Dinar Recaps 20 8/5/24 Dinar Recaps 20 8/5/24

MilitiaMan: Iraq Dinar - Iraq News - Iraq Central Bank - UST / US Federal Reserve - CBI Entire Floor for UST -

Iraq Dinar - Iraq News - Iraq Central Bank - UST / US Federal Reserve - CBI Entire Floor for UST -

Militiaman and Crew: 8-4-2024

The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man

Be sure to listen to full video for all the news……..

Iraq Dinar - Iraq News - Iraq Central Bank - UST / US Federal Reserve - CBI Entire Floor for UST -

Militiaman and Crew: 8-4-2024

The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man

Be sure to listen to full video for all the news……..

https://www.youtube.com/watch?v=rVaPArfaK5o

DINARRECAPS8 8/5/24 DINARRECAPS8 8/5/24

Seeds of Wisdom RV and Economic Updates Monday AM 8-5-24

Good Morning Dinar Recaps,

Warren Buffett and Berkshire Hathaway now own 4% of all T-Bills issued to the public…

Buffett has ~$277 Billion. The Fed has $195 Billion.

Good Morning Dinar Recaps,

Warren Buffett and Berkshire Hathaway now own 4% of all T-Bills issued to the public…

Buffett has ~$277 Billion.
The Fed has $195 Billion.

Warren Buffett is now a larger holder of US Treasury Bills than the Federal Reserve.

@ Newshounds News™

Read more: Twitter

~~~~~~~~~

JUST IN: 🇺🇸 The Strategic #Bitcoin Reserve bill has been officially introduced.

@ Newshounds News™

Read more: Bitcoin Magazine, Congress-Gov

~~~~~~~~~

So if it’s subject to REGULATORY APPROVAL and it’s supposed to come out in Q4 this YEAR, then REGULATIONS are COMING OUT before THEN.

