Why GOLD; Dollar Death & New BRICS Gold Currency, Q&A | Andy Schectman

Why GOLD; Dollar Death & New BRICS Gold Currency, Q&A | Andy Schectman

Soar Financially:  8-8-2024

Andy Schectman of Miles Franklin joins us at the Rule Symposium to discuss the decay of the US Dollar, the new BRICS currency "The Unit" which will be GOLD BACKED and answers audience questions.

We dive deep into the dealings of China in the silver market and other shenanigans by the big banks, including JP Morgan.

Chapters & Timestamps (AI generated):

00:00 Introduction

00:09 Erosion of the Dollar and Government Spending

 00:25 New BRICs Settlement Currency

00:38 Special Coverage from the World Symposium

01:00 Introduction of Guests

 01:14 Audience Questions

01:30 Precious Metals IRA and Exit Strategy

 02:00 Benefits of Precious Metals IRA

02:37 Definition of IRA and Its Benefits

 03:15 Undervaluation of Assets and Future Strategies

03:55 Market Trends and Precious Metals Allocation

 04:36 Future of Precious Metals Market

 05:00 Storage Business Potential

05:12 Importance of Storage and Brokerage Business

 06:00 Future of Precious Metals Market Continued

06:50 Macro Questions: Gold and Silver Revaluation

 08:00 Historical Perspective on Gold and Silver

09:00 Real Value of Gold and Silver

11:00 China and Bullion Banks

12:50 Importance of Gold to China

15:00 BRICs Currency and Project Enbridge

 16:20 Project Enbridge and Central Bank Digital Currencies

 17:50 Impact of New BRICs Currency on USD

19:00 Implications of New Settlement Currency

 20:50 Transparency in Gold Holdings

 22:00 Gold Revaluation Account

23:50 Repatriation of Gold by Countries

 25:00 Project Enbridge and Cross-Border Payments

26:20 Impact on US Dollar

27:30 Presentation Highlights at Rule Symposium

29:00 Actions and Ramifications of US Policies

31:00 Resetting the System and Modern Monetary Theory

 32:00 JP Morgan and Silver Price Target

 33:50 JP Morgan's Role in Precious Metals Market

 36:30 Interview with Chairman of Silver Institute

37:20 Closing Remarks and Call to Action

https://www.youtube.com/watch?v=aJOWsyd8WY8

Seeds of Wisdom RV and Economics Updates Thursday Evening 8-8-24

Good evening Dinar Recaps,

Economist Jim Rickards Highlights Gold's Opportunity During Market Meltdowns

"Gold is being profiled as a relevant investment option in economic uncertainty and market instability times. Jim Rickards, a U.S. economist and best-selling author of books like “Currency Wars” and an opinion contributor to several newspapers and publications including The New York Times and The Washington Post, has referred to the investment opportunity that gold presents during acute market setbacks."

"In social media, Rickards reinforced its solid opinion of gold as a hedge against market instability, predicting the price movement of the precious metal during these events."

Rickards says, "In a stock market meltdown, gold goes down due to selling by weak hands who need cash for margin calls. The strong hands take a beat, wait for a bottom. Then they jump in with both feet because they know it’s way up from there."

"Rickards has been analyzing gold’s position in today’s economy, stating that the metal might be used in case of a global currency meltdown to re-establish the gold standard, with many countries, including the U.S., purchasing gold to support the value of their currency."

"Nonetheless, while some markets rebounded after Monday’s meltdown, gold continued to trade down, losing the $2,400 mark. Even after slipping down, gold prices are still almost 15% up during 2024, reaching historic high levels just some days ago."

"According to the World Gold Council, demand is expected to maintain the next year supported by central bank gold purchases for portfolio diversification and protection purposes."

@ Newshounds News™

Source:  Bitcoin

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BREAKING: Victory for Ripple as XRP Is Not a Security in the US; $125M Fine for the Truth

 Ripple’s decisive victory over the SEC has officially ruled XRP a non-security.
 Judge Torres reduced the SEC’s demanded fine from $2 billion to $125 million.

Ripple has exciting news following its recent victory over the US Securities and Exchange Commission (SEC). XRP has been officially classified as a non-security, a designation that was highly disputed during Ripple’s litigation against the Commission.

Court Significantly Reduces SEC Penalties for Ripple’s Institutional XRP Sales

In addition, as Ripple CEO Brad Garlinghouse noted in his most recent tweet, the court has reduced the SEC’s penalties for institutional XRP sales that violate federal securities laws.

"The SEC asked for $2B, and the Court reduced their demand by ~94% recognizing that they had overplayed their hand. We respect the Court’s decision and have clarity to continue growing our company.

This is a victory for Ripple, the industry and the rule of law. The SEC’s headwinds against the whole of the XRP community are gone."

Judge Torres of the Southern District of New York levied the penalties after concluding that Ripple’s 1,278 institutional sales transactions breached securities regulations.

Previously, Judge Torres decided in July 2023 that Ripple violated federal securities laws by selling XRP directly to institutional clients. However, automated sales of XRP to retail clients through exchanges did not violate securities regulations.

Recently, the SEC failed to appeal a portion of the order that excused Ripple from securities law violations in programmatic sales.

Furthermore, Judge Torres has forbidden Ripple from future violations of federal securities laws, signaling that any violations will necessitate the issue of a court order. Ripple must file a registration statement if it intends to sell securities in the future.

Interestingly, Ripple’s convincing triumph has generated a surge in demand for XRP. At the time of writing, XRP was up 17.88% over the last 24 hours to $0.6055. Its daily trade volume has risen more than 200% to $5.05 billion. The price of XRP has quickly risen to pass crucial levels, $0.50 and $0.60.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~

Solana ETF Approved by Brazilian SEC

Following its approval by the Brazilian regulator, the ETF is in a pre-operational phase, awaiting approval by Brazilian stock exchange B3.

Brazil's Securities and Exchange Commission (CVM) has approved a spot Solana exchange-traded fund (ETF).

According to local business publication exame, the ETF, created by Brazilian asset manager QR Asset and operated by fund administrator Vortx, is in a pre-operational phase, pending approval by Brazilian stock exchange B3.

The ETF will reference the CME CF Solana Dollar Reference Rate, created by CF Benchmarks and the Chicago Mercantile Exchange (CME).

Speaking to exame, QR Asset manager and chief investment officer Theodoro Fleury described the firm as a "global pioneer in this segment, consolidating Brazil's position as a leading market for regulated investments in crypto assets."

Solana ETFs around the world

With the CVM's approval, Brazil has outpaced the U.S. in the race to bring a spot Solana ETF to market. Following the surprise approval of multiple U.S. spot Ethereum ETFs, firms including VanEck and 21Shares have filed S-1 registration forms with the U.S. Securities and Exchange Commission (SEC) in the hope of securing approval.

In May, British bank Standard Chartered predicted in a research note that Solana and XRP ETFs are on the horizon, "albeit this is likely a 2025 story not a 2024 one."

Last month, VanEck's head of digital assets predicted that approval of a U.S. Solana ETF hinges on the outcome of the U.S. presidential election, dubbing the lack of a regulated futures market for Solana a "Psyop" by SEC chair Gary Gensler.

However, asset manager BlackRock has sat out the race, taking a skeptical position and predicting that "it will be a while before we see anything else" beyond Bitcoin and Ethereum ETFs.

Meanwhile,  to the north, investment fund manager 3iQ has filed for a Solana ETF in Canada, aiming to be the first to market in North America. Interestingly, 3iQ has said from the outset that the fund would stake the SOL it buys to back shares. “The Solana Fund offers easy exposure to SOL without technical complexity,” the company wrote at the time. “As part of our investment strategy, the Solana Fund will stake SOL to earn rewards.”

