“Tidbits From TNT” Saturday 10-26-2024
TNT:
Tishwash: What is the total spending and price of a barrel of oil in the 2025 budget?
The Prime Minister's Advisor for Financial Affairs, Mazhar Muhammad Salih, specified the expected total spending, the hypothetical deficit, and the price of a barrel in the 2025 budget.
Saleh said, "Next year's budget 2025 will not deviate from the constants approved in the Federal General Budget Law (the three-year budget) submitted by the government and approved by the House of Representatives for the years 2023-2024-2025, especially in the principles and objectives consistent with the government program."
TNT:
Tishwash: What is the total spending and price of a barrel of oil in the 2025 budget?
The Prime Minister's Advisor for Financial Affairs, Mazhar Muhammad Salih, specified the expected total spending, the hypothetical deficit, and the price of a barrel in the 2025 budget.
Saleh said, "Next year's budget 2025 will not deviate from the constants approved in the Federal General Budget Law (the three-year budget) submitted by the government and approved by the House of Representatives for the years 2023-2024-2025, especially in the principles and objectives consistent with the government program."
He added, "Despite this, the 2025 budget must be hedged with a hypothetical deficit of 64 trillion dinars, which is a (precautionary) deficit that has been established by law; to avoid fluctuations in the general budget revenues for the coming year, especially oil revenues that are subject to fluctuations in the oil asset cycle and the conditions of energy markets in the world, as long as the total spending ceiling will touch perhaps 200 trillion dinars, depending on the financial and economic circumstances of the country."
He explained that "the price of a barrel of oil in the three-year budget, to which the 2025 budget is subject, was set at $70 and an export capacity of 3.4 million barrels per day for the purposes of determining oil revenues in the general budget." link
Tishwash: Is gold in Iraq affected by global prices? Expert explains
Growing geopolitical tensions are pushing investors towards safe assets such as gold, driven by a desire to protect themselves from risks and instability in global markets. Are gold prices in Iraq affected by global prices?
In this regard, Mustafa Hantoush, who is concerned with financial and banking affairs, confirmed that Iraq is not a gold-producing country, and
its people buy more than they sell due to hoarding and traditions. Therefore, its markets depend on global gold prices in buying and selling.
Hantoush told Iraq Observer, “One of the most important reasons for the rise in global gold prices is the increase in the dealings of countries such as (Russia - China - Belarus) in gold as an alternative to smuggled goods and oil.”
He added, "There is also a trend by the central banks of the world's countries to strengthen their reserves with gold instead of currencies and bonds."
He added, "In addition to the increase in inflation in the equivalent dollar amounts in the US economy, which increases the risks of the dollar and makes investment and savings tend towards gold."
He pointed out that “the scarcity of global gold sources in the face of a large population expansion creates a demand for gold as a result of societal uses such as marriage and others,” explaining that “if there is a rise in gold globally, prices inside Iraq will witness a rise, and if it decreases globally, there will also be a decrease inside Iraq.”
About a year ago, some gold traders resorted to buying dollars and making commercial transfers by purchasing quantities of gold, which enabled them to buy dollars at the official price, and contributed to additional profits through transfers via gold trading. link
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Tishwash: Oil: Gas investment project implementation with Total is progressing within the specified timeframe
The Ministry of Oil confirmed, today, Friday, that the gas investment project work with the French company Total is proceeding within the specified timeframes.
A statement by the ministry - received by the Iraqi News Agency (INA) - stated that "Undersecretary of the Ministry for Extraction Affairs, Basem Mohammed Khader, chaired the seventh meeting of the Joint Management Committee for the project, in the presence of Undersecretary of the Ministry for Gas Affairs, Izzat Saber, Director General of Basra Oil Company, Basem Abdul Karim, and Director General of South Gas Company, Hamza Abdul Baqi."
The Undersecretary said during the meeting - according to the statement - that "the progress of the implementation of the gas investment project implemented by the French company Total in Basra is proceeding within the specified timeframes, as confirmed in the government program and the directives of Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghani."
The Undersecretary confirmed - after chairing the meeting - that "the project is one of the important and strategic projects on which great hopes are pinned, as it includes important projects, including the development of the Artawi field and gas investment in five oil fields in two phases with a capacity of 600 mcm, each phase 300 mcm, in addition to the seawater project to inject water into the fields to compensate for the depleted pressures, as well as the solar electric energy project with a capacity of 1000 megawatts in four phases, each phase 250 megawatts."
He added, "The meeting discussed several topics, the most important of which is how to start the accelerated gas investment project, which is an additional paragraph for the project that was not included in the obligations, but was added after the directives of the leadership of the oil sector and the government on the necessity of closing the gas flaring file and optimal investment of associated gas, and the project was referred with a capacity of 50 cubic meters."
The statement continued, "During the meeting, the mechanisms for starting drilling operations were discussed, as tenders were referred in this regard, and they will begin after December of this year," noting that "the seismic surveys project was assigned to a Chinese company in cooperation with the Oil Exploration Company."
He pointed out that "regarding the seawater project, there are negotiations with one of the companies in agreement with Total, and we hope to reach understandings in this regard."
The statement explained that "the meeting stressed the importance of the participation of Iraqi workers from graduates and other workers in the project, and this will be through contracting with them directly from Total, without the need for other parties." link
Mot: DANG!!! --- Really Windy Here Today
Mot: . Self-propelled Dancing Witch's Broom - https://www.youtube.com/watch?v=mXRDN1k_78E
Seeds of Wisdom RV and Economic Updates Saturday Morning 10-26-24
Good Morning Dinar Recaps,
CROSS BORDER PAYMENTS: CITI SPOTLIGHTS DLT. FSB REPORTS ON G20 PROGRESS
During the past week Citi and the Financial Stability Board (FSB) have published separate reports on cross border payments.
Both papers explore G20 targets for improving cross border payments. Unfortunately, 2024 speed figures were worse than 2023 for wholesale, retail and remittance payments, largely reflecting more accurate data.
Citi’s report highlights that fintechs expect to gain 10% in market share from banks in the next two to five years. Its survey shows that DLT is one tool to address the pain points, but more in the medium term.
Good Morning Dinar Recaps,
CROSS BORDER PAYMENTS: CITI SPOTLIGHTS DLT. FSB REPORTS ON G20 PROGRESS
During the past week Citi and the Financial Stability Board (FSB) have published separate reports on cross border payments.
Both papers explore G20 targets for improving cross border payments. Unfortunately, 2024 speed figures were worse than 2023 for wholesale, retail and remittance payments, largely reflecting more accurate data.
Citi’s report highlights that fintechs expect to gain 10% in market share from banks in the next two to five years. Its survey shows that DLT is one tool to address the pain points, but more in the medium term.
G20 cross border payment speed bumps
The G20’s targets for 2027 are multifaceted, including improving speed, cost, transparency and access. After improvements last year, the speed statistics have gone backwards in 2024. For wholesale payments, this has more to do with some calculation changes by Swift. The others seem to boil down to more accurate data in 2024.
For example, 99.6% of North American B2P payments settled in one day in 2023, but the figure collapsed to 46.3% in 2024. Similarly, in South Asia, the one day figure went from close to 100% in 2023 to just over 20% in 2024. The explanation for the American figure was that far more payment providers shared speed data compared to 2023. However, the data reported comes from less than a quarter of payment providers. That could mean as more providers share data, the statistics might get worse.
Given stablecoins are becoming more user friendly, we’d observe that retail figures like those in the table could drive greater adoption of stablecoins, unless banks and payment service providers move faster.
The role of blockchain and tokenization
Numerous blockchain initiatives are in progress to address some of the challenges highlighted by the FSB report. Examples include the BIS Project Agorá with seven central banks and 40 institutions which aims to re-engineer correspondent banking using tokenization.
