Seeds of Wisdom RV and Economic Updates Wednesday Evening 9-25-24

Good Evening Dinar Recaps,

BRICS NEWS:

BRICS EXPANDS: 23 COUNTRIES APPLY, 159 NATIONS ADOPT BLOCKCHAIN-BASED PAYMENTS

▪️23 countries have applied to join the BRICS alliance, with 24 more expressing informal interest, totaling 47 nations.

▪️BRICS is promoting de-dollarization, aiming to use local currencies for trade instead of the US dollar, which could impact various US sectors.

According to recent reports, 23 countries have formally submitted their applications to join the BRICS alliance before the 2024 summit, global economic shifts are taking center stage.

The BRICS countries, Brazil, Russia, India, China, and South Africa, have become popular among the new members of emerging markets, mainly from Asia, Africa, and South America, to expand their trade operations using

The growing interest in BRICS reflects a broader movement toward de-dollarization, where nations seek to reduce dependency on the US dollar for international trade.

The alliance has promoted local currency usage as a means of boosting economic independence, with developing countries viewing this initiative as beneficial to their own financial systems. 

In addition to the 23 nations that have officially applied, another 24 countries have expressed informal interest in joining BRICS, bringing the total number of potential members to 47.

This could be a major blow to some of the biggest industries in the United States since the country’s economic dominance has been rooted in the use of the US dollar internationally.

The de-dollarization process, strengthened by BRICS countries, maybe the first step in shifting the current world’s financial system paradigms.

Internal Divisions Emerge Over BRICS Enlargement Process
The next BRICS summit is planned for October 22-24 in the Russian region of Tatarstan, Kazan and will consider the admission of new members as well as other important issues.

However, the existence of the alliance has been marked by internal conflicts on the issue of expansion. While China and Russia have supported the idea of the expansion of the bloc, India has urged the need for a moratorium on the enlargement process for at least five years.

Key discussions at the summit are likely to revolve around trade agreements and the extended use of local currencies for cross-border transactions, a core objective of BRICS’ de-dollarization efforts. 

The expansion debate will be closely watched as the alliance continues to shape its role in the global economic landscape.

BRICS Explores Blockchain-Based International Payment System
Over the past few months, BRICS has increased its activities to develop new financial structures that are designed to weaken the dollar. 

As Crypto News Flash stated earlier, the bloc is now considering the possibility of creating an international payment system that will be based on the blockchain and will involve more than 159 foreign partners. It would prefer transactions in other currencies than the dollar, for example, the ruble or the yuan.

However, there has been a lot of misconception concerning the initiative, and it has been rumored that 159 countries had signed up for the system prior to its launch. However, such claims have been discredited, and there is no evidence to support such a high level of engagement.

BRICS’ pursuit of de-dollarization and alternative financial systems signifies a transformative period in international trade, where local currencies and advanced technologies could redefine economic interactions across borders.

@ Newshounds News™

Source:  Crypto News Flash

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DTCC TOKENIZATION PILOT FINDS 'SIGNIFICANT' IMPROVEMENTS TO LIQUIDITY AND COLLATERAL OPTIMIZATION

The Depository Trust & Clearing Corporation’s latest blockchain pilot found “robust functionality and potential” for tokenizing Treasuries.

The Depository Trust & Clearing Corporation has announced the results of its U.S. Treasury Collateral Network tokenization pilot, finding “robust functionality and potential” for distributed networks.

Four investors, four banks, two central counterparties and three custodians participated in the experiment, which tested 10 different use cases. The financial privacy-focused Canton Network was tapped for the effort.

“The successful completion of this pilot proves that tokenized assets could be leveraged to optimize collateral,” Kelly Mathieson, chief business development officer at Digital Asset, a firm involved in the pilot, said in a statement.

The pilot was conducted between June and July to test the feasibility of “complex real-world transactions” like cloning and settling a “digital twin” for U.S. Treasuries. It also looked into real-time margin calls, asset recalls and other portfolio management services.

“In hypothetical default scenarios, secured parties seized pledged assets, transferring ownership in atomic transactions, ensuring legal certainty and control,” DTCC wrote in a press release.

Nadine Chakar, longtime blockchain advocate and global head of DTCC Digital Assets, noted in particular that the system “significantly” improved liquidity and collateral optimization.

DTCC has been experimenting with blockchain since at least 2020, when it launched a pilot program called Project Ion looking to test out alternative settlement methods. The firm is responsible for clearing several hundreds of trillions of dollars worth of transactions annually.

@ Newshounds News™

Source:  The Block

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RIPPLE’S PARTNERS DLOCAL AND SHOPEEPAY EXPAND TO SOUTHEAST ASIA

▪️dLocal expands partnership with ShopeePay, reaching 200 million new e-commerce customers across four Southeast Asian countries.

▪️Ripple’s network strengthens in Asia as dLocal, Tranglo, and Instarem enhance cross-border payment solutions.

The most recent developments from Ripple’s ecosystem show considerable growth for its users and partners in the Southeast Asian e-commerce business. dLocal, a RippleNet-based payment platform since 2017, has announced an expanded relationship with ShopeePay, allowing its merchants to accept payments in four new markets: Thailand, Malaysia, Indonesia, and the Philippines.

This move significantly expands access to an estimated 200 million additional e-commerce buyers in Asia. The fact that ShopeePay is powered by Tranglo, another Ripple partner, adds to Ripple’s regional prominence.

dLocal Expands with ShopeePay Thailand, Adding Payout Solutions
Furthermore, dLocal does not limit itself to pay-ins. In conjunction with ShopeePay Thailand, the company is expanding its offerings to include merchant payout options. 

This dual functionality considerably improves the seamlessness of payment processing, allowing businesses to receive payments more swiftly while also handling disbursements with greater simplicity.

This cooperation underscores dLocal’s efforts to reestablish its footprint following a period of setbacks, demonstrating renewed growth and a commitment to growing its services in emerging regions.

Previously, CNF reported that Tranglo expanded its services to Brunei, with the goal of providing migrant workers with faster and more secure remittance choices using Ripple’s blockchain technology.

This expansion highlights the growing importance of blockchain in improving cross-border payment solutions, and Tranglo’s efforts to integrate Ripple’s technology demonstrate the potential efficiencies it may bring to financial transactions.

As we previously highlighted, Instarem, another Ripple affiliate, has also made considerable gains in cross-border payment procedures by integrating Apple Pay with their Amaze card.

This integration improves the convenience of contactless payments across borders via mobile devices, demonstrating how Ripple’s network of partners is always growing to provide cutting-edge solutions for a wide range of payment requirements in the digital era.

@ Newshounds News™

Source:   Crypto News Flash  

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GOLD RUSH! LETS DIG IN  | Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team Currency Facts  

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LITTLE BY LITTLE w/ G. Edward Griffin and Andy Schectman

LITTLE BY LITTLE w/ G. Edward Griffin

Andy Schectman:  9-25-2024

In today’s video, Andy reflects on a book that profoundly impacted his understanding of finance, history, and power structures—The Creature from Jekyll Island by G. Edward Griffin.

First published in 1994, this book uncovers the secretive origins of the Federal Reserve and dives deep into the world of banking, exposing the hidden forces shaping global economies.

Since his last reading, Andy has found even more meaning in Griffin's work. The book doesn’t just provide a history lesson—it reveals the mechanics behind financial systems, shedding light on how policies created in boardrooms ripple through society, often with devastating consequences for everyday people.

Andy explains how this eye-opening book has fueled his desire to educate and inspire others to look beyond mainstream narratives about money.

Whether you're curious about how the Federal Reserve came to be, or you want a better understanding of financial institutions’ roles in shaping our lives, this book has become a must-read for anyone passionate about financial freedom.

Andy shares his personal journey with the book, and how The Creature from Jekyll Island continues to resonate with him today, sparking conversations on truth, transparency, and control over our own futures.

https://www.youtube.com/watch?v=351Longuhlg

Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 9-25-24

Good Afternoon Dinar Recaps,

ETHEREUM IS A ‘DICTATORSHIP,’ CLAIMS CARDANO FOUNDER CHARLES HOSKINSON

Hoskinson says the Ethereum network is more like a “dictatorship” where Vitalik Buterin exerts too much influence over the development of the decentralized network.

Cardano’s Voltaire-era governance overhaul prevents it from becoming a “dictatorship” like Ethereum and sidesteps the “anarchy” of Bitcoin, its founder Charles Hoskinson said.

Speaking to Cointelegraph at Token2049 in Singapore, Hoskinson attacked Ethereum’s governance model, claiming it relies too heavily on its co-founder Vitalik Buterin for direction.

Hoskinson said that blockchains can elect to keep the protocol forever simple, like Bitcoin, or “pick a king” to run things. However, Cardano’s new governance model solves the “governance trilemma” of “efficiency, effectiveness and integrity” by using delegated representatives and a members-based organization called Intersect to distill complex governance topics down for a vote.  

