Iraq News Highlights and Points To Ponder Friday Afternoon 9-6-24

The Theft Of The Century Has Mixed Up Its Cards And Its Rope Has Been Lost In Its Arrows

Local   The theft of the century has mixed up its cards and its rope has been lost in its arrows

Information/Report..    In a dramatic scene starring the head of the Parliamentary Integrity Commission, Haider Hanoun, and amidst intense anger and excitement, he announced, yesterday, Wednesday, the start of the real battle against corruption, during the press conference he held in Erbil, dedicated to revealing the secrets of the theft of the century that shook political circles in Iraq, and the repercussions of the main accused, Nour Zuhair, leaving the country despite the decision to prevent him from traveling before his appearance from Lebanon on satellite channels and his threat to reveal prominent names involved in the case.

Hanoun revealed that Nour Zuhair was involved in stealing customs deposits worth more than a trillion dinars, demanding “holding a session in the presence of Judge Diaa Jaafar to reveal the full facts to the public.”

These repercussions have mixed things up and complicated the scene that expresses the extent of corruption in Iraq. Will those in charge of this file be able to end corruption or will they continue to revolve in its vortex by exchanging accusations?

On March 15, the head of the Integrity Commission revealed the fate of the defendants in the theft of the century case, while confirming that the main defendant, Nour Zuhair, and 30 others will be tried soon, indicating that Nour Zuhair’s case is currently with the judiciary to complete the lawsuit procedures and that the investigation court is working to complete some of the funds, and then go to the subject court to try them according to the law.

Al-Fatah Alliance leader Ali Al-Fatlawi criticized the way the head of the Integrity Commission appeared in his press conference yesterday, Wednesday, which is incorrect, even if the accusations are true, indicating that attacking two basic pyramids in the state, integrity and the judiciary, must be done in ways that are far from media defamation.

Al-Fatlawi told Al-Maalouma Agency, "The way the head of the Integrity Commission appeared yesterday, Wednesday, at the press conference was not appropriate for a person who stands at the top of the most important oversight institution."

He added that "hitting two fundamental pyramids in the state, integrity and the judiciary, must be done with a real stance and official evidence without resorting to the media," calling on "the government and parliament to take a serious stance and take real measures against any person."

For his part, MP Haider Al-Salami called for holding a public session to host the head of the Integrity Commission, Haider Hanoun.

Al-Salami told Al-Maalouma Agency that the Integrity Commission is an important institution concerned with many files related to combating corruption and uncovering the threads of money theft operations. What its chairman, Haider Hanoun, raised yesterday in a press conference included important points related to pressures, the secrets of some files, interventions, and the pace of their completion.

He called on the Presidency of the House of Representatives to "hold a public session to host the Chairman of the Integrity Commission and the Corruption Court Judge to clarify the facts, noting that it is impossible to turn a blind eye to the encroachment on public funds and the plundering of the country's wealth."

He pointed out that "holding the session will provide more facts, stressing his rejection of mortgaging the country's wealth for narrow personal and partisan interests."

Meanwhile, the spokesman for the State of Law Coalition, MP Aqil Al-Fatlawi, confirmed today, Thursday, that a number of members of the House of Representatives will go to host the head of the Integrity Commission, Haider Hanoun, while he called for the formation of a committee to investigate what Hanoun had proposed.

Al-Fatlawi said in a statement followed by / Al-Maalouma /, "The meeting of the Coordination Framework discussed yesterday what was raised by the head of the Integrity Commission during the press conference he held in Erbil," indicating that "the Coordination Framework always stresses the necessity of respecting the decisions of the judiciary."

He added, "A number of members of the House of Representatives will go to host the head of the Integrity Commission, Haider Hanoun, calling for the formation of a committee to investigate what Hanoun proposed."

Yesterday, the head of the Integrity Commission, Haider Hanoun, appeared in a press conference in which he confirmed that he was subjected to pressure not to reveal corruption files, while he revealed corruption files. LINK

Mishaan Al-Jubouri: The Chairman Of The Integrity Commission Scored A Goal For The Corrupt

Politics |  05/09/2024   Mawazine News - Baghdad   Politician Mishaan Al-Jubouri considered, on Thursday, that what the head of the Integrity Commission, Haider Hanoun, did in his press conference was to score a goal for the corrupt.

Al-Jubouri said, via the "X" platform: "I have always been in solidarity with the Integrity Commission and its head and supported them in their war on corruption, but I disagree and have reservations about the way Judge Haider Hanoun spoke at the press conference."

He added: "In my opinion, he scored a goal for the corrupt against the state team of which he is a part," adding: "Insulting the judiciary and questioning its men is a grave mistake." https://www.mawazin.net/Details.aspx?jimare=254474

Chairman Of The Integrity Commission: We Are Determined To Draw Up A Six-Year Strategy To Combat Corruption

Thursday,05-09-2024   The Chairman of the Federal Integrity Commission, Judge Haider Hanoun, confirmed today, Thursday, the determination to draw up a six-year strategy to combat corruption, while stressing the importance of adopting national strategies to combat this scourge within the preventive approach and the principle of participation in confronting corruption.

Hanoun said, during his speech at the ceremony announcing the first report on implementing the strategy to combat corruption in the public sector, held by the Kurdistan Integrity Commission in Erbil and reported by the Integrity Commission in a statement received by Noon News Agency, that "the national strategy for integrity and combating corruption includes economic, industrial, agricultural, scientific, humanitarian, military and health plans,"

 stressing "the necessity of its efforts to preserve the country's wealth and needs and cover those needs, in addition to creating human energies from its citizens capable of leading the helm of affairs in the future."

Hanoun urged, "adopting mechanisms to raise the level of integrity in the performance of institutions and create a competitive environment among them on the one hand, and among their employees on the other hand; to determine the most honest institution and the institution that best provides services to citizens,"

 noting that "the Federal Integrity Commission adopted such visions in launching the National Strategy for Integrity and Combating Corruption for the years (2021 - 2024), as well as the Integrity Commission in the Kurdistan Region - Iraq in launching the Anti-Corruption Strategy in the Kurdistan Region - Iraq for the years (2021 - 2025)."

He pointed out that "the Commission is in the process of preparing a new national strategy for integrity and combating corruption for the next six years (2023-2025), which relies in its preparation and implementation on cooperation with the three legislative, executive and judicial authorities, and with the Federal Board of Supreme Audit and the Integrity Commission in the Kurdistan Region - Iraq on the one hand, in addition to partnership with the private sector, civil society and investigative journalism."

He added, "The strategy, which is currently being prepared, will take a scientific approach using advanced technology in its implementation, and will seek to integrate influential categories of stakeholders such as women, youth, scientific and professional competencies, and give them distinguished roles in it;

with the aim of raising levels of integrity in the public and private sectors, helping institutions correct errors on their own, motivating them to make continuous improvements in their performance, accelerating the pace towards the digital transformation of good governance, and enhancing all of this with regional and international cooperation."