@ Newshounds News™

Source:  Decrypt

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BRICS: Russia Officially Legalizes Bitcoin and Crypto Mining

"In another important sign of BRICS development in digital currencies, Russia has officially legalized Bitcoin and crypto mining in the country. Indeed, Moscow’s president, Vladimir Putin signed a law Thursday that legalizes the cryptocurrency process to specified persons."

The legislation will only allow “legal entities and individual entrepreneurs included in a register,” to mine crypto, Russian state media reports. However, it also legalizes mining for any individuals who “do not exceed the energy consumption limits,” proposed by the government.

"The past several months have seen BRICS embrace digital assets in a massive way. The group is reportedly considering the creation of a native currency using blockchain technology. It could be set to use these digital assets as a way to move further from the US dollar. Recent legal actions taken by one of its leading nations certainly support that assertion."

"As BRICS develops its digital currency infrastructure, Russia has officially legalized Bitcoin and crypto mining. The law will reportedly allow cryptocurrencies to be traded on native blockchain platforms. Moreover, it will go into effect in just ten days."

"This isn’t the first pro-crypto law Russia has passed this year. In late July, the country moved to allow crypto payments in international trade. The decision was made to combat Western sanctions."

@ Newshounds News™

Source:  Watcher Guru

~~~~~~~~~

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“Tidbits From TNT” Thursday 8-8-2024

TNT:

Tishwash:  Iraq raises its gold holdings to more than 148 tons

 The World Gold Council announced today, Thursday, that Iraq has increased its gold holdings to more than 148 tons.

According to the latest report published by the Council in August 2024, which was reviewed by Al-Eqtisad News, Iraq advanced one rank to reach 29th place globally out of 100 countries included in the table, after it was ranked 30th. 

The report indicated that Iraq ranks third in the Arab world after Saudi Arabia and Lebanon.

The report indicated that Iraq increased its gold holdings to 148.3 tons, after it was 145.7 tons, which represents 10.02% of its total other reserves.

The Council also indicated that the United States tops the list of countries with the largest gold reserves in the world, with 8,133.5 tons, followed by Germany with 3,351.5 tons, then Italy with 2,814 tons, while Suriname came at the bottom of the list with 1.2 tons.

The World Gold Council, headquartered in the United Kingdom, has extensive experience in analyzing market changes and includes the world's largest gold mining companies as members.  link

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Tishwash:  Al-Qurayshi: Political and economic interests are behind the American forces remaining in Iraq

State of Law coalition member Saad al-Quraishi confirmed that political and economic interests are behind the continued presence of American forces inside Iraq.

Al-Quraishi told Al-Maalouma, “Political and economic interests may be an excuse used by some parties to keep American forces inside Iraq and not take a decisive decision to leave the country.”

He added, "Iraq cannot currently remove American forces from its territory due to the lack of political will."
He stated that "Iraq will not benefit at all from the presence of American forces on its territory, as Washington is the first party to benefit from the presence of its forces inside Iraq to ensure its dominance over the region."

He pointed out that “the American presence in Iraq was imposed by Washington and not at an Iraqi request.”  link

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 Tishwash:  Saleh: There is no problem with liquidity at all, and what happened in the American markets requires caution.

The financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, denied the existence of a problem with the cash liquidity in the Iraqi currency.

Saleh said in a press statement, "There is no problem with liquidity at all because it is covered by foreign currency," indicating that "the mechanism for obtaining cash liquidity is that oil sales are converted into US dollars, and when the government needs the dinar for internal exchange, it exchanges oil sales for dollars and goes to the cash issuing bank, which is the central bank, to give it the currency."

He pointed out that "the Central Bank, in order to maintain market stability, sells foreign currency to the market through a currency sale window and auction, to withdraw liquidity again and then repeat it again to achieve natural growth in the issued currency."

Regarding the size of the monetary mass, Saleh explained that “there was an increase in liquidity during the year, as the issued currency became around 100 trillion dinars, after it was 80 trillion dinars,” stressing that “these booms do not have an impact as long as they are covered by foreign currency.”

The Prime Minister's financial advisor believes that economic circles around the world were surprised by the sharp fluctuations and declines in the US stock market amid a wave of panic over fears of a possible recession in the world's largest economy, and that "these declines were based on a combination of local and global economic factors that led to a weakening of investor confidence in the performance of the US economy. If the situation continues for six consecutive months, the recession will turn into a major depression that will hit all economies around the world."

Saleh pointed out that “the US Energy Information Administration had previously announced that it expected average prices to reach about $89 per barrel for the rest of 2024, but there is a gradual decline in global oil prices, which has begun to coincide with the decline in the value of financial assets in the US markets, especially the decline in the benchmark oil (Brent crude), which ranges around $76 per barrel for futures contracts after reaching nearly $88 per barrel last June, which requires more caution and economic precaution.”  link

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

Tishwash:  Al-Alaq: The financial situation in Iraq is going according to plan 

The Governor of the Central Bank, Ali Al-Alaq, confirmed the stability of the financial situation in Iraq, and revealed new mechanisms to facilitate foreign trade, including a new mechanism for small traders’ transfers. He also pointed to the importance of the upcoming meeting in New York to resolve the problem of sanctioned banks, stressing the existence of a government move to strengthen the banking sector.

Financial situation in Iraq

Al-Alaq confirmed in an interview with the Iraqi News Agency (INA) that "the financial situation in Iraq is still proceeding according to what is planned in the state's general budget, despite external and local challenges." He explained that "there is high coordination between the Central Bank, the Prime Minister and the Ministry of Finance to ensure the stability and sustainability of the financial aspect."

He added: "We are working closely with the Ministry of Finance to implement the financial plan drawn up in the general budget, which ensures that the objectives, programs and needs are covered." He also pointed out that "the rotation of allocations for governorates and ministries is happening for the first time, which contributes to providing the necessary balances for their role."

Foreign trade

Al-Alaq stated that “the Central Bank is making a major shift in organizing foreign trade to achieve transparency in foreign transfer operations, starting from the transfer and reaching the final beneficiary.” He explained that “this process includes international auditing institutions to ensure that the information is in line with local and international standards.”

Al-Alaq pointed out that "the audit process used to be conducted later, but now the process does not proceed unless all conditions and documents are met." He stressed that "large and medium-sized importing companies have adopted this new system, which contributes to securing their imports with high fluidity."

Other international currencies

Al-Alaq said: “The Central Bank has opened channels for Chinese, Turkish, Indian and Emirati currencies, which represent a significant weight in foreign trade.” He added that “the suspension of these operations for a period was aimed at providing sufficient oversight of these operations, and that a new audit mechanism has been put in place by an international company.”

He explained that "commercial foreign transfer operations are now subject to review by the competent international company, to ensure the safety of the operations."

The difference between the market and the official price

Al-Alaq confirmed that "the Central Bank sells more than $250 million daily at the official price to cover foreign trade, which explains the absence of inflation or price increases." He explained that "the parallel market consists of illegal trade or trade escaping from the fundamental procedures."

Al-Alaq pointed out that "the view of the dollar price should focus on the Central Bank's sales at the official price to settle various needs."

low inflation

"The central bank's main goal is to maintain the general price level and limit inflation," Al-Alaq said. "Monetary policy has succeeded in controlling this aspect, as the level of inflation in Iraq is much lower compared to other countries," he added.

Cooperation with the US Treasury

