“Tidbits From TNT” Friday Morning 8-16-2024

TNT:

Tishwash:  Activating the joint strategic framework on the table of the foreign ministers of Iraq and Turkey

Foreign Minister Fuad Hussein confirmed, today, Thursday (August 15, 2024), that he discussed with his Turkish counterpart, Hakan Fidan, ways to activate the strategic framework agreement between the two countries.

Hussein said in a post on the "X" platform, which was followed by "Baghdad Today", "Today we held a fruitful meeting with our friend Hakan Fidan," indicating that "the meeting discussed frameworks for enhancing joint cooperation between our two countries."

He added, "During the meeting, we discussed ways to activate the strategic framework agreement that was signed during President Erdogan's visit to Baghdad," noting that "the two parties stressed the importance of deepening bilateral relations in a way that serves common interests  link

Tishwash:  The Ministry of Foreign Affairs reveals the postponement of the announcement of the end of the international coalition's military mission in Iraq

 Today, Thursday, the Ministry of Foreign Affairs announced the postponement of the announcement of the end of the international coalition's military mission. 

The Ministry stated, in a statement received by the “Al-Ma’louma” Agency, that “there are no American forces in Iraq except for the military advisors who are under the umbrella of the international coalition.” These advisors are included in the outcomes of the work of the Supreme Military Committee, and the two parties are committed to the established mechanisms and their outcomes.” 

He added, "The work of the Supreme Military Committee focused during the past months on assessing the threat of ISIS with the aim of reaching a deadline to end the military mission of Operation Inherent Resolve, and on this basis, the presence of international coalition advisors of all nationalities on Iraqi soil will be ended." 

The Iraqi Foreign Ministry pointed out that “these discussions included details that included the hierarchy of advisors' withdrawal from the sites, and all that remained agreement on the details and date of the announcement and some other logistical aspects,” noting that “we were very close to announcing this agreement, but due to recent developments, Postponing the announcement of the end of the international coalition’s military mission in Iraq.” 

He pointed out that “the bilateral relationship with the United States in all fields, including the security relationship, is completely separate from the path of the relationship with the international coalition forces.” This relationship existed before the coalition and will continue after it, and the Iraqi delegation discussed the future of the security relationship in the areas of training, arming, equipping and cooperation.” Security, in light of what is permitted by the Iraqi Constitution and the framework of the strategic agreement between Iraq and the United States.    link

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Tishwash:  A deputy reveals the results of the war on “hard currency” smuggling

On Thursday, Representative Yasser Iskandar revealed the results of the war on the smuggling of hard currency from Iraq. 

Iskandar said in an interview with Al-Maalouma, “The smuggling of hard currency is one of the tools that drain the economy and creates an anomaly in the balance of exchange rates and pushes the parallel market to rise, which leads to excessive prices in the markets, the price of which is paid by the simple people.” 

He added, “The efforts of the Ministry of Interior with the Central Bank and supporting formations contributed to reducing the file of hard currency smuggling by 80%, while directing 11 specific strikes to companies and offices dealing in the file of selling currency illegally.” 

He pointed out that "currency smuggling is part of corruption that requires exceptional efforts to dismantle it, and government committees are continuing to expose it day after day." 

It is noteworthy that the smuggling of hard currency leads to an increase in exchange rates in Iraq, which puts pressure on the markets and leads to the emergence of excessive prices.   link

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Tishwash:  Parliamentary Oil Committee reveals details of oil smuggling from the region to Iranian ports

The Parliamentary Oil and Gas Committee revealed, on Thursday, the details of oil smuggling from the Kurdistan Region to Iranian ports, explaining that this operation caused a crisis in the transfer of crude oil between Iraqi refineries.

The committee’s deputy chairman, Adnan al-Jaberi, said in a press interview, “We have seen a document issued by the State Oil Marketing Organization (SOMO) regarding the smuggling of oil from the Kurdistan Region to Iranian ports,” noting that “this document states that oil is smuggled from Erbil and Sulaymaniyah via tankers through the Bashmakh and Pirouz Khan crossings.”

Al-Jabri added, "The document revealed that the price of transporting one ton of crude oil to Iran is $135," noting that "this issue caused an internal crisis in the land transport of oil, considering that most of the tankers are private and have turned towards loading these smuggled materials, and there has been a defect in the transport of official oil, because SOMO pays $33 per official ton, while the cost of transporting smuggled oil reaches $135 per ton, and thus most of the tankers have turned to transporting smuggled oil."

Al-Jaberi continued, "This crisis has caused the accumulation of crude oil in a number of refineries, which has affected the quantity of petroleum derivatives in these refineries," noting that "the Parliamentary Oil and Gas Committee is following up on this issue with importance, and we will host general managers in this regard."   link

Mot: ooooooooh the Games they Play!!! 

Mot: Only ""Cat Owners"" can Relate!!! 

Seeds of Wisdom RV and Economic Updates Thursday Evening 8-15-24

Good Evening Dinar Recaps,

XRP Adoption in Japan: A Comprehensive List of Banks Embracing Ripple’s Technology

▪️Leading banks in Japan are tirelessly working towards shifting how Cross-border transactions are handled by integrating the XRP ecosystem.

▪️Banks like SBI Holdings and Mizuho Bank, part of a 61-member consortium, are working towards worldwide cryptocurrency adoption, especially XRP.

Ripple is emerging as a dominant force in the crypto sphere. The token is rapidly gaining traction, and Japan is at the forefront of this trend by wholeheartedly embracing XRP. Additionally, Japan is also at the front line, particularly in the realm of cross-border payments.

As per a recent CNF report, Ripple has formed strong alliances with leading financial institutions. Notably, 80% of Japanese banks have collaborated with this crypto titan.

List of Japanese Banks set to use #XRP.

1️⃣ SBI Holdings – Tokyo
2️⃣ Mizuho Bank – Tokyo
3️⃣ Sumitomo Mitsui Trust Bank – Tokyo
4️⃣ Resona Bank – Osaka
5️⃣ Bank of Yokohama – Yokohama
6️⃣ The Chugoku Bank – Okayama
7️⃣ The Tokyo Star Bank – Tokyo
8️⃣ The Toho Bank – Fukushima
9️⃣… pic.twitter.com/BCoK3Df41f

— Jack Straw (@JackStr42679640) August 12, 2024

@ Newshounds News™

Source:  Crypto News

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Cardano’s Hoskinson Names AI-Blockchain Use Cases—Is ADA Ready to Seize the Moment?

▪️In his recent presentation at the Ai4 conference, Cardano co-founder Charles Hoskinson addressed the intricacies around the merging of blockchain technology and Artificial Intelligence (AI).
▪️According to him, AI’s reliance on huge computational resources could be offset by the existence of tokenomics.

The groundbreaking entry of Artificial Intelligence (AI) into the crypto or blockchain space was the focal point of the Ai4—Artificial Intelligence Conferences 2024, which featured Cardano’s (ADA) Charles Hoskinson as a speaker.

In his keynotes, Hoskinson delved into the ongoing situation of AI leveraging blockchain as an incentive and trust layer to create a decentralized marketplace for data, models, and inference.

Summarizing Hoskinson’s speech:

Merging blockchain and AI presents significant challenges but also opens up opportunities for innovation. From governance and data privacy to decentralized marketplaces and ethical concerns, the intersection of these technologies requires careful coordination and incentives alignment to unlock its full potential.