“If you have those three things, then you have a fair shot of avoiding the anarchy of Bitcoin or the dictatorship of Ethereum, and you actually have something that can move forward with one voice, but it’s still decentralized at the end of the day because it represents everybody.”

Pressed to explain his controversial remark comparing Ethereum to a dictatorship, Hoskinson stated that Ethereum’s “entire vision” starts and ends with the 30-year-old Buterin.

Hoskinson at Token2049 in Singapore. Source: Cointelegraph

“Everybody looks to him for the roadmap. Everybody looks to him for inspiration, and he’s also the only person who has enough power to rally people,” he said. “If you were to remove him from the equation right now, what’s the next hard fork going to look like, and how quickly can they actually get there?” he asked.

Hoskinson said Buterin was primarily responsible for altering the Ethereum roadmap away from sharding-based optimization of the base chain and toward rollups and layer-2 networks for scalability.

In recent months, the Ethereum roadmap has been heavily criticized for empowering “extractive L2s” as fee revenue and activity on the L1 dropped.

“Where does this idea of embracing layer 2s or rollups come from? Was it some random Ethereum engineer — or was it Vitalik Buterin writing a blog post about it, talking about it, and advocating for it?”

Although Hoskinson believes Ethereum is heavily influenced by Buterin’s vision, Buterin does not wield unilateral power in the decentralized network.

The blockchain uses a mix of offchain and onchain governance, including the Ethereum Foundation and community and stakeholder input into Ethereum Improvement Protocols, with critical decisions taken at core developer meetings. Contentious decisions can result in a hard fork, as happened with The DAO hack rollback that resulted in Ethereum Classic.

Hoskinson was one of eight original co-founders of Ethereum and CEO of the Ethereum Foundation, but his for-profit vision for the protocol clashed with Buterin’s and the young creator fired him from the project at a meeting in Switzerland in 2014.

While Hoskinson conceded that he had played a broadly similar role in shaping Cardano since 201, he said the network’s new governance model is designed to ensure that “Charles, alive or dead, doesn’t matter. There’s still going to be innovation on a daily basis.”

Cardano’s Chang hard fork in early September turned its Cardano (ADA) asset into a governance token, enabling holders to elect representatives and vote on development proposals and on funding for community projects. The founding entities that have guided the project so far — the Cardano Foundation, Input Output Global and Emurgo — can no longer trigger forks and upgrades.

Hoskinson said the interplay between the members-based organization of researchers and engineers — dubbed Intersect — and the delegate representatives is a much more “collaborative model” that functions with or without an active founder.

“They can talk to each other, vote, and come up with and use a blockchain-based government to ratify a roadmap on a regular basis,” said Hoskinson.

Cardano is still working on finalizing a constitution that will likely set hard limits on some core issues, such as supply and how governance works.

@ Newshounds News™

Source:  CoinTelegraph

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IRELAND TO STREAMLINE LICENSING PROCESS FOR CRYPTO BUSINESSES

Ireland's Central Bank is enhancing its authorization process for crypto companies as the European Union prepares to implement the Markets in Crypto-Assets Regulation. Deputy Governor Derville Rowland announced this development during a speech at AFME's 8th Annual European Compliance and Legal Conference on September 23, 2024.

The authorization process, which crypto businesses must complete to operate legally in Ireland, involves regulatory approval of a company's financial stability, risk management systems, and compliance with anti-money laundering regulations. 

Rowland stated, "We have been working to continually improve our authorisation process," adding, "Better risk assessment, better communication and better supervisory outcomes have been the output of that work."

This move comes as part of Ireland's preparation for MiCAR, a EU-wide regulatory framework for crypto-assets. MiCAR aims to establish consistent rules across EU member states for crypto-asset issuers and service providers. "We are working closely with our EU Peers and the ESAs to ensure the necessary coordination and consistency across Europe," Rowland said.

Rowland highlighted the significant potential of blockchain technologies: "We can see the many areas where the blockchain has significant potential to bring about positive change, even transformation, in how we do things. Whether this be tokenisation of investment products or improvements in post-trade infrastructure and interoperability, there are important positive stories to tell."

The Central Bank aims to strike a balance between innovation and risk management. "It is important that these benefits can be realised, whilst also ensuring that the risks are well understood and managed." Rowland also noted the key role of regulation: "Regulation plays a crucial role in the safe, and therefore enduring, adoption of innovation into the system."

Concerns Over Implementation And Compliance
While this move aims to simplify procedures, some industry representatives express concerns about potential challenges during implementation. "Talking about regulations in this industry is good, as governments are getting ready for mass-adoption.

The problem is, how will these regulations hinder development, and most importantly, deployment," says Daniel Logvin, CEO at LedgerByte. "Compliance is a very tough thing to achieve, especially when lots already have systems that work," Logvin adds.

"It provides increased regulatory clarity, which will help support institutional trust, investor confidence and consumer protection," notes Susana Esteban, Managing Director at FTI Consulting. However, she cautions that "It adds more compliance responsibilities (and potentially costs) for crypto companies and traditional financial entities working with digital assets."

Ireland's Potential As A Crypto Hub
According to an October 2023 article by Ben Strack in Blockworks, Ireland's appeal to crypto companies has been growing for years. The Irish government launched an "Innovation Hub" in 2018, facilitating engagement between fintech firms and the Central Bank of Ireland.

Coinbase opened its Dublin office in late 2018, while Gemini became the first Virtual Asset Service Provider (VASP) in Ireland in July 2022. MoonPay gained VASP status in August 2023, and Kraken received E-Money Institution authorization in September 2023.

"We welcome regulatory clarity and continued improvement and enhancements by regulators to adapt regulations to both protect users and markets but also balancing out the need to continue to foster innovation and growth," says Gracy Chen, the CEO of Bitget. 

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"Certainly Ireland is always high on the list for innovative companies to be based there as a global financial centre, its membership and access to the European Union as well as its favourable business environment including its deep talent pool. This certainly helps to encourage crypto-companies to consider Ireland more seriously as a base."

"If Ireland pairs this with tax incentives or a business-friendly environment, it could become a hub for crypto firms, but this legislation is EU wide and it may have some competition for business," suggests Richard Lofthouse the Head of Risk and Data Science at InFlux Technologies.

Balancing Regulation With Innovation In EU
MiCAR regulates previously uncovered crypto-asset activities in the EU, including their issuance, custody, administration, and trading on platforms and exchanges. 

"This could position the EU as a leader in crypto regulation, but being a leader in rules doesn't always translate to success in the market. It's important for the EU to find a balance between strong regulation and allowing room for innovation to stay competitive globally," Logvin states.

Esteban concludes, "Regulatory certainty can be a competitive advantage. MiCAR provides regulatory guidelines, which could make EU-based crypto businesses more attractive to institutional investors and partners, boosting their global credibility."

@ Newshounds News™

Source:  Forbes

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GENSLER IGNORED DIGITAL ASSETS IN CONGRESSIONAL TESTIMONY BEFORE 4 HOUR GRILLING ON CRYPTO

Gensler defends SEC's stance on crypto amid congressional criticism over lack of clear regulations.

SEC Chair Gary Gensler faced criticism during yesterday’s congressional hearing over the agency’s approach to regulating cryptocurrencies despite omitting any mention of digital assets in his written testimony. 

Lawmakers and SEC commissioners questioned the effectiveness and clarity of current strategies, highlighting concerns about “regulation by enforcement” and the absence of explicit guidelines.

House Financial Services Committee Chairman Patrick McHenry noted that the House had passed the FIT 21 Act to establish clear rules and robust consumer protections in the digital asset ecosystem. “More than two-thirds of the House, including 71 Democrats, rejected Chair Gensler’s approach to digital assets by supporting clarity and consumer protection,” McHenry stated during the hearing.

The FIT 21 Act’s definition of decentralization was a point of contention. Some lawmakers questioned whether setting a 20% ownership threshold and allowing anonymous self-hosted wallets could hinder enforcement efforts and regulatory oversight.

Commissioner Hester Peirce criticized the SEC’s reliance on enforcement actions without providing clear regulatory guidance. “It’s a very bad approach to trying to regulate an industry if you’re trying to protect investors,” Peirce said. She emphasized that this method is inefficient, leaving market participants uncertain about the SEC’s authority and compliance boundaries.

Commissioner Mark Uyeda echoed the need for the SEC to articulate how existing securities laws apply to digital assets. “The Commission, for instance, could have articulated, specifically in the context of crypto and digital assets, how you apply this test,” Uyeda remarked, referring to the Howey Test used to determine whether an asset qualifies as a security.