In Asia, mBridge involves five central banks and is already at the minimum viable product stage. It links to banks, but aims to remove the need for correspondent banks.
In the private sector there’s Partior, a joint venture involving DBS, JP Morgan, Standard Chartered and Temasek with similar goals to Agorá. Plus there’s the Regulated Liability Network, which was originally conceived by Citi. Several more of these solutions are explored in our report on tokenized deposits and bank stablecoins.
Citi aims to make a direct contribution on the wholesale front with the launch of its Citi Token Services. However, the solution is not particularly promoted in the report, which briefly covers stablecoins, tokenized deposits and CBDCs.
The authors state, “We believe, efficiency features such as always on operability, atomic settlement and programmability could be embedded into tokenized forms of money to address pain-points of cross-border payments.”
However, it acknowledges that because today’s infrastructure works at scale, building new rails is not a priority and is also disruptive. It requires ‘deep commitment’ from institutions to lean into something like tokenization. However, future requirements will require substantial changes.
DLT can help liquidity demands
One of the requirements explored in the report is the liquidity demands of 24/7 payments. Before the advent of real time payments, liquidity management could be more passive. Now liquidity and credit availability need more attention to prevent failed payments.
“Blockchain or tokenization is also a key solution for liquidity management in enabling the pooling of a client’s or bank’s liquidity buffers, leading to optimized allocation of capital, reduced counterparty risk, and faster settlement times.” In fact, that’s precisely the goal of Citi Token Services for Cash which enables institutions to move money between Citi branches 24/7.
While the wholesale segment dominates cross border payments, the Citi report also highlights the growth potential in the non-wholesale segment, which could grow by almost 50% between now and 2030. However, if banks don’t move fast, a large part of that could go to fintechs, perhaps even stablecoins.
@ Newshounds News™
Source: Ledger Insights
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CARDANO TO LAUNCH FIRST PERMISSIONLESS LAYER 2, OUTPACING ETHEREUM
Cardano is set to unveil its first permissionless Layer 2 (L2) solution, positioning itself ahead of other blockchains like Ethereum. The announcement was made during the Cardano Summit 2024 in Argentina, where Philip DiSarro, CEO and founder of Anastasia Labs, detailed the forthcoming launch of Midgard, an optimistic rollup designed to enhance ADA’s scalability and functionality.
DiSarro highlighted the unique advancements of Midgard via X, stating, “Not a single blockchain has managed to achieve true permissionless general purpose rollups. At the end of the day, the top ‘L2s’ in the blockchain space right now are all custodial multisigs.”
He emphasized that existing L2 solutions predominantly rely on custodial multisignature schemes, which introduce centralized elements into the otherwise decentralized blockchain environment.
Cardano Is Ahead Of Ethereum, Solana And Sui
Midgard distinguishes itself by inheriting the full security of Cardano’s Layer 1 (L1) through several innovative features. In contrast to Ethereum’s L2 like Arbitrum, Optimism and Base, Midgard operates without a centralized sequencer, challenge response proofs, multisignatures, or custodians.
Instead, it utilizes a permissionless operator set, trustless fraud proofs, and trustless deposits and withdrawals, ensuring that the inbox and outbox mechanisms remain fully censorship-resistant.
Via X, DiSarro highlighted Cardano’s unique local state Extended Unspent Transaction Output (EUTxO) architecture. “This is all made possible by Cardano’s unique local state EUTxO architecture. UTxO contention, small block size, local state, transaction determinism— all of these ‘problems’ may have led you to question why these design choices were made. Midgard aims to show you that these are actually not problems at all.”
The founder Anastasia Labs also further argued: “In fact, quite the opposite; they are extremely powerful properties that, together, provide unique value that simply does not exist in any other ecosystem. These are, in actuality, the core pillars that make Midgard even possible in the first place,” DiSarro explained.
Midgard’s architecture purportedly leverages the inherent strengths of ADA’s design, making it unfeasible to replicate on other blockchain platforms such as Ethereum, Solana, or Sui. DiSarro asserted, “You cannot build Midgard on Ethereum, Solana or Sui. It is a protocol that is only possible on Cardano.”
The impending launch of Midgard is anticipated within the next few months, with DiSarro confidently predicting its impact: “True rollups, L2 protocols that inherit the full security of the L1, are coming in the next few months. Our optimistic rollup, Midgard, is a first of its kind permissionless rollup.”
The announcement garnered attention from within the ADA community and beyond. Danogo, operating the first decentralized exchange (DEX) trading Optim Bond tokens on Cardano, referenced DiSarro’s presentation on the Cardano Summit:
“Only on Cardano you can have a new generation of Rollup that is permissionless! There is no multi sig that controls the Layer-2 like on Ethereum! Even Vitalik recognizes that now. […] That inherits full security from L1. And Cardano will have the first L2 that is fully permissionless in a few months!!!!”
Furthermore, Charles Hoskinson, the founder of Cardano, responded to the discourse with a meme on X stating, “This guy gets it,” signaling endorsement of DiSarro’s vision and the potential of Midgard.
@ Newshounds News™
Source: Bitcoinist
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🌱 THE CONSTITUTION CALL WITH SILVER 57 JIM. LOWTIDE, R JAX AND MASON GREAT INFO - DID YOU KNOW? | Youtube
Replay of the Constitution Live Call from last night October 25, 2024 with guest speaker Mason.
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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Thank you Dinar Recaps
News, Rumors and Opinions Saturday AM 10-26-2024
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. 26 Oct. 2024
Compiled Sat. 26 Oct. 2024 12:01 am EST by Judy Byington
Judy Note: The upcoming Global Currency Reset to gold/asset-backed currencies meant the IRS and Federal Reserve that functioned on the fiat US Dollar would go away. The GCR would take away their funding source
Bankers were told that BRICS would make that Global Currency Reset announcement on Fri. 25 Oct. and Redemption Center Staff had been ready and waiting since 8am Fri. morning, but it hadn’t happened yet. Although, on Friday BRICS did introduce their new gold-backed note that would replace the fiat US Dollar.
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. 26 Oct. 2024
Compiled Sat. 26 Oct. 2024 12:01 am EST by Judy Byington
Judy Note: The upcoming Global Currency Reset to gold/asset-backed currencies meant the IRS and Federal Reserve that functioned on the fiat US Dollar would go away. The GCR would take away their funding source
Bankers were told that BRICS would make that Global Currency Reset announcement on Fri. 25 Oct. and Redemption Center Staff had been ready and waiting since 8am Fri. morning, but it hadn’t happened yet. Although, on Friday BRICS did introduce their new gold-backed note that would replace the fiat US Dollar.
So now, everyone – both good and bad – were waiting for the Global financial market to crash.
Fri. 25 Oct. 2024: According to the higher ups both the EBS announcement and the Global Currency Reset announcement were supposed to happen today, but didn’t. No one knows why. Although, BRICS did announce their new gold-backed currency that would replace the fiat US Dollar.
Global Currency Reset:
Fri. 25 Oct. 2024 TS: Bankers are angry. Those in control of releasing the GO button for the Global Currency Reset didn’t give the announcement they were expecting. Especially since the redemption center people had been ready and waiting since 8:00 am.
Fri. 25 Oct. 2024 Wolverine:
A lot of sovereign whales have been paid in Zurich, and they have all gone home to start paying their members. They have leaders in their platforms to disperse their money. They had meetings yesterday.
The private contractors have seen their letters of confirmation that they will get paid this coming week. That is a million percent confirmed.
The biggest news is that the biggest Whale in the RV got paid and went home to start the process to help humanity. This news came out two hours ago, he is a good friend of mine, and when that news came through, I started crying. This means a lot of all humanity, and I also, will be jumping in with them to help with their humanitarian projects.