@ Newshounds News™

Read more:  Crypto News Flash

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Member-countries of Eurasian banks council can agree upon common approaches in ESG sphere

Countries identified resolution of issues related to disclosure of reports in the sustainable development sphere and the expansion of the range of financial products in ESG among key tasks during the three next years

MOSCOW, August 15. /TASS/. All member-countries of the Eurasian Council of Central (National) Banks (ECB) informed about their involvement in the Environmental, Social and Governance (ESG) and climatic transition agenda, according to data of the poll held by the Bank of Russia.

Countries identified resolution of issues related to disclosure of reports in the sustainable development sphere and the expansion of the range of financial products in ESG among key tasks during the three next years.

"Several ECB countries issued regulatory legislative acts or documents of advisory nature, describing requirements/recommendations as regards the disclosure of information by public companies and financial institutions in the sustainable development sphere. 

The next step can be agreement of unified approaches to disclosure of information in sustainable development sphere in ECB space, which can provide in particular for development of the common capital market to finance sustainable development," the Bank of Russia said.

Furthermore, harmonization of approaches to sustainable (including green) kinds of activity and joint analysis of practices of assigning ESG ratings and their methodologies are possible over time, which will contribute to further development of the sustainable development financing market.

ECB countries noted significance of arising climatic risks and recognized the need to assess these risks and roll out approaches towards their recording and regulation. 

"The majority of countries considers over time the possibility of introducing regulation for banks in management of climatic risks within the framework of internal procedures of capital adequacy assessment and risk-sensitive stimulating regulation," the Bank of Russia said. 

@ Newshounds News™

Read more:  TASS

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IOTA Enhances Trust and Security in European Identity Wallets for E-Commerce

▪️The European Identity Wallet is set to transform identity verification by allowing users to log in to websites without the need for passwords, while sharing verified information with ease.

▪️The integration of Self-Sovereign Identity (SSI) and decentralized identifiers (DIDs) is seen as a key step in combating these issues, with organizations like IOTA and Impierce Technologies leading efforts.

The implementation of the European Identity Wallet is nearing 2026, with several organizations exploring its potential while focusing on user authentication. 

This wallet will revolutionize identity verification by offering users a secure and seamless way to confirm their identity with greater certainty.

The IOTA Foundation is one of the key organizations working towards making the European Identity Wallet project a success.

Along with user authentication, Self-Sovereign Identity (SSI) has been gaining traction in the B2B sector, particularly in trade and finance. Furthermore, the European Identity Wallet currently lacks support for organizational identification. Thus, its correct usage can help restore trust in digital spaces by combating crypto scams and frauds.

With the upcoming eIDAS 2.0 regulations, users will be able to log in to any complaint website using the European Identity Wallet without having to create an account or password.

 Furthermore, this Wallet will allow users to share verified information, including email, age, address, and contact numbers, just with a click of a button.

This helps reduce customer friction while streamlining the overall eCommerce experience. The mutual authentication enabled by this process benefits both the user and the website, helping to build trust on both sides.

A Proof-of-Concept project, UniMe, seeks to get certified as a European Identity Wallet after recently updating its login flow. The user has to do domain verification to validate the identity. Furthermore, UniMe employs other trust layers, giving the user confidence that they are logging into a secure website.

IOTA Helps to Build the Trust in Digital Identity

One of the biggest challenges today is establishing trust between users, websites, and businesses, especially in a B2B environment amid the rampant spread of scam emails, fraudulent invoices, fake social media accounts, and deceptive websites. With online space facing such threats, the concept of “don’t trust but verify” is becoming even more essential.

The upcoming eIDAS 2.0 regulation and the European Identity Wallet offer a promising solution to restore trust. This regulatory shift aims to provide companies with the necessary tools to protect users, customers, and clients from online fraud. 

Impierce Technologies is at the forefront of this initiative, developing core technology components that allow businesses to participate in a trusted information exchange ecosystem.

The solution uses the decentralized identifiers (DIDs) of the World Wide Web Consortium (W3C) to create unique identifiers for companies.

This system can operate either without blockchain using did: web or be published to blockchain platforms such as EBSI or IOTA, enhancing trust in the verified identity, as reported by CNF.

Furthermore, according to the CNF report, the European Sandbox Initiative selected IOTA’s Web3 ID solution earlier in June.

@ Newshounds News™

Source:  CryptoNews

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Telegram mini-app TON Turbo allegedly an exit scam

After many users raised concerns about withdrawals, a Telegram mini-app called TON Turbo began scrubbing its digital footprint.

TON Turbo, a project built atop The Open Network, offers users so-called Toncoin mining rigs to generate profits by depositing crypto via a Telegram chat box. The mining rigs promised nearly doubled returns on the initial capital, with an opportunity to earn TON and prominent memecoin Shiba Inu .

However, several aspiring miners using the platform reported withdrawal difficulties. Replies on the project’s Telegram channel suggested its deposit mechanism was a one-way corridor.

Additionally, TON is a proof-of-stake blockchain where validators are the key network contributors. Mining typically refers to proof-of-work networks like Bitcoin, which relies on participants called miners to validate transactions and discover new coins.

Once users sent crypto to the virtual mining rig, it seemingly churned profits over time, but withdrawing rewards was impossible. When users pointed out the issue, TON Turbo disabled customer support and locked its chat rooms.

The protocol closed replies between July 27 and Aug. 5, but the team continued to post promotional updates on X and Telegram.

TON Turbo ghosts customers

TON Turbo claimed to have secured several marquee partnerships, including with The Open Network, Tonkeeper, Telegram mini-game Dogs, and Shiba Inu.

These claims were unverified, and crypto.news could not find proof of said partnerships outside of TON Turbo’s announcements. Requests for comments sent to TON Turbo admins were unanswered at press time.

Project admins had deleted their Telegram accounts, and the private social network tagged updates on TON Turbo’s channel as a “scam.”

Social media and the project’s Telegram channel signaled that hundreds to thousands of investors tried using the supposed Telegram mining rig. How many users may have suffered losses is unknown, and how much was lost to this apparent exit scam remains to be seen.

 @ Newshounds News™

Source:  Crypto . News

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Iraq Economic News and Points to Ponder Thursday Evening 8-15-24

Among Them Is The Delay In Distributing Profits.. An Economic Diagnosis Of The Reasons For The Decline In Stock Prices On The Iraqi Stock Exchange

Stock Exchange  Economy News – Baghdad  Financial markets expert, Tamara Hussein, attributed the decline in stock prices on the Iraqi Stock Exchange today, Thursday, to the lack of demand from investors.

Most of the stocks in the Iraq Stock Exchange have witnessed a decline in their value since the tension in the region, as the leading stocks continue to decline.

Hussein said, in an interview with "Al-Eqtisad News", that "the decline in stock prices in the Iraqi Stock Exchange is due to many reasons, the most important of which is the weak demand due to the lack of liquidity available in the market, as well as the increase in banks' capital through subscriptions that were conducted in previous months, as they withdrew a lot of money from investors."

She added, "The other reason is the delay in distributing the profits that were approved by some banks," adding, "We hope that the market's performance will improve after they are distributed."

She pointed out that, "The third issue revolves around foreign investors' sales, in addition to inaccurate news that talks about the possibility of a global crisis in the financial markets, which caused a state of panic and withdrawal from trading, which is an expected and natural situation."

The financial markets expert expected that "leading companies will regain their usual positions in the coming months." To view the latest news, follow us on Telegram  https://t.me/Economynews2021 - https://economy-news.net/content.php?id=46336

The Stock Market Ends The Week With Losses

Stock Exchange  Economy News – Baghdad  The stock market ended its week, Thursday, with losses of 0.20%.  The session witnessed the trading of 3.4 billion shares, worth 1.8 billion dinars.

552 transactions were executed on the shares of 36 traded companies.

