More News, Rumors and Opinions Sunday Afternoon 8-25-2024
KTFA:
Clare: Baghdad Governorate announces a holiday for tomorrow, Monday, in its departments and sections
8/25/2024 Baghdad
Baghdad Governorate announced today, Sunday, a holiday for tomorrow, Monday, in its departments and divisions.
The governorate said in a statement received by "Al-Eqtisad News", "Based on the decision of the Baghdad Provincial Council and in view of the great efforts made by the governorate's staff in providing services during the Arbaeen visit of Imam Hussein (peace be upon him) and the continuation of reverse delegation services for visitors, the Governor of Baghdad, Abdul Muttalib Al-Alawi, directed the suspension of official work on Monday, August 26, 2024."
KTFA:
Clare: Baghdad Governorate announces a holiday for tomorrow, Monday, in its departments and sections
8/25/2024 Baghdad
Baghdad Governorate announced today, Sunday, a holiday for tomorrow, Monday, in its departments and divisions.
The governorate said in a statement received by "Al-Eqtisad News", "Based on the decision of the Baghdad Provincial Council and in view of the great efforts made by the governorate's staff in providing services during the Arbaeen visit of Imam Hussein (peace be upon him) and the continuation of reverse delegation services for visitors, the Governor of Baghdad, Abdul Muttalib Al-Alawi, directed the suspension of official work on Monday, August 26, 2024."
He added, "This includes all departments and sections associated with the governorate." LINK
Clare: Al-Sudani announces the success of the Arbaeen visit plan and reveals 37 service projects for the upcoming visit
8/25/2024
Prime Minister Mohammed Shia Al-Sudani announced the success of the security and service plans for the Arbaeen pilgrimage, during a press conference he held in Karbala Governorate, today, Sunday.
Al-Sudani appreciated the efforts of the Supreme Security Committee headed by the Minister of Interior, and all officers and members in ensuring the smooth flow of the visit, which extended over vast areas and thousands of kilometers of roads leading to the holy Karbala, as well as the efforts of the local service and administrative institutions in the governorates, and the formations of the various ministries, as more than 53 ministries and agencies participated, in addition to local governments, governors and governorate councils.
Al-Sudani expressed his thanks to the Governor of Karbala and the members of the provincial council for their continuous efforts that complemented the efforts of the ministries and provinces, extending his thanks to the visitors, the Husseini processions and the social activities for their cooperation and partnership with the security and service agencies. He also thanked the Husseini, Abbasi, Kadhimiya and military shrines for their important role, praising the role of the national media in this visit, which represents an opportunity to re-sharpen the spirit of all service teams and review the work and improve the provision of service to the citizen in the upcoming visits.
In order to establish an integrated infrastructure that facilitates the visit, the Prime Minister announced during the conference 37 diverse service projects that will be initiated by the Supreme Committee for Millions of Visits, and more than (3.5) trillion dinars have been allocated for them, distributed among the budgets of ministries and governorates, and include the construction and rehabilitation of ring roads, intersections, bridges, pedestrian bridges and squares, the construction of water complexes and cities for visitors, and service complexes, and they will be initiated in a few weeks.
He pointed out that since the end of the Arbaeen pilgrimage last year, work has begun on rehabilitating the border crossings in Zurbatiyah, Al-Mundhiriyah and Al-Shaib, establishing large exchange yards to facilitate the transportation of visitors, and projects related to rehabilitating the roads linking Karbala to other governorates. The government has also made progress in the Karbala-Najaf Metro project, while the Karbala International Airport project has reached advanced stages and will be opened next year.
He stressed that the government took the initiative to establish the Supreme Committee for Million-Pilgrim Visits, to be the permanent organizer and supervisor of this great effort, indicating that this occasion is no longer merely ideological, but rather a national epic that witnessed the presence of our people from all religions and sects in more than 50 processions providing services to the visitors. LINK
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Militia Man They're making nothing but money off their oil, but they're also making nothing but money off their non-oil revenue streams. Now it's a totally different ball game. Back in the old days Iraq's valuation of $3.22 was based off oil. It wasn't on phosphates...sulfur...liquid natural gas...tax revenues...tourism. None of those. Add all that in now into the exchange rate gives some support doesn't it. You start thinking about it, wait a second, so why would you come back out at $3.22 again? Good question. Will they? Don't know. Is it likely they will? I don't know. Why would it be any less than that?
Militia Man If you guys have the lop question, it's totally uneducated as far as I'm concerned. 100%...Iraq said they were going to bring value to their currency. Doing a lop doesn't bring value. It's a reverse split. Stays the same. It's total B.S., utter nonsense. It's unstudied, uneducated and frankly, quackery as far as I'm concerned.
"When the Crisis Hits, Buffett Will Buy Gold" Mike Maloney LIVE | Rebel Capitalist 3
Mike Maloney: 8-23-2024
this eye-opening video, Mike Maloney delves into the looming financial crisis, describing it as a "financial Supernova.
He explains the hyperbubble in asset classes, fueled by unprecedented levels of debt worldwide. Mike emphasizes the importance of owning precious metals like gold and silver as a safe haven during economic turbulence, backed by historical data showing their remarkable performance.
The video also challenges the notion of fiat currencies and their role in perpetuating economic instability.
“Tidbits From TNT” Sunday 8-25-2024
TNT:
Tishwash: Economist talks about the mechanism for reviving the Iraqi economy
Economic expert Mustafa Hantoush said today: "What the Central Bank of Iraq is doing by empowering foreign banks or foreign investors at the expense of the Iraqi banking system is a fatal blow to future opportunities to advance the Iraqi economy through the banking system."
According to his statement to Mawazine News Agency, the expert Hantoush described the experiences of foreign banks or foreign investors who own national banks as failed experiments, pointing out that they have caused financial disasters for many countries.
TNT:
Tishwash: Economist talks about the mechanism for reviving the Iraqi economy
Economic expert Mustafa Hantoush said today: "What the Central Bank of Iraq is doing by empowering foreign banks or foreign investors at the expense of the Iraqi banking system is a fatal blow to future opportunities to advance the Iraqi economy through the banking system."
According to his statement to Mawazine News Agency, the expert Hantoush described the experiences of foreign banks or foreign investors who own national banks as failed experiments, pointing out that they have caused financial disasters for many countries.
The economic expert explained: "Most countries in the world give a very specific percentage to foreign investors in the banking sector in order to preserve capital and profits as an economic cycle within the country." link
Tishwash: Mohammed bin Rashid: Iraq has become the first destination for UAE exports
Sheikh Mohammed bin Rashid Al Maktoum confirmed today, Sunday, that Iraq has become the first destination for Emirati exports by 41%.
Bin Rashid said, via the (X) platform: "Several years ago, we announced our national economic goals.. and announced that our foreign trade target for the year 2031 is 4 trillion dirhams annually, a goal that represented a major challenge at the time."
He added, "Today, our economic relations with various countries have been consolidated, as our trade with India has increased by 10%.. with Turkey by 15%.. and with Iraq by 41% to become the first destination for Emirati exports, followed by India, Turkey and others." link
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Tishwash: To deter escalation and protect his country's forces.. A senior American general visits the Middle East
A senior US general is scheduled to tour the Middle East to emphasize the importance of deterring escalation and protecting US forces in the region. The
US Joint Chiefs of Staff said on Saturday that General CQ Brown will visit Egypt, Jordan and Israel in the coming days, where he will meet with his counterparts and a number of officials to discuss the situation and tensions in the region. The
Joint Chiefs of Staff statement indicated that Brown's visit demonstrates the long-term US commitment to the Middle East.
The statement stressed that General Brown will reaffirm the importance of deterring escalation and protecting US forces in the region, and Washington's support for Israel in defending itself and coordinating efforts to provide humanitarian assistance to civilians.
The statement also explained that the visit reflects the importance of reaching an agreement that returns the hostages, ends the violence and allows the entire region to focus on the next steps towards a more secure and stable Middle East. link
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Tishwash: Rafidain warns of the risks of accessing customers' personal and financial information
Rafidain Bank warned, today, Saturday, of the risks of accessing customers’ personal and financial information through electronic and telephone fraud.