@ Newshounds News™

Twitter

THIS IS AN OPINION PIECE BUT WORTH CONSIDERING

~~~~~~~~~

US Stocks tanking. Japanese stocks tanking. Cryptos tanking

@ Newshounds News™

Twitter

Newshound's Daily Breakdown Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link

Follow the Roadmap

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Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

DINARRECAPS8 8/4/24 DINARRECAPS8 8/4/24

Seeds of Wisdom RV and Economic Updates Sunday Afternoon 8-4-24

Good Afternoon Dinar Recaps,

Gold (XAU) Forecast: Dollar Weakness and Falling Yields Set Stage for Continued Rally

Key Points: ▪️ Gold surges 2.32% weekly despite Friday pullback, settling at $2442.50 amid geopolitical tensions and Fed rate cut expectations. ▪️ Middle East conflicts, including Hamas leader assassinations, boost safe-haven demand for gold as geopolitical hedge. ▪️ Powell's comments spark surge in trader bets for September rate cut, CME FedWatch tool shows 28.5% chance of 50-basis-point cut. ▪️ Weaker-than-expected U.S. jobs report strengthens case for gold: Only 114,000 jobs added, unemployment rises to 4.3% ▪️ Analysts eye $2,500 year-end target for gold, potentially arriving sooner if current bullish trends persist in the market.

@ Newshounds News™

Iraq Economic News and Points To Ponder Sunday Afternoon 8-4-24

Al-Fath: Foreign Banks In Iraq Do Not Have Cash Value

Information/private.. Today, Saturday, member of the Al-Fatah Alliance, Mahmoud Al-Hayani,

revealed the presence of large corruption files within the Iraqi banking business and the involvement of major figures, while confirming that foreign banks in Iraq do not have monetary value that benefits Iraq.

Al-Hayani said in a statement to the Maalouma Agency, “Foreign and Jordanian banks in particular do not have funds through which they can supply the Iraqi market with the monetary mass, and their presence inside Iraq does more harm than good,” noting that “the Central Bank of Iraq was unable to find solutions and did not rise to the level.” Required".

He continued, "The reason for the entry of foreign banks into the country is due to American dictates exercised on the Central Bank in order to grant them licenses to operate in Iraq according to special privileges," pointing out that, "The Iraqi government needs support from the political forces and concerted efforts in order to distance the banking business from suspicion." And corruption.”

Al-Fath: Foreign Banks In Iraq Do Not Have Cash Value

Information/private.. member of the Al-Fatah Alliance, Mahmoud Al-Hayani,

The economic expert, Mustafa Akram Hantoush, had confirmed that the measure taken by the Central Bank of Iraq was to grant business licenses to Jordanian banks and operate in the country, indicating that it was the duty of the Central Bank to strengthen Iraqi banks instead of Jordanian ones.

https://almaalomah.me/news/72220/politics/الفتح:-المصارف-الأجنبية-في-العراق-لا-تملك-قيمة-نقدية

An Economist Calls For Consideration Of The Work Of Jordanian Banks In Iraq

Information/private.. economic affairs expert Ahmed Abd Rabbo called on the Central Bank of Iraq to reconsider the work of Jordanian and foreign banks in Iraq to evaluate their work compared to local Iraqi banks.

Abd Rabbo said in a statement to the “Al-Ma’louma” agency, “The Central Bank is working in a dualistic manner by not supporting the private banking sector and granting privileges to Jordanian banks,” noting that “foreign banks, especially Jordanian ones, control the file of financial transfers, in light of issuing sanctions against half of the local banking sector from By the US Treasury Department.

He added, “Today the Iraqi banking sector is facing a major problem and we fear it will be completely annihilated, as happened in the industrial and agricultural sectors and thus Iraq’s dependence on imports,” pointing out that “the Iraqi government must accelerate negotiations with Washington in order to lift the sanctions on Iraqi banks.” He called for "activating the principle of fines for unintended errors that occur in banks instead of penalties."

Specialists believe that the economic file cannot be handed over in this way, as it is a sovereign matter that affects the security and economy of the state, with these banks taking over and penetrating the economy to a great extent, which may make the Iraqi economy hostage to the Jordanian banks. https://almaalomah.me/news/72231/economy/اقتصادي-يدعو-للنظر-بعمل-المصارف-الأردنية-في-العراق

Alia Nassif: Central Bank Policy Is Pushing Iraqi Banks Towards Execution!

Execution of Iraqi banks with licenses to foreign banks July 31, 2024 Last updated: July 31, 2024

Independent/- Representative Alia Nassif strongly criticized the measures taken by the Central Bank of Iraq towards local banks, considering that these measures contribute to “the execution of Iraqi banks.”

tweet on the Nassif explained in a She also indicated that licenses would be granted to two other banks, one Kuwaiti and the other Qatari.

She said that these steps come at a time when many Iraqi banks continue to suffer, as their activities have been suspended and more of them have been closed as a result of the policies of the Central Bank.

She expressed her dissatisfaction with the management of the Central Bank, which did not address the accumulated problems in the banking sector during previous periods, but rather worked to bring local banks into contracts with K2 Company and pay money without achieving tangible results.

Nassif pointed out that the Iraqi banking sector is now being punished for mistakes committed in previous years under the supervision of the same current administration of the Central Bank.

She wondered why this administration did not hold itself accountable for its failure to perform its oversight duties during that period.

These statements come in light of a state of uncertainty and anxiety that dominates the banking sector in Iraq, as it suffers from instability and declining confidence.

The entry of foreign banks into the Iraqi market raises questions about the future of local banks and their ability to compete in light of the current challenges.

This step is part of the government's efforts to attract foreign investments and strengthen the financial sector, but

there are fears that it will be at the expense of local banks that are facing great difficulties.

Some representatives and experts call for the necessity of reviewing banking policies and providing the necessary support to local banks to enhance their ability to compete and achieve financial stability.

In light of these developments, the future of the Iraqi banking sector remains dependent on the decisions and policies that the Central Bank and the government will take to achieve a balance between attracting foreign investments and supporting local banks. https://mustaqila.com/المصارف-العراقية/

Despite Their Large Numbers...A Shocking Percentage Of Government And Private Bank Services In Iraq

Time: 08/02/2024 Read: 1,573 times {Economic: Al-Furat News} A government advisor revealed a shocking percentage and number of banking services in the public and private sectors provided to the public in Iraq.

Mazhar Muhammad Saleh told {Al-Furat News} agency, “The lesson in the stability of the banking market in particular and the financial market in general is not the large number of private banks and financial companies, as

the lesson lies in achieving (financial depth), which means how much banking and financial activities and services contribute to the growth of output.”

The annual gross domestic product in the country, that is, through the capacity of services provided by these banking companies to the public, in quality and quantity, to maximize the added value in economic activity. He added that these banking services “in the gross domestic product revolve around a growth rate that does not exceed 1.5% in most cases,

which is a low percentage compared to developed countries where this percentage rises to more than 20%.” Saleh stated,

“Accordingly, the sobriety and stability of the financial and banking market in particular is measured by the number of services provided to the public, and the number of its services still does not exceed 12 services at best, while it should rise to 45 banking services as a minimum.”

He continued, "As for banking density, which is measured by the population's share of bank branch services, despite the huge number of government and private banks, the share of their branches in providing banking services to the population is still low." He explained, "It is noted that the services of a single branch of these banks are still disproportionate to the population.

The banking density in our country is approximately 40 thousand people per branch on average, while it should not exceed ten thousand people per branch unless it is less, as is the case

in the countries of the developed world, which One branch provides its services to an average of no more than six thousand people per banking branch.” https://alforatnews.iq/news/رغم-كثرة-أعدادها-نسبة-صادمة-لخدمات-المصارف-الحكومية-والأهلية-في-العراق

For current and reliable Iraqi news please visit: https://www.bondladyscorner.com/

Dinar Recaps 20 8/4/24 Dinar Recaps 20 8/4/24

Insiders Sell Billions In Stocks | David Morgan

Insiders Sell Billions In Stocks | David Morgan

Liberty and Finance: 8-3-2024

David Morgan expresses concerns about the stock market, noting that insiders like Warren Buffett and Jeff Bezos are selling stocks, potentially indicating a peak.

He suggests investors may want to consider reducing their stock market exposure. In the metals market, Morgan observes that gold and silver face challenges breaking past certain price points, anticipating more downward pressure due to seasonal trends but expecting a stronger performance in late 2024 and into 2025.

Insiders Sell Billions In Stocks | David Morgan

Liberty and Finance: 8-3-2024

David Morgan expresses concerns about the stock market, noting that insiders like Warren Buffett and Jeff Bezos are selling stocks, potentially indicating a peak.

He suggests investors may want to consider reducing their stock market exposure. In the metals market, Morgan observes that gold and silver face challenges breaking past certain price points, anticipating more downward pressure due to seasonal trends but expecting a stronger performance in late 2024 and into 2025.

Morgan also highlights the impact of economic conditions on crime rates, using In-N-Out Burger's closure in Oakland due to safety concerns as an example.

He suggests that rising crime rates reflect deteriorating economic conditions, especially in states like California. Additionally, Morgan discusses the potential impact of geopolitical conflicts on silver demand, emphasizing military and technological needs could consume the supply.

He also advocates for maintaining a constitutional republic in the U.S., arguing that preserving founding principles is crucial to prevent societal collapse.

INTERVIEW TIMELINE:

0:00 Intro

1:20 Gold & silver update

4:55 Recession ahead

9:00 Gold vs stock market

12:00 Silver & geopolitical conflicts

13:48 Industrial demand for silver

17:17 $50 Silver?

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

DINARRECAPS8 8/4/24 DINARRECAPS8 8/4/24

Seeds of Wisdom RV and Economic Updates Sunday Morning 8-4-24

Good Morning Dinar Recaps,

OpenEden Introduces Tokenized US Treasury Bills onto the XRP Ledger

"Tokenization platform OpenEden has announced that it will bring tokenized US Treasury bills (T-bills), a short-term US government debt obligation backed by the US Department of the Treasury, to the XRP Ledger (XRPL) and its users for the first time."

"The tokenization of T-bills onto the XRPL is a demonstration of how institutional access to decentralized finance (DeFi) is being driven by the tokenization of traditional real-world assets (RWAs).

The assets backing OpenEden’s TBILL tokens are invested in short-dated US T-bills and reverse repurchase agreements collateralized by US Treasuries. Minters are subject to stringent KYC and AML screening to ensure the highest security and regulatory compliance standards."

Good Morning Dinar Recaps,

OpenEden Introduces Tokenized US Treasury Bills onto the XRP Ledger

"Tokenization platform OpenEden has announced that it will bring tokenized US Treasury bills (T-bills), a short-term US government debt obligation backed by the US Department of the Treasury, to the XRP Ledger (XRPL) and its users for the first time."

"The tokenization of T-bills onto the XRPL is a demonstration of how institutional access to decentralized finance (DeFi) is being driven by the tokenization of traditional real-world assets (RWAs).

"Ripple, the leader in enterprise blockchain and crypto solutions, will also allocate USD$10 million into OpenEden’s TBILL tokens. This is part of a larger fund that Ripple will allocate to tokenized T-bills provided by OpenEden and other issuers."

"OpenEden’s tokenized US Treasury bills represent another exciting example of how all types of real-world assets are being tokenized to drive utility and new opportunities," said Markus Infanger, Senior Vice President, RippleX.

"Institutions are increasingly looking at where to tokenize their real-world assets and the arrival of T-bills on the XRPL powered by OpenEden reinforces the decentralized Layer 1 blockchain as one of the leading blockchains for real-world asset tokenization.”

"Bringing tokenized T-bills to the XRP Ledger is the next step in our exciting journey. Purchasers will be able to mint our TBILL tokens via STABLECOINS, including Ripple USD when it launches later this year.”

"Ripple also recently announced its work with Archax, the UK’s first Financial Conduct Authority regulated digital asset exchange, broker and custodian, that plans to bring hundreds of millions of dollars of tokenized real world assets (RWAs) onto the XRPL over the coming year."

@ Newshounds News™

Read more: Ripple

~~~~~~~~~

Earn 4.97%* U.S. Treasury yields on-chain

"The only tokenized U.S. Treasury product with an “A” rating from Moody’s."

Moody’s Credit Rating
OpenEden’s TBILL is the first and only tokenized product to receive an “investment grade” rating by Moody’s.

