Mustafa Al-Kadhimi." LINK
Kurdistan Region Faces A Financial Shortfall Of 243 Billion Dinars To Cover August Salaries
2024-09-23 Shafaq News/ An informed source reported on Monday that the Kurdistan Region needs 998 billion Iraqi dinars to cover the salaries of last August, in light of the ongoing financial crisis resulting from the delay in transferring financial shares from the federal government in Baghdad.
The source told Shafaq News Agency, "Baghdad sent 572 billion dinars to the Kurdistan Region yesterday, Sunday, while 183 billion dinars remain due from salaries for previous months."
He added, "There is still a shortfall of 243 billion dinars to fully secure salaries."
According to the source, the Kurdistan Region's employee salary crisis is considered one of the most sensitive issues in the financial relationship between Erbil and Baghdad. Despite previous financial agreements aimed at regulating federal budget transfers to the region, repeated delays by the central government have created increasing financial gaps, which have greatly affected the regional government's ability to distribute salaries on time.
This crisis includes hundreds of thousands of public sector employees in the region, who rely primarily on these salaries to cover their basic needs.
The irregularity of salary payments has increased pressure on the Kurdistan Regional Government, which has previously been forced to take austerity measures such as reducing or postponing salaries.
In statements to Shafaq News Agency correspondent, a number of public sector employees in Sulaymaniyah expressed their dissatisfaction with the impact of the delay in paying salaries on their living conditions.
“The delay in salaries has directly affected our ability to meet our daily needs. I can no longer cover my living expenses or pay my rent on time, and the economic situation is getting worse with each passing month without getting my salary on time,” said Dilshad Omar, a teacher at a government school in Sulaymaniyah.
Another health sector employee, who preferred not to reveal her name, spoke about the major challenges she faces: “We are forced to borrow from relatives or banks to cover basic needs. The continuous delay in disbursing salaries has made many of us live in a state of instability, as we do not know when we will be able to pay bills or buy necessities.”
Regarding the impact of delayed salaries on market activity, Ibrahim Ahmed, a grocery store owner in Sulaymaniyah, said: “Since the beginning of the salary crisis, market activity has declined significantly. Many customers used to buy in installments or request to postpone payment until they received their salaries, but this continuous delay has made many of them unable to pay their debts or make large purchases.”
He added, "The commercial movement has become weak, especially in times of financial crises, as people have started to buy only the essentials, and even these have seen their sales decline significantly. We, as traders, suffer just like employees, as we also depend on the strength of the market, and if people do not have money, it is natural that everyone will be affected."
The salary crisis began years ago with the escalation of financial and political tensions between Erbil and Baghdad, as the regional government relied on financial transfers from Baghdad in addition to local revenues, especially from oil. However, these transfers were irregular, which led to the accumulation of financial dues and delayed payment of salaries, especially with the decline in oil prices and the increase in government expenditures.
With no clear solutions in the near term, the salary crisis remains one of the major challenges facing the regional government, especially in light of the difficult economic conditions and the decline in available financial resources.
The Ministry of Finance and Economy in the Kurdistan Region announced yesterday, Sunday, the deposit of a sum of money amounting to about 100 billion dinars in financial revenues for non-oil revenues for last May. LINK
Full Text Of Al-Sudani's Speech At The Future Summit In New York
Baghdad Today – Baghdad Prime Minister Mohammed Shia Al-Sudani stressed, today, Sunday, September 22, 2024, the importance of adopting clear strategies for using artificial intelligence in a safe and responsible manner to serve humanity.
Al-Sudani participated in the Future Summit, which was held in New York today, Sunday, on the sidelines of the 79th session of the United Nations General Assembly.
The summit aims to enhance cooperation on key challenges and bridge gaps in global governance, reaffirm existing commitments to the Sustainable Development Goals (Global Goals) and the UN Charter, and lay the foundations for more effective global cooperation that can address today’s challenges and emerging threats in the future.
Al-Sudani delivered Iraq's speech at the summit, during which he stressed the pursuit of serious steps towards achieving sustainable development and effective response to the goals of the National Development Plan (2024-2028), by adopting comprehensive strategic reforms.
The following are the most important points made in the Prime Minister’s speech at the Future Summit:
We work to enhance economic reform and improve the conditions of the most vulnerable groups.
We have adopted a strategy that advances vulnerable groups in terms of social justice, building human resource capacities through developing education and health, and caring for youth and women.
- Committed to establishing the concepts of climate justice, especially in combating drought and desertification and ensuring the sustainability of water resources and food security.
- Addressing climate challenges requires effective international cooperation within the framework of the United Nations Framework Convention and the Paris Agreement.
We stress the need to give Iraq priority in climate finance, as it is one of the most affected countries, and we have begun implementing our commitments set forth in the National Contributions Document.
- We support investments that aim to diversify the economy away from oil, with our focus on the role of the private sector in providing job opportunities.
Sustainable development requires ambitious investments, and we are keen to provide incentives to the private sector and invest in renewable energy projects.
- We strengthen our international relations on the basis of mutual respect and common interests, and adhere to the principle of not allowing our territories to be used to attack other countries.
- We support all efforts to promote human rights and involve civil society organizations in achieving development goals.
Achieving peace requires a joint international effort, and diplomacy and dialogue are key to achieving stability.
- We call for strengthening international cooperation in the areas of land, maritime, cyber, and outer space security, in order to ensure comprehensive security.
Science and technology are the basis of sustainable development, and we are working to move to the digital economy and provide an integrated database to support decision-making.
We seek to enhance international cooperation in the field of technology transfer and capacity building, while supporting Iraqi inventors in every forum.
- We encourage scientific research in clean oil and gas technologies, and work to enhance technical education to provide young people with the skills required for the modern labor market.
-Strengthening international cooperation is essential to ensure that countries have access to the tools and capabilities needed to harness AI responsibly and ethically.
We seek to provide a supportive environment for youth by holding workshops to enhance their role in development.
We are keen to provide advanced educational opportunities and training programs, and we cooperate with the United Nations to develop indicators to measure youth development.
-We call for reforming international institutions to enhance their representation and ability to address global challenges.
We are committed to public sector governance, combating corruption, removing obstacles to private sector growth, and focusing on accelerating digital transformation and enforcing laws to hold violators accountable.
Iraq is committed to working with the international community to find common solutions, and our cooperation will contribute to building a better and more sustainable future for all. LINK
Seeds of Wisdom RV and Economic Updates Monday Morning 9-23-24
Good Morning Dinar Recaps,
Ripple CLO Talks Congress Insights on SEC and XRP
▪️Professor Reiners emphasized the need for Congress to address the regulatory gap in the crypto spot market.