The value of shares of 15 traded companies decreased, while the value of shares of 5 other companies increased.  103 viewS   2024/08/15 - https://economy-news.net/content.php?id=46354

Central Bank Of Iraq Announces The Establishment Of A Complaints Management Platform

Banks  Economy News – Baghdad  The Central Bank of Iraq announced, on Thursday, the establishment of a platform to manage citizens’ complaints, while confirming that the period for processing the complaint will not take more than five days.

The Central Bank's media office said in a statement, seen by "Al-Eqtisad News", that "the platform was created in the context of work to develop institutional work performance and simplify government procedures by shifting to digital transactions, and for regulatory objectives that are consistent with the Central Bank of Iraq Law No. (56) of 2004 as the sectoral body supervising the work of all licensed financial institutions."

He added, "The establishment of the platform also came in view of the continuous development witnessed by the electronic financial industry, and due to its great importance in achieving economic growth, financial stability and enhancing levels of financial inclusion, the Central Bank of Iraq has created an electronic platform for managing the complaints system."

He added, "The work of the platform is summarized in automating the receipt of all public complaints by financial institutions via the electronic complaint form link, and its processing is managed under the supervision of the Central Bank of Iraq and its financial institutions through this platform." He continued,

"The period of processing the complaint does not take more than five working days, by the financial institution concerned with the complaint, in addition to its importance and nature."

The bank indicated, according to the statement, that "the prepared platform is in the training phase for authorized banking and non-banking financial institutions, and it will be launched in real time after the training operations are completed."

The Central Bank published the platform link, which appears below:

https://cbi.iq/static/uploads/up/file-172371164075527.pdf

116 views  Added 2024/08/15 - https://economy-news.net/content.php?id=46348

Al-Sudani's Advisor: Iraq's External Debt Does Not Exceed 9 Billion Dollars

Economy  | 12:16 - 08/15/2024  Mawazine News – Baghdad  The financial advisor to the Prime Minister, Mazhar Mohammed Salih, confirmed today, Thursday, that Iraq's external debts do not exceed 9 billion dollars.

Salih said that "Iraq's external debts due during the current decade do not exceed 9 billion dollars in all cases."

He added that "the general budget provides sufficient annual allocations to service all debts, which means paying installments and interest, according to the nature of the debt, which is called debt amortization."

He continued that "Iraq has not recorded any default in paying its external debt obligations over the past twenty years," noting that "payment mechanisms are carried out according to strict financial and banking rules that are highly coordinated between the Ministry of Finance and the Central Bank of Iraq."

He added that "this has shown sustainable stability in the creditworthiness indicators of global rating agencies, since the adoption of the first credit rating for Iraq in 2016 until the present time."

https://www.mawazin.net/Details.aspx?jimare=253309

Dollar Exchange Rates Stabilize In Baghdad And Erbil

Thursday 15 August 2024 10:34 | Economic  Number of readings: 175  Baghdad / NINA / The exchange rates of the US dollar stabilized, Thursday morning, in the markets of Baghdad and Erbil.

The price of the dollar stabilized with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 150,000 Iraqi dinars for every 100 dollars, which is the same price as yesterday, Wednesday.

The selling price stabilized in exchange shops in the local markets in Baghdad at 151,000 dinars, and the purchase price was 149,000 dinars, for every 100 dollars.

In Erbil, the dollar also stabilized in exchange shops at a selling price of 150,000 dinars and a purchase of 149,900 dinars for every 100 dollars. / End H To https://ninanews.com/Website/News/Details?key=1147871

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

Some Thursday “Iraq News” Posted by Clare at KTFA 8-15-2024

KTFA:

Clare:  The Central Bank of Iraq organizes an awareness workshop on illicit gains

August 15, 2024

The Central Bank of Iraq, Human Resources Directorate/Women's Affairs Division, organized an awareness workshop on illicit gains in cooperation with the Integrity Commission.

The workshop addressed the laws, legislation and penalties related to illicit gains and the importance of applying e-governance in state departments and institutions to reduce them.

The workshop reviewed the role and efforts of the Central Bank of Iraq in responding to the requirements of the Integrity Commission, especially in implementing the National Strategy for Integrity and Combating Corruption (2021-2024).

It is noteworthy that the Central Bank of Iraq has organized many seminars and workshops for its employees in the field of combating corruption during the past months.

 Central Bank of Iraq
Media Office
August 15, 2024

https://cbi.iq/news/view/2641

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Clare:  Parliamentary Finance Committee to US Delegation: The Triennial Budget Represents an Important Message to Foreign Companies

8/14/2024  Baghdad

The head of the parliamentary finance committee, Atwan Al-Atwani, confirmed to the delegation of the US embassy in Baghdad, on Wednesday, that the three-year budget represents an important message to foreign companies.

The media office of the head of the parliamentary finance committee said in a statement, seen by "Al-Eqtisad News", that "the head of the parliamentary finance committee, Atwan Al-Atwani, received a delegation from the US embassy in Baghdad, headed by the Minister Plenipotentiary for Economic and Commercial Affairs, Julie Jules."

The statement added that "Al-Atwani reviewed - during the meeting - the financial and monetary situation in the country, and the role of the finance committee in monitoring the implementation of the general budget law, especially the paragraphs related to maximizing non-oil revenues or those supporting the private sector and investment."

It pointed out that "Al-Atwani addressed the most important challenges facing financial policy in Iraq, most notably the restrictions and procedures of the US Treasury, which have had a significant impact on the work of the banking sector and caused the continued crisis of fluctuations in the dollar price."

The head of the finance committee - according to the statement - touched on "the importance of the private sector entering as a major partner with the government in implementing and financing projects and providing services," stressing "his committee's determination to approve the law on partnership between the public and private sectors, in addition to amending the tax law in a manner that keeps pace with the development taking place in the work of the tax system, whether in providing services or collection." 

The statement added that "the meeting discussed ways to enhance joint bilateral cooperation between Iraq and the United States within the framework of the Strategic Framework Agreement, and to activate its economic contents related to developing capabilities and helping to reform the financial and banking system."

For its part, the US embassy delegation praised "the experience of the three-year budget for its tangible positive repercussions in terms of improving the living conditions of Iraqis and enabling the government to perform its duties," stressing "its readiness to cooperate and work together with the Finance Committee to solve the existing problems between the US Treasury and Iraqi banks."

Al-Atwani stressed - according to the statement - that "the three-year budget represents an important message to foreign countries and companies that Iraq's financial situation is good and there is no obstruction or halt in contracts and implementation," explaining that "Iraq is rich in its wealth and energies and all it needs is wise management of money."

He continued, "We suffer from the problem of unfair US Treasury sanctions against 14 Iraqi banks without prior warning," indicating that "obligating Iraq to cover its foreign transactions through the platform and punishing a large number of its local banks are among the most important reasons for the continuation of the dollar crisis and the creation of the parallel market."

Al-Atwani expressed his "hope that this meeting will be a starting point for a new phase of cooperation, understanding and assistance in addressing the problem of US Treasury restrictions and procedures on the financial and banking sector."  LINK

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Clare:  Italian company begins work on updating Mosul's basic design

8/15/2024

The cadres of the Italian company in charge of the project to develop and modernize the basic design of the city of Mosul began, today, Wednesday, the geographical survey work in the city.

Nineveh Deputy Governor for Reconstruction Affairs, Abdul Wahab Sultan, told Shafaq News Agency, "The cadres of the Italian company (SGI), which is responsible for the project to update the basic design of the city of Mosul, have started their work in the field geographical survey in the city, in the first steps aimed at implementing the project to develop the basic design of Mosul."