He pointed out that "the Federal Integrity Commission and the Integrity Commission in the Kurdistan Region - Iraq are determined to put the final touches on signing a joint coordination memorandum between them in implementation of the provisions of Articles (11 / Fourth) and (16 / Fourth) of the Integrity and Illicit Gains Commission Law No. (30) of 2011 (amended), and to coordinate efforts in the field of combating corruption within the Republic of Iraq,"

noting that "training workshops for the teams implementing the National Strategy for Integrity and Combating Corruption in the Commission, ministries and entities not affiliated with the Federal Ministry will soon be held at the headquarters of the Integrity Commission in the Kurdistan Region - Iraq in Erbil, and that these workshops will include the strategy implementation teams in the Kurdistan Region." https://non14.net/public/169914

Seeds of Wisdom RV and Economic Updates Friday Afternoon 9-6-24

Good Afternoon Dinar Recaps,

IS THE XRP LEDGER SET FOR MAJOR UPGRADE? RIPPLE CEO BRAD GARLINGHOUSE DROPS NEW CLUES

▪️Ripple is upgrading the XRP Ledger (XRPL) with key advancements like the introduction of smart contracts and the Ethereum Virtual Machine (EVM) sidechain.

▪️Ripple CTO David Schwartz and XRPL Labs Director Wietse Wind have expressed differing views on adopting Layer 1 smart contracts.

Blockchain startup Ripple has recently undertaken the task of upgrading the XRP Ledger, the underlying blockchain technology that powers up Ripple’s global payments network.

Earlier this week, Ripple shared that it’s upgrading its XRP Ledger to enhance its functionality by focusing on key advancements such as smart contracts introduction to the XRPL mainnet and thus boosting programmability through the upcoming EVM Sidechain, per the CNF report.

Ripple CEO Brad Garlinhouse has expressed optimism about the future of the XRP Ledger, stating that “The foundations of crypto infrastructure serving real-world use cases are steadily becoming more robust by the day.”

The recent announcements regarding the smart contracts and the EVM sidechain for the XRP Ledger come over and above the Automated Market Maker (AMM) functionality announced earlier this year.

Ripple Chief Technology Officer (CTO) David Schwartz expressed his enthusiasm for the integration, which aims to strengthen XRPL’s role in the Decentralized Finance (DeFi) sector.

The introduction of Automated Market Makers (AMMs) will simplify token exchanges, improving transaction efficiency and enhancing the overall user experience. 

These innovations will further boost XRPL’s appeal while attracting a wider user base and driving adoption and growth in the DeFi ecosystem as it continues to hit new milestones, per the CNF report.

The XRPL EVM Sidechain and XRPL Hooks

Revealed earlier this year in 2024, the EVM Sidechain will bridge the XRP Ledger along with the Ethereum Virtual Machine (EVM). This would further pave the way for developers to build decentralized applications (dApps) that leverage the strengths of both platforms.

The XRP EVM Sidechain brings forth a compelling proposition wherein developers familiar with the EVM ecosystem can deploy their existing dApps on the XRP Ledger which will benefit from faster transaction speeds and lower fees. On the other hand, the XRP Ledger developers will gain access to a vast library of existing dApps along with the broader developer community.

A key element in XRPL’s evolution is the introduction of Hooks, a foundational technology that will allow seamless integration of smart contracts into XRPL’s mainnet. Ripple said it will focus on making these smart contracts permissionless, enabling anyone to deploy them while ensuring they are accessible to developers of all skill levels.

Moreover, the platform will offer extensive customization options, allowing developers to tailor smart contracts to meet specific requirements. 

XRPL Labs Director Wietse Wind expressed mixed emotions about the recent adoption of Layer 1 (L1) smart contracts following years of dedicated effort by XRPL Labs. Wind shares his disappointment in discovering Ripple’s change in stance through indirect sources rather than direct communication, per the CNF report.

This sentiment comes in contrast to earlier remarks by Ripple CTO David Schwartz at XRP Ledger Apex, where the mainnet was described as a “fixed function ledger” not designed for smart contracts.

@ Newshounds News™

Source:  Crypto News Flash

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CARDANO INITIATES CONWAY ERA WITH SUCCESSFUL CHANG HARD FORK

▪️Cardano successfully implemented the Chang hard fork, initiating the Conway era.

▪️ADA holders voiced concerns about governance and reward system changes.

▪️Hoskinson clarified the new governance options for withdrawing staking rewards.

Cardano successfully implemented the Chang hard fork, initiating the Conway era. This step represents significant progress towards full decentralization. ]

This milestone included the implementation of the CIP-1694 governance model, allowing ADA holders to actively vote on network decisions. According to the network’s blog post, this significant milestone “realizes the vision of a fully autonomous and decentralized network.”

Changes in Governance and Reward System

However, following the Chang hard fork, ADA holders began to worry about changes in governance and reward systems. Cardano’s founder Charles Hoskinson responded to these growing concerns.

“To withdraw staking rewards from the network, a user must choose one of three options: not voting, abstaining, or delegating to a DRep.”

Linda, as a stake pool operator of MALU Pool, first voiced these concerns in an X post, stating: “After the next hard fork, you will likely need to delegate to a DRep to continue withdrawing your staking rewards. (This is not confirmed yet, but it seems very likely.)” This statement led to intense discussions within the Cardano community about how governance changes would affect staking rewards.

Hoskinson’s Explanations

In response to Linda, Hoskinson detailed that ADA holders must choose one of three options to withdraw staking rewards: “not voting, abstaining, or delegating to a DRep.”

Hoskinson suggested, “If a user only chooses delegation, wallets like Lace will automatically select abstaining to simplify the user experience.”

An X user asked if abstaining meant selecting the abstaining delegation option. Hoskinson clarified that abstaining is an active choice, noting that ADA holders had confused abstaining with doing nothing. However, Hoskinson stated, “It is an action, which is why I clarified my tweet.”

Concerns in the New Governance System

Following the implementation of the Chang hard fork, there are growing concerns about the new governance system, particularly the potential for misuse or mismanagement of the roles of DReps. A user expressed their concerns, saying: “I choose to abstain. I don’t want to see little girl and boy influencer DReps zeroing out the treasury in this experiment.”

“That’s why this option is there. You can even vote no confidence in the entire system.”

Hoskinson reassured the concerned community by emphasizing the flexibility brought by the new governance system. According to Hoskinson, the new governance system allows users to express their views.

Currently, ADA holders hold the key to the network. They can participate in voting or delegate their governance rights to DReps. Stake Pool Operators like Linda continue to participate in the governance process while maintaining the network’s infrastructure.

At the time of writing, ADA is trading at $0.3253, experiencing a 1.63% decrease in the last 24 hours.

@ Newshounds News™

Source:  CoinTurk News

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BINANCE TO BECOME THE FIRST LEGAL CRYPTO EXCHANGE IN KAZAKHSTAN

Binance is just one step away from becoming the first fully regulated crypto exchange in kazakhstan. It has achieved a major milestone by securing formal consent from the Astana Financial Services Authority (AFSA).

This is a major development for the company and reflects its unwavering commitment to regulatory compliance and security in the crypto industry.

The Journey of Collaboration and Education

Binance did not get this achievement overnight. This is the culmination of a two year journey of collaboration and development. The company has been working closely with Kazakhstan’s government organizations to advance blockchain education and adoption.

Binance partnered with the Ministry of Digital Development, Innovations, Aerospace industry and the Ministry of Education.

This partnership resulted in launching a large-scale blockchain education initiative. The motive of this program is to educate 40 thousand people in Kazakhstan by 2026. This will solidify the country’s position as a leader in digital technologies.

Binance had made huge efforts for this partnership. In May 2022, the former CEO of Binance, Changpeng Zhao had a meeting with the president of Kazakhstan, Kassy-Jomart Tokayev. Their discussion regarding blockchain and crypto education became the foundation of Binance’s deep engagement in the country.