The bank stated in a statement received by {Euphrates News} a copy of it, that: "It is keen to educate its customers and the public about sound practices in using electronic services in general, and to direct the customer to take caution and care, to ward off the risks that may result from any attempts to access the customer's personal and financial information, through electronic fraud, telephone fraud, viruses and spyware, and identity theft."
Rafidain Bank advised its customers to: "Adhere to the following instructions:
- Avoid easy knowledge of the password, maintain its confidentiality, avoid using common and well-known passwords that are easy to predict, and change them periodically.
The bank advises its customers - for their security and safety - to refrain from using known information such as date of birth, phone number, or any part of the customer's name that is easily recognizable as a password.
- Avoid disclosing the password and personal data and maintain the confidentiality of the salary card number (Master or Visa Card), Internet banking, and the mobile banking application, and not to disclose them even to bank employees.
- Update the customer's information and data, whether his salary is domiciled or otherwise, whenever there is a change through the branches.
- Continuously verify your account movements (via account statement, movements in the mobile application), and if you doubt any of them, review your branch or the Banking Awareness and Public Protection Department in the General Administration of the Bank.
The bank noted "examples of fraudulent messages:
Phishing messages..
- These messages are sent to you by impersonating an employee at your bank, where he sends you messages asking you for information about your bank account or credit card under the pretext of verifying its numbers.
- Fraud through the trick of browsing your account
- Many users have been trapped on social networks through the trick of "Find out who browsed your account on Facebook" or any other social network.
Prize winning messages..
- Such messages claim that you have won valuable prizes or a trip to a certain country, and the sender of the message asks you to pay a certain amount to receive your prize, never do that.
- Fundraising fraud.
- Collecting money in a deceptive manner, as these scammers publish fake stories about a patient in need of treatment or a poor family or others and ask for donations from social media users.
Online job offers:
- If you apply for a job online, you will definitely be asked to fill out an application form. You can do so, but be careful not to write down your bank account number and credit card.
Tips to protect yourself from fraud attempts:
- Do not interact with people who ask you to pay a small amount of money to get a prize or gift or other offers.
- Do not agree to transfer a conversation with a specific person outside of social networks, such as communicating via WhatsApp or providing this person's email address.
- Verify the identity of people who message you due to an emergency while claiming to be your friends or relatives.
- Messages that include spelling and grammatical errors are always suspicious and you should be careful of them.
- If you want to provide help or assistance, do so through official and trusted sources.
- Do not trust pages that represent large companies or public figures that you have not verified.
- Do not trust any social pages that claim that they will make you a quick profit through the Internet or work from home.
- Do not click on links that you receive via WhatsApp or social networks or those that are published in comments.
Rafidain Bank called on its customers to "take precautions and be careful to avoid falling victim to criminal methods that aim to defraud citizens and steal their money by people impersonating employees working in financial institutions, international institutions or private companies, and then doing the following:
- Communicating with customers via social media (Facebook, Instagram, WhatsApp) under the pretext of providing financial assistance and prizes or monthly salaries for a specific period, in exchange for obtaining the personal information of the customer and the data and image of the bank card granted to him and the secret number and OTP verification code.
- Using the data and information necessary to create accounts in the name of customers or modify their account data or update their data or request the number that will be sent to you by SMS, and then carrying out electronic transfer operations for the purposes of paying bills and purchases and charging mobile phone balances or making electronic money transfers to other people.
Communicating with the beneficiaries of financial transfers under the pretext of executing them in their favor by mistake, and then asking them to reverse the amount by transferring to a specific account or charging a specific phone balance. link
Mot: Guys!! -- Beeeee sure and Take Notes!!!!
Economist’s “News and Views” Sunday 8-25-2024
CHINA To Leave World Bank: A New Financial System?
Fastepo: 8-25-2024
The World Bank has faced ongoing criticism from Global South nations regarding its lending practices and the conditions tied to financial support.
Developing countries have called for a fairer global financial system, pointing to the negative effects of the Structural Adjustment Programs (SAPs) of the 1980s and 1990s, which were intended to stabilize economies but often deepened poverty and inequality in regions like sub-Saharan Africa.
CHINA To Leave World Bank: A New Financial System?
Fastepo: 8-25-2024
The World Bank has faced ongoing criticism from Global South nations regarding its lending practices and the conditions tied to financial support.
Developing countries have called for a fairer global financial system, pointing to the negative effects of the Structural Adjustment Programs (SAPs) of the 1980s and 1990s, which were intended to stabilize economies but often deepened poverty and inequality in regions like sub-Saharan Africa.
A 2002 UNICEF report noted that 60% of countries implementing SAPs saw reduced access to essential services, contributing to long-term instability.
Another issue is the loss of sovereignty imposed by World Bank loans, with nations like Ghana and Zambia forced to adopt austerity measures that sparked unrest.
Environmental and social concerns have also arisen, as World Bank projects in Indonesia and Ethiopia have been linked to deforestation, displacement, and ecosystem damage.
Additionally, the bank's decision-making is seen as disproportionately influenced by powerful Global North shareholders like the U.S. and Japan, leading to accusations that the bank prioritizes wealthier nations' interests over those of developing countries.
Critics argue that the World Bank's efforts to address past mistakes have been inadequate. Despite creating an Independent Evaluation Group (IEG) to review projects, a 2020 report found that only 45% of recommendations had been fully implemented, raising doubts about the bank’s commitment to reform.
This criticism has intensified due to perceived inequalities in global financial aid, particularly during crises like the COVID-19 pandemic, where aid pledges to African and Latin American countries were seen as insufficient compared to the swift support for Ukraine during the 2022 Russian invasion.
In response to these challenges, China, alongside other BRICS nations, led the establishment of the Asian Infrastructure Investment Bank (AIIB) in 2016.
The AIIB aims to provide a more equitable alternative to the World Bank, focusing on the infrastructure needs of the Global South.
With a capital base of $100 billion and over 100 member states, the AIIB has emerged as a credible competitor to traditional Western-dominated financial institutions, signaling a shift in the global economic order.
ANOTHER Currency Is FAILING In Front Of Our Eyes...
Lynette Zang: 8-24-2024
Today's video is about Ethiopia's Birr and it's recent plummet. Could it be failing? And could this be a sign for what's ahead for the dollar?
PetroYuan Plans?| Saudi Arabia - China Ties Are Expected to Strengthen Crude Oil Trade in Yuan
Lena Petrova: 8-25-2024
News, Rumors and Opinions Sunday AM 8-25-2024
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 Sun. 25 Aug. 2024
Compiled Sun. 25 Aug. 2024 12:01 am EST by Judy Byington
Sat. 24 Aug. 2024 The Purpose of QFS: … (JFK Jr.)
The purpose of the QFS is to end corruption, usury and manipulation within the banking system. “Banks” will no longer need to make huge profits from money transfer transactions.
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 Sun. 25 Aug. 2024
Compiled Sun. 25 Aug. 2024 12:01 am EST by Judy Byington
Sat. 24 Aug. 2024 The Purpose of QFS: … (JFK Jr.)
The purpose of the QFS is to end corruption, usury and manipulation within the banking system. “Banks” will no longer need to make huge profits from money transfer transactions.
The QFS will be completely independent of any existing “centralized” system and all other transport systems will be obsolete.
QFS is not a cryptocurrency. After REVAL (revaluation), the currency of all nations will become obsolete, collateralizing assets and ensuring a stable value (this process is simply a bank of information in the computer’s memory).
Activation of the QFS ends the ‘central banking system’, perpetuating so-called ‘debt slavery’
Official site of the Quantum Financial System. Enter your personal information and find out how much money you have in your account. https://t.me/+9c_RzxhDf6E5ZDAx
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Global Financial Crisis:
Sat. 24 Aug. 2024 Australia NAB Outage: Chaos as thousands of Aussies are locked out of their bank accounts due to tech outage. https://www.dailymail.co.uk/news/article-13768213/NAB-outage-Chaos-thousands-Aussies-locked-bank-accounts-tech-outage.html
Sat. 24 Aug. 2024: I Guess This Is The End. The Fall of Baal: https://x.com/prolotario1/status/1758499176269201565?s=46
Info came out via Militia-Man & Crew that confirm what I shared with you all about Texas when redeeming currency for precious metals that once the Iraqi Dinar is on the Forex anyone will be able to convert into Gold & Silver.
