Tuesday Morning “Tidbits From TNT” 12-3-2024

TNT:

Tishwash:  CBL to print 30 billion dinars in order to withdraw old banknotes

The Central Bank of Libya (CBL) has announced signing contracts to print 30 billion dinars to replace the old currency, saying the old banknotes will be withdrawn "smoothly" at a later-set date. 

This came during a meeting held by the Governor of the Central Bank, Naji Issa, to review the plan of the Central Bank of Libya to solve the problem of cash shortages.

During the meeting, it was agreed to raise the ceilings for immediate payment at the level of individuals and merchants to 20,000 dinars for a single transfer for individuals, and 100,000 for a single purchase transaction.

The Central Bank also revealed in the statement the launching of a new service for transfers between companies with a ceiling of one million dinars for a single transfer.

According to the statement, Issa ordered the directors of the departments concerned with the Central Bank of Libya, the liquidity team, and banks suffering from a liquidity shortage, to manage according to the plan approved by the Board of Directors to solve this problem gradually and radically starting from January 2025.

The Governor also stressed the need to improve and develop the infrastructure of banks in order to achieve the expansion of electronic payment services according to the prepared plan. link

Tishwash:  Securities Commission: Iraq Stock Exchange Leads Arab Stock Markets

The Securities Commission announced, today, Monday, the rise in the Iraq Stock Exchange index, while indicating that it topped the Arab financial markets in October 2024.

The Authority said in a statement received by the Iraqi News Agency (INA): "The Arab Monetary Fund mentioned in its monthly report for October 2024 the distinguished performance of Arab financial markets, as the Iraq Stock Exchange topped the list of best performing markets during the month, recording a growth of 12.39%, ahead of the rest of the markets in the region."

According to the report, the Damascus Stock Exchange came in second place with a growth of 6.99%, while the Dubai and Amman stock exchanges witnessed an improvement of 1.94% and 1.35%, respectively, while the Muscat, Bahrain and Kuwait stock exchanges recorded slight increases of less than 1%.

According to the statement, the Chairman of the Authority, Faisal Al-Haimus, confirmed that "this distinguished performance of the Iraq Stock Exchange reflects the positive developments in the local economic environment and the regulatory reforms implemented by the Authority to enhance the attractiveness of investment in the Iraqi financial market," noting that "we will continue to work to provide a stable and transparent investment environment that enhances confidence among investors and contributes to supporting the national economy." 

Al-Haimas stressed that "this achievement is an additional incentive to continue efforts aimed at developing the Iraqi financial market and enhancing its role as an engine of economic growth in Iraq." link

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Tishwsh:  Ways you never thought of.. Judges reveal methods of smuggling hard currency

Several judges and legal experts spoke about the latest methods of smuggling dollars out of the country, pointing out that currency smugglers have developed their means and methods of smuggling money.

They explained in statements covered by (Al-Masry - Monday) that one of the latest methods that have been presented, in practical reality, is smuggling currency through prepaid electronic payment cards, where the accused agrees with ordinary citizens to issue payment cards in their names in exchange for small amounts that he gives them, then he fills the cards, carries them and takes them out of the country through airports and then withdraws the amounts in cash through ATMs in the countries to which he travels.

They continued, currency smugglers collect a large number of Key Cards and Visa Cards after filling them with national currencies and traveling with them outside Iraq.  link

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Tishwash:  Visa Launches Tap to Phone Technology in Iraq

In cooperation with the Moroccan Electronic Monetary Association

 Visa, a global leader in digital payments, has launched  “Tap   to Phone” technology in partnership with the Maghreb Electronic Money Association (S2M) to empower small and medium-sized businesses in Iraq with solutions to accept digital payments at a low cost.

The Maghreb Electronic Money Association’s Mobile Tap solution, which uses Visa’s Tap to Phone technology, enables merchants using Near Field Communication (NFC)-enabled Android devices to accept contactless payments simply by downloading a dedicated app. The collaboration aims to revolutionize the payments landscape by enabling merchants to seamlessly accept payments using their smartphones without the need for additional hardware investment.

“We are delighted to partner with the Maghreb Electronic Money Association to launch Tap to Phone in Iraq. This strategic collaboration is in line with our commitment to enhance financial inclusion for small businesses by providing digital payments capabilities at a lower cost,” said Leila Serhan , Vice Chairman and Regional Head of Corporate Business Leadership for North Africa, Levant and Pakistan at Visa.

This innovative solution enables retail outlets to develop and improve the payment experience for consumers. Service staff at store fronts can support consumers to make payments easily without having to stand in queues at the cashier, which means a better customer experience.”

Mobile Tap provides SMEs with the option to accept digital payments at a lower cost, paving the way for greater participation in the digital economy. This innovative approach eliminates the need for traditional POS terminals and can help facilitate a better consumer experience in payments. The solution provides merchants and customers with greater convenience and flexibility during transactions.

The Mobile Tap service empowerment reflects S2M ’s unwavering commitment to empowering merchants through innovative software and technology, significantly enhancing the commerce experience for all. “This strategic alliance presents a great opportunity to elevate the level of digital payment solutions available and promote financial inclusion across Iraq, ensuring that all consumers and merchants can participate and thrive. Over the past decade, we have witnessed the incredible potential for innovation and growth within the Iraqi market, and we are committed to supporting its dynamic payments ecosystem,” said Mohamed Amarti Rifi, S2M Executive Vice President.

As a network that works for everyone, everywhere, Visa’s mission is to advance digital commerce for the benefit of consumers, businesses and economies across Iraq. This strategic collaboration aligns with Visa’s goal of enabling more payment acceptance points using cutting-edge technologies such as Tap to Phone to support small businesses with digital payments capabilities at a lower cost. link

Mot:  .. Not Something You See Every Day!!!! 

"Dad gassing up in Eureka Roadhouse, Alaska. Only in Alaska." -- Briana Brumley

Mot:  Losing car in parking lot 

Seeds of Wisdom RV and Economic Updates Monday Evening 12-02-24

Good Evening Dinar Recaps,

BASEL FIGURES: AMERICAN BANKS ENABLED $201 BILLION IN CLIENT CRYPTO EXPOSURES IN 2023

This week the Basel Committee on Banking Supervision published Basel III monitoring statistics for December 2023, including crypto-asset exposures. Given this was before the launch of US Bitcoin ETFs, the data is a little stale. 

However, they already show significant growth in American banks providing crypto services to clients. The statistics repeat the patterns of the previous period.