From Initial License to Fully Regulatory Consent

In October 2022, AFSA granted Binance a permanent license to operate a digital asset platform. It also allowed the exchange to provide custody services at Astana International Financial Center (AIFC). This was an initial license , a testament to Binance’s robust compliance and security controls.

This allowed the platform to offer exchange and conversion services, fiat currency deposits and withdrawals along with custody of crypto assets. In 2023, Binance launched its local digital asset platform. Government officials, representatives from the banking industry and many other prominent people joined the launch.

The Road Ahead : A fully Regulated Exchange

Binance is poised to significantly expand its operations in Kazakhstan with the recent consent from AFSA. Once the full license is won, the platform will be fully authorized to operate as a cryptocurrency trading facility.  This will enable the company to better serve the local digital assets ecosystem and set a new standard of crypto trading in the country.

The Journey of Binance in Kazakhstan, from education initiative to regulatory achievements, underscores its commitment to foster innovation, trust and growth in this dynamic market.

@ Newshounds News™

Source:  Coinpedia

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GLOBAL BANKING SHAKE UP BASEL 3 CODES  |  Youtube

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Source:  Currency Facts

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ARGENTINA'S GOLD TRANSFER  |  Youtube

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Source:  Currency Facts

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Iraq Economic News and Points To Ponder Friday AM 9-6-24

Government Advisor: The Discussions Between The Iraqi Central Bank And The US Federal Reserve Achieved Advanced Results
 
Economy   4-09-2024  Baghdad - INA - Amna Al-Salami   Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, confirmed today, Wednesday, that the 

renewed understanding with the US Federal Reserve will allow the monetary authority to restore an internal banking market, while he indicated that the
 
results of the discussions between the Central Bank and the Federal Reserve are good and consistent with business rules, and pointed out that
 
it will allow the implementation of a precise path between... Iraqi and international banks.  Saleh said to the Iraqi News Agency (INA):

“We notice from the statement of the Central Bank of Iraq that there is optimism about the results of his delegation’s discussions with the Federal Reserve in the United States of America in particular and consultations with the parties of the main banking system in the United States, specifically (the large international banks concerned with banking operations). international cross-market), and that
 
an advanced model of understandings has been achieved at this stage.”  He added,
 
"This came to document the path of steps and banking mechanisms adopted in external transfer, especially related to
 
     financing foreign trade for the benefit of the Iraqi market, and to
     ensure a degree of streamlines and high flexibility in the scope of external transfer operations and
 
through the active role that will be played by global correspondent banking entities that have high standards in terms of strong compliance." Disclosure and Governance.  He added,
 
"Such correspondent banking entities around the world will undoubtedly be a counterpart to the 13 private commercial banks referred to in the statement of discussions issued by the Central Bank of Iraq, which dealt with the results of the discussions between the monetary authorities of both Iraq and the United States of America."  He stressed,
 
"This matter will allow the implementation of a clear and precise path in accelerating payments and settlements between Iraqi banks and global correspondent banks, as well as the final beneficiary in the trade financing cycle in the international trade and exchange areas that Iraq deals with by paying in different reserve currencies," noting that
 
"In addition to the dollar as a payment and settlement currency, other global currencies such as the euro, the British pound, and the Chinese yuan will take over the task, as well as important stable currencies such as the Emirati dirham and the Indian rupee, and the
 
basis of this coordination with the monetary authorities in the United States comes from the source of the country’s basic reserves before going. To diversify into other international currencies is the United States dollar itself, verified from oil receipts deposited in the petrodollar currency at the Federal Reserve Bank.”  

He stated,   “Based on the above, such a renewed understanding, in accordance with the road map, will provide the monetary authority in our country with a clearly defined and highly flexible plan to rebuild the internal banking market and on solid reform foundations that are consistent with the standard work rules adopted in international banking, especially in the issue of Building external banking relationships and safely moving funds across the global financial and banking systems.”
 
https://www.ina.iq/216201--.html   

An Economist Talks About New Measures After Stopping Transfers
 
economy |  09/03/2024  Mawazine News _ Baghdad   Economic expert Osama Al-Tamimi said:   “The statements and interviews conducted by the Governor of the Central Bank of Iraq, Ali Al-Alaq, in New York over a period of three days with US Treasury officials gave a new impetus and confidence to the Iraqi banking system.”
 
According to his speech to Mawazine News Agency, Al-Tamimi described the advanced steps to join the global banking system in terms of expanding experience and international banking relations, which will increase knowledge in control procedures for foreign transfers and direct sales of the dollar.  The economic expert explained:
 
 “This will lead to the development of systems in line with international and local standards and the development of a system for covering foreign trade and protecting the banking and financial sector from money laundering and terrorist financing operations.”  He went on to say:
 
 “The Central Bank of Iraq will stop dealings in the future with foreign correspondent banks and reduce reliance on them, after developing the network of Iraqi banking relationships, gaining the necessary experience, reducing commissions generated as a result of external coverage transactions, and terminating the work.”
 
Gradually using the electronic platform for transfers and replacing them with direct banking relationships between Iraqi banks and the network of international correspondent banks, as well as achieving stability in the exchange rate in the local market.     
https://www.mawazin.net/Details.aspx?jimare=254412   

Specialists: Governance And Transparency Are “Important Axes” For Activating Banking Performance
 
Economical 09/04/2024  Baghdad: Hussein Thaghab   Economic specialists believe that governance and transparency are important axes for activating banking performance in the country. Islamic banking expert Sadiq Al-Shammari said on the sidelines of a session of the General Council of Islamic Banks and Institutions, attended by Al-Sabah:
 
The importance of governance as a modern means aims to preserve the financial system.

We stop at governance in Islamic banks, its importance, its mechanisms, and the guiding principles issued by the General Council of Banks and Financial Institutions.  Al-Shammari added to “Al-Sabah” that

“the financial technology revolution and
 
the great development in digital transformation, such as the
     spread of electronic payments,
     artificial intelligence, and
     data analysis,
 
have contributed to facilitating the provision of financial services directly by financial technology institutions,”
 
noting the importance of “banks working to adapt themselves.” With the rapid digital changes, changing work methodology, and creating flexible solutions to serve its customers more effectively.”
 
He called for "adopting a number of initiatives and activities that contribute to the growth and development of Islamic banks and financial institutions, for example the growing interest in cybersecurity and major risks."
 
He pointed to the necessity of issuing the Islamic Economic Encyclopedia, which includes all the Sharia provisions that Islamic banks need to be a reference for fatwa and Sharia oversight bodies in strengthening governance in Islamic banks, as well as conducting more studies and research on governance, especially in the Islamic sector, to deepen its understanding and importance, especially with regard to The role of members of Sharia supervisory boards in enhancing governance in Islamic banks.
 
He stated that the importance of governance is clear from its objectives, which are to
 
     achieve transparency and
     justice and
     grant the right to hold the managements of banks and financial institutions accountable, thus
     achieving protection for all shareholders and shareholders,
     taking into account the interests of business and workers, and
     limiting the exploitation of power for purposes other than the public interest, leading to the
     development of investments and savings,
     maximizing shareholders’ profits, and
     achieving Sustainable development for the development of society, and
 
the presence of an effective system capable of providing trust and combating corruption in Islamic financial institutions, including Islamic banks, will bring them greater success and support the expansion of their operational operations, although
 
this requires supporting what the departments related to governance within financial institutions do.

