KTFA Members "News and Views" Wednesday 11-10-2021
KTFA:
Samson: Al-Zubaidi Talks About The Imminent Overthrow Of Major Corruption Heads, "No One Expected That They Would Fall"
10th November, 2021
The former Minister of Interior, Baqir Jabr Al-Zubaidi, revealed, on Wednesday, the imminent overthrow of a corruption network related to the oil sector, indicating that this network will topple large heads that no one expected that it would fall.
Al-Zubaidi said in a post on his page on the social networking site "Facebook", which was seen by "the information", that "the most optimistic thing is the information that we receive, which speaks of the imminent submission of the corruption network that afflicted our oil sector to justice, which will topple large heads that no one expected it to be." You will fall.”
He added, "All indicators point to a political and economic breakthrough," stressing that "oil prices will continue to rise, which means that there is no need for external borrowing, provided that the oil file is managed wisely and the catastrophic gaps left by the notorious oil licensing rounds and the corruption that has prevailed over the years are addressed."
The latter in the oil sector, which means the ability to restore the exchange rate of the dollar against the dinar to what it was.”
On the other hand, Al-Zubaidi explained, “The military and political victories in Yemen and Syria reveal that the balance of power does not depend on oil money and the weapons of the developed great powers, but rather depends on the true belief in the just cause and its defense.” LINK
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Samson: London is looking with the Bank of England to issue a digital currency
9th November, 2021
The British Ministry of Finance announced that it will launch discussions next year with the Bank of England about issuing a digital currency.
The Bank of England said: "No decision has yet been taken to introduce a digital currency issued by the UK's central bank."
He added, "The earliest date for launching a digital currency is the second half of the current decade."
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Samson: America warns of a new danger forming in China
10th November, 2021
The Federal Reserve has warned that the potential repercussions of problems in China's real estate sector could reach and harm the US financial system.
The debt-laden Chinese company Evergrande has caused panic among global investors since the summer of this year, as it has been trying to avoid defaulting on its debt.
Meanwhile, other Chinese developers have struggled to repay their debts, raising fears of broader spillovers in the world's second-largest economy, of which a quarter is made up of real estate.
The Federal Reserve said in its latest financial stability report that real estate pressures in China may affect the Chinese financial system, with potential repercussions for the United States, according to CNBC.
The report pointed to the size of China's economy, its financial system and the global trade links associated with it, and how these factors could be a reason for transmitting the negative repercussions of any turmoil in the country.
The report touched on the financial conditions of the United States, where stock prices have reached historic levels and risks have arisen from the accelerated growth of stablecoins, which are digital currencies linked to a fixed value such as the US dollar.
The post America warns of a new danger forming in China appeared first on the independent press agency. LINK
Frank26: "I TOLD YOU SO!!!"........F26
The Iraqi banking floor is not eligible for Bitcoin trading, and the Central Bank warns against trading.
- 5 Days Ago Researcher Shatha Khalil*
“Bitcoin” is a decentralized digital currency based on blockchain technology or “Blockchain”, and this system is characterized by a limited number of its currencies and the absence of any manager for it. It is trading at levels as high as $146,000 if established as a safe investment asset.
“Bitcoin is a digital currency, a global payment system that can be compared to other currencies such as the dollar or the euro, but with several basic differences, the most prominent of which is that this currency is a completely electronic currency that only trades online,” and that it is “the first decentralized digital currency – it is A system that works without a central repository or a single manager, meaning that it differs from traditional currencies by not having a central regulatory body behind it as it operates on a peer-to-peer system.”
According to international reports, “the value of bitcoin has risen from 6 cents 11 years ago to nearly $33,000 so far, and the number of bitcoin units is 18,590,169 units, i.e. the market value of bitcoin is $630 billion. The value of bitcoin exceeds international companies such as Visa, Master and Pay.” Paypal, and it occupies the ninth place globally in terms of market value, and international companies have begun to invest in bitcoin, for example, the British Raffer Company, which invested $ 745 million, and other companies have allowed to deal with bitcoin such as PayPal, which makes the demand for it increases.