Do you all know how monumental this is? Remember the 43 states that pass bills to make metals legal tender? This means your money will be 100% tax-free. This means that if you purchase property with gold mortgage, taxes, liens, etc, it will not be a factor in any capacity.
Why do you think bankers fear Basel 3? Remember what the MBA stated a few days ago? That the entire model of real estate will change because of B-3.
“The Mortgage Bankers Association (MBA) has voiced strong opposition to the Basel capital rule changes, pointing out seven key areas that could affect major banks and regional banks, lenders, servicers, and borrowers within the housing finance ecosystem. Here’s a closer look at these crucial concerns”. End quote.
Basel 3 empowers the citizens. Not the banking industry. This is why they are now trying to double down on the Dodd Frank Act. Which allows the bank to legally confiscate your money making them impervious to lawsuits. You all have to understand. In the 1970s boomers bought houses for 10k-20k.
Now do you all see why bankers were crying to Congress about Basel 3 on Capitol Hill a couple of months ago?
The days of writing up mortgages with interest rates that only exist on a computer screen with nothing in the bank vaults to support the contract written out home buyers that agree to honor that over decades on a monthly basis.
Not knowing they financially entrapped themselves by signing off on a document that allows the bank to seize or confiscate your property due to delinquency in payments for money they never physically possessed themselves to underwrite a contract based on nothing but a promise and not assets are over.
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Sat. 24 Aug. 2024 A New Beginning: The Activation of GESARA NESARA
Amidst chaos and uncertainty, there is a glimmer of hope in the form of GESARA NESARA. This mysterious acronym represents a significant shift in global affairs.
It is said that the dismantling of old systems of government, education, finance, health, and commerce is underway, promising a new era for humanity. Could this be a ray of hope in these turbulent times?
Star-Link Satellite Awaiting the Green Light: One of the most surprising claims is that the Star-Link satellite is ready to send emergency alerts to all cell phones worldwide. These satellites are supposedly on standby, waiting to transmit signals. If true, this would be an unprecedented step in coordinating global events.
A Black Swan Lurking: A Global Stock Market Crash: Ominous predictions of an imminent Black Swan-like Stock Market crash are heightening the growing tensions. Such an event could send shockwaves around the world and lead to a global monetary transition affecting 209 countries. The impact of such a crisis is beyond imagination, and the world watches with bated breath.
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Global Currency Reset: (Rumors/Opinions)
Sat. 24 Aug. 2024 MarkZ: “Farm Claim Payments: I am getting so many reports from you guys on this one. Payments are being made and I think it is just huge. I was told from day one this would be the first claim paid. I am excited to see it.
I do know real people with money in their pockets from Farm Claims payments.” We are hearing that they are off “stuck” and have moved past the initial round of bond stuff and they are starting to prepare (in mass) the folks with German bonds. I am 100% certain that is what they are going to start processing next. Hopefully also releasing the money that goes with it. I started getting this news last night.
We are hearing money is moving fairly quickly…but we have heard that before. I think we need to see more farm claims and settlements paid. And past Farm claims into CMKX and fines and Penalties.
This is some of the milestones we should be able to see in the coming days. Iraq is not the only monkey in the game….They are just the easiest to track….. . But we also track bonds and F&Ps…..also easy to track. Iraq is not the only cog in the wheel. But they just need to release that new rate.”
Sat. 24 Aug. 2024 TNT Tony: “Just got word that in Iraq the lower denoms are being released on the streets right now. Start poppin. It’s on it’s way.”
Read full post here: https://dinarchronicles.com/2024/08/25/restored-republic-via-a-gcr-update-as-of-august-25-2024/
Courtesy of Dinar Guru: https://www.dinarguru.com/
Militia Man Article Quote: "Alaq confirmed... there will be meetings held with the Federal bank and US Treasury at the end of this August" What's the date today? It's not far off. The last meeting he had was unannounced...I think him coming back to the Untied States, he's probably going to bring something he should have had done a long time ago.
Bruce [via WiserNow] ...it looks like our start for notification and exchanges could start over the weekend...It could defer to Monday, with exchanges starting either Monday or Tuesday. That's very possible.
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Salah talk about brushes and power iqd dinar
Nader: 8-24-2024
Seeds of Wisdom RV and Economic Updates Sunday Morning 8-25-24
Good Morning Dinar Recaps,
DBS BANK PILOTS BLOCKCHAIN-BASED GOVERNMENT GRANTS
The blockchain-based solution builds on DBS Bank’s participation in Project Orchid, an effort by the Monetary Authority of Singapore to test the benefits of tokenization.
Singapore’s DBS Bank launched a solution that uses blockchain technology to streamline the disbursement of government grants.
DBS Bank announced that in the pilot, it collaborated with Enterprise Singapore (ESG), a statutory board under the Ministry of Trade and Industry of the Government of Singapore and the Singapore Fintech Association (SFA), which promotes financial technology in the country.
Good Morning Dinar Recaps,
DBS BANK PILOTS BLOCKCHAIN-BASED GOVERNMENT GRANTS
The blockchain-based solution builds on DBS Bank’s participation in Project Orchid, an effort by the Monetary Authority of Singapore to test the benefits of tokenization.
Singapore’s DBS Bank launched a solution that uses blockchain technology to streamline the disbursement of government grants.
DBS Bank announced that in the pilot, it collaborated with Enterprise Singapore (ESG), a statutory board under the Ministry of Trade and Industry of the Government of Singapore and the Singapore Fintech Association (SFA), which promotes financial technology in the country.
DBS Bank Uses Smart Contracts To Disburse Government Grants
During the pilot, the SFA disbursed government grants to 27 members. DBS said that its pilot showed how blockchain-based programmable grants can improve efficiency, enhance governance and allow businesses to have faster access to government grants.
With DBS’ permissioned blockchain, ESG and its intermediaries, like the SFA, can determine the conditions of the programs and govern grant disbursements. According to DBS, this includes disbursements to approved recipients upon fulfilling certain business conditions.
Once the conditions are fulfilled, smart contracts will verify that they are met. After this process, the grants will be disbursed automatically to the beneficiaries.
According to DBS, the solution enhances governance control and reduces the need for intermediaries to manually process cash handling. This allows businesses to receive their cash payouts from the government much faster.
Furthermore, the bank’s permissioned blockchain gives full visibility of the process, giving greater transparency to the organizations involved.
Permissioned blockchains are networks with an access control layer that allows participants only a pre-approved level of authority. Even though they use distributed ledger technology, these blockchains are only partially decentralized.
Results of MAS-led Project Orchid
DBS Bank also noted that the programmable grants pilot applies what the firm has learned from participating in Project Orchid, a digital currency initiative led by the Monetary Authority of Singapore (MAS). The initiative tests the benefits of tokenization with local stakeholders.
DBS Bank also previously collaborated with digital payment provider Ant International on a blockchain-based treasury and liquidity management solution. On Aug. 13, DBS launched its treasury tokens, which Ant will use for liquidity and treasury management. The tokens are within the bank’s Ethereum Virtual Machine (EVM) permissioned blockchain.
The solution was created using systems developed during the company’s participation in another MAS-led effort on digital currencies, Project Guardian.
@ Newshounds News™
Source: Coin Telegraph
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DEBIT CARDS IN DIGITAL WALLETS Gaining Ground Across Sectors
August 2024
With a growing number of consumers adopting digital wallets, payment preferences have shifted. Debit cards are now the preferred method underpinning digital wallet payments.