In turn, Islamic banking expert Mohamed El-Beltagy pointed out the importance of adhering to Sharia controls, the nature of the relationship with depositors, and
 
the multiple financing formulas that are part of the focus of Islamic banking and have become the focus of attention of a wide segment of the world’s societies, leading to the application of the rule of sharing in profits and losses and correcting the money document.
 
Al-Beltagy warned that governance and transparency are important axes in solidifying the performance of the banking system of any country, enhances the development of work joints, and leads to achieving goals according to what was planned.    https://alsabaah.iq/102145-.html   

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

Seeds of Wisdom RV and Economic Updates Friday Morning 9-6-24

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CORE BLOCKCHAIN UNVEILS LIQUID STAKING TOKEN FOR BITCOIN: $LSTBTC

A New DeFi Opportunity for Bitcoin Holders

Core Blockchain has introduced a new liquid staking token, $LstBTC, that promises to revolutionize how Bitcoin holders engage with decentralized finance (DeFi). 

This innovation allows users to stake their Bitcoin (BTC) without having to lock it up, offering them the ability to earn rewards while maintaining liquidity. With this launch, Core Blockchain aims to bridge the gap between Bitcoin and DeFi, enhancing BTC’s utility within this rapidly growing sector.

Liquid Staking for Bitcoin: Expanding DeFi Access

The $LstBTC token is pegged 1:1 to Bitcoin, meaning each token represents an equal amount of BTC. What sets it apart is its liquid staking feature, which resolves a longstanding issue for Bitcoin holders. Typically, staking assets like BTC requires locking them up in exchange for rewards, limiting their use in other applications.

 However, with $LstBTC, users can stake their Bitcoin and still keep it liquid, making it available for DeFi use. This dual benefit is expected to enhance Bitcoin’s role in the DeFi ecosystem, a space where the cryptocurrency has traditionally been underrepresented.

Core Blockchain believes that $LstBTC provides a new avenue for Bitcoin holders who want to earn rewards without sacrificing the flexibility of their assets.

The token’s innovative design allows users to participate in DeFi protocols, such as lending, borrowing, and yield farming, without the usual restrictions imposed by traditional staking mechanisms.

Daily Rewards in $CORE Tokens

One of the key incentives of $LstBTC is that it offers daily rewards to its users in $CORE, the native token of Core Blockchain. This feature makes staking more appealing to Bitcoin holders, who can now earn a steady stream of $CORE tokens while their BTC remains accessible for DeFi activities.

The daily reward structure provides an additional layer of utility, attracting users who want to maximize their returns without losing access to their Bitcoin.

Core Blockchain envisions $LstBTC as a tool that will drive greater adoption of its ecosystem. By integrating liquid staking with Bitcoin, the platform anticipates attracting both existing users and newcomers who are looking for more flexible ways to utilize their digital assets. This strategic move aligns with Core’s broader goal of expanding its user base and increasing participation in DeFi.

Boosting DeFi Adoption Through Security and Growth
Another critical aspect of $LstBTC is its focus on security. The token is managed through a multi-signature (multi-sig) setup, which involves multiple entities participating in its management. This added layer of protection ensures that the token is secure and resistant to single points of failure.

 Multi-sig setups are commonly used in the blockchain space to enhance security by requiring multiple approvals for any transaction, thus safeguarding the asset from potential misuse or theft.

Rich Rines, an early contributor to the Core DAO, highlighted that while Bitcoin dominates the cryptocurrency market, its integration into DeFi has been limited.

He believes that $LstBTC could be a game-changer in this regard. By making Bitcoin more accessible and usable in DeFi, Core Blockchain aims to unlock the potential of BTC in a sector where it has traditionally had a minimal presence.

The liquid staking solution not only benefits individual users but also aims to attract developers to build new products on Core’s platform. By providing a secure and flexible tool for staking Bitcoin, the company hopes to encourage the creation of additional liquid staking products, further expanding the ecosystem’s capabilities.

Driving Ecosystem Growth and Adoption
Core Blockchain anticipates that $LstBTC will attract a wider audience, from experienced Bitcoin holders to developers eager to build on the platform. The token’s unique combination of liquidity, staking rewards, and security is designed to appeal to a broad range of users, driving growth and innovation within the ecosystem.

The company expects that as more people adopt $LstBTC, the Core platform will see a surge in development activity. New liquid staking products, DeFi applications, and tools built around $LstBTC could significantly enhance the platform’s offerings. The growth in adoption could, in turn, attract more developers to the ecosystem, creating a positive feedback loop that fuels further expansion.

Core’s vision for $LstBTC is not limited to short-term gains. The company aims to position itself as a key player in the DeFi space by providing innovative solutions that address some of the industry’s most pressing challenges, such as asset liquidity and security.

By creating a product that combines these elements, Core Blockchain is paving the way for Bitcoin to play a more significant role in the future of decentralized finance.

In conclusion, the launch of $LstBTC represents a major step forward for both Core Blockchain and the broader DeFi space. By offering Bitcoin holders a way to stake their assets without locking them up, Core is addressing a key pain point for users and unlocking new opportunities for growth.

The added security of a multi-sig setup and the potential for ecosystem expansion make $LstBTC a compelling proposition for those looking to engage with DeFi while retaining the flexibility of their Bitcoin holdings.

@ Newshounds News™

Source:  Cointrust

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DECENTRALIZED PHYSICAL INFRASTRUCTURE NETWORKS OFFER NEW OPPORTUNITIES IN THE CRYPTO WORLD

▪️DEPIN integrates physical assets with blockchain technology.

▪️It has significant potential in energy and smart city projects.

▪️Widespread adoption may take time due to early-stage development.

In the world of cryptocurrencies, decentralized physical infrastructure networks (DEPIN) are emerging as a new application area. This new technology is expected to create a significant shift in the crypto ecosystem. DEPIN aims to enable decentralized applications (dApps) to integrate more with the physical world.

What is DEPIN?

Decentralized physical infrastructure networks allow users to manage physical assets using blockchain technology. This includes controlling sensors, distributed energy sources, and other physical devices via blockchain. DEPIN is noted to have significant potential, particularly in the energy sector and smart city projects.

Revolution in the Energy Sector

The use of DEPIN in the energy sector can enable more efficient management of distributed energy resources. Users can optimize their energy consumption by managing individual energy sources like solar panels through blockchain. This can lead to reduced costs and more equitable energy distribution.

Smart City Applications

In smart city projects, DEPIN technology can enable more efficient and sustainable management of city infrastructure. For example, DEPIN can be considered for areas such as traffic management, waste collection, and water resource management. This technology is expected to reduce infrastructure costs while improving service quality in cities.

MV Capital argues that DEPIN will be the next major application area for cryptocurrency. The company states that this technology holds great potential for the future and can create a revolution in many sectors.

“DEPIN will enable decentralized applications to integrate more with the physical world.” – MV Capital

DEPIN, along with decentralized finance (DeFi) and other blockchain-based applications, can create a new wave in the crypto ecosystem. The adoption of this technology can enable cryptocurrencies to be used more widely in real-world applications.

DEPIN stands out as an innovation that integrates crypto technology not only with digital financial transactions but also with the physical world. This technology is considered for a wide range of uses, from energy management to city infrastructure.

There is a general consensus that DEPIN technology holds great potential in the energy sector and smart city projects. However, some sources emphasize that the technology is still in its early stages and that widespread adoption may take time.