Despite these criticisms, Gensler maintained that current laws regarding digital assets are sufficient and explicit. Gensler asserted,

“Regardless of where somebody stores their ledger if they tokenize a security—an equity, a bond, or an investment contract—it’s important to make sure that the investors and the investing public have the disclosures they need.”

He argued that tokenization does not alter the fundamental economics of an asset being a security.

Concerns were also raised about the influence of celebrity promotions and potential “pump and dump” schemes in the crypto space. Representative Bill Foster questioned whether the SEC has adequate authority to address issues where influencers promote investments without disclosing compensation. 

“I’ve heard concerns from industry participants about influencers, bloggers, celebrities, and others that use their celebrity status to promote investments without disclosing that they are, in fact, being paid to do so,” Foster said.

Gensler responded by saying,

“I would say I think the laws are strong. I mean, it’s always gaps in resources and we get, uh, on, on average a year 40 to 50,000 tips, complaints, and referrals. That’s, uh, What, 4, 000 a month or so.

And, uh, we, we have to prioritize those tips and complaints and referrals.”

The divide between the SEC’s current regulatory approach to crypto and the desire for more precise guidelines became evident throughout the hearing. 

While some commissioners believe that statutory definitions from Congress are necessary, others argue that the SEC could utilize its existing authority more effectively to provide clarity for the crypto industry.

The SEC’s written and oral testimony centered on topics like cybersecurity incidents, conflicts of interest in securitization markets, and enhancements to public reporting and data transparency.

However, the agency’s omission of any direct references to cryptocurrencies in its testimony highlights the tension between its priorities and the concerns of lawmakers and industry participants seeking regulatory clarity in the rapidly evolving digital asset landscape.

The call for clear rules of the road and robust consumer protections remains a pressing issue, with stakeholders advocating for a regulatory framework that fosters innovation while safeguarding investor interests.

@ Newshounds News™

Source:   CryptoSlate

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HOW PARAGUAY IS REDEFINING BLOCKCHAIN SOVEREIGNTY WITH LEGALEDGER – NO MORE GAS FEES!

▪️Paraguay launches Blockchain Chamber, promoting sovereign blockchain innovation for government, finance, commerce, civil, and military applications.

▪️Legaledger, built on Hyperledger and Besu, eliminates transaction gas fees for military and legal operations under law 6.822/21.

Paraguay has taken a significant step in the blockchain arena by establishing the Paraguayan Blockchain Chamber, aimed at fostering financial innovation on a sovereign blockchain.

The chamber’s spokesperson and director, Ricardo Prieto, discussed the initiative’s main focus: developing blockchain solutions for both public and private sectors, including government, finance, commerce, civil, and military ecosystems.

The project, named Legaledger, is built on the Hyperledger and Besu platforms, marking it as the world’s first third-generation blockchain network with national sovereignty. It uniquely features an exemption from gas fees for transactions involving military and legal security, in accordance with Paraguayan digital law 6.822/21.

Prieto highlighted Legaledger’s innovative fractal architecture design, which is the first to employ a dual blockchain mechanism (Hyperledger Fabric + Besu) and has the capability for regional and global replication.

“The Blockchain Network has an innovative fractal architecture design, the first with a double blockchain mechanism (Hyperledger Fabric + Besu) and regional and global replication capacity, thus achieving frictionless interoperability between all countries,” the director explained.

This design facilitates seamless interoperability across countries. He referenced a recent report from the Bank for International Settlements (BIS) on the risks and uncertainties associated with Distributed Ledger Technology (DLT), emphasizing the challenge banks face in conducting due diligence and supervision due to reliance on third-party blockchains. The BIS report suggests operating with sovereign blockchain networks to provide legal security within a country.

In 2021, Paraguay enacted Law No. 6.822/21 concerning trust services for electronic transactions, electronic documents, and transferable electronic documents – referred to as the Second Floor Digital Law.

“With the Law, we began to design Legaledger (powered by Hyperledger Foundation + HSM), the first Blockchain Network with national sovereignty, without gas payments, with legal security and with the ability to be replicated in any country in the world with perfect interoperability. Frictions between all participating countries.”

With this law, Paraguay began designing Legaledger, powered by the Hyperledger Foundation and HSM, creating the first blockchain network with national sovereignty that does not require gas payments, offers legal security, and can replicate in any country with perfect interoperability.

“The idea of creating a third-generation blockchain network arises from the need to offer legal security to procedures and transactions carried out on blockchain, something that is practically impossible in global blockchain networks”.

Another benefit of this initiative is the digitization of governmental, civil, and military judicial procedures, and the tokenization of financial assets and real-world assets (RWA), all with absolute legal security. This effectively eliminates identity theft and fraud risks, such as rug pulls, according to Prieto.

Challenges have since the project’s inception in 2021, particularly in tokenizing real estate assets. Discussions with legal advisors revealed potential fraud risks in the approach, highlighting the distinction between possession and ownership.

The public registry, which involves notaries and others to secure transactions on paper, ensures legal security for property ownership, which is not guaranteed by public blockchain tokens alone.

Legaledger is designed to be fractal and can be implemented across companies, conglomerates, states, and countries, maintaining interoperability for what is called sequencing, publishing procedures, or transactions, including international operations.

“No country in the world has the digital law that Paraguay has (Law 6.822/21), however, in many countries apartments and other physical assets were being tokenized that did not actually connect real rights with the tokens created on public blockchains, as we know this is very easy.

Each country has its Public Property Registry Agency, in which notaries and others participate, to control the operation that is carried out on paper, to provide legal security regarding the ownership of the object in question.”

To perfect tokenization with legal security, a unique digital law is necessary to allow digitalization of rights over tangible and intangible assets on a sovereign Blockchain network. 

The resulting tokens must be managed and safeguarded within the network and can be bought, sold, or transferred digitally to anyone or any institution worldwide with legal certainty and without repudiation.

Ultimately, countries implementing a sovereign blockchain network with legal security will become an international digital jurisdiction, meaning the country will achieve a high level of procedure digitalization and asset tokenization within a legal framework and application scope without repudiation, concluded the spokesperson for the Paraguayan Blockchain Chamber.

@ Newshounds News™

Source:  Crypto News Flash

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GCR - RV BREAKDOWN |  Youtube