Sultan stressed that "the Nineveh Governorate administration is proceeding with all its energy and determination to develop Mosul and change its reality for the better, which can only be achieved through implementing the city's basic design expansion project."

Last March, the governor of Nineveh announced the signing of a contract to update and expand the basic design of the city of Mosul, after the last expansion of the city since the year 2000.

The expansion of Mosul includes a distance of 7 km in all directions from Mosul, and the new design is supposed to secure 160 thousand dunums of land that will be allocated to establish large projects and infrastructure that will serve the city and all components in Nineveh.

Over the past years, the project has been met with objections from some components in the Nineveh Plain, while political forces from the Shabak component that have an armed faction announced their refusal to allow the implementation of the expansion project towards eastern Mosul, under the pretext of fear of demographic change.   LINK

Clare:  Al-Sudani concludes his visit to Karbala.. This is what it included

8/15/2024 Baghdad

Prime Minister Mohammed Shia Al-Sudani concluded his visit to the holy Karbala Governorate today, Thursday, which included the opening of several projects.

The Prime Minister's media office stated in a statement received by "Al-Eqtisad News" that "Al-Suwani returned to the capital, Baghdad, after concluding his visit to the holy Karbala Governorate, which included:

■ Follow up on work in the facilities and installations of Karbala International Airport.

■ Launching the implementation works for three power station projects:

● Combined cycle of Karbala gas station with a capacity of (132 megawatts).

●Karbala Solar Power Plant Investment Project with a capacity of (300 megawatts),

● Karbala Banks Secondary Transformation Station 400 kV, with a capacity of (1500 MVA), as part of a package of projects to resolve bottlenecks in the transmission of electrical energy.

■ Announcing the largest project to produce (10) thousand megawatts of electric power.

■ Inauguration of Karbala Industrial City, and launching of executive works for four industrial projects/first phase, in the city, which are:

● Industrial gases plant with a capacity of (1000 tons/day).

 ● White oil factory with a capacity of (1000 cubic meters/day).

 ●Vacuum distillation plant with a capacity of (2500 tons/day), and organic solvent plant with a capacity of (1000 cubic meters/day).  LINK

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Clare:  Al-Sudani announces readiness to launch the "largest" electricity production project in Iraq

8/15/2024

Prime Minister Mohammed Shia al-Sudani announced on Thursday that his government is ready to launch the "largest" electricity production in Iraq at a rate of 10,000 megawatts.

Al-Sudani said in a speech during the ceremony to launch the executive works of the projects of three power stations in Karbala Governorate, that this project is a strategic project in electrical energy, which will be implemented according to a new economic model and a new vision that will be announced to the private sector, after it has been studied by a team of consultants specializing in electricity.

He stressed that the stability of energy sources is an encouraging factor for investment and development, and pushes for the development of sources of income by activating all other economic sectors, in addition to the ongoing work to improve the transportation and distribution sector, to deliver electricity service in a sustainable manner to the citizen, without it being a burden on the state and its financial budget.

Al-Sudani also pointed out that the combined cycle projects and solar energy projects are part of the government's plans to reform the electricity system, indicating that the launch of the solar energy project in Karbala and Babylon will continue with the rest of the governorates, which is happening for the first time in Iraq.

He stressed the importance of supporting the private sector, which represents a support for the government in facing crises, emphasizing the special nature of Karbala Governorate, which is visited by millions of visitors throughout the year from inside and outside Iraq.

The three projects launched by Al-Sudani in Karbala are: the combined cycle of the Karbala gas station with a capacity of (132 megawatts), the Karbala investment solar energy station with a capacity of (300 megawatts), and the Karbala secondary transformer station, 400 KV, with a capacity of (1500 megawatts).

It is worth noting that the three station projects will achieve an increase in the production of electrical energy, as the combined cycle of the Karbala gas station contributes to adding (132) megawatts to the currently operating station, with a total design capacity of (250) megawatts, while the Karbala solar energy investment station project is one of several important contracts concluded by the government in the field of renewable energy projects with a number of specialized international companies, including signing a contract to implement a solar energy station with a private sector company with a capacity of (300) megawatts.

As for the Karbala Banks Secondary Station 400 KV, with a capacity of (1500) megawatts, it is being implemented within the second phase of the electrical energy transmission projects, under the contract with the German company Siemens, and is the first transformer station of its kind in Karbala, and will contribute to relieving bottlenecks in the network, thus raising the level of stability and meeting the needs of the various sectors in the Middle Euphrates region.    LINK

Iraq News Highlights and Points To Ponder Thursday Afternoon 8-15-24

Parliamentary Oil Committee Reveals Details Of Oil Smuggling From The Region To Iranian Ports

Energy   Economy News – Baghdad  The Parliamentary Oil and Gas Committee revealed, on Thursday, the details of oil smuggling from the Kurdistan Region to Iranian ports, explaining that this operation caused a crisis in the transfer of crude oil between Iraqi refineries.

The deputy head of the committee, Adnan al-Jaberi, said in a press interview, "We have seen a document issued by the State Oil Marketing Organization (SOMO) regarding the smuggling of oil from the Kurdistan Region to Iranian ports," noting that "this document states that oil is smuggled from Erbil and Sulaymaniyah via tankers through the Bashmakh and Pirouz Khan crossings."

Al-Jabri added, "The document revealed that the price of transporting one ton of crude oil to Iran is $135," noting that "this issue caused an internal crisis in the land transport of oil, considering that most of the tankers are private and have turned towards loading these smuggled materials, and there has been a defect in the transport of official oil, because SOMO pays $33 per official ton, while the cost of transporting smuggled oil reaches $135 per ton, and thus most of the tankers have turned to transporting smuggled oil."

Al-Jaberi continued, "This crisis has caused the accumulation of crude oil in a number of refineries, which has affected the quantity of petroleum derivatives in these refineries," noting that "the Parliamentary Oil and Gas Committee is following up on this issue with importance, and we will host general managers in this regard."

121 views  Added 2024/08/15 - https://economy-news.net/content.php?id=46337

As The Region Continues To Steal Oil...The Oil And Gas Law Is In The Parliament's Drawers

Economy   As the region continues to steal oil...the oil and gas law is in the parliament's drawers[/size]

Information / Report.. The draft oil and gas law is one of the most controversial issues between the political blocs and the Kurdish national component.

Follow "Al-Maalouma" channel on Facebook.. News that does not need verification..

The Kurds continue to steal Iraqi oil and sell it on the black market for half its market value, which is a huge waste of the country's financial resources.

Independent politician Adnan Abdullah confirmed on Thursday that oil smuggled from the Kurdistan region is sold for less than half its value.

Abdullah told Al-Maalouma, "The region smuggles about 300,000 barrels per day, and this is no secret and the government and all political forces know about it."

He added, "The smuggled oil is sold for less than half its value, which is what drives some brokers in neighboring countries to deal with the smuggling file due to the large profits, noting that "mutual interests with some forces in Baghdad push for not opening this sensitive file."

He pointed out that "oil smuggling is illegal and represents a drain on the national wealth that everyone must preserve and its management must be federal."

It is noteworthy that oil smuggling operations from the Kurdistan Region have been ongoing for years by some of the ruling parties in the region.

Despite the government's moves to end the violations of the region's oil exports by passing the Oil and Gas Law, the obstacle of the Kurdish parties is what is pushing to suspend the law by objecting to the paragraphs and articles of the law that will end the region's violations in the operations of extracting and exporting oil through the Turkish port of Ceyhan.

The   continuous objection and the placing of obstacles are due to preventing the approval of the law that may end the theft of contracts with foreign extraction companies in which the Barzani government is a major partner, in addition to ending the seizure of oil revenues and the positions they control as a result of exporting independently of the central government and the national SOMO company.

