Iraq Economic News and Points To Ponder Late Thursday Evening 8-22-24

Parliamentary Finance Committee Confirms That There Is No Intention To Print New Paper Currency

economy | 08/22/2024 Mawazine News – Baghdad   The Parliamentary Finance Committee confirmed, on Thursday, that there is no intention to print a new paper currency.

Committee member Moeen Al-Kazemi said, "There is no intention to print new paper currency at the Central Bank," noting that "the Ministry of Finance began funding ministries and governorates with salaries two days ago."

He added that "the cash mass required monthly to pay employees' salaries is estimated at four million employees, four million beneficiaries of the Retirement Authority, and two million social care, which is approximately 7 trillion and 500 billion dinars."

He continued, "This amount is prepared monthly and there is no shortage in this aspect, considering that the current export is approximately 3 million and 400 thousand barrels of oil at a price of more than $ 75 per barrel."

He explained that "the provision of the necessary liquidity is done by the Central Bank and delivered to the Ministry of Finance, which in turn delivers these numbers and the cash mass to the ministries and governorates, and there is no acute problem regarding cash liquidity.  https://www.mawazin.net/Details.aspx?jimare=253717   

16 Billion Dinars Is The Value Of Weekly Trading On The Stock Exchange

Stock Exchange  Economy News – Baghdad   The Stock Exchange announced, on Thursday, that it traded tens of billions of shares with a financial value exceeding 16 billion dinars during the organization of five trading sessions in the third week of August.

According to the stock exchange indicators, the number of shares traded during this week amounted to more than (30) billion shares, with a value of more than (16) billion dinars.

The ISX60 index closed the first session of the week at (868.31) points, while the index closed at the end of the week at (853.38) points, achieving a decrease of (1.75%) from its closing at the beginning of the session.

The ISX15 index closed the first session of the week at (972.21) points, while the index closed at the end of the week at (963.47) points, achieving a decrease of (0.91%) from its closing at the beginning of the session.

During the week, (3317) purchase and sale contracts were executed on the shares of companies listed on the market.

84 views  Added 08/22/2024 - https://economy-news.net/content.php?id=46634

Demands For The Formation Of A Parliamentary Committee To Investigate The Difference In Budget Schedules Amounting To 8 Trillion
 
Political |  01:11 - 08/21/2024  Mawazine News – Baghdad  Today, Wednesday, a member of the House of Representatives, Representative Sarwa Abdel Wahed,
 
called for the formation of a parliamentary committee whose results will be presented to the House of Representatives regarding the difference in the budget schedules, which amounts to 8 trillion dinars.

Abdel Wahed said in a statement received by Mawazine News,
 
“After talking about the difference in the budget schedules, which amounts to 8 trillion, it became necessary for the Presidency of the Council to respond to the letter from the Council of Ministers that was sent on the first of last July, and as a result, the Chairman of the Finance Committee instructed Forming a committee to find out the facts.”  Abdel Wahed explained,
 
 “It seems like there is a delusion in the matter, so we demand the formation of a parliamentary committee whose results will be presented to the House of Representatives to find out the facts.
 
If the Cabinet’s letter is accurate and there is tampering with the schedules, then this is a disaster that must not be tolerated, and that
 
Parliament must not allow it to be a bridge for the corrupt.” https://www.mawazin.net/Details.aspx?jimare=253691   

Central Bank Sells Over $278 Million in Auction Today

Economy  | 03:46 - 08/22/2024  Mawazine News – Baghdad  The Central Bank announced today, Thursday, its sales of hard currency, which amounted to more than $278 million in today's transactions.

The bank's data showed that the total internal cash withdrawals amounted to $10,400,000, while the total amounts of transfers abroad, including remittances and credits, amounted to $267,861,086, while the total sales amounted to $278,261,086.   https://www.mawazin.net/Details.aspx?jimare=253749

Al-Sudani: Government Reform Raised Tax Revenues By 22% In 8 Months

Money and business  Economy News – Baghdad  Prime Minister Mohammed Shia al-Sudani said on Thursday that the government had taken reform measures that contributed to raising tax revenues by 22% during the current year.

The Prime Minister's Media Office stated in a statement, seen by "Al-Eqtisad News", that "Al-Sudani chaired a meeting of the Supreme Committee for Monitoring the Implementation of Tax Reform, during which what has been accomplished according to the relevant Cabinet decisions packages, or the steps undertaken by the Supreme Committee, and the most prominent digital indicators were reviewed,

including the increase in tax revenues by (22%) for the current year until the beginning of August, compared to the same period last year, after the government took a series of reform measures that contributed to increasing growth indicators and its sustainability."

Al-Sudani stressed, according to the statement, that “the economic reform adopted by the government as part of its program, understood the importance of implementing tax reform as a strategic option, within a comprehensive development vision for the non-oil economy, and for managing the state’s public funds and resources,

 indicating that it is a mistake to consider it an outlet that the government resorts to whenever oil prices are disturbed, or the revenues of the oil economy decline.”

The statement explained that "the meeting discussed what was implemented within the framework of expanding the tax base, including economic activities using the self-assessment method, and within exemptions approved by Cabinet decisions. It also discussed implementing steps to address the problems of taxpayers and the accounting of private banks."

He pointed out that "the meeting presented to the Prime Minister the efforts to prepare a new draft law for income tax in Iraq with the German Cooperation Organization (GIZ), and by adopting international standards that are friendly to the business environment and supportive of the private sector,  

in order to achieve tax justice, as well as the steps to prepare a new draft law for sales tax in Iraq, and prepare a draft amendment to the law on the transfer of real estate ownership tax, in addition to what has been accomplished in the field of tax accounting for extr active oil companies within the licensing rounds, and establishing a mechanism for collecting income tax from their activities." 55 views  Added 08/22/2024 - https://economy-news.net/content.php?id=46636

The Dollar Exchange Rate Continues Above The 150 Thousand Threshold

Economy  | 02:40 - 08/22/2024   Mawazine News – Baghdad    Mawazine News publishes today, Thursday, the exchange rates of the dollar against the Iraqi dinar in local markets.   The prices are as follows:

- Selling 150,500 dinars for every 100 dollars.

- Buying 148,500 dinars for every 100 dollars. https://www.mawazin.net/Details.aspx?jimare=253739

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

Seeds of Wisdom RV and Economic Updates Thursday Evening 8-22-24

Good Evening Dinar Recaps,

LIVE: Fed Chair Jerome Powell speaks at the 2024 Jackson Hole Economic Policy Symposium — 8/23/2024 AT 10:00 AM EDT

Federal Reserve Chair Jerome Powell speaks at the central bank’s annual Jackson Hole conference on the economic outlook on Friday. That will follow minutes from the Fed’s July gathering released Wednesday. They indicated that most participants at the central bank’s meeting said it would “likely” be appropriate to lower the fed funds rate from the current range of 5.25% to 5.5% at the September meeting — if data continues to come in as expected.

@ Newshounds News™

Watch Live Here: BENZINGA

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Jackson Hole Preview: 5 Important Questions Ahead Of Jerome Powell's Fed Speech

Zinger Key Points

Investors anticipate insights on upcoming rate cuts, particularly in Powell’s Friday speech at 10 a.m. ET.
Analysts expect Powell to hint at rate cuts while emphasizing the Fed's data-driven approach to monetary policy.

Traders are anxiously awaiting the Federal Reserve’s annual Jackson Hole Symposium. This highly anticipated event could set the tone for the Fed’s future policy actions, especially as investors anticipate a rate cut at the upcoming September meeting.

All eyes are on Fed Chair Jerome Powell's pivotal speech on Friday at 10 a.m. ET, where he is expected to provide crucial insights into the economic outlook and the central bank’s rate-cut plans.

Here are five important questions answered about this year's Jackson Hole Symposium, scheduled for Thursday and Friday.

1. What Is Jackson Hole?

The Jackson Hole Symposium is a prominent late-summer economic conference hosted by the Federal Reserve Bank of Kansas City.

The event attracts central bankers, policymakers, academics and economists from around the world and takes place in Jackson Hole, Wyoming.