While there is agreement on DEPIN’s potential, it is noted that more development is needed for the technology to mature. Discussions on this topic show that there are different views on what the future impact of DEPIN will be

@ Newshounds News™

Source:  Cointurk News

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JAPAN MULLS LOWER CRYPTO TAX RATES IN 2025 OVERHAUL

The country intends to lower taxes on crypto to a flat rate of 20% – in line with taxes that currently apply to traditional assets such as stocks.

Japan's financial regulator, the Financial Services Agency (FSA), has proposed a significant overhaul of the country's tax code for fiscal year 2025. A key component of this reform is a potential reduction in the tax rate for cryptocurrency assets.

In a recent request submitted to the government, the FSA advocated for treating cryptocurrencies as traditional financial assets, aligning them with publicly traded investments. This move could pave the way for a more favorable tax environment for crypto holders in Japan.

“Regarding the tax treatment of cryptocurrency transactions, cryptocurrency should be treated as a financial asset that should be an investment target for the public,” the FSA said.

The FSA's proposal aligns with the growing sentiment among crypto advocates in Japan, who have been petitioning the government to reform the tax on cryptocurrencies, saying that high tax rates on crypto profits are "hindering" the ability to save and invest.

Currently, crypto profits in Japan are subject to a miscellaneous income tax rate ranging from 15% to 55%. The highest rate applies to earnings exceeding 200,000 Japanese yen ($1,377). This compares unfavorably to the 20% maximum tax rate on profits from stock trading.

For corporate entities, the tax burden on unrealized crypto gains is even more substantial, with a flat 30% rate applied at the end of each financial year, regardless of whether a profit has been realized through a sale.

At the WebX Conference held in Tokyo last week, Japanese Minister of Economy, Trade and Industry Takeru Saito said he would help the industry create more use cases by implementing tax reforms to support the development of start-ups, local media reported.

While the FSA's proposal represents a positive step towards a more crypto-friendly tax environment in Japan, the ultimate outcome will depend on the deliberations of the tax system research committee and the country's national legislature.

If approved by both houses of the Japanese government, the proposed tax reforms could significantly impact the nation's crypto industry.

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Source:  Blockhead

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“Tidbits From TNT” Friday Morning 9-6-2024

TNT:

Tishwash:  UAE, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, Oman extend additional voluntary output cuts

 The OPEC+ countries have agreed to extend their additional voluntary production cuts of 2.2 million barrels per day for two months until the end of November 2024.

This came as these countries that previously announced additional voluntary cuts in April and November 2023, including the United Arab Emirates, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, held a virtual meeting on 5th September, 2024, during which the eight member countries emphasised their collective resolve to ensure full compliance with the voluntary production adjustments.

In recognition of this strengthened resolve and renewed firm commitment, the eight participating countries have agreed to extend their additional voluntary production cuts of 2.2 million barrels per day for two months until the end of November 2024, after which these cuts will be gradually phased out on a monthly basis starting 1st December, 2024, with the flexibility to pause or reverse the adjustments as necessary.

The overproducing countries also reconfirmed their commitment that the entire overproduced volume will be fully compensated for by September 2025.

In August 2024, Saudi Arabia, Russia, the United Arab Emirates, Kuwait, Algeria, and Oman, conducted two ministerial discussions with Iraq and Kazakhstan. Both countries were urged to achieve full conformity and compensate for the overproduced volumes since January 2024. Iraq and Kazakhstan committed to engage with secondary sources to outline their plans for production adjustments to achieve compliance and meet the compensation schedules they submitted to the OPEC Secretariat on 22nd August.

The group includes Iraq and Kazakhstan, who have overproduced since January 2024, but have strongly reaffirmed their commitment to the agreement and to their compensation schedules submitted to the OPEC Secretariat as agreed under the 53rd meeting of the JMMC on 3rd April 2024.

Iraq and Kazakhstan reinforced their commitment during the OPEC Secretary General’s visits in late August, conducted in coordination with Saudi Arabia's Minister of Energy and the Chairman of the OPEC and non-OPEC Ministerial Meetings. During those visits, the OPEC Secretariat organised workshops with the secondary sources where both countries provided extensive details on the immediate and concrete measures they are implementing to achieve full conformity with the required production levels and to meet their compensation schedules for August and for September. These measures included advancing field maintenance plans and reducing production alongside with delaying and canceling spot sales for the month of August. Moreover, the countries committed to adjust compensation plans for any over produced volumes in August.  link

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Tishwash:  Iraqi Ambassador to Egypt Calls on Arab Companies to Invest in Iraq

Iraqi Ambassador to Egypt Qahtaan Taha Khalaf announced on Thursday Iraq's support for Egypt in the face of the Zionist campaign to disrupt the Palestinian cause, while calling on Arab companies to invest in Iraq.

Khalaf said, in the opening session of the 114th session of the Economic and Social Council, which was followed by "Al-Eqtisad News", that "the Republic of Iraq supports the Arab Republic of Egypt in what it is exposed to in terms of fabricated Zionist accusations, campaigns and plans in an attempt to disrupt the Palestinian cause."

He added that "the Iraqi government welcomes hosting the 34th regular Arab Summit in Baghdad in 2025," noting that "this grand celebration that the Arab nation is looking forward to, we are trying to come up with decisions that rise to the level of the current challenges, in order for the summit to constitute a qualitative leap in the field of joint Arab action."

He pointed out that "the delegates supporting the Republic of Iraq communicated with the General Secretariat of the League of Arab States to set a date for the meeting of the third team concerned with developing economic and social work headed by Iraq," noting that "the meeting did not take place due to emergency circumstances, the last of which was setting August 26 and a memorandum was circulated in this regard, but the visit of Iraqi Prime Minister Mohammed Shia al-Sudani to Egypt prevented the meeting from being held."

He explained that "Iraq's policy is focused on economic openness, building a broad network of economic relations and attracting investments, and from these starting points, the Iraqi government has developed an ambitious program to develop all sectors, enhance and improve services and simplify procedures."

He added that "the companies that have been present in Iraq for years include Turkish, Iranian and Chinese companies, and we find Arab companies from Egypt, neighboring countries and other Arab countries alongside them," calling on Arab countries to "participate in rebuilding Iraq and exploiting the available opportunities in restoring infrastructure in Iraq."

He thanked "the United Arab Emirates for presenting a study of the work of this council and the General Secretariat of the League of Arab States and the employees for their efforts to prepare for this meeting and provide full support to reach the best results for the advancement of joint Arab action."  link

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Tishwash: Iraq's gateway to the world.. All eyes are on the launch of the FAO and corruption is the biggest "risk"

Iraq is preparing to announce the imminent launch of the Grand Faw Port, one of the largest strategic projects in the country, despite the major challenges that this project has faced since its inception.

Faw Port is an important commercial gateway linking Iraq to the outside world and reducing dependence on the ports of neighboring countries.

The project has faced many obstacles, including financing, political tensions, and logistical challenges. However, official authorities confirm that the project has overcome most of these obstacles, and that the official launch of the port is imminent, which raises hopes of boosting trade and investment in Iraq.

Jamal Al-Halbousi, an expert in maritime border demarcation, says, “The news coming from the port of Al-Faw is good and joyful, especially since the work rate on the project now reaches 98 percent, according to the Daewoo company implementing the port, which is equipped with five docks. Work is now underway to complete the fifth dock, which is 1,750 meters long.”

He added, "More important than these docks is the navigation channel leading to them, as work is being done on it at the agreed capacity so that it can accommodate large ships and navigation is at a very high economic level, meaning that the depth of the navigation channel should not be less than 19.8 metres, and so far it has reached 12 metres or a little more."