Al-Alaq praised the cooperation with international organizations such as the International Monetary Fund, the Federal Reserve and the US Treasury, explaining that "there is great praise for the transformations, management and organization of the external transfer process in the Central Bank of Iraq."

Al-Alaq pointed out that "the Central Bank is working to create a direct relationship between the Iraqi bank and the correspondent without going through the Federal Bank, with the aim of facilitating transfer operations."

Upcoming meeting in New York

Al-Alaq announced that "meetings will be held with the Federal Reserve and the US Treasury Department at the end of August to review all aspects related to external transfer operations and discuss sanctions on some banks."

Lifting restrictions on banks

Al-Alaq stressed that "lifting restrictions on some banks is of interest to the Central Bank," noting that "the banking reform plan includes auditing previous operations and contracting with an international consulting firm to develop a future strategy for the banking sector."

Housing Initiative

Al-Alaq revealed "a government move to increase capital to support the housing sector through the Real Estate Bank and the Housing Fund." He added that "the Central Bank plays an exceptional role in bridging the housing financing deficit."

Al-Alaq explained that "the government will increase the capital of the Real Estate Bank and the Housing Fund to support the housing sector," stressing that "the Real Estate Bank will work to meet all requests to purchase housing units."   link

Mot: ....... ole ""Earl"" is on His Own

Mot:  .. I'm Sacred! - I'm Sacred! - LOUDER - I'M SCARED! - I'M SCARED!

Iraq Economic News and Points To Ponder Thursday AM 8-8-24

Central Bank Governor: There Is No Intention To Reconsider The Dollar Exchange Rates And We Are Undergoing A Major Transformation Process
 
    Time: 08/07/2024 19:26:47 Read: 3,302 times  {Economic: Al-Furat News} Central Bank Governor Ali Al-Alaq ruled out a change in the dollar exchange rates.
 
Al-Alaq said in a press interview with him:
 
- There is no intention to reconsider the dollar exchange rates
 
The Central Bank sells more than $250 million daily at the official price

- The bank covers the requirements of foreign trade, and some do not want fundamentalist methods
 
The view that the price of the dollar has risen or fallen is not a correct indicator
 
We succeeded in controlling inflation compared to other countries
 
- We will reach 100 percent of foreign transfers without going through the US Federal Reserve by the end of this year
 
- The financial situation in Iraq is still proceeding within what is planned in the state’s general budget
 
- For the first time, under the new Budget and Financial Management Law, allocations to governorates and ministries are rotated
 
The Central Bank is undergoing a major transformation by reorganizing foreign trade
 
- Our procedures in foreign trade are conducted for the first time with the involvement of international institutions
 
The presence of small traders outside the system creates pressure on the market and the imminent launch of a mechanism to regulate their trade
 
We focus on getting everyone involved in sound fundamentalist channels
 
- The Central Bank opened channels for Chinese, Turkish, Indian and Emirati currency
 
- The imminent launch of a new audit mechanism for trade via foreign currencies
 
- All commercial external transfer operations are subject to review by the competent international company
 
- Meetings in New York at the end of August to discuss lifting sanctions on banks and reviewing transfer operations
 
- The dollar is not given to the traveler until after the departure stamp
 

The new mechanism guarantees 100 percent access of the dollar to the traveler, and we started with it in Baghdad, then Najaf, Basra, Erbil, Sulaymaniyah, and Kirkuk.
 
- A government move to increase capital support for the Real Estate Bank and the Housing Fund in the budget
 
The Bank’s initiatives have an exceptional role in trying to fill the housing deficit
 
- The capital increase paragraph for the Real Estate Bank and the Housing Fund in the budget has not been implemented yet
 
- We do not want bank financing to be a substitute for the investor’s obligations
 
We directed the Real Estate Bank to finance complexes with completion rates of 80 to 90 percent   
 
 https://alforatnews.iq/news/محافظ-البنك-المركزي-لا%C2%A0توجه-لإعادة-النظر-بأسعار-صرف-الدولار-ونخوض-عملية-تحول-كبرى   

The Iraqi Central Bank Resolves The Controversy Over Reconsidering The Dollar Exchange Rates
 
August 7, 2024  Baghdad/Iraq Observer  The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Wednesday, that the  financial situation in Iraq is proceeding as planned, while noting that the 
controversy over the dollar exchange rates has been resolved.  

Al-Alaq said in a press interview followed by “Iraq Observer,” that “there are external and local challenges, but in general, the financial situation in Iraq is still proceeding within what is planned in the state’s general budget,” indicating that  “there is high coordination between the central bank and the president.”
 
The ministers and the Ministry of Finance are committed to ensuring the financial aspect of its continuity, stability and sustainability.”  

He added,  “We are currently working closely, almost daily, with the Ministry of Finance in order to implement the financial plan drawn up in the general budget, in a way that ensures coverage of its objectives, programs, and existing needs,” noting that
 
“for the first time, by virtue of the new Budget and Financial Management Law, allocations for governorates and ministries have been rotated.”
 
Therefore, there is broad coverage of the needs of the financial side, and for the first time, the size of the balances held by the ministries and governorates is large, enabling them to perform their role.”  He stated that
 
 “the Central Bank is undergoing a major transformation process in reorganizing foreign trade in a way that secures several goals at the same time, and among these goals is the transparency of external transfer operations that begin from the transfer process and the transferor to the final beneficiary and to the exporter through all data, documents and information that enhance And it matches reality,” he explained, explaining that
 
“this process is taking place for the first time in the history of Iraq and involves international auditing institutions that scrutinize the information before it reaches the implementation stage, as long as the process meets all the local conditions and standards represented by the Anti-Money Laundering and Terrorist Financing Law or international standards then.”
 
These transfers will proceed, but if there is any deficiency, defect, or suspicion, they will be immediately rejected and returned.”  He stated that
 
 “the previous audit process was taking place, but in a subsequent process, and
 
the audits may continue for years, but now the process does not proceed unless it is sound in all its aspects, parties, documentation, reinforcements, and facts on which it is based,” explaining that
 
“any transformation process requires time and understanding between all parties and also to acceptance.”  He stressed that
 
 “the level of acceptance of this new system has included large and medium importing companies, thus ensuring all their imports with high smoothness, and this matter is very necessary,” pointing out that
 
“the problem of small traders, some of whom have entered this process and others are still hesitant to enter or are looking for... Other means to cover his foreign trade, either to escape tax or customs accountability or the procedures required by the process of opening accounts.” 

He stated that “what we are focusing on in the current and next stage is to make everyone involved in sound fundamentalist channels,” pointing out that
 
“the presence of these small traders outside the system puts pressure on the dollar monetary market and causes its rise.”  He pointed out that
 
“there are solutions that we are working on with international and financial institutions in order to organize the trade process of small merchants,” explaining that
 
“a meeting was held yesterday in this regard as a continuation of previous meetings, and
 
we need some time to organize this remaining process of foreign trade.”
 
Regarding other currencies, Al-Alaq confirmed that
 
“the Central Bank opened channels for the Chinese, Turkish, Indian and Emirati currencies, which are currencies that represent a large weight in foreign trade, as
 
there was a pause for a period due to a new regulation aimed at providing adequate control over these operations, because we discovered in the previous formula that there is some fraud in the use of currencies.”
 
These channels are either for unrealistic exporters or for returning sums from one country to another,” he explained, explaining that
 
“a new auditing mechanism has been put in place, carried out by an international company, and
 
we have finished organizing this process and it is now being launched again.”  He pointed out that
 
“all commercial external transfer operations are subject to review by the competent international company, which is an intermediary between the Iraqi banks and the correspondent bank, in order to reassure the correspondent bank that these operations are sound and audited,” pointing out that
 
“some banks have correspondent banks and others do not have correspondent banks.”
 
It is internationally accredited, and now it is seeking to do so, but it is long overdue, and the
 
Central Bank is constantly urging the opening of relationships with correspondent banks, because the Iraqi Bank without external correspondents is considered a local bank and cannot open to the world.”  