"Gain exposure to U.S. Treasuries without the constraints of U.S. trading hours. TBILL token holders enjoy 24/7 minting & redemption, thanks to smart contracts. DeFi projects can build on TBILL's ERC-20 tokens."

TBILL tokens are audited, transparent, and verifiable
"Like you, we live by “don’t trust, verify”. Which is why we launched the market’s first proof-of-reserves that combines off-chain and on-chain auditability. Here is how we open the books."

@ Newshounds News™

Read more: Open Eden

~~~~~~~~~

The OpenEden TBILL tokens are ETHEREUM-BASED ERC-20 standards that are TRANSFERABLE between different blockchain wallets.

"Former senior officials at the Gemini crypto exchange announced that OpenEden, a decentralized finance (DeFi) platform, had launched the first smart contract vault to offer access to US Treasury Bills (T-Bills). According to the announcement, OpenEden will enable stablecoins holders to mint Treasury Bills (T-BILL) tokens through the OpenEden T-BILL Vaul. "

"According to OpenEden, the TBILL tokens are Ethereum-based ERC-20 standards that are transferable between different blockchain wallets."

"There is around $130 billion worth of stablecoins sitting on the sidelines and not generating any meaningful yield. As DeFi yields continue to lag further behind traditional financial asset yields, there is a growing demand for institutional-grade DeFi products that offer low-risk, liquid, and transparent returns to stablecoin holders.”

"By tokenizing real-world assets, OpenEden hopes to open up the blockchain industry to a $300 trillion market that is yet to be tapped on a global scale. Moreover, the cryptocurrency market is about $1 trillion despite being in existence for the past 14 years."

@ Newshounds News™

Read more: Coin Speaker

~~~~~~~~~

Newshound's Daily Breakdown Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link

Follow the Roadmap

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Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Dinar Recaps 20 8/4/24 Dinar Recaps 20 8/4/24

“Tidbits From TNT” Sunday Morning 8-4-2024

TNT:

Tishwash: US Treasury Takes Control of Iraq's Central Bank to Combat Money Laundering

Three informed sources close to the political and parliamentary decision-making process in Baghdad revealed extremely dangerous information confirming that the US Treasury Department has taken a permanent headquarters in the Central Bank of Iraq building.

They considered that this step came as a result of the great pressures on the Iraqi banking system with the aim of limiting money laundering and dollar smuggling, as the governor of the Central Bank was forced to allocate an entire floor for US Treasury departments to monitor money transfers and prevent any illegal activities.

TNT:

Tishwash: US Treasury Takes Control of Iraq's Central Bank to Combat Money Laundering

Three informed sources close to the political and parliamentary decision-making process in Baghdad revealed extremely dangerous information confirming that the US Treasury Department has taken a permanent headquarters in the Central Bank of Iraq building.

They considered that this step came as a result of the great pressures on the Iraqi banking system with the aim of limiting money laundering and dollar smuggling, as the governor of the Central Bank was forced to allocate an entire floor for US Treasury departments to monitor money transfers and prevent any illegal activities.

The three sources confirmed that a team of American employees is working permanently at the Central Bank of Iraq, as part of intensive efforts to ensure Iraq's commitment to international standards for combating money laundering and terrorist financing.

The sources stressed that the Iraqi banking sector is suffering from increasing pressures exerted by the US Treasury to prevent the smuggling of dollars to countries such as Iran, Russia and Syria, which are facing economic sanctions.

One of the sources explained that the governor of the Central Bank of Iraq tried to resist these restrictions, but the American response was strict, as the Central Bank of Iraq was included among the institutions considered to support money laundering operations and failure to comply with sanctions.

In previous reports, the US Treasury imposed severe sanctions on several Iraqi banks, on charges of involvement in money laundering and dollar smuggling. The policy of the Central Bank of Iraq is characterized by randomness and the absence of a clear strategic plan to protect Iraq's money from smuggling, which prompted the US Treasury to impose strict and direct control over the Central Bank and Iraqi banks.

Iraqi banks are currently undergoing a rigorous evaluation process under the supervision of the US Treasury Department, which includes monitoring all banking operations and money transfers. This situation reflects the great challenges facing the Iraqi banking system in light of the ongoing efforts to reform it and improve its image before the international community.

On the other hand, Prime Minister Mohammed Shia al-Sudani has repeatedly sought to ease these measures, trying to reach understandings with the American side. But there is strong resistance from Washington, which insists on correcting the course of the economic process and reforming the banking system in Iraq. Al-Sudani finds himself in a difficult position, as he must balance internal pressures and international demands.

In a broader context, the current situation reflects the complexity of the relationship between Iraq and the United States in the financial and banking sphere. While Iraq seeks to preserve its sovereignty and the independence of its banking system, the United States continues to exert pressure to ensure that the Iraqi banking system is not used to finance illicit activities. link

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

Tishwash: Legal violations” in the work of the Central Bank prompt demands to replace its governor, Ali Al-Alaq

Today, Saturday, the economic expert, Abbas Al-Bassel, stressed the necessity of replacing the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, in light of the violations committed by the Central Bank against the constitution and the law.

Al-Basel told Al-Jarida, “When Al-Alaq was brought in, the work of the corrupt whales among the politicians became active, as they invested in dollars and the private sector was terminated, while the Central Bank imposed unnatural complications by launching a campaign against simple shops and kiosks in the markets of Shorja and Karrada, and preventing the sale of electrical and food supplies and even clothing in dollars, and taking pledges from shop owners to prevent dealing in dollars, and punishing them in the event of a violation, in procedures that have no legal ceiling or a judge’s decision, so the Central Bank violated the constitution and the law.”

Al-Bassel added, "The dollar is currently on the rise, at a time when there is no official announcement by the Central Bank about the volume of remittances leaving the country, so Ali Al-Alaq must be replaced with a professional, non-partisan figure." link

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

Tishwash: Al-Fath: Foreign banks in Iraq do not have cash value

Today, Saturday, member of the Al-Fatah Alliance, Mahmoud Al-Hayani, revealed the presence of large corruption files within the Iraqi banking business and the involvement of major figures, while confirming that foreign banks in Iraq do not have monetary value that benefits Iraq.

Al-Hayani said in a statement to the Maalouma Agency, “Foreign and Jordanian banks in particular do not have through which they can supply the Iraqi market funds with the monetary mass, and their presence inside Iraq does more harm than good,” noting that “The Central Bank of Iraq was unable to find solutions and did not rise to the level.” "Required".

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

Repeated violations of sovereignty and the presence of the international coalition put Iraqi military leaders before two bitter choices

Academic Talib Mohammed commented on Wednesday on the repeated violation of national sovereignty with the escalation of demands to end the foreign military presence, especially the American one, in Iraq.

He pointed out that Iraqi military leaders are confused between declaring readiness and bearing the consequences of that, or confirming the need for the international coalition and bearing various charges, which requires strengthening trust between the government, political forces and military leaders in order to reach a decision that they will be held accountable for before the Iraqi people and history.

“The breach of Iraqi national sovereignty has become a common occurrence, considering that the last strike in Babylon came as part of a series of multiple and qualitative strikes in Iraq. Therefore, Iraqi sovereignty is breached through hostile strikes, whether from neighboring countries or the Zionist entity. The Israeli strikes are linked to an Israeli approach to control and change the nature of the region, meaning imposing force and continuing these strikes until a new political path is achieved in the region, and this path is controlled by Israel and America,” Mohammed told Al-Jarida.