He points out that “many aspects have been completed, such as the roads, most of which have been completed, as well as the bridges, the submerged tunnel, and the container yard,” noting that “there are five other projects that complement the port and these must be carried out, and according to the Ministry of Transport, the percentage of completion in them exceeds the timeframes set for them, but until now we need to test them, as within 20 days water must be pumped into the submerged tunnel for the test.”

Al-Halbousi hopes for the “success of the Faw Port project, because that would close all doors to competing ports in the region. Therefore, the five docks must be coordinated and interconnected, and the work must be in one chain. There must be a gradual completion, and there must be an appropriate mechanism for the work and the idea of ​​transporting and transferring goods.”

Regarding the obstacles, he confirms that “corruption is the biggest obstacle facing the port of Faw, so there must be efficient management, and unfortunately Iraq lacks it so far. If the same administrative work in other Basra ports, such as Khor Al-Zubair and others, is reflected in the port of Faw, it will be a disaster for the new port. However, if it is managed by expert companies, the port is a historic opportunity for Iraq to revive the economy.”

 He added, "The port will start operating with five docks, and their success in operation will give Iraq an opportunity to develop and increase the docks because Umm Qasr Port operates with 29 docks, and what is planned for the Grand Faw Port is to contain a greater number of docks than what is present in Umm Qasr Port."

For his part, economic expert, Ziad Al-Hashemi, explains that “the port of Faw holds great strategic importance for the growing Iraqi economy, in which the rate of imports increases annually.”

He added, "The Faw Port, with its five berths, will be able to provide modern services and operations that facilitate the speed and smoothness of handling containers entering and leaving the port, which will enhance commercial movement and the availability of goods required within the Iraqi markets."

Al-Hashemi confirms that “the project may face some challenges related to the contracting process with port operating companies, managing the docks, and the movement and operations of the port, in addition to the fact that the failure to complete the development road paths may cause a limitation in linking the port facilities with the land paths towards the Iraqi governorates, which creates a bottleneck that causes delays in the flow of goods.”

He explained that "there are potential security and political challenges for parties that may want to exploit the port to obtain illegal financial gains and resources. The port may also face a decrease in demand for its cross-border trade services to and from Turkey and neighboring countries, due to the fragile security and political stability, which may lead to an increase in the costs of transit and insurance for containers passing through Iraq to and from the port for the benefit of other countries."

The Faw Port was supposed to have 99 berths and be the largest port in West Asia, surpassing the Jebel Ali Port in the United Arab Emirates. The port adds strategic importance to Iraq and generates huge financial returns through the transport of goods and oil products faster than before.

Fourteen years have passed since the foundation stone was laid for the construction of this port, but political conflicts and the intersection of internal and external interests, in addition to corruption factors, prevented its completion, which prompted the "Popular Movement for the Belt and Road", last April, to demonstrate in the vicinity of the Green Zone, to expose the files of financial and administrative corruption in the Grand Faw Port.

The Greater Faw Project represents an important economic and political goal, given its high financial cost and political and social importance, as many political actors and armed groups seek to control or undermine it to achieve personal gains and political goals.

The Ministry of Transport confirmed this week that the five-berth project, one of the projects of the Grand Faw Port, is witnessing remarkable progress on the ground and faster than its scheduled timelines, noting that the Korean company Daewoo has reached a completion rate of 98 percent in the project.

It is noteworthy that the project to establish the container terminal for the Grand Faw Port, which is one of the five projects of the project, includes the construction of five giant docks for unloading ships with a length of 1,750 meters, and the construction of a container yard with a length of 2,000 meters.  link

Mot: .. School -- First Day

Mot:  Ever Wonder Why Parents dont post the Second Day of School????

Seeds of Wisdom RV and Economic Updates Thursday Evening 9-5-24

Good Evening Dinar Recaps,

ICCS DIGITAL STANDARDS INITIATIVE SHARES DIGITAL TRADE, EBL CASE STUDIES

The International Chamber of Commerce’s (ICC) Digital Standards Initiative (DSI) for trade documents has come a long way since its founding in 2020.

 In April it published a document that outlined no less than 36 different trade documents and associated standards. Now it has released a series of 22 case studies, including several on electronic bills of lading (eBL).

An eBL has several advantages over the paper version. Given bills of lading are used to collect cargo, they are valuable documents. 

Paper versions are prone to forgery, whereas electronic ones are digitally signed. They’re also much more efficient. McKinsey predicted that eBL could lead to $6.5 billion in direct cost savings.

In order for the importer to collect the cargo on arrival, the original bill of lading has to be couriered from the departure point to the destination.

This can cause delays if it doesn’t arrive fast enough. Plus, couriers carrying the bill of lading have to travel between airports and the ports, creating wasteful emissions.

This latter point was one of the case studies in the ICC paper. Earlier this year, the shipping blockchain network GSBN explored the potential environmental impact, estimating that there’s a potential saving of 440,820 metric tons per year in CO2 emissions. We analyzed the report, finding the figures were rather high, but the saving is nonetheless significant.

BHP contributes to 25% eBL target

Another eBL case study relates to mining firm BHP. One of the key benefits it found by using eBL is that amendments to eBLs are much faster. Otherwise, a new original bill of lading would have to be couriered a long way if there are amendments. This helps to avoid delays in customs clearance.

Stepping back, several shipping organizations have made commitments to adopt eBL, including the FIT Alliance, with only around 2% digitized in 2022. A key hold up is a lack of interoperability between different solutions, something that the ICC is trying to address.

In early 2023, the Digital Container Shipping Association (DCSA), secured commitments from nine of the top ten largest container shipping carriers to adopt eBLs. The first deadline was 50% in five years, with 100% in ten years.

Another shipping association, BIMCO, joined the effort with a shorter target of 25% by 2025. After just a year, four shippers, BHP, Rio Tinto, Vale and Anglo American, have already reached an average adoption rate of 25.1% for iron ore trades.

Lloyds Bank adopts two blockchain solutions

Earlier this year we reported that Lloyds Bank had partnered with WaveBL for eBL. Additionally, it is working with Enigio to use its blockchain-based digital promissory notes (dPN).

The case study starts with shipping carrier MSC issuing an eBL using the waveBL platform. Then the exporter’s bank sent the eBL to Lloyds, which was working for the importer. Lloyds issued a digital promissory note (dPN), that the importer signed.

That digital signature allowed Lloyds to release the eBL faster. Lloyds reckons the solutions reduced the transaction time from 15 days to 24 hours. Plus, it removed the need for six courier trips.

“Together, the eBL and the dPN have eradicated the need for any physical paper to change hands,” said Rogier van Lammeren, Head of Trade and Working Capital Products, Lloyds Bank.

“This has meant a faster transaction, which helps shorten parties’ working capital cycles, with less risk, at lower cost and with significantly less admin for the businesses involved.”

Meanwhile, another case study involved eBL platforms WaveBL and TradeGo integrating verifiable Legal Entity Identifiers (vLEI) into their solutions. Plus, there was a client case study for blockchain eBL solution CargoX.

@ Newshounds News™

Source:  Ledger Insights

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PUTIN CALLS WEST'S POLICY TO BAN RUSSIA FROM DOLLAR SETTLEMENTS ‘STUPID’

The head of state noted that in this situation, Russia and its friendly countries are switching to national currencies in their mutual settlements

VLADIVOSTOK, September 5. /TASS/. The West already understands that it made a mistake, and its stupid steps are only pushing countries to abandon the dollar, Russian President Vladimir Putin said speaking at the plenary session of the Eastern Economic Forum.