2. Why Should Investors Focus On Jackson Hole?
Generally, the Jackson Hole Symposium holds particular importance for two key reasons: it occurs during the longest gap between Federal Open Market Committee (FOMC) meetings, offering potential clues on future monetary policy. It also takes place in August, when market activity is typically quieter due to summer holidays and a scarcity of other significant events.

Regarding the 2024 event, while a rate cut at the Sept. 18 FOMC meeting is considered as a done deal by markets, investors are keenly focused on how quickly the Fed will proceed with additional cuts and what the economic outlook will be, with a special focus on inflation and the jobs market.

3. How Will Jackson Hole Be Covered?
Powell's speech at 10 a.m. ET Friday will be live-streamed, but the rest of the symposium's speeches will not be televised.

Although there isn't live coverage of the other sessions, major business networks typically feature a series of sideline interviews with key attendees, such as Fed officials, who could provide near-term views on monetary policy.

4. What Do Wall Street Analysts Expect From Jackson Hole This Year?
“The easiest thing for Chair Powell would be to repeat his message from July. An evolution of the July FOMC language would suggest the committee is ‘very close’ or ‘close’ to the point where easing is likely to occur,” noted Bank of America economist Stephen Juneau.

Ed Yardeni, president of Yardeni Research, stated, “He is likely to support market expectations that the Fed will cut the federal funds rate by 25bps in September. But he is also likely to push back on expectations of cuts in November and December. He will repeat that the Fed’s decisions are data dependent.”

Goldman Sachs analysts “expect to hear more comments like those from Goolsbee earlier in August that the Fed’s job is not to react to a single data point.”

However, they also expect the Fed to reassure markets that it stands ready to act swiftly should the economy take a turn for the worse.

Greg Marcus, managing director, UBS Private Wealth Management, expects Jerome Powell “to hint strongly at rate cuts and try to calm the market. He'll make it clear that the Fed will be data dependent and won't commit to any one position but will continue to emphasize the importance of not forgetting that the Fed has a dual mandate.”

5. How Has the Stock Market Performed Historically During Jackson Hole?
Historically, the Jackson Hole Symposium has had a muted impact on the S&P 500's performance.

A Benzinga analysis of the past 10 events shows that the S&P 500 has generally remained flat during the symposium days (Thursday and Friday), with an average decline of 0.4% and a median return of 0%.

When extending the analysis to the entire week, the index shows a slightly better performance, with an average gain of 0.4% and a median return of 0.8%.

Over the past 10 events, the S&P 500 index, as tracked by the SPDR S&P 500 ETF Trust SPY, recorded positive returns in six instances during the symposium days and in seven instances over the entire week.

Notable market reactions to the Jackson Hole events included 2022, 2019 and 2015.

In 2022, Powell’s hawkish remarks at Jackson Hole triggered a 3.4% drop in the S&P 500 over two days, with the index down 4% for the week due to fears of prolonged high interest rates.

In 2019, uncertainty from Powell’s speech amid the U.S.-China trade war led to a 2.9% decline during the symposium days and a 1.4% loss for the week.

In contrast, 2015 saw the S&P 500 rise 2.43% during the symposium and 0.8% for the week, as markets were reassured by the Fed.

@ Newshounds News™

Source:  BENZINGA

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Latam ecommerce giant Mercado Libre launches MELI dollar stablecoin in Brazil

Mercado Libre, the Latin American ecommerce giant, has launched the MELI dollar stablecoin in Brazil via its digital bank, Mercado Pago. The parent company is the Latin American equivalent of Amazon.com and has the highest market capitalization of any company in the region.

It’s a big deal because the digital bank has 52 million monthly active users across the entire region. While the company doesn’t break out the users by country, its financial report for Q2 2024 said the digital bank users in Brazil had grown 46% year on year.

Users can access the stablecoin via the Mercado Pago app, which also supports cryptocurrencies. The company is currently waving stablecoin transaction fees, whereas other crypto attracts fees of 1.5%. It partnered with crypto firm Ripio, which is providing market making.

Ripio is also a distributor of the Lift stablecoin, a yield bearing dollar token targeted at Argentinians. Paxos issued it out of the Abu Dhabi Global Market (ADGM).

Meanwhile, the MELI stablecoin is issued by Meli Uruguay. Mercado Libre’s headquarters were originally in Argentina but moved to Uruguay, and its holding company is registered in Delaware.

The company has been interested in stablecoins for some time as it was a member of the Facebook-founded Diem stablecoin initiative.

In 2022 Mercado Libre launched the MercadoCoin as part of a loyalty program that started in Brazil.

@ Newshounds News™

Source: Ledger Insights

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Economist’s “News and Views” Thursday 8-22-2024

BRICS Just Stopped Using The Dollar!

Tech Beat:  8-22-2024

In this video, we look at a seismic upheaval in world economics—the BRICS countries have taken a historic step by abandoning the usage of the US dollar in their interactions.

The BRICS group, which includes Brazil, Russia, India, China, and South Africa, has long been regarded as a powerful counterweight to Western economic hegemony.

Now, with this brave step, they are ushering in a new era of international trade and finance.

Join us as we investigate the reasoning behind this decision and its ramifications for the global economy. We'll look at how this move may affect the supremacy of the US dollar, which has been the world's major reserve currency for decades.

 From the possible growth of alternative currencies to the problems and opportunities confronting the BRICS nations, we'll examine every aspect of this game-changing development.

 We'll also investigate how this decision may affect other countries and global economies, including the impact on commodity pricing, investment flows, and geopolitical alignments.

 Is this the end of the dollar's dominance, or merely a transient adjustment in global finance?

https://www.youtube.com/watch?v=YwsD8qQnduE

Gold as Currency: 20 States Championing Economic Justice and Stability

The Resilient Compass:  8-22-2024

Join Andy Schectman, founder & CEO of ‪@MilesFranklinCo, and Jason Cozens, founder & CEO of ‪@Glint with special guest Mike Carter, as they discuss:

- Impact of national debt and inflation

 - Cantillon effect and gold-backed money

 - States' rights for gold legal tender

- 'Three T's' of gold currency

- BRICS' challenge to the US dollar

 - Using Glint for gold transactions

https://www.youtube.com/watch?v=WiZSU8aI0ws

China Sell-off 39% of US treasury: What's going on?

Fastepo:  8-22-2024

The U.S. government continues to view Treasury securities as reliable and secure investments, especially during times of economic uncertainty.

However, concerns are growing over the nation's expanding debt, which reached about $32.6 trillion by August 2024. Critics warn that this rising debt could pose long-term risks to the economy, potentially leading to inflation and higher borrowing costs.

Another key issue of the US economy is the U.S.'s dependence on foreign investment to help fund its debt. As of August 2024, China remains the second largest foreign holder of U.S. debt. However China has significantly dropped its holding to approximately $770 billion, a 39% decline compared to less than a decade ago.

 This shift is tied to broader geopolitical and economic changes, raising concerns about the stability of foreign funding and its potential effects on U.S. economic policy.

This video explores the impact of China's decisions on the U.S. economy, analyzing both historical and current perspectives. It also examines how the outcome of the U.S. election could potentially influence China's approach to its U.S. Treasury holdings.

https://www.youtube.com/watch?v=jo4-mbQrJn8

Seeds of Wisdom RV and Economic Updates Thursday Afternoon/Evening 8-22-24

Good afternoon/evening Dinar Recaps,

XRP Goes Global: Research Reveals Institutional Use Across All 7 Continents

Ripple is rapidly expanding its international footprint through global partnerships and focusing on expanding the use of the XRP Ledger.

Ripple is advancing in South America with its CBDC platform, collaborating with the Bank of Colombia and Brazil’s Fenasbac.

Blockchain startup Ripple has been making every possible effort lately to promote the adoption of its XRP Ledger and the use of XRP in the global financial markets.

Tokenicer, an enterprise blockchain researcher, recently stated that despite Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), the company has been swiftly expanding its global partnerships and services in different regions outside the United States. As reported by Crypto News Flash, Ripple has signed 1,700 agreements with global financial players to boost XRP use.