He added, "As for the Iraqi military position, after the victory over terrorist organizations, the last of which was ISIS, it sent a message that the military institution is capable of leading itself, but on the condition of completing the logistical and technical matters, military equipment, and security and military liaison with the international coalition."

He continued, “In light of the presence of political blocs that want to end the foreign military presence in Iraq, especially the American one, the decision in this regard should be issued after studying the situation and the social, popular, economic and political reality to give a mature decision that we will not regret in the future, which requires the Iraqi military leaders to study the situation, whether the Iraqi forces are ready and do not need other countries, and if they are capable, they should announce this to the Iraqi public opinion and this issue depends on the Iraqi Council of Representatives.”

“But the Iraqi military leaders are confused about this aspect,” Mohammed added. “If they confirm readiness and do not need the international coalition, a security breach may occur and they may be blamed for confirming readiness. However, if the military leaders say the opposite, that they need the international coalition, they may be exposed to other accusations. Therefore, there is a need to strengthen trust between the government, political forces, and military leaders in order to reach a decision that they will be held accountable for before the Iraqi people and history.” link

Mot: ........ Planning Ahead

DINARRECAPS8 8/3/24 DINARRECAPS8 8/3/24

Seeds of Wisdom RV and Economic Updates Saturday Afternoon 8-3-24

Good Afternoon Dinar Recaps,

WHAT IS THE STRATEGIC BITCOIN RESERVE?

"THE BITCOIN ACT of 2024, introduced by Senator Cynthia Lummis of Wyoming, seeks to firmly establish Bitcoin as a strategic asset in the United States’ financial arsenal. At its core, the Act proposes the creation of a Strategic Bitcoin Reserve (SBR) and a structured Bitcoin Purchase Program, and comprehensive national custody policy."

The Strategic Bitcoin Reserve (SBR) "The establishment of the SBR signifies a paradigm shift in how the United States government manages and custodies Bitcoin at the Federal level. The SBR creates a decentralized network of secure Bitcoin storage facilities across the United States."

Good Afternoon Dinar Recaps,

WHAT IS THE STRATEGIC BITCOIN RESERVE?

"THE BITCOIN ACT of 2024, introduced by Senator Cynthia Lummis of Wyoming, seeks to firmly establish Bitcoin as a strategic asset in the United States’ financial arsenal. At its core, the Act proposes the creation of a Strategic Bitcoin Reserve (SBR) and a structured Bitcoin Purchase Program, and comprehensive national custody policy."

The Strategic Bitcoin Reserve (SBR)
"The establishment of the SBR signifies a paradigm shift in how the United States government manages and custodies Bitcoin at the Federal level. The SBR creates a decentralized network of secure Bitcoin storage facilities across the United States."

Bitcoin Purchase Program
"The Act lays out a plan to acquire up to 1,000,000 Bitcoins over a five-year period, capping purchases at 200,000 Bitcoins annually, and then holding such reserves for twenty years. Furthermore, the Act places limits on the use and sale of the reserve following the holding period.

During the minimum holding period, no Bitcoin held by the Federal government in the SBR may be sold, swapped, auctioned, encumbered, or otherwise disposed of for any purpose other than retiring outstanding Federal debt instruments."

RE-READ THAT LAST STATEMENT- " or otherwise disposed of for any purpose other than retiring outstanding Federal debt instruments."

"It first proposes an amendment to the Federal Reserve Act to reallocate discretionary surplus funds from the Federal Reserve Banks. This reduces the discretionary surplus funds from $6.825 billion to $2.4 billion. The Federal Reserve is then required to remit net earnings to the Treasury, and the Act redirects the first $6 billion towards purchasing Bitcoin."

"Furthermore, the Act also involves an adjustment in the valuation of gold certificates held by the Federal Reserve. Currently, the Federal Reserve holds gold certificates which are marked at $42.22/oz, while the market price of gold is closer to $2,400 today.

Essentially, this forces the Federal Reserve to mark-to-market the gold certificates, then remit the gain on the gold to the Treasury for the purpose of funding the initial acquisition."

COULD THIS BE THE REVALUATION OF GOLD THAT WE HAVE BEEN LOOKING FOR?
REPRICING THE GOLD CERTIFICATES HELD BY THE US TREASURY AT THE NEW PRICE OF $2400/OZ

State Participation
The Act contemplates accepting State-level Bitcoin holdings into the national framework through voluntary participation. This aspect allows individual states to store their Bitcoin holdings within the SBR in segregated accounts.

By offering this option, the Federal government allows (but does not require) States to add Bitcoin to their own treasuries, without having to reinvent and reimplement a robust security plan.

States participating in the program maintain exclusive and segregated title to their Bitcoin, and the right to withdraw or transfer their Bitcoin holdings from the SBR, subject to the terms of their contractual agreement and any applicable Federal regulations, but are not subject to the Federal restrictions otherwise applicable to the SBR.

This flexibility ensures that States can manage their Bitcoin treasuries in accordance with their specific financial strategies and needs.

Implications & Next Steps
"By tapping into existing financial resources and leveraging the economic value of gold, the BITCOIN Act aims to acquire Bitcoin without directly burdening taxpayers or increasing federal debt. This multifaceted approach underscores the innovative financial strategies the Act employs to integrate Bitcoin into the national reserve system, setting the stage for a comprehensive Bitcoin policy throughout all levels of the United States government."

@ Newshounds News™

Read more: Bitcoin Magazine

~~~~~~~~~

Bank of England looks to update RTGS by exploring wholesale CBDC, synchronization

The central bank of the United Kingdom is proposing experimenting with a wholesale central bank digital currency (wCBDC) as it seeks to update its Real-Time Gross Settlement (RTGS) system.

Bank of England (BoE) announced the move in a discussion paper, titled “The Bank of England’s Approach to Innovation in Money and Payments.”

Under this, the BoE promised to undertake a series of experiments within the next six months to examine wCBDC settlement compared to the “synchronization” of non-CBDC central bank money using the existing RTGS system.

RTGS is a fund transfer system that allows for the instantaneous transfer of money and/or securities between banks. In the U.K., the RTGS system is called the Clearing House Automated Payment System (CHAPS). It’s operated by the BoE and used for high-value transactions.

The BoE has been consulting on an update to CHAPS since 2022. In February 2023, in its Roadmap for the Real-Time Gross Settlement Service Beyond 2024, the bank proposed “synchronization” as a possible solution to updating its RTGS system, which suffered a well-publicized crash earlier in July.

“We proposed to create a generic interface into RTGS which would allow a wider range of ledgers to connect to RTGS to synchronize transactions. Synchronization enables ‘atomic settlement’, which means linking the transfer of two assets in a way that one asset moves if and only if the other asset moves,” said the roadmap.

Wholesale CBDCs—digital versions of a country’s currency used by banks and financial institutions for large-scale transactions and settlements—offer another alternative to the current RTGS system, with 19 countries already piloting one.

Both synchronization and wCBDC depend on distributed ledger technology (DLT), a system that records transactions across multiple computers or locations.

In its July 30 discussion paper, the BoE argued that “further work is required to consider the respective roles these innovations might play in the Bank’s future toolkit. To inform this work, the Bank proposes a program of experiments to test the use cases, functionalities and prospective designs of both wCBDC and synchronization, and their relative merits.”

It added that these experiments would ideally assess the relative operational risk and complexity involved in using the two technologies and how different types of financial assets can best be represented on a digital ledger.

“This would help identify important ledger design considerations and inform later workaround interoperability,” said the discussion paper. “The experiments should also allow us to assess the scalability of the different approaches.”

In terms of its ultimate goal, the BoE set out three main outcomes it hopes to achieve from the experiments:

1. Central bank money must keep pace with technological advances in financial markets and must be equipped with the functionality to support central bank money settlement of tokenized wholesale transactions;

2. Innovations in financial markets must be harnessed in a way that supports financial stability and monetary policy objectives. “If tokenization increases the efficiency and speed of post-trade processes, this could release liquidity and reduce settlement risk and cost in wholesale financial markets,” said the BoE;

3. The U.K.’s financial market infrastructure must remain at the forefront of developments in finance, including maintaining an appropriate level of interoperability with new DLT-based infrastructure.

@ Newshounds News™

Read more: Coin Geek