@ Newshounds News™

Source: Seeds of Wisdom Team Currency Facts 

  ~~~~~~~~~

Seeds of Wisdom Team Currency Facts Youtube and Rumble

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More News, Rumors and Opinions Wednesday Afternoon 9-25-2024

KTFA:

Clare:  US Treasury: Supporters of Al-Sudani’s Reform Agenda

9/24/2024 Baghdad

The US Treasury Department confirmed, on Tuesday, its support for Prime Minister Mohammed Shia al-Sudani's reform agenda.

The ministry said in a statement, seen by "Al-Eqtisad News", that "Deputy Secretary of the Treasury, Wali Adeyemo, met with Iraqi Prime Minister Mohammed Shia al-Sudani on the sidelines of the United Nations General Assembly to discuss reforming the Iraqi banking sector, financial relations with the United States, and combating illicit financing."

The statement added, "The Deputy Secretary of the Treasury congratulated Al-Sudani on the great progress Iraq has made in reforming the banking sector, which has led to expanding Iraq's international financial connectivity and increasing financial inclusion."

According to the Treasury statement, Adeyemo affirmed “Treasury’s support for the Central Bank of Iraq and Prime Minister Mohammed Shia al-Sudani’s reform agenda.”

The Deputy Treasury Secretary praised the growth of the non-oil economy in Iraq by 6.0 percent, asking about "the steps the Prime Minister is taking to diversify the Iraqi economy from hydrocarbons," according to the US Treasury statement.

Earlier on Tuesday, Prime Minister Mohammed Shia al-Sudani received US Deputy Treasury Secretary Wally Adeyemo and a number of Treasury officials.   LINK

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Clare:  The Governor of the Central Bank announces the imminent adoption of the phone in completing banking operations in digital banks

9/25/2024  Baghdad - WAA - Wissam Al-Mulla

The Governor of the Central Bank, Ali Al-Alaq, announced today, Wednesday, the success of the digital transformation and electronic payment plan in Iraq, while stressing that digital banks will allow citizens to manage their operations through the phone.

Al-Alaq told the Iraqi News Agency (INA): "Through the data that was discussed in the electronic payment conference, it clearly indicates the success of the digital transformation and electronic payment plan, and the percentage rose from 20 percent a few years ago to 48.5 percent, which is double the percentage," indicating that "this percentage came during the last two years." 

He added that "there is a major transformation supported by a national strategy and a serious and direct government direction by the Prime Minister and giving the issue the momentum it deserves by providing the necessary infrastructure," explaining that "Iraq now has advanced infrastructure to accommodate electronic payment tools and financial services of all kinds so that we can soon move to the transformation to digital banks in which the mobile phone will be the one leading the various operations.

This facilitates services for citizens, reduces the chances of fraud, reduces the chances of corruption, and provides important data at the national level on the nature of transactions, their content, and oversight of them and the compliance achieved through the large system." 

He continued: “Many requests have been submitted to the Central Bank to establish digital banks, and this is evidence that the trend is receiving the attention of investors. There are more than 60 requests that the Central Bank is currently examining carefully to be able to meet the requirements and conditions that achieve success, because we must ensure that the first step in digital banks is a successful step,” stressing “the conditions, controls and rules that digital banks operate under, but they represent a major shift in banking services, and through them, citizens will be able to manage their operations through mobile phones.”

He pointed out that "a large percentage of Iraqis own mobile phones, and this is an advantage that we must invest in to carry out this task."   LINK

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

Jeff   Pretty much everything happening right now, along with Sudani being in the UN, everything has to do with Iraq going international...

Frank26  [Iraq boots-on-the-ground report]  FIREFLY:
The television is running that report again along with commercials in this report about how we are reviewing the deletion of the zeros.  It's on the news.  It's been on the news all day.  The same report over and over again.  FRANK:  Because that is exactly what they are about to do.

Guest Guru Luigi1   Iraq is in a very good position right now, This is what Iraq & Dinarians were waiting for. Nations & corporations are lining up to get a piece of the pie.  There's opportunities for those that get in early on the ground floor...IMHO

Economic Crash Imminent: Moody's Predicts Further Economic Deterioration Unless Spending is Cut

Lena Petrova:  9-24-2024

https://www.youtube.com/watch?v=1VY72BWh7n4

FED. WARNS. (RED FLAG). CONSUMER (CON)FIDENCE CRATERS. HOME PRICES HIT NEW RECORD.

Greg Mannarino:  9-25-2024

https://www.youtube.com/watch?v=zndnA9CRCA4

Weaponized Dollar Pushing States to Gold and Sound Money

Weaponized Dollar Pushing States to Gold

Kitco News:  9-24-2024

In the ever-evolving landscape of finance and currency, the sound money movement is gaining ground across the United States. Recent conversations about this movement have been invigorated by an enlightening interview between Jeremy Szafron, Anchor at Kitco News, and J.P. Cortez, the Executive Director of the Sound Money Defense League.

This discussion shed light on key legislative victories and the broader implications of an economic shift that champions sound money as a means to secure financial stability for individuals and businesses alike.

One of the most impressive achievements highlighted in the interview is the removal of sales taxes on gold and silver in an astounding 45 states. This critical legislative victory reflects a growing recognition of the role precious metals can play in a sound monetary system.

By alleviating the tax burden on gold and silver transactions, lawmakers are incentivizing citizen engagement with these assets. This not only acknowledges their historical role as money but also empowers individuals with tools to protect their wealth from inflation and economic uncertainty.

The Sound Money Defense League has been at the forefront of these legislative efforts, advocating for laws that support the use of gold and silver as viable alternatives to fiat currencies. Cortez emphasized that reducing the tax burden on precious metals is essential for fostering a broader acceptance of sound money principles, thereby encouraging individuals to consider gold and silver as part of their financial portfolios.

Amidst growing global economic instability, the interview also touched upon the increasingly common trend of de-dollarization. As countries around the world seek ways to reduce their reliance on the U.S. dollar, there is an evident pivot towards alternative currencies, including gold.

This shift signals a fundamental transformation in the financial landscape, as nations explore the limits of fiat currencies and the potential stability offered by sound money.

Cortez rightly pointed out that gold has traditionally served as a hedge against the volatility of fiat currencies. In a world where inflation, fiscal policy missteps, and geopolitical tensions abound, the stability of gold becomes more appealing as individuals and countries alike search for safer investments. The growing recognition of gold’s relevance—both as a long-term investment and as a mechanism for financial resilience—is something Cortez emphasized throughout his discussion with Szafron.

As our economies become increasingly intertwined with technology and digital currencies, the necessity for a stable and dependable monetary system remains paramount. Gold’s status as a tangible asset, which has endured for thousands of years, provides a unique comfort in uncertain times. Whether individuals are investing to protect their savings or nations are re-evaluating their currency strategies, gold is emerging as a pivotal player in the evolving financial narrative.

Cortez’s insights serve as a reminder of the inherent value in diversifying one’s portfolio to include sound money options, especially amid turmoil in traditional financial markets. His belief that a robust sound money framework can lead to a more prosperous economy aligns with the growing awareness of the benefits that gold and silver can provide over ill-defined fiat currencies.

As Jeremy Szafron and J.P. Cortez discussed in their interview, the sound money movement is not just a niche interest anymore; it has grown into a significant movement with far-reaching implications.

The recent legislative victories regarding the sales tax exemptions for gold and silver reflect a shift towards recognizing the importance of sound money principles in everyday financial practices. With the world increasingly embracing de-dollarization and searching for safer investments, the role of gold as a hedge against fiat currency fluctuations has never been clearer.

As this movement continues to gain momentum in the U.S., it holds the potential to reshape the financial landscape in ways we are only beginning to understand. With organizations like the Sound Money Defense League leading the charge, the future of sound money looks not only promising but necessary for a more stable economic environment.

https://youtu.be/iDQS5dyco_8

https://dinarchronicles.com/2024/09/24/kitco-news-weaponized-dollar-pushing-states-to-gold/

Seeds of Wisdom RV and Economics Updates Wednesday Morning 9-25-24

Good Morning Dinar Recaps,

SEC Chair Gary Gensler grilled over crypto regulation, handling of DEBT Box case in heated congressional hearing

▪️Republican Majority Whip Tom Emmer got into a heated exchange with SEC Chair Gary Gensler during Tuesday’s hearing.

▪️Some lawmakers have criticized the SEC’s approach to regulating crypto over the years and say rules are not clear for the industry. Others say the SEC is doing its job by protecting investors.

U.S. Securities and Exchange Commission Chair Gary Gensler took the heat from both sides of the aisle during a congressional hearing over his handling of regulating the crypto industry.

In an intense exchange during a House Financial Services Committee hearing on Tuesday, where all five SEC commissioners were testifying, Republican Majority Whip Tom Emmer asked the SEC chair about its case involving crypto startup DEBT Box.

A federal judge in Utah criticized the SEC's handling of the case and said the agency acted in bad faith. The agency was ultimately ordered in March to pay sanctions, including attorney's fees and costs. The same judge also criticized what he characterized as the SEC's misleading statements, with the agency admitting it had fallen short of expectations.

"Does the fact that we're talking about this today even slightly embarrass you?" the Minnesota Republican asked.

"The matters in that case were not well handled," Gensler responded.

Some lawmakers have criticized the SEC's approach to regulating crypto over the years and say rules are not clear for the industry. Others, including top Democrat Maxine Waters say the SEC is doing its job by protecting investors and "ensuring our capital markets remain the envy of the world."

Tuesday's hearing also comes as elections are just around the corner where crypto has become a hotly contested issue. 

Crypto firms have so far spent $119 million in 2024, with almost all of the funds going into super political action committees, specifically the Fairshake PAC, according to a report last month from consumer advocacy group Public Citizen.

Emmer, who has been critical of the SEC chair, also asked Gensler about Vice President Kamala Harris' comments over the weekend about crypto. Harris said she would "encourage innovative technologies like AI and digital assets while protecting consumers and investors. We will create a safe business environment with consistent and transparent rules of the road," according to Bloomberg.

"Is this your approach too sir, or do you think she's rebuking you because she doesn't think you've done a good enough job establishing these clear rules over the last three years of her administration?" Emmer asked.

Gensler said laws are in place, but that Congress can change them.

Take me out to the ball game
Democrat Ritchie Torres also peppered Gensler with questions about how the agency defines securities, using a New York Yankees ticket as an example. The crypto-friendly lawmaker asked Gensler if selling a Yankees ticket to him would be a security and later pointed out that the ticket would give him "access to a Yankees game."

Torres' line of questioning comes after the SEC has charged multiple entities with unregistered securities offerings, including Stoner Cats 2 LLC for conducting an unregistered offering of NFTs that brought in $8 million from investors.

"From the standpoint of federal securities laws, is there a legal difference between buying a Yankee ticket that offers you the experience of a Yankee game and buying an NFT that offers you the experience of an animated web series?" Torres asked.

Gensler said it's about how something is offered and sold and if people are "looking to a common enterprise anticipating profits," citing the Howey Test. The test is based on a 1946 U.S. Supreme Court case frequently cited by the SEC, to determine if an asset qualifies as an investment contract and, therefore, a security.

"The expectation or promise that an object could appreciate in value or that an object could be sold at a profit in the secondary market, that expectation or profit could be retrospectively attributed to just about any collectible or any consumer good or any piece of art or any piece of music," Torres said.

Gensler said it's about how something is offered and sold and if people are "looking to a common enterprise anticipating profits," citing the Howey Test. The test is based on a 1946 U.S. Supreme Court case frequently cited by the SEC, to determine if an asset qualifies as an investment contract and, therefore, a security.

"The expectation or promise that an object could appreciate in value or that an object could be sold at a profit in the secondary market, that expectation or profit could be retrospectively attributed to just about any collectible or any consumer good or any piece of art or any piece of music," Torres said.

 @ Newshounds News™

Source:  The Block

~~~~~~~~~

BNY nears crypto custody for ETFs after SEC softens SAB 121 stance

Bank of New York Mellon will not be held to SEC accounting practices for client crypto custody after a review.