I will be flying out soon, but cannot tell you where. When I get the green light, you will not hear from me again, but the opera will come before that happens.
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Fri. 25 Oct. 2024: BOOOM!!! The BRICS Currency Note Presented to Putinn: The BRICS Currency Note A Revolution in Motion – amg-news.com – American Media Group
Fri. 25 Oct. 2024: Breaking: Everything You Need to Know About the Game-Changing Decisions and Global Impact of the BRICS 2024 Summit in Russia – amg-news.com – American Media Group
Fri. 25 Oct. 2024: BREAKING: Signature Bank Collapse Redux! New York Community Bank’s 40% Plunge Reignites Banking Crisis! New York Community Bank nosedives 40%, a chilling echo of the Signature Bank collapse, reigniting financial chaos. Your savings are at risk; the elites are moving fast. Act now to shield your assets!
NYCB ($NYCB) has crashed nearly 40% after releasing a disastrous earnings report. This is the same bank that took over Signature Bank’s assets post-collapse. Now, NYCB’s plummet signals something even more dangerous in the banking sector. What does this mean for your money, for our future? The collapse of NYCB isn’t just one bank’s fall—it’s a sign of systemic rot in our financial system. Regulatory failures, risky investments, and the insatiable greed of the elites have all played a role in this breakdown.
Each collapse leaves taxpayers on the hook, while Wall Street reaps rewards and Main Street pays the price. What does this mean for everyday savers? Your hard-earned money is increasingly at risk as banks struggle to stay afloat. Deposit insurance offers limited protection, and with each bank collapse, ordinary citizens face potential losses. Many people may soon realize that the “security” promised by banks was nothing but smoke and mirrors.
Meanwhile, globalist elites like the WEF have pushed policies designed to destabilize, control, and keep power centralized. Their agenda is simple: control the flow of money and leave ordinary citizens financially dependent. The crisis at NYCB isn’t an isolated event—it’s part of a larger scheme to consolidate power. With signs of economic disaster all around us, it’s time to act. Protect your wealth now by diversifying assets, holding cash, cutting unnecessary expenses, and preparing for more financial turbulence. Standing up for financial justice isn’t paranoia—it’s taking action against a system rigged against the average person.
The collapse of NYCB is a call to action: it’s a wake-up call that the stability we were promised is a lie, designed to keep us compliant while they reap the profits. Enough is enough. The time to fight back is now.
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Fri. 2 Oct. 2024 PROJECT ODIN + Military GESARA = EBS: A Formula That Will Change the Course of History Forever! …Ben Fulford on Telegram
The world’s financial system will be reborn, as cryptocurrency as we know it vanishes, replaced by ISO20022 coins backed by precious metals. Tesla’s free energy will power the future, while Bitcoin servers will be shut down permanently.
The Quantum Leap is coming. Enabled by PROJECT ODIN, NESARA, GESARA, and RV will transform the world. Trump and Kennedy will be restored as rightful leaders. The Emergency Broadcast System (EBS) will reveal the suppressed truths, uniting 209 nations for a new financial order.
Prepare yourselves! The world will never be the same again.
Read full post here: https://dinarchronicles.com/2024/10/26/restored-republic-via-a-gcr-update-as-of-october-26-2024/
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 All of these [American US] banks have been flat out lying to us and saying it's a scam. But now that they have been updated IMO...the canary is singing a new tune. It's no longer a scam.
Bruce [via WiserNow] ...the information that we're getting about our start in tier four is based on us being notified...And setting our appointments and exchanges over the weekend...we're going to get this, this weekend. That's what we're getting from people that are, in the know, with Treasury, people that are helping get the RV put together...we are literally hours to a day or two away. At least that’s the last information we have today...
BRICS, De-Dollarization, & Gold (Bullion Bulletin - 10/25/24)
Andy Schectman: 10-25-2024
Mysterious BRICS Banknote Explained: End of Dollar on the Horizon?
Fastepo: 10-25-2024
Seeds of Wisdom RV and Economic Updates Friday Afternoon 10-25-24
Good Afternoon Dinar Recaps,
BRICS+ EXPANDS PLANS FROM DLT PAYMENTS TO DLT CLEARING AND DEPOSITARY
Following this week’s BRICS+ meetings in Kazan, Russia, the group published a 136-page statement, with a small part of it touching on payments (see below). Plans for a new cross border payment system, BRICS Bridge, have been discussed for some time. Additionally, Russia is now pushing for a BRICS-based securities system to provide clearing and a depositary, reportedly also DLT-based.
In January BRICS expanded its membership from the original five members — Brazil, Russia, India, China, and South Africa — with the addition of Iran, the UAE, Ethiopia and Egypt. While Saudi Arabia was expected to be one of the new joiners, it has not officially signed up. Instead, it is a BRICS ‘partner’.
Good Afternoon Dinar Recaps,
BRICS+ EXPANDS PLANS FROM DLT PAYMENTS TO DLT CLEARING AND DEPOSITARY
Following this week’s BRICS+ meetings in Kazan, Russia, the group published a 136-page statement, with a small part of it touching on payments (see below). Plans for a new cross border payment system, BRICS Bridge, have been discussed for some time. Additionally, Russia is now pushing for a BRICS-based securities system to provide clearing and a depositary, reportedly also DLT-based.
In January BRICS expanded its membership from the original five members — Brazil, Russia, India, China, and South Africa — with the addition of Iran, the UAE, Ethiopia and Egypt. While Saudi Arabia was expected to be one of the new joiners, it has not officially signed up. Instead, it is a BRICS ‘partner’.
BRICS Pay
Before the main meetings, BRICS Pay cards loaded with 500 Rubles ($5.20) were distributed to visitors at the BRICS Business Forum in Moscow. Egyptian and South African news outlets describe the cards as a symbolic promotional gesture rather than suggesting that a live system exists.
However, this is a reminder of another initiative – to interconnect domestic payment systems – which has not gained traction, according to a recent Forbes Russia report.
Discussions about a BRICS common basket currency have also faded, mainly because that’s viewed as extremely difficult. However, the BRICS+ statement referenced exploring ‘payment instruments and platforms’, which could include either a basket or more likely local currency CBDCs.
BRICS Bridge
In recent times the main focus has been on the DLT-based BRICS Bridge as a way to enable local currency transactions, potentially with CBDCs.
The use of the word Bridge is a nod to mBridge the cross border payment system co-developed by some of the BRICS members, that has reached the minimum viable product stage.
Notably, the group is in the process of open sourcing the mBridge code, which might make it easier for BRICS members to adopt. Unlike BRICS Pay, mBridge is more of a backend payment infrastructure that links to existing banking systems.
However, in the short term the aim is to use local currency settlement as part of the existing correspondent banking network. That’s emphasized in the official joint BRICS+ statement (see below).
Meanwhile, IMF managing director Kristalina Georgieva wants to know more about the plans for the payment system.
“The idea of having a payments system of a group of countries is not new,” she said, according to Reuters.
“What we need to see is more details,” she added. “What is it in this idea? How that may translate into reality? And then we will be able to assess it.”
BRICS Clear
The statement also included a paragraph on the study of a “BRICS Securities Depository and Settlement Infrastructure” which would be an alternative to Western infrastructures like the DTCC, Euroclear and Clearstream.
This was previously floated as an idea in a Russian paper circulated before the meetings. Bloomberg reported that some view this as an initiative from Russia and Iran, while other BRICS members might have less appetite for it.
BRICS statement
Below are the relevant excerpts from the joint BRICS statement:
We reaffirm our commitment to strengthening BRICS financial cooperation. We recognize that a fast, low-cost, efficient, transparent, secure and inclusive cross-border payment system based on the principle of minimization of trade barriers and non-discriminatory access has broad benefits.
