Iraq News Highlights and Points to Ponder Late Friday Evening 8-23-24
Economist Points To A “Solution” That Will “Lower” The Dollar Exchange Rate
Baghdad Today – Baghdad Today, Thursday (August 22, 2024), Mustafa Akram Hantoush, an expert in economic and financial affairs, commented on the reasons for the fluctuations in the dollar exchange rate in the Iraqi markets.
Hantoush told Baghdad Today, "The parallel market needs to be dismantled in order for the exchange rate to decrease.
Previously, there were solutions to the issue of cigarettes and gold, and the tax was reduced and the merchant was allowed to buy through the platform again, and the exchange rate stabilized at 145 thousand dinars."
He added, "We have small traders who do not have a facilitating mechanism, and we have trades such as gold and cleaning materials that have not been processed, and we have huge trade with Iran and Syria worth millions of dollars, and these can be processed by giving them currency or gold," stressing that "most countries have solved the problem of trade with Iran, despite the American sanctions imposed on them, and solved the problem of travel to those countries."
Economist Points To A “Solution” That Will “Lower” The Dollar Exchange Rate
Baghdad Today – Baghdad Today, Thursday (August 22, 2024), Mustafa Akram Hantoush, an expert in economic and financial affairs, commented on the reasons for the fluctuations in the dollar exchange rate in the Iraqi markets.
Hantoush told Baghdad Today, "The parallel market needs to be dismantled in order for the exchange rate to decrease.
Previously, there were solutions to the issue of cigarettes and gold, and the tax was reduced and the merchant was allowed to buy through the platform again, and the exchange rate stabilized at 145 thousand dinars."
He added, "We have small traders who do not have a facilitating mechanism, and we have trades such as gold and cleaning materials that have not been processed, and we have huge trade with Iran and Syria worth millions of dollars, and these can be processed by giving them currency or gold," stressing that "most countries have solved the problem of trade with Iran, despite the American sanctions imposed on them, and solved the problem of travel to those countries."
The dollar exchange rate in the parallel markets rose again, as the markets recorded prices close to 150,000 dinars for every 100 dollars, even though the Central Bank of Iraq sells it at 1,320 dinars for every one dollar.
With the government's efforts to control prices in parallel markets, commercial markets witnessed a decline in the exchange rate in recent weeks, but it rose again, which indicates an economic problem that is still present in the country.
In response, parliamentarians raised a movement to question the governor of the Central Bank within the legislative dome, as the Finance Committee in the House of Representatives, on Sunday (August 4, 2024), directed a request to the Presidency of Parliament to question the governor of the Central Bank .
A document signed by the members of the Finance Committee, received by Baghdad Today, stated: “We, the members of the Finance Committee listed below, are the signatories for the purpose of hosting the Governor of the Central Bank due to a major defect in the management of the bank .”
The document added: "Therefore, we demand that the Governor of the Central Bank be questioned in the nearest session, in accordance with the applicable articles of the constitution and internal regulations." LINK
Economist Puts “Extortion, Bribery And Smuggling” As The Main Causes Of Dollar Exchange Rate Fluctuations
Posted On 2024-08-21 By Sotaliraq Economic researcher Diaa Al-Mohsen placed the blackmail, bribery and smuggling operations carried out by dollar dealers who are unable to disclose the sources of their money as the primary reasons for the fluctuation of the dollar exchange rate in local markets.
Al-Mohsen explained that “the old authority is still struggling to address the issue of the dollar exchange rate. All the measures it has taken since taking over the management of the Central Bank barely touch on the real problem that led to these increases, which in one way or another had a major impact on the economic situation of the Iraqi family.”
He noted that “the Iraqi market depends entirely on securing its needs through imports that eat up all the revenues generated from Iraqi oil sales.”
In an interview with Al-Mada, Al-Mohsen pointed out that “there are many reasons for the fluctuation of exchange rates other than the above, as many dealers do not enter the dollar for reasons related to the nature of the money they obtain (the national currency).
Some obtain the Iraqi dinar through bribery, others obtain it through blackmail, some of them deal in drugs and human organs, and many others cannot disclose the sources of their money or the final beneficiary of the process of sending it abroad, which exposes them to many legal problems and may expose them to penalties according to Iraqi law.”
He pointed out that “these people are forced to go to the black market to request dollars, and thus the exchange rate of the dollar against the Iraqi dinar rises to increase the demand for the dollar.