The Kurdish objection is centered on the paragraph of the control of the National Marketing Company (SOMO) over the operations of extracting, exporting and selling oil and gas.

Legal experts confirmed that all the articles that the Kurdish parties object to are not legal and constitutional, but rather in order to continue seizing the country's wealth. 

The sources indicate that the Kurdish parties exploit the weakness of the governments in order to obtain high percentages of money and oil and gas revenues, and the approval of the law will end all these operations.

This is one of the reasons for not passing the oil and gas law from the House of Representatives, due to the major political differences that will keep the law in the drawers of the House of Representatives.

Member of the committee, MP Mohammed Anouz, ruled out today, Thursday, the ability of the political blocs to pass the oil and gas law and some other controversial laws.

Anouz told the / Al-Maalouma / agency, "The legal committee has a number of controversial laws that cannot be passed due to the political differences over them."

He added, "There are laws that cannot see the light during this session due to the deep differences, most notably the oil and gas law that has not been decided for four previous parliamentary sessions."

He confirmed that the law will be postponed to the next session in the hope that it will find consensus on it. LINK

Politician: Oil Smuggled From Kurdistan Region Is Sold For Less Than Half Its Value

Economy    Information/Baghdad    Independent politician Adnan Abdullah confirmed on Thursday that oil smuggled from the Kurdistan Region is sold for less than half its value.

Abdullah told Al-Maalouma, "The region smuggles about 300 thousand barrels per day, and this is no secret, and the government and all political forces know about it."

He added that "smuggled oil is sold for less than half its value, and this is what prompts some brokers in neighboring countries to deal with the smuggling file due to the large profits, noting that "mutual interests with some forces in Baghdad prompt not to open this sensitive file."

He pointed out that "oil smuggling is illegal and represents a drain on the national wealth, which must be preserved by everyone and managed by the federal government."

It is noteworthy that oil smuggling operations from the Kurdistan region have been ongoing for years by some of the ruling parties in the region. LINK

Parliamentary Legal Committee Rules Out Passing Oil And Gas Law

Economy    Information / Baghdad..   Today, Thursday, the committee member, MP Mohammed Anouz, ruled out the ability of the political blocs to pass the oil and gas law and some other controversial laws.

Anouz told Al-Maalouma Agency, "The Legal Committee has a number of controversial laws that cannot be passed due to political differences over them."

He added, "There are laws that cannot see the light of day during this session due to deep differences, most notably the oil and gas law, which has not been decided for four previous parliamentary sessions."

He stressed that the law will be postponed to the next session, hoping that it will be agreed upon LINK

Parliamentary Finance Committee Discusses With Us Embassy The Financial And Banking System And The Lack Of Dollars In The Market

Local | 06:19 - 08/14/2024  Parliamentary Finance Committee discusses with US Embassy the financial and banking system and the l Default

Mawazine News – Baghdad  The Parliamentary Finance Committee confirmed, on Tuesday, discussing the financial and banking system and the lack of the dollar in the Iraqi market with a delegation from the US Embassy in Baghdad.

A statement by the Parliament's media department received by Mawazine News stated that "the head of the Parliamentary Finance Committee, Atwan Al-Atwani, received at the committee headquarters, in the presence of Representative Khalil Al-Dawski, today, Wednesday, a delegation from the US Embassy in Baghdad, Minister Counselor for Economic and Trade Affairs Julie Jules, Deputy Counselor for Economic and Trade Affairs Angel Fintling, Macroeconomic Officer, Economic and Financial Section Michael Pinnell, and Economic Assistant/Economic Section, to discuss the financial and banking system in the country, Ammar Al-Ammar."

The statement continued, "The meeting discussed the financial and economic situation in the country and the repercussions of the parallel market issue and its negative impact on the government economically, in addition to the lack of the dollar currency in the market, and the sanctions imposed on some banks, as well as the issue of the electronic platform for exporting the currency."

The head of the committee stressed "the importance of high coordination between the two sides in order to solve the pending financial problems, in addition to the importance of transparent dealing to benefit from the capabilities, and not resorting to dealing in another currency," noting "the need to create an atmosphere of understanding and invest in building bilateral relations on this basis."

Al-Atwani stressed "the committee's keenness to commit to combating financial corruption and confronting money laundering, as they are the basis for building societies, in addition to coordination in order to make correct decisions in this regard."

For her part, the Minister Advisor for Economic and Trade Affairs said that "there is a real opportunity for cooperation and reform of the economic and financial system between the two sides," stressing "working together to find appropriate solutions to all problems for the stability of Iraq as a basic ally of the United States."

The statement noted "providing clarification on the three-year general budget and plans for banking regulation and reform of the spending process, and how to finance projects, in addition to the importance of supporting the private sector and involving it with the public sector, which confirms the importance of investing the revenues achieved and the possibility of providing the service."

According to the statement, Al-Atwani pointed out the "ambition to legislate a law on partnership between the public and private sectors and involve the private sector in the market, in addition to working to amend the tax law and shift from the paper system to the electronic system."

https://www.mawazin.net/Details.aspx?jimare=253273

Why Are These US STATES Buying GOLD? Just Like Central Banks

Why Are These US STATES Buying GOLD?  Just Like Central Banks

VRIC Media:  8-15-2024

We are set up for a historic decade in the commodity sector, this show will be the central source of information and study for my portfolio strategy.

It will be a place where myself and other investors from the sector will stress test our ideas and discuss where we are allocating capital.

This week, I am joined by Jp Cortez, Executive Director of the Sound Money Defense League, who is here to make his case for the return of sound money.

 Jp dives deep into the resurgence of gold and silver as viable forms of money, the legislative victories across U.S. states removing barriers to using precious metals, and the growing trend of states and individuals adopting a personal gold standard.

We also explore the strategic importance of gold in protecting wealth, the challenges of counterparty risk, and the broader implications of these trends for the future of money in America.

0:00 Intro

1:18 The Case for Gold as Money

5:19 - Advantages of Gold & Silver Ownership

13:48 Counterparty Risk & Gold's Role

 18:42 States Adopting Gold in Treasury

 23:57 Global & National Trends in Gold Acquisition

 39:22 - Sound Money as a Constitutional Right

 44:50 - Sound Money Scholarship

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

“Tidbits From TNT” Thursday Morning 8-15-2024

TNT:

Tishwash:  With an increase in recent months.. Iraq's internal debt exceeds 78 trillion dinars - Urgent

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Wednesday, that Iraq's internal debt exceeds 78 trillion dinars, with an increase in recent months.

Saleh said in a statement to (Al-Rabia) that "Iraq's move towards borrowing from the domestic banking market to finance two waves of the general budget deficit came under the influence of the decline in the oil assets cycle and in two different periods during the current decade. The first wave of borrowing, which amounted to nearly 27 trillion dinars, was financed by the government banking system through purchasing treasury transfers during the intensification of the security crisis (the entry of the terrorist ISIS) between the years 2014-2017."

He added that "the International Monetary Fund estimated at that time the current account deficit gap of the balance of payments due to the decline in oil prices to be no less than 18 billion dollars cumulatively during those years, and the second wave occurred between the years 2020 and 2021, that is, during the health crisis with the spread of Corona and the closure of the global economy, which was accompanied by a decline in oil prices and a decline in budget revenues and the loss of more than 40% of the value of the oil barrel

While the legislation of the general budget law for the fiscal year 2020 was absent and was replaced by three legislations to finance the deficit, two of which were for direct domestic borrowing and two separate laws issued by the House of Representatives, that by heading towards the domestic borrowing market and the other is the Food Security and Development Law, and an important aspect of it was based on domestic borrowing as well, which raised the level of domestic debt to exceed the barrier of 78 trillion dinars."  link

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

Harambe:  Telegram: A major cyberattack has targeted the Central Bank of Iran (CBI) and several other banks …

Telegram Link

A major cyberattack has targeted the Central Bank of Iran (CBI) and several other banks, leading to widespread disruptions in the country’s banking system. Initial assessments indicate this could be one of the largest cyberattacks ever against Iranian state infrastructure.