The Bank of New York Mellon (BNY) is moving toward providing custody services for its exchange-traded fund (ETF) clients’ Bitcoin and Ether after the United States Securities and Exchange Commission (SEC) gave it a pass on observing controversial crypto accounting guidelines.

The SEC’s Office of the Chief Accountant conducted a review earlier this year and concluded that the bank did not need to adhere to the SEC’s Staff Accounting Bulletin (SAB) 121, Bloomberg reported.

SAB 121 requires companies safeguarding client crypto assets to list them as liabilities in their accounting. It has been a thorn in the side of the US crypto industry since its introduction in April 2022.

The SEC loosens its grip
Other financial institutions may receive the same break, the SEC hinted. A spokesman told Bloomberg:

“Certain broker dealers and custody banks have sufficiently demonstrated to SEC staff that their fact patterns are different from those described in SAB 121.”

“As long as their customers receive the same protection for the safeguarding of crypto assets as they do in custody arrangements, their balance sheet treatment is also the same as custody arrangements,” the agency continued.

BNY would need the authorization of other regulators in addition to the SEC before it could begin offering custody services. It told Bloomberg:

“BNY has engaged, and will continue to engage, its banking regulators to offer custody services to crypto ETP clients at scale.” Source: Financial Services GOP

 SAB 121 is a source of endless controversy.  

The inconvenient SAB 121 caught the world unprepared. Coinbase’s Q1 2022 financial report led to false speculation that the company was unsound after it incorporated the new accounting.

In June 2022, politicians joined the fray for the first of many times by writing to SEC Chair Gary Gensler complaining of “regulation disguised as staff guidance.”

The Government Accountability Office examined the guidance at the urging of pro-crypto Senator Cynthia. In October 2023, it determined that SAB 121 was subject to the Congressional Review Act, which requires agency rules to be submitted to Congress with a procedure for disapproval.

A coalition of the Bank Policy Institute, American Bankers Association, Financial Services Forum and Securities Industry and Financial Markets Association sent a letter to Gensler in February asking that traditional assets recorded on blockchain be exempted from the requirements of SAB 121.

Despite the pressure, the SEC held tight to the guidance, and legislation was passed to overturn the guidance in May. US President Joe Biden vetoed the legislation the following month.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

Gensler grilled as most ‘destructive’ SEC chair during congressional hearing

SEC Chair Gary Gensler faced criticism from lawmakers and agency members during a House Financial Services Committee hearing over his handling of crypto regulation in the United States.

United States Congressman Tom Emmer slammed SEC Chair Gary Gensler during a congressional hearing, calling him the most “destructive” and “lawless” Chair in the regulator’s 90-year history.

“You’ve made up the term crypto asset security. This term is nowhere to be found in statute, you made it up [and] you never provided any interpretive guidance on how crypto asset security might be defined within the walls of your SEC,” Emmer told Gensler before a House Financial Services Committee hearing on Sept. 24.

Emmer said the term had served as the entire basis for Gensler’s “enforcement crusade” against the crypto industry for the last three years. This was up until last week when SEC lawyers retracted the term in a court footnote.

“Your inconsistencies on this issue have set this country back. We could not have had a more historically destructive or lawless chairman of the SEC.”

Emmer also grilled Gensler over his agencies’ handling of the Debt Box case — a case where the SEC sued a crypto startup for an alleged $50 million fraud scheme. The case against Debt Box was dismissed on May 28, and the SEC was ordered to pay $1.8 million in fees.

Emmer said the SEC attorneys crafted a series of lies in the Debt Box case to “effectuate the commands” of Gensler’s “anti-crypto rhetoric” and regulation-by-enforcement agenda.

“The matters in that case were not well handled,” Gensler said in response to Emmer’s questioning.

SEC ‘should have admitted long ago’ that crypto tokens aren’t securities: Peirce

Gensler also faced heat from within his own ranks, with SEC Commissioner Hester Peirce saying the SEC’s move to retract the term crypto asset security in court last week should have happened “a long time ago.”

“[By] tucking into a footnote, we admit that now actually the token itself is not a security. That's something that we should have admitted long ago,” the pro-crypto SEC commissioner explained.

“We’ve fallen on our duty as a regulator not to be precise,” Peirce said.

When asked whether crypto tokens need a statutory definition to ascertain how they apply to securities laws, Peirce responded: “It’s always helpful to have Congress weigh in, but there certainly are some guidelines we could provide in this area that we have chosen not to provide.”

“But a statutory definition would help well I always welcome the input of Congress.”

Gensler confirms SAB 121 rule will stay in place

Despite calls from 42 US politicians to rescind the SEC’s Staff Accounting Bulletin No. 121 rule, Gensler said it will remain in effect.

“No, it’s a good accounting bulletin,” Gensler said in response to a question from House Rep. Wiley Nickel about whether the SEC would rescind the rule.

The SAB 121 rule mandates SEC-reporting entities that custody crypto to record those holdings as liabilities on their balance sheets. A SAB 121 repeal bill received bipartisan support in Congress before being vetoed by President Joe Biden in June.

Gensler claims it will help public companies understand the risks associated with holding crypto, pointing to FTX, Terraform Labs and other crypto bankruptcies.

Nickel didn’t bite, claiming that SAB 121 actually makes the digital asset ecosystem “less safe.”

Nickel recently claimed that SAB 121 would prevent US banks from custodying crypto exchange-traded products at scale, creating a “concentration risk” by handing more control over to non-bank entities.

With the rule now in place, Nickel slammed the SEC’s Office of the Chief Accountant for recently exempting Bank of New York Mellon from the balance sheet reporting requirement — arguing that it will lead to “different rules for different folks.”

But Gensler disagreed: “It’s actually the same rules for different folks.”

@ Newshounds News™

Source:  CoinTelegraph

  ~~~~~~~~~

AHEAD OF TODAY’S CONGRESSIONAL HEARING ON SEC OVERSIGHT, REPUBLICANS URGED GENSLER TO REPEAL  |  Youtube

@ Newshounds News™

Source: Seeds of Wisdom Team Currency Facts 

  ~~~~~~~~~

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“Tidbits From TNT” Wednesday Morning 9-25-2024

TNT:

Tishwash:  Parliamentary Finance: Iraq is experiencing good economic conditions with a financial surplus

The Parliamentary Finance Committee downplayed concerns about the decline in oil prices on the economic reality, stressing that Iraq's financial and economic conditions are good, and that revenues exceed the size of concerns resulting from the possibility of a decline in global oil prices.

Member of the Parliamentary Finance Committee, MP Jamal Kojer, stated in a statement to the official newspaper, followed by (Al-Rabia), that “oil prices have not fallen to worrying levels, and therefore we are now in a stable economic situation with a financial surplus, and therefore we cannot talk about a crisis unless oil prices fall to less than $70.”

The member of the Finance Committee confirmed that "Iraq has gone through many economic and oil crises in the past, but the financial situation has remained stable and there is no fear of a current crisis." link

Tishwash:  Parliamentary Finance: Iraq is experiencing good and stable economic conditions

The Parliamentary Finance Committee downplayed concerns about the decline in oil prices on the economic reality, stressing that Iraq's financial and economic conditions are good, and that revenues exceed the size of concerns resulting from the possibility of a decline in global oil prices.

Member of the Parliamentary Finance Committee, MP Jamal Kojer, said in an interview with “Al-Sabah” followed by “Al-Eqtisad News”, that “oil prices have not fallen to worrying levels, and therefore we are now in a stable economic situation with a financial surplus, and therefore we cannot talk about a crisis unless oil prices fall to less than $70.”

The member of the Finance Committee stressed that "Iraq has gone through many economic and oil crises in the past, but the financial situation has remained stable and there is no fear of a current crisis."

“According to the Financial Management Law, the 2024 budget was supposed to be submitted after the middle of October, but there is still a delay in the expected schedules, which may be submitted in the first quarter of next year,” Koger continued. The MP pointed out that “the majority of the 2023 budget has already been disbursed, with 9 trillion dinars disbursed two months ago, while the 2024 budget has not yet been disbursed due to changes in governors and attempts to introduce new projects.”