~~~~~~~~~

2,200 letters of support for ‘Bitcoin Strategic Reserve’ bill sent to US senators

Senator Cynthia Lummis introduced the bill on July 31, which would direct the US government to start a reserve Bitcoin fund.

Over 2,200 letters were sent to United States senators in 48 hours urging them to co-sponsor and support Senator Cynthia Lummis’s newly proposed Strategic Bitcoin Reserve bill.

In a post on X, Lummis expressed gratitude for the support given to the Strategic Bitcoin Reserve bill.

Lummis, a prominent advocate for the crypto industry, introduced the Bitcoin Strategic Reserve bill on July 31. The bill aims to establish a national reserve of Bitcoin and position the US as a leader in the adoption and secure management of the world’s first cryptocurrency.

The proposed legislation would direct the US government to create a decentralized network of secure Bitcoin vaults managed by the US Treasury, ensuring strict cyber and physical security measures.

@ Newshounds News™

Read more: Coin Telegraph

~~~~~~~~~

Peru inaugurates first CBDC pilot

Peru’s central bank has launched its first central bank digital currency (CBDC) pilot, selecting local telecom operator Viettel Peru as its partner.

The Central Reserve Bank of Peru announced the partnership recently but didn’t disclose any details about the pilot. Viettel is the local subsidiary of Vietnam’s state-owned multinational telecom operator Viettel Group, which started operating in Peru in 2014.

For Peru, a digital sol is the country’s attempt to digitize payments to enhance efficiency and cut costs. The government is also seeking to boost financial inclusion; according to the latest studies conducted two years ago, only half of Peruvians had access to formal financial accounts.

While this was a significant growth from 2014, when the World Bank revealed that only two in ten Peruvians were banked, it’s still relatively low for a country with a $242 billion gross domestic product (GDP). In stark contrast, 85% of neighboring Chile’s population is banked.

With close to half its population unbanked, Peru is heavily reliant on cash. According to the International Monetary Fund (IMF), high costs and insufficient digital infrastructure remain vital impediments.

IMF believes that a CBDC could eliminate many of the barriers to digital payments. However, the Latin American country would have to make some critical considerations, such as offering the digital solution via USSD, as a large portion of the population doesn’t own a smartphone.

It would also need to dissociate CBDC from the banking system, as the people who need it most don’t have bank accounts. In most countries, the CBDC wallet is linked to a bank account, allowing convenience, as customers can switch between the two easily. This allows the regulators to impose a holding cap—once a customer hits this threshold, the rest is converted to conventional bank deposits.

@ Newshounds News™

Read more: Coin Geek

~~~~~~~~~

Sahm Recession Rule Trigger Alert 🚨

The Sahm Rule that is designed to signal the start of a recession has officially been triggered. Since 1953, the Sahm Rule has NEVER been wrong!