He stressed that   “after our banks got to know the banks and realized the importance of these relationships, they began to move against those banks, and the Central Bank, for its part, supports and helps this trend.”   
 
https://observeriraq.net/المركزي-العراقي-يحسم-جدل-إعادة-النظر-ب/   

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

Seeds of Wisdom RV and Economic Updates Wednesday Evening 8-7-24

Good Evening Dinar Recaps,

India has no plans to regulate crypto sales and purchases

Despite tightening measures against money laundering and terror financing, India has no immediate plans to regulate cryptocurrency transactions.

The Indian government revealed no immediate plans to regulate the sales and purchase of cryptocurrencies as it continues to tighten oversight on crypto-related money laundering and terror financing.

During a parliamentary meeting on Aug. 5, Pankaj Chaudhary, the Minister of State in India’s Ministry of Finance, responded to several questions detailing the nation’s current stance on crypto regulations.

Chaudhary said that India has not conducted any study or research to understand the adoption level of cryptocurrencies among its citizens. He responded by saying that:

“Crypto assets or Virtual Digital Assets (VDAs) are unregulated in India and the government does not collect data on these assets.”

India will tax crypto, not regulate it

Although India officially implemented a tax system for cryptocurrency transfers and profits on April 1, 2022, the government has no plans to regulate the sale and purchase of cryptocurrencies. Under India’s crypto law, citizens are required to pay a 30% tax on unrealized crypto gains and a 1% tax deducted at source (TDS).

Chaudhary highlighted India’s ongoing efforts toward Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) in crypto. Earlier in January, India banned several offshore crypto exchanges for noncompliance with local regulations, including Binance, KuCoin, Bitget, Huobi, OKX, Gate.io and MEXC.

However, the nation has no plans to regulate crypto purchases and sales. Chaudhary added:

“Currently, there is no proposal to bring legislation for regulating the sales and purchase of virtual digital assets in the country.”

Ongoing efforts to curb illicit crypto activities

He also reminded that India had pushed for a coordinated effort from all G20 nations to curb the illicit use of cryptocurrencies globally during its 2023 presidency.

Binance’s plan to reenter India after paying a $2 million fine for noncompliance was recently met with a roadblock.

On Aug. 6, the Directorate General of Goods and Service Tax Intelligence (DGGI) — an Indian law enforcement agency — demanded 722 crore Indian rupees ($86 million) in unpaid taxes from Binance.

Indian authorities had sent email notices to Binance offices in Seychelles, the Cayman Islands and Switzerland, which the crypto exchange ignored. However, Binance later appointed a local counsel to officially resolve its tax obligations.

@ Newshounds News™

Read:  Coin Telegraph

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HOW TO BUY XRP

"XRP is one of the largest cryptocurrencies by market capitalization, starting the year with a value of more than $30 billion.  XRP’s origins date back to 2012 when the company now known as Ripple was founded and the XRP Ledger launched."

"Unlike bitcoin (BTC) and ethereum (ETH), the Ripple network and its XRP native cryptocurrency were designed to facilitate financial transfers among banks and other global financial institutions.

 The goal of the project was to create a cheaper, faster and more secure alternative to the Society for Worldwide Interbank Financial Telecommunications, or SWIFT, which executes financial transfers."

WHAT IS XRP?
"While investors sometimes refer to the XRP cryptocurrency as Ripple, in fact Ripple is the technology company backing XRP and the XRP ledger blockchain.

The XRP blockchain itself is decentralized and public. The Ripple transaction protocol facilitates XRP network transactions, a set of rules governing RippleNet. RippleNet is a network of payment facilitators and banks worldwide that helps participants send and receive payments seamlessly, reducing transaction bottlenecks."

"Unlike bitcoin, dogecoin (DOGE) and other cryptocurrencies mined using a proof-of-work consensus mechanism, XRP is pre-mined and has a maximum total supply of 100 billion tokens. "

1. Decide if you want to buy XRP.
"XRP has advantages over bitcoin, ethereum and other leading cryptocurrencies, but it may only be right for some investors. "

2. Find a place to buy XRP.
"Once you have decided to buy XRP, you must find a cryptocurrency exchange or investing app that supports XRP trading. Exchanges are online platforms where users trade cryptocurrencies, and XRP is supported on a large number of markets and exchanges. "

Centralized exchanges
"A centralized crypto exchange is similar to a traditional financial institution in which a centralized company acts as an intermediary between transaction participants. Leading centralized crypto exchanges that support XRP trading include Binance, Coinbase, Kraken and Bybit."

Decentralized exchanges
"A decentralized crypto exchange allows users to make direct transactions through blockchain technology to complete trades without needing a centralized intermediary. Leading decentralized crypto exchanges that support XRP trading include PancakeSwap, SimpleSwap and onXRP."

3. Choose a form of payment.
Once you open an account on your preferred exchange, you must decide which payment methods are compatible with your exchange and convenient for you.

Fiat currency
"Many centralized exchanges allow the U.S. dollar or other fiat currencies for payment. Fiat currencies are government-supported currencies that are not backed by physical assets. Examples include the U.S. dollar, Japanese yen and euro."

Cryptocurrency
"Crypto exchanges often allow users to buy and sell one cryptocurrency using other cryptocurrencies. It’s common for crypto traders to buy and sell altcoins like XRP using bitcoin."

Stablecoins
"Stablecoins are cryptocurrencies designed to have stable prices, typically by pegging them to the price of a fiat currency or other commodity. Popular stablecoins include tether (USDT), USDC (USDC) and Dai (DAI), which are all pegged to the U.S. dollar."

4. Store your XRP.
"You will need a digital wallet compatible with XRP to store your crypto. Digital wallets are hardware or software that store a user’s private keys and are used to send and receive crypto.  Some cryptocurrency exchanges provide custodial wallets to their customers.

But others require noncustodial wallets that leave the user responsible for securing private keys. Centralized exchanges such as Kraken and Coinbase offer users custodian wallets.

XRP is also supported on noncustodial software wallets such as GateHub, Xumm and Trust Wallet, as well as noncustodial hardware wallets such as Ledger, Keystone and Trezor."

@ Newshounds News™

Read more:  USA Today

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De-Dollarization Faltering in Africa Because Citizens Lack Confidence in Their National Currencies

HOW LONG WILL IT TAKE TO DE-DOLLARIZE THE WORLD WHEN WE HAVE REAL-WORLD PROBLEMS SUCH AS THIS ARTICLE PRESENTS STILL EXIST

"Sometime in 2023, during the peak of anti-dollar hype, Kenyan President William Ruto questioned why his country and Djibouti still had to settle trade in U.S. dollars when they had their currencies."

" The U.S. dollar hegemony was never widely seen as a threat, even as a few small countries were highlighting Washington’s apparent use of the currency’s dominance to achieve political goals.

However, when the U.S. took the bold step of using the dollar’s dominance to punish Russia after its invasion of Ukraine, suddenly there seemed to be a consensus among countries that Washington was weaponizing its currency.

For countries fearing they might be the next target, advocating for an alternative to the dollar or de-dollarization became the logical course of action."

"Clearly, the process or task of establishing a currency that eats into the greenback’s dominance is a mammoth one. But why is it difficult to create or launch a currency that can challenge the U.S. dollar? Alternatively, what has enabled the dollar to remain the most preferred reserve currency, even among those bitterly opposed to the U.S.?"

U.S. Dollar as a Store of Value
"Well, a lot may have nothing to do with what the U.S. is doing right but rather with what its opponents are doing. A good example exists in Africa, where persistently high inflation rates have convinced citizens that holding onto a local currency is unwise."

"Injecting money that does not correspond with an economy’s production usually results in one thing: runaway inflation. Unfortunately, this is precisely what many central banks, including those in Africa, have been doing, leading to currency crises and eventual dollarization."

"So, to answer the Kenyan President and those asking a similar question, traders between two African countries demand payment in U.S. dollars because they lack confidence in their own or their counterpart’s national currency.

It does not matter how far away they are from the United States; the two traders prefer this because it has a stable value, at least when compared with their respective national currencies."

"While the Kenyan leader has gone as far as to plead with traders to use local currencies, several African countries have banned the use of foreign currency in domestic transactions. However, this approach has often not translated into the increased local currency use. Instead, it has driven traders underground, harming local economies."