The member of the Finance Committee added, "As for liquidity, the government has guaranteed the liquidity of salaries, but there is a shortage in the liquidity of projects. However, the projects that have been started will continue, including bridge projects   link

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

Tishwash:  Rafidain announces collecting 3 trillion dinars from taxes within 9 months

 Rafidain Bank announced today, Wednesday, that it collected 3 trillion dinars from taxes during 9 months of the current year.

The bank's media office stated in a statement received by the Iraqi News Agency (INA), that "the total amounts of financial settlements related to electronic collection movements from state departments and institutions that have activated electronic collection and switched to electronic transactions and collected bills and fees from beneficiaries electronically via bank cards and  POS devices , is 3 trillion dinars during the first nine months of the current year."

He added, "This achievement represents the great interaction using electronic payment in financial transactions and ensuring the preservation of money movement paths and making them in a safe and transparent environment."  link

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

Tishwash: An imminent process to change the skin of the Iraqi dinar.. Removing zeros will reveal the extent of currency manipulation

Government advisor: It must be preceded by political and economic stability

There has been talk once again about the possibility of removing zeros from the local currency, as the government is studying a bold option of changing the Iraqi dinar to its skin. Although this step carries promises of simplifying financial transactions, it raises concerns about its effects on the economy and citizens, especially in light of the inflation that the markets have been witnessing for a long time .

During the current month, the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, revealed new information regarding the project to delete zeros in Iraq, indicating that “the project is undergoing continuous review and study, taking into consideration the existence of an issued currency volume that has exceeded 100 trillion dinars, after it was 6 trillion in 2004. ”

Many countries take the step of removing zeros from their currency to revalue their national currency , and facilitate financial transactions by removing a certain number of zeros from the nominal value of the currency, making it appear less inflationary and more stable .

60countries experience

“Removing zeros from the local currency is a process that has taken place in more than 60 countries over the past years,” said Mazhar Mohammed Saleh, the Prime Minister’s financial advisor. “This step comes after economic inflation occurs in countries, and therefore they resort to deleting zeros in order to keep up with prices in the markets,” he explained. 

In an interview with Al-Jabal, Saleh continued, saying, “The abundance of zeros has doubled the monetary value of the currency now,” adding, “Political and economic stability must be achieved before resorting to deleting zeros.” 

According to Saleh, the process of deleting zeros will facilitate the financial trading process, in addition to facilitating the calculations, and will not affect the value of the currency and all goods in the market, pointing out that this process will also allow the issue of trading small currencies in the markets, which supports the poor class of society .

The Iraqi Council of Ministers (February 7, 2023) approved the decision of the Board of Directors of the Central Bank to adjust the exchange rate of the dollar against the dinar, equivalent to 1,300 dinars per dollar, after it was 1,480 dinars per dollar, which, according to observers, caused a significant decline in the value of the Iraqi dinar in the markets .

 What about the value of the dinar?

 In this regard, financial expert Mahmoud Dagher told Al-Jabal, “There is a high committee formed within the Central Bank that is continuing discussions and studying the deletion of zeros from the local currency of Iraq,” indicating that “the numbers on the currency have become very large, which is the main reason behind this process.” 

Dagher, a candidate for a senior position at the Central Bank, added, “The most prominent positive aspect of removing zeros from the currency is strengthening the psychological aspect of the currency by reducing the volume of transactions,” adding, “Removing zeros does not change the value of the money nor does it affect the volume of demand and the monetary mass.” 

" Iraq currently has a currency issue exceeding 100 trillion dinars," said Dagher, who pointed out that "there is a negative point resulting from this process, which is the large financial costs to cover this process, and therefore the committee needs to study all economic aspects before making the final decision." 

According to Dagher, changing the currency will lead to the Central Bank controlling the amount of cash liquidity outside the banking system and knowing the amount of currency available, stressing that this process will work to uncover manipulation, financial theft, and other things .

According to the circulated data, the foreign reserves of the Central Bank of Iraq cover 83.62% of the broad money supply, which is enough to cover the cost of imports for 15 months, while the global standard rate is 20 %.

Expected effects

According to the specialists’ view, the process of deleting zeros from the Iraqi local currency has many positives, as well as negatives, which can be summarized as follows :

The positives include: First: Simplifying calculations, as removing zeros will contribute to simplifying calculations and facilitating dealing with money .

Second: Improving the image of the currency, as deleting zeros may give the impression that the Iraqi currency has become more stable and stronger .

Third: Attracting investments, as this process may encourage investors to invest their money in the Iraqi economy .

As for the negatives:

 First: High costs, as implementing this project requires large costs to change banknotes and coins, and update electronic payment systems .

Second: Temporary confusion, as citizens may face some confusion in the first period after implementing the decision .

Third: The reform is not sufficient, as deleting zeros is only one of many measures necessary to achieve economic stability .

Steps to strengthen the dinar

In this regard, Drid Al-Shaker Al-Anzi, an economic expert, told Al-Jabal, “The Central Bank’s attempts to improve the reality of the local currency are many, but they always come to no avail.”

The Central Bank owns about $115 billion, 140 tons of gold, in addition to $43 billion in central treasury bonds, and $36 billion accumulated in savings at the Federal Reserve deposited in (JP Morgan), but they "did not and will not affect the strength of the Iraqi currency," according to the economic expert .

 Al-Anzi believes that “linking the Iraqi currency’s evaluation completely to the dollar through negotiations with the US Federal Reserve will allow for improving the strength of the Iraqi dinar,” stressing that this step will make the Iraqi dinar “stronger than the Jordanian dinar . ”

Al-Anzi points out that "the step of deleting zeros is not useful in improving the value of the Iraqi dinar compared to the countries of the region," considering that "it is a step that will only change digital transactions and has no positive value   link

Mot: Amazing how I can Still get Around !!! 

Mt: siiiggghhhhhhh -- Been un of Those Daze!!! 

News, Rumors and Opinions Wednesday AM 9-25-2024

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.

Judy Note: I will not be putting out an update tonight for Wed. 25 Sept. To me, it still sounds pretty solid that everything is going to start happening on Tues. 1 Oct. – the EBS, notification for appointments, starting of the 10 days of communication darkness, complete US government shutdown and I don’t know what else. Readers need to prepare. Our world is changing.

Ariel : So Many Things Converging at Once on October 1st, Game Over

Tuesday, 24 September 2024, 22:56 PM

OPEC+ nations may announce further cuts to oil production, which could lead to higher energy prices globall

The Port is supposedly going on strike as union workers demand a 77% raise.

After a long pause, millions of Americans will have to start repaying student loans, impacting disposable income

Basel 3 is supposed to go into effect that will change the real estate market forever.

LIBOR is supposed to be replaced by SOFR.

Key corporate earnings reports and economic forecasts are due, which could influence market sentiment significantly, particularly in already volatile financial markets.

Imposition of new tariffs as trade negotiations continue to strain between major economies, affecting prices of imported goods and manufacturing.

Government Shutdown is hovering over that date as well.

Certain pandemic-related housing protections, including eviction moratoriums and mortgage forbearance programs, are set to expire.

Rising interest rates and global economic pressures are heightening fears of a debt crisis in emerging markets, potentially leading to currency issues.

October 1st marks the beginning of the new fiscal year for many organizations, leading to budget reallocations, layoffs, or strategic pivots.

We are heading towards historic events that will change the course of this country forever. And the Deepstate knows there is no going back from that point. So expect them to throw everything at us. Because for them our future is going to be their end. And they do not want you making it to that opportunity to remove them from this planet forever. So be prepared for anything and everything. Nothing to fear. Nothing to run from. As I told you yesterday. You hold the cards now.

Goodluck.

𝙂𝙖𝙢𝙚 𝙊𝙫𝙚𝙧!

Freedom
Liberty
Law & Order
Prosperity

We are about to embark upon a historic endeavor ladies & gentlemen. We have been waiting for this moment and it is finally here. Things will start to move at a high pace after October 1st. Which means the Caball will ramp up their desperation to maintain power. But this will not stop anything. We are about to take back full control of this nation. And we will be compensated for sticking it out and making it to this pivotal point in history.

 What Does This Mean For The Average Person?

With regulated financial institutions now allowed to custody Bitcoin and crypto, digital assets are gaining legitimacy and moving closer to mainstream adoption. This paves the way for broader acceptance in everyday financial systems. Allowing established institutions to hold crypto provides an extra layer of security and trust, reducing the fear of hacks and scams that have plagued unregulated exchanges. It creates a safer environment for both new and seasoned investors. Traditional banks offering crypto custody services make it easier for everyday people to invest in digital currencies without needing to navigate complex, unfamiliar platforms. This bridges the gap between traditional finance and the world of crypto.

Traditional banks offering crypto custody services make it easier for everyday people to invest in digital currencies without needing to navigate complex, unfamiliar platforms. This bridges the gap between traditional finance and the world of crypto. As traditional banks begin to embrace digital assets, the exposure to Bitcoin and other cryptocurrencies offers individuals the opportunity to diversify their portfolios with assets that have historically provided high returns compared to traditional investments.