We should not forget that there are those who smuggle dollars by tampering with the documents for importing goods, and this tampering occurs at border crossings, and in the end the country is the biggest loser and behind it the ordinary citizen.”
Regarding the dominance of the dollar, the economic researcher continued, “There does not seem to be a glimmer of hope on the horizon to get rid of the dominance of the US dollar as long as the bank’s management insists on keeping the Iraqi economy revolving in the orbit of the US dollar.
If there was a real administration working for the benefit of the national economy, it would have done everything in its power to diversify the sources of currencies it deals with, which is what the current administration does not want.”
He continued, "I believe that the government should seriously consider activating the economic sectors, especially with the Central Bank of Iraq talking about reserves exceeding $115 billion. It is possible to simplify the procedures for granting loans to project owners who have feasibility studies for the projects they want to implement that are in the interest of the Iraqi economy, and grant them soft loans in exchange for the project being the collateral, to reduce the gap between market requirements and imports, and to bridge this gap by increasing local production to cover the needs of the local market and by relying on modern technology in relation to industries, and by relying on modern agricultural techniques in relation to agriculture."
He stressed, "Only here will we have put the Iraqi economy on the right path, and as for words other than what we said, they will be nothing more than plowing the sea."
The dollar exchange rate in the parallel markets in Iraq rose again, as the dollar price recorded an increase with the closing of the Al-Kifah and Al-Harithiya stock exchanges to reach 149,300 dinars for every 100 dollars, while it recorded a decrease last Saturday with the closing of the Al-Kifah and Al-Harithiya stock exchanges to reach 149,550 Iraqi dinars for every 100 dollars. LINK
Is Iraq Heading Towards Printing New Paper Currency?
Money and business Economy News – Baghdad Committee member Moeen Al-Kazemi said in a statement followed by "Al-Eqtisad News": "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 and four million beneficiaries of the Retirement Authority and two million social care, which is approximately 7 trillion and 500 billion dinars."
He continued that "this quantity 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 "providing 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." 360 views Added 08/22/2024 - https://economy-news.net/content.php?id=46608
Parliamentary Finance: Iraq Needs More Than 7 Trillion Monthly To Finance Salaries
Economy 22:03 - 2024-08-22 Member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, announced today, Thursday, that the Ministry of Finance needs more than 7 trillion dinars per month to finance salaries in Iraq.
Al-Kadhimi explained in a press interview that "the Central Bank of Iraq continues to provide cash liquidity to the Ministry of Finance, which in turn provides it to citizens directly through the disbursement of salaries, loans, and financing of projects."
He continued, "the Ministry of Finance needs more than 7 trillion dinars per month in cash to finance the salaries of employees, retirees, and beneficiaries of the social protection network."
Al-Kadhimi stressed that "employees' salaries are fully secured and there is no delay," noting that "the Central Bank provides cash liquidity to the Ministry of Finance periodically to disburse employees' salaries on time." https://kirkuktv.net/AR/Details/22025
Oil Revenues Under The Microscope Of The Extractive Industries Transparency Authority
Economic 08/22/2024 Employing oil revenues to achieve effective economic development was the focus of discussion among economic experts participating in the workshop to discuss the performance evaluation reports of the Extractive Industries Transparency Authority.
The attendees focused on the extent to which oil revenues contribute to achieving sustainable development that provides a decent life for society and contributes effectively to eliminating poverty.
The motives for issuing these reports also come from the fact that Iraq is the third richest country in the world in terms of abundant natural resources.
Oil expert Dr. Ali Nima said: Iraq joined the Extractive Industries Transparency Initiative in 2011 and issued 13 reports, and the 14th report is under completion.
He pointed out that the initiative has evolved from what it was and has now focused on where the revenues are invested? How much?
Where were the quantities of oil sold and the prices, in addition to the contracts and how are they organized?
He pointed out that the report issued is extremely important as it contains accurate information about all aspects of this sector, oil sales operations from SOMO and the Oil Products Distribution Company. The report also includes production quantities according to each company and the average export price in Europe, America and Asia, and how prices are compared.
Nima pointed out that the issue of social benefits of oil companies towards local communities has witnessed development in this regard, and the (benefits) are now directed to sectors that truly serve those areas, raise the level of services provided to the local community, and make it feel the presence of real support.
Adnan Bahiya, a specialist in transparency affairs in extractive industries, said: The main objective in preparing transparency reports in extractive industries is to show the extent to which oil wealth contributes to achieving real, sustainable development.