In particular, the Americas are almost entirely absent from the crypto custody space, largely because of the SEC’s SAB 121 accounting rule, which makes it prohibitive for banks to provide custody. That’s already relaxing and will likely be dropped altogether by the incoming Trump administration. 

n the second half of 2023, assets under custody in Europe grew by 49% to €5.5 billion ($5.8bn) compared to the first half. At a global level, 94% of custody was for spot crypto rather than tokenized assets or ETPs.

When it comes to enabling client exposures, the roles are completely reversed. The Americas dominate providing 98% of services. The figures are on a different scale, with American banks enabling €190 billion ($201 billion) of client exposures.

American banks also substantially increased their own exposures – by almost four times, albeit from a small base. 2023 year end prudential exposures amounted to €531 million.

While APAC is viewed as a promising growth sector, by the end of 2023 it still lagged far behind. However, the figures depend on which banks are included in the dataset.

Of the four banks reporting in the ‘rest of world’ category, none reported any client crypto exposures. The banks’ own exposures were down 20% to a negligible €261 million with custody at €836 million. A lot of legislative changes have happened this year, so next year’s figures could be more interesting.

The statistics cover a total of 31 banks globally.

@ Newshounds News™

Source:  Ledger Insights

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RIPPLE NEWS : WISDOMTREE SUBMITS XRP ETF S-1 APPLICATION WITH THE US SEC

▪️WisdomTree Files for XRP ETF: WisdomTree Digital submits S-1 filing for an XRP ETF, marking growing institutional interest in Ripple's cryptocurrency.

▪️XRP Demand Surge: XRP's market value rises as institutional investors, including 21Shares and Bitwise, file for XRP ETFs amid U.S. regulatory clarity.

Last week, WisdomTree Digital Commodity Services, LLC, a subsidiary of a prominent New York-based asset management firm with over $113 billion in AUM, filed for an XRP exchange-traded fund (ETF) with Delaware authorities. Earlier today, the investment firm submitted to the Securities and Exchange Commission (SEC) the S-1 filing for the WisdomTree XRP Fund.

According to the SEC filings, the WisdomTree XRP Fund will tap into the Bank of New York Mellon (BNYM) as the trustee, fund accountant, and transfer agent.

However, the prospectus for the WisdomTree XRP Fund did not reveal the ticker that will be listed on the Cboe BZX Exchange, thus indicating several updates of the filings will take place in the near term.

Growing Interest in XRP Among Institutional Investors
As Coinpedia previously reported, the demand for XRP among institutional investors has significantly grown following the anticipated crypto policy implementation in the United States. 

In addition to WisdomTree, several other fund managers have filed to offer a spot XRP ETF to prospective investors to help diversify their crypto portfolios.

For instance, asset management firm 21Shares recently fueled for a spot XRP ETF. Additionally, Bitwise, Grayscale Investments, and Canary Capital have all filed for a similar product.

As a result, it is evident that the demand for XRP among institutional investors is exponentially growing amid regulatory clarity in the United States.

Market Impact
The direct impact of the high demand for XRP among institutional investors is visible on the rising market value. The large-cap altcoin, with a fully diluted valuation of about $240 billion, overtook Solana (SOL) and Binance (BNB) to become the third largest crypto asset, excluding stablecoins.

After more than six years of consolidation, XRP price is well positioned to enter its discovery phase of the macro bull cycle in the coming months.

@ Newshounds News™

Source:  CoinPedia

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THE EASY WAY TO GROW YOUR WEALTH WITH XRP IN JUST 30 DAYS  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

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A Few More Tidbits From TNT Monday Night 12-2-2024

TNT:

Tishwash:  TikTok under scrutiny.. Central Bank suspends financial transactions with its agents in Iraq

 The Central Bank announced, today, Sunday (December 1, 2024), the suspension of financial transactions with TikTok agents in Iraq.

The Central Bank stated in a document received by "Baghdad Today" that "it was decided to stop incoming and outgoing financial transactions for TikTok agents inside Iraq.  link

Tishwash:  Parliamentary Finance Committee sets a “national path” to end oil disputes between Baghdad and Erbil

The head of the Parliamentary Finance Committee, Atwan Al-Atwani, announced on Sunday the determination of a "national path" to resolve the oil disputes between Baghdad and Erbil, noting that the committee is preparing a report on amending one of the articles in the General Budget Law.

A statement by the committee received by Shafaq News Agency stated that Al-Atwani chaired an expanded meeting with the senior staff of the Ministry of Oil, in the presence of the committee members and a number of members of the Oil, Gas and Natural Resources Committee. The meeting discussed the files of managing the country's oil wealth and the future of oil prices, as the country's budget is formed by 90% of these revenues.

According to the statement, the meeting discussed developments in resolving outstanding issues with the Kurdistan Region regarding resolving disputes over calculating production costs and adapting foreign companies’ contracts to the Iraqi constitution, with the aim of resuming exports via the Turkish Ceyhan pipeline.

Al-Atwani pointed out that his committee is in the process of preparing its report on amending Article 12 of the General Budget Law, and submitting it to the House of Representatives for the second reading.

He stressed that the Finance Committee held a series of continuous meetings with officials in the federal government and the regional government, and "defined a national path to find a radical solution to this problem on a constitutional and legal basis and in a way that achieves justice in the distribution of wealth among Iraqis."

Al-Atwani stressed the need to set a timetable for implementing the provisions of the oil agreement between the center and the region, in accordance with what was stipulated in the draft law amending the Federal General Budget Law, which the Council of Ministers voted on and sent to Parliament.

In turn, the Undersecretary of the Ministry of Oil for Extraction Affairs, Basem Muhammad Khadir, reviewed the mechanisms for calculating the cost of oil production and transportation, and the most prominent understandings reached with the region in this regard.

The Undersecretary of the Ministry of Oil stressed the necessity for the Federal Ministry of Oil to be responsible for the reservoir management of the region’s oil fields, noting that his ministry has fixed standards for calculating the cost of producing a barrel of oil, whether at the level of fields managed by national effort or those managed by foreign companies. link

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Tishwash:  Association of Banks: 75% of the money supply is outside the banking system

The Private Banks Association said on Sunday, December 1, 2024, that three-quarters of the monetary mass in Iraq is outside the banking system.

The Executive Director of the Private Banks Association, Ali Tariq, said in a statement followed by "Ultra Iraq", "About 75 percent of the monetary mass is outside the banking system and requires a great effort to encourage citizens, companies and institutions to use the banking system more, which is currently happening, but this type of work needs to be accelerated to control financial operations in Iraq."

Despite what the director said in this regard, the World Bank claimed last February that the infrastructure for electronic payment systems in Iraq is “among the best in the region,” according to a statement issued by  the Central Bank of Iraq . 