We welcome the use of local currencies by BRICS countries and their trading partners in financial transactions.
We encourage the strengthening of the BRICS correspondent banking network and the promotion of local currency settlement under the voluntary and non-binding BRICS Cross-Border Payments Initiative, and look forward to further discussions on this under the BRICS Payments Working Group and other mechanisms.
We authorize the BRICS Finance Ministers and Central Bank Governors to continue their study on local currency cooperation, payment instruments and platforms as appropriate and to submit a report during the next BRICS Presidency.
We recognize the importance of exploring the feasibility of interconnecting the financial market infrastructure of BRICS countries, and agree to discuss and study the feasibility of establishing a “BRICS Securities Depository and Settlement Infrastructure” on a voluntary basis to supplement the existing financial market infrastructure.
In addition, we will explore the establishment of BRICS (re)insurance companies on a voluntary basis to enhance the independent reinsurance capacity of BRICS countries.
@ Newshounds News™
Source: Ledger Insights
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REGULATORY UNCERTAINTY IS A BARRIER TO THE INSTITUTIONAL ADOPTION OF TOKENIZED MONEY MARKET FUNDS: ANALYST
▪️According to an analyst, the potential for adverse regulatory intervention remains a major obstacle to the broader adoption of tokenized money market funds among institutional investors.
▪️The analyst added that while there is growing institutional interest in using tokenized assets like BlackRock’s BUIDL as collateral in crypto derivatives trading, adoption hinges on regulatory clarity and developing foundational infrastructure.
The risk of adverse regulatory intervention remains a major obstacle to the broader adoption of tokenized money market funds among institutional players, an analyst said.
"Tokenized money market funds are under constant threat of adverse regulatory action, curbing investors’ appetite," Rho Labs founder Alex Ryvkin told The Block.
"And, as someone with first-hand experience implementing blockchain-compatible infrastructure for the incumbents, I can confirm that widespread tokenized RWA-readiness is, although inevitable, still a couple of years away."
Ryvkin explained that while awareness and interest in tokenized real-world assets have grown, progress on regulatory clarity and infrastructure development will be necessary before these products achieve mass adoption.
He noted that the current adoption stage remains in the "experimentation phase," with the usage of tokenized money market products still lagging far behind their traditional finance counterparts.
"While we’ve seen some impressive shifts in RWA adoption, we’re still in that early experimentation phase. The outstanding interest in RWA products is dwarfed by similar trades in the tradfi space, and the adoption is mostly limited to institutional or qualified investor participation," Ryvkin added.
Tokenized MMFs used as collateral on crypto-derivative exchanges
Ryvkin highlighted some recent institutional moves in the space — including interest in using tokenized assets such as BlackRosk's BUIDL token as collateral on crypto derivatives exchanges, such as Deribit. "That’s good news and not just for BlackRock, as the development of crypto-liquidity backed by traditional securities as collateral, once the rails are widely established, would not stop," he said.
However, Ryvkin noted that although developments are promising, true adoption requires a foundational infrastructure that is still being built. Ryvkin then pointed to critical steps needed for products like BlackRock’s tokenized BUIDL fund to move beyond proof of concept and integrate broadly into capital markets.
@ Newshounds News™
Source: The Block
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PENNSYLVANIA HOUSE PASSES CRYPTO PROTECTION BILL IN BIPARTISAN VOTE
The Pennsylvania House of Representatives passed a bill protecting residents' rights to use and store cryptocurrency on October 22, 2024. The Digital Assets Authorization Act secured an overwhelming majority of 176-26 votes, backed by all 100 Republican members and 76 Democrats, according to the official Pennsylvania General Assembly voting record.
The strong bipartisan support for the bill reflects a broader trend in U.S. politics, where cryptocurrency regulation represents a rare unifying issue. Among crypto owners, 35% identify as Democrats, 33% as Republicans and 32% as independents or other according to a Grayscale report.
However, the House's voting pattern shows that some resistance remains among Democrats, with 26 voting against the bill while Republicans showed unanimous support.
Voters are paying close attention to crypto policy, with 51% of crypto-positive voters monitoring candidates' positions, while 48% of all voters express distrust towards politicians who interfere with crypto development, rising to 63% among crypto-positive voters, according to a recent DCG and Harris Poll survey of swing states, including Pennsylvania.
"This data shows crypto is top of mind for voters in swing Senate states and that a pro-crypto position is a net positive for policymakers and candidates," said Julie Stitzel, Senior Vice President of Policy at DCG in a press release statement.
Bill Specifics And Enforcement Plan
If enacted, this crypto legislation would establish clear protections for digital asset usage and custody rights across Pennsylvania, while maintaining existing regulatory frameworks.
@ Newshounds News™
Source: Forbes
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TETHER PROPOSES BOLD PLAN: BORON-BACKED TOKENS FOR TURKEY’S MARKET—HERE’S WHY
Tether Holdings Ltd., the issuer behind the world’s largest stablecoin USDT, has proposed an ambitious plan to Turkey’s government. The plan aims to “modernize” the country’s boron market using blockchain technology.
The proposal involves creating digital tokens backed by borate minerals, a key resource where Turkey controls over 70% of the global supply.
Further Details On The Proposal
As Bloomberg reported earlier today, citing individuals familiar with the matter, Tether pitched the idea to Turkish officials to tokenize boron, used in various industries such as ceramics, fertilizers, and glass production.
In addition to the tokenization proposal, the company has also raised the possibility of establishing a digital asset exchange in Istanbul, Turkey’s financial hub.
Tokenization is a growing trend within the digital asset space, where real-world commodities or assets are represented by digital tokens on a blockchain.
Bloomberg revealed that proponents argue that tokenization can improve market efficiency, liquidity, and transparency.
With Turkey projected to generate $1.3 billion in boron sales by 2024, the government may view Tether’s proposal as an opportunity to tap into innovative technologies and boost economic growth.
Turkey’s Growing Crypto Market And Tether’s Interest in Boron
Although the specific benefits of Tether’s proposal remain unclear, the company’s interest in Turkey is not entirely unexpected.
So far, Turkey has emerged as an attractive market for digital assets, particularly due to “high inflation and the declining value of the Turkish lira,” which has led to increased crypto adoption. Boron, a naturally abundant resource in Turkey, presents an intriguing choice for Tether’s tokenization efforts.
Turkey’s state-owned mining company Eti Maden Isletmeleri Genel Mudurlugu manages the country’s boron reserves, and the government’s control over this valuable resource could make it an ideal candidate for blockchain-based solutions.
While the Turkish government has not yet committed to the proposal, discussions are ongoing, with key meetings between Tether officials and senior Turkish figures, including Vice President Cevdet Yilmaz and Energy Minister Alparslan Bayraktar.
A Turkish government official has noted that the idea is still in its early stages and may not be implemented immediately. Additionally, a Turkey’s Energy Ministry representative confirmed that the discussions with Tether are ongoing, though no concrete plans have been confirmed yet.
Meanwhile, in a statement, Tether’s CEO Paolo Ardoino reaffirmed the company’s commitment to supporting innovation in Turkey’s digital-asset ecosystem. Ardoino noted:
Tether is] deeply committed to fostering innovation in Turkey’s digital-asset landscape and keen to continue exploring new opportunities for growth.
@ Newshounds News™
Source: Bitcoinist
~~~~~~~~~
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More News, Rumors and Opinions Friday Afternoon 10-25-2024
KTFA:
Clare: Planning: Census operations will continue for two weeks starting from November 20
10/25/2024
The Ministry of Planning confirmed today, Friday, that the date for conducting the census on November 20 is fixed and unchanged, while it indicated that its operations will continue for two weeks until December 3, 2024.