@ Newshounds News™

Read more: Twitter

~~~~~~~~~

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DINARRECAPS8 8/3/24 DINARRECAPS8 8/3/24

Iraq Economic News and Points To Ponder Saturday Afternoon 8-3-24

Economist Expects Sanctions On Iraqi Banks To Be Eased

Posted on 2024-08-03 by sotaliraq Economic researcher Safwan Qusay believes that sanctions imposed on Iraqi banks will be reduced and made financial only.

Qusay said, “The Central Bank has contracted with an international company (K2) for the purpose of auditing banks that have restricted access to the dollar in previous periods, so that these banks can learn the mechanism for complying with international requirements.”

He added, "Everyone is keen on stopping the use of Iraqi banks for money laundering. Private Iraqi banks are not the owners of corrupt money, but there are those who acquire the Iraqi dinar illegally and are trying to use the banks for money laundering and smuggling hard currency.

Economist Expects Sanctions On Iraqi Banks To Be Eased

Posted on 2024-08-03 by sotaliraq Economic researcher Safwan Qusay believes that sanctions imposed on Iraqi banks will be reduced and made financial only.

Qusay continued, "As for the restricted banks, they will be rehabilitated by merging, or these sanctions will be reduced or made financial sanctions in the coming periods." LINK

Al-Sudani Launches The National Development Plan For The Next Five Years

Money and business Prime Minister Mohammed Shia Al-Sudani confirmed today, Saturday, that the five-year development plan (2024-2028) took into account improving services in all fields and directed adherence to it, noting that the plan aims to achieve infrastructure projects, clean energy, the development road, the Faw port, the road network, bridges, residential and industrial cities, modern agriculture, and others.

A statement by the Prime Minister's media office stated that "the Prime Minister launched the five-year national development plan (2024-2028), during the ceremony held today, Saturday, by the Ministry of Planning in cooperation with Iraq's development partners."

In a speech he delivered during the ceremony, Al-Sudani praised “the efforts of the Ministry of Planning, the ministries and their supporting bodies, and international partners, indicating that the five-year development plan has been approved by the Council of Ministers, in recognition by the government of the importance of the country having a development plan with achievable paths and goals,” stressing “the importance of adhering to the plan’s goals, as they are the way to change the lives of Iraqis for the better.”

Al-Sudani pointed out that "Iraq has witnessed a developmental separation since the eighties of the last century due to wars, siege and confrontation with terrorism, which caused gaps in all sectors," stressing "work to restore the wheel of development and bridge those gaps, and that the new plan is consistent with the government's goals and confronting internal or external challenges."

He explained that "the plan provided space for achieving good governance, appropriate mechanisms to combat corruption and adopt the principles of transparency, and took into account the priorities of improving services in all areas, by accelerating the implementation of projects under construction, and moving towards new development and service projects."

He continued: “We started with a series of strategic projects to develop the oil and gas sector, stop waste in it, and rely on our capabilities and projects to secure petroleum derivatives instead of importing. We moved towards projects that are consistent with the 2030 Sustainable Development Vision, including infrastructure projects, clean energy, the development road, the Faw Port, the road and bridge network, residential and industrial cities, modern agriculture, and others.”

He stated: "We emphasize the role of the Kurdistan Region of Iraq and the local governments in the provinces in achieving integration with the government program plans and working in a unified manner for the public interest of the state," noting that "the five-year development plan includes paths with economic dimensions based on the philosophy of economic diversification."

He explained that "the Iraq Development Fund aims to create an integrated investment environment in the country," adding: "We have given the private sector sovereign guarantees to establish industrial and agricultural projects, which will provide it with a wide space that is commensurate with its developmental role."

He stressed: "We are working on reforming the banking and financial sector, automating all economic and service activities, and governing government and service work. We have started automating work at border crossings and moving towards electronic payment in all market and commercial transactions."

He explained: "The five-year development plan adopts comprehensive digital transformation and the adoption of electronic systems in all aspects of life, and that sound planning requires accurate and sound data and indicators, and this is achieved by the general population and housing census that is scheduled to be conducted on November 20."

Al-Sudani stressed that: "The government is making exceptional efforts to implement the census, which has been delayed for a long time. The Ministry of Planning and the supporting agencies have completed all the necessary preparations to implement it. We hope that Iraqi families will contribute to the success of the census and provide correct data."

He stressed that: "The goal of the census is developmental, through which we seek to address negatives in all areas, and we call on all state institutions to cooperate with the Ministry of Planning to ensure the success of the census project." 08/03/2024 - https://economy-news.net/content.php?id=45863

Reuters: Iraq Still Accounts For The Largest Part Of OPEC's Excess Production

Energy OPEC oil output rose in July on a rebound in Saudi supplies and small increases elsewhere, a Reuters survey showed on Friday, offsetting the impact of ongoing voluntary supply cuts from other members and the wider OPEC+ alliance.

The survey, based on shipping data and information from oil industry sources, showed that OPEC pumped 26.70 million barrels per day last month, up 100,000 bpd from June.

The increase comes despite the OPEC+ alliance, which includes OPEC and allies including Russia, maintaining most production cuts until the end of 2025 to support the market in the face of tepid demand growth, rising interest rates and increased US production.

A meeting of senior OPEC+ ministers on Thursday left oil production policy unchanged, including a plan to start unwinding a tranche of output cuts from October.

The ministers stressed that this increase could be temporarily halted or reversed if necessary.

The survey found that Saudi Arabia provided the biggest boost to supplies last month, by 70,000 barrels per day, as exports rebounded from June when they were lower than expected. Output reached 9 million barrels per day in July, close to the kingdom’s target.

The survey showed that Nigeria recorded the largest decline of 30,000 barrels per day, with exports declining on a monthly basis.

Libya and Iran, two members not required to cut output, along with Iraq, recorded slight increases. The survey found that Iranian output reached 3.22 million barrels per day, the highest since 2018, according to Reuters surveys.

Iran has boosted its exports in recent years despite continued U.S. sanctions. Iraq’s output has risen as exports have increased month-on-month, oil flow data and a tanker-tracking source showed.

The survey also said that OPEC exceeded the target assumed for the nine countries covered by the supply reduction agreements by about 240 thousand barrels per day, and that Iraq still represents the largest part of the excess production.

The Reuters survey aims to track supply to the market and is based on shipping data provided by external sources, flows data from the London Stock Exchange Group, information from firms that track flows, such as Petro-Logistics and Kpler, and information provided by sources at oil companies, OPEC and consultants. 165 views 2024/08/03 https://economy-news.net/content.php?id=45861

OIL PRICES FALL TO EIGHT-MONTH LOW

Saturday 03 August 2024 04:15 | Economic Number of readings: 231 Baghdad / NINA / Oil prices closed on Friday at their lowest levels since last January, after data showed that job growth in the United States slowed more than expected last month.

Brent crude futures fell $2.71, or 3.41 percent, to reach $76.81 a barrel at settlement. "

West Texas Intermediate crude futures fell $2.79, or 3.66 percent, to record $73.52 at settlement."

Job growth in the United States slowed more than expected in July, and the unemployment rate rose to 4.3 percent, indicating a possible recession. "

Economic data from China, the largest oil importer, showed weak manufacturing activity last month in the United States, Europe and Asia, increasing the risk of a weak global economic recovery, affecting oil consumption.