He pointed out that the motives for issuing these reports come from the fact that Iraq is the third richest country in the world in terms of abundant natural resources that have not reflected their positive impact on society and the economy in general.
Rather, we find poverty rates in the country varying from one governorate to another, and this was not supposed to happen in a country like Iraq, as we find poverty rates in Basra Governorate reaching 15%, in Kurdistan 6%, and in other governorates exceeding 30% despite the existence of a large amount of wealth in Iraq.
Bahiya stressed the necessity of employing financial revenues in real development that contributes to raising the percentage of the national product and not going to easy revenues that come through taxes and raising their percentages or their experience from this form of revenue, indicating that Iraq is a country capable of rising strongly and creating real sustainable development and that this matter requires a real and effective will.
Bahiya stated that the mission of the Transparency Commission is to clarify the paths of financial revenues, as Iraq cannot be a country rich in resources and suffer from an economic decline in many aspects of the economy.
Bahiya sees the necessity of working towards a real direction towards sustainable development through a serious and gradual approach to the sectors that have the elements to start the renaissance, as there are natural and human resources in Iraq that can be employed in a way that creates the highest levels of benefit. https://alsabaah.iq/101529-.html
Seeds of Wisdom RV and Economic Updates Friday Afternoon 8-23-24
Good Afternoon Dinar Recaps,
Fed Chair Jerome Powell: Time Has Come for Policy to Adjust
Bitcoin rose in the immediate aftermath of his remarks at the Fed's Jackson Hole conference.
As expected, Jerome Powell indicated that a rate cut is coming in September
Bitcoin and traditional markets at least initially have moved sharply higher
Investors will now focus on whether the initial rate cut will be 25 or 50 basis points
After a long wait, central bank rates in the U.S. now appear certain to be headed lower in September after Jerome Powell said the "time has come" for an easing in monetary policy.
Good Afternoon Dinar Recaps,
Fed Chair Jerome Powell: Time Has Come for Policy to Adjust
Bitcoin rose in the immediate aftermath of his remarks at the Fed's Jackson Hole conference.
As expected, Jerome Powell indicated that a rate cut is coming in September
Bitcoin and traditional markets at least initially have moved sharply higher
Investors will now focus on whether the initial rate cut will be 25 or 50 basis points
After a long wait, central bank rates in the U.S. now appear certain to be headed lower in September after Jerome Powell said the "time has come" for an easing in monetary policy.
"My confidence has grown that inflation is on a sustainable path back to 2 percent," said Powell in his keynote address at the Kansas City Fed Jackson Hole Symposium.
"The labor market has cooled considerably from its formerly overheated state," he continued. "We do not seek or welcome further cooling in labor market conditions."
"The time has come for policy to adjust," added Powell. "The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks."
Though markets fully expected Powell to indicate that a rate cut was coming at the Fed's September meeting, the tone of his remarks likely leaned a bit more dovish than anticipated. In the minutes following the release of his speech, bitcoin (BTC) added more than 1% to $61,900.
A check of traditional markets finds big gains as well: The Nasdaq is higher by 1.7%, while the S&P 500 is up 1.2% and gold has climbed 1%. The 10-year Treasury yield has dipped five basis points to 3.80% and the U.S. dollar index has fallen 0.6%.
After years of near-zero Fed policy rates, the U.S. central bank in early 2022 embarked on a long series of rate hikes, eventually taking its fed funds rate up to the 5.25%-5.50% range in 2023.
Since, it's been a waiting game, with the Fed wanting to see crystal clear signs that inflation was meaningfully slowing to its 2% target before moving to begin trimming rates. That day surely has now arrived.
The question going forward will be if the Fed cuts the fed funds rate by 25 or 50 basis points at its mid-September meeting. Markets continue to lean towards 25 basis points, but the chances of a 50 basis point move have grown to 32.5% currently from 24% one day ago, according to CME FedWatch. There remain some key economic reports between now and that September decision – August's employment and inflation numbers among them – which should be key to Fed's ultimate decision.
@ Newshounds News™
Souece: CoinDesk
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U.S. sanctions over 400 entities and individuals for aiding Russia’s war effort, including Chinese firms
U.S. officials have repeatedly warned China about its support for Russia’s defense industry and have issued numerous sanctions aimed at restricting Moscow’s access to critical technologies.
The latest measures target companies in China involved in shipping machine tools and microelectronics to Russia, as highlighted in a State Department fact sheet covering sanctions against 190 entities. The Treasury Department imposed additional sanctions as part of this broader effort.