“During the last two years, deposits in the banking sector have increased, but there is still a large amount of cash outside the banking system. This requires increasing confidence in the banking sector, whether governmental or private, and strengthening this confidence through the Central Bank of Iraq and the Iraqi government, in addition to offering investment programs for deposits that reflect on citizens’ deposits, which could generate returns for depositors in these banks, and thus there is an incentive and motivation to increase these deposits,” Tariq added.

The Iraqi authorities have taken steps towards activating the  electronic payment system , starting with localizing employees’ salaries, and then installing  electronic payment devices  in different places, including gas stations. However, many experts and specialists still believe that the culture of electronic payment is not at the required level, for many reasons, including those related to economic and electronic culture, in addition to the fact that  the widespread corruption  in the country hinders its full implementation. 

According to experts  , the Iraqi government, through attempts to implement electronic payment, aims to withdraw the cash mass in circulation in Iraq, which amounts to 84 trillion dinars. link

Mot: Here is photographic evidence that Rudolph was not allowed to play in any reindeer games.

Mot: . ole "'Earl"" is mighty Handy He is!! 

Central Bank Of Iraq Is Pleased To Present The Iraqi Banknotes In Circulation

 Central Bank Of Iraq Is Pleased To Present The Iraqi Banknotes In Circulation
 
This technical leaflet highlights the security features and aims to be a guide to the public as well as to companies and commercial banks handling cash on a daily basis. In addition to the enhanced security features, the banknotes include raised printings to facilitate tactile recognition of the denominations by visually impaired users.

We encourage you to take your time to familiarize yourself with our banknotes and share the information with those around you. The current series of banknotes will be in circulation alongside the old banknotes, and there is no intention to withdraw the older banknotes from circulation.

CLICK HERE for the CBI PDF

 https://cbi.iq/static/uploads/up/file-173304177261220.pdf
 
https://cbi.iq/news/view/2724 

Seeds of Wisdom RV and Economic Updates Monday Afternoon 12-02-24

Good Afternoon Dinar Recaps,

BRAZIL PROPOSES TO BAN STABLECOIN WITHDRAWALS TO SELF-CUSTODIAL WALLETS

A public consultation notice from the Central Bank of Brazil intends to prohibit stablecoin withdrawals to self-custody wallets.

The Central Bank of Brazil (BCB) has unveiled a regulatory proposal prohibiting centralized exchanges from allowing users to withdraw stablecoins to self-custodial wallets.

According to the public consultation notice, the transfer of stablecoins — called “tokens denominated in foreign currencies” — between residents would be restricted in cases where Brazilian law already allows payments in foreign currencies.

The BCB shared in a statement:

“The initiative reflects our commitment to adapting the financial system to the realities of digital assets while safeguarding the integrity of international capital flows.”

The move is part of the crypto regulation bill approved in Brazil in December 2022, which determined that the BCB is responsible for creating the rules for the crypto industry in the country.

The public consultation will be open until Feb. 28, 2025, and market participants can share their opinions with the regulator. However, the BCB can override the inputs and do as described in the document.

Balancing regulations
According to the Brazilian central bank, the proposed rules aim to enhance legal certainty for businesses and individuals while fostering competition and efficiency in the foreign exchange market.  

The proposed regulation outlines three core activities for virtual asset services providers operating in the foreign exchange market: facilitating international payments and transfers via crypto, providing exchange or custody services for tokens denominated in Brazilian reais for non-residents, and managing transactions involving tokens pegged to foreign currencies.  

In addition, crypto investments, whether inbound or outbound, would be subject to the same regulatory standards as traditional investments. External credit, direct foreign investment, and Brazilian capital abroad involving crypto would require compliance with existing international capital regulations.

Under the public consultation, centralized exchanges must also get a foreign exchange license to offer stablecoin-related services.

A significant market
According to data from Brazil’s Internal Revenue Service (RFB) published on Nov. 13, nearly 4.4 million Brazilians transferred $4.2 billion in crypto in September.

Stablecoins represented 71.4% of all the value transferred during the month, with roughly $3 billion transacted. Tether USD (USDT) dominated with $2.77 billion moved by Brazilian crypto investors.

@ Newshounds News™

Source:  CoinTelegraph

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COINBASE ANNOUNCES APPLE PAY FOR FIAT-TO-CRYPTO PURCHASES

“Coinbase Onramp takes the hassle out of fiat-to-crypto conversions with lightweight KYC for eligible purchases, free USDC on and offramping, and access to the most popular payment methods,” Coinbase said in a statement. 

Apple Pay will allow users to get onchain in seconds granting quick access to some of the world’s leading cryptocurrencies. Users can access Moonshot, an app using Onramp to get Onchain quickly.

For eligible purchases, Coinbase provides lightweight KYC to make the process of getting Onchain even simpler while still protected. The addition of Apple Pay also allows users to access free USDC on and offramping on Coinbase.

According to Coinbase, if you’re an existing app using Coinbase Onramp, there’s nothing you need to do. Users will automatically see Apple Pay appear as an option when making an eligible purchase. Eligible users can sign up for Onramp quickstart to get started and access Apple Pay as an option on Coinbase. Users can also use one-click-buy for an even faster experience.

Coinbase investors gained confidence in the company following the announcement, with COIN stock climbing 3% Monday.

@ Newshounds News™

Source:  Watcher Guru

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XRP BECOMES THE TOP TRADED TOKEN ON BINANCE AND COINBASE, HITS ALMOST 7-YEAR HIGH

XRP, which saw its fourth ETF filing Monday, also now has the third-largest market cap among all cryptocurrencies, after it shot past Tether’s USDT and Solana’s SOL.

XRP has been the most popular token by trading volume in the last 24 hours on several centralized exchanges, such as Binance and Coinbase

XRP’s virality on centralized exchanges comes as the token climbed on Monday to a nearly seven-year high of $2.77, a 40% jump in the last 24 hours and a 433% increase over the past 30 days. 

The token native to the Ripple ledger currently has a market cap of about $158 billion, surpassing both Tether’s USDT and Solana’s SOL, making XRP the third largest cryptocurrency by market cap.

On Binance, the dominant non-U.S. centralized exchange, XRP’s 24-hour volume of $7 billion makes up 13.3% of total trading activity. For the U.S.’s biggest exchange, Coinbase, XRP has a 24-hour volume of $3 billion, comprising almost 30% of the total volume.

XRP tops trading volume on OKX, Kraken, and KuCoin as well, market data from CoinGecko shows. XRP trading on Upbit, a prominent centralized exchange in South Korea, makes up 38.6% of the entire venue’s 24-hour trading volume of $19.8 billion.