Although America-based firms have been hesitant to partner with Ripple amid legal considerations, companies overseas have been quite flexible in adopting the Ripple technology. The XRP Ledger facilitates instant cross-border settlements by using Ripple’s native XRP cryptocurrency for settlements. As per the CNF report, Ripple is further expanding the use of XRP Ledger by working on stablecoin integration backed by Gold and Silver, moving beyond the boundaries of fiat settlements on XRPL.

Ripple Eyes Big Opportunity in South America and Europe
Ripple is seeing major advancements in the South American market, particularly with the release of the central bank’s digital currency (CBDC) platform. Last year, Ripple launched its CBDC platform, making it easy for central banks worldwide to quickly launch their CBDC, where Ripple does all the infrastructure-heavy lifting. As a result, the Bank of Colombia has been testing its CBDC on the Ripple platform.

Furthermore, Ripple has joined hands with Brazil’s National Federation of Associations of Central Bank Servers (Fenasbac), which seeks to boost the country’s financial sector through advancements in tokenization, payments, and treasury management.

Europe is another region where Ripple’s influence is growing gradually. Earlier this year, Ripple partnered with Clear Junction to facilitate instant cross-border settlements between the UK and the European Union, per the CNF report.  This partnership, regulated by the Financial Conduct Authority (FCA), positions Ripple as a compliant and trustworthy European partner.

On the other hand, the Central Bank of Montenegro is also testing its CBDC on the Ripple platform, while Germany’s DZ bank integrated with Metaco, Ripple’s acquired digital asset custody firm.

Expanding into Asia and the Middle East for XRP Use
Ripple has always maintained a stronghold in the Asian and Middle East markets by working with partners such as SBI Holdings since 2016. This collaboration has led to key advancements for the blockchain startup, such as the use of XRP for cross-border remittances across Vietnam, the Philippines, and Indonesia. These countries are currently the fastest-growing remittance markets globally.

Furthermore, Ripple also secured an MPI license from the Monetary Authority of Singapore (MAS), which allows it to expand its services in the region. Ripple has also expanded its presence in the Middle East through its strong connections in Dubai. The company’s partnership with the Dubai International Financial Centre aims to advance blockchain adoption in the United Arab Emirates (UAE).

@ Newshounds News™

Source: Crypto News Flash

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India’s crypto future hinges on gov’t consultation paper

India’s Department of Economic Affairs’ consultation paper is expected to be a watershed moment for crypto regulation in the country, potentially setting the stage for future legislation.

India’s cryptocurrency landscape could be about to change as the Department of Economic Affairs (DEA) prepares a key consultation paper on cryptocurrency legislation.

According to local media, the paper, which is expected in September or October, will invite feedback from various stakeholders, with the government playing an active role in the direction of digital currencies in India.

India’s crypto conundrum
The paper, led by a panel chaired by the secretary of the DEA, represents a significant step in India’s ongoing effort to balance innovation and regulation in its rapidly evolving crypto sector.

The release comes at a time when global scrutiny of cryptocurrencies is intensifying, particularly in light of the G20 nations’ unified approach to regulation, as highlighted by Indian Finance Minister Nirmala Sitharaman at a meeting of the group of nations in October 2023.

India, which has already implemented a stringent tax regime on cryptocurrency transactions, has taken a cautious approach to regulation. The 30% tax on unrealized crypto gains and a 1% tax deducted at source implemented in April 2022 marked the government’s first major move toward imposing some control over the crypto market.

However, despite the measures, the Indian government has refrained from regulating the sale and purchase of cryptocurrencies, focusing instead on curbing crypto-related money laundering and terrorism financing.

DEA paper to address regulatory concerns
The DEA’s forthcoming paper is expected to address the broader concerns surrounding the regulation of crypto assets, including those raised by the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI).

In May, SEBI suggested a multi-regulatory approach, wherein different aspects of cryptocurrency trading would be overseen by various financial authorities. This fragmented approach underscores the complexity of regulating a technology that crosses traditional financial boundaries and poses unique challenges.

On the other hand, the RBI has consistently warned of the macroeconomic risks posed by digital currencies. The central bank’s stance reflects deep concerns about the potential impact of cryptocurrencies on India’s economic stability.

This caution is mirrored in the government’s recent actions against offshore crypto platforms and digital asset service providers, including a high-profile ban on Binance, the world’s largest cryptocurrency exchange.

Despite this, Binance managed to reestablish its presence in India by registering with the Financial Intelligence Unit, even as it faces a hefty $86 million tax demand from Indian authorities.

@ Newshounds News™

Source:   CoinTelegraph

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ICMA updates repo agreement for digital assets

The International Capital Market Association (ICMA) has published a digital assets annex for its Global Master Repurchase (repo) Agreement (GMRA). The Annex follows work by ICMA and ISLA in the Digital Assets Legal Working Group, with Clifford Chance appointed as counsel.

Repo involves the sale of collateral, usually securities, with an agreement to buy them back at a future date for a slightly higher amount representing interest.

There are already two significant intraday repo solutions with a third in progress. JP Morgan has an intraday solution for its clients, and technology firm Broadridge has its Distributed Ledger Repo (DLR) solution that processes $1.5 trillion in transactions monthly.

In Europe, HQLAᵡ has been running a DLT based solution for collateral mobility for a few years. It recently conducted end-to-end repo tests with Fnality, the institutional settlement system where the settlement tokens are backed by cash held in a central bank account. The goal is to support intraday repo for trades on the Eurex Repo F7 system. Fnality is awaiting regulatory approval for its participation and hopes to launch later this year.

By including the ICMA digital assets annex, transactions can include digital cash and/or digital securities.

The digital assets Annex
The GMRA Annex specifies various terms, such as an “Asset-backed Digital Asset” that includes a tokenized traditional security or contractual claim on an underlying asset. Digital cash could be central bank digital currency, tokenized deposits, electronic money tokens or other cryptographically secured representations of a single fiat currency.

If we’re not mistaken, the agreement might also account for HQLAᵡ, where custodians effectively lock conventional assets and DLT is used to transfer ownership. We guessed this from the reference to a “Platform Transferred Security” which is a conventional security that’s capable of being transferred cryptographically.

Support for intraday transactions
Until recently, conventional repo transactions have been constrained by the settlement delays for securities transactions. One of the key innovations of combining DLT with repo is the ability to settle instantly, which enables intraday repo where the repurchase happens at a precise time.

The existing agreement did not account for settlement at specific times, hence the Annex includes wording to support this. Additionally, there are adjustments to interest calculations given they need to account for hours rather than days.

“We hope the Digital Assets Annex will assist the further growth of the market by presenting a common approach that firms can leverage for transactions referencing the relevant categories of digital asset,” said Michael Brown, partner at Clifford Chance.

@ Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

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“Tidbits From TNT” Thursday 8-22-2024

TNT:

Tishwash:  Saudi Foreign Minister arrives in Baghdad on official visit

Saudi Foreign Minister Faisal bin Farhan arrived in the Iraqi capital, Baghdad, on Thursday, on an official visit.

According to what an informed source told Shafaq News Agency, Bin Farhan is scheduled to hold talks with senior Iraqi officials during the visit, to discuss bilateral relations between the two countries and the latest developments in the region.

The source stated that this visit comes within the framework of enhancing joint cooperation and discussing issues of common interest between the Kingdom of Saudi Arabia and Iraq, especially in light of regional developments that require coordination between the two countries to enhance stability and security in the region. link

Tishwash:  Aircraft Carrier Lincoln Arrives in Middle East with Naval Strike Force

The US military announced that the aircraft carrier USS Abraham Lincoln and its accompanying destroyers arrived in the Middle East after Defense Secretary Lloyd Austin ordered this naval strike group to accelerate its transfer to the region.

This brings to two, at least temporarily, the number of US aircraft carriers currently in the Middle East, where fears of a regional military escalation are growing.

Tensions have been rising in the Middle East since Israel assassinated Hezbollah military leader Fouad Shukr in an airstrike in Beirut's southern suburbs, and Hamas political bureau chief Ismail Haniyeh was killed in an assassination in Tehran, which Iran has accused the Hebrew state of being behind.

The Lincoln is supposed to replace the aircraft carrier USS Theodore Roosevelt.

On Wednesday, the US Central Command (CENTCOM) said in a statement that “the aircraft carrier USS Abraham Lincoln, equipped with F-35C and F/A-18 Block 3 fighters, has entered CENTCOM’s area of ​​responsibility.”