Meanwhile, digital wallets have seen more significant adoption in the retail and grocery sectors. Apple Pay, in particular, has deepened its niche in travel-related transactions, possibly foretelling a broader acceptance of mobile-first, touchless payments. This report explores these trends, how different sectors are adapting to digital wallets and what this all means for businesses.
@ Newshounds News™
Source: PYMNTS
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PROOF OF INK BY GAVIN WOOD: THE TATTOO THAT SECURES YOUR WEV3 PRIVACY
The Web3 individuality mechanism will require a unique, algorithmically generated tattoo to prove digital citizenship.
Parity Technologies is launching a Web3 individuality solution, which is a crucial missing element for mainstream Web3 adoption.
The new solution, “Proof-of-Ink,” will enable users to prove their digital individuality in a privacy-preserving manner through a unique tattoo serving as proof of digital citizenship.
Proof-of-Ink is set to launch in the fourth quarter of 2024, according to Gavin Wood, the co-founder of Ethereum, Polkadot and Kusama.
Wood announced during a keynote speech at the Web3 Summit in Berlin:
“We are able to deploy the baseline palette and launch the app at some point this year, hopefully in the final quarter […] We are aiming to launch the other two mechanisms next year.”
While Wood teased that one of the additional two digital identity solutions is further in development, he shared no details about their mechanics.
Mainstream adoption is crucial for any technological paradigm. Experts like Wood hope that Web3 adoption will create a more decentralized and user-centric internet, envisioned as a free public good to help humanity.
@ Newshounds News™
Read more: Coin Telegraph
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WYOMING Aims to Launch US DOLLAR-BACKED STABLECOINS in 2025
Wyoming is reportedly developing its own U.S. dollar-backed stablecoin to be used for consumer payments.
The state plans to launch the Wyoming Stable Token in the first quarter of 2025, CNBC reported Friday.
“It is clear to me that digital assets are going to have a future,” Wyoming Governor Mark Gordon told CNBC at the Wyoming Blockchain Symposium in Jackson Hole. “The United States has to address this issue. Washington’s being a little bit stodgy, which is why Wyoming, being a nimble and entrepreneurial state, can make a difference.”
Advocates of the project the Wyoming stable token will provide a faster and cheaper way for individuals and businesses to transact, will create a new revenue stream for the state and may serve as a model for a stablecoin at the federal level, according to the report.
Gordon said the stablecoin will be transparent, fully backed by short-term Treasurys and dollar-dependent, per the report.
Wyoming has already been working to create a favorable regulatory environment for crypto, having passed more than 30 pieces of legislation related to that field since 2018, according to the report.
The state is currently vetting potential vendors and partners to provide an exchange, digital wallets and other technology needed for the stable token, per the report.
Wyoming aims to make the stablecoin a payment method for everyday use, Flavia Naves, a commissioner at the Wyoming Stable Token Commission, said in the report.
“When you walk into Cowboy Coffee in Jackson, Wyoming, and you want to buy your latte, there’s going to be their wallet there in Solana that you can use to buy your coffee with the Wyoming token,” Naves said, per the report.
Stablecoins are a type of currency designed to maintain a stable value by pegging their worth to a fiat currency, PYMNTS reported in April. Unlike traditional cryptocurrencies like bitcoin, which are notorious for their price fluctuations, stablecoins offer a level of stability that closely mirrors that of traditional currencies.
On the federal level, U.S. Sen. Kirsten Gillibrand, D-N.Y., and Sen. Cynthia Lummis, R-Wyo., introduced legislation to govern stablecoin use.
@ Newshounds News™
Source: PYMNTS
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More News, Rumors and Opinions Saturday PM 8-24-2024
KTFA:
Clare: More than 100 tons.. Iraq is the ninth largest buyer of gold in 2024
8/24/2024 Economy
Iraq ranked ninth globally among the top 10 countries buying gold this year. What is meant by gold is converting foreign currency reserves into gold, not the gold of goldsmiths and citizens.
Iraq bought 100 tons of gold this year, coming in ninth out of the top 10 countries buying gold this year, compared to 1,298 tons bought by Russia, as interest in buying gold is growing amid rising geopolitical tensions and economic fluctuations.
KTFA:
Clare: More than 100 tons.. Iraq is the ninth largest buyer of gold in 2024
8/24/2024 Economy
Iraq ranked ninth globally among the top 10 countries buying gold this year. What is meant by gold is converting foreign currency reserves into gold, not the gold of goldsmiths and citizens.
Iraq bought 100 tons of gold this year, coming in ninth out of the top 10 countries buying gold this year, compared to 1,298 tons bought by Russia, as interest in buying gold is growing amid rising geopolitical tensions and economic fluctuations.
This comes as the precious metal hit an all-time high of $2,531.75 an ounce after breaking above $2,500 for the first time this month amid growing expectations that the Federal Reserve is close to cutting interest rates.
Bullion typically benefits from low interest rates, and central banks hold gold reserves because of its strong collateral, liquidity and yield properties. LINK
Clare: Iraq and America to resume negotiations on the banking sector next Monday
8/24/2024 Baghdad
A delegation from the Central Bank of Iraq is traveling to the United States of America to resume negotiations on the banking sector.
An informed source told Al-Eqtisad News that a delegation from the Central Bank of Iraq will begin negotiations with the American side on August 26 in America.
He added that the Central Bank has moved towards signing a contract with the international company Oliver Wyman to present a plan on reforming the private banking sector, within the next six months.
He pointed out that the proposed plan includes merging some banks or cancelling the licenses of some banks. LINK
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 I don't care about the WTO and HCL because it only waits for one thing, the new exchange rate. The only mechanism that everyone is waiting for is the new exchange rate. That is the simple fact. This fact is real because Sudani is constantly reinforcing that idea...by constantly coming out on TV and talking to you [Iraqi citizens] about you're going to get purchasing power.
Militia Man Article: "Iraq is heading towards printing new paper currency" They're not going to print new currency in the sense of triple zero notes...There's no reason for it. They were destroying perfectly good triple zero notes. They did a video on it...destroying money, making little pellets. They had a whole show on it. Why would they be destroying good money? Granted, if they filmed that they were damaged with ink on them, all these different things, I understand that. That wasn't the case. In 2018...they spent tens of millions of dollars on printing new currency... Bottom line is, why would they be printing triple zero notes at a time when inflation is low? That would create inflation. The whole idea is not to do that. Article quote: "There's no intention to print new paper currency at the central bank..."
Housing Crash WILL BE EXTREME (U.S. ECONOMY in BIG TROUBLE)
Sachs Realty: 8-24-2024
Worst housing crash in history expected, We're in a more dangerous bubble and the U.S. economy is destroyed.
Seeds of Wisdom RV and Economic Updates Saturday Afternoon 8-24-24
Good Afternoon Dinar Recaps,
CARDANO DELAYS CHANG HARD FORK TO SEPTEMBER
Cardano delays its Chang hard fork to September 1, ensuring full ecosystem readiness, while exploring a potential groundbreaking AI partnership with Algorand.
Cardano has postponed its much-anticipated Chang hard fork to September 1, moving the date from August 27.
This delay allows more time for exchanges and decentralized applications (DApps) to prepare. The decision, announced on August 23 by Intersect, a Cardano membership organization, ensures the ecosystem is fully ready for this crucial upgrade.
The Chang hard fork is a critical milestone in Cardano's journey toward the Voltaire era, which will bring enhanced community governance and smart contract capabilities. The delay emphasizes the importance of being fully prepared to avoid any disruptions during this major transition.
Good Afternoon Dinar Recaps,
CARDANO DELAYS CHANG HARD FORK TO SEPTEMBER
Cardano delays its Chang hard fork to September 1, ensuring full ecosystem readiness, while exploring a potential groundbreaking AI partnership with Algorand.
Cardano has postponed its much-anticipated Chang hard fork to September 1, moving the date from August 27.
This delay allows more time for exchanges and decentralized applications (DApps) to prepare. The decision, announced on August 23 by Intersect, a Cardano membership organization, ensures the ecosystem is fully ready for this crucial upgrade.