Crypto offers a way for people who are underserved by traditional banking systems to participate in the financial world. Regulated custody services help level the playing field, offering new opportunities for wealth-building. This development sets the stage for broader integration of decentralized finance within traditional financial structures, providing new ways to earn, borrow, and save that were previously inaccessible. Not to mention how this will help the IQD reach the international financial market for those who are waiting on the rate change.

Source(s):
https://x.com/Prolotario1/status/1838681166162886863
https://x.com/Prolotario1/status/1838691043694498049
https://x.com/Prolotario1/status/1838692395480756276

https://dinarchronicles.com/2024/09/24/ariel-prolotario1-so-many-things-converging-at-once-on-october-1st-game-over

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

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

Militia Man  We had three articles the other day and now we have another one out today.  Article:  "Removing zeros from the Iraqi dinar is back in the spotlight:  Strengthening the currency or just changing its form?"  Quote:  "...Remove the zero...is done by removing specific number of zeros from the nominal value of the currency."  They didn't say from the currency bills themselves.  They're talking about the nominal value.  For all you folks out there that have been talking about a lop, please just read and see...What is the value of your currency?  Today it's .00076.  If you take off 3 zeros what do you have?  .76

Frank26  [Iraq boots-on-the-ground report]   FIREFLY:
Mr. Sammy [bank friend] expects by the end of this year or early '25 we will see what we're looking for...but he agrees with you it could happen at any time in the next three months of this year.  FRANK:  Mr. Sammy and I are on the same page.  The only difference is he's turning the pages a little slower than I am.  I do not see this going into next year.

The treasury support CBI of Iraq

Nader:  9-24-2024

https://www.youtube.com/watch?v=MDzJ3pcVrxo

Vietnam and Iraq Currency Updates & Future Prospects

Edu Matrix:  9-25-2024

Vietnam and Iraq Currency Updates & Future Prospects—The CBI Launches New Sustainability Map. State Bank of Vietnam Changes VND Rate.

https://www.youtube.com/watch?v=DV-k-xS5F0g

Seeds of Wisdom RV and Economic Updates Tuesday Evening 9-24-24

Good Evening Dinar Recaps,

PRO-CRYPTO SENATE CANDIDATE JOHN DEATON SET TO DEBATE ELIZABETH WARREN IN OCTOBER

▪️John Deaton, a pro-crypto lawyer and Senate candidate, will debate Senator Elizabeth Warren on October 15.

▪️The debate will address key issues, though it remains unclear if cryptocurrency will be a topic of discussion.

▪️Deaton already criticized Sen. Warren for shifting from holding bankers accountable to supporting their interests.

Pro-crypto lawyer John Deaton, the Republican nominee for the Massachusetts Senate, confirmed his participation in a debate with Democratic Senator Elizabeth Warren on October 15.

This marks the first debate between the two, providing a platform to discuss issues affecting voters.

Deaton Accuses Senator Warren of Big Bank Favoritism
In a post on social media platform X (Twitter), Deaton criticized the Democratic Senator for her shift from holding bankers accountable to supporting their interests. He noted that despite her earlier calls for prison sentences for bankers involved in the 2008 financial crisis, she later backed bank bailouts.

Deaton labeled Warren the country’s top lobbyist for big banks, urging voters to focus on politicians’ actions rather than words. He suggested Warren’s actions contradicted her previous promises.

“[Warren] decried how banking executives deserved prison time for causing the Great Financial Crisis – yet she supported the bailouts. Twelve years ago she promised she would go to Washington to hold those bankers accountable. A decade later, those same bankers write her bills,” Deaton stated.

Notably, Deaton has challenged Warren to five single-issue debates. He proposed topics such as immigration, the economy, income inequality, women’s reproductive rights, and foreign policy. Although Warren’s campaign confirmed two October debates, it’s unclear if cryptocurrency will be discussed.

Deaton’s Senate run stems from Warren’s consistent opposition to cryptocurrencies. Over the years, she has become a prominent figure in the Senate’s anti-crypto stance, even advocating for the formation of an “anti-crypto army” to limit the industry’s influence.

Deaton, a vocal supporter of Ripple and other crypto firms facing legal battles with the SEC, has gained backing from key figures in the crypto industry. His supporters include Gemini co-founders Cameron and Tyler Winklevoss, as well as the Commonwealth Unity Fund PAC.