She added that Lincoln "is the lead ship in Carrier Strike Group 3, accompanied by Destroyer Flotilla (Deseron) 21 and Carrier Wing (CVW) 9."

The Pentagon announced on August 11 that Secretary of Defense Lloyd Austin had ordered the carrier Lincoln to "accelerate its transition" to the Middle East, after having ordered it to the region earlier in the month.

Fears of a major military escalation in the region have grown since Hezbollah and its ally Iran threatened to respond to the two assassinations that took place in the southern suburbs of Beirut and Tehran at the end of last July, just a few hours apart.  link

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Tishwash:  Iranian-American agreement to keep Iraq away from Middle East events

The Israeli newspaper, The Jerusalem Post, revealed on Wednesday that there is an Iranian-American agreement to keep Iraq away from the current conflict, noting that the Iraqi Prime Minister intervened to prevent the American response to the recent bombing of Ain al-Assad.

The newspaper said in a report, which was followed by Al-Mutalaa, that: “There is news circulating in intelligence circles about instructions reaching armed factions inside Iraq to stop attacks against American forces and their bases to prevent the country from sliding into open war,” indicating that: “The Iranian authorities decided to stop attacks against American bases in Iraq as a result of the escalation of tension to unprecedented levels and the increasing risk of Iraq turning into a war zone.”

She added that: "Prime Minister Mohammed Shia al-Sudani was able to convince the Americans not to respond to the recent targeting of Ain al-Assad base and to cancel any plans to target armed factions inside the country," stressing to the Americans that: "Iraq is committed to maintaining its security and preventing its lands from turning into a battlefield between the American and Iranian parties."

The newspaper pointed out that: "The Iranian instructions do not include any mention of the attacks carried out by the factions inside Iraq against Israeli targets, including the continuous bombing of the port of Eilat," explaining that: "The cessation of attacks is limited so far to American bases and interests only, according to its description."   link

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Tishwash:  Iraqi MPs launch campaign to collect signatures to summon Central Bank Governor to Parliament

A number of Iraqi parliament members launched a campaign to collect signatures with the aim of summoning the governor of the Central Bank, Ali Al-Alaq, to ​​the House of Representatives.

This step comes as part of attempts to determine the details of the Central Bank’s performance and raise the level of oversight over monetary policies and economic reforms.

This move reflects the parliament’s desire to follow up on the country’s financial and banking performance and ensure the achievement of the set economic goals.

On August 8, Hadi Al-Salami, a member of the Parliamentary Integrity Committee, revealed that his committee has been following up for more than a year on the file of terminating the assignment of the Central Bank Governor, Ali Al-Alaq, from his position.

Al-Salami stated that "there are many files and violations related to the Central Bank, which were referred to the Integrity Commission and the Public Prosecution," indicating that "these violations include issues related to the lack of control over the exchange rate in the market, in addition to millions of dollars and interest received by Arab and foreign banks, including Jordanian banks."

Jamal Koujar, a member of the Finance Committee of the Iraqi Council of Representatives, said in press statements monitored by (Al-Mada), that: "Seven or eight signatures were collected from within the Finance Committee of the Parliament, and the signatures of members of other parliamentary committees are now being collected to support the campaign.

Koujar added that "the issue of sanctions imposed on Iraqi banks and the issue of dealing with the dollar are not under the control of the governor of the Central Bank, but these representatives have different private interests."

He continued, "If the matter reaches the point of accountability, Ali Al-Alaq will resign from his position, and he has already submitted his resignation."  link

Mot: .... Soooo Exciting.... More Great Info frum da Net!!!! 

Mot .... Hmmmmmmmm - Same List!!!! 

Seeds of Wisdom RV and Economic Updates Thursday Morning 8-22-24

Good morning Dinar Recaps,

DBS Bank pilots blockchain-based government grants

The blockchain-based solution builds on DBS Bank’s participation in Project Orchid, an effort by the Monetary Authority of Singapore to test the benefits of tokenization.

Singapore’s DBS Bank launched a solution that uses blockchain technology to streamline the disbursement of government grants.

DBS Bank announced that in the pilot, it collaborated with Enterprise Singapore (ESG), a statutory board under the Ministry of Trade and Industry of the Government of Singapore and the Singapore Fintech Association (SFA), which promotes financial technology in the country.

DBS Bank uses smart contracts to disburse government grants
During the pilot, the SFA disbursed government grants to 27 members. DBS said that its pilot showed how blockchain-based programmable grants can improve efficiency, enhance governance and allow businesses to have faster access to government grants.

With DBS’ permissioned blockchain, ESG and its intermediaries, like the SFA, can determine the conditions of the programs and govern grant disbursements. According to DBS, this includes disbursements to approved recipients upon fulfilling certain business conditions.

Once the conditions are fulfilled, smart contracts will verify that they are met. After this process, the grants will be disbursed automatically to the beneficiaries.

According to DBS, the solution enhances governance control and reduces the need for intermediaries to manually process cash handling. This allows businesses to receive their cash payouts from the government much faster.

Furthermore, the bank’s permissioned blockchain gives full visibility of the process, giving greater transparency to the organizations involved.

Permissioned blockchains are networks with an access control layer that allows participants only a pre-approved level of authority. Even though they use distributed ledger technology, these blockchains are only partially decentralized.

Results of MAS-led Project Orchid
DBS Bank also noted that the programmable grants pilot applies what the firm has learned from participating in Project Orchid, a digital currency initiative led by the Monetary Authority of Singapore (MAS). The initiative tests the benefits of tokenization with local stakeholders.

DBS Bank also previously collaborated with digital payment provider Ant International on a blockchain-based treasury and liquidity management solution. On Aug. 13, DBS launched its treasury tokens, which Ant will use for liquidity and treasury management. The tokens are within the bank’s Ethereum Virtual Machine (EVM) permissioned blockchain.

The solution was created using systems developed during the company’s participation in another MAS-led effort on digital currencies, Project Guardian.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

Hong Kong’s crypto ambitions tested by licensing issues: report

Hong Kong’s crypto hub ambitions face hurdles as more than a dozen exchanges struggle to secure full licenses due to regulatory concerns.

Cryptocurrency exchanges in Hong Kong seem to be grappling with challenges in securing full licenses as the city pushes to become a crypto hub, per a Bloomberg report, which cites people familiar with the matter.

The city’s Securities and Futures Commission has reportedly identified unsatisfactory practices during on-site inspections of 11 “deemed-to-be-licensed” exchanges, raising doubts about their ability to meet full licensing requirements. The investigation revealed that some exchanges were overly reliant on a small number of executives to manage client asset custody, while others are not “properly guarding against cybercrime risks,” the report says.

The exchanges under scrutiny reportedly include big names such as Crypto.com and Bullish as well as local trading platforms like HKbitEX and PantherTrade.

So far, only two platforms — OSL and HashKey — hold full licenses in Hong Kong. While the SFC aims to issue additional licenses by the end of 2024. the process has already led to the withdrawal of 12 applications, including those from Bybit, Huobi HK, and OKX.

Hong Kong scrutinizes regulation for crypto exchanges
The SFC’s findings emerge as the regulator intensifies its efforts to enforce strict compliance among crypto platforms, with a particular focus on safeguarding client assets and enforcing robust know-your-client protocols.

This heightened scrutiny follows a scandal involving JPEX, an unlicensed crypto platform accused of defrauding over 2,600 victims of more than $200 million. The SFC previously reported that JPEX and crypto influencers had made false or misleading claims on social media, falsely suggesting that the exchange had applied for a virtual asset trading platform license in Hong Kong.

However, the regulator later highlighted that JPEX had not submitted any such application, despite its assertions of being a “licensed and recognized platform for facilitating the trading of digital assets and virtual currency.”