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

Harambe:  Cyberattack targets Central Bank of Iran 

#BREAKING A major cyberattack has targeted the Central Bank of Iran (CBI) and several other banks, leading to widespread disruptions in the country’s banking system, @IranIntl has learned. Initial assessments indicate this could be one of the largest cyberattacks ever against… Show more

https://m.jpost.com/breaking-news/article-814715

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Masoud Barzani calls for national wealth and wants to preserve it, but what is the story of the “committees of commitment”?

Today, Wednesday (August 14, 2024), the leader of the Coordination Framework, Saad Al-Saadi, revealed the results of the agreement between the framework and the leader of the Kurdistan Democratic Party, Masoud Barzani, regarding the oil smuggling file.

Al-Saadi told Baghdad Today, "Smuggling natural resources, including oil, in any country represents a drain on the economy, destruction of infrastructure, and loss of the rights of the people of all stripes. Therefore, the smuggling file must be stopped." 

He added, "During the visit of the President of the Kurdistan Democratic Party, Masoud Barzani, to the capital, Baghdad, and his meeting with the leaders of the framework, the issue of natural resources was actually raised within a broad agreement to preserve them as a national wealth."

He continued: "It was agreed to form committees whose mission is to oblige all parties to abide by the decisions of the Federal Court on the oil and gas file, in addition to the rest of the other agreements with Baghdad," adding: "We hope at the same time that there will be seriousness and credibility on the part of our brothers in the region in implementing the terms of the agreement." 

He pointed out that "the management of oil and other wealth by the central government and its institutions is within the context of the Iraqi constitution, and this will must be respected and adhered to because it will address many problems and provide greater protection for the national wealth."

The visit of the leader of the Kurdistan Democratic Party, Massoud Barzani, to Baghdad attracted attention because it came after six years of "estrangement" with the ruling political class in Iraq, which suggests that a remarkable development has occurred in the relationship between the Kurdistan Region and the central government.

Political circles believe that the aim of the visit is to crown the partial understandings that occurred recently and covered several files with a comprehensive settlement between the region and the centre.

Barzani's presence as a prominent Kurdish figure aims to lend legitimacy to the settlement and raise its value so that it appears to be an important event and not just a passing meeting, which is what the central government needs to confirm its ability to bring the region's leaders to its square, while the settlement reduces internal pressures on the region's officials, especially if he succeeds in ensuring smooth and continuous payment of salaries.  link

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

Tishwash:  Parliamentary Finance Committee discusses with US Embassy the financial and banking system and the lack of dollars in the market

The Parliamentary Finance Committee confirmed, today, Tuesday, discussing the financial and banking system and the lack of the dollar in the Iraqi market with a delegation from the US Embassy in Baghdad.

A statement by the Parliament's media department received by / Today's News / stated that "the head of the Parliamentary Finance Committee, Atwan Al-Atwani, received at the committee headquarters, in the presence of Representative Khalil Al-Dawski, today, Wednesday, a delegation from the US Embassy in Baghdad, Minister Counselor for Economic and Trade Affairs Julie Jules, Deputy Counselor for Economic and Trade Affairs Angel Fintling, Macroeconomic Officer, Economic and Financial Section Michael Pinnell, and Economic Assistant/Economic Section, to discuss the financial and banking system in the country, Ammar Al-Ammar."

The statement continued, "The meeting discussed the financial and economic situation in the country and the repercussions of the parallel market issue and its negative impact on the government economically, in addition to the lack of the dollar currency in the market, and the sanctions imposed on some banks, as well as the issue of the electronic platform for exporting the currency."

The head of the committee stressed "the importance of high coordination between the two sides in order to solve the pending financial problems, in addition to the importance of transparent dealing to benefit from the capabilities, and not resorting to dealing in another currency," noting "the need to create an atmosphere of understanding and invest in building bilateral relations on this basis."

Al-Atwani stressed "the committee's keenness to commit to combating financial corruption and confronting money laundering, as they are the basis for building societies, in addition to coordination in order to make correct decisions in this regard."

For her part, the Minister Advisor for Economic and Trade Affairs said that "there is a real opportunity for cooperation and reform of the economic and financial system between the two sides," stressing "working together to find appropriate solutions to all problems for the stability of Iraq as a basic ally of the United States."

The statement noted "providing clarification on the three-year general budget and plans for banking regulation and reform of the spending process, and how to finance projects, in addition to the importance of supporting the private sector and involving it with the public sector, which confirms the importance of investing the revenues achieved and the possibility of providing the service."
According to the statement, Al-Atwani pointed out the "ambition to legislate a law on partnership between the public and private sectors and involve the private sector in the market, in addition to working to amend the tax law and shift from the paper system to the electronic system."  link

Mot: . All Too Soooon 

Mot:  Just Letting Yous Know!!!! 

MilitiaMan: IQD Update - Iraq Dinar News - Central Bank - Corruption - Automation - Change is coming

IQD Update - Iraq Dinar News - Central Bank - Corruption - Automation - Change is coming

MilitiaMan and Crew:  8-14-2024

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=k7yH1SKtou4

Economist’s “News and Views” Wednesday 8-14-2024

US Debt Collapse Will Destroy Dollar | Craig Hemke

Liberty and Finance:  8-13-2024

Craig Hemke emphasizes the growing national debt, noting a recent $243.7 billion deficit in July alone and a projected $1.9 trillion deficit for the fiscal year.

 He highlights the risk of worsening inflation due to increasing debt and monetary policies. Hemke recommends precious metals, such as gold, as a reliable hedge against these financial pressures and inflation. He stresses that owning physical gold can preserve purchasing power and provide safety amid rising debt and economic uncertainty.

INTERVIEW TIMELINE:

0:00 Intro

1:40 Gold update

 4:03 COT Report

 6:20 Silver update

9:51 Acquisitions

 13:19 Recession concerns

16:46 Keynsian experiment

https://www.youtube.com/watch?v=_LxuoOe4LgQ

The Yield Curve is Un-Inverting (Stocks Crash Every Time)

Heresy Financial:  8-14-2024

TIMECODES

0:00 Intro

0:34 the Yield Curve is Currently Inverted

 1:51 This Typically Indicates a Recession

4:13 There's 2 Types of UnInverting Yield Curves

6:38 Looking at All Treasury Bonds

8:24 Bull vs Bear Steepener

12:26 How Yield Curves Correlate to Stocks

 14:58 It Pays to Be Prepared

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

Matter Of Time Bubble Implodes; What The Next Financial Crisis Looks Like | Diego Parrilla

David Lin:  8-14-2024

Diego Parrilla, CIO of Quadriga Asset Managers, discusses how governments respond to crises, and the "anti-bubble" assets that would counteract the downside risks of the next financial bubble implosion.

0:00 - Intro

0:45 - Is the market top in?