@ Newshounds News™
Source:  BienCrypto

~~~~~~~~~

IOTA Ecosystem Spotlight: The Community Behind Blockchain Innovation

▪️The IOTA ecosystem thrives due to its dynamic community and innovative developer contributions, pushing the boundaries of blockchain technology with groundbreaking projects.

▪️IOTA’s Tangle network relies on nodes and validators for security and stability, while the community extends beyond technology to make significant social impacts.

The IOTA ecosystem has enjoyed major success due to the contributions of the vibrant and dynamic participants. Furthermore, IOTA’s innovative developer community has been driving IOTA’s future by pushing the boundaries of new developments in blockchain technology.

IOTA’s developer community has been working on a few groundbreaking projects shaping the next generation of IOTA tech while boosting the network’s position as a leader in the blockchain space.

▪️IOTA Community Spotlights and Projects @iota

▪️The Power Behind A Successful Blockchain: A Thriving Community.

▪️The secret sauce to every successful blockchain is its vibrant community.

🧵 Let’s dive into IOTA’s dynamic world and the game-changers making waves in the ecosystem. pic.twitter.com/8KbAu7ubBh

▪️— Whiz DeFi (@WhizDefi) September 19, 2024

Another key component of the IOTA ecosystem is its community-driven events, such as meetups and hackathons, that thrive upon new innovations and ideas. 

These gatherings provide a platform for education and collaboration while empowering participants to build new connections and share knowledge.  Besides, they also play a critical role in nurturing the IOTA community while offering opportunities to newcomers and seasoned developers to contribute to the ecosystem’s growth.

As reported by Crypto News Flash, the Tangle community Treasury has introduced “mini-grants” for events to help IOTA-related projects by providing funding for networking and outreach activities.

IOTA Nodes and Validators And Overall Social Impact
As we know, nodes and validators form the backbone of IOTA Tangle while playing a crucial role in ensuring the network’s security, decentralization, and stability.

These nodes and validators are basically individuals and organizations that maintain the integrity of Tangle while keeping the network secure and operational, per the CNF report.

Beyond its technological advancements, IOTA’s community is also making a significant social impact. Many members leverage the platform for philanthropy, sustainability, and other social good initiatives, showcasing the potential of blockchain to drive meaningful change.

By integrating technology with purpose, IOTA is proving that blockchain can be a force for positive societal transformation.

Furthermore, IOTA has been making strong inroads in the European Union and working along with the European Commission for several blockchain-based solutions under the European Blockchain Pre-Commercial Procurement (PCP) program, per the CNF report.

The European Blockchain Sandbox initiative, supported by the European Commission, aims to oversee the development of a pan-European framework for regulatory discussions, as recently detailed by CNF. IOTA’s selected solution is an advanced user authentication system designed to address the challenge of secure and reliable identity verification within the Web3 ecosystem.

@ Newshounds News™

Source:  Crypto News Flash

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DOJ FILES ANTITRUST LAWSUIT AGAINST VISA

Visa accused of monopolistic practices, allegedly stifling competition and raising costs for consumers and merchants.

Key Takeaways
▪️Visa controls over 60% of U.S. debit transactions, with the DOJ accusing it of using its dominance to stifle competition and raise fees.

▪️The DOJ accuses Visa of using restrictive agreements to maintain market  dominance.

The US Department of Justice (DOJ) has filed a civil antitrust lawsuit against Visa, alleging that Visa has unlawfully monopolized the debit network market. Visa is accused of using its dominance to suppress competition, inflate fees, and thwart innovation.

“Visa has unlawfully amassed the power to extract fees far beyond what it could charge in a competitive market,” said Attorney General Merrick B. Garland.

According to the DOJ, Visa, which processes over 60% of debit transactions in the US, has engaged in exclusionary practices that prevent smaller competitors and innovative financial technologies from gaining traction in the debit market.

The DOJ’s lawsuit highlights Visa’s stronghold over the debit market, where it charges $7 billion annually in fees for processing transactions. Visa allegedly leverages its scale and central role in the debit ecosystem to impose restrictive agreements on merchants and banks, penalizing those who use competing debit networks and locking out competition.

“Anticompetitive conduct by corporations like Visa leaves the American people and our entire economy worse off,” said Principal Deputy Associate Attorney General Benjamin C. Mizer.

Visa has allegedly maintained its monopoly by targeting both smaller debit networks and potential technology entrants. The DOJ claims Visa discouraged competition by coercing banks and merchants into agreements committing large transaction volumes to Visa.

The lawsuit also points to Visa’s strategy of “cooperating” with would-be competitors, particularly in the tech industry, to prevent them from offering disruptive alternatives.

The DOJ claims Visa saw tech companies and fintech startups as an “existential threat” and neutralized them by paying them to partner with Visa instead of competing.

“Visa fears competition and innovation, and instead chooses unlawful cooperation and monopolization,” said Principal Deputy Assistant Attorney General Doha Mekki of the DOJ’s Antitrust Division.

The lawsuit against Visa is the latest in a series of antitrust enforcement actions taken by the DOJ to protect competitive markets. In 2020, the DOJ successfully blocked Visa from acquiring Plaid, a fintech company that was developing innovative debit payment technologies.

@ Newshounds News™

Source:   Crypto Briefing  

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JUST IN: HEZBOLLAH ASKS IRAN TO ATTACK ISRAEL.   BRICS Post Link

@ Newshounds News™

Source:  BRICS

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UNDERSTANDING ANTI MONEY LAUNDERING RISK AML  | Youtube

@ Newshounds News™

Source: Seeds of Wisdom Team Currency Facts 

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Seeds of Wisdom Team Currency Facts Youtube and Rumble

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Thank you Dinar Recaps

More News, Rumors and Opinions Tuesday PM 9-24-2024

KTFA:

Iraq Plans Currency Redenomination Amid Economic Challenges

9/23/2024

 ERBIL — The Central Bank of Iraq (CBI) has announced that discussions regarding the project to remove zeros from the Iraqi dinar are ongoing, with assessments continuing. The bank also noted a reduction in reliance on the US dollar for trade transactions.

Ali Mohsen al-Alaq, Governor of Iraq's Central Bank, stated that the bank is facing global economic challenges, such as rising energy and raw material prices.

To address these issues, it has amended some monetary policies in line with the international situation, aiming to increase confidence in the Iraqi dinar and prevent a significant decline in its value.

The central bank has also increased its holdings of foreign currency and gold reserves to enhance the country's financial stability and its ability to cope with economic crises in any situation, he added.

Many countries remove zeros from their currencies to revalue the national currency and facilitate financial transactions. This process involves eliminating a certain number of zeros from the nominal value of the currency, making it less inflationary and more stable.

Earlier this year, the Iraqi federal government decided to postpone a plan to remove three zeros from the nominal value of its currency notes, citing that the current economic climate is not suitable.

Last year, the central bank indicated plans to redenominate the Iraqi dinar to simplify financial transactions in an economy that remains heavily centralized and oil-dominated, where deals are often conducted in cash.   LINK

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Clare:  Iraq presents to US Treasury date for abandoning currency auction  

9/24/2024  Economy

The Prime Minister informed Mohammed Shia Al-Sudani, US Treasury Department, keeps only 5% of remittances Foreign It is not done through the electronic platform, and it will be completed by the end of this year, then the transition to correspondent banks.

 He said The office Al-Sudani's media, in a statement received by Sumaria News, said that Al-Sudani received, yesterday evening, Monday (Baghdad time), the US Deputy Secretary of the Treasury, Wally Adeyemo, and a number of officials in the Treasury Department. The meeting witnessed a discussion of bilateral economic relations between the two countries in various vital sectors, a review of the government's efforts and plans for economic and financial reform, the move towards diversifying the sources of Iraqi output, enhancing development targets, and practical measures applied in the field of combating money laundering.

 Al-Sudani stressed that "the government has made great strides in the financial and banking reform file, and 95% of bank transfers have been completed through the electronic platform, and less than 5% remains to be completed by the end of this year, after which the transition to the correspondent banking system will take place, in accordance with the government's approach and its commitment to raising the capabilities of Iraqi banks, in line with the standards.

"Global It meets the needs of the thriving investment environment in Iraq For his part, Adeyemo praised the “progress being witnessed by Iraq In the field of economic and banking reforms that were achieved in record time, and the state of economic growth that reached a total of about 6%, which enhances the government's efforts in development, expressing readiness to cooperate and work within a bilateral partnership that serves the interests of economic development," according to the statement.  LINK

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

Fnu Lnu  I would like to assure the Dinar investor community of a couple of things. There comes a time when common sense and logic must prevail.  There will be NO travel necessary to exchange your Dinar for American dollars (USD). You will not have to go to Jordan, Egypt, or Syria. There will be NO $0.10 revaluation. It was already at the rate of $3.22 to 1 Dinar when the only resource was oil. Dr. Shabibi, the preeminent expert, stated publicly, that Iraq could sustain an $16 to 1 Dinar rate but lets not get greedy. $4.80 is just about right. Stay tuned because I will have a mind bender coming for you next time and it will really make you think.

Jeff  We had five of these articles talking about deleting the zeros...and then one today, so six total within 3 days.  Very amazing ...Removing zeros is getting rid of the large 3-zero notes and replacing them with smaller size currency notes but at an increased value.  So when the rate changes the large notes have the same purchase power before the rate change as the smaller notes after the rate changes.  They would have to increase the value for the currency, strengthen it, to delete the zeros... This news is looking really good.

Iqd # Iraq economy

Nader:  9-24-2024

https://www.youtube.com/watch?v=-wfX58nevaw

Will The CBDC Reset Cancel Your Debt? | Clive Thompson

Liberty and Finance:  9-24-2024

Clive Thompson analyzes the recent Federal Reserve interest rate cuts and their potential impact on the economy.

While these cuts may initially seem advantageous for markets, he warns they could indicate more serious problems within the labor market and the broader economic landscape.

Thompson suggests that investors steer clear of cyclical companies and those burdened with high debt during a recession, recommending a focus on consumer staples and utilities as more reliable options.

He expresses concern over rising government debt and the threat of a currency crisis, which could lead to substantial losses for cash and bondholders.

Additionally, Thompson discusses the scenario of debt cancellation during a Central Bank Digital Currency (CBDC) reset.

INTERVIEW TIMELINE:

0:00 Intro

1:10 Rate cut & recession

17:05 CBDC Reset

38:14 Debt cancellation?

https://www.youtube.com/watch?v=xxSgQY6OEkU

Ariel : You hold all the cards now: Play your aces

Ariel : You hold all the cards now: Play your aces

This account exists because the private, membership-only site (S3-Gladiators) I was a part of was shut down. I engaged sparingly, sharing crucial updates on IQD. I connected with three key players through that channel—two of whom some of you have now come to know. Years ago, I was positioned to cash out. You’ve seen my NDA. Some of you wonder if you’ll be signing one yourself.

Understand this: NDAs will not be required unless you choose a private venture with selective banks. Any such decision will be entirely arbitrary, left to your discretion. Not forced. Not coerced. Not imposed. Everything 100% in your control.

On September 30, 2016, at 5:00 am EDT in the Line Islands of the Pacific Ocean, a monumental shift occurred: humanity was liberated legally, morally, and monetarily. The old, oppressive financial structures began their collapse.

The USA, Inc., and the Federal Reserve Bank’s fiat dollar (USD) met its end, replaced by the Republic’s new United States Treasury (UST). This transition marks the rebirth of sovereignty and wealth, with the European Banking Caball surrendering control of the global financial system by October 1st.

The world has been set on an irreversible course towards true independence, driven by a historic offensive to dismantle the remaining power of the 13 bloodlines. The Global Currency Reset (GCR) is transitioning from theory to reality, with the new asset-backed financial system becoming visible across global financial platforms.

 Rate differentials will be recalibrated in accordance with asset-backed algorithms, rendering NDAs obsolete. Once public knowledge is established, no organization can demand secrecy (NDA) for what is already laid bare.

Iraq stands on the precipice of historical announcements that will send ripples through the international financial community. The resurgence of a powerful Iraqi currency will not just symbolize the end of an era but the dawn of another. An order that sees the shackles of centuries-old financial tyranny shattered, ushering in an age of unprecedented global prosperity.

Imagine the magnitude of what this means. A true paradigm shift that redefines the fabric of society and the global economy, allowing you to witness the realization of the true American Dream a dream that was systematically denied to generations.

 Restitution is no longer a distant hope but a reality unfolding before us. This is not just a financial reset; it is the rebirth of human potential, a long-overdue reclamation of freedom and wealth that belongs to us all.

Stand ready, for the future that was once stolen is now being returned. The time has come to claim what is rightfully yours. The world is changing, and you are at the center of it. Prepare for the prosperity and transformation that will reshape history. Do your part. Make known your presence. This will never happen again. Make smart decisions.

~Your Future Stands Regardless Of What Has Befallen You

Source(s):  https://x.com/Prolotario1/status/1838335358603235807

https://dinarchronicles.com/2024/09/24/ariel-prolotario1-you-hold-all-the-cards-now/