Sanctions were also aimed at stifling Russia’s energy sector, with actions taken against firms in Turkey, the United Arab Emirates (UAE), and Central Asian nations believed to be assisting Russia in evading existing sanctions.
“Today’s actions hit Russia where it hurts – degrading its ability to generate revenue through its energy projects and disrupting its acquisition of material to supply its war machine,” said Aaron Forsberg, director for economic sanctions policy at the State Department.
The sanctions come as the war in Ukraine escalates, following Ukraine’s August 6 military offensive in Russia’s Kursk region. Despite some recent successes, Ukrainian forces continue to face pressure from advancing Russian troops in eastern Ukraine.
Among those sanctioned is the import-export division of China’s Dalian Machine Tool Group, which allegedly supplied $4 million worth of dual-use items to Russian firms. China denies providing weaponry to Russia but defends its trade relationship with Moscow as normal.
Washington's measures also target companies supplying components for Orlan drones, used by Russia in Ukraine, and firms involved in energy projects like the $21 billion Arctic LNG 2 initiative.
This project has already been hit by previous Western sanctions, limiting its access to ice-class tankers. Additional sanctions were imposed on UAE-based White Fox Ship Management, which the U.S. says acquired four tankers to transport liquefied natural gas (LNG).
@ Newshounds News™
Souece: Badlands Media
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Tether shuns blockchain launch, cites market concerns
Tether’s decision to avoid launching its blockchain stems from the crowded market and strategic alignment with existing platforms.
Tether, the issuer of the world’s largest stablecoin, USDT, has calculated to forgo its own blockchain launch, citing market saturation and strategic concerns.
According to an interview with Bloomberg News, the company’s CEO, Paolo Ardoino, explained that the stance comes from analyzing the blockchain space and a crowded market.
Ardoino stated that the firm launching a blockchain might not be the “right move” since “very good blockchains” are already available to the public.
Market saturation
In the interview, Ardoino noted that blockchains are becoming increasingly commoditized, with many offering similar functionality to users.
As such, he explained that the firm is satisfied with the remaining blockchain as “agnostic” as long as USDT trading retains peak sustainability and security using blockchains as “transport layers.”
In a YouTube interview with Unlock Blockchain, Ardoino explained that Tether is “a product market fit.”
“We created the entire stablecoin market in 2014. There was no stablecoin before us."
Tether Aptos expansion
On Aug. 19, Tether launched USDT on the Aptos blockchain to reduce transaction costs and improve global digital currency accessibility.
With the new integration, the company aims to leverage Aptos’ speed and scalability to provide users with gas fees that cost “only a fraction of a penny.”
The announcement by Tether follows the Aptos blockchain, witnessing significant growth and a “record-breaking” 157 million transactions in a single day in May.
Launch of dirham stablecoin
On Aug. 21, Tether partnered with the United Arab Emirates’ Phoenix Group and Green Acorn Investments to launch a dirham-backed stablecoin.
The new stablecoin aims to digitally represent the dirham currency, “fully backed by liquid UAE-based reserves” while adhering to Tether’s “transparent and robust standards.”
This expansion into the UAE market is expected to offer users a cost-effective method for accessing “the benefits of the AED.”
@ Newshounds News™
Source: CoinTelegraph
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Economist’s “News and Views” Friday 8-23-2024
60-day gold revaluation trigger - LFTV Ep 187
Kinesis Money: 8-23-2024
In this week’s episode of Live from the Vault, Andrew Maguire uncovers how global central banks are ramping up gold buying while the Fed continues its attempts to suppress gold prices and conceal the true extent of the dollar's depreciation.
The precious metals expert provides an update on the BRICS’ gold-backed token launch and discusses the escalating shift toward de-dollarisation of the global trade, signalling significant changes ahead in the gold and silver markets.
60-day gold revaluation trigger - LFTV Ep 187
Kinesis Money: 8-23-2024
In this week’s episode of Live from the Vault, Andrew Maguire uncovers how global central banks are ramping up gold buying while the Fed continues its attempts to suppress gold prices and conceal the true extent of the dollar's depreciation.
The precious metals expert provides an update on the BRICS’ gold-backed token launch and discusses the escalating shift toward de-dollarisation of the global trade, signalling significant changes ahead in the gold and silver markets.
Timestamps
00:00 Start
04:00 53rd anniversary of the US leaving the gold standard and the rise of petrodollar
08:49 Tracking BIS efforts to split from the Fed and coordinated gold buying by banks
19:45 Update on the BRICS gold-backed currency progress
24:51 In-depth short-term gold market overview - with charts!