Data from the London Stock Exchange Group's oil research department showed that Asian crude oil imports fell to their lowest level in two years in June due to weak demand in China and India. "

A meeting of OPEC+ ministers yesterday, Thursday, kept the current oil production policy unchanged, including the alliance's intention to gradually roll back part of the production cuts starting next October." /End2 https://ninanews.com/Website/News/Details?key=1145245

Central Bank Sales Exceeded $1 Billion Last Week

Economy | 03:13 - 03/08/2024 Mawazine News – Baghdad The total sales of the Central Bank of Iraq of hard currency for the US dollar during the past week, which opened the auction, exceeded one billion dollars.

A source stated that the Central Bank sold during the past week and for the 5 days in which the auction was opened, one billion, 410 million, 230 thousand, and 782 dollars, at a daily rate of 282 million, 46 thousand, and 156 dollars, up from one billion, 387 million, 237 thousand, and 49 dollars recorded the previous week.

The highest sales of the dollar were on Sunday, where sales amounted to 274 million, 868 thousand, and 286 dollars, while the lowest sales were on Tuesday, where sales amounted to 262 million, 223 thousand, and 443 dollars.

He pointed out that sales of foreign transfers during the past week amounted to “one billion, 361 million, 480 thousand, and 782 dollars, an increase of 96% compared to cash sales, which amounted to 48 million, 750 thousand dollars.” https://www.mawazin.net/Details.aspx?jimare=252638

For current and reliable Iraqi news please visit: https://www.bondladyscorner.com/

Dinar Recaps 20 8/3/24 Dinar Recaps 20 8/3/24

“Tidbits From TNT” Saturday 8-3-2024

TNT:

Tishwash: Prime Minister announces launch of five-year national development plan (2024-2028)

Prime Minister Mohammed Shia Al-Sudani announced today, Saturday, the launch of the five-year national development plan (2024-2028).

A statement by the Prime Minister's Media Office received by the Iraqi News Agency (INA) stated that "Prime Minister Mohammed Shia Al-Sudani announced the launch of the five-year national development plan (2024-2028) link

TNT:

Tishwash: Prime Minister announces launch of five-year national development plan (2024-2028)

Prime Minister Mohammed Shia Al-Sudani announced today, Saturday, the launch of the five-year national development plan (2024-2028).

A statement by the Prime Minister's Media Office received by the Iraqi News Agency (INA) stated that "Prime Minister Mohammed Shia Al-Sudani announced the launch of the five-year national development plan (2024-2028) link

Tishwash: An economist likely to ease the sanctions imposed on Iraqi banks

Today, Friday, economic affairs researcher Safwan Qusay suggested easing the sanctions imposed on Iraqi banks and making them financial only.

Qusay told Al Mada, “The Central Bank has contracted with an international company (K2) for the purpose of auditing banks that have restricted access to the dollar in previous periods, so that these banks can learn how to comply with international requirements.”

He added, "Everyone is keen on the process of stopping the use of Iraqi banks for the purpose of money laundering. The private Iraqi banks are not the owners of corrupt money, but rather there are those who acquire the Iraqi dinar illegally and are trying to use the banks for the purpose of money laundering and smuggling hard currency."

Qusay continued, “As for the restricted banks, they will be rehabilitated through merger, mitigation of these penalties, or making them financial penalties during the coming periods.” link

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

Tishwash: Parliamentarian explains: What is the relationship between the operating budget and hosting the new governors?

Member of Parliament, Mohammed Al-Baldawi, said on Thursday that delaying the release of operational budgets was likely the reason for postponing hosting the new governors.

Member of the Parliamentary Planning Committee, Muhammad Al-Baldawi, said: “Hosting the new governors will not take place in the near future, as the absence of an operating budget prevents us from judging their performance,” indicating that “the operating budget has not yet been launched, which makes it difficult to evaluate the performance of the governors based on the projects that have been completed.”

And works.

Al-Baldawi explained that “the work of the Kirkuk and Diyala governorates is being disrupted due to the failure to resolve the issue of the council president in them, and until now the government has not received an evaluation of the governors’ performance,” noting that “there are ongoing problems in the Baghdad governorate and other governorates whose governments have not yet stabilized.” link

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

Tishwash: Reuters: Iraq still accounts for the largest part of OPEC's excess production

OPEC oil output rose in July on a rebound in Saudi supplies and small increases elsewhere, a Reuters survey showed on Friday, offsetting the impact of ongoing voluntary supply cuts from other members and the wider OPEC+ alliance.

The survey, based on shipping data and information from oil industry sources, showed that OPEC pumped 26.70 million barrels per day last month, up 100,000 bpd from June.

A meeting of senior OPEC+ ministers on Thursday left oil production policy unchanged, including a plan to start unwinding a tranche of output cuts from October.

The ministers stressed that this increase could be temporarily halted or reversed if necessary.

The survey showed that Nigeria recorded the largest decline of 30,000 barrels per day, with exports declining on a monthly basis.

Libya and Iran, two members not required to cut output, along with Iraq, recorded slight increases. The survey found that Iran’s output reached 3.22 million barrels per day, the highest since 2018, according to Reuters surveys.

Iran has boosted its exports in recent years despite continued U.S. sanctions. Iraq’s output has risen as exports have increased month-on-month, oil flow data and a tanker-tracking source showed.

Mot: ... I'm so old

Mot: Yahoooooooooooooo!!! -- This is It!!!

DINARRECAPS8 8/3/24 DINARRECAPS8 8/3/24

Seeds of Wisdom RV and Economic Updates Saturday Morning 8-3-24

Good Morning Dinar Recaps,

US REJECTS VIETNAM'S Request to Lift ‘Non-Market Economy’ Tag

THE QUESTION REMAINS HOW WILL THIS NEWS AFFECT THE VALUE OF THE VIETNAMESE DONG

" The Biden administration rejected Vietnam’s request to be classified officially as a “market economy,” a setback for the country’s efforts to boost exports to its most important market."

"The trade-dependent Southeast Asian economy has pressed the administration to revise the status since the upgrade in diplomatic ties during a visit by President Joe Biden to Vietnam in September last year."

Good Morning Dinar Recaps,

US REJECTS VIETNAM'S Request to Lift ‘Non-Market Economy’ Tag

THE QUESTION REMAINS HOW WILL THIS NEWS AFFECT THE VALUE OF THE VIETNAMESE DONG

" The Biden administration rejected Vietnam’s request to be classified officially as a “market economy,” a setback for the country’s efforts to boost exports to its most important market."

"The trade-dependent Southeast Asian economy has pressed the administration to revise the status since the upgrade in diplomatic ties during a visit by President Joe Biden to Vietnam in September last year."

"The “non-market” economy label mainly works against Vietnam when the US applies anti-dumping complaints. A change would have been a signal of closer ties at a time when the US is seeking to bolster relationships in the region as a counterweight to China. "

"Vietnam, which has signed numerous free trade agreements, is making greater access to the US market a priority. Its total trade — exports and imports — is equivalent to about twice the size of its economy."

@ Newshounds News™

Read more: MSN

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Bitcoin: El Salvador makes CRYPTOCURRENCY LEGAL TENDER

"Congress approved President Nayib Bukele's proposal to embrace the cryptocurrency, with 62 out of 84 possible votes on Tuesday night.
The president said the government had made history, and that the move would make it easier for Salvadoreans living abroad to send money home.
Bitcoin will become legal tender, alongside the US dollar, in 90 days.

The new law means every business must accept Bitcoin as legal tender for goods or services, unless it is unable to provide the technology needed to do the transaction."

""It will bring financial inclusion, investment, tourism, innovation and economic development for our country," President Bukele said in a tweet shortly before the vote.
He has previously said the move will open up financial services to the 70% of Salvadoreans who do not have bank accounts."

NOTE: THIS ARTICLE IS FROM 2021. BITCOIN IS BEING USED AROUND THE WORLD TO BRIDGE THE GAP WHERE LOCAL CURRENCIES ARE SEVERELY DEPRESSED

@ Newshounds News™

Read more: BBC