"The financial and political authorities of the United States are pushing this process with their not just sloppy, but unprofessional and stupid actions. I think, they already understand that they made a mistake, but they simply cannot get out of this rut.

It is probably rather embarrassing for them to admit that they made a mistake. They should have already made some corrections, as they see that the tools they use do not work," Putin said.

He noted that in this situation, Russia and its friendly countries are switching to national currencies in their mutual settlements. But the Western leaders are not ready to abandon their policies, he added.

"Apparently, only those people who will replace today's generation of politicians can do this. Because changing something means admitting your mistakes. Apparently, this is difficult. And what is the reason for such behavior?

Apparently, they were counting that everything would collapse in our country. That is why they banned us from dollar service. But the trends are not obvious. They only push, as I have already said, these processes, but the trends in the use of currency are connected with the growth of the [Russian] economy," Putin said.

The Eastern Economic Forum is underway on the campus of the Far Eastern Federal University in Vladivostok on September 3-6, 2024. The main theme of the EEF this year is ‘Far East 2030. Combining strengths to create new potential’. The Roscongress Foundation is the Forum’s organizer. TASS is the general information partner of the EEF.

@ Newshounds News™

Source:  TASS

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Trump Doubles Down on Bitcoin, Says He's Got a Job for Elon Musk If Elected

Outlining the economic policies of a potential Trump administration, the former president said Musk could lead a new government fraud task force.

During a speech before the Economic Club of New York on Thursday, Republican candidate for U.S. president Donald Trump asserted that the country would be the “world capital of crypto and Bitcoin.”

In addition to reiterating his stance on digital assets, Trump also proposed—at the suggestion of Telsa CEO Elon Musk—a new government efficiency commission that will audit the federal government.

“I will create a government efficiency commission tasked with conducting a complete financial and performance audit of the entire federal government, making recommendations for drastic reforms,” Trump said. “We need to do it.”

Musk agreed, tweeting in response to reports of Trump’s remarks, “This would unlock tremendous prosperity for America.”

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Read more: Decrypt

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Iraq Economic News and Points To Ponder Thursday Evening 9-5-24

Awareness Leaflets About Buying The Dollar

 September 05, 2024    Based on the supervisory and supervisory role of this bank, it was decided that all electronic payment service providers direct all their agents to publish clear awareness leaflets inside their headquarters .. For more, click here   https://cbi.iq/static/uploads/up/file-172552761480088.pdf  https://cbi.iq/news/view/2665     

The Sri Lanka Dollar Dilemma Is An Example
 
Economical 09/04/2024   Yasser Al-Metwally      Many countries, or rather countries with emerging or emerging economies, share the phenomenon or characteristic of the fluctuation of dollar exchange rates and other effects on their economies and their exposure to financial and economic crises periodically.

Of course, the size and extent of the impact of exchange rate fluctuations is different from one country to another, depending on the strength of its economy.
 
The rate of impact in rentier countries that rely on oil as a main source of their resources is relatively less and adopt a fixed exchange system, whether in an international currency such as the dollar or pegged to a basket of currencies.
 
Unless oil prices decline, here countries may have equal influence, and it may sometimes be in favor of non-oil countries, depending on how their balances of payments are affected.
 
The main indicator of the size of the effect is the rate of inflation occurring in a country, and some may be surprised that the
 
decline in oil prices may be to the benefit of non-rentier countries that depend on the volume of their exports of their other domestic products.
 
Here I give an example of this phenomenon.
 
When oil prices rise, the Turkish economy is affected by this due to its impact on production costs, which leads to the absence of some products on the one hand.
 
On the other hand, we find that during the outbreak of the Russian-Ukrainian war and the imposition of the blockade on Russia, Russia was forced to reduce oil prices. Oil to compete and obtain revenues.
 
Turkey was among the countries to which Russian oil was supplied, in addition to China and others.
 
There was a recovery in the Turkish economy at that time, which led to a reduction in the costs of Turkish production of goods.
 
Promises from the beginning on the subject of the problem of the dollar and the fluctuation in its exchange rates, because the exchange rate process of these countries is linked to the dollar, which made them suffer from the presence of more than one exchange rate outside the state’s pricing system.

Here, a number of economists advise the necessity of changing the exchange system and trying to find exchange rates for the basket of currencies (that is, for each foreign currency in the components of the basket and with a specific relative weight according to the commercial areas with which the country is linked externally) in order to eliminate or reduce the parallel prices and bring them to a state of balance with the price. Official exchange.
 
These solutions prompted the BRICS group to attempt to get rid of the dollar’s ​​dominance in global trade financing, and it is continuing this project.
 
It has achieved modest results from cooperation, especially in the field of settling cash payments through its currencies, and it is hoped that it will be able to break the monopoly of the dollar in the long term.
 
There is Sri Lanka's experience.
 
How Was It Able To Control The Exchange Rate?
 
Sri Lanka has limited dealing in the dollar exclusively in banks and has prohibited its use and even its carrying, as
 
it is a legal violation of the dollar of unknown origin and is held accountable by law, that is, with a strict monetary policy against (dollarization), as that country has been able through it to achieve stability in the exchange rate and keep it away from the problems of dollarization and deal with the internal economy in two currencies, one of which is subordinated. For a foreign monetary system.
 
Other than that, some countries are trying to achieve a balance between the official and parallel prices through the process of regulating imports, preventing the entry of many goods that do not affect the citizen’s livelihood, and postponing personal desires, such as preventing the import of cars and luxury items for a while, and
 
this is what is allowed by the laws of the World Trade Organization.
 
That is, postponing the import of some goods to address the country's economic situation.
 
The bottom line is that the issue of currency exchange rate fluctuation is a global phenomenon that is not limited to a specific country, and everyone is trying to address it in their own way.  https://alsabaah.iq/102146-.html   

The Central Bank Of Iraq Reveals The Mechanism For Terminating The Electronic Platform

 September 04, 2024

    The electronic platform for external transfers managed by the Central Bank of Iraq began at the beginning of 2023 AD as a first stage to reorganize financial transfers in a way that ensures proactive control over them instead of subsequent control through the Federal Reserve auditing daily transfers.

 This was an exceptional measure as the Federal Reserve does not usually undertake to do this.

 A gradual shift towards building direct relationships between banks in Iraq and accredited foreign correspondent banks has been planned, with an international auditing company mediating this to pre-screen remittances before they are implemented by the correspondent banks.

     During the year 2024 and until now, 95% of the transfer process has been achieved from the electronic platform to the direct correspondent banking mechanism between it and the Iraqi banks.

This means that only about 5% of it remains within the platform, which will be transferred using the same mechanism before the end of this year and according to the plan..

     Thus, some expectations about possible effects on the exchange rate and transfer operations are unfounded,

because the process will not happen suddenly or in one go at the end of this year,

 but rather it was already achieved during the past period with effort and careful follow-up, except for what remains of a small percentage that will be completed during the period. The next few.

     The Central Bank of Iraq confirms that trade with the United Arab Emirates, Turkey, India, and China represents about 70% of Iraq’s foreign trade as (imports), which prompted the Central Bank of Iraq to find channels for transferring the currencies of the euro, the Chinese yuan, the Indian rupee, and the Emirati dirham, via Correspondent banks are accredited in those countries,

 and (13) Iraqi banks have already begun conducting transfer operations with a pre-audit mechanism that has been agreed upon and approved, in addition to transfers in the dollar currency.