Wall Street titans are also preparing to launch spot XRP exchange-traded funds as ETF provider WisdomTree submitted a Monday filing for a spot XRP ETF with the U.S. Securities and Exchange Commission, joining Bitwise, Canary Capital, and 21shares.

Small Retail FOMO
“The 6-year (nearly 7-year) high comes as wallets with 1M-10M XRP have accumulated 679.1M tokens (currently worth $1.66B) in just 3 weeks,” the team behind market intelligence platform Santiment wrote on X early Monday. At current prices, one million XRP tokens are worth almost $2.8 million.

 Maksim Tkachuk, who works on product at Santiment, further told Unchained over Telegram that the team is observing high levels of FOMO, short for “fear of missing out,” from small retail holders, defined as addresses with 100 to 10,000 XRP tokens.

“Overall when those retail darlings take the spotlight, the whole market becomes dangerous as the main drivers of the price at this point are greed and FOMO,” Tkachuk wrote. 

“Per [Santiment’s] internal agreement – the top is near… at least a very sizeable correction is what we agree on like 20-25 percent in majors.”

Stablecoin, RWA and DeFi Plans
Meanwhile, Ripple is gearing up to roll out a new USD stablecoin on its blockchain, as the New York Department of Financial Services is expected to approve the product, according to Fox Business last week.

Sally Zhu, who is part of the venture capital arm of crypto market-making firm Amber Group, messaged Unchained on Telegram saying, “I think XRP’s recent price surge is about the buzz around tokenizing [real-world assets]…” They’re teaming up with players like Archax to bring things like equities and global debts onto the XRP Ledger.”

Archax, a digital asset exchange, broker, and custodian, announced on Nov. 25 that it has provided access to a money market fund in a tokenized form on the XRP Ledger. “With such a huge opportunity to reshape how financial instruments are traded and managed, XRP is riding the wave of optimism now.”

Decentralized finance (DeFi), a subsector of the crypto space that enables users to conduct financial activities without intermediaries, has strong roots in Bitcoin, Ethereum, and Solana. Some crypto users are now exploring DeFi on the XRP Ledger.

For example, Robert Leshner, the CEO of asset management firm Superstate, said he was in the “trenches,” testing the infrastructure of automated market markets and inspecting the memecoins on the network, per an X post on Sunday.

Despite the recent upward price movement of XRP, people in the crypto space have long criticized the XRP Ledger for its lack of decentralization. Justin Bon, founder and chief investment officer of Cyber Capital, specifically pointed to the consensus mechanism for the XRP Ledger. “XRP’s consensus is based on UNLs (Unique Node Lists), literal centralized lists of trusted nodes released by single parties, including the foundation,” Bons wrote on X.

@ Newshounds News™

Source:  Unchained Crypto   

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XRP WORLD RESERVE CURRENCY  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Seeds of Wisdom Team™ Newsletter

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More News, Rumors and Opinions Monday Afternoon 12-2-2024

KTFA:

Clare: The Iraqi Parliament begins voting on the “Personal Status” law. Learn about its content (documents)

12/2/2024

The Iraqi Parliament began voting on Monday on a draft amendment to the Personal Status Law, after months of political, popular and legal debate over the paragraphs to be amended.

Earlier today, the House of Representatives held a regular session with an agenda that included voting on personal status laws, general amnesty, and returning properties to their owners, which are still a subject of political controversy.

Shafaq News Agency publishes below the draft amendments to the law  LINK

Clare:  Al-Alaq to {Sabah}: Our critical position is very excellent

12/2/2024  Cairo: Israa Khalifa

 Thanks to the well-studied and wise financial policies of Prime Minister Mohammed Shia al-Sudani's government, the country's monetary position has become very excellent, as described by the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, in a special interview with "Al-Sabah".

This position came to reassure citizens and confirm that there are no real fears of any economic crises occurring here or there. Al-Alaq said in a special interview with "Al-Sabah": "The monetary position in Iraq is (very excellent) at the present time in terms of controlling inflation and the high adequacy of foreign reserves, which enables the Central Bank to remain stable, defend the exchange rate, and achieve monetary stability, despite the circumstances surrounding the country and the region."

He explained that "the reserve covers our needs, and this is what distinguishes the Central Bank of Iraq compared to other central banks in the region," noting that "the Central Bank adopts an unconventional monetary policy that is not based only on achieving monetary stability."

Al-Alaq announced the Central Bank's success in implementing the transition plan for "foreign transfers, in line with international practices and standards, and that it is currently taking place smoothly and transparently - especially covering imports at the official exchange rate - which leads to general stability in prices."

Regarding the (Riyada) Bank, the Governor of the Central Bank said: "The (Riyada) Bank will be contributed by Iraqi banks and supported by the Central Bank itself in order to diversify the production base, reduce unemployment levels, and provide basic pillars for sustainable development with the support of specialized international organizations." LINK

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Courtesy of Dinar Guru:  https://www.dinarguru.com/

Mnt Goat   ...I want to tell you the statistics of the monetary mass in Iraq is in dinars not US dollars. Thus, 100 trillion dinars or about not even a trillion US dollars. I also want to bring out that the CBI just told us the size of the Iraqi foreign exchange reserves exceeds by 140% the local currency issued...  in the USA...the equivalent of the 1 dinar is expected to come out as about $4 USD.

Militia Man  Everyone is very impressed with Iraq's prime minister and especially where they are today.  They're focus is financial inclusion, bringing the Iraqi world, to the world...They got new technologies ... electronic taxes and tariffs...they're breaking out with their stock exchange.  Their stock exchange has been on fire the last two year.  One thing after another supports that Iraq has moved and done...things we've never seen before.  It's powerful information...It's exciting times...

Only good news in Iraq

Nader:  12-2-2024

https://www.youtube.com/watch?v=-8Z-34vpIcE

LIVE! WORLD DE-DOLLARIZATION WILL ACCELERATE. IT CANNOT BE STOPPED.

Greg Mannarino:  12-2-2024

https://www.youtube.com/watch?v=oSJpjv61EQc

Central Bank Collapse Incoming, Silver Prices will Explode

Central Bank Collapse Incoming, Silver Prices will Explode

Wall Street Silver:  12-2-2024

In recent months, the financial landscape has taken on a precarious demeanor, with rising concerns about massive national debt, banking instability, and inflation.

The latest voice in this conversation is Adrian Day, a seasoned investment strategist and advocate for precious metals, who has joined forces with Wall Street Silver to discuss the potential economic turmoil ahead and its implications for silver prices.