As for Iraq, the Central Bank expressed its fear of trading in this currency, which has no physical presence and is used for online purchases and supports payment using Bitcoin cards, or it may be converted to traditional currencies at times and therefore it involves several risks that may result from its circulation, especially with regard to electronic piracy.
And fraud, and despite its lack of popularity inside Iraq, the Central Bank of Iraq warned on its official website against dealing with virtual digital currencies (Bitcoin) because of the great risks, especially with regard to electronic piracy and fraud.
One of the central concerns is also that most of the official websites that sell this currency add Iraq to the ban list, so it is currently being purchased through some trust brokers from outside or inside Iraq, and the Iraqi investor in the coming period may be vulnerable to fraud and fraud by people or websites Fake".
Where the Central issued a circular to subject its dealers to the provisions of the Money Laundering Law No. (39) of 2015, and the relevant laws in this regard.
Bitcoin prices continued to rise to their highest levels since the beginning of last May, by about 55 thousand dollars, and it seems that the sharp rise wave reached all other digital currencies.
Cryptocurrency specialists oppose the decision of the Central Bank of Iraq; Because he did not put an alternative to encrypted digital dealing, since many Iraqis invest and trade in encrypted digital currencies, estimated at millions of dollars through global platforms - according to him - which have crossed governments and borders as a result of modern technology and economic globalization.
The specialists also called on the Central Bank of Iraq to plan to issue a digital currency called “the digital dinar” and not an encrypted digital currency, in order to get rid of the paper-cash bureaucracy, as well as to reduce currency counterfeiting instead of going to punish those trading the digital currency with the crime of money laundering.
Digital currencies are defined as currencies issued by the state through central banks, and they have a different security system than encrypted digital currencies, which are known as “non-state currencies”, issued by companies and individuals, and they are not ready to be obtained except through the mining process through which they are entered New currencies are in circulation, via sophisticated computers that solve very complex mathematical problems.
Major economies such as the United States, China and the European Union soon began studying the issuance of their own digital currencies by central banks, and dealing with them.
The Central Bank of Iraq’s issuance of such a circular or “decision” makes the trader or dealer in the virtual currency illegal in the country due to fears of electronic piracy and fraud, and despite the lack of popularity of it inside Iraq as it is a currency of issuance, or in a more correct sense, currency mining needs advanced computers and electricity Continuous 24 hours and to the use of advanced technology and to continuous updating, and we know the many crises that Iraq is going through, which are accumulated crises and constitute an obstacle to any development.
Where digital transactions depend entirely on a sophisticated electronic system subject to the highest standards of cybersecurity, at a time when the Iraqi banking system needs continuous technological update.
Among the companies that are currently trading are international and Iraqi forex companies, but trading is more difficult than storing currency, which needs to study and learn, and then start dealing with forex platforms.
Bitcoin has risen about 200% since last year 2020, buoyed by demand from large investors, who were attracted by the currency in the hope of quick gains, and thanks to expectations that it will become a dominant payment method in the world.
Some specialists in Iraq say that more than 80 governmental and private banks (commercial and Islamic), in addition to branches of foreign banks, have an undeveloped electronic system, at the same level as the world has reached in the banking sector.
And the largest cash flow, which amounts to 80%, is limited to the two government banks, “Al-Rafidain and Al-Rasheed”, who so far deal with paper records in documenting their banking transactions, so how can they deal with digital currencies whose value moved days to reach 50 thousand dollars for one digital currency, and observers confirm.
There is a weakness in some Iraqi banks in terms of non-compliance with international rules and standards, which need development and follow-up due to continuous updating of requirements and development in international standards, but this will not affect the work of the Iraqi banking sector.
The Iraqi economy in general suffers from the negative effects of money laundering crimes and the financing of armed and outlawed groups; The Central Bank of Iraq, according to specialists in Iraqi banking affairs, has sought to take many deterrent measures and implement the relevant laws to combat money laundering crimes that threaten financial stability in Iraq.
Economic Studies Unit
North America office
Rawbet Center for Research and Strategic Studies