The ministry's spokesman, Abdul Zahra Al-Hindawi, said in a press statement, "The ministry has completed the requirements for conducting the population census," stressing that "the percentage of completion of the requirements for enumeration and numbering reached 96% in all governorates, except for the governorates of the Kurdistan Region, which reached 65%."
KTFA:
Clare: Planning: Census operations will continue for two weeks starting from November 20
10/25/2024
The Ministry of Planning confirmed today, Friday, that the date for conducting the census on November 20 is fixed and unchanged, while it indicated that its operations will continue for two weeks until December 3, 2024.
The ministry's spokesman, Abdul Zahra Al-Hindawi, said in a press statement, "The ministry has completed the requirements for conducting the population census," stressing that "the percentage of completion of the requirements for enumeration and numbering reached 96% in all governorates, except for the governorates of the Kurdistan Region, which reached 65%."
Al-Hindawi added, "The Ministry of Planning is anticipating the census as an event that has been absent from Iraq for 27 years, and has worked to provide all requirements for conducting the population census on 11/20-21/2024."
He added, "The population census project is huge and large and includes an inventory of everything above ground, including buildings, homes, and residential facilities," stressing, "the development of a comprehensive plan by the Ministry of Planning."
He explained that "the inventory and numbering process was preceded by aerial photo census operations for all buildings throughout Iraq," stressing that "the inventory and numbering operations witnessed the addition of 10% of buildings through aerial photos, which records the expansion of the construction and building movement in Iraq."
Al-Hindawi said, "The ministry has prepared 40,000 well-trained researchers to record population census data," stressing, "The process of training 80,000 enumerators has begun, so that the total number of researchers will be 120,000."
He stressed that "the census staff is capable of completing its tasks in the required manner," while he explained that "the census process is distributed to every 100 families by a researcher to record their basic data (number of individuals, gender, age)," stressing that "the announcement of the initial results includes the general census (number of females + number of males) and the population of each governorate."
He added, "The census process will continue until December 3, 2024. The counted family will be referred to record data (housing, health and education), and its results will be the end of the census." LINK
Kimberly: Imo question so are we waiting on the census ? or is everything done for monetary reform?
MOakes: I remember Delta stating yrs ago that the rate per the CBI always changed in the month of December. IMO, this is the way it looks now if the rate is changing in the year 2024. Hope it doesn't go into 2025. Per Sudani it is to change this year -----2024. Will have to wait and see..
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Clare: The Central Bank of Iraq decides to reduce interest to 5.5% in order to support economic growth
10/25/2024
The Central Bank of Iraq decided to reduce the interest rate from 7.5% to 5.5%, after the inflation rate decreased in Iraq.
According to the Ministry of Planning, the inflation rate has fallen from 8% to less than 3%.
Deputy Governor of the Central Bank, Ammar Hamad, said, "Based on the monetary policy orientations to enhance access to targeted inflation rates in a manner that does not conflict with the expected economic growth rates, and is consistent with the policy of developing deposits and increasing credit rates aimed at targeting projects, the Board of Directors of the Central Bank decided to reduce the monetary policy rate to 5.5% instead of 7.5%."
He added that the securities, namely Islamic deposit certificates and traditional transfers, were reactivated according to an annual plan with two terms, 14 days with a return of 4% and 182 days with a return of 5.5%.
He stressed that the maximum investment limit does not exceed 50% of the total private sector deposits at the bank.
The Central Bank stressed that the bank's investment ceiling in a single auction does not exceed 500 billion dinars. LINK
************
Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 The new cash deposit centers [in Iraq], their job is to separate the new lower notes from the 3 zero notes that you [Iraqi citizens] are going to return...then you'll go to the ATMs or the banks to receive the lower notes, either physical or electronically.
Mnt Goat Article: "I WANT TO SPREAD AWARENESS ABOUT ELECTRONIC PAYMENT? READY TO USE IT?” ...we read from this article that ONLY now are the banks finally issuing these debit cards that can be used globally, such as in the U.S...Yes, they are finally being released...Yes, it is time for them now...the rate is determined at the bank, when the transaction goes through at the bank when the card is used...NO rate on the card...The rate is controlled by the currency exchange or the CBI (official rate) whichever one they are linked to.
BRICS+ Expansion: NEW 13 Partners Admitted Following 2024 Summit in Kazan
Lena Petrova: 10-25-2024
Economist’s “News and Views” Friday 10-25-2024
Vince Lanci Recaps The BRICS Summit To End Dollar Dominance
Arcadia Economics: 10-25-2024
The 2024 BRICS Summit is now complete, where one of the primary topics for discussion was ending the dominance of the dollar system.
To find out more about what happened, what didn't occur, and where it goes from here, Vince Lanci has a recap of the Summit.
Vince Lanci Recaps The BRICS Summit To End Dollar Dominance
Arcadia Economics: 10-25-2024
The 2024 BRICS Summit is now complete, where one of the primary topics for discussion was ending the dominance of the dollar system.
To find out more about what happened, what didn't occur, and where it goes from here, Vince Lanci has a recap of the Summit.
Looming Market Realignment! Feat Michael Oliver - LFTV Ep 196
Kinesis Money: 10-25-2024
In this week’s Live from the Vault, Andrew Maguire welcomes back Michael Oliver to examine the instability gripping the US stock market and the looming realignment that could prompt asset reallocations towards safe havens such as physical gold.
The founder of Momentum Structural Analysis underscores the ongoing devaluation of fiat currencies and stresses the importance of tangible assets, forecasting a surge in silver prices driven by rising demand in emerging markets.
LIVE! What JP Morgan Bank CEO Jamie Dimon Just Said IS FRIGHTENING! (And Its The TRUTH).
Greg Mannarino: 10-24-2024
Seeds of Wisdom RV and Economic Updates Friday Morning 10-25-24
Good Morning Dinar Recaps,
RIPPLE SUBMITS FORM C IN SEC CASE, HIGHLIGHTING 4 KEY ISSUES: DETAILS
The appeal focuses on specific legal questions rather than a sweeping examination of the regulatory classification of cryptocurrencies.
Ripple Labs has stepped up its legal battle with the U.S. Securities and Exchange Commission (SEC) after filing its Civil Appeal Pre-Argument Statement, also known as Form C.
Good Morning Dinar Recaps,
RIPPLE SUBMITS FORM C IN SEC CASE, HIGHLIGHTING 4 KEY ISSUES: DETAILS
The appeal focuses on specific legal questions rather than a sweeping examination of the regulatory classification of cryptocurrencies.
Ripple Labs has stepped up its legal battle with the U.S. Securities and Exchange Commission (SEC) after filing its Civil Appeal Pre-Argument Statement, also known as Form C.
The filing comes only days after the SEC entered a last-minute appeal against several parts of a 2023 judgment which found that Ripple’s programmatic sales of its native XRP token to retail investors did not break U.S. securities laws.
Major Points of Contention
In its statement shared on X by lawyer James K. Filan, the crypto payments company outlined four fundamental questions for the Second Circuit Court of Appeal to consider.
▪️The first concerns whether an “investment contract” under the Securities Act of 1933 must include a formal agreement, post-sale obligations, and the right for buyers to receive profit from sellers. This definition could potentially reshape the understanding of digital asset transactions.
▪️Ripple’s second point is challenging the lower court’s ruling that its XRP transfers met the criteria established in SEC vs. W.J. Howey Co. This case, which gave rise to the Howey Test, defined the conditions under which something is considered an investment contract.
Ripple is arguing that its transactions did not represent an investment of money in a common enterprise with profits expected solely from the company’s efforts.