Millions Are Seriously Struggling Now After Credit Crisis Worsens
Atlantis Report: 8-23-2024
Millions Are Seriously Struggling Now After Credit Crisis Worsens. The U.S. economy is facing a severe credit crisis, as 75 million people have stopped paying their debts, according to a recent report by the Consumer Financial Protection Bureau.
The report reveals that millions of Americans are struggling to repay their loans, mortgages, credit cards, student loans, and other debts due to the combined effects of the pandemic, the recession, the inflation, and the reserve ratio.
This widespread non-payment of loans, credit card balances, and other financial obligations has sent shockwaves through the banking sector, raising concerns about the solvency of lending institutions and the potential for a cascading effect on the global economy.
The United States is currently experiencing a severe financial crisis, which has left millions of Americans dealing with unprecedented economic challenges.
This crisis is caused by increasing household debt, higher interest rates, and ongoing inflation, leading to major financial problems for many families nationwide.
As the cost of living continues to outgrow income growth, more and more individuals are finding it difficult to meet their financial obligations.
This has led to a widespread crisis, posing a threat to the economic well-being of numerous households.
We Just Saw The TREMOR Before The Earthquake | Francis Hunt
Liberty and Finance: 8-22-2024
The impending global financial collapse marks an unprecedented event in economic history, characterized by the synchronized failure of fiat currencies and debt systems worldwide, says The Market Sniper Francis Hunt .
As central banks and governments grapple with an escalating crisis, the scale of this collapse is poised to reshape economic paradigms for centuries.
In the face of soaring gold prices, currently exceeding $2,500 per ounce, Hunt forecasts a significant bull run for gold, with potential highs reaching $3,000 and beyond.
This global debt crisis, unlike past economic downturns, is affecting all major economies simultaneously, underscoring the gravity of the situation. For those invested in precious metals, particularly gold, this period presents an unparalleled opportunity amid the economic turmoil, he notes.
INTERVIEW TIMELINE:
0:00 Intro
1:10 $2500 gold
5:43 Economic collapse
15:50 Gold & oil update
22:33 Silver update
Seeds of Wisdom RV and Economic Updates Friday Morning 8-23-24
Good Morning 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
Good Morning 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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rypto Expert Warns: 95% of XRP Holders May Miss Out on Generational Wealth – Here’s Why
Edoardo Farina, CEO of Alpha Lions Academy, advises XRP holders to focus on long-term potential.
Farina stresses the importance of securing digital assets and suggests using cold wallets to protect investments.
Edoardo Farina, CEO of Alpha Lions Academy and Head of Social Adoption XRPHealthcare, recently addressed XRP holders during Istanbul Blockchain Week with a cautionary message. Farina, a notable figure in the cryptocurrency sector, emphasized the importance of patience and strategic thinking in maximizing the potential of XRP investments.
Farina pointed out that a lot of XRP holders are only in it for the quick buck, and they grow impatient with the price volatility of the cryptocurrency. He pointed out the difficulties of XRP investors but emphasized that the main thing is to focus on the long-term strategy.
“Unfortunately, a lot of XRP holders are losing their patience, and I totally understand that it has been quite a journey,”
Farina stated. He encouraged investors to forget the short-term fluctuations in the market and focus on the long-term process of building wealth through crypto-currencies.
Farina Compares XRP Investment to Marathon Running
Farina further stated that XRP can make one rich but this process is among the longest and most frustrating of all. He compared the process to running a marathon and explained that people should not expect too much from the market too soon.
Farina also focused on the issue of investment as one of the critical factors that need to be considered. He told the XRP holders not to allow digital currency to define their lives and that they should find other ways to make money.
As noted by Farina, this approach helps in avoiding biases and minimizes the stress of monitoring the market on a daily basis.
Farina also pointed out the need to protect digital assets as well. He advised that XRP investors should keep their investments in cold wallets to avoid exposing them to risks on the internet. He emphasized that it is crucial for the protection of investments in the long run.
“Have your 10,000 XRPs or whatever number you want to hold,” Farina advised, warning that frequent trading could lead to missed opportunities. He stated that buying and keeping XRP in the midst of market volatility will be profitable once its value rises.
XRP’s Potential to Disrupt Global Finance
Farina’s optimism about XRP is based on the fact that this cryptocurrency is capable of revolutionizing the world’s financial systems. He noted that XRP could take a large share of SWIFT’s transactions that amount to 10 quadrillion dollars. This means that even a small percentage of this market could lead to a massive surge in the value of XRP.