The Chang hard fork is a critical milestone in Cardano's journey toward the Voltaire era, which will bring enhanced community governance and smart contract capabilities. The delay emphasizes the importance of being fully prepared to avoid any disruptions during this major transition.
This hard fork is significant not just for its technical upgrades but also for how it involves the community in decision-making. Intersect highlighted that it's the first time such a wide range of community members and engineers have been involved in the process.
This marks a shift in how decisions are made within the Cardano ecosystem, with more emphasis on community participation and on-chain governance.
Charles Hoskinson, Cardano's founder, provided further insight into the delay. He revealed that some exchanges, particularly Binance, were not yet ready for the upgrade.
Hoskinson compared the situation to a rocket waiting for the weather to improve before launch, indicating that everything must be perfectly aligned for the hard fork to proceed smoothly.
The Chang hard fork is a key step in Cardano's roadmap, especially as the network moves towards the Voltaire era.
This era will enhance Cardano's governance model, allowing token holders to be more involved in decision-making. The upgrade will also improve data security and expand smart contract functionalities, making it a pivotal development for the network.
While preparing for the Chang hard fork, Hoskinson is also exploring a possible partnership with Algorand, a competing blockchain network. This potential collaboration could create a "decentralized AI powerhouse," combining Algorand's technology with a proof of work system optimized for AI. Hoskinson believes this partnership could push the boundaries of decentralized AI and revolutionize the industry.
The idea of a Cardano-Algorand partnership has sparked interest in the blockchain community. Gary Malouf, Algorand's Chief Technology Officer, expressed interest in discussing the possibilities further.
This potential partnership could lead to significant developments in the blockchain space, as both networks continue to evolve and expand their technological capabilities.
Algorand, founded in 2017 by MIT professor Silvio Micali, has positioned itself as a leading Layer-1 blockchain network. Despite controversies over its advertisements criticizing rival networks like Bitcoin and Ethereum, the potential collaboration with Cardano could open new avenues for innovation and collaboration in the blockchain industry.
In summary, the delay of the Chang hard fork to September 1 allows Cardano to fully prepare for this critical upgrade.
At the same time, the potential partnership with Algorand could lead to groundbreaking advancements in decentralized AI, marking an important moment in the blockchain industry's evolution.
@ Newshounds News™
Source: Coin Paprika
~~~~~~~~~
IOTA Set for MEXC LISTING IN ASSESSMENT ZONE: USDT Trading Pair Goes Live
IOTA is set to be listed in the Assessment Zone of the MEXC exchange after recommendations from community users.
Recently, IOTA announced that it has completed the final phase of the European Blockchain Pre-Commercial Procurement.
The exchange of high-performance and mega transaction matching technology MEXC has announced the IOTA (IOTA) listing in its Assessment Zone.
According to the official blog post, this groundbreaking move would be a gateway for the commencement of open trading for the IOTA/USDT trading pair. Trading start time, August 23, 2024, at 12:00 (UTC).
@ Newshounds News™
Read more: Crypto News Flash
~~~~~~~~~
RUSSIA PLANS TO PEG CHINA'S YUAN TO IT'S NEW STABLECOIN
According to a Kommersant source, Russia has revealed plans to launch two State-linked crypto exchanges to incorporate digital payments for trade settlements. The two crypto exchanges will operate in Moscow and St. Petersburg.
Russia gets deeper into decentralized finance
Russia, the heavyweight nation behind BRICS, plans to launch a new stablecoin linked to the Chinese yuan. Since the war broke out between Russia and Ukraine, the US sanctions have forced Russia to find alternative payment methods to keep its economy afloat.
Russia intends to link the Chinese yuan to the new crypto-based stablecoin at a 1:1 ratio. This guarantees that the coin’s price remains consistent and without volatility, making it reasonably safe for carrying out transactions without fear of price fluctuations.
The plan is that the Russian ruble and the Chinese yuan will profit the most when trade is handled using the new payment mechanism, finally achieving their de-dollarization agenda. The US dollar will play no role in the payment system, allowing local currencies to take a large proportion of settlements.
Russia’s launch of the crypto exchanges has “The goal is to support foreign economic activity (FEA).” According to lawyers and analysts, they will most likely be created in an experimental legal regime.
@ Newshounds News™
Source: CryptoNewsz
~~~~~~~~~
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“Tidbits From TNT” Saturday 8-24-2024
TNT:
Tishwash: Iraq and America to resume negotiations on the banking sector next Monday
A delegation from the Central Bank of Iraq is traveling to the United States of America to resume negotiations on the banking sector.
An informed source told Al-Eqtisad News that a delegation from the Central Bank of Iraq will begin negotiations with the American side on August 26 in America.
He added that the Central Bank has moved towards signing a contract with the international company Oliver Wyman to present a plan on reforming the private banking sector, within the next six months.
TNT:
Tishwash: Iraq and America to resume negotiations on the banking sector next Monday
A delegation from the Central Bank of Iraq is traveling to the United States of America to resume negotiations on the banking sector.
An informed source told Al-Eqtisad News that a delegation from the Central Bank of Iraq will begin negotiations with the American side on August 26 in America.
He added that the Central Bank has moved towards signing a contract with the international company Oliver Wyman to present a plan on reforming the private banking sector, within the next six months.
He pointed out that the proposed plan includes merging some banks or cancelling the licenses of some banks. link
Tishwash: A parliamentary invitation to host the responsible authorities to find out the reason for the rise in the price of the dollar
Today, Saturday, independent MP Jawad Al-Yassari called on the Presidency of Parliament to host the relevant authorities to find out the government's measures regarding the dollar crisis.
The leftist told the Maalouma Agency, “The rise in the exchange rate of the dollar against the Iraqi dinar is still ongoing in an unprecedented manner, stressing the need to determine the causes of this crisis and its clear negative impact on the economic and social conditions in the country.”
He added, "A number of independent representatives had previously called on the Presidency of the House of Representatives to host the relevant authorities to learn about the government's measures regarding the dollar crisis."
He pointed out that "the slow financial measures taken by the government would cause additional damage."
He stressed the need to "develop quick solutions and stop the rise in dollar prices in local markets." link
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Tishwash: Al-Marsoumi expects a "tragic and exciting chapter" after "hidden hands" tamper with budget tables figures
Economic expert Nabil Al-Marsoumi revealed, today, Saturday (August 24, 2024), what he called hidden hands that tampered with and changed the numbers of the budget tables in its paper and electronic versions.
Al-Marsoumi said in a post on the Facebook platform, followed by Baghdad Today, that "the Presidency of the Republic has not approved the 2024 budget tables and they have not yet been published in the Iraqi Gazette, despite the parliament voting on them about two months ago," indicating that "the reason for this is the hidden hand that tampered with and changed the numbers of the tables in the paper and electronic versions and added 15 trillion dinars to them."
He added, "After the two letters sent by the Prime Minister's Office to the House of Representatives to investigate this issue, and after the complaint submitted by MP Basem Khashan to the Federal Court, it seems that there is an exciting tragic chapter that we will witness in the coming days."
Acting Speaker of Parliament Mohsen Al-Mandalawi confirmed on Wednesday (August 21, 2024) that the budget tables voted on by the Council are the same as those sent by the Council of Ministers.
According to documents issued by the director of Al-Mandlawi’s office, received by “Baghdad Today”, “the budget tables voted on by the House of Representatives are the same ones sent by the Council of Ministers and returned to it, according to Parliamentary Resolution No. 64, without any amendment, and the aforementioned tables are the same ones that were sent after approval to the government.”
It is worth noting that the member of the Parliamentary Finance Committee, Moeen Al-Kazemi, revealed on Wednesday (June 26, 2024), that an appeal was filed by a member of the Legal Committee in Parliament, against the approval of the 2024 budget schedules.
Al-Kadhimi told Baghdad Today that the appeal was submitted "on the grounds that the numbers included in the budget items will change, and thus this is considered a change to the law and requires the enactment of a new law with a first and second reading, and final approval."
He pointed out that "another objection is to changing the financing of oil producing companies from self-financing to central financing, and this matter is considered another piece of legislation that cannot be included in the budget tables."