@ Newshounds News™

Source:   Crypto News

~~~~~~~~~

Can Tether’s Dirham Stablecoin Drive Crypto Adoption in UAE?

Word in the crypto world has it that the UAE is set to launch a Dirham-pegged stablecoin in partnership with Tether. According to a press release shared by Tether today, the new stablecoin will be launched in partnership with UAE-based Phoenix Group PLC and Green Acorn Investments Ltd.

Paolo Ardoino Tetser’s CEO says, “Tether’s Dirham-pegged stablecoin is set to become an essential tool for businesses and individuals looking for a secure and efficient means of transacting in the United Arab Emirates Dirham whether for cross-border payments, trading, or simply diversifying one’s digital assets.”

Tether’s Dirham Stablecoim sets stage in UAE
Since Gary Gensler took over the US SEC, many crypto businesses have left the United States. The UAE took that opportunity to rebrand the nation as the next crypto global hub. Since the start of 2023, the UAE has taken steps to ease crypto use in the country, with many crypto execs like CZ moving to Dubai.

In 2023, financial regulators in the UAE reached an agreement to officially allow and support crypto trading in an economic-free zone in Dubai. After that, on October 19, Ras Al Khaimah ruler Sheikh Saud bin Saqr Al Qasimi launched the new RAK Digital Assets Oasis (RAK DAO), an economic free zone committed to helping companies working in digital and virtual assets, blockchain, Web3, and artificial intelligence (AI).

Also recently, the UAE’s Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) issued consultation paper No. 7 of 2024, which contains proposals to improve its regulatory framework to allow the ADGM to issue fiat-referenced tokens (FRTs) and invites public feedback and comments on the proposals.

According to the statement, FRTs are a type of stablecoin that is backed by high-quality, liquid assets denominated in the same currency as the FRT and may be liquidated quickly with minimum negative price impact.

FRTs are designed to be used as a form of payment and share some similarities with Stored Value. In other news, on August 16, the Dubai Court of First Instance approved crypto as a legal salary payment method.

Irina Heaver, a partner at UAE law company NeosLegal, noted that the verdict in case 1739 of 2024 marks a shift in the court’s approach, which earlier disallowed recognizing cryptocurrencies as valid salary payments due to their lack of precise valuation.

@ Newshounds News™

Source:  CryptoNewsz

~~~~~~~~~

IOTA Plays a Key Role in Preventing Data Breaches and Improving Efficiency in IoT Vehicles

According to a research paper, the Directed Acyclic Graph (DAG) ledger of IOTA could be tailored to meet the Internet of Vehicles (IoV) needs for effective traceability, throughput, and security.

IOTA is reported to be able to identify attacks and could be a “major fabric” in offsetting the issues of security breaches in IoV.

Internet of Vehicles (IoV) – a network of connected autonomous vehicles that share data over the internet for secured and efficient means of transportation. Data breaches have threatened their growth in recent times. This is confirmed by a report by a non-profit organization, Consumer Watchdog, disclosing that most connected vehicles share similar vulnerabilities.

In the report titled “Kill Switch: Why Connected Cars Can Be Killing Machines And How To Turn Them Off,” researchers alleged that automakers reveal high risks of such breaches to investors while keeping them away from the public. This is evident in Ford’s disclosure in a 10K filing to the Securities Exchange Commission, citing that its suppliers have been victims of malicious attacks.

In another research report titled “Malicious Data Traceability and Throughput Optimization Using Blockchain (IOTA Smart Contracts) for Next Generation Internet of Vehicles,” it was stated emphatically that traditional centralized networks fail to contain these attacks due to their limitations in scalability, latency, and security.

Fascinatingly, the author, Malka N. Halgamuge, at the Department of Information Systems and Business Analytics, RMIT University, Australia, noted that the decentralized blockchain architecture could be the best alternative.

More on the Role of IOTA in IoV and Other Use Cases
Admitting that conventional blockchains also have limitations, the research suggested the need to develop an architecture based on the IOTA’s Directed Acyclic Graph (DAG) ledger. According to the study, this can be tailored to the IoV’s needs for advanced traceability, throughput, and security.

We propose an IOTA-based model using smart contracts for malicious data/user tracing and timing side channels for attack detection. We adaptively schedule data to optimize throughput based on traffic conditions. Our simulations compare throughput, latency, and attack detection across varied scenarios. Our results demonstrate that the architecture enables automated security via decentralized consensus, avoiding centralized failures.

The research paper explained further that smart contracts facilitate real-time threat tracing and mitigation. With that, IOTA’s ability to identify attacks through a low latency fluctuation is revealed in timing analysis. The research paper also mentions that resorting to IOTA’s innovation, smart contract, and integrating reputation systems would boost security, scalability, and efficiency compared to centralized and blockchain IoV networks.

This work advances IoV security by outlining a comprehensive blockchain solution leveraging IOTA’s unique capabilities. The decentralized mechanisms enhance traceability and trust while optimizing performance tailored to vehicular demands. This establishes a foundation for reliable and safe autonomous driving through innovations in distributed ledger technology.

As we previously reported, outside the framework of IoV, IOTA has also become an important part of music and film. It recently launched a solution prototype that is revolutionizing the industry by leveraging DLT to streamline intellectual property rights management.

At press time, IOTA was trading at $0.134 after surging by 0.55% in the last 24 hours. However, the price had declined by 21% in the 30 days and 41% in the last 90 days.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

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MilitiaMan: IQD Update - Iraqi Dinar News - FED Court Reject Appeal - WTO - Purchase Power of Dinar - Stability

IQD Update - Iraqi Dinar News - FED Court Reject Appeal - WTO - Purchase Power of Dinar - Stability

MilitiaMan:  8-21-2024

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=akVenrvy5UY

Iraq Economic News and Points To Ponder Late Wednesday Evening 8-21-24

Saleh Explains The Reason For The Rise In Foreign Dollar Remittances And Its Impact On The National Economy

2024/08/21 Read: 2,925 times  {Economic: Al Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained the reason for the increase in sales of foreign currency remittances {dollars}.

Saleh told Al Furat News Agency, "The phenomenon of increasing sales of foreign currency transfers is due to the results of the important change that occurred in the policy of the Central Bank of Iraq in dealing with foreign transfers and intervening in the monetary market through the transformation of the mechanisms for financing foreign trade for the private sector from the compliance platform to new mechanisms represented by strengthening the accounts of correspondents of Iraqi banks abroad in foreign currency at studied and sufficient levels that are consistent with the requirements for financing foreign trade for the private sector in foreign currency."

He added, "After the compliance platform had previously rejected nearly 85% of foreign transfer requests during the past months, the policy of strengthening the accounts of Iraqi banks with their correspondents from solid international banks, as an alternative policy, has become so easy, simple and flexible that it has made the implementation of daily foreign transfer requests available and achieved through foreign correspondent banks directly without going through the platform, at a high rate of nearly 85% of the total demand for these daily foreign transfers."

Saleh explained that "this high change in the flexibility of transfers has been reflected positively on the national economy, especially in the stability of the functions of supply and demand within the national economy in two directions, the first of which is {the supply side} and is represented by the availability of a wide supply of goods and services in the local market through flexible imports financed by the fixed official exchange rate of 1320 dinars per dollar."

He explained that "the other direction is {the demand side}, which refers to the process of exchanging the Iraqi dinar for the dollar for the purposes of financing foreign trade through the transfers mentioned above, which means that meeting the demand for the dollar represents a direct meeting of the demand for (foreign goods, services and benefits) for the benefit of the local market."

He pointed out that "meeting the demand for foreign currency represents an important pillar of the monetary policy of the Central Bank of Iraq, and achieving its operational objectives in confronting the levels of local liquidity surplus from the dinar and controlling them, which constitute what is called {surplus demand}, as this control over local liquidity represents a positive intervention by the Central Bank's monetary policy in the money market and controlling the levels of that liquidity."

Saleh continued, "This control leaves positive effects in achieving a balance between the real flow in the overall economy of goods, services and benefits and the monetary flow within the economy itself," indicating that "such a balance between supply and demand achieves stability in the general level of prices and welds growth levels in inflation rates, which is positively reflected in the stability of the purchasing power of the dinar and the general monetary income."  LINK

Nearly $300 Million In Sales From The Central Bank Of Iraq At Today's Auction

2024/08/21 Read: 728 times   {Economic: Al Furat News} The Central Bank of Iraq’s dollar sales, on Wednesday, amounted to more than $283 million in the currency auction.