@ Newshounds News™

Read more:  Bitcoin

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Judge Fines Ripple $125M, Bans Future Securities Law Violations in Long-Running SEC Case

"A federal judge ordered Ripple to pay $125 million in civil penalties and imposed an injunction against future securities law violations on Wednesday."

"District Judge Analisa Torres, of the Southern District of New York, imposed the fine after finding that 1,278 institutional sale transactions by Ripple violated securities law, leading to the fine. 

The $125.035 million fine is well below the $1 billion in disgorgement and prejudgment interest and $900 million in civil penalty the SEC sought."

"The SEC tried unsuccessfully to appeal that portion of the ruling while the case was ongoing."

"The injunction document requires Ripple to file a registration statement if it intends to sell any securities. The SEC is likely to appeal the July 2023 ruling now that the judge has imposed a sentence, after the same judge denied the SEC's motion for an interlocutory appeal last year."

"The SEC and Ripple settled charges tied to CEO Brad Garlinghouse and other executives after that interlocutory appeal was denied.

The price of XRP rose 3 cents, or around 2%, after the judgement was published."

@ Newshounds News™

Read more:  CoinDesk

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Fed Data Shows 9.1% of Credit Card Balances Hit Delinquency Status This Year | PYMNTS

@ Newshounds News™

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Economist’s “Market Crash News and Views” 8-7-2024

Economic Freight Train Is Coming | Gregory Mannarino

Liberty and Finance:  8-7-2024

Gregory Mannarino warns of a looming economic trainwreck driven by massive currency devaluation and unsustainable debt levels.

He believes that the central banks' policies, such as suppressing interest rates and weakening the dollar, are setting the stage for a severe financial crisis.

 Mannarino argues that these actions disproportionately benefit corporations and the wealthy, leaving average citizens vulnerable.

He emphasizes the need for awareness and proactive measures to mitigate the impact of the impending economic downturn on individuals and communities.

INTERVIEW TIMELINE:

 0:00 Intro

2:10 Volatile markets

12:18 The “solution”

18:19 Dividing the population

 27:46 Preparedness

https://www.youtube.com/watch?v=D1scwsMyYdc

Why the Yen Carry Trade Unwind is Breaking the Market

Heresy financial:  8-7-2024

TIMECODES

0:00 Intro

0:23 What a Carry Trade is

2:42 The Yen Carry Trade

7:57 the Change in Direction of Currencies Compared to Each Other

10:49 This is not a Black Swan

 12:36 Massive Spike In the VIX

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

Commodities To Go 'Through the Roof' After Brutal 80% Market Crash: David Hunter

Commodities Culture:  8-7-2024

David Hunter forecasts that the broad market is set for an 80% crash in the next year, in a bust he believes could be one of the biggest financial downturns in history.

The good news for commodities investors is that he sees an unprecedented supercycle for hard assets on the other side, where gold, silver, energy, uranium, copper, and other vital commodities will explode in value beyond what anyone can anticipate.

00:00 Introduction

 00:44 The Fed's Next Move

 01:42 State of the Broad Market

05:58 Implications of Rate Cuts

11:07 History Repeating

 13:52 Canada Has No Gold

17:44 BRICS Versus the West

23:22 Oil and Geopolitics

 26:43 Thoughts on Uranium

 28:24 Forecast For Copper

30:07 Agricultural Commodities

33:54 Inflation Leading to Civil Unrest

36:18 Get Your House in Order

42:40 Gold and Silver's Role

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

Iraq News Highlights and Points To Ponder Wednesday AM 8-7-24

For Categories (A - B).. The Trade Bank Of Iraq Invites Exchange Companies To Participate In The Dollar Selling Window

Economy |Baghdad Today - Baghdad   Today, Wednesday (August 7, 2024), the Trade Bank of Iraq called on all exchange companies of categories (A - B) to visit its branches to participate in entering the window for buying and selling foreign currency for cash dollars for travelers .

The bank said in a statement received by "Baghdad Today", "Based on the directives of the Central Bank of Iraq and to achieve the objectives set by the management of the Trade Bank of Iraq, in order to facilitate and simplify the procedures for selling cash dollars to travelers, the Trade Bank of Iraq calls on all exchange companies of categories (A, B) licensed by the Central Bank of Iraq to visit its branches to open a special bank account to participate in entering the window for selling and buying foreign currency for cash dollars for travelers.

It is noteworthy that the Central Bank of Iraq decided on July 4, 2024, to start selling dollars to travelers, exclusively through corporate and bank outlets at international airports.

Meanwhile, the Central Bank decided to grant category “AB” exchange companies the ability to record internal and external remittance activities via the FITR platform.  LINK

Financial Disaster Looms: Two-Thirds Of Oil Revenues Spent On Salaries And Welfare

August 7, 2024  Baghdad/Al-Masala: Iraq is facing a serious financial crisis that threatens the stability of its national economy, as figures reveal that a large portion of oil revenues is spent on salaries and social costs.

With alarming figures showing that more than two-thirds of oil revenues are spent on salaries and social welfare, concerns are real about the country's ability to cope with potential fluctuations in global oil prices.

As pressure on the general budget continues, the big question arises: How will Iraq deal with the upcoming economic challenges in light of increasing financial dependence on oil revenues?

Economic analyst Nabil Al-Marsoumi said that salaries and social welfare consume a large portion of Iraq's oil revenues, leaving the national economy vulnerable to fluctuations in global oil prices.

The state's actual accounts for the first half of 2024 showed worrying data indicating that:

- Salaries of employees on the permanent staff amounted to 28.189 trillion dinars.

- Social care costs amounted to 12.244 trillion dinars.

- Total salaries and social care amounted to 40.433 trillion dinars.

These numbers represent:

-69% of general expenses

-77% of operating expenses

-69% of oil revenues

This means that more than two-thirds of oil revenues are spent on salaries and social welfare, putting significant pressure on the public budget and limiting the ability to finance other projects.

And the drop in the price of a barrel of oil to $60 will result in oil revenues being barely enough to cover salaries and social welfare costs alone.

The economic analyst commented, saying: “May God prolong the life of oil, raise its price, and keep the horror of decline away from it,” expressing hope that oil prices would continue to rise to avoid negative effects on the national economy.

This warning comes at a time when global markets are facing significant fluctuations in oil prices, making it necessary for the Iraqi government to take measures to improve resource management and enhance non-oil sources of income to ensure financial and economic sustainability. https://almasalah.com/archives/97832

Dollar Exchange Rates Rise In Iraqi Stock Exchanges

Economy  2024-08-07 2,626 views  Alsumaria News – Local Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in the local Iraqi markets for Wednesday, August 7, 2024.

The dollar prices rose slightly at the opening of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 149,950 dinars for every 100 dollars. As for the selling prices in the exchange shops in the local markets in Baghdad, they rose, as the selling price reached 151,000 dinars for every 100 dollars, while the buying price reached 149,000 dinars for every 100 dollars.

On February 7, 2022, the Council of Ministers announced its approval to amend the dollar exchange rate to 1,320 dinars per dollar.

For about a year, specifically since the Central Bank began operating the electronic platform and the international financial transfer system "SWIFT", the dollar exchange rate in Iraq has not witnessed stability despite the government and the Central Bank's attempts to control the exchange rate in parallel markets.  LINK

Economist Explains The Impact Of Regional Tension On Iraqi Oil Exports

Economy  Information/Baghdad...  Economic expert Safwan Qusay accused America and the Zionist entity of creating tensions in the region and affecting oil exports.

Qusay told Al-Maalouma, "Oil prices have fallen to $77 per barrel, but the value of the decline is less than the decline in the value of stocks."

He added, "There is a fear of the expansion of the circle of conflict in the region, especially since Iran is a large country and the process of its entry into a conflict in the Middle East requires time and funding. Certainly, the American economy will shift from a development zone to a war zone, which will affect industrial and technological companies."

He added, "Oil supplies will be affected in the event of a comprehensive war in the Strait of Hormuz, as exports from this region represent 20 percent of the world's oil exports."

He explained that "the Strait of Hormuz represents a pivotal point, as any conflict in this strait will negatively affect Iraqi oil exports as well as revenues." He explained that "Iraq has a reserve at the level of the Central Bank that can finance operating expenses for no less than 360 days only." LINK