“Just imagine what will happen when XRP captures one percent of SWIFT’s 10 quadrillion in transactions,” Farina said. He argued that those who can remain patient and stick to a well-thought-out strategy could achieve generational wealth.
In his message to the XRP community, Farina emphasized the principles of restraint, planning, and prudence. He advised investors to ignore short-term fluctuations in the market and consider the long-term value of their investments.
@ Newshounds News™
Source: Crypto News Flash
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Franklin Templeton expands blockchain fund to Avalanche network
Franklin Templeton has expanded its pioneering blockchain-integrated money market fund to Avalanche, broadening institutional investor access to digital finance.
Franklin Templeton, a global asset management firm, has expanded its Franklin OnChain US Government Money Fund to the Avalanche network.
According to a press release shared with Cointelegraph, the expansion to the layer-1 blockchain will be the “first-of-its-kind onchain money market fund” on Avalanche.
The fund, which launched in 2021, allows institutional investors access to Franklin Templeton’s blockchain-integrated record-keeping system, Benji Investments.
“[Investors] may hold their wallets on the Avalanche network upon request and subject to eligibility.”
The decision to expand to Avalanche
Franklin Templeton’s decision to expand to Avalanche builds upon its existing digital asset initiatives, which can be seen in the firm’s digital assets teams’ focus on blockchain technology since 2018.
In the press release, Ava Labs president John Wu stated that he was “thrilled” to see the fund expand to the Avalanche network:
“Franklin Templeton shares a mutual commitment to developing transformative digital financial products and services that will meet onchain investor demand today and bring offchain capital and users into the ecosystem tomorrow.”
In a written Q&A with Cointelegraph, Wu explained the significance of the expansion of the fund into the Avalanche ecosystem, describing it as a “foundational piece.”
“Blockchain and tokenization enable traditional finance to more easily reach people and businesses, offering new capabilities that are not possible via traditional rails.”
Franklin Templeton ETF filing
On Aug. 16, the global asset management firm applied to the United States Securities and Exchange Commission to launch a new exchange-traded fund (ETF).
The new ETF — the Franklin Crypto Index ETF — is designed to be a one-stop-shop crypto portfolio and to track the performance of the CF Institutional Digital Asset Index.
Katalin Tischhauser, head of investment research at Sygnum, explained that the “next logical step” is index ETFs because “indices are efficient for investors.”
Fund launch on Arbitrum
On Aug. 8, Franklin Templeton also announced the launch of the fund on Arbitrum, which aims to bridge traditional finance and decentralized finance.
Users of the fund on the Benji Investments platform can acquire and hold its tokenized shares on Arbitrum to generate low-risk investment yields.
With the addition of the Avalanche network to the fund’s expansive efforts, Franklin Templeton now offers tokenized shares on Avalanche, Arbitrum, Stellar and Polygon.
@ Newshounds News™
Source: Cointelegraph
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“Tidbits From TNT” Friday Morning 8-23-2024
TNT:
Tishwash: Economist points to a “solution” that will “lower” the dollar exchange rate
Today, Thursday (August 22, 2024), Mustafa Akram Hantoush, an expert in economic and financial affairs, commented on the reasons for the fluctuations in the dollar exchange rate in the Iraqi markets.
Hantoush told Baghdad Today, "The parallel market needs to be dismantled in order for the exchange rate to decrease. Previously, there were solutions to the issue of cigarettes and gold, and the tax was reduced and the merchant was allowed to buy through the platform again, and the exchange rate stabilized at 145 thousand dinars."
TNT:
Tishwash: Economist points to a “solution” that will “lower” the dollar exchange rate
Today, Thursday (August 22, 2024), Mustafa Akram Hantoush, an expert in economic and financial affairs, commented on the reasons for the fluctuations in the dollar exchange rate in the Iraqi markets.
Hantoush told Baghdad Today, "The parallel market needs to be dismantled in order for the exchange rate to decrease. Previously, there were solutions to the issue of cigarettes and gold, and the tax was reduced and the merchant was allowed to buy through the platform again, and the exchange rate stabilized at 145 thousand dinars."
He added, "We have small traders who do not have a facilitating mechanism, and we have trades such as gold and cleaning materials that have not been processed, and we have huge trade with Iran and Syria worth millions of dollars, and these can be processed by giving them currency or gold," stressing that "most countries have solved the problem of trade with Iran, despite the American sanctions imposed on them, and solved the problem of travel to those countries."