~~~~~~~~~

Indonesia preps second stage of wholesale CBDC trials

Today Bank Indonesia published its Indonesian Payment System Blueprint (BSPI) 2030. One of the five major initiatives is its central bank digital currency (CBDC) work, THE DIGITAL RUPIAH.

It previously announced three stages of its proof of concept CBDC work. The first is the basic issuance and redemption of a wholesale CBDC (wCBDC) using DLT, which was completed during the first half of 2024. Secondly, it plans to explore the integration of a wCBDC with a digital securities ledger. Thirdly, it will use the wCBDC as a foundation for a retail CBDC.

While today’s paper provides an update, and reiterates the three phases first outlined in 2022, there is a subtle change in emphasis towards the wCBDC. For example, now the third phase following the wCBDC digital securities work will focus on wCBDC for cross border payments.

Notably, Bank Indonesia is an observer on the mBridge cross border CBDC initiative that uses wCBDC. mBridge recently entered the minimum viable product (MVP) phase with its initial participants, including the BIS Innovation Hub and the central banks of China, Hong Kong, Thailand and the UAE. Saudi Arabia recently joined and there are at least 22 observer banks.

@ Newshounds News™

Read more: Ledger Insights

~~~~~~~~~

The Philippines chooses Venom for a groundbreaking national blockchain initiative

Manilla, Philippines, 1 August, Chainwire – Venom Foundation is proud to announce a historic agreement with the government of the Republic of the Philippines to digitize billions of accountable forms using its advanced blockchain technology.

Landmark opportunity and global significance

This initiative represents a pivotal milestone for Venom and the broader crypto industry. In what could end up as the world’s largest blockchain use case, this project underscores Venom’s leadership and innovation in the blockchain space.

By betting on Venom, the Philippine government demonstrates unprecedented trust and confidence in blockchain as a secure, scalable, and efficient solution for national-level operations.

This move is poised to revolutionize the way governments and large institutions handle data, transactions, and record-keeping, setting a new standard for transparency and efficiency.

This breakthrough project not only elevates Venom's standing but also sets the stage for other governments and sovereign nations to adopt the same kind of forward-thinking.

Project scope and impact

The Philippines is making a significant leap forward by launching an ambitious project to use Venom technology to digitize approximately ten billion accountable forms such as but not limited to invoices or receipts, cash tickets, documentary stamps, and special bank receipts, individually identified, accounted for, and afforded appropriate security.

This initiative marks a new phase in the country's digitalization journey and promises to revolutionize financial operations.

The project is expected to significantly enhance transparency, reduce costs, and improve the efficiency and security of financial transactions across the nation. With a population of approximately 115 million, the impact of this digitization effort will be far-reaching, touching every aspect of daily life and commerce in the Philippines.

@ Newshounds News™

Read more: Coin Telegraph

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Russia approves law on legalizing cryptocurrency mining

Requirements for the activities of individuals and legal entities mining digital currency, including participants in mining pools, as well as for individuals organizing their activities, will be established by the Russian Government in coordination with the Bank of Russia

Only Russian legal entities and individual entrepreneurs included in a register will have the right to mine. Individuals who do not exceed the energy consumption limits set by the Russian government will have the right to mine digital currency without being included in the register.

@ Newshounds News™

Read more: TASS

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WHO SETS THE RATES? Common questions about CURRENCY EXCHANGE RATES

"Who's in charge of setting currency exchange rates? If you've ever sent money overseas or checked the rates, this is a question that may have definitely crossed your mind. Who decides what is the value of money, and why do rates fluctuate that much during the day?"

"Every country in the world has its own currency, and each of these currencies is valued differently. When you exchange one currency for another, you're actually buying money, just in a different currency than the one used in your country."

"The exchange rate tells you how much the currency used in your country is worth in foreign currency. The rates CONSTANTLY CHANGE for some countries, whereas others use FIXED exchange rates.

As a rule of thumb, a country's social and economic outlook is the main factor that influences the currency exchange rate."

"Most countries have variable currency exchange rates, which are determined by the foreign exchange market. Because these rates are flexible, they fluctuate every minute, often influenced by market movements, political events, economic forecasts, and more."

"Countries such as the U.S., the United Kingdom, Canada, Japan, and Mexico all use flexible exchange rates. It's important to note that even though government policies can influence currency exchange rates, the government can't actually regulate them. The rates are always determined by Forex traders on the foreign exchange market."

"Several countries use FIXED CURRENCY RATES, and that is because the government dictates when the rates change. This is the case for the Saudi Arabian RIYAL, for example. The fixed rates are pegged to the U.S. dollar, and the central bank in the countries that use this system holds U.S. dollars to keep the rate fixed. "

"The market forces of supply and demand are the main factors that determine currency exchange rates. The level of demand for a currency determines its value in relationship with other currencies. "

@ Newshounds News™

Read more: Xe

~~~~~~~~~

North Carolina lower chamber overturns governor’s veto of CBDC ban

The bill received strong support in the General Assembly. Now, the state Senate will consider overturning the veto.

There is still hope for the bill passed by the North Carolina General Assembly banning the American state from testing or accepting a United States central bank digital currency (CBDC) after the state House of Representatives overturned the governor’s veto. If the state Senate follows suit, the bill will go into force.

The bill passed both chambers of the state legislature in overwhelming bipartisan votes on June 26. The state’s General Assembly is dominated by the Republican party, which has shown strong opposition on the state and national levels to the introduction of a US CBDC. The veto override has already been passed to the Senate Committee on Rules.

More support for the ban than the override
Democratic Governor Roy Cooper vetoed the bill on July 5. Only two Democratic lawmakers voted in favor of overturning the veto, while 40 reversed their stance in the passage of the bill.

@ Newshounds News™

Read more: Coin Telegraph

~~~~~~~~~

US Senator Officially Introduces BITCOIN Act to Establish Strategic BTC Reserve

"U.S. Senator Cynthia Lummis has officially introduced the BITCOIN Act in the Senate, aiming to establish a strategic bitcoin reserve as an additional store of value to strengthen America’s balance sheet. The initiative seeks to position the U.S. as a leader in financial innovation by proposing the purchase of 1 million bitcoins and ensuring robust security measures."

"U.S. Senator Cynthia Lummis (R-WY) announced on Wednesday that she has OFFICIALLY INTRODUCED the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act in the U.S. Senate. She unveiled the bill at the recent Bitcoin Conference in Nashville, Tennessee."

"Describing her bill as a “historic proposal to supercharge the U.S. dollar and pay down the national debt by establishing a strategic bitcoin reserve,” Senator Lummis stated:"

"“This is our Louisiana Purchase moment that will help us reach the next financial frontier,” the lawmaker opined.

"Lummis’ BITCOIN Act aims to secure America’s financial future by incorporating bitcoin into the national balance sheet. It proposes the creation of “a decentralized network of secure bitcoin vaults operated by the United States Department of Treasury with statutory requirements ensuring the highest level of physical and cybersecurity for the nation’s bitcoin holdings,” the lawmaker described."

"This legislation will oversee the implementation of “a 1-million-unit bitcoin purchase program over a set period of time to acquire a total stake of approximately 5% of total bitcoin supply, mirroring the size and scope of gold reserves held by the United States,” Lummis noted.

The plan will be funded by reallocating resources within the Federal Reserve System and the Treasury Department, ensuring robust cybersecurity and physical security measures.

The act also upholds the self-custody rights of private bitcoin holders, with Senator Lummis emphasizing that the reserve will not compromise individual financial freedoms."

@ Newshounds News™

Read more: Bitcoin

~~~~~~~~~

Number of Banks in the U.S. – How Many Are There?

"There are currently 4,844 insured commercial banks, according to the Federal Deposit Insurance Corporation (FDIC)."

"The FDIC’s count does not include credit unions. The National Credit Union Administration insures credit unions and tracks them separately. It also doesn’t include fintech apps that aren’t chartered as banks or directly insured by the FDIC. However, fintech apps that accept fiat money deposits (old-fashioned U.S. dollars rather than cryptocurrencies) generally partner with banks that have national charters and FDIC insurance."

"Since the 1980s, the Number of Banks in the U.S. Has Declined"

"The FDIC began counting the number of commercial banks in 1934. That year, 14,146 commercial banks were operating in the United States. That number didn’t change much for the next 50 years. After a low of 13,114 in 1959, the U.S. commercial bank count climbed to an all-time high of 14,469 in 1983.

The following year, the FDIC began tracking the number of savings banks. The inaugural count was 3,550, for a total of 17,810 commercial and savings banks in the United States."

"The U.S. population nearly doubled from 1934 to 1984, so while the number of U.S. banks per capita declined during this period, the industry appeared more or less stable. In other words, new banks formed about as quickly as old ones failed or merged."

"Then, in the mid-1980s, something changed."

"The number of active banks in the U.S. dropped by nearly 6,000 in just 10 years, from 17,754 in 1986 to 11,929 in 1995. This drop coincided with the savings and loan crisis of the late 1980s when thousands of smaller banks went belly-up as real estate prices and mortgage origination activity declined."

"Three factors explain the decline in the number of banks operating in the U.S.: bank failures, bank mergers, and the lack of new banking charters."

@ Newshounds News™

Read more: Money Crashers

~~~~~~~~~

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Newshound's News Telegram Room Link

Q & A Classroom Link

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Seeds of Wisdom Team™ Website

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