Adrian Day’s analysis paints a stark picture of the current financial environment. With national debts skyrocketing across the globe, particularly in the United States, Day argues that an impending “debt storm” threatens to unleash chaos on both domestic and international markets.

The pandemic-induced spending and subsequent monetary policy interventions have exacerbated the situation, pushing debt levels into uncharted territory. This reckless financial strategy, he warns, sets the stage for a possible banking collapse.

The signs are evident — increased borrowing, rising interest rates, and the likelihood of recession create a perfect storm for the financial system. As lenders tighten credit and consumers grapple with job instability and inflation, financial strains mount on institutions that may not withstand the strain.

 The interconnectedness of global finance implies that distress in one area can spiral outwards, potentially triggering wider banking crises.

With this precarious backdrop, Day emphasizes the urgent necessity for investors to reassess their portfolios. Traditional assets like stocks and bonds may not provide the safety and security that investors seek during turbulent times.

This is where silver enters the discussion. Historically seen as a hedge against inflation and currency devaluation, silver’s value is poised to rise as economic uncertainties amplify.

Day speculates that as confidence in the banking system wavers, more investors may flock to precious metals, driving up the demand for silver. The supply constraints due to production limitations and ongoing industrial demand for silver in sectors like technology and renewable energy further strengthen the case for a bullish outlook on silver prices.

The question on many investors’ minds is whether we are teetering on the edge of a banking collapse. Day argues that while the situation is concerning, it is not entirely grim. Governments and central banks have tools at their disposal to mitigate such crises, but their effectiveness depends on timely interventions and sound policies.

However, Day cautions that complacency could prove disastrous. The confluence of high debt levels, inflation, and banking vulnerabilities requires close monitoring and proactive measures. Investors who recognize the signs and take action could position themselves favorably in the forthcoming landscape.

As Adrian Day joins Wall Street Silver to share his insights on the evolving financial landscape, it becomes clear that vigilance and preparation are paramount. The looming debt storm, the potential for a banking collapse, and the rising value of silver as a hedge create an intricate puzzle for investors.

With Day’s expertise in precious metals, astute investors may find a path forward, leveraging the rising silver prices as both a safeguard and an opportunity amid economic uncertainty.

As the world navigates these choppy financial waters, the lessons from history remind us of the intrinsic value of tangible assets like silver. Whether the banking system can weather the impending storm remains to be seen, but one thing is certain: the conversation around silver and its role in safeguarding wealth will only grow louder in the coming months.

https://youtu.be/7d3txY5SM-I

Seeds of Wisdom RV and Economic Updates Monday Morning 12-02-24

Good Morning Dinar Recaps,

KEY US ECONOMIC EVENTS TO WATCH THIS WEEK WHICH WILL IMPACT THE CRYPTO MARKET

The crypto market has reached a new high, surpassing $3.4 trillion, as many altcoins outperform Bitcoin. This marks a significant moment for the market. With major economic reports on US jobs, employment claims, and manufacturing due this week, all eyes are on how these events could affect the crypto space. These reports could influence market sentiment and potentially drive the value of both Bitcoin and altcoins.

Key US Economic Event For This Week
Crypto markets gained last week after Donald Trump chose hedge fund expert Scott Bessent as Treasury Secretary. Now, crypto markets are closely watching key US economic data set to be released this week.

Dec 2: ISM Manufacturing PMI Report  
The ISM Manufacturing PMI report for November, set to be released on Monday, Dec 2, will shed light on the U.S. manufacturing sector and overall economic trends. This comes after weak data from the Eurozone, where the Euro dropped to a 23-month low of $1.0336.

As the U.S. ISM index is forecasted to rise slightly from 46.5 to 47.5, a weaker USD could drive investors toward Bitcoin and other cryptocurrencies.

Dec 3: JOLTS Job Openings
On December 3, the U.S. Bureau of Labor Statistics will release October’s JOLTS report, showing job openings, layoffs, and quits. Job openings have steadily fallen since March 2022 but rose to 8.4 million in August before dropping to 7.44 million in September.

Meanwhile, October’s forecast is a slight uptick to 7.49 million, as labor market trends remain crucial for Fed policy decisions.

Dec 4: National Employment Report
On December 4, the ADP National Employment Report will reveal November’s job growth in the private and public sectors. October’s report surprised markets with just 12,000 jobs added, far below expectations. While hiring has been slowing, September showed improvement, with 233,000 jobs added.

Earlier weak data has fueled expectations of a Fed rate cut, keeping market attention on this week’s report.

Dec 5: Jobless Claims Report
The upcoming jobless claims report on December 5 will provide fresh insights into the U.S. labor market. Last week recorded 213,000 claims, with a slight increase to 215,000 expected.

Despite fewer initial claims, rising continuing claims suggest employers are holding onto workers, but those laid off are struggling to secure new jobs.

Dec 6: US Employment Report
On Friday, December 6, all eyes will be on the November employment report, expected to show over 250,000 new jobs. The numbers will reflect the return of Boeing workers and recovery from Hurricane Milton.

This comes after weaker PCE data, hinting at a possible Fed rate cut ahead of its December 18 meeting.

In addition to this, Friday will also see the preliminary Michigan Consumer Sentiment Index and Inflation Expectations for December, providing a snapshot of consumer confidence and long-term inflation views.

@ Newshounds News™

Source: CoinPedia 

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CURRENCY: WHAT’S HAPPENING WITH INDIAN RUPEE AND THE US DOLLAR?

The rupee has once again dropped, hitting a record low against the US dollar, slumping to hit 84.71 against the USD. The US dollar is currently sitting at 106, up 0.42% in the early, around 12:26 IST time.

Currency Update: Indian Rupee Records New Lows, What Happened?

The Indian rupee recorded a new blow to its valuation on Monday. The early hours of trading reported a staggering outlook of the rupee, displaying a noteworthy drop in its valuation. The INR is currently sitting at 84.61, hitting a new low against the USD.

The drop in INR has been primarily spurred by the slow economic growth data that has recently been released. The fresh statistics have revealed that the Indian economy has slowed much more than the anticipated markers, likely pushing the Reserve Bank of India to intervene and cut rates. The INR is already battered due to equity outflows that are triggered by the recent election win prompting Donald Trump to take the presidential lead.

This development represents a striking contrast, adding to how the Indian economic domain is experiencing slow growth, disrupting its earlier trajectory of becoming one of the world’s fastest-growing economies.

The ANZ bank, in a note released recently, shared how the RBI may cut rates as early as December 2024 to stabilize the current economic pillars of the nation.