The dollar exchange rate in the parallel markets rose again, as the markets recorded prices close to 150,000 dinars for every 100 dollars, even though the Central Bank of Iraq sells it at 1,320 dinars for every one dollar.
With the government's efforts to control prices in parallel markets, commercial markets witnessed a decline in the exchange rate in recent weeks, but it rose again, which indicates an economic problem that is still present in the country.
In response, parliamentarians raised a movement to question the governor of the Central Bank within the legislative dome, as the Finance Committee in the House of Representatives, on Sunday (August 4, 2024), directed a request to the Presidency of Parliament to question the governor of the Central Bank .
A document signed by the members of the Finance Committee, received by Baghdad Today, stated: “We, the members of the Finance Committee listed below, are the signatories for the purpose of hosting the Governor of the Central Bank due to a major defect in the management of the bank .”
The document added: "Therefore, we demand that the Governor of the Central Bank be questioned in the nearest session, in accordance with the applicable articles of the constitution and internal regulations." link
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Tishwash: Parliament's "Forgery" of the Budget... A "Dangerous Precedent" Swinging Between Denial and Confirmation, Putting Mandalawi on the Brink of Overthrow
Independent MP Ahmed Majeed Al-Sharmani commented today, Thursday (August 22, 2024), on the existence of manipulation and changes in the 2024 budget tables approved by the House of Representatives.
Al-Sharmani told Baghdad Today, "The parliamentary investigations are ongoing and ongoing in order to find out the truth about the existence of manipulation and change in the 2024 budget schedules."
He added: "We requested all papers and documents from the Parliamentary Finance Committee to audit the tables and reveal the truth about any tampering with them, and we are still waiting for those papers to reach us from the committee, and after the audit we will take a position in the event of any tampering."
He pointed out that "this move is supported by most of the representatives, and we cannot remain silent about such a serious issue in which there is manipulation if these allegations are true, in addition to the existence of a parliamentary investigative committee specializing in this file."
Acting Speaker of the House of Representatives, Mohsen Al-Mandalawi, denied any manipulation of the budget tables, saying that “the budget tables voted on by the House of Representatives are the same ones sent by the Council of Ministers and returned to it.”
Al-Mandlawi posted on his Facebook account, yesterday, Wednesday (August 21, 2024), that “after following up on what is being published and broadcast of inaccurate talks by some media outlets, the budget tables voted on by the House of Representatives are the same ones sent by the Council of Ministers and returned to it, according to our parliamentary decision No. (64),” stressing that no amendments have been made to them, according to the statement .
He pointed out that "the aforementioned tables are the same ones that were sent to the government after approval," noting that the Council Presidency "has formed a high-level committee to examine the circumstances raised regarding the issue and determine their truth."
Investigations are ongoing
However, the Parliamentary Finance Committee confirmed that the investigation committee is continuing to investigate the circumstances of tampering with the budget tables and the CD, noting that the government has begun working with the tables voted on by the House of Representatives.
Committee member Moeen Al-Kadhimi said in a statement followed by "Baghdad Today", Tuesday (August 20, 2024), that "the investigation committee formed by the parliamentary finance and related to tampering with the budget tables sent by the government to parliament and which were voted on is still ongoing," noting that "the investigation was conducted with the Secretary-General of the Council of Representatives and the Director of the Office of the Speaker of the Council of Representatives ."
At the beginning of last June, the House of Representatives approved the amended Federal General Budget Tables No. (13) for the year (2024) . During the House of Representatives session, the estimates of the General Budget Tables for the year 2024, its attachments, and the deficit financing tables were approved .
Al-Mandlawi may lose his position
MP Basem Khashan, for his part, confirmed the possibility of terminating the membership of the acting Speaker of the House of Representatives, Mohsen Al-Mandalawi, if the charges of tampering with the budget tables, which were recently revealed by the Prime Minister’s Office, are proven.
In a televised interview followed by "Baghdad Today" (August 19, 2024), Khashan said, "Parliament committed legal violations in amending the budget schedules, and they were on their way to being published and implemented had it not been for the government's scrutiny, noting that many representatives were deceived in this file ."
The Council of Ministers had spoken of an increase of 15 trillion dinars in the last tables, and it was not included in the agreement, discussions and voting, requesting a re-audit.