▪️The San Francisco-based firm also raised a third important issue regarding “fair notice.” It claims it gave ample evidence to potential XRP buyers showing the uncertainty surrounding cryptocurrencies in as far as federal laws apply to them.
This point is key to Ripple’s defense because it suggests that the SEC and other concerned agencies failed in their mandate to give clear guidance on the legality of the crypto company’s actions.
▪️Ripple’s final question in the filing contests the clarity required for issuing injunctions under the Federal Rules of Civil Procedure. It argues that the injunction issued to it by Judge Analisa Torres in a ruling where she also imposed a $125 million fine on the company merely instructs it to obey the law and lacks the necessary specificity and clarity.
Ripple’s Strategic Outlook
Speaking after the filing, Ripple’s Chief Legal Officer Stuart Alderoty insisted that the ongoing case is not about the broader classification of XRP as a security. He pointed out that, like Bitcoin (BTC), XRP currently enjoys a non-security status, which wasn’t challenged by the SEC in its Form C submission last week.
The lawyer believes this perspective allowed Ripple to focus its appeal on specific legal nuances rather than crypto’s overarching regulatory classification.
With both parties in the case having submitted their briefings, experts say it is now up to the Second Circuit to issue a scheduling order that will streamline them.
According to Alderoty, the court will only look at the existing record, meaning it will not allow the introduction of new evidence into the process, a point the attorney believes could minimize disruptions and hasten the final judgment.
@ Newshounds News™
Source: CryptoPotato
~~~~~~~~~
WHAT WILL JIM SPILL TONIGHT? MORE INTEL? ARE YOU A CITIZEN? HUMM | Youtube
📣LIVE CALL TONIGHT ON THE CONSTITUTION
Ever wonder why sometimes it looks as though our government is focusing more on other countries than us? or not really working for us? or even adhering to the Constitution at times? Join us tonight for a live call and listen, ask questions, and learn..
Join us in the Constitution room Link
TONIGHT AT 8 PM ET, 7 PM CT, 5PM PT
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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News, Rumors and Opinions Friday AM 10-25-2024
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 Fri. 25 Oct. 2024
Compiled Fri. 25 Oct. 2024 12:01 am EST by Judy Byington
Judy Note: Black Swan Events Pending: Massive Cyber Attack, Global Financial Collapse happening now. Banks were closing, markets were down and Bitcoin has stopped trading.
BRICS nations were meeting right now in Russia to end the fiat US Dollar, though it had already been rejected for international trade.
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 Fri. 25 Oct. 2024
Compiled Fri. 25 Oct. 2024 12:01 am EST by Judy Byington
Judy Note: Black Swan Events Pending: Massive Cyber Attack, Global Financial Collapse happening now. Banks were closing, markets were down and Bitcoin has stopped trading.
BRICS nations were meeting right now in Russia to end the fiat US Dollar, though it had already been rejected for international trade.
Global Currency Reset:
Thus. 24 Oct. 2024 Bruce:
Some bond holders set up their accounts and were told they would be liquid in 1-2 days.
The Dinar front screen rate was on the Forex today.
You want to set your appointment for the Redemption Center, not a bank, as they can give you the higher rates and the Contract Rate on the Dinar.
So first of all the information we are getting about T4B is based on us being notified not Thursday but Friday tomorrow and exchanges over the weekend. So we just have to go day by day we are super close and
Bruce does believe that we’ll get this THIS WEEKEND.
And exchanges generally 30 minutes or less. Do your mini presentation – just 3-5 minutes and we know just need to pray for this to happen over the weekend.
~~~~~~~~~~
Thurs. 24 Oct. 2024 MarkZ: On the bond front, “I don’t know how far I can share what I know, but that certainly makes me feel very comfortable”…. “The Emergency Broadcasting System (EBS) is very likely to be put into action this weekend. And a deadline is being handled for the start of payments. It is not to be taken as solid or definitive news, but November 6 is being talked about as a deadline, it would have to come out earlier. Don’t take it as something definitive. Big news coming out of the BRICS meeting in Kazan, Russia. The global financial system has already changed. Everything coming out of that meeting is extremely exciting for what we are looking forward to.”
Thurs. 24 Oct. 2024 Wolverine. “I want you to get ready. That’s all I have to say.”
Thurs. 24 Oct. 2024: BREAKING! Putin Unveils BRICS Currency to Unlock Trillions in GESARA Wealth! U.S. Dollar Collapse Imminent as the Fiat System Crumbles—Global Financial Liberation Has Begun! – Gazetteller
Thurs. 24 Oct. 2024: BOOOM!!! The BRICS Currency Note Presented to Putin: The BRICS Currency Note A Revolution in Motion – amg-news.com – American Media Group
Thurs 24 Oct. 2024: BOOOOM!!! The BRICS Currency Note: A Game-Changer in the Global Financial Arena! …G***o TV on Telegram https://amg-news.com/booom-the-brics-currency-note-presented-to-putin-the-brics-currency-note-a-revolution-in-motion/#
The day has come. The BRICS nations—Brazil, Russia, India, China, and South Africa—are no longer satisfied with living in the shadow of the U.S. Dollar. They’ve dropped the bombshell that could obliterate the American financial system as we know it—a BRICS Currency Note! Although it’s not in circulation yet, its mere existence sends a clear message: the BRICS countries are flipping the script on the global financial stage.
The BRICS Currency Note—A Revolution in Motion! The world woke up to a shockwave when the BRICS Currency Note was revealed. This bold move could be the beginning of a financial revolution. For decades, the U.S. Dollar has held the world in its grip, dictating the terms of global trade, finance, and politics. But now, with the emergence of a BRICS currency, the tides may be turning for good.
The BRICS note symbolizes a defiant stand against the U.S.-dominated financial system. Vladamir Putin has taken the reins of this movement, signaling that these nations are ready to break free from the suffocating control of the American financial empire.
What Does This Mean for the World? This is more than just currency. It’s a direct challenge to the U.S. dominance. By proposing this currency, the BRICS nations are creating a new financial ecosystem. No longer will they be at the mercy of a single country and its weaponized financial system.
The Rise of the BRICS Currency: A Defiant Response to U.S. Control. For too long, the U.S. Dollar has been used as a financial weapon, enforcing sanctions and manipulating countries that oppose American interests. The BRICS nations have had enough. They’re not just talking about change—they’re making it happen. This currency will weaken America’s ability to control the global economy.
The BRICS Currency Note—whether it’s in your hands now or not—signals that the world is ready to move on. The U.S. financial grip is crumbling, and this is just the beginning of a new era where nations will no longer be dictated to by U.S. interests.
A Move for Financial Independence: This BRICS currency is a symbol of economic sovereignty. The 100 BRICS Note that has emerged is a powerful statement—these nations are no longer bowing to the demands of the U.S.-controlled system. They are taking charge of their economic destiny and shattering the chains that have bound them to the American financial order.
Implications for the Global Financial Order: The End of U.S. Dominance? The introduction of this currency could send shockwaves through the global financial system. It’s not just about economics—it’s about seismic political shifts that could spell the end of U.S. Dollar dominance. The U.S. has used its financial power to project control over the world for decades. But with the BRICS currency in play, that era is over.
A Defiant Response to U.S. Sanctions: Sanctions have been a go-to weapon for the U.S., but the BRICS nations are done playing along. With their own currency in hand, they can circumvent American financial institutions and reclaim their power.
The unveiling of the BRICS Currency Note is more than just an economic maneuver—it’s a direct challenge to the global order. The U.S. stranglehold on the world economy is crumbling as these nations rise up and take control.
Conclusion: The Beginning of the End? The BRICS Currency Note could be the start of the end for the U.S. Dollar’s reign. As this revolution unfolds, we are witnessing a monumental shift in power—one where the U.S. no longer holds the ultimate financial weapon.