Trump Fires BRICS on Twitter, Warns of New Tariffs

In the meantime, the president-elect, Donald Trump’s new statements concerning BRICS are also weighing on the Indian economy. Trump, in a new tweet, shared how he may impose 100% tariffs on BRICS nations in particular if they went ahead with their plans to launch a new currency against the US dollar.

“The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER. We require a commitment from these Countries that they will neither create a new BRICS Currency. Nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100% Tariffs. And should expect to say goodbye to selling into the wonderful U.S. Economy.

They can go find another “sucker. There is no chance that the BRICS will replace the U.S. Dollar in International Trade, and any Country that tries should wave goodbye to America.”

@ Newshounds News™

Source:  Watcher Guru

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XRP'S SIX-YEAR HIGH OF $2.50 — WHAT MADE IT HAPPEN?

XRP has seen a remarkable surge, reaching highs of $2.50 in today's trading session, a level not seen since Jan. 8, 2018. This nearly seven-year high has captured the attention of the cryptocurrency community and the market alike.

According to on-chain analytics platform Santiment, whale accumulation might have contributed to this price surge. Whales and small retail holders accumulating together have contributed to XRP making history, reaching highs not seen since January 2018.

Santiment noted that the six-year or nearly seven-year high for XRP comes as wallets with 1 million to 10 million XRP have accumulated 679.1 million tokens in just three weeks. This accumulation is currently valued at approximately $1.66 billion.

According to Ki Young Ju, CryptoQuant CEO, Coinbase whales might be driving the XRP price rally. Over the past 30 days, during the surge, Coinbase's minute-level price premium has ranged from 3% to 13%. Meanwhile, Upbit — a Korean exchange with more XRP investors than Binance — has shown no significant premium so far.

XRP is also experiencing increased wallet activity. For the first time in the coin's eight-year lifetime, the total number of non-empty XRP wallets has exceeded 5.5 million.

Since Nov. 9, there have been 119,820 non-empty XRP wallets. Traders are increasingly rotating money out of Bitcoin and into other cryptocurrencies. Since Nov. 21, BTC's dominance rate, or share of the cryptocurrency market, has fallen from 61.5% to 56.5%.

At the time of writing, XRP was up 20.36% in the last 24 hours to $2.32 and up 54% in the previous seven days. XRP becomes third largest cryptocurrency in $100 billion rally XRP has vaulted rivals Solana and USDT, Tether’s stablecoin, to become the third-largest cryptocurrency following a $100 billion rally.

On Monday, the token climbed up to 20% to $2.50. In the process, its market value increased to $139 billion, up from less than $30 billion on Nov. 5.

XRP has been rising since Nov. 28, when it fell to lows of $1.28; taken from this date, XRP will mark the sixth day of gains if today closes in green. Broadly speaking, XRP has steadily climbed from Nov. 5 lows of $0.50 and has skyrocketed 353% in 30 days.

The cryptocurrency's remarkable surge has propelled it above the leading dollar-pegged stablecoin, Tether's USDT, to become the world's third-largest digital asset. XRP trading volumes have increased globally. Upbit, South Korea's largest cryptocurrency exchange, had a record $4.25 billion volume in the XRP-won pair in the last 24 hours. CoinMarketCap data shows that this accounts for almost 28.8% of the exchange's overall trading volume.

@ Newshounds News™

Source:  U Today   

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CREEPY BROADCAST ALERTS THAT WARNED YOU  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

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Newshound's News Telegram Room Link

Q & A Classroom Link  

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News, Rumors and Opinions Monday AM 12-2-2024

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. 2 Dec. 2024

Compiled Mon. 2 Dec. 2024 12:01 am EST by Judy Byington

Global Currency Reset:

Sun. 1 Dec. 2024 Banker: “Being advised by several to remain alert for (Tier4b Us, the Internet Group) notifications tomorrow (Mon. 2 Dec. 2024).”

Sun. 1 Dec. 2024 Wolverine: “Hi guys just to keep you all happy. I’m very, very happy as Christmas is coming much early. That is all I can say. Merry Christmas everyone.”

Sun. 1 Dec. 2024 TNT Tony: “Banks have full release for tomorrow Mon. 2 Dec. 2024 or Tues. 3 Dec. 2024.” Thurs. 28 Nov. 2024 TNT Call: “We got a call from the committee guy. He said the IMF and UN just had a meeting and I was told to call and tell you the currencies that have been green lighted to go are the Iraqi Dinar, ZIM, Venezuela Bolivar, Dong and Zimbabwe ZIM.”

Sun. 1 Dec. 2024: BREAKING!! New Leaks Reveal NESARA’s Rollout: Secret Military Operations Target Elites, G***O T*******s Begin, Gold Redistribution Restores Wealth to the People, QFS Activation, Arrests Skyrocket, and the Golden Age Unfolds! – Gazetteller

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Global Financial Crisis:

Sat. 30 Nov. 2024: BOOOM! Global Financial Revolution: How Starlink, Basel III, and ISO20022 Are Blowing Up Traditional Banking! – amg-news.com – American Media Group

Sun. 1 Dec. 2024: BREAKING NEWS! TRUMP TO BRICS: “100% TARIFFS IF YOU DARE TO CREATE AN ALTERNATIVE TO THE US DOLLAR” VIDEO – amg-news.com – American Media Group

Restored Republic: The Role of the Military  – Merry Christmas everyone:

The Deepstate’s financial empire will crumble. The Quantum Financial System (QFS) is set to officially take over, ushering in the greatest transfer of wealth in human history. The elite-controlled banks, stock markets, and fiat currencies will be obliterated and replaced with a fair, transparent financial system designed to serve the people, not the oppressors.

Read full post here:  https://dinarchronicles.com/2024/12/02/restored-republic-via-a-gcr-update-as-of-december-2-2024/

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

Courtesy of Dinar Guru:  https://www.dinarguru.com/

Militia Man  They need to have valuation for [their] assets.  I think that's going to be related to an exchange rate, a real effective exchange rate.

Fnu Lnu  Redemption Centers are remote bank locations. There will be no contract rates unless you have a contract with private buyers pre-October 2011. Everyone will get the same rate due to the Law of One Price.

Wow this serious Iqd

Nader:  12-1-2024

https://www.youtube.com/watch?v=Svx7FtOSSfU

Are We Underestimating The Power of the BRICS?

Lynette Zang:  12-2-2024

https://www.youtube.com/watch?v=D8cz3sc3pqc

“Tidbits From TNT” Monday Morning 12-2-2024

TNT:

Tishwash:   It does not remain "just attractive".. Iraq wants to invest its money "in projects abroad"

Revealed a member Parliament Iraqi MP Ibtisam Al-Hilali announced today, Monday, Iraqi plans to activate foreign investments, meaning that Iraq By investing his surplus money in projects abroad.