However, information indicates that there is a difference in the numbers amounting to more than 10 trillion added to the original budget of 211 trillion dinars, which is something that economic experts consider a dangerous precedent, given the failure to submit final accounts link
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Tishwash: Did the Iraqi government fail to maintain the truce between the factions and Washington?
The positions and statements of the Iraqi armed factions operating under the umbrella of the " Islamic Resistance in Iraq " continue, confirming that they are no longer in the truce with Washington, and that the option of resuming attacks on American bases has become available again. This comes after statements by the Iraqi government confirming the postponement of the withdrawal of international coalition forces from the country following recent attacks on the Ain al-Assad base, which houses American soldiers and is located in Anbar Governorate in the west of the country. The advisor to the Iraqi Prime Minister, Diaa al-Nasiri, also confirmed the freezing of dialogue with the United States on the file.
The government's retraction of its promises to end the international coalition's mission has provoked the Iraqi armed factions. Although they have not yet issued any unified position on ending the truce, positions have begun to emerge following successive statements by each faction separately, indicating a lack of prior coordination between them, at a time when the government is seeking to control the factions' rhythm and avoid dragging the country into a new escalation.
In a press statement, Haidar al-Lami, a member of the political council of the al-Nujaba group, confirmed that the truce, which was intended to give the government time to negotiate the withdrawal of American forces from the country, has ended, and that options for targeting military bases are now available. He pointed out that the Iraqi armed factions “ended this truce, after procrastination and stalling by America regarding the withdrawal of its forces during the talks with the Iraqi government.”
As for the security official of the Iraqi Hezbollah Brigades, Abu Ali al-Askari, he confirmed that "we have no commitment to stop operations against the American occupation forces in Iraq." He said in a statement issued on Wednesday evening, "We have no commitment to stop operations against the American occupation forces... All that matters is that the work is subject to the balances specific to the stage."
Two days ago, Kazem al-Fartousi, spokesman for the Sayyid al-Shuhada Brigades, one of the most prominent Iraqi armed factions, confirmed to Al-Araby Al-Jadeed that the position of the Iraqi resistance factions has been clear and announced from the beginning, that the failure of diplomatic efforts to end the American presence in Iraq will push them to resume their operations to liberate all Iraqi territory. This matter is fixed and announced, and we are awaiting the government’s official position regarding the latest developments in its negotiations, even though we know that there is no American seriousness in withdrawing.
For his part, a deputy in the Coordination Framework Alliance confirmed that the positions of these factions are not yet official, especially since the government is seeking to extend the truce, explaining to Al-Araby Al-Jadeed that “the Al-Nujaba Movement and Hezbollah are among the most hardline resistance factions in their positions against Washington, and that there are less hardline voices within the resistance.” The deputy, who requested anonymity, confirmed that “these factions have taken a position to end the truce unilaterally, and that they have confirmed that they will strike American bases in Iraq if America strikes the factions in response to targeting the Ain al-Assad base,” indicating that “the government, in turn, has provided them with guarantees that Washington will not carry out any strike, in an attempt to calm the situation.”
He pointed out that "the government side is exploiting the period of the Arbaeen pilgrimage and the factions' preoccupation with it, to move towards not violating the truce," indicating that "the situation is not reassuring, and the biggest role is for the government, which is working hard to control the rhythm of the two parties."
Forces in the Coordination Framework are working to remove the circle of confrontation
Forces within the Coordination Framework are also seeking to remove the issue from the circle of military confrontation, calling on parliament to intervene. Al-Fatah Alliance leader Ali Al-Fatlawi said in a press statement on Wednesday that "the political forces are determined to expel American forces from the country and have no intention of backing down from this decision at all." He called on the House of Representatives to intervene "in the upcoming sessions to discuss the expulsion of these forces, because this presence threatens security and stability in Iraq."
On August 5, the Ain al-Asad base was subjected to a missile attack, for which a new group calling itself “the Revolutionaries” claimed responsibility, and which resulted in the injury of a number of American soldiers within the US-led international coalition forces. Two days later, the Iraqi authorities announced the arrest of five people who they said were involved in the attack on the base, while no details about them have been revealed so far.
Since the beginning of last February, the Iraqi resistance factions have entered into a truce with the American side following the assassination of the leader of the Iraqi Hezbollah Brigades, Abu Baqir al-Saadi, stressing that this comes to pave the way for the Iraqi government to take the initiative towards developing solutions to end the presence of the international coalition in the country. link
Mot: He sure does.
Mot: .. Starts out OK – butttttt
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."
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™
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.
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?
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
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.
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.
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
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.
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
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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
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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
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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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