▪️Ripple’s argument against XRP being a security aligns with Reiners’ testimony on investment contracts.
Stuart Alderoty, Ripple’s Chief Legal Officer, has responded to Professor Lee Reiners testifying before Congress, which provided an illuminating viewpoint on the continuing legal dispute between Ripple and the United States Securities and Exchange Commission.
Good Morning Dinar Recaps,
Ripple CLO Talks Congress Insights on SEC and XRP
▪️Professor Reiners emphasized the need for Congress to address the regulatory gap in the crypto spot market.
▪️Ripple’s argument against XRP being a security aligns with Reiners’ testimony on investment contracts.
Stuart Alderoty, Ripple’s Chief Legal Officer, has responded to Professor Lee Reiners testifying before Congress, which provided an illuminating viewpoint on the continuing legal dispute between Ripple and the United States Securities and Exchange Commission.
Reiners, known as both a pro-SEC and anti-crypto advocate, acknowledged the SEC’s recent setback in the Ripple case, underscoring three key factors with substantial significance for the crypto industry and Ripple’s journey.
Questioning the Regulatory Gaps and Decentralization in Crypto Laws
To begin, Reiners identified a significant regulatory gap in the crypto spot market, pointing out that neither the SEC nor the Commodity Futures Trading Commission (CFTC) currently regulate this sector. This observation highlights an obvious flaw in the current regulatory framework for cryptocurrency.
Reiners believes Congress should take a more active role in closing this regulatory hole. Ripple’s Alderoty agreed, emphasizing the importance of legislative action to better address the changing crypto ecosystem.
Another key argument addressed by Reiners was the concept of decentralization in relation to securities legislation. He criticized the idea that securities regulations should be predicated on a “mystical” decentralization threshold, alluding to a 2018 speech by former SEC Director William Hinman.
This statement has sparked debate within the crypto community, particularly because it hinted that certain cryptocurrencies could be immune from securities restrictions if they achieved a sufficient level of decentralization.
Reiners’ stance is consistent with the broader crypto industry, which has long stated that decentralization should not be used to determine whether an asset is a security.
Reiners also addressed the topic of investment contracts, citing analogies to the landmark Howey Test case concerning orange groves. He underlined that the object of an investment contract, such as orange groves, is not a security in and of itself. A management contract must be present when something is considered security.
This viewpoint is consistent with Ripple’s central argument that XRP should not be categorized as a security since it does not meet the criteria for being an investment contract.
The Impact of SEC Changing Leadership on Crypto Regulation
One of Reiners’ most memorable comments was that “SEC chairs come and go,” implying that regulatory landscapes might move dramatically with changes in leadership.
This insight serves as a reminder of the transient nature of regulatory interpretations, implying that Ripple’s case may result in different consequences if future SEC leadership takes a fresh perspective on cryptocurrencies.
While the crypto community eagerly monitors these events, doubt remains over XRP’s future, notably whether the SEC would appeal the Ripple case verdict before the deadline of October 7, 2024.
This lingering uncertainty is currently placing downward pressure on the XRP price, which was $0.5843 at the time of this post, representing a slightly 0.55% fall over the last 24 hours.
On the other hand, Ripple’s partner, SBI Holdings, has made substantial progress in researching the integration of token-based bank deposits with central bank digital currencies. According to a CNF report, SBI Holdings has joined Project Agora, which aims to examine how tokenized commercial bank deposits might be integrated with wholesale CBDCs on a single ledger.
@ Newshounds News™
Source: Crypto News Flash
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AUSTRALIA TIGHTENS GRIP ON CRYPTO STARTUPS WITH CORPORATE LAW CHANGES
Key Takeaways
▪️Australia wants all crypto exchanges to hold financial services licenses.
▪️The country has so far had limited success in its crackdown on the crypto industry.
▪️As of 2022, over one million Australians held at least one form of cryptocurrency.
Australia is set to further enhance the regulation of the cryptocurrency industry by requiring all crypto exchanges to hold financial services licenses.
The move will see the country’s corporate watchdog push for updated regulations to be enforced over the next two months, the Australian Financial Review reported.
Australia Tightens Grip on Crypto
The new licensing requirements are required as the Australian Securities and Investments Commission (ASIC) considers most major crypto assets to be relevant under the country’s Corporate Act, according to ASIC commissioner Alan Kirkland.
Crypto developers in the country have been confused about whether or not they should obtain an Australian Financial Services (AFS) license.
An AFS is needed for a “financial product,” which is when an individual takes on a financial risk or makes an investment.
ASIC is currently embroiled in two major court cases involving two crypto startups that have not obtained a license.
“ASIC’s message is that a significant number of crypto-asset firms in the Australian market are likely to need a license under the current law. This is because we think many widely traded crypto assets are a financial product,” Kirkland said.
ASIC Has Had Limited Success
ASIC will update its “Information Paper 225” for a November release. The regulatory paper will clarify how cryptocurrencies and other financial products should be treated.
So far, ASIC has had limited success penalizing crypto exchanges without a license.
Block Earner, an Australian crypto startup founded in 2021, was taken to court by ASIC, which alleged that the company was working unlawfully without a license. The Federal Court sided with Block Earner, claiming the startup had been operating lawfully.
ASIC sued Finder Wallet for not registering as a financial service. The court ultimately ruled that the startup did not need a license to operate.
The Australian watchdog is appealing both court decisions.
Australia and Crypto
Like the rest of the world, Australia has an evolving relationship with cryptocurrency.
In 2022, research firm Roy Morgan found that over one million Australians own at least one form of cryptocurrency, including Bitcoin, Ethereum, and Cardano.
A 2023 study by the Australian Securities Exchange (ASX) found nearly 3 in 10 Aussie investors plan to buy crypto in the next year, with 15% already holding digital assets.
However, While Australia has generally welcomed innovation in the crypto space, a strong emphasis on consumer protection has remained.
According to a Finder report powered by Coinbase, 50% of Australian owners said the security and reputation of an exchange are the most important features to them.
Last month, the Australian Competition and Consumer Commission (ACCC) found that half of crypto-related Facebook ads were scams.
The ACCC alleged that Meta was aware of crypto scams in its ads for the past six years.
“Meta has been aware that a significant proportion of cryptocurrency advertisements on the Facebook platform have used misleading or deceptive promotional practices,” the company said in a court ruling.
@ Newshounds News™
Source: CCN
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GOLD FOLLOWS BITCOIN PRICE RALLY TO NEW RECORD HIGHS, WILL MOMENTUM CONTINUE?