Read full post here: https://dinarchronicles.com/2024/10/25/restored-republic-via-a-gcr-update-as-of-october-25-2024/
************
Courtesy of Dinar Guru: https://www.dinarguru.com/
Mnt Goat Article: "I WANT TO SPREAD AWARENESS ABOUT ELECTRONIC PAYMENT? READY TO USE IT?” ...we read from this article that ONLY now are the banks finally issuing these debit cards that can be used globally, such as in the U.S...Yes, they are finally being released...Yes, it is time for them now...the rate is determined at the bank, when the transaction goes through at the bank when the card is used...NO rate on the card...The rate is controlled by the currency exchange or the CBI (official rate) whichever one they are linked to.
SkyWalker An objective of the [delete the zeros] project is simply collecting three zero notes and replacing them with lower denomination notes. It serves two purposes (1). removes the three zero printed on the notes which increases the nominal value on the note itself (2). through supply and demand the value of the currency can be manipulated by the CBI. Therefore, nominal value is first increased in country and (REER) will allow the dinar to have value outside the country.
South Africa's BRICS Closing Speech Shocks the World | Reveals Plans to Punish Israel!
We Love Africa: 10-24-2024
The BRICS Summit comes to an end in Kazan on October 24.
More than 20 world leaders and over 30 delegations gather for the 16th BRICS Summit, set to be one of the major economic, political and cultural events of the decade, hosted by Russia in the beautiful city of Kazan.
The past year has seen BRICS grow in both size and influence to nearly half the world’s population and a third of the global economy.
An BRICS Plus/outreach format is also taking place, with world leaders and heads of the Eurasian Economic Union, Commonwealth of Independent States and the Shanghai Co-operation Organisation, among many others.
The leaders of Russia, China, India and South Africa are among those who have confirmed their participation.
“Tidbits From TNT” Friday Morning 10-25-2024
TNT:
Tishwash: Waiting to be sent.. Oil and Gas Law on the Government Discussion Table
Member of the Parliamentary Oil, Gas and Resources Committee, Kazem Al-Tawki, confirmed today, Thursday, that the draft oil and gas law is awaiting approval within the Council of Ministers, indicating that the joint committees between the federal government and the regional government are continuing their work to decide on the law.
Al-Tawki told Al-Maalouma Agency, “There are controversial articles that hinder sending the draft oil and gas law to the House of Representatives,” noting that “the draft is still in the government’s possession.”
He added that "the oil and gas law is still on the government's discussion table," noting that "the relevant committees are continuing their meetings in the hope of reaching an agreement on the controversial articles."
TNT:
Tishwash: Waiting to be sent.. Oil and Gas Law on the Government Discussion Table
Member of the Parliamentary Oil, Gas and Resources Committee, Kazem Al-Tawki, confirmed today, Thursday, that the draft oil and gas law is awaiting approval within the Council of Ministers, indicating that the joint committees between the federal government and the regional government are continuing their work to decide on the law.
Al-Tawki told Al-Maalouma Agency, “There are controversial articles that hinder sending the draft oil and gas law to the House of Representatives,” noting that “the draft is still in the government’s possession.”
He added that "the oil and gas law is still on the government's discussion table," noting that "the relevant committees are continuing their meetings in the hope of reaching an agreement on the controversial articles."
He stressed that "there is a common vision between the governments of Baghdad and the region to complete the oil and gas law file and send it to the House of Representatives." link
Tishwash: China's Rise in Iraq's Energy Sector: From Newcomer to Dominant Player
While Iraqi leaders consistently emphasize the importance of Western investment in their energy sector, their actions instead are increasing Iraq’s dependence on Chinese markets and oil firms.
Executive Summary
Chinese energy companies emerged as dominant players in the Iraqi Oil Ministry’s May licensing rounds to auction 29 oil and gas blocks, securing 10 out of 13 oil and gas blocks. Shell was the only Western international oil company to participate, and it did not win any bids. Other Western and U.S. international oil companies showed no interest in bidding, despite improved fiscal terms of the contracts.
The resounding success of Chinese firms underscores a significant shift, solidifying Beijing’s already strong position in Iraq’s energy landscape and presenting a substantial challenge to Washington’s strategic position in the region.
The increasing Chinese dominance comes amid a seemingly contradictory development: In April, Iraqi Prime Minister Mohammed al-Sudani signed numerous memorandums of understanding with U.S. energy companies, particularly focusing on gas development and power generation. This focus aligns with Washington’s strategic goals of diminishing Iran’s political influence in Iraq and, by extension, blunting China’s push to dominate Iraq’s hydrocarbon sector.
The stark contrast between the memorandums of understanding signed by U.S. companies and the contracts awarded to China demonstrates a significant mismatch between the aspirations of Washington and the realities of the investment environment in Iraq. link
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Tishwash: MP: The 2025 budget cannot be passed without sending the final accounts for the past two years
The Parliamentary Finance Committee announced the date for the arrival of the 2025 budget tables to the House of Representatives, which will be at the beginning of next year.
In turn, the Ministry of Finance indicated the possibility of collecting 3 trillion dinars per month during the coming period, and that the Finance Committee called on the government to enhance non-oil revenues and ensure the achievement of financial targets to avoid any economic imbalances.
In the same context, member of the Economy, Industry and Trade Committee Yasser Al-Husseini confirmed that it is not possible to approve the 2025 budget without obtaining final accounts for the previous budgets.
Al-Husseini told Iraq Observer that “it is not possible for the Council to approve any measure coming from the government,” noting that “the current government differs from previous governments because one of its most prominent goals is to improve the current economic reality by fighting corruption in any form and under any circumstances.”
He added that "Parliament is waiting for the final accounts of the 2023 and 2024 budgets to be sent, after which the 2025 budget will be considered for approval," noting that "if a budget is submitted to the House of Representatives without the final accounts, this is considered an aspect of corruption, so the House of Representatives refuses to receive a budget without the final accounts tables for the past two years."
He continued that "the committee is closely following up on how the budget funds are distributed, to ensure that they are used effectively to serve citizens and enhance the national economy, and ways to increase government revenues by developing the tax and customs system will be discussed from time to time." link
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Tishwash: Establishment of the “Iraqi Money Changers Syndicate” in Baghdad.. and Al-Taie as its President
In a move that is the first of its kind in Iraq, the establishment of the “Iraqi Money Changers Syndicate” was announced today, Wednesday, and the election of Diaa Al-Taie as its president, to lift the injustice against the owners of money exchange offices and companies and secure their rights.
The “Jarida” platform attended the founding conference of the union at the “Mansour Melia” Hotel in central Baghdad, which was held by a group of owners of exchange offices and financial companies, and attended by a number of parliamentarians, including the head of the Parliament’s Investment Committee, Hassan Al-Khafaji, and a member of the Finance Committee, Hussein Mounes, in addition to businessmen.
The election of Diaa Al-Taie as the head of the Iraqi Money Changers Syndicate took place in a clear and fair manner in front of those present, in a step that is the first of its kind to bring together most of the companies and money changers in a syndicate to present ideas, communicate with each other, and crystallize their positions with the Iraqi government.
This is what Al-Taie emphasized, that the establishment step had been under study for some time, and today this idea has matured and crystallized with the establishment of the “Iraqi Money Changers Syndicate.”
The attending representatives, most notably Hassan Al-Khafaji and Hussein Mounes, supported the idea of establishing it in a speech they delivered during the conference, indicating that the parliamentary committees support this legal regulatory path, stressing that this step is important for direct communication through legal paths with the Central Bank of Iraq, Iraqi banks, and those concerned from exchange companies to deal with each other regarding the local market.