Finance Figures Lead Experts Into A “Fiery Debate”… Continuous Bleeding Of Iraq’s Financial Future

Economy  2024-08-07   1,313 views   Alsumaria News – Economy  Experts and those interested in economic affairs in Iraq are immersed in a deep discussion about the size of the "old renewed" danger, which the spending and revenue figures remind us of from time to time with an increase in the risk rate, as a result of the increase in the size of spending monthly and annually in Iraq.

The latest report of the Ministry of Finance’s accounts revealed the size of revenues and expenditures in Iraq during the first half of the current year.

The report showed that employee salaries and social welfare consume two-thirds of the budget revenues, with a continuous increase due to continued employment and continued increase in allocations, with expectations that salary amounts will rise above the 50 trillion barrier for the first time by the end of the current year, in contrast to indicators of a decline in Iraq’s revenues due to the decline in oil prices.

Employee salaries in Iraq have reached more than 28 trillion dinars and social welfare more than 12 trillion dinars, so that the total welfare salaries and salaries are more than 40 trillion dinars during the first half of this year, which was described by the economic expert Nabil Al-Marsoumi as more than two-thirds of public expenditures and oil revenues are spent on salaries and welfare. Al-

Marsoumi explained that if the price of a barrel of oil falls to $60, oil revenues will be enough to cover salaries and social welfare only.

Accordingly, this means that Iraq is separated by less than $20 per barrel, so that all investment projects and all types of Iraqi expenses will stop, even the ration card perhaps, and the expenses of commodity supplies for schools, hospitals, and others.

Accordingly, Al-Marsoumi comments by saying: "May God prolong the life of oil, raise its price, and keep the horror of the decline away from it!"

Economic expert Munar Al-Obaidi said two days ago that it is expected that government sector salaries for the year 2024 will exceed the 50 trillion Iraqi dinar barrier for the first time in Iraq's history, reaching 56 trillion Iraqi dinars and representing more than 44% of total expenditures after representing less than 40% of total expenditures in previous years. The

total value of government sector salaries until mid-2024 amounted to 28 trillion Iraqi dinars, an increase of 19% compared to last year. In contrast, total revenues for the current year are expected to decrease by 3% compared to the previous year, according to Al-Obaidi.

Amidst this raging debate about the ongoing indicators of the slow collapse, death and gradual bleeding of Iraq's financial power and its financial fate, with rapidly rising expenditures and declining revenues, specialists describe the most dangerous payments as the monthly payments in a fixed installment that are not linked to the increase or decrease in revenue, namely salaries and the share of retirees in the budget, and the monthly share of care and support in the budget,

 because they are expenses that are difficult to reverse except by the trick of reducing the value of the currency and have become exposed after 2021, or by imposing taxes and withholding allocations, and they will face popular rejection, in a vicious circle from which there is no escape. LINK

“Tidbits From TNT” Wednesday Morning 8-7-2024

TNT:

Tishwash:  Central Bank Governor's Resignation: Admission of Failure or Escape from the Repercussions of the Financial Crisis?

The Governor of the Central Bank of Iraq, Ali Al-Alaq, submitted a request to relieve him of his post to Prime Minister Mohammed Al-Sudani, amid a series of issues and problems in the financial and banking sector in Iraq, which include the failure to control the dollar exchange rate on the black market.

An informed source revealed to Al-Mustaqilla today, Tuesday, that Al-Alaq decided to submit his resignation after facing multiple problems in the financial sector, in addition to his inability to fulfill his promises to control the exchange rate. This request comes at a sensitive time for the Iraqi economy, which suffers from severe fluctuations in exchange rates and direct impacts on the local economy.

The main reasons that prompted Al-Alaq to submit his resignation are related to the ongoing difficulties in managing the financial and banking sector, in addition to the major challenges in controlling the dollar exchange rate on the black market. Since taking office, Al-Alaq has made many promises to achieve financial stability, but he has faced great difficulties in implementing them, which has led to increasing pressure on him.

A document obtained by Al-Mustaqilla today, Tuesday, revealed that the Speaker of Parliament has agreed to host the Governor of the Central Bank, Ali Mohsen Al-Alaq, by the Parliamentary Integrity Committee. This hosting aims to discuss the challenges facing the Central Bank and investigate the reasons that led to the request for his resignation.

Al-Alaq’s resignation could raise questions about the future of financial policy in Iraq. The central bank is central to economic stability, and any change in its leadership could have a significant impact on financial markets and confidence in the banking system.

Iraq faces major economic challenges that require strong and qualified financial leadership. The most prominent of these challenges are: 

Controlling the exchange rate: Iraq needs effective policies to control the dollar exchange rate and prevent speculation that leads to sharp fluctuations.

Banking system reform: Improving the efficiency and transparency of the banking system to keep pace with international standards.

Combating corruption: Promoting integrity and transparency in financial institutions to prevent corruption and restore investor confidence.   link

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

Tishwash:  Finance seeks to improve financial performance and enhance spending efficiency

Finance Minister Taif Sami chaired a meeting of the Ministry's Opinion Board on Tuesday, where it discussed the measures taken to improve the ministry's financial performance and enhance the efficiency of public spending.
The ministry said in a statement received by the Iraqi News Agency (INA): "The Minister of Finance chaired the meeting of the Ministry's Opinion Board, attended by all its members, to discuss a number of important financial and economic topics."

The statement added, "The attendees discussed the current financial policies and procedures and ways to develop them to achieve the ministry's strategic goals and follow up on the implementation of the financial plan for the current year and the challenges it faces."
It continued, "The future directions of financial policies were also discussed in light of local economic variables and the measures taken to improve the ministry's financial performance and enhance the efficiency of public spending."

The meeting stressed - according to the statement - the importance of "continuous coordination between various relevant parties to ensure the achievement of the desired goals."  link

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Tishwash:  Rafidain announces the implementation of the comprehensive banking system in 37 branches

Rafidain Bank announced today, Wednesday, the implementation of the comprehensive banking system in 37 branches.

The media office of Rafidain Bank stated in a statement received by the Iraqi News Agency (INA), that "in implementation of the government program to move from paper transactions to electronic ones to provide the best services to citizens, the comprehensive banking system was applied in the Al-Amir neighborhood branch in Najaf and the Kut branch, thus joining the branches in which the comprehensive system was activated in Baghdad and the governorates in addition to the branches of the border crossings (Zurbatiya - Safwan - Arar - Trebil) so that the number of branches in effect and completed for the system becomes (37) branches."

He added, "This important step came to strengthen the banking system, meet its requirements, and move away from paper work and towards completely electronic systems."

 He added that "the plan for digital transformation and adoption of the comprehensive banking system is proceeding according to the set timetables to include all bank branches in implementing the system, especially since the priorities and adoptions of the government program include electronic transformation in financial transactions, reducing the circles of routine for citizens, shortening time, simplifying procedures, overcoming obstacles, and intensifying efforts to improve the level of services provided to customers and completing their transactions." link

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

Tishwash:  Agenda of the House of Representatives session tomorrow, Wednesday

The Iraqi News Agency (INA) publishes the agenda of tomorrow's session of the House of Representatives, Wednesday, according to what was published by the media department.

Iraqi News Agency IRAQI NEWS AGENCY

News   Al-Nawar sat

First: voting on the draft law on public scientific university education (7 articles). private. Heaven Alt

Second: The first reading of the draft law on the first amendment to the Industrial Cities Law No. (2) Economy, Industry and Trade (7 articles).

Third: Report and discuss (the second reading of the draft law on the first amendment to the law establishing the year 2016. (Committee of Martyrs, Victims and Political Prisoners).