Inflation hedges, such as gold, have emerged as a more attractive option for diversification along with Bitcoin which is nor preparing for a mega rally in Q4.
Key Notes
▪️Gold has surged to a record high of $2,629 per ounce, gaining 5% in the past two weeks, following Fed rate cuts.
▪️Rising geopolitical risks, including conflicts in Ukraine and the Middle East have increased the appeal of gold as a safe-haven asset.
▪️Goldman Sachs forecasts further growth in gold prices, projecting a surge to $2,700 by early 2025.
The gold price has been hitting new highs following the Fed rate cut last week while following the Bitcoin price trajectory recently. Over the past week, the BTC price has surged over 8.5% moving all the way to $64,000.
On the other hand, the gold price touched a record high of $2,629 per ounce on September 23. Within the last 15 days, the yellow metal has registered strong 5% gains. The major boost comes following the 50 bps rate cut by the Federal Reserve which served as the tailwind for the yellow metal.
A decrease in interest rates diminishes the appeal of assets linked to Fed-determined returns, like short-term government bonds, while making inflation hedges, such as gold, a more attractive option for diversification.
Furthermore, the appetite for gold investments has been growing recently amid rising geopolitical risks such as the ongoing wars between Russia and Ukraine, Israel and Hamas. On the other hand, the uncertainty around the 2024 US elections is also another factor contributing to this.
Furthermore, banking giant Goldman Sachs recently reported that the gold purchases by central banks have tripled following the last two years of the Russia-Ukraine war. With more Fed rate cuts expected this year, Goldman Sachs researchers predict that the gold price will surge to $2,700 by early next year.
Gold Rally Isn’t Ending Anytime Soon
Peter Boockvar, chief investment officer at Bleakley Financial Group, noted that gold has yet to surpass its inflation-adjusted peak of $3,200, set in 1980. Meanwhile, gold advocate Peter Schiff took the opportunity to criticize digital assets in a post on X on Sept. 23. Schiff noted:
“Gold just hit another record high, but few investors notice or care. With so much attention focused on Bitcoin, investors are not only missing out on gold’s gains but the significance of the rise.”
On the other hand, Bitcoin is also showing strength gearing up for a mega rally moving ahead in Q4 2024. 10x Research founder and CEO Markus Thielen noted that the chances of a major breakout increase as we approach the October-to-March period.
“Bitcoin’s 2024 performance has once again followed its seasonal pattern – just as it did in 2023. This is why traders should anticipate a major breakout, potentially reaching new all-time highs in Q4 2024,” he added.
@ Newshounds News™
Source: CoinSpeaker
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ARE WE THERE YET ROADMAP AND TIMELINE? #rv #gcr #roadmaptosuccess | Youtube
@ Newshounds News™
Source: Seeds of Wisdom Team Currency Facts
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“Tidbits From TNT” Monday Morning 9-23-2024
TNT:
Tishwash: Al-Sudani meets in New York with the Yemeni President and the Kuwaiti Crown Prince, stressing the depth of relations
Prime Minister Mohammed Shia al-Sudani stressed, on Sunday, when he received Yemeni President Rashad Mohammed al-Alimi in New York, Iraq's keenness to support Yemen's stability.
The Prime Minister's media office said in a statement received by Shafak News Agency, "Prime Minister Mohammed Shia al-Sudani received this evening, Sunday, Baghdad time, the Chairman of the Presidential Leadership Council of the Republic of Yemen, Rashad Mohammed al-Alimi, on the sidelines of his participation in New York in the meetings of the 79th session of the United Nations General Assembly."
TNT:
Tishwash: Al-Sudani meets in New York with the Yemeni President and the Kuwaiti Crown Prince, stressing the depth of relations
Prime Minister Mohammed Shia al-Sudani stressed, on Sunday, when he received Yemeni President Rashad Mohammed al-Alimi in New York, Iraq's keenness to support Yemen's stability.
The Prime Minister's media office said in a statement received by Shafak News Agency, "Prime Minister Mohammed Shia al-Sudani received this evening, Sunday, Baghdad time, the Chairman of the Presidential Leadership Council of the Republic of Yemen, Rashad Mohammed al-Alimi, on the sidelines of his participation in New York in the meetings of the 79th session of the United Nations General Assembly."
The office pointed out that "the meeting reviewed the overall internal situation in Yemen, the surrounding regional situation, its developments and its impact on the region." According to the office's statement, Al-Sudani pointed to "the depth of the historical and fraternal ties that unite Iraq and Yemen," stressing "Iraq's keenness to support Yemen's stability, the importance of finding solutions through internal dialogue, and providing appropriate conditions for the brotherly Yemeni people to enjoy prosperity and development."
For his part, Al-Alimi welcomed the "reopening of embassies between the two countries, and considered it a supportive step to strengthen fraternal relations and support communication between the two brotherly peoples."
In addition, the media office noted that "Prime Minister Mohammed Shia al-Sudani received this evening, Sunday, Baghdad time, the Crown Prince of the State of Kuwait, Sheikh Sabah Khaled Al-Hamad Al-Sabah, in New York, on the sidelines of his participation in the meetings of the 79th session of the United Nations General Assembly."
Al-Sudani stressed, "The depth of the fraternal relations between Iraq and Kuwait, which the government has established in its program that includes strengthening relations with sister Arab countries, and strengthening the bonds of cooperation with them in various fields." The Prime Minister stressed "Iraq's keenness to advance cooperation with Kuwait, and develop it in a way that achieves bilateral interests."
According to the statement, the two sides stressed "the resumption of the work of the joint technical committees between the two countries."
Prime Minister Mohammed Shia al-Sudani also met, this evening, Sunday, Baghdad time, at the United Nations headquarters in New York, with the United Nations High Commissioner for Human Rights, Volk Türk.
A statement from Al-Sudani's office received by Shafaq News Agency stated that the meeting discussed the qualitative development witnessed by the human rights file in Iraq, as Al-Sudani confirmed that the government views the Universal Periodic Review as an essential mechanism in promoting and protecting human rights, noting that Iraq will discuss its fourth periodic report in January of next year after it voted on it in the last cabinet meeting.
According to the statement, Al-Sudani stressed Iraq's commitment to human rights standards, as a party to international agreements and the International Covenant on Civil and Political Rights, appreciating the efforts of the human rights team working within the UNAMI mission in Iraq, and the breadth of measures implemented by the Iraqi government to preserve the rights of minorities and spectrums of the components of the Iraqi people, and to provide assistance to victims of terrorism and the dictatorial regime.