Al-Hilali said in an interview with Sumaria News, "Thanks to the good diplomatic relations that the government of Mohammed Shia al-Sudani has established with neighboring countries and the world, economic relations have also improved," noting that "there are large internal and external investments."

She explained that "domestic investments serve the country by improving the environmental situation and infrastructure," indicating that "foreign investments have a financial and economic return for Iraq."

She stressed that "we had a meeting with the French embassy to activate foreign investments," indicating that "Iraq is a capable country."physicallyHe can invest his money in foreign investments to benefit the public.Iraqand neighboring countries.”

Questions have often been raised about why the investmentIraqHis money is invested in various sectors, including external sports sectors as well as technology, similar to other countries, which could lead to a diverse financial return with the lack of non-oil revenues inIraqCompared to oil revenues. link

Tishwash:  Iraqi government: Internal and external debts within safe limits

The Prime Minister's advisor for financial affairs, Mazhar Mohammed Salih, confirmed on Monday that Iraqi debts constitute only 35% of the gross domestic product.

Saleh told Shafaq News Agency, "All of the outstanding internal and external debts still do not exceed 35% of our country's GDP, which means that they are within the safe limits of global economic stability standards."

He added, "We should not be too concerned about the issue of the internal public debt and its increase to more than 70 trillion dinars, which is within the standard limits for stability according to the European Union standards that allow the sovereign debt to reach 60% of the gross domestic product."

Saleh pointed out that "more than 90% of the domestic debt is held by the government banking system and is borrowing from within government funds and for the benefit of the federal general budget."

He added, "This indicates that the market is not concerned at all with domestic sovereign debts, as domestic debt represents operations within the government's balance sheet, so to speak, and does not pose any sovereign financial risks at all. The efforts of the financial and monetary authorities are combined to adopt a precise policy to achieve the common financial goals in the issue of financial consolidation, the basis of which is not to expand the annual financial deficit in the budget and to gradually reduce the size of the sovereign debt balance to the gross domestic product."

The Central Bank of Iraq revealed that domestic debts rose in 2024 to more than 73.3 trillion dinars link

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Al-Alaq: The monetary situation in Iraq is very excellent and the launch of Riyada Bank is imminent

The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, revealed the imminent launch of the “Riyada” Bank to support small and micro enterprises, while expressing his optimism about the country’s monetary position despite the region’s circumstances.

Al-Alaq said in an interview with the official newspaper, followed by "Al-Eqtisad News" on the sidelines of his participation in the activities of the Arab Sustainable Development Week (fifth edition) held in Cairo recently, that "Riyada Bank will be contributed by Iraqi banks and supported by the Central Bank itself in order to diversify the production base, reduce unemployment levels, and provide basic pillars for sustainable development with the support of specialized international organizations."
The Green Bank

He added that "the Central Bank is adopting an initiative to finance the purchase of solar systems and license the (Green Bank) to be the first bank in the region to specialize in green financing and renewable energy projects as part of confronting the challenges of climate change," explaining that he announced this in a session on (the role of central banks in climate change) which was held in Cairo.

He pointed out that "the Central Bank adopts an unconventional monetary policy that is not based solely on achieving monetary stability using its traditional tools - although this role has priority as a fundamental pillar in achieving economic stability and providing a stable and attractive environment for the business sector and local and foreign investment - as the changes and challenges facing the world and their effects on the national economy require a broader role and new tools to avoid risks and create appropriate and stable conditions, and among those challenges are climate change."

He explained that "the Central Bank of Iraq agrees with the view that climate change has direct effects on the economy, as natural disasters, drought and famine cause a decline in economic growth rates, displacement, unemployment and poverty, which calls for central banks to play a role in confronting the resulting risks, in order to maintain acceptable levels of sustainable development."
Stability indicators.

The Governor of the Central Bank of Iraq added that during the Cairo session, he provided a detailed explanation of the development process in Iraq during the wars and unjust policies towards Iraq's resources and infrastructure, which led to serious declines in development indicators.

He pointed out that "with the decline of the last waves of terrorism in Iraq and the achievement of security stability, indicators of economic stability began to grow, and local and foreign investment began to take an upward path. The Central Bank of Iraq achieved several basic factors in general stability by combating and controlling inflation, maintaining high foreign reserves, as well as through its initiatives to stimulate economic sectors and provide a safe environment and freedom of movement for investments."

Al-Alaq explained that "the experiences of countries have proven the pivotal role of small and medium enterprises, and therefore the Central Bank pays great attention to this issue," pointing to "the roles required and expected from central banks in the face of climate change challenges; including ensuring financial stability by assessing the risks associated with climate change that require monitoring and developing tools to measure them and conducting climate tolerance tests that simulate the impact of climate events on the economy and the financial sector, and encouraging green financing by including environmental, social and governance standards in lending and investment policies,"

Explaining that "the Central Bank of Iraq is implementing these standards in the banking sector with the support of the UNDP, as well as encouraging banks to finance environmentally friendly projects," noting that "monetary policies can be amended to take into account the long-term impact of climate, such as including climate-linked securities in open market operations."

Regarding his participation in the "Sustainable Development Conference" in Cairo, Al-Alaq said: "It is an annual event held by the League of Arab States in cooperation with international and local partners. The title of the current edition was (Sustainable Solutions for a Better Future).

Among its activities was the launch of the first-of-its-kind High-Level Regional Forum on Investment and Sustainability. The forum aims to address the challenges and opportunities related to investment and sustainability in light of global economic trends, climate change and regional fragility. It also aims to create a dialogue platform between governments, investors, banks and development agencies to promote sustainable investment.

 We participated with a working paper at the conference."

Digital Transformation

Regarding the digital transformation that the Central Bank of Iraq intends to implement, Al-Alaq said: “There is a broad program, which has a major national dimension for us, which is the digital transformation, which is one of the government’s priorities in cooperation with the Central Bank, and we are working together and with direct support from Prime Minister Mohammed Shia Al-Sudani, to provide the requirements for this transformation, which constitutes a fundamental pillar of the digital economy in general.”

The Governor of the Central Bank stressed that "the government is moving towards diversifying production to advance the banking sector and financial policy, and it is setting programs to achieve the goal and to be aware of international, regional and local circumstances - which are keys to dealing with and proposing programs and plans that are compatible and in harmony with all these circumstances - and there is diversification and strengthening of the national economy, so that the banking sector is active when there is a diverse production base

." Al-Alaq acknowledged that "as a country, we suffer from the fact that the main economic activity is the oil sector, and in connection with the transformation of oil resources into the trade sector primarily instead of employing them locally to serve development goals and diversify the production base, and this calls for the necessity of activating the banking sector by providing the necessary financing to establish real projects in the basic economic sectors, especially in the industrial and agricultural sectors and other sectors," indicating that "this trend will lead to reducing dependence on oil resources, as well as providing means for real employment and growth."