Fourth: The first reading of the draft law on the first amendment to the Notary Book Law No. (Legal Committee), (10) articles).

Fifth: The first reading of the proposed law on the first amendment to the Pharmacists Syndicate Law of 1966. (Health and Environment Committee), (31) articles).

Sixth: The first reading of the proposed law on the first amendment to the law of the House of Representatives and its formations, Legal Committee No. (14 articles).

The session begins at one o'clock in the afternoon  link

Mot: ... Sooooooooooooo Ready to Ask!!!!! 

Mot: .. Just Love When I Find Such Positive Vibs on da net!!!!

Seeds of Wisdom RV and Economic Updates Tuesday Evening 8-6-24

Good Evening Dinar Recaps,

Google Pay, Walmart-backed PhonePe to join India’s CBDC pilot

In April, Reserve Bank of India Governor Shri Shaktikanta Das announced plans to expand its retail central bank digital currency (CBDC) pilot beyond banks. Last month the central bank said payment providers would join the digital rupee pilot this quarter.

Now Reuters reported that five payment providers have applied, citing sources. They are Google Pay, Walmart-backed PhonePe, Cred, Amazon Pay and Mobikwik.

PhonePe is India’s leading payments app, followed by GooglePay. Together they make up 85% of transactions and value for UPI, India’s successful instant payment solution, which processes almost 14 billion transactions monthly.

Not mentioned among the digital rupee applicants is third ranked player PayTM, which has a 6% UPI market share. Cred is fourth, AmazonPay is sixth and Mobikwik is sixteenth, but the UPI figures drop off significantly beyond the big three.

If the CBDC follows UPI, then banks might end up playing second fiddle to the payment apps. Three banks rank in the top ten for UPI apps – Axis, ICICI and Kotak Mahindra – with the largest in the fifth spot. However, the three banks combined have a market share of less than one percent.

The percentages reference the user interface used to initiate payments. UPI is for interbank payments, so the money comes from bank accounts.

A Reuters source also stated that the erupee pilots are likely to stay in the pilot stage for a couple of years, which makes sense.

Advanced CBDC functionality takes time
From the early days, the central bank managed expectations, noting that the CBDC was unlikely to compete with the well-established UPI payment infrastructure. 

Without more advanced functionality, there’s no incentive for consumers to switch. And if providers offer cash incentives, the switch could be temporary, as has happened in China with its digital yuan red envelope incentives.

Some of the distinguishing functionalities of India’s CBDC include offline payments and programmable payments, which are still in the early stages. Unlike rolling out the app, both may take a little time to come to fruition.

Plus, both the Ministry of Finance and central bank believe that the CBDC killer app will be cross border payments, especially for remittances. Even more so than the other two features, cross border payments take time to develop through collaboration with other jurisdictions.

@ Newshounds News™

Read more:  Ledger Insights

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Euro stablecoin market surges under MiCA

French and Irish fintech companies have partnered to introduce a euro-backed stablecoin. The coin will launch on the Stellar blockchain a month after MiCA stablecoin laws came into force.

The European Union’s Markets in Crypto-Assets Regulation (MiCA) framework is gradually coming into effect in line with its planned implementation timeline. The initial set of regulations, which took effect on July 1, focused on stablecoins and their issuers.

These clear guidelines have both cleaned out the market of players not able to meet regulatory requirements and created a favorable environment for stablecoins pegged to local currency.

One example is a new partnership between the France-based fintech company Next Generation and Ireland-based electronic money institution (EMI) Decta, which announced a plan to reintroduce a euro-pegged stablecoin, EURT, on the Stellar blockchain.

According to the involved parties, the initiative, which launched on Aug. 5, is fully MiCA compliant.

MiCA rebirth
Next Generation has strong ties to the renowned fintech player Tempo France. This company initially launched EURT in 2017 in collaboration with the Stellar Foundation, pioneering one of the first euro-pegged stablecoins.

However, the absence of a regulatory framework then led to the project’s suspension. However, under MiCA, stablecoins are classified as electronic money tokens (EMTs), aligning them with traditional e-money and necessitating that issuers possess an EMI license or be a credit institution.

This regulatory clarity has transformed the euro-backed stablecoin market, making it more predictable and attractive to investors.

Circle became the first global stablecoin issuer to comply with MiCA and chose France as its European headquarters, citing the country’s “forward-looking” stance on digital asset regulation.

The activation of MiCA is expected to drive substantial growth in the euro-backed stablecoin sector. Market predictions forecast a minimum market capitalization of 15 euros by 2025, reaching 70 billion euros by 2026 and potentially surpassing 2 trillion euros by 2028.

@ Newshounds News™

Read more:  CoinTelegraph

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UBS says ‘going into Japan now is like catching a falling knife,’ warns stock sell-off will continue

“The only reason why the Japanese market is up so strongly in the last two years is because the Japanese yen has been very, very weak.

Once it reverses, you got to get out right and I think they’re all getting out right now as a result of that,” Tay said.

"The yen, which weakened to a 38-year low of 161.99 against the U.S. dollar in June, reversed course during the run-up to the Bank of Japan’s policy meeting."

"It strengthened sharply after the BOJ raised its benchmark interest rate last week to around 0.25% and decided to trim its purchases of Japanese government bonds."

"Currently, the yen was last trading at 144.82, its lowest level against the greenback since January. A stronger yen pressurizes Japanese stock markets, which are heavily dominated by trading houses and export-oriented firms by eroding their competitiveness."

"Tay said the yen can indicate whether the Japanese market will do well. As the yen has strengthened, stocks have declined, “there is still a lot more pressure on the Japanese stock market, unfortunately,” he said.

"While Tay acknowledged that some gains made by the market were due to corporate restructuring efforts by the Tokyo Stock Exchange, “the main driver was the Japanese yen.”

"Now, with the U.S. Federal Reserve signaling rate cuts are on the table and the Bank of Japan raising rates, the interest differential between the two central banks will narrow, making a “carry trade” less attractive, potentially setting the stage for the yen to strengthen further."

EVERYONE IS WONDERING WHY DID THE MARKETS CRASH ON 8/5 AND THEN REBOUND. JAPAN SET THE STAGE WITH A WEAKING NIKKEI. THIS ARTICLE SHEDS LIGHT ON THE CURRENCY SIDE OF THIS EVENT AND HOW THE YEN NEEDS TO STRENGTHEN AGAINST THE DOLLAR

@ Newshounds News™

Read more:  CNBC

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Morgan Stanley, one of the most important financial institutions in the world, has stated that CRYPTOCURRENCIES WILL DISRUPT THE GLOBAL FINANCIAL SYSTEM IN 2024.

In a Banking And Financial Law Journal, it is documented that Morgan Stanley has also stated that Ripple is a LEADING PAYMENT ALTERNATIVE TO SWIFT.

And their own research reports, Morgan Stanley notes that XRP is more efficient than BTC and is closer to what traditional banks do today.

@ Newshounds News™

https://x.com/SMQKEDQG/status/1820783189197017134

@ Newshounds News™

Read more:  

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Iraq News Highlights and Points To Ponder 8-6-24

Here Are The Dollar Prices In The Iraqi Stock Exchanges

Economy  2024-08-06 | 2,525 views  Alsumaria News – Local Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in the local Iraqi markets for Tuesday, August 6, 2024.

The dollar prices decreased with the opening of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 149,800 dinars for every 100 dollars.

As for the selling prices in the exchange shops in the local markets in Baghdad, they decreased, as the selling price reached 150,750 dinars, while the purchase price reached 148,750 dinars for every 100 dollars.  On February 7, 2022, the Council of Ministers announced its approval to amend the dollar exchange rate to 1,320 dinars per dollar.

For about a year, specifically since the Central Bank began operating the electronic platform and the international financial transfer system "SWIFT", the dollar exchange rate in Iraq has not witnessed stability despite the government and the Central Bank's attempts to control the exchange rate in parallel markets.   LINK

More Than 1000 Contractors Declare Bankruptcy In Sulaymaniyah

2024-08-06 Shafaq News/ The Contractors Union in Sulaymaniyah Governorate renewed, on Tuesday, its demand to pay contractors’ dues for completed projects that have been stopped since 2014, revealing at the same time the bankruptcy of more than 1,000 contractors in the governorate.

The spokesman for the Contractors Union, Sulaymaniyah branch, Zain Abdullah, said during a press conference attended by Shafak News Agency, that contractors have been suffering since 2014 until now from the non-payment of financial dues for completed projects, as well as the non-granting of a financial guarantee letter, and the non-disbursement of insurance related to completed projects.