The Prime Minister stated that Iraq has succeeded in establishing a successful experience in the field of transitional justice, and the government has proceeded with the legal and executive framework for all human rights principles, in accordance with the Iraqi constitution and approved international standards.
For his part, the High Commissioner indicated the Commission's desire to open a representative office in Iraq, in order to raise the level of cooperation in the field of capacity development, technical, economic and social cooperation, and in the field of the environment, according to the statement. link
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Tishwash: International Finance: The Central Bank of Iraq is a model for developing strategies that serve the development of the banking sector
The Regional Director for the Kingdom of Saudi Arabia, Lebanon and Iraq at the International Finance Corporation (IFC) , Fawaz Al-Balbeisi, confirmed today, Monday, that Iraq is one of the first countries to adopt a comprehensive approach to governance and environmental and social accountability, noting that the Central Bank of Iraq is a model for developing strategies that serve the development of the banking sector.
Al-Balbeisi said in a speech during the launch ceremony of the Financial Sustainability Map Project and the Environmental, Social and Corporate Governance Standards Guide for Banks, which was attended by the correspondent of the Iraqi News Agency (INA): “Iraq has provided humanity with justice and law, and it is not strange that it is one of the first countries to adopt a comprehensive approach to governance and environmental and social accountability,” indicating that “this new achievement comes as a result of the strategic partnership between the International Finance Corporation and the Central Bank of Iraq in cooperation with the Kingdom of the Netherlands and our joint efforts to develop an advanced Iraqi banking sector that contributes to Iraq’s sustainable future.”
He added that “the achievements that we celebrate today are a very important step for the Iraqi banking sector towards establishing sound practices of environmental, social and corporate governance standards that are consistent with international standards and rules, where they are not just a reference framework for celebration, but rather a systematic approach achieved by the banking sector,” noting that “environmental and governance standards have changed the environment and governance of the institution, and are a standard for professional excellence and have become a basic requirement for managing and reducing risks and thus financial sustainability and business prosperity.”
He continued: "Today, this event gains great importance in light of Iraq's confrontation with the challenges led by climate change, which requires approximately $233 billion until 2040 to respond to the development gaps necessary to move towards sustainable economic paths."
He continued, "Environmental, social and corporate governance responsibility is not only a statement of transparency, accountability and fairness, but also essential components of responsible investment strategies committed to sustainable practices and ethical standards in all financing and investment decisions. The Iraqi banking sector represents the provision of the necessary financing to meet its nationally defined goals in Iraq, and all of this highlights the importance of the role of the Central Bank, led by Ali Al-Alaq, in achieving this goal."
He pointed out that "with the development of the banking, financial and operational sector's capabilities over the past years, this achievement is complementary to other initiatives led by the Central Bank, the latest of which was the launch of the national strategy last May."
He pointed out that "the Central Bank is a model in developing strategies that serve the development of the banking sector in a way that reflects positively on the external view of the banking system and makes it a tributary that enhances sustainable development in Iraq," expressing his "thanks to the government of the Kingdom of the Netherlands for their support in reaching this achievement and to the Central Bank team and the International Finance Corporation whose tireless work enabled us to reach this achievement link
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Tishwash: Al-Alaq announces a roadmap for financial sustainability for the Iraqi banking sector
The Governor of the Central Bank, Ali Al-Alaq, announced today, Monday, a roadmap for the financial sustainability of the Iraqi banking sector, while indicating that this map is part of the efforts to upgrade the banking sector.
Al-Alaq said in a speech during the launch ceremony of the Financial Sustainability Map Project and the Environmental, Social and Governance Standards Guide for Banks, “Today we are addressing an important and fundamental aspect in developing the banking sector in Iraq, as the term environmental, social and governance standards has witnessed turbulent growth since its first launch in 2005,” indicating that “the environmental aspects and the response related to climate change are major factors driving the development of environmental, social and governance standards, in addition to the growing importance of other essential elements, especially social ones.”
He added, "If these standards are important for any economic entity or company, regardless of its activity, mission and products, then their importance to the financial sector is a matter of utmost importance, given the significant impact that social and environmental changes have on the reality of this sector and what is required to manage it according to regulatory, supervisory and technical rules that avert risks to guarantee the rights of shareholders and stakeholders within a framework of transparency and disclosure, and above all, to contribute to achieving financial stability, the repercussions of which are reflected in the economic and social environment and general stability, just as the environmental and social repercussions are reflected in stability."
He stated, "We are pleased to announce a roadmap for the financial sustainability of the banking sector in Iraq for the years 2023 to 2029 and social and institutional standards," noting that "this project is part of the ongoing efforts made by the Central Bank of Iraq to advance the banking sector based on international best practices as well as keeping pace with developments in the banking industry."
He stated that "with this announcement, the Central Bank of Iraq is the first in the region to implement this guide."
Al-Alaq praised "the role played by international experts at the International Finance Corporation, affiliated with the World Bank Group, and their effective contribution in preparing the roadmap for financial sustainability for the banking sector in Iraq," appreciating "the effective and ongoing partnership and fruitful cooperation with the institution."
He thanked "the fruitful and distinguished efforts of the Central Bank's work team, as well as the support provided by the Kingdom of the Netherlands in this context to push towards helping Iraq implement these important and necessary programs link
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Mot: .... Been quite a Week you seeeee....
Mot: figured out Why the RV keeps stopping !!!!......((( Get A Hammer )))......
Iraqi Dinar News Update - IQD News - Al-Sudani-79th & Sideline Meetings-UNGA-NYC-CBI-Delete Zeros
Iraqi Dinar News Update - IQD News - Al-Sudani-79th & Sideline Meetings-UNGA-NYC-CBI-Delete Zeros
MilitiaMan and Crew: 9-22-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Iraqi Dinar News Update - IQD News - Al-Sudani-79th & Sideline Meetings-UNGA-NYC-CBI-Delete Zeros
MilitiaMan and Crew: 9-22-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
News, Rumors and Opinions Sunday PM 9-22-2024
TNT:
Tishwash: Iraq Discusses 5G Internet in New York
The Chairman of the Communications and Media Commission, Ali Al-Muayyad, discussed today, Sunday, in New York, the future of the fifth generation and satellite internet in Iraq with the CEO of the Samina Council, Bukar Ba.
A statement by the Authority received by Shafaq News Agency stated that Al-Muayyad met with the CEO of SAMENA Council on the sidelines of the Future Summit held in New York, where a number of technical topics related to developing the communications sector in Iraq were discussed.
TNT:
Tishwash: Iraq Discusses 5G Internet in New York
The Chairman of the Communications and Media Commission, Ali Al-Muayyad, discussed today, Sunday, in New York, the future of the fifth generation and satellite internet in Iraq with the CEO of the Samina Council, Bukar Ba.