2:35 - Recession risks

5:20 - Liquidity

8:15 - Fed rate cut

12:00 – Inflation

 19:25 - Money velocity

20:35 - Dollar strength

25:11 - Bubble and anti-bubbles

https://www.youtube.com/watch?v=Q1bMwbUDp9g

Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 8-14-24

Good Afternoon Dinar Recaps,

NON-MARKET ECONOMY STATUS FOR VIETNAM:  'opportunities amid danger'

RECENTLY THE US COMMERCE DEPT REFUSED TO RECOGNIZE VIETNAM AS A "MARKET ECONOMY". THIS ARTICLE FROM A VIETNAMESE NEWSPAPER REVEALS THE REASONS BEHIND THIS STATUS

"The US Department of Commerce's decision to continue classifying Vietnam as a non-market economy was disappointing news. However, this gives Vietnam the chance to accelerate reform towards a market economy."

"This is the driving force for the Ministry of Industry and Trade (MOIT) to implement the commitment that it will research and analyze the US Department of Commerce’s (DOC) report about Vietnam’s economy, to supplement and complete arguments before submitting dossiers to DOC on granting market economy status, a step to concretize the Vietnam-US comprehensive strategic partnership."

"After doi moi (renovation), Vietnam has been consistent in carrying out a reform to turn the single-sectoral economy into multi-sectoral economy. The economy has been liberated from the state’s strict and rigid control, while people have freedom to trade and do business.

In addition, Vietnam has signed 16 new-generation FTAs (free trade agreements), becoming one of the most open economies in the world."

"Thanks to economic reform, Vietnam has become an example in hunger elimination and poverty reduction, with the hunger and poverty rate falling from nearly 60 percent in early 1990s to 3 percent now. Private domestic invested enterprises with official registrations have been growing steadfastly. "

"Vietnam has finished the underdevelopment period, becoming an average income country with a dynamic market economy which is integrating deeply into the global economy."

"There is no doubt that the reforms and considerable progress in recent years are why 73 economies have recognized Vietnam as a market economy."

"Economic Freedom of the World Index by Canadian Frazer Institute released late last year showed that Vietnam ranked 106th among 165 countries and territories. The position represented a four-grade promotion compared with the year before, a relatively big improvement compared with other regional countries."

"After 40 years of doi moi, Vietnam’s economy is still undergoing the transition with some shortcomings as follows:

1. First, the pricing mechanism of some products, such as petroleum, electricity, airfare and healthcare services still bears administrative intervention.

2. Second, the protection of ownership and property rights still cannot be carried out thoroughly. In some places, land is recovered by the state at non-market prices.

3. Third, the state-owned economic sector still accounts for a large proportion of the national economy.

"A report of the World Bank shows that the state still participates in many economic activities through SOEs, while the land and capital allocation bear the impact of administrative commands rather than market conditions."

Costa Rica recognizes Vietnam as market economy

@ Newshounds News™

Source:  Vietnam Net

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INDIA's CENTRAL BANK: the impact of tokenized deposits, CBDC on deposit insurance

Yesterday during a speech, Reserve Bank of India (RBI) Deputy Governor MD Patra discussed how tokenized deposits and central bank digital currency (CBDC) might impact deposit insurance.

Tokenized deposits are a digital version of bank deposits using blockchain infrastructure to process programmable payments 24/7. In a digital world, they compete with stablecoins and CBDCs, although the design is quite different.

From a deposit insurance perspective, most tokenized deposit infrastructures aim to maintain the same deposit insurance coverage as a conventional bank deposit. However, Mr Patra noted that tokenization potentially can amplify bank runs in times of stress.

Hence, the risks posed by tokenized deposits need to be modelled to determine the insurance fund size and premium rates.

If there’s a bank failure, compensating clients might be less straightforward. “With different banks using different technologies there’s also the possibility that tokenised deposits could be held by depositors who are not KYC compliant and not clients of issuing banks,” said Mar Patra. “Consequently, verification of the authenticity and genuineness of claims may prove to be a testing challenge.”

Like the United States, India has a recent history of failing banks. In 2020 YES Bank started experiencing a run and the central bank took it over for a while. It restructured the bank with several other Indian banks taking equity stakes. Subsequently, YES Bank raised additional capital and is still operational today.

CBDC impact on deposit insurance
In an economy with a retail CBDC, if a bank fails, those with uninsured deposits will quickly try to transfer the money elsewhere. 

The advantage of a CBDC its low risk because it is the liability of the central bank. On the one hand, depositors could just transfer the money to another commercial bank. Alternatively, they could switch to a CBDC.

Hence, the Deputy Governor observed that “particularly uninsured deposits, (would be) more prone to withdrawal and hence the risk of bank runs. Given the inherent links between such systems and the objectives and operations of deposit insurers, it is expected that the topic of CBDC will continue to grow in relevance for deposit insurers.”

In other words, if CBDCs encourage bank runs, that makes a bank more likely to fail and hence there’s a higher probability of drawing down the insurance fund.

“The impact of CBDC on deposits and hence deposit insurance is largely unknown as of today,” said Mr Patra. “The operating models and design features of each individual jurisdiction’s CBDC will be a crucial factor in expanding our understanding of the balance of risks.”

@ Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

Canada needs to overhaul crypto regulations — Coinbase exec

The Canadian government has previously come under fire for undermining the economic freedom of its citizens and freezing crypto donations.

Coinbase country director for Canada Lucas Matheson took the stage at the Blockchain Futurist Conference on Aug. 13 to discuss the state of Canadian digital asset regulation and promote the newly expanded Stand With Crypto initiative.

Matheson argued that although Canada’s regulatory framework is already robust, the country still needs to modernize crypto regulation.

The director noted that 85% of countries will be adopting comprehensive regulatory frameworks for digital assets over the next year and urged the importance of public dialogue in educating public officials about the importance of cryptocurrencies. Coinbase’s Canadian director summed up the long-term goal for Stand With Crypto’s advocacy:

“Canada frankly has a lot of work to do to change laws, and the goal is to change laws in Canada so that we can increase economic freedom and update the financial system in Canada.”

Matheson concluded his presentation by directing audience members to sign up for the advocacy group.

Coinbase launches Stand With Crypto in Canada

Coinbase launched the Stand With Crypto initiative in Canada in July of 2024, following the success of the political advocacy group in the United States.

When the advocacy group launched, Matheson said that Canadian regulators tended to be much more cooperative with the industry than American regulators but noted that input from elected politicians was lacking.

Binance cited changes in stablecoin policy and investor limits outlined in the 2023 regulation as the main drivers for the company’s exit from the country.

@ Newshounds News™

Source:  Coin Telegraph

~~~~~~~~~

BRICS should focus on creating seamless economic environment — Indian expert

Apart from economic integration, BRICS should also address "critical global challenges with a collaborative and proactive approach," Vice Chairman of BRICS Chamber of Commerce and Industry Sameep Shastri said

NEW DELHI, August 14. /TASS/. BRICS nations should focus on creating a seamless economic environment to expand trade, industrial and investment cooperation, Vice Chairman of BRICS Chamber of Commerce and Industry Sameep Shastri told TASS when commenting on the upcoming meeting of BRICS industry ministers in Russia’s Nizhny Novgorod on August 16.

"The BRICS ministerial meeting is an invaluable opportunity to strengthen the bonds between our member nations further and address key global challenges with a unified approach," he said. "We must focus on creating a seamless economic environment that fosters growth and innovation. 

This might involve harmonizing trade policies, facilitating cross-border investments, and addressing any trade imbalances that may exist," Shastri added.

Technological disparities among BRICS nations can hinder collaborative progress, the expert noted. "The meeting should address ways to bridge these gaps through joint research initiatives, technology transfer, and innovation partnerships.

Prioritizing advancements in fields such as artificial intelligence, cybersecurity, and clean technologies will be critical," he said.

Apart from economic integration, BRICS should also address "critical global challenges with a collaborative and proactive approach," the expert said. "BRICS needs to lead by example in setting ambitious sustainability targets and implementing actionable plans.

The meeting should also focus on strengthening global health systems ensuring that we are better prepared for future public health crises," he said.

Shastri believes that peace and security should be central to BRICS discussions. "With rising geopolitical tensions and the persistent threat of terrorism, BRICS must work collaboratively to develop strategies that promote global stability.

This includes enhancing counterterrorism efforts, supporting peacekeeping missions, and fostering diplomatic dialogue to resolve conflicts," he stressed.

@ Newshounds News™

Source:  TASS

~~~~~~~~~

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Thank you Dinar Recaps

Ariel: Major Iraqi Dinar Update

Ariel:   Major Iraqi Dinar Update

(Somebody is about to be very rich) is that you? If so read on.