He added that after holding two separate meetings with the management of the regional bank and the central bank in Sulaymaniyah, it was agreed to form a committee and disburse financial insurance and the financial guarantee letter according to the completion rates of the projects within a period not exceeding three days.

Abdullah also pointed out that during the period from 1/2/2023 to 7/1/2024, a financial amount of 179 billion dinars was disbursed for new projects only in Sulaymaniyah, while the financial amounts were not disbursed for the completed projects implemented in 2014.

The union demanded that all dues be paid as soon as possible and that clearing houses be opened between companies so that funds can be transferred to the companies’ bank accounts.

He continued on behalf of the union that the contractors declared bankruptcy, and out of a total of 1200 contractors in Sulaymaniyah, there are now only 100 contractors working, and the rest have stopped working due to lack of financial liquidity.  LINK

Oil Issues Clarification Regarding Basra-Haditha Pipeline

Tuesday 06 , August 2024 | Economic Number of readings: 50  Baghdad / NINA / The Ministry of Oil issued a clarification regarding the (Basra-Haditha) pipeline.

The ministry stated in a statement: "Despite the many statements published by our ministry, which clearly explained the full truth of the Basra-Haditha crude oil pipeline project with all its details and the economic feasibility of its establishment, some still insist on addressing the project, describing it with inaccurate and unrealistic information.

From time to time, articles are still circulating in the media or on social media insisting on calling the project by a name other than the official name announced for it, drawing unrealistic scenarios that are not consistent with the direction of the ministry, which leads the oil wealth with confident steps and wise policies witnessed by everyone, achieving distinguished successes at all levels of extraction, transportation, refining and distribution."

She added: "The Ministry of Oil has been keen, as is its custom, to be transparent in sharing with the Iraqi people all the developments witnessed by the oil sector and the important achievements made in it, out of its keenness to convey accurate information, as not a period passes without news to our people about completed projects and others under construction or in the process of starting implementation, as these achievements are backed by the tremendous efforts of our ministry's cadres and its various formations."

She continued: "Based on this principle, the ministry is currently preparing to start implementing one of the giant strategic projects in the field of transporting crude oil from Rumaila in Basra Governorate in the south to Haditha in Anbar Governorate in the north, as the project serves two main goals: diversifying export outlets and supplying current and future refineries and power stations with crude oil."

The Ministry clarified in response to the recent article that discussed the project with inaccurate information, the Ministry of Oil would like to say that the officials in our Ministry have stated in more than one forum and occasion that the project does not extend to the port of Aqaba and does not contain any new pipelines outside the borders,

but rather work is being done in parallel with the implementation of the project to link it with the Iraqi-Turkish export pipeline by linking the Haditha warehouse to the (IT1A) station in Baiji with a 200 km long pipeline, where the cadres of our Ministry, represented by the formations of the Oil Projects Company, the Lines and Pipelines Company, and the North Oil Company, have rehabilitated and maintained the pipeline extending from the (IT1A) station in Baiji to the Turkish border point in Fishkhabur,

which was severely damaged during the events that the northern governorates were exposed to during the past years, where the Ministry provided, by resorting to the maintenance option, despite its difficulty, large sums of money estimated at 500 million dollars.

She added that the halt of oil exports through the Turkish port of Ceyhan costs the state large financial fees and causes the loss of customers in Europe and North America, which calls for accelerating the start of this vital project, as all the oil produced from the Kirkuk fields and the northern region is consumed in the refining sector and the halt of crude oil exports from the Kurdistan Region.

She pointed out that the projects implemented by our ministry, especially the strategic ones, are subject to in-depth studies at all technical and economic levels that extend over many years, taking into consideration long-term oil policies and market needs.

Reputable international companies are called upon to prepare technical and engineering documents in order to mature them before they are ready for implementation. Accordingly, the statement that the project is not economically feasible is contrary to reality, as the Ministry of Oil is the most keen on the success of the projects it implements and ensuring their economic feasibility.

She explained that a large part of the oil from this pipeline will be consumed locally by equipping the refineries of the central and southern regions of Nasiriyah, Samawah, Karbala, Najaf, Diwaniyah and the refineries of the northern region, in addition to supplying power stations with crude oil during peak times.

She added that our ministry has repeatedly stated that the Haditha-Aqaba pipeline project is not included in the ministry's plans and that in any case it will be subject to a technical and economic feasibility study, but some people, due to their lack of full understanding of the project's components, continue to present it inaccurately, describing the project in a way that it does not contain, provoking people's emotions in obstructing the project and putting obstacles in the way of the country's progress and prosperity.

She pointed out that the project will be a fundamental pillar in driving the Iraqi economy by maximizing financial resources, raising the country's overall growth level, and delivering Iraqi oil to European and American markets through the port of Ceyhan and perhaps in the future through the port of Tartous or the port of Tripoli on the Mediterranean Sea at competitive costs that allow the sale of oil at rates higher than the price offered for oil available at Gulf ports thanks to the short distance and low shipping costs.

The project, with its large facilities extending along the pipeline route, whether the giant warehouses in both Rumaila and Haditha or the pumping stations, will create significant job opportunities for the country's people.

The project's location near the development road will support the government's orientations to raise the globality of the project and make it a global energy corridor alongside the trade corridor and push surrounding countries to invest in oil and gas transport projects through Iraq, which will positively reflect on the country's economy.

The Ministry of Oil stressed that it is the guardian of the country's oil policy and the guarantor of the success of the projects that are planned accurately and with the most efficient Iraqi expertise and employing the latest technologies by harnessing major international companies in the field of consulting, planning, manufacturing and implementation.

It called on all media interested in the oil field to clarify information from the accredited media outlets in our ministry or through the responsible authorities in the formations of the Ministry of Oil in order to obtain accurate information and an objective and constructive presentation in describing projects in general and the Basra-Haditha crude oil pipeline project in particular. /

https://ninanews.com/Website/News/Details?key=1145998

Iraq Exports More Than 8 Million Barrels Of Crude Oil And Its Derivatives To America In A Month

2024-08-06 Shafaq News/ The US Energy Information Administration announced on Tuesday that Iraq exported more than 8 million barrels of crude oil and its derivatives to the United States during the month of May of this year.

A schedule of the administration, which Shafaq News Agency has reviewed, showed that Iraq's exports of oil and its derivatives in April amounted to 8.460 million barrels, down by 2.52 million barrels from what it recorded in April, which amounted to 10.512 million barrels.

The US Energy Information Administration stated that OPEC's exports of crude oil and its products to America during April amounted to 47 million and 348 thousand barrels, with Saudi Arabia leading the highest rate of exports to America, amounting to 15 million and 69 thousand barrels during the same period of time.

Iraqi oil exports to the United States have increased significantly over recent years, with export figures reaching record levels in some months, due in part to Iraq's ability to increase its oil production, as well as rising global demand for oil.

Oil trade relations between Iraq and the United States play an important role in strengthening economic relations between the two countries, and contribute to enhancing the stability of the global oil market and providing energy to the American and global economies.  LINK

MilitiaMan: Iraq Dinar Update - IQD Revaluation - Central Bank Governor - Stability of Exchange Rate

Iraq Dinar Update - IQD Revaluation - Central Bank Governor - Stability of Exchange Rate

MilitiaMan and Crew:  8-6-2024

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=n-gLlQMWvaY