A statement by the Authority received by Shafaq News Agency stated that Al-Muayyad met with the CEO of SAMENA Council on the sidelines of the Future Summit held in New York, where a number of technical topics related to developing the communications sector in Iraq were discussed.
The statement added that the meeting focused mainly on the mechanisms for providing 5G services in Iraq, stressing the importance of adopting the latest technical practices and infrastructure that allow for improving communication speed, reducing response time, and supporting the digital economy in line with global technology developments.
He pointed out that the meeting addressed the issue of satellite Internet services, as the two sides discussed the best global practices for licensing these services, focusing on the benefits and harms resulting from using this technology, and studying potential challenges, such as interference with the terrestrial frequency spectrum, and its impact on the environment and users.
In the context of talking about developing the communications sector, he stressed the importance of supporting Iraq by holding global and regional workshops and conferences that address the latest innovations in the fields of communications and information technology, including artificial intelligence, big data, and advanced infrastructure technologies.
SAMENA is one of the world’s leading technology alliances and leads a consortium of telecom companies in South Asia, the Middle East and North Africa. link
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Tishwash: PM's Advisor: Government Takes 8 Steps to Improve Technology Sector
The Prime Minister's Advisor for Banking Affairs, Saleh Mahoud, stressed on Sunday the importance of cooperation between the public and private sectors to develop the technological infrastructure in Iraq, while pointing out that the Iraqi government has taken 8 strategic steps to improve the technology sector in the country, stressing the existence of serious government efforts to achieve leadership in the field of digital innovation.
"We are pleased to represent the Prime Minister in attending the conference, and we convey his greetings and high appreciation, as he commends this conference and blesses its efforts," Mahoud said in his speech during the opening of the Iraq International Information and Communications Technology Exhibition and Conference (ITEX), which was followed by "Economy News."
He added that "the conference provides an opportunity for cooperation between the public and private sectors, which encourages the establishment of strategic companies that contribute to the development of a strong technological infrastructure."
He pointed out that "organizing and activating such conferences is an urgent necessity, as the Iraqi government, led by Prime Minister Mohammed Shia al-Sudani, looks forward to the importance of this event being an appropriate opportunity to discuss the exchange of experiences and ideas to achieve sustainable development and prosperity for our great people, which enhances Iraq's position as a leading country in the field of digital innovation."
He stressed that "digital transformation has become an inevitable necessity in recent years in the governmental and private sectors and even in our daily lives."
He added that "this conference comes at an important time, as the Iraqi government seeks to achieve a clear vision on how to use technology to improve the quality of services and enhance transparency and community participation."
He explained that "the current Iraqi government, since the start of its duties at the end of 2022, has worked to develop the information and communications technology sector, in coordination with relevant local and international sectors."
He pointed out that "the Iraqi government has taken a set of important steps in the field of developing information and communications technology, including:
1- Establishing laws and legislation to provide an appropriate environment for investment in information and communications technology, aiming to encourage innovation and protect the rights of investors.
2- Improving infrastructure, including supporting efforts to increase internet speed and expand networks in all regions of Iraq.
3- Achieving investment, as the Iraqi government encourages local and foreign investment in the information technology sector by providing banking incentives, including financial support for emerging projects in this field.
4- Partnerships with the private sector to accelerate technological development.
5- Implementing a national digitization plan to improve digital transformation in government institutions. This includes digital platforms for providing government services to citizens, such as registering documents, paying taxes, and submitting complaints, with the aim of facilitating procedures and reducing the time and effort expended, which facilitates the services provided to citizens and increases the efficiency of government performance.
6- Training and rehabilitation programs for youth and professionals in the fields of information technology, in addition to holding workshops and lectures to enhance digital skills.
7- Supporting emerging companies, by providing financial support to encourage entrepreneurs to innovate and expand.
8- Cooperating with international companies to bring new expertise and technology to Iraq.
Mahoud explained that "the above-mentioned steps are important indicators of the trend towards sustainable economic and social development."
He stressed "the government's readiness to make every effort to provide support to all local and international entities, institutions and companies in order to develop the information and communications technology sector."
He concluded by saying: “We urge all institutions and the private sector organizing the conference to exploit all challenges as an opportunity to achieve success in future plans.” link
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 [Iraq boots-on-the-ground report] FIREFLY:They talked more about the Article 140. They had a big meeting yesterday. Sudani saying it's in the completion stages. FRANK: You have a 3-year budget...salaries...HCL rights...new census...lower denominations with purchasing power coming to you that they have promised to you this year. All these things require a new exchange rate...It's very obvious they are preparing you Iraqi citizens for all of this!
Mnt Goat Ali Al-Alaq is still the acting Director of the CBI just as we were told by my CBI contact the GOI never did accept his resignation. The goals are still the same as they want to eliminate this Black Market corruption with the dollar and set the rate first at par with the official CBI rate. Then once this is in control, they intend to change the official rate and the rest is history as the saga of the currency swap out can then occur.
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MARKETS A LOOK AHEAD: A "SHOCKTOBER" STOCK MARKET CRASH???
Greg Mannarino: 9-22-2024
US Is Really Shocked with This Decision: Is It the End of Their Presence in Middle East?
US Is Really Shocked with This Decision: Is It the End of Their Presence in Middle East?
Fastepo: 9-22-2024
The human cost of the U.S. involvement in Iraq has been staggering. Between 2003 and 2011, around 4,487 American soldiers were killed, and approximately 31,900 were wounded, many with life-changing injuries.
On the Iraqi side, estimates of civilian casualties vary significantly, but figures suggest between 200,000 and 300,000 civilians died during the conflict, with total deaths—including combatants—ranging between 500,000 and over a million.
US Is Really Shocked with This Decision: Is It the End of Their Presence in Middle East?
Fastepo: 9-22-2024
The human cost of the U.S. involvement in Iraq has been staggering. Between 2003 and 2011, around 4,487 American soldiers were killed, and approximately 31,900 were wounded, many with life-changing injuries.
On the Iraqi side, estimates of civilian casualties vary significantly, but figures suggest between 200,000 and 300,000 civilians died during the conflict, with total deaths—including combatants—ranging between 500,000 and over a million.
The Iraq Body Count project, which tracks civilian deaths, estimated between 183,000 and 210,000 civilian fatalities as of 2019. The financial burden of the Iraq War is similarly immense, with estimates placing the total cost at between $1.7 trillion and $3 trillion.
When long-term costs, such as veterans' care and war-related debt, are included, some estimates push this figure as high as $6 trillion—far exceeding early projections of $50 billion to $60 billion.