The bank sold in its auction today 283 million, 616 thousand, and 416 dollars, covering it at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, at a rate of 1310 dinars per dollar for foreign transfers, and at a rate of 1305 dinars per dollar in cash.

Most of the dollar sales went to boost balances abroad in the form of transfers and credits, which amounted to $268 million, 66 thousand, and 416, an increase of 94% over cash sales of $15 million, 550 thousand.

The number of banks that purchased cash dollars was two, while the number of banks that met requests to enhance balances abroad was 17 banks, and the total number of exchange companies participating in the auction was 13 companies   LINK

Al-Mandlawi: The Budget Tables Voted On By The House Of Representatives Are The Same As Those Sent By The Council Of Ministers

Wednesday 21 August 2024 19:50 | Politics Number of readings: 227

Baghdad/ NINA / Acting Speaker of the Council of Representatives Mohsen Al-Mandalawi confirmed that the budget law tables that were approved by the Council of Representatives in its approval session are the same ones that the Council of Ministers sent to the Council of Representatives without any amendment, and that the aforementioned tables are the same ones that were sent to the government after approval, noting that the Council Presidency has formed a higher committee to examine the circumstances raised regarding the subject and determine its truth.

Al-Mandlawi said in a statement today, Wednesday, regarding what was recently raised by some media outlets regarding the existence of additions to the budget tables for the year 2024, that the House of Representatives, in its session numbered (27) held on June 3, 2024, approved the estimates of the tables of the Federal General Budget Law for the year 2024 and its attachments, tables (A, B, C, D, E, F) and the deficit financing table as received from the Council of Ministers without any amendment or additions, with the latter being authorized to transfer allocations of an amount of (2) trillion Iraqi dinars to the governorates not organized in a region and distributed according to population and poverty rates, and this is confirmed by our parliamentary decision No. (64) for the year 2024, a copy of which is attached.

He added that in order to confirm that no amended version was adopted, we reissued a letter from the House of Representatives / Office of the President No. (616) on 7/21/2024, a copy of which is attached, and sent to the Council of Ministers / Office of the President, which clearly indicated (approval of the estimates of the budget law tables and its attachments from the above-mentioned tables with the aforementioned deficit financing table as well as the right to transfer with the same proven amount, which is (2) trillion, referring to a paragraph included in the same book that clearly confirms (that the parliamentary decision included the adoption of the tables sent by the Council of Ministers, which were approved in the session held without any additions).

Al-Mandlawi confirmed his follow-up to all inaccurate talks published and broadcast by some media outlets, and any party that tries to mislead public opinion by concealing the facts and dishonestly transmitting the facts, to achieve illegitimate goals far from the honesty of neutral transmission and objectivity that it should possess, will be subject to legal accountability. / End 5

https://ninanews.com/Website/News/Details?key=1149054

Commerce Holds Virtual Meeting With WTO To Discuss Ways Of Cooperation And Joint Coordination

Wednesday 21 August 2024 09:51 | Economic Number of readings: 232   Baghdad / NINA / The Department of Economic Relations at the Ministry of Trade held a virtual meeting with the Secretariat and the Accession Department of the World Trade Organization, in the presence of the competent employee from (the Ministry's Permanent Representative) in Geneva to discuss prospects for cooperation and joint coordination in light of the outcomes of the third working group meeting held last July in Geneva, and to complete the requirements for Iraq's accession to the World Organization.

The ministry stated in a statement that "the meeting witnessed a discussion of the work plan for the next stage, which includes updating technical files, such as the legislative plan file, the memorandum of the foreign trade system, and the agricultural file, as well as discussing the files of accession of goods and services to the Iraqi market in accordance with the standards and agreements of the World Trade Organization."

The statement indicated that "the meeting shed light on the mechanism of coordination and cooperation between the Department of Foreign Economic Relations and the World Trade Organization, in addition to international organizations supporting Iraq's accession."

He explained: "This cooperation aims to provide the necessary support and technical assistance to complete the requirements for accession, Iraq's full membership in the organization, and the efforts of the Ministry of Trade to enhance Iraq's position at the international and economic levels." / End 11 https://ninanews.com/Website/News/Details?key=1148935

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

Seeds of Wisdom RV and Economic Updates Wednesday Evening 8-21-24

Good Evening Dinar Recaps,

El Salvador launches Bitcoin training for 80,000 public servants

Over the years, El Salvador has stepped up efforts to integrate Bitcoin into its educational system.

El Salvador’s National Bitcoin Office (ONBTC) has launched a Bitcoin training and certification program for 80,000 public servants.

In an Aug. 20 statement, ONBTC confirmed that Bitcoin education is now a vital component of a governance initiative designed for public sector employees.

 This program is part of the Higher School of Innovation in Public Administration (ESIAP), established by President Nayib Bukele in 2021 to elevate governance standards.

The program features nine training modules covering Bitcoin, Blockchain, Cybersecurity, and Artificial Intelligence, among others. Upon completion, participants will receive certification in these areas.

Stacy Herbert, Director of the Bitcoin Office, hinted at a larger announcement on the horizon, noting that this program is just the beginning. She added:

“These education projects are very low time preference commitments to the long term success of El Salvador and its bitcoin (& tech) policy.”

Meanwhile, these trainings are part of El Salvador’s broader effort to advance Bitcoin education nationwide. Since adopting Bitcoin as a legal tender in 2021, the country has introduced three other crypto-focused educational initiatives, including Cuboplus, My First Bitcoin, and Node Nation, which are now part of the public school curriculum.

El Salvador Bitcoin

This move confirms that El Salvador remains steadfast in its Bitcoin strategy despite initially drawing criticism and doubt from international observers.

Indeed, the strategy appears to be finally paying off, as the International Monetary Fund (IMF) recently acknowledged that its anticipated risks of El Salvador adopting Bitcoin as a legal tender have not materialized.

Further, El Salvador’s Bitcoin holdings have yielded a profit of over 35%, largely due to strategic acquisitions made during market downturns. According to Nayibtracker data, the country currently holds 5,848 Bitcoin at an unrealized profit of more than $47 million.

In addition, President Bukele recently announced a $1.6 billion investment by Turkish firm Yilport Holdings to upgrade two ports in the country, one of which will host the proposed Bitcoin City. 

The city, envisioned during the 2021 Bitcoin adoption, is expected to be a tax haven powered by geothermal energy for Bitcoin mining and will attract crypto enthusiasts worldwide.

@ Newshounds News™

Read more:  CryptoSlate

~~~~~~~~~

Crypto Payment Network for AI Agents Launched by Former Ripple Execs

The company, Skyfire, raised $8.5 million to help AI get things done, even when it involves paying for something.

AI systems can do many things: conjure images and videos, write treatises, synthesize terabytes of information, and even replicate human speech patterns and emulate emotions.

But one thing they cannot yet do, as simple as it sounds, is pay for anything.

Two former Ripple developers now seek to eliminate that barrier by fusing blockchain payments with AI to bring forth what they believe will soon emerge as a new chapter for both technologies.

Their novel service, an open-source payment system called Skyfire, will allow autonomous AI agents to zip around the internet, purchasing whatever goods they need to complete assigned missions—everything from data storage and creative assets to airfare and groceries. All such transactions will be powered by USDC, the popular stablecoin.

The company, which today announced an $8.5 million seed raise, is backed by crypto heavy hitters, including Circle—the issuer of USDC—Ripple, Gemini, and the VC firm of prominent Silicon Valley billionaire and Bitcoin advocate Tim Draper. Skyfire currently runs on Polygon, the Ethereum scaling network, but it says it plans to expand to additional blockchains soon.

@ Newshounds News™

Read more:  Decrypt

~~~~~~~~~

Swiss Banks Embrace Instant Payments: Could XRP Become the Go-To Crypto?

▪️Switzerland has taken a step further in embracing crypto with the recent expansion of the instant payment scheme as other banks integrate XRP into their trading platforms.

▪️According to reports, 28% of banks in Switzerland allow or are planning to allow customers to invest in crypto.

According to an announcement by the Swiss National Bank (SNB) and financial infrastructure operator SIX Interbank Clearing Ltd, Switzerland has reached an advanced phase in its effort to leverage the power of instant payment schemes to go cashless.