Al-Kadhimi pointed out that "the Federal Supreme Court referred this lawsuit to the Presidency of the Council of Representatives and requested an answer within 15 days."
On June 3, 2024, the House of Representatives voted on the tables of the Federal General Budget Law No. 2024, amended (13) for the year and its attachments, Tables (A/B/C/D/E and F link
Mot: ..... More ""Marital Training!!! – siiggghhhhh
Mot: Earl is Soooooo Wise!!!!
News, Rumors and Opinions Saturday AM 8-24-2024
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 Sat. 24 Aug. 2024
Compiled Sat. 24 Aug. 2024 12:01 am EST by Judy Byington
Judy Note: As the Global Financial System continued to collapse, Deep State Cabal Elites were expected to destroy power grids Worldwide in an effort to prevent a complete financial meltdown of their bankrupt system only shakily held up with fiat monies.
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 Sat. 24 Aug. 2024
Compiled Sat. 24 Aug. 2024 12:01 am EST by Judy Byington
Judy Note: As the Global Financial System continued to collapse, Deep State Cabal Elites were expected to destroy power grids Worldwide in an effort to prevent a complete financial meltdown of their bankrupt system only shakily held up with fiat monies.
Don’t worry. A Worldwide Blackout would only give reason for the Global Military Alliance to activate their Emergency Broadcast System (EBS); switch to Tesla Free Energy across the Globe and implement the gold/asset – backed Global Quantum Financial System that backed GESARA/ NESARA while destroying the Deep State Cabal Banker’s control over our money they have held since 1913.
With GESARA’s wealth distributed to everyone willing to work, there will be no more poverty, while homelessness will be unknown. People of 3rd World Nations will be incentivized by GESARA funds to return home to build up their own countries. Those sovereign governments will be 10% of their present size, with honest officials placed in office through fraud free elections.
The transition from Nuclear Energy to Quantum Energy will create new industries and businesses, plus the emergence of the Quantum Network will revolutionize the way we can safely and privately connect with each other.
Med Beds will assure no more drugs, addictions, illness or disease of any kind.
The large corporations manned by the Global Elite Cabal that have been poisoning our air, water and food will be dead broke, their CEOs incarcerated. With redemption of Zim Bonds by the General Public, the most comprehensive funding of Humanitarian programs in Earth’s history was underway and carefully designed toclean up the air, water and planet.
People will be incentivized to grow their own healthy food in off grid homes that produced their own energy and water, thus The People would no longer be forced to adhere to unreasonable regulations and the loss of freedom that goes with living in crowded communities.
The People’s Common Law Courts and Justice will assure Freedom for all on Planet Earth.
We are on the brink of a meticulously engineered catastrophe, orchestrated by the global elite to strip away our freedoms and plunge us into chaos. But what the elites fail to grasp is that this engineered Black Swan event will be their undoing.
As the old world crumbles, a new era will rise from the ruins. The stock market, cryptocurrencies, and the power grid—everything used to control us—is about to implode, signaling the dawn of a revolutionary transformation.
~~~~~~~~~~~
The Black Swan Event: The Final Gambit.
This Black Swan event isn’t a random catastrophe; it’s the final, desperate move of a corrupt system nearing collapse. The financial structure that has enslaved us for decades is set to be obliterated, bringing down the power of the global elite.
The financial bubble they’ve inflated is about to burst, leading to a stock market crash, cryptocurrency wipeout, and global economic chaos. They believe they can control this collapse and engineer a reset on their terms, but they are gravely mistaken. This collapse will be their downfall.
~~~~~~~~~~~~~~
The Blackout: The Elites’ Desperate Move
As the financial system collapses, the elites will make their final, desperate move: a deliberate blackout. This power grid shutdown will be a calculated act to plunge the world into darkness and fear, aiming to prevent a complete financial meltdown and keep us subdued.
But this blackout is also the trigger for a massive change. It will activate the Emergency Broadcast System (EBS), signaling the end of the old financial order and the birth of the Quantum Financial System (QFS), designed to liberate us from elite control.
~~~~~~~~~~~~~
The Emergency Broadcast System: Catalyst for Change
The recent EBS test was more than a drill—it was a rehearsal for the upcoming financial reset. When the blackout occurs and the EBS activates, it will mark the end of the old world and the rise of a new financial order, powered by QFS, GESARA (Global Economic Security and Reformation Act), and NESARA (National Economic Security and Reformation Act).
~~~~~~~~~~~~
The Quantum Financial System: A New Dawn
The QFS is not just a new financial system; it is a revolutionary, decentralized, and incorruptible system powered by quantum technology. It will ensure fair wealth distribution and dismantle the power of the global elites, ending their long reign of financial tyranny.
This system will be immune to the corruption and manipulation of the old order, rendering it obsolete. The impending blackout will act as a catalyst for this transformation, making way for the QFS to usher in an era of freedom and prosperity.
~~~~~~~~~~~~
The Fall of the Elites: A New Era Begins
The Black Swan Event will mark the end of the global elite’s dominance. The stock market crash, blackout and EBS activation are all part of a grand plan to liberate us from their control. The old world is collapsing, and the elites’ attempt to maintain their power will fail.
When the lights come back on, a new world will emerge. The QFS will replace the old systems, GESARA and NESARA will reshape our financial landscape, and the power of the global elites will be shattered. The age of financial tyranny is ending, and a new era of freedom and prosperity is about to begin.
Prepare now, for once the lights go out, there will be no turning back. The old world is dead; the new era has begun.
~~~~~~~~~~~~~
Judy Note: With Intel on the GCR almost none existent, it is my opinion that, as Head of the Redemption Committee Dr. Charlie Ward has repeatedly stated, Tier4b would not be sent notification to set exchange/ redemption appointments until after a Global Financial Crash.
Read full post here: https://dinarchronicles.com/2024/08/24/restored-republic-via-a-gcr-update-as-of-august-24-2024/
Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 We found out the 3 zero notes are going to coexist with the lower notes for 10 years. Do you understand the power behind that? That means we're going to be able to participate in not only the float but the Real Effective Exchange Rate (REER).
Militia Man We've been here for what...20 years, right? ...The Truth is today it's not the same. Nothing 20 years ago has anything to do with today. You might just hang your hat, chill out and get back on board and pay attention...
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Gerald Celente: I’m Buying More Gold, Your Money Will be Seized As Economy Collapses
Daniela Cambone: 8-23-2024
Does Gerald Celente think the Gold is in Fort Knox and where does he see it headed? “Gold could soar to $3,000 an ounce this year,” predicts the legendary trend forecaster and publisher of the Trends Journal.
In a no-nonsense interview with Daniela Cambone, he breaks down why it’s not complicated: When interest rates drop, the dollar tanks—and that sends gold prices soaring.
"It’s not rocket science," he says. Celente goes even further, exposing why today’s economy is a fragile house of cards waiting to collapse.
He also dives into the looming presidential elections, the harsh reality behind inflation, and why the average American is struggling more than ever.
Don’t miss his bold predictions and insights in this explosive conversation.
Seeds of Wisdom RV and Economic Updates Saturday Morning 8-24-24
Good Morning Dinar Recaps,
SWISS NATIONAL BANK announces launch of instant payments in Switzerland
The Swiss National Bank (SNB) has announced the market launch of instant payments in Switzerland.
The introduction of instant payments has been enabled by a technical framework established in November 2023 in partnership with SIX Interbank Clearing.
Around 60 Swiss financial institutions can now receive and process instant payments, encompassing more than 95% of Swiss retail payment transactions.
The SNB says that some institutions have “already launched retail offerings enabling customers to send instant payments”, with more banks expected to announce similar services “in the coming months”.
Good Morning Dinar Recaps,
SWISS NATIONAL BANK announces launch of instant payments in Switzerland
The Swiss National Bank (SNB) has announced the market launch of instant payments in Switzerland.
The introduction of instant payments has been enabled by a technical framework established in November 2023 in partnership with SIX Interbank Clearing.