In Iraq, the conflict also devastated infrastructure, including the healthcare system, which saw over half of the country's doctors flee. Despite the U.S. spending $60 billion on reconstruction, these efforts largely failed to rebuild essential infrastructure, exacerbating the instability and suffering felt by Iraq's population.
Recently, the Iraqi government has asked the US to leave the country.
The planned withdrawal of U.S. forces from Iraq, slated for 2024 to 2026, signals the end of a protracted engagement marked by setbacks and miscalculations. This departure, structured in two phases, highlights the challenges the U.S. has faced in maintaining a stable foothold in a nation it once invaded with overwhelming force.
The drawdown, particularly after 2024, will mark the closing chapter of U.S. military involvement, which began with the 2003 invasion aimed at toppling Saddam Hussein under the premise of dismantling weapons of mass destruction—an assertion later proven false.
At the height of the Iraq War in 2007, U.S. troop levels peaked at over 170,000, struggling to contain a civil war and insurgency sparked by the invasion. A surge in forces temporarily reduced violence but failed to bring lasting peace or stability.
Although the U.S. officially withdrew in 2011, the rise of ISIS in 2014 prompted a return under Operation Inherent Resolve, aimed at curbing the extremist group. However, this intervention further exposed the limitations of American military power, as U.S. forces found themselves navigating an increasingly hostile environment.
The U.S. appears determined to maintain its presence in Iraq and the broader Middle East.
Washington is actively pursuing a new agreement with Iraq that would extend the stationing of American troops, even though Baghdad has declared that the mission to defeat ISIS has been accomplished.
U.S. officials are currently in talks with Prime Minister Mohammed Shia Al-Sudani's government to establish a broader bilateral partnership, with plans to announce the agreement as early as next week, according to two senior officials involved in the discussions.
This new agreement would replace the U.S.-led international coalition that has operated in Iraq since 2014.
Kurdistan Deposits Nearly 100 Billion Dinars Of Non-Oil Revenues Into The Central State Treasury
Sunday 22 September 2024 | Economic Number of readings: 313 Baghdad / NINA / The Ministry of Finance and Economy in the Kurdistan Region announced today, Sunday, the deposit of nearly 100 billion dinars in financial revenues for non-oil revenues for last May.
The ministry stated in a statement today that it "deposited an amount of 91 billion, 151 million and 784 thousand dinars to the federal government as the federal treasury's share of the non-oil revenues of the Kurdistan Region for the month of May of this year."
Iraq Economic News and Points To Ponder Sunday Afternoon 9-22-24
Kurdistan Deposits Nearly 100 Billion Dinars Of Non-Oil Revenues Into The Central State Treasury
Sunday 22 September 2024 | Economic Number of readings: 313 Baghdad / NINA / The Ministry of Finance and Economy in the Kurdistan Region announced today, Sunday, the deposit of nearly 100 billion dinars in financial revenues for non-oil revenues for last May.
The ministry stated in a statement today that it "deposited an amount of 91 billion, 151 million and 784 thousand dinars to the federal government as the federal treasury's share of the non-oil revenues of the Kurdistan Region for the month of May of this year." https://ninanews.com/Website/News/Details?key=1156473
Iraq's Oil Exports To America Fell Last Week
Sunday 22 September 2024 | Economic Number of readings: 172 Baghdad / NINA / The US Energy Information Administration announced today, Sunday, that Iraq's oil exports to America decreased during the past week.
The administration said in a table, "The average US imports of crude oil during the past week from 8 major countries amounted to 5.645 million barrels per day, down by 142 thousand barrels per day from the previous week, which amounted to 5.787 million barrels per day."
It added that "Iraq's oil exports to America amounted to 155 thousand barrels per day last week, down by 67 thousand barrels per day from the previous week, which amounted to 222 thousand barrels per day."
The administration indicated that "the largest oil revenues to America during the past week came from Canada at a rate of 4.155 million barrels per day, followed by Mexico at an average of 420 thousand barrels per day, followed by Brazil at an average of 306 thousand barrels per day, from Nigeria at an average of 264 thousand barrels per day, and from Saudi Arabia at an average of 210 thousand barrels per day."
According to the table, "the amount of US imports of crude oil from Colombia was at a rate of 121 thousand barrels per day, and from Ecuador at a rate of 54 thousand barrels per day." / https://ninanews.com/Website/News/Details?key=1156449
Iraqi Currency Auction Records A 97% Jump In Foreign Remittances
Time: 2024/09/22 Reading: 650 times {Economic: Al Furat News} Sales of foreign remittances at the Central Bank auction on Sunday witnessed a 97% increase compared to cash sales, reaching more than $253 million.
The bank sold in its auction today 260 million, 796 thousand and 77 dollars, at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, 1310 dinars per dollar for foreign transfers, and 1305 dinars per dollar in cash.
Most of the dollar sales went to boost balances abroad in the form of remittances and credits, which amounted to $253,996,077, up 97% from cash sales of $6,800,000.
The number of banks that purchased cash dollars was one bank, while the number of banks that met requests to enhance balances abroad was 13 banks, and the total number of exchange companies participating in the auction was 11 companies. LINK
Advisor To The Prime Minister: National Plans To Improve Digital Transformation In State Institutions And We Are Ready To Support The Development Of The IT Sector
Sunday 22 September 2024 | Economic Number of readings: 181 Baghdad / NINA / The capital, Baghdad, hosted the activities of the "Iraq International Information and Communications Technology Exhibition and Conference ITEX", the third session, which is organized by the Communications and Media Commission on the grounds of the Baghdad International Fair.
Saleh Mahoud, Advisor to the Prime Minister for Banking Affairs and his representative during the opening ceremony of the exhibition today, Sunday, said that "the conference provides an opportunity for cooperation between the public and private sectors, which encourages strategic companies that contribute to the development of a strong technological infrastructure.
Organizing and activating such a conference and the services it provides is an urgent necessity, as the Iraqi government and the Prime Minister look forward to the importance of this event being an appropriate opportunity for discussions and exchange of experiences and ideas to achieve sustainable development and prosperity for our great people, which enhances Iraq's position as a pioneer in the field of digital innovation."
He called on all institutions and the private sector organizing the conference to exploit the challenges as an opportunity to achieve success in future plans.
He added, "This conference comes at an important time as the Iraqi government seeks to achieve a clear vision on how to use technology to improve the quality of services and enhance transparency and community participation.
Therefore, the government has realized, since the start of its duties at the end of 2022, the importance of the information technology, communications and digital sectors, as it has worked in continuous coordination with relevant local and international sector bodies to develop and support this sector and establish a modern infrastructure and foundation."