In the SNB report reviewed by Crypto News Flash, about 60 financial institutions within the country currently can process and receive payment instantly (within 10 seconds). Interestingly, this makes up about 95% of the Swiss retail payment transactions.

The report further discloses that the first institution has launched its retail offering with several others expected to join in the coming months. With this, experts believe that the financial economy could be boosted since private individuals and companies could perform account-to-account transactions around the clock.

This offers significant advantages for individuals, companies and commercial banks. Thanks to shorter settlement chains, risks are reduced and funds received are available immediately. For companies and commercial banks, instant payments expand opportunities for automating processes and linking with other services.

Commenting on this, SNB and SIX disclosed that instant payment could be widely established in Switzerland in the medium term and could be a model for future related innovations.

The technical framework for this new type of payment was put in place with the successful go-live of the new generation of the central Swiss payment system in November 2023.

This market launch represents a further important milestone and reflects the collective stakeholder commitment to the future of cashless payments in Switzerland.

Could XRP be Considered for this Innovation

With the country expected to fully redefine its financial system with the perfect establishment of an instant payment scheme, experts believe that XRP could be integrated in the future.

Fortunately, this possibility is not far-fetched as a Swiss bank fully owned by the government, PostFinance, recently announced the addition of Solana (SOL) and Ripple (XRP) to its trading platform.

According to reports, XRP could get more integration in the future, with 28% of Swiss banks currently allowing clients or planning to enable them to invest in crypto. In addition to PostFinance, the cantonal banks of Zug, St Gallen, and Lucerne have all introduced their crypto offerings.

PostFinance’s history in the crypto industry could be traced beyond 2023, when it partnered with Sygnum Bank to regulate crypto services. The basis of the collaboration was to allow customers to buy, sell, and store cryptos like Bitcoin (BTC), Ethereum (ETH), and now XRP.

Last year, we reported that Swiss banking giant BBVA had expanded its partnership with Ripple-owned Metaco to enable a robust engagement in crypto. 

Priding itself as the first tier 1 bank in the Eurozone to combine crypto custodial and trading services alongside traditional assets, BBVA is expected to lead the way for full XRP integration.

Currently, XRP is being set up to lead the new global financial era, which is marked by its recent integration with MasterCard, while Ripple is working to boost Real-World Asset (RWA) tokenization worldwide.

At press time, XRP traded at $0.59 after declining by 0.12% in the last 24 hours.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

Newshound's Currency Facts Youtube and Rumble
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Some “Iraq News” Posted by Clare at KTFA 8-21-2024

KTFA:

Clare:  Controls

August 21, 2024

♦ Regulatory controls for the classification of domestic systemically important banks (D-SIBs) .. For more, click here

♦ Supervisory work guide for risk management controls in Islamic banks .. For more click here

https://cbi.iq/news/view/2649

Clare:  Commerce holds virtual meeting with WTO to discuss ways of cooperation and joint coordination

8/21/2024

The Department of Economic Relations at the Ministry of Trade held a virtual meeting with the Secretariat and the Accession Department of the World Trade Organization, in the presence of the competent employee from (the Ministry's Permanent Representative) in Geneva to discuss prospects for cooperation and joint coordination in light of the outcomes of the third working group meeting held last July in Geneva, and to complete the requirements for Iraq's accession to the World Organization.

The ministry stated in a statement that "the meeting witnessed a discussion of the work plan for the next stage, which includes updating technical files, such as the legislative plan file, the memorandum of the foreign trade system, and the agricultural file, as well as discussing the files of accession of goods and services to the Iraqi market in accordance with the standards and agreements of the World Trade Organization."

The statement indicated that "the meeting shed light on the mechanism of coordination and cooperation between the Department of Foreign Economic Relations and the World Trade Organization, in addition to international organizations supporting Iraq's accession."

He explained: "This cooperation aims to provide the necessary support and technical assistance to complete the requirements for accession, Iraq's full membership in the organization, and the efforts of the Ministry of Trade to enhance Iraq's position at the international and economic levels."  LINK

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

Clare:  Leader in the Framework: America is obstructing Baghdad’s resort to the “currency basket” to maintain the dollar’s ​​dominance

 8/21/2024   Baghdad

The leader of the Coordination Framework, Issam Al-Kriti, confirmed on Wednesday that America is obstructing Baghdad’s resort to a basket of currencies to maintain the dominance of the dollar.

Al-Kriti said in an interview with Al-Maalouma, “America’s resort to exploiting the dollar in drawing up rules for pressuring countries to achieve an agenda that protects its interests has pushed many capitals to diversify the currency basket in order to avoid sanctions and create flexibility in paying external supplies without any obstacles, which is a correct economic procedure.”

He added, “Washington is obstructing Baghdad from proceeding with steps to diversify the currency basket, especially the Chinese one, in order to maintain the dominance of the dollar, which was exploited by America as a pressure card by reducing the financial liquidity supplies for oil exports in order to pressure the government through the economic card.”

He pointed out that “America is restricting the Iraqi economy through the dollar, stressing the importance of proceeding with a roadmap to liberate the economy and push it towards more stable paths away from any tremors, especially since the American financial situation is likely to suffer major setbacks with the rise of public debt to record levels, which has begun to raise the concerns of countries and push them to take early preventive steps.”

It is noteworthy that America controls the revenues of Iraqi oil through the Federal Reserve, which sends funds to the Central Bank in exchange for selling crude oil.

almaalomah.me

Clare:  Saleh explains the reason for the rise in foreign dollar remittances and its impact on the national economy

8/21/2024

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained the reason for the increase in sales of foreign currency remittances {dollars}.

Saleh told Al Furat News Agency, "The phenomenon of increasing sales of foreign currency transfers is due to the results of the important change that occurred in the policy of the Central Bank of Iraq in dealing with foreign transfers and intervening in the monetary market through the transformation of the mechanisms for financing foreign trade for the private sector from the compliance platform to new mechanisms represented by strengthening the accounts of correspondents of Iraqi banks abroad in foreign currency at studied and sufficient levels that are consistent with the requirements for financing foreign trade for the private sector in foreign currency."

He added, "After the compliance platform had previously rejected nearly 85% of foreign transfer requests during the past months, the policy of strengthening the accounts of Iraqi banks with their correspondents from solid international banks, as an alternative policy, has become so easy, simple and flexible that it has made the implementation of daily foreign transfer requests available and achieved through foreign correspondent banks directly without going through the platform, at a high rate of nearly 85% of the total demand for these daily foreign transfers."

Saleh explained that "this high change in the flexibility of transfers has been reflected positively on the national economy, especially in the stability of the functions of supply and demand within the national economy in two directions, the first of which is {the supply side} and is represented by the availability of a wide supply of goods and services in the local market through flexible imports financed by the fixed official exchange rate of 1320 dinars per dollar."

He explained that "the other direction is {the demand side}, which refers to the process of exchanging the Iraqi dinar for the dollar for the purposes of financing foreign trade through the transfers mentioned above, which means that meeting the demand for the dollar represents a direct meeting of the demand for (foreign goods, services and benefits) for the benefit of the local market." 

He pointed out that "meeting the demand for foreign currency represents an important pillar of the monetary policy of the Central Bank of Iraq, and achieving its operational objectives in confronting the levels of local liquidity surplus from the dinar and controlling them, which constitute what is called {surplus demand}, as this control over local liquidity represents a positive intervention by the Central Bank's monetary policy in the money market and controlling the levels of that liquidity."

Saleh continued, "This control leaves positive effects in achieving a balance between the real flow in the overall economy of goods, services and benefits and the monetary flow within the economy itself," indicating that "such a balance between supply and demand achieves stability in the general level of prices and welds growth levels in inflation rates, which is positively reflected in the stability of the purchasing power of the dinar and the general monetary income."

Raghad   LINK

Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 8-21-24

Good Afternoon Dinar Recaps,

IOTA Foundation a Winner in EBSI PCP, Demonstrating Scalability and Sustainability

The IOTA Foundation has successfully completed the final phase of the European Blockchain PCP, developing a scalable, energy-efficient, and secure blockchain solution using its Tangle technology.