Around 60 Swiss financial institutions can now receive and process instant payments, encompassing more than 95% of Swiss retail payment transactions.
The SNB says that some institutions have “already launched retail offerings enabling customers to send instant payments”, with more banks expected to announce similar services “in the coming months”.
The central bank predicts that “all financial institutions active in retail payment transactions will be reachable” by the end of 2026 “at the latest”.
@ Newshounds News™
Read more: FinTech Futures
~~~~~~~~~
85 BILLIONS XRP TRADE MONTHLY ON CASH MARKETS
XRP witnesses significant trading volume on cash markets, with over 85 billion tokens traded by market participants every month.
Recall that American derivatives firm Bitnomial recently unveiled its plans to launch XRP/USD Futures contracts. This move has been described as a crucial step toward the potential future launch of a spot XRP ETF by an asset manager in the United States.
However, amid the excitement, Australian-based pro-crypto attorney Bill Morgan highlighted some important data from Bitnomial’s submission to the Commodity Futures Trading Commission (CFTC), including XRP’s impressive monthly trading volume.
XRP Trade Volume
One of the most striking details revealed by Bitnomial is that over 85 billion XRP tokens are traded on cash markets every month. Data from CoinMarketCap confirms this claim, with XRP’s trading volume averaging $1.6 billion daily over the past few weeks.
Notably, this figure sees occasional spikes during periods of heightened trading activity and price surges. For instance, earlier this month, XRP’s daily volume crossed $5 billion amid the price increase triggered by the final ruling in the SEC v. Ripple case, with South Korean exchanges accounting for most of the figure.
Also, XRP witnessed a surge in trade volume last July following the declaration by Judge Analisa Torres that it is not a security in the summary judgment ruling. Remarkably, XRP’s volume hit $10.4 billion, but this figure was merely the 76th highest in XRP’s history.
Meanwhile, Attorney Morgan also pointed out that Bitnomial’s proposal includes a spot month position limit of 300 million XRP, equivalent to about 0.049% of the total supply.
He stressed that this position limit is notable because it closely mirrors the amount Ripple releases from its monthly escrow, which is often a point of contention among critics who argue that these releases negatively impact XRP’s price.
Ample Regulatory Compliance
Bill Morgan also pointed out that Bitnomial’s filing with the CFTC includes a U.S. clearinghouse license, ensuring compliance with regulatory standards. This addresses concerns about market manipulation and the protection of participants. Bitnomial obtained a clearinghouse license from the CFTC last December.
Moreover, the July 2023 summary judgment ruling in Ripple vs. SEC lawsuit, in which the court ruled that XRP is not a security in itself, has bolstered confidence in XRP’s regulatory standing.
This ruling, combined with Bitnomial’s CFTC-approved futures contracts, could further legitimize XRP in the eyes of regulators and investors, potentially accelerating the timeline for a spot ETF launch.
The introduction of XRP/USD Futures by Bitnomial is also about paving the way for a spot XRP ETF. Futures contracts are often a precursor to spot ETFs because they provide a regulated framework and pricing mechanism that can be used as a reference by potential ETF issuers.
@ Newshounds News™
Source: The Crypto Basic
~~~~~~~~~
CHINA SUPREME COURT revises Anti-Money Laundering law to include ‘virtual assets’
The Supreme People’s Procuratorate said the number of people prosecuted for money laundering has risen 20-fold since 2019.
China’s supreme court and public prosecutor have revised their interpretation of the country’s Anti-Money Laundering (AML) laws to recognize “virtual asset” transactions for the first time.
The country adopted its existing AML law on Jan. 1, 2007, making the latest revision its first significant update in almost two decades.
In an Aug. 19 conference, the Supreme People’s Court and the Supreme People’s Procuratorate said under their new interpretation of the law, “virtual asset” transactions are now listed as one of the recognized money laundering methods.
It comes amid recent speculation on X that the country could be looking to unban crypto soon — though many are skeptical about it.
According to the courts, the transfer and conversion of criminal proceeds through digital transactions will now be covered under regulations that prohibit “covering up and concealing the source and nature of criminal proceeds and their benefits by other means.”
@ Newshounds News™
Read more: Coin Telegraph
~~~~~~~~~
CAMBODIA LAUNCHES BAKONG TOURIST DLT PAYMENT APP
The National Bank of Cambodia has already achieved enormous success with its Bakong digital payment app that uses DLT. There are more than ten million wallets out of a population of 17 million. Now it has soft-launched an app for Cambodian tourists.
Beyond the Bakong tourist app, a key goal of Bakong is to encourage greater usage of the local riel currency. Around 80% of all local transactions are in U.S. dollars versus less than 60% via Bakong. The Bakong tourist app only supports QR code payments in riel.
Today most tourists use a mix of cards and cash, often locally available U.S. dollar notes, which are rather damaged. Credit cards are accepted at 55,000 outlets compared to 3.3 million locations that support the KHQR codes used in Bakong, including small stalls.
Tourists can download the app and register via email. Currently they have to top up at banks and hotels, with the ability to enter card details via the app coming soon.
With this level of identity verification, tourists can spend the equivalent of up to $1,000 a day, with a $3,000 limit after verifying their identity in person. The Post implied that hotels and travel agents can perform the verification with a passport ID check.
On departure, the remaining balance can be converted at a bank, given to a local charity, or used at other tourist destinations in Thailand, Laos, Vietnam and other jurisdictions. We’d observe that using Bakong overseas will be subject to a foreign exchange spread at the very least. However, these countries also top the list for foreign arrivals into Cambodia.
Additional integrations with Malaysia and South Korea are meant to go live in the next couple of months. The central bank has also inked collaborations with China, India, Singapore and Japan for cross border payments. Japan’s Soramitsu is the technology provider for Bakong.
While many treat Bakong as a CBDC, it’s not. In fact, it’s a tokenized deposit solution designed by the central bank.
Bakong tourist app benefits
There are several benefits of the Bakong tourist app. The stated goal of local currency usage means the banks and central bank effectively get foreign currency, while traders get more local currency. Other than that, the central bank mentioned the convenience for tourists and the avoidance of tatty dollar notes.
We see a few additional benefits. For the 55,000 outlets that support cards, it can save them expensive merchant fees charged by Western credit cards. For the central bank, it helps to provide greater visibility into economic activity with tourism making up more than 18% of GDP in 2019.
A simple survey at airport departures can help it get a sense of the ratio of tourists that use the app. Otherwise, with a large proportion of cash transactions, it’s hard to see what’s really happening in the economy.
The data could potentially be used for tax purposes, but as soon as that happens, Bakong usage could decline. Getting a picture of economic activity is a big win on its own.
@ Newshounds News™
Source: Ledger Insights
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INDIA's CRYPTO FUTURE hinges on gov’t consultation paper
India’s Department of Economic Affairs’ consultation paper is expected to be a watershed moment for crypto regulation in the country, potentially setting the stage for future legislation.
India’s cryptocurrency landscape could be about to change as the Department of Economic Affairs (DEA) prepares a key consultation paper on cryptocurrency legislation.
According to local media, the paper, which is expected in September or October, will invite feedback from various stakeholders, with the government playing an active role in the direction of digital currencies in India.
India’s crypto conundrum
The paper, led by a panel chaired by the secretary of the DEA, represents a significant step in India’s ongoing effort to balance innovation and regulation in its rapidly evolving crypto sector.
The release comes at a time when global scrutiny of cryptocurrencies is intensifying, particularly in light of the G20 nations’ unified approach to regulation, as highlighted by Indian Finance Minister Nirmala Sitharaman at a meeting of the group of nations in October 2023.
India, which has already implemented a stringent tax regime on cryptocurrency transactions, has taken a cautious approach to regulation. The 30% tax on unrealized crypto gains and a 1% tax deducted at source implemented in April 2022 marked the government’s first major move toward imposing some control over the crypto market.
However, despite the measures, the Indian government has refrained from regulating the sale and purchase of cryptocurrencies, focusing instead on curbing crypto-related money laundering and terrorism financing.