He explained, "The Iraqi government has taken a number of important steps in the field of information and communications technology, including the establishment of regulatory laws and legislation that provide a suitable environment for investment in information and communications technology.
These laws aim to encourage innovation and protect the rights of investors. The Iraqi government also pays special attention to developing the communications infrastructure, which includes efforts to increase internet speed and expand networks to cover more areas in our beloved country."
He added, "The government supports encouraging local and foreign investment in the information technology sector by providing banking incentives, including financial support for emerging projects in this field, and encourages the establishment of partnerships with private companies to accelerate technological development."
Regarding the implementation of a national digitization plan, the advisor confirmed that, "The Iraqi government has developed national plans to improve digital transformation in government institutions, which includes digital platforms for providing government services to citizens such as registering documents, paying taxes, and submitting complaints, with the aim of facilitating procedures and reducing the time and effort expended, which facilitates services to citizens and increases the efficiency of government performance.
" Regarding training and qualification programs, Mahoud noted that "the government provides training programs with the aim of qualifying youth and professionals in various fields of information technology, and holds workshops and lectures to enhance digital skills."
In the field of supporting start-up companies, the advisor stressed that "the Iraqi government has paid special attention to supporting companies in the field of technology, as a number of platforms and efforts have been provided that provide financial support to encourage entrepreneurs to innovate and expand."
In the field of cooperation with international companies, he pointed out that the government is expanding its relations with leading international companies in the field of communications and information technology, which helps bring new expertise and technology to Iraq.
He continued by saying, "The steps taken by the government in the field of information and communications technology are important indicators of the trend towards sustainable economic and social development, as Iraq seeks, through these efforts, to confront the current challenges in this field while ensuring the enhancement of its competitive capabilities in the international arena,"
stressing the Iraqi government's readiness to make every effort and provide support to all local and international entities, institutions and companies in order to develop the information and communications technology sector, and considers this an essential part of the strategic plan for economic growth and achieving financial stability in Iraq. https://ninanews.com/Website/News/Details?key=1156511
PM's Advisor: Government Takes 8 Steps To Improve Technology Sector
Money and business Economy News – Baghdad The Prime Minister's Advisor for Banking Affairs, Saleh Mahoud, stressed on Sunday the importance of cooperation between the public and private sectors to develop the technological infrastructure in Iraq, while pointing out that the Iraqi government has taken 8 strategic steps to improve the technology sector in the country, stressing the existence of serious government efforts to achieve leadership in the field of digital innovation.
"We are pleased to represent the Prime Minister in attending the conference, and we convey his greetings and high appreciation, as he commends this conference and blesses its efforts," Mahoud said in his speech during the opening of the Iraq International Information and Communications Technology Exhibition and Conference (ITEX), which was followed by "Economy News."
He added that "the conference provides an opportunity for cooperation between the public and private sectors, which encourages the establishment of strategic companies that contribute to the development of a strong technological infrastructure."
He pointed out that "organizing and activating such conferences is an urgent necessity, as the Iraqi government, led by Prime Minister Mohammed Shia al-Sudani, looks forward to the importance of this event being an appropriate opportunity to discuss the exchange of experiences and ideas to achieve sustainable development and prosperity for our great people, which enhances Iraq's position as a leading country in the field of digital innovation."
He stressed that "digital transformation has become an inevitable necessity in recent years in the governmental and private sectors and even in our daily lives."
He added that "this conference comes at an important time, as the Iraqi government seeks to achieve a clear vision on how to use technology to improve the quality of services and enhance transparency and community participation."
He explained that "the current Iraqi government, since the start of its duties at the end of 2022, has worked to develop the information and communications technology sector, in coordination with relevant local and international sectors."
He pointed out that "the Iraqi government has taken a set of important steps in the field of developing information and communications technology, including:
1- Establishing laws and legislation to provide an appropriate environment for investment in information and communications technology, aiming to encourage innovation and protect the rights of investors.
2- Improving infrastructure, including supporting efforts to increase internet speed and expand networks in all regions of Iraq.
3- Achieving investment, as the Iraqi government encourages local and foreign investment in the information technology sector by providing banking incentives, including financial support for emerging projects in this field.
4- Partnerships with the private sector to accelerate technological development.
5- Implementing a national digitization plan to improve digital transformation in government institutions. This includes digital platforms for providing government services to citizens, such as registering documents, paying taxes, and submitting complaints, with the aim of facilitating procedures and reducing the time and effort expended, which facilitates the services provided to citizens and increases the efficiency of government performance.
6- Training and rehabilitation programs for youth and professionals in the fields of information technology, in addition to holding workshops and lectures to enhance digital skills.
7- Supporting emerging companies, by providing financial support to encourage entrepreneurs to innovate and expand.
8- Cooperating with international companies to bring new expertise and technology to Iraq.
Mahoud explained that "the above-mentioned steps are important indicators of the trend towards sustainable economic and social development."
He stressed "the government's readiness to make every effort to provide support to all local and international entities, institutions and companies in order to develop the information and communications technology sector."
He concluded by saying: “We urge all institutions and the private sector organizing the conference to exploit all challenges as an opportunity to achieve success in future plans.”
104 views 09/22/2024 - https://economy-news.net/content.php?id=47877
Seeds of Wisdom RV and Economic Updates Sunday Afternoon 9-22-24
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IMF STAFF PROPOSE REDI FRAMEWORK TO CATALYZE CBDC ADOPTION
IMF staff members have introduced a high-level four-stage framework emphasizing regulation, education, design and incentives to enhance CBDC adoption.
International Monetary Fund (IMF) staff members have issued a guide for policymakers and banking institutions on ways to increase the uptake of central bank digital currencies (CBDCs) globally.
The IMF issued the “Central Bank Digital Currency Adoption Inclusive Strategies for Intermediaries and Users” paper on Sept. 21.
Good Afternoon Dinar Recaps,
IMF STAFF PROPOSE REDI FRAMEWORK TO CATALYZE CBDC ADOPTION
IMF staff members have introduced a high-level four-stage framework emphasizing regulation, education, design and incentives to enhance CBDC adoption.
International Monetary Fund (IMF) staff members have issued a guide for policymakers and banking institutions on ways to increase the uptake of central bank digital currencies (CBDCs) globally.
The IMF issued the “Central Bank Digital Currency Adoption Inclusive Strategies for Intermediaries and Users” paper on Sept. 21.
The paper recommended implementing inclusive strategies for intermediaries and end-users.