The representatives promised to communicate and support this idea, which will open broad horizons between the Iraqi government and the private sector, which includes exchange companies represented by the “Iraqi Exchange Union.” link
Mot: In Case ur Ever Wondering
Mot: Ah Hah !!!! Found Out What Happened to Frosty................
Seeds of Wisdom RV and Economic Updates Thursday Evening 10-24-24
Good Evening Dinar Recaps,
SEC OUTLINES CRITERIA FOR SAB 121 DIGITAL ASSET CUSTODY EXEMPTIONS
More than two years ago, the SEC published accounting guidance, SAB 121, regarding how listed companies should disclose crypto-assets held on behalf of clients, requiring the assets to be counted on the balance sheet. This particularly affects banks because regulations on capital requirements are based on the contents of the balance sheet.
After both the House and Senate voted to overturn SAB 121, President Biden used his veto so that SAB 121 still stands. However, there has been some softening in the SEC’s stance, with the world’s largest custodian BNY receiving a specific exemption to custody assets for a crypto ETF. However, BNY and other banks have to apply for exemptions on a case by case basis.
Good Evening Dinar Recaps,
SEC OUTLINES CRITERIA FOR SAB 121 DIGITAL ASSET CUSTODY EXEMPTIONS
More than two years ago, the SEC published accounting guidance, SAB 121, regarding how listed companies should disclose crypto-assets held on behalf of clients, requiring the assets to be counted on the balance sheet. This particularly affects banks because regulations on capital requirements are based on the contents of the balance sheet.
After both the House and Senate voted to overturn SAB 121, President Biden used his veto so that SAB 121 still stands. However, there has been some softening in the SEC’s stance, with the world’s largest custodian BNY receiving a specific exemption to custody assets for a crypto ETF. However, BNY and other banks have to apply for exemptions on a case by case basis.
A September speech by SEC Chief Accountant Paul Minter reveals the significant work required in order to achieve such exemptions. Ideally custodians should build crypto experience slowly with low volumes. But the processes required for the SAB 121 exemption means that only the largest opportunities will be worthwhile pursuing.
The rationale behind SAB 121 was that if the custodian lost control of the private keys, the assets they control might be hard to recover and could result in a claim on the custodian.
How banks, broker-dealers get SAB 121 exemptions
Mr Minter gave the example of a bank that had engaged on the topic both with the prudential regulator at the state level and its primary federal prudential regulator. Since 2022, banks are required to notify their regulator in advance of engaging with crypto-assets.
The bank had systems in place to safeguard private keys. Additionally, it ensured that its custody structure is bankruptcy remote, as confirmed by a lawyer, and its contracts with client institutions preclude re-hypothecation of the crypto-assets.
The same contracts explicitly excluded liability for blockchain-specific risks. Finally, the bank had risk management processes in place for each specific crypto-asset that it safeguards.
The Chief Accountant also gave the example of broker-dealers, where a third party provides transaction execution and custody. An exemption to SAB 121 is likely to apply where the broker-dealer is just the introducer, doesn’t have the private keys, and the custodian third party is clearly the agent of the customer, rather than the broker-dealer.
He provided a list of points he’d want to see as confirmation, including contracts and evidence of the client having a direct relationship with the third party. The broker-dealer would also have to get a legal opinion reinforcing that the broker-dealer is not the customer’s agent.
SAB 121 remains questionable
Meanwhile, apart from the unorthodox accounting treatment required by SAB 121, and blocking banks from engaging with crypto-assets until now, in some ways SAB 121 has made it less safe for crypto-asset clients.
The largest custodians are each responsible for trillions in conventional assets, and have the headcount, experience and processes that are more likely to provide safeguards against hackers.
Yet startups are currently the primary providers of crypto custody, particularly Coinbase for ETFs. That sort of concentration is usually something regulators are not keen on.
Plus, depending on agreements, assets under custody are conventionally treated as belonging to the client. By including them on the balance sheet, this implies the assets belong to the company, which could be bad news for clients if the custodian goes bankrupt.
We’re also reminded of a thought provoking paper by Duke University’s Steven Schwarcz on fintech regulation. He made an interesting observation that one regulatory option is to have the financial equivalent of the FDA in which all fintech innovations would need approval in advance.
He dismisses this as an innovation killer. If you look at U.S. banks in the context of crypto-assets and crypto custody, they effectively have several FDAs – their own prudential regulators (plural) plus the SEC for SAB 121.
@ Newshounds News™
Source: Ledger Insights
~~~~~~~~~
🌱SWIFT & MBRIDGE: THE FUTURE OF CROSS-BORDER PAYMENTS? | Youtube
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
~~~~~~~~~
Seeds of Wisdom Team RV Currency Facts Youtube and Rumble
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More News, Rumors and Opinions Thursday PM 10-24-2024
KTFA:
Clare: Adam Smith International assists with Iraq Budget Prep
23rd October 2024 By John Lee
The Iraqi government has started discussions on the structure of the 2025 budget, with expectations for its submission to Parliament early next year, according to Atwan Al-Atwani, head of the Parliamentary Finance Committee.
State-run Iraqi News Agency (INA) says Al-Atwani hosted a delegation from Adam Smith International to discuss public financial management reforms, including tax, customs, public debt, and development fund sectors. Key financial challenges, particularly the oil revenue dependency, were highlighted, as well as ongoing efforts to boost non-oil revenues through legal reforms.
KTFA:
Clare: Adam Smith International assists with Iraq Budget Prep
23rd October 2024 By John Lee
The Iraqi government has started discussions on the structure of the 2025 budget, with expectations for its submission to Parliament early next year, according to Atwan Al-Atwani, head of the Parliamentary Finance Committee.
State-run Iraqi News Agency (INA) says Al-Atwani hosted a delegation from Adam Smith International to discuss public financial management reforms, including tax, customs, public debt, and development fund sectors. Key financial challenges, particularly the oil revenue dependency, were highlighted, as well as ongoing efforts to boost non-oil revenues through legal reforms.
A major issue remains the oil dispute with the Kurdistan region, which the committee is actively working to resolve through dialogue. Al-Atwani also indicated that reforms are underway, including amendments to the General Authority for Monitoring Federal Revenue Allocations Law and new proposals related to Islamic bonds and financial market regulations. LINK
Clare: Waiting to be sent.. Oil and Gas Law on the Government Discussion Table
10/24/2024 Baghdad..
Member of the Parliamentary Oil, Gas and Resources Committee, Kazem Al-Tawki, confirmed today, Thursday, that the draft oil and gas law is awaiting approval within the Council of Ministers, indicating that the joint committees between the federal government and the regional government are continuing their work to decide on the law.
Al-Tawki told Al-Maalouma Agency, “There are controversial articles that hinder sending the draft oil and gas law to the House of Representatives,” noting that “the draft is still in the government’s possession.”
He added that “the oil and gas law is still on the government’s discussion table,” noting that “the relevant committees are continuing their meetings in the hope of reaching an agreement on the controversial articles.”
He stressed that “there is a common vision between the governments of Baghdad and the region to complete the oil and gas law file and send it to the House of Representatives.”
almaalomah.me
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Militia Man I'm surprised we to date have yet to see Alaq at a podium telling everybody and the people their new Real Effective Exchange Rate they can be proud of. He has not done that yet. Is that an expectation? I think so. I think it really should be expected.
Walkingstick Sudani is slowly allowing banks to be relicensed again but he's bringing in these currency exchange centers as well. When he relicenses a bank, he will have full control of that bank. When he brings in these money exchange centers/banks he will have full control of them also. Sudani and the CBI watch every process of the monetary reform... They will be giving a percentage to these centers and banks of the volume they will be bringing in. It is a symbiotic relationship where they will both benefit...
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