As part of the European Blockchain PCP, IOTA created prototypes such as Digital Product Passports for electronics and plastics and an Intellectual Property Rights (IPR) Marketplace.

The IOTA Foundation recently announced that it has successfully completed the third and final phase of the European Blockchain Pre-Commercial Procurement (PCP), a big initiative funded by the European Commission. IOTA was one of the seven projects to participate in the European Blockchain PCP which began back in 2020.

The goal of the European Blockchain PCP is to build new Distributed Ledger Technology (DLT) solutions for integration into the European Blockchain Services Infrastructure (EBSI). 

As reported by Crypto News Flash, EBSI is an open-source permissioned network supporting cross-border credential attestations across the European continent.

Its long-term vision includes the evolution of the infrastructure into the European Digital Infrastructure Consortium for Blockchain (EUROPEUM-EDIC) which will offer scalability, energy efficiency, and secure blockchain applications.

Throughout the phases of this project, IOTA, along with its partners such as Digimarc, Software AG, Uncommon Digital, etc., developed a solution combining the DAG-based tangle DLT with open-source building blocks and APIs. 

This solution includes a core DLT layer built atop the Stardust version of the Tangle protocol, which uses a Decentralized Coordinator with a Proof-of-Authority consensus mechanism involving EU member states and institutions.

It further ensures decentralization, efficiency, interoperability, and scalability, enabled by the “Tangle Tree” data sharding concept and EVM-compatible IOTA Smart Contract Chains. 

Now, with the completion of the European Blockchain PCP, IOTA can apply these innovations and prototypes in the market, thereby contributing to future blockchain services in Europe.

IOTA Builds Innovative Prototypes for European Blockchain PCP

As part of its involvement in the European Blockchain Pre-Commercial Procurement (PCP), the IOTA Foundation built innovative solution prototypes. One such prototype focuses on intellectual property rights (IPR) management by leveraging NFTs, smart contracts, and decentralized identities (DIDs). As reported by Crypto News Flash, IOTA has also created an IPR Marketplace that is accessible through an EU Digital Identity-compatible credential wallet.

Similarly, IOTA has also developed Digital Product Passports (DPPs) for both the electronics and the plastic industries. Thus, the Electronics DPP prototype tracks the entire lifecycle of electronic devices, right from manufacturing to recycling. Similarly, the Plastics DPP prototype focuses on the transformation of agricultural plastic waste into bioplastic, while recording each phase of the process, per the CNF report.

IOTA successfully demonstrated its technology in the European Blockchain PCP across multiple areas such as:

▪️Scalability: IOTA’s Tangle technology achieved 90K confirmed transactions per second by using the Tangle Tree sharding concept, thereby supporting exponential scalability with 100 interconnected Tangles.

▪️Sustainability: The energy consumption for IOTA’s Stardust Tangle has scaled logarithmically with transaction volumes. IOTA noted that this makes it more energy-efficient than other solutions, like Hyperledger Besu.

▪️Security and Privacy: IOTA aligned with industry standards, developed quantum-resistant cryptography, and ensured compatibility with European regulations, enhancing both security and privacy in its blockchain solution.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

Malaysia’s Anwar Ibrahim visits India to reset ties, boost Brics membership bid

The first visit to India by PM Anwar Ibrahim is timely due to China’s rising dominance of Malaysia’s foreign policy space, analysts say

Malaysia’s Anwar Ibrahim on Monday makes his debut trip to India as prime minister, seeking support for his country’s application to join the Brics bloc and to rekindle a bilateral relationship that was worth over US$16 billion in trade last year.

During its first prime minister-led delegation’s visit to India since 2018, Malaysia hopes to bolster ties with one of Asia’s fastest-growing economies. India is the largest buyer of Malaysian palm oil and a key exporter of rice to the Southeast Asian nation.

The application to join Brics, which was submitted to the current chairman Russia, is aimed at cushioning a potential impact on Malaysia from the escalating US-China trade and tech war, analysts say.

Brics comprises founder members Brazil, Russia, India, China and South Africa, as well as Saudi Arabia, Iran, Ethiopia, Egypt and the United Arab Emirates, offering preferential trade and investment with countries covering 45 per cent of the world’s population.

Anwar’s three-day visit is also a chance to reset Malaysia’s relations with India, analysts say, following a hangover from a spat with New Delhi under a previous Malaysian administration and China increasingly dominating the Southeast Asian nation’s foreign policy space.

During his visit, Anwar is scheduled to hold talks with his counterpart Narendra Modi, Malaysia’s foreign ministry said in a statement on Sunday, as well as meet India’s captains of industry and deliver a lecture on Malaysia-India ties.

The visit marks the first top-level visit by a Malaysian leader since former prime minister Mahathir Mohamad in 2019 accused India of having “invaded and occupied” Kashmir. His comments triggered a limited boycott of Malaysia’s palm oil – one of its biggest exports – by Indian traders.

India has been Malaysia’s top export market for its palm oil for 10 years running, buying 2.84 million tonnes in 2023, or nearly 20 per cent of Malaysia’s total palm oil exports, according to Malaysian government data. In contrast, China bought 1.47 million tonnes of palm oil shipments.

Malaysia is also heavily dependent on India for its domestic food supply.

In March, Malaysia’s government put in a request to import an additional 500,000 metric tonnes of rice from the world’s largest rice exporter, as a prolonged drought crimped domestic output and put pressure on national grain stockpiles. The request was on top of an earlier rice export quota of 170,000 metric tonnes allocated for Malaysia for the year.

India also has deep cultural links with Malaysia, whose minority ethnic Indians make hundreds of thousands of annual visits each year to their ancestral family villages and perform religious pilgrimages in temples, mostly in India’s south.

There is also a burgeoning strategic dimension in the relationship to serve as ballast to counter China’s influence, which looms large over the contested South China Sea, analysts say.

“Beijing’s rapid ascendency in the past three decades has transformed the entire power and economic equation in the region, and until recently, there was no adequate power balancer to this new power dynamic apart from the West,” said Collins Chong Yew Keat, a foreign affairs analyst with the University of Malaya.

The visit presents an opportunity for Malaysia to explore deeper defence cooperation with India, which has been upgrading its security and naval capacities and is carving out an increasingly important role in Asia’s regional maritime resilience, Chong added.

It is a role outlined in Modi’s Indo-Pacific Oceans Initiative launched in 2019, which presents the South Asian power as potentially the “primary power challenger” to China, Chong said.

@ Newshounds News™

Read more:  SCMP

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Ripple Enhances XRP Ledger (XRPL) with Launch of New Batch Devnet Servers

▪️Ripple launches Batch-Devnet Servers, boosting XRPL’s development with enhanced testing capabilities.

▪️New Batch Transactions feature on XRPL streamlines complex operations, aiding NFT minting and more.

Ripple Labs developers are taking significant steps to enhance the XRP Ledger (XRPL). Following the new era for XRPL we discussed earlier, Ripple and Archax are working to tokenize millions in real-world assets.

The latest update is the announcement of the availability of Batch-Devnet Servers, which serve as a parallel XRP Ledger test network.

As per a tweet yesterday, RippleX shared that the Batch-Devnet Servers are now available as a parallel XRP Ledger test network.

These test networks provide a platform for testing changes to the XRPL and connecting software without using real funds. It’s important to note that the ledger history and balances on these networks can be reset at any time, and users are advised not to use Testnet or Devnet credentials on the Mainnet.

RippleX also highlighted that users can now explore the new “Batch Transactions” feature. This allows multiple transactions to be bundled and executed as a single unit, enhancing reliability and predictability for complex operations.

All balances and XRP on these networks are separate from the Mainnet. As a precaution, do not use Testnet or Devnet credentials on the Mainnet.

One practical use case for this technology is the minting of non-fungible tokens (NFTs) and creating an offer for them in a single transaction.

Taking into account that the XRP Ledger set a new record with 90 million ledgers closed, as CNF previously highlighted, it was a key achievement highlighting XRPL’s growth and community involvement. According to CoinMarketCap data today, Ripple (XRP) is trading at $0.5946, declined by 1.39% in the past day, and surged by 3.23% in the past week.

@ Newshounds News™

Source:  Crypto News Flash

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