It introduced a high-level framework for regulation, education, design and deployment and incentives (REDI) to help spur CBDC adoption.
According to the IMF staff members, successful CBDC adoption will require proactive strategic policy and design choices that benefit end-users and intermediaries. Therefore, they urged central banks to focus on stakeholder engagement.
The REDI framework is curated by IMF staff members to help central banks improve CBDC adoption in their respective countries.
PIC
REDI framework for central banks to help CBDC adoption. Source: IMF
As shown in the above image, the REDI framework focuses on four key pillars. The first sub-section, regulation, involves policymakers exploring potential regulatory and legislative measures to nurture CBDC adoption.
The education sub-section recommends developing communication strategies to build CBDC awareness, with central banks acting as a central point of communication. Thirdly, the paper highlighted the need for strategies targeting specific user groups and creating an extensive network of intermediaries.
The final sub-section recommended the introduction of monetary and non-monetary incentives to encourage the mass adoption of CBDCs. Subsidizing setup costs, transaction fees and taxes for merchants are some of the recommendations made by the IMF staff.
The paper also encouraged further discussions around pre-existing concerns:
“Certain policy issues, including sustainability of the CBDC system, ensuring integrity of the system, and balancing adoption with financial stability, will need to be explored further.”
In August, two IMF executives said that increasing the average crypto-mining electricity costs globally by as much as 85% through taxes could significantly reduce carbon emissions.
According to IMF Fiscal Affairs Department’s deputy division chief Shafik Hebous and climate policy division economist Nate Vernon-Lin, a tax of $0.047 per kilowatt hour “would drive the crypto mining industry to curb its emissions in line with global goals.”
@ Newshounds News™
Source: CoinTelegraph
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ALGORAND FOUNDATION ANNOUNCES BUILD-A-BULL HACKATHON IN COLLABORATION WITH AWS
NOTE: ALGORAND IS ISO 20022 COMPLIANT
September 20, 2023 – Singapore, Singapore
Registration is now open for global hackathon with $200,000 in prizes across five tracks.
The Algorand Foundation – the organization focused on growing the ecosystem for the world’s most advanced, secure and reliable layer-one blockchain – announces the opening of registration for Build-A-Bull, a global virtual hackathon with $200,000 in prizes.
The hackathon, powered by Algorand Ventures and in collaboration with AWS (Amazon Web Services), will run from October 18 through November 15, 2023. Registration is free and open to anyone.
Build-A-Bull is a hackathon to create consumer-friendly applications using the power and scalability of the Algorand blockchain.
Spanning four weeks, the hackathon offers an opportunity for committed developers and entrepreneurs to conceive a business concept, accelerate it though the development phase and to ultimately present a final product to a panel of expert judges.
Throughout the process, participants will receive matchmaking, tooling, support and mentorship to help bring their ideas to life.
Ryan Terribilini, EVP of Algorand Ventures, said,
“With Build-A-Bull, we expect to attract a new wave of promising builders to come into the Algorand ecosystem.
“We are looking for high-potential, investible startups and founders to bring innovative projects to the Algorand blockchain, and we are confident that the resources and exposure of participating in Build-A-Bull will catalyze this next generation of Algorand builders.”
The hackathon includes five tracks.
▪️DeFi, presented by Circle
▪️Gaming, presented by Unity
▪️Consumer, presented by AWS
▪️Interoperability, presented by Wormhole
▪️Impact, presented by Algorand Foundation
The winner of each track will receive $25,000 and will be invited to pitch to investors on a ‘demo day,’ with a public on-chain vote determining an additional $10,000 grand prize, as well as $25,000 in AWS credits.
The second and third-place winner of each track will receive $10,000 and $5,000 respectively. A bonus ‘university prize’ of $5,000 will be awarded by the judges.
The judging panel is comprised of industry leaders and investors including QCP Capital, DWF Ventures and Blockchain Capital.
Projects will be evaluated by the following criteria – the skillset and strength of the team, the design and interface of the project, the quality of the pitch and the viability of market adoption.
For more information, and to register, please visit here.
About Algorand Foundation
The Algorand Foundation is dedicated to helping fulfill the global promise of the Algorand blockchain by taking responsibility for its sound monetary supply economics, decentralized governance and healthy and prosperous open-source ecosystem.
Designed by MIT professor and Turing Award-winning cryptographer Silvio Micali, Algorand achieves transaction throughputs at the speed of traditional finance – but with immediate finality, near zero transaction costs and on a 24/7 basis.
@ Newshounds News™
Source: DailyHodl
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CONSUMERS PREFER CASH OVER CBDC: DEUTSCHE BANK SURVEY
Most respondents chose private crypto like BTC over government-backed digital currencies.
While several central banks across the globe are actively exploring the feasibility of launching a Central Bank Digital Currency (CBDC), a recent survey has revealed that cash will not be going away anytime soon as a majority of consumers are not enthusiastic about using those products.
The survey, conducted by Deutsche Bank, Germany’s leading investment bank, polled 4,850 respondents from Europe, the United Kingdom, and the United States. A majority of the respondents stated that they prefer conventional payment methods like cash and debit or credit cards.
Cash Reigns Supreme
According to the study, 59% of the respondents believe cash will always be useful, with 44% stating that they would prefer using cash for payments rather than CBDCs. Only a small percentage of respondents, 16%, expect CBDCs to become mainstream payment options.
Deutsche Bank analysts, Marion Laboure and Sai Ravindran, noted in the report, “While 59% of consumers believe that cash will always be relevant, the COVID-19 pandemic accelerated the shift toward digital payments, particularly among Gen Z.”
Although most of the respondents were hesitant about using a CBDC, about 31% said they would rather use a cryptocurrency managed by the government than one backed by private institutions.
Privacy Concerns Remain
The survey further revealed that privacy concerns significantly affect the adoption of CBDCs. Most of the participants, especially in the U.S., believe that general cryptocurrencies offer better privacy than government-backed digital currencies. About 21% of the respondents said they preferred a private cryptocurrency like Bitcoin.
On the other hand, most European respondents showed stronger preference for cash, due to the anonymity it offers, than those in the U.S. and the U.K.
Per the survey, central banks are increasing exploring wholesale CBDC use cases, however, user skepticism remains a major issue affecting mainstream adoption. A report by the Bank of Canada revealed that 86% of Canadians are opposed to CBDCs, with a whopping 92% preferring cash over a digital Canadian dollar (CAD).
@ Newshounds News™
Source: Crypto Potato
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MANAGING SUDDEN WEALTH THROUGH SMART TEAM BUILDING BOB LOCK | Youtube
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Source: Seeds of Wisdom Team Currency Facts
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