Translated directly from the CBI document:

Licensed banks all approved
Electronic payment companies all approved exchange companies from categories A and B

Procedures for the work of agents of external transfer service providers

Greetings

Based on the supervisory and supervisory role of this bank.

 “𝘼𝙣𝙙 𝙞𝙣 𝙤𝙧𝙙𝙚𝙧 𝙩𝙤 𝙧𝙚𝙜𝙪𝙡𝙖𝙩𝙚 𝙩𝙝𝙚 𝙬𝙞𝙩𝙝 𝙥𝙧𝙤𝙘𝙚𝙙𝙪𝙧𝙚𝙨 𝙤𝙛 𝙖𝙜𝙚𝙣𝙩𝙨 𝙥𝙧𝙤𝙫𝙞𝙙𝙞𝙣𝙜 𝙛𝙤𝙧𝙚𝙞𝙜𝙣 𝙧𝙚𝙢𝙞𝙩𝙩𝙖𝙣𝙘𝙚 𝙨𝙚𝙧𝙫𝙞𝙘𝙚𝙨 𝙞𝙣 𝙡𝙞𝙜𝙝𝙩 𝙤𝙛 𝙩𝙝𝙚 𝙧𝙖𝙥𝙞𝙙 𝙙𝙚𝙫𝙚𝙡𝙤𝙥𝙢𝙚𝙣𝙩𝙨 𝙤𝙛 𝙩𝙝𝙚 𝙛𝙞𝙣𝙖𝙣𝙘𝙞𝙖𝙡 𝙘𝙤𝙖𝙡 𝙩𝙧𝙖𝙣𝙨𝙛𝙚𝙧 𝙨𝙚𝙧𝙫𝙞𝙘𝙚 𝙖𝙣𝙙 𝙩𝙤 𝙡𝙞𝙢𝙞𝙩𝙨 𝙩𝙤 𝙞𝙣𝙨𝙪𝙧𝙚 𝙛𝙤𝙧 𝙨𝙥𝙚𝙘𝙪𝙡𝙖𝙩𝙞𝙤𝙣 𝙥𝙪𝙧𝙥𝙤𝙨𝙚𝙨 𝙖𝙣𝙙 “𝙗𝙚𝙣𝙚𝙛𝙞𝙩𝙞𝙣𝙜 𝙛𝙧𝙤𝙢 𝙩𝙝𝙚 𝙚𝙭𝙘𝙝𝙖𝙣𝙜𝙚 𝙧𝙖𝙩𝙚 𝙙𝙞𝙛𝙛𝙚𝙧𝙚𝙣𝙘𝙚”. 𝙄𝙩 𝙞𝙨 𝙙𝙚𝙘𝙞𝙙𝙚𝙙 𝙩𝙝𝙖𝙩 𝙮𝙤𝙪 𝙬𝙞𝙡𝙡 𝙤𝙗𝙩𝙖𝙞𝙣 𝙫𝙖𝙡𝙞𝙙 𝙧𝙚𝙨𝙞𝙙𝙚𝙣𝙘𝙮 𝙖𝙣𝙙 𝙥𝙖𝙨𝙨𝙥𝙤𝙧𝙩𝙨 𝙛𝙤𝙧 𝙣𝙤𝙣-𝙄𝙧𝙖𝙦𝙞𝙨 (F𝙤𝙧𝙚𝙞𝙜𝙣𝙚𝙧𝙨) 𝙛𝙤𝙧 𝙩𝙝𝙚 𝙥𝙪𝙧𝙥𝙤𝙨𝙚 𝙤𝙛 𝙘𝙤𝙢𝙥𝙡𝙚𝙩𝙞𝙣𝙜 𝙩𝙧𝙖𝙣𝙨𝙛𝙚𝙧, 𝙥𝙧𝙤𝙫𝙞𝙙𝙚𝙙 𝙩��𝙖𝙩 𝙩𝙝𝙚𝙨𝙚 𝙨𝙪𝙥𝙥𝙤𝙧𝙩𝙞𝙣𝙜 𝙙𝙤𝙘𝙪𝙢𝙚𝙣𝙩𝙨 𝙧𝙚𝙥𝙧𝙚𝙨𝙚𝙣𝙩 𝙩𝙝𝙚 𝙢𝙞𝙣𝙞𝙢𝙪𝙢 𝙧𝙚𝙦𝙪𝙞𝙧𝙚𝙢𝙚𝙣𝙩𝙨 𝙖𝙣𝙙 𝙮𝙤𝙪 𝙘𝙖𝙣 𝙧𝙚𝙦𝙪𝙚𝙨𝙩 𝙖𝙣𝙮 𝙖𝙙𝙙𝙞𝙩𝙞𝙤𝙣𝙖𝙡 𝙙𝙤𝙘𝙪𝙢𝙚𝙣𝙩 𝙞𝙛 𝙣𝙚𝙘𝙚𝙨𝙨𝙖𝙧𝙮 𝙩𝙤 𝙖𝙘𝙩 𝙖𝙘𝙘𝙤𝙧𝙙𝙞𝙣𝙜𝙡𝙮.”

Read this part one thousand times over & over. Why? Because they are directly talking to you.

With appreciation.

This is more from the CBI detailing procedures for A and B licensed exchange companies performing exchanges for 𝙣𝙤𝙣-𝙄𝙧𝙖𝙦𝙞 𝙞𝙣𝙙𝙞𝙫𝙞𝙙𝙪𝙖𝙡𝙨. This is ONLY in-country for Iraq. This does not correlate to any reclassifications of currencies (those don’t exist remember), or movement of rates. This is simply official notice from the CBI for procedures for bank personnel making the exchanges, they now require a 𝙋𝘼𝙎𝙎𝙋𝙊𝙍𝙏, and 𝙫𝙖𝙡𝙞𝙙 𝙧𝙚𝙨𝙞𝙙𝙚𝙣𝙘𝙮 𝙣𝙤𝙩𝙞𝙘𝙚.

What is an A B categorization?

Directly from the CBI starting in 2021 LINK and more LINK and more LINK

Bank Ratings or Classifications: In some countries, financial institutions or currencies might be categorized into different groups (A, B, etc.) based on their stability, creditworthiness, or risk level.

For example:

Category A: Could refer to higher-rated, more stable banks or financial products with lower risk.

Category B: Could denote institutions or products with a slightly higher risk but still acceptable within certain regulatory frameworks.

cbi.iq/news/view/2638

People, please pay attention.

So you have a state ID?

Do you have a driver’s license?

Are you an expat?

Are you a foreigner in Iraq?

Then you do not need a passport to exchange your currency in America. This part of the post was talking about non-Iraqi citizens who are already in Iraq who may be from another country or America who will be looking to exchange there if they want to benefit from the exchanges if they are not able to do so in their home country at the time the new exchange rate is released.

https://dinarchronicles.com/2024/08/13/ariel-prolotario1-major-iraqi-dinar-update-8-13-24/