DEA paper to address regulatory concerns
The DEA’s forthcoming paper is expected to address the broader concerns surrounding the regulation of crypto assets, including those raised by the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI).
In May, SEBI suggested a multi-regulatory approach, wherein different aspects of cryptocurrency trading would be overseen by various financial authorities. This fragmented approach underscores the complexity of regulating a technology that crosses traditional financial boundaries and poses unique challenges.
On the other hand, the RBI has consistently warned of the macroeconomic risks posed by digital currencies. The central bank’s stance reflects deep concerns about the potential impact of cryptocurrencies on India’s economic stability.
This caution is mirrored in the government’s recent actions against offshore crypto platforms and digital asset service providers, including a high-profile ban on Binance, the world’s largest cryptocurrency exchange.
Despite this, Binance managed to reestablish its presence in India by registering with the Financial Intelligence Unit, even as it faces a hefty $86 million tax demand from Indian authorities.
@ Newshounds News™
Read more: Coin Telegraph
~~~~~~~~~
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More News, Rumors and Opinions Friday PM 8-23-2024
TNT:
Tishwash: Al-Sudani extends an official invitation to the Iranian President to visit Iraq
Iraqi Prime Minister Muhammad Shiaa Al-Sudani sent an official invitation to Iranian President Masoud Pezeshkian to visit Iraq.
In a phone call with his Iranian counterpart, Iraqi Foreign Minister Fuad Hussein conveyed the Sudanese invitation to Pezeshkian to visit the capital, Baghdad, according to what the Iranian Foreign Ministry announced in a report issued by it.
In a phone call yesterday, Thursday, Hussein congratulated Abbas Araghchi on his election as the new Minister of Foreign Affairs in Iran.
TNT:
Tishwash: Al-Sudani extends an official invitation to the Iranian President to visit Iraq
Iraqi Prime Minister Muhammad Shiaa Al-Sudani sent an official invitation to Iranian President Masoud Pezeshkian to visit Iraq.
In a phone call with his Iranian counterpart, Iraqi Foreign Minister Fuad Hussein conveyed the Sudanese invitation to Pezeshkian to visit the capital, Baghdad, according to what the Iranian Foreign Ministry announced in a report issued by it.
In a phone call yesterday, Thursday, Hussein congratulated Abbas Araghchi on his election as the new Minister of Foreign Affairs in Iran.
The Iraqi Foreign Minister expressed his hope that the countries Iraq and Iran would continue to cooperate and interact closely on various issues related to bilateral relations and important regional and international issues.
In turn, Iranian Foreign Minister Abbas Araqchi stressed the “special” effort made by the new Iranian government and its president, Pezeshkian, to comprehensively expand and deepen relations between the two neighboring and Muslim countries, and thanked the Iraqi Prime Minister’s invitation for President Pezeshkian to visit Baghdad and welcomed it. link
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Al-Alaq in New York at the end of August.. Will he succeed in lifting the ban on the sanctioned Iraqi banks?
Washington has sanctioned 32 banks over suspicions of money laundering and smuggling to Iran
The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, intends to visit the US capital, Washington, at the end of this month to discuss lifting the ban on Iraqi banks sanctioned by the US Treasury Department, as well as enhancing bilateral cooperation between the monetary institution in Iraq and the US Federal Reserve.
Al-Alaq's visit to Washington comes at a time when the gap between the official and black market rates for exchanging the dollar against the dinar continues, despite the measures taken by the Central Bank of Iraq over the past months, which it says "contributed to limiting its rise to double," but it is not known whether the visit will witness success in lifting the ban or stabilizing the exchange rate.
"double penalties"
The head of the Parliamentary Finance Committee, Atwan Al-Atwani, had previously confirmed that the fluctuation of the dollar exchange rate creates a state of economic and financial instability, especially with the widening gap between the official selling price of the dollar and the parallel market price.
Al-Atwani said in a statement on the sidelines of his chairing of the committee meeting that hosted the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, to discuss the monetary policy file in the country, that "the widening gap between the official selling price of the dollar and the parallel market price creates a state of economic and financial instability."
He stressed that "the stability of the exchange rate is a central issue for the state, as there is a duality in the issue of imposing US sanctions between Iraqi banks and correspondent banks, which requires the management of the Central Bank of Iraq to move effectively and address this crisis, in addition to tightening control over the work of private banks, in a way that ensures the integrity of all their procedures and work."
Visit to protect the Iraqi banking system
In contrast, the financial advisor to the Iraqi Prime Minister, Mazhar Mohammed Salih, said, “Historically, Iraq has kept its oil receipts account at the Federal Reserve Bank in New York, based on a previous UN Security Council Resolution No. 1483 in May 2003, in addition to the foreign currency reserve account in dollars.”
The US Federal Reserve is the main source of the dollar, meeting Iraq's foreign trade financing needs and facilitating payments for international exchange between our country and the world, according to Saleh.
He continued in his statement to Al-Jabal: "Thus, the upcoming visit of the Governor of the Central Bank of Iraq, Ali Al-Alaq, to New York City, USA, comes to protect the Iraqi banking system and support its stability after 32 banks were banned from dealing in the dollar currency by the monetary authority in the United States for unknown reasons."
He added: "The Central Bank of Iraq, by virtue of its work and responsibility in maintaining the stability of the financial system of Iraq, must negotiate with the American side regarding the issue of banks that are sanctioned or deprived of the dollar to alleviate the severity of the deprivation in a way that enhances the effectiveness of the banking system in supporting development and economic activity," noting that relations between Iraq and the United States are outlined by "the strategic framework agreement signed between the two countries in 2008 and are directed towards many axes that aim to sustain relations between the two parties and strengthen them for the benefit of our country, and that the economic axis and financial and banking cooperation is one of those axes that aim to deepen bilateral relations between the two parties."
Banking sanctions 'no longer justified'
In turn, financial researcher Bassam Raad explained that the upcoming visit of the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, to Washington has “positive effects and aims to achieve Iraq’s financial interests and obtain technical support in the banking field to ensure the success of the monetary policy plan by relying on authorized banks as correspondent banks in foreign transfer operations,” noting that the visit aims “to maintain a bilateral dialogue on possible measures for the purpose of lifting sanctions by the US Treasury Department on banks banned from dealing in the US dollar.”
He stressed in his statement to Al-Jabal that the banks that are banned from dealing in foreign currency (dollars) are currently committed to international standards for combating money laundering and are working to take due care in financial transactions, noting that accordingly, “the sanctions are unjustified, especially after the Middle East and North Africa Financial Action Task Force (MENAFATF) confirmed in May of this year that Iraq is one of the countries committed to the recommendations in the field of combating money laundering and terrorist financing.” link
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 [Iraq boots-on-the-ground report] FIREFLY:
Mr Sammy [his Iraqi bank friend] said we're going to get massive purchasing power. But others outside of Iraq, they will make millions. FRANK: I know it forwards and backwards, in fact I dream about it! I know the process.
Militia Man The non-oil sector is going to be equal to or superior to Iraq's oil income. It's just the way it is. They have so much wealth in this country and there's going to be so much demand for the dinar..It's going to be a massive change to this country. The Development Road Project is massive... [it's] fully underway...It's evidence they're taking
Iraq international. It's not stopping.
MASSIVE WEALTH TRANSFER IS ABOUT TO HAPPEN! THE FED. IS OPENING UP THE FLOODGATES.
Greg Mannarino: 8-23-2024
Federal Reserve Chair Jerome Powell on Rate Cuts: ‘The Time Has Come & Direction Is Clear’
Kitco News: 8-23-2024
Federal Reserve Chair Jerome Powell gave his annual speech at the Jackson Hole Symposium 2024. “The time has come for policy to adjust,” said Powell, emphasizing that the timing and pace of rate cuts “will depend on incoming data, the evolving outlook, and the balance of risks.”
He also noted that the Fed does not seek further cooling in the labor market conditions, given his confidence that inflation is on a sustainable path back to 2%.
Powell admitted that the past four years tested the limits of their knowledge, adding that they are open to criticism and new ideas. This clip offers highlights from Powell’s speech.