Monetary Stability

Regarding the impact of regional tensions on monetary stability, Al-Alaq said: “The monetary situation in Iraq is (very excellent) at the present time in terms of controlling inflation and the high adequacy of foreign reserves, which enables the Central Bank to remain stable, defend the exchange rate, and achieve monetary stability, despite the circumstances surrounding the country and the region,” indicating that “the reserve covers our needs, and this is what distinguishes the Central Bank of Iraq compared to other central banks in the region.”

At the end of his interview with “Al-Sabah,” Al-Alaq confirmed the Central Bank’s success in implementing the transition plan for “foreign transfers, in line with international practices and standards, and that they are currently being carried out smoothly and transparently - especially covering imports at the official exchange rate - which leads to general stability in prices.

As for personal transfers and the use of cards outside Iraq, their system is being developed to ensure their fluidity, and an agreement has been reached with all relevant companies regarding new mechanisms to enhance the relevant accounts.” link

Mot: ....... Whoosh! -- and Just Like That!!!! 

Mot.. Hey Ya'll 

Seeds of Wisdom RV and Economic Updates Sunday Afternoon 12-01-24

Good Afternoon Dinar Recaps,

HONG KONG LAUNCHES DIGITAL BOND ISSUANCE GRANTS

Last month the Hong Kong Monetary Authority (HKMA) said it was planning to launch a grant program that would offer up to HK$2.5 million (US$ 321,000) in grants to digital bond issuers. Yesterday it announced that the program has started and will run for three years.

We believe the grant scheme also covers tokenized bonds, which are bonds issued conventionally and then a digital twin is created on a blockchain. Digital bonds often refer only to bonds issued natively on a blockchain.

The HKMA is using the digital bond term more expansively. “‘Digital bond’ refers to a bond that leverages distributed ledger technology (DLT) for digital representation of ownership, which could include, for example, legal titles and/or beneficial interests in the bond,” the HKMA wrote.

Digital bond grant criteria
The subsidy will cover up to half the expenses of each digital bond issuance, with a maximum of two issuances.

Half of the subsidy is available if most of the lead managers are based in Hong Kong and the team developing or maintaining the DLT platform has a substantial presence in Hong Kong.

Alternatively, instead of a local developer team, the issuance will qualify if it uses a DLT infrastructure where Hong Kong’s central securities depository, the CMU, is designated as the platform operator.

 For Hong Kong’s sovereign digital bond issuance earlier this year, the CMU was the operator of the local HSBC Orion DLT platform. We believe this means other platforms can also request this designation.

In order to qualify for the full subsidy there are four additional requirements:

▪️the issuer is not associated with the DLT platform

▪️the bond is at least HK$1 billion (US$128.5m)

▪️there are five or more investors not associated with the issuer or DLT platform

▪️the issuance is listed on the stock exchange or by a regulated virtual asset trading platform (VATP).

With the exception of sovereign or semi sovereign bonds, many recent bond issuances globally would not meet these criteria. For example, HSBC recently issued a Hong Kong digital bond on the HSBC Orion DLT. That would only qualify for half the grant because it would fail the platform test.

There are some easy workarounds to the DLT platform criterion. For example, one bank could issue a bond on a second bank’s platform, and then the second bank could issue a bond on the first banks’s platform.

@ Newshounds News™

Source:  Ledger Insights

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SOUTH KOREA DELAYS CRYPTO TAX AGAIN: WHAT IT MEANS FOR INVESTORS IN 2024

▪️South Korea delays crypto tax to 2027, marking a significant policy shift after prolonged debates and investor criticism.

▪️Crypto trading in South Korea thrives as daily volumes hit 6 trillion won, reflecting growing investor interest despite tax uncertainty.

In a latest development, the main opposition Democratic Party of Korea (DPK) agreed on Sunday to delay the controversial crypto tax for two years following investor backlash.

The latest move pushes the tax’s implementation to 2027, marking a significant shift in the country’s stance on digital asset taxation, allowing the market additional time to adapt.

“After extensive discussions, we concluded that additional institutional arrangements are necessary for the virtual asset taxation,” DPK floor leader Rep. Park Chan-dae said during the press meeting at the National Assembly. “We have agreed to defer taxation for two years.”

Park also noted that the decision was made after a ‘prolonged deliberation, debate, and political judgment.’

This decision comes after months of disagreement between the ruling PPP and the KDP. While the PPP supported a three-year grace period, the KDP had previously pushed for implementing the tax in 2025 and had accused the ruling party of using delays as a political strategy regarding South Korea crypto tax policies.

South Korea’s Journey In Crypto Taxes

South Korea’s journey toward taxing cryptocurrency gains began in 2021 when the government proposed a 20% tax on digital asset profits exceeding $1,800 annually. However, criticisms from investors and industry stakeholders led to repeated delays. Notably, the South Korea crypto tax’s implementation was initially pushed to 2023, then to 2025, and now to 2027.

The current tax framework charges taxes on gains exceeding 2.5 million won, whereas stock trading profits are taxed only above 50 million won, a disparity that has been heavily criticised.

Government’s Plans To Impose Crypto Taxes

Beginning next year, the government had planned to impose a 22 percent tax, including local taxes, on annual income exceeding 2.5 million won ($1,790) from virtual asset investments. Although the policy had already been postponed twice, the DPK initially intended to implement the taxation plan by raising the tax exemption threshold to 50 million won.

However, the widespread criticism from the increasing number of crypto investors and opposition from the ruling People Power Party (PPP) led the party to agree to a further postponement.

South Korea Remains Key Player In Global Market

South Korea remains a key player in the global crypto market. Notably, the decision to delay taxation of the South Korea crypto tax reflects the government’s cautious approach to balance regulation with market growth.

Notably, in the first half of 2024, the country’s daily crypto trading volume soared 67% from the previous period to six trillion won. Local media source Naver also reported that the number of domestic investors increased by 21%, reaching 7.78 million, with Bitcoin and Ethereum comprising the majority of holdings.

@ Newshounds News™

Source: CoinPedia 

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THE EASY WAY TO GROW YOUR WEALTH WITH XRP IN JUST 30 DAYS  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Seeds of Wisdom Team™ Newsletter

Thank you Dinar Recaps