     With the provision of channels for personal transfers for legitimate purposes and foreign purchases through electronic payment channels and international money transfer companies, cash sales to travelers, and payment of cash dollars for incoming transfers to the destinations and purposes specified in the Central Bank’s published instructions.

     The Central Bank of Iraq stresses that it has placed external transfer operations and meeting requests for the dollar on sound paths and consistent with international practices and standards and the law on combating money laundering and the financing of terrorism.

     He explains that providing the aforementioned channels for all purposes with the official price of the dollar makes this price the true indicator of economic practices, which is proven by the reality of price stability and control of inflation,

and any other price that is traded outside of those channels is considered an abnormal price that those who practice non-fundamental or illegal practices resort to.

 Those who stay away from official channels in their dealings and bear the additional costs alone by purchasing at a higher price than the official price in order to deceive others about the difference between the official price and others.      Central Bank of Iraq    https://cbi.iq/news/view/2664

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

Some “Iraq News” Posted by Clare at KTFA 9-5-2024

KTFA

Clare:  Five Oil and Gas Laws in Parliament

9/5/2024 Baghdad

The subcommittee on legislation and laws in the oil and gas sector within the parliamentary oil committee continues its efforts to update the laws related to this important sector, with the aim of improving the investment environment in Iraq. 

Member of the Oil and Gas Committee and head of the subcommittee, Ali Shaddad Al-Fares, said in an interview with “Al-Sabah” followed by “Al-Eqtisad News”, that “the committee has five laws and legislations related to the oil and gas sector, including the refineries or liquidation law, regarding which more than one meeting was held.” 

He pointed out that "the law is now in the General Secretariat of the Council of Ministers to proceed with amending it, so that there will be greater privileges for investors in the refining and petrochemicals sector to enter Iraq."

Al-Fares continued, "The draft law on smuggling petroleum derivatives needs some amendments, as does the law on hydrocarbon wealth," noting that "there is what is called the general law system in the management of the Ministry of Oil, in addition to 70 decisions of the dissolved Revolutionary Command Council that need legal adaptation to cancel some decisions and convert others into laws, as some of these decisions are still effective and important and must be legally adapted."  LINK

Clare: Prime Minister's Advisor: 70% of the grey market

9/5/2024 Baghdad

The financial advisor to the Prime Minister, Dr. Mazhar Muhammad Salih, revealed the existence of a grey market that accounts for nearly 70% of the market or private sector activity, indicating that this percentage evades paying legal taxes.

Saleh said in an interview with "Al-Sabah", followed by "Al-Eqtisad News", that "taxes constitute in total in developed countries about (25) percent of the gross domestic product, while in Iraq they do not exceed (4) percent due to tax evasion, as the gray market, which is not known to the tax authorities, constitutes a percentage close to (70) percent of the market or private sector activity, while negative taxes, which are aid from cash income paid to the poor class, constitute (5) percent of the annual gross domestic product, and this constitutes the tax defect that compensates for the difference between the type of tax with the revenues of oil rents."  LINK

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Clare: For this reason.. Economic calls to review tax laws and develop the collection system 9/5/2024  

Baghdad  

With the increase in the size of state expenditures in the general budget, there has been talk for years about maximizing non-oil revenues, reforming the tax system in Iraq, and raising the value of taxes on the wealthy, which actually requires addressing the current laws related to taxes, controlling import operations, and preventing the smuggling of goods through border crossings.

In this regard, economic and financial expert Safwan Qusay revealed the formation of a committee by the Prime Minister’s Office to review tax laws, especially the Income Tax Law issued in 1982, noting that the law needs to be reviewed to amend some allowances in line with current income rates and develop the tax collection system to reduce tax evasion.

He pointed out that "the proposed tax increase aims to stop manipulation of invoices related to import operations and reduce tax evasion."

Qusay also confirmed that “the committee is studying introducing amendments to property and real estate taxes, especially with regard to the transfer of property between individuals.”  LINK

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Clare:  A "special" meeting headed by Al-Sudani approves a plan to introduce solar energy systems to homes

9/5/2024

A"special" meeting chaired by Prime Minister Mohammed Shia al-Sudani approved a plan to introduce solar energy systems to homes.

A statement from Al-Sudani's office received by Shafaq News Agency stated that "the Prime Minister chaired a special meeting to improve the electricity situation, in which the plans, programs and treatments prepared by the Ministry of Electricity and the authorities concerned with this sector were discussed.

According to the statement, during the meeting, "a plan was approved to introduce the solar energy system to homes, through contracting with solid companies to reduce the loads on the electrical grid system. The Ministry of Electricity's plan for generation, transmission and distribution in the long term was also discussed, in addition to its plan for next summer, for which the necessary allocations were approved, and its implementation will begin now."

During the meeting, the economic model for purchasing electricity was approved. This came after several meetings, the Prime Minister’s follow-up, and his guidance, with the participation of KBR, which represents the government’s advisory body, in order to study it and provide recommendations regarding it.   LINK

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Clare:  Parliamentary moves to "withdraw the hand" of the Central Bank Governor

9/5/2024

The Parliamentary Finance Committee confirmed, today, Thursday, the existence of a parliamentary move to withdraw the hand of the Governor of the Central Bank, while specifying the main reason behind that.

Finance Committee member Mohammed Nouri told Sumaria News, "We submitted a set of oral and parliamentary questions regarding the withdrawal of the Central Bank Governor Ali Mohsen Al-Alaq for exceeding the legal age."

Nouri pointed out that "so far, things have not gone as we wish, and in the coming days we may go to the Federal Court to challenge the legality of the age of the Central Bank Governor and request his direct dismissal through the legal age."

 At the beginning of last year, Al-Sudani reappointed Al-Alaq as head of the Central Bank, nearly two years after he was dismissed from his post, amid questions about the feasibility of reappointing him, as he had caused several financial failures over the previous six years (between 2014 and 2020) of his management of the financial institution, according to his critics.

There is much criticism directed at the performance of the Governor of the Central Bank of Iraq, Ali Al-Alaq, who is facing increasing pressure regarding his financial policies and his management of foreign exchange and reserves, in addition to his failure to control the file of dollar price fluctuations, according to economic experts.  LINK

Clare:  The regional government approves the unification of financial and accounting system procedures between Erbil and Baghdad

9/4/2024

The Kurdistan Regional Government approved, on Wednesday, the unification of procedures for financial and accounting systems between the regional government and the federal government, taking into consideration the constitutional specificities of the region and its powers stipulated in the Iraqi constitution.

A statement by the presidency of the regional government, received by Shafaq News Agency, stated that "the regional government held a meeting on Wednesday under the supervision of Prime Minister Masrour Barzani and in the presence of his deputy Qubad Talabani," indicating that "at the beginning of the meeting, Barzani referred in his speech to a number of points such as appointing lecturers on contracts and congratulated them on the occasion of the issuance of a decision to contract with them on internal revenues and hoped that this decision would gain the satisfaction of the lecturers and encourage them to serve the educational and educational process in the Kurdistan Region."

 The statement added that "the regional government congratulated the retirees in the Kurdistan Region on the occasion of unifying the salaries of retirees with their counterparts in the federal government and voting on this in the regional Council of Ministers and approving it," indicating that "at the level of the federal government as well, it was possible to reach an agreement and as of this month, the retirees of the region will receive their salaries that are equal to the salaries of retirees in the federal government."

He added, "Barzani reassures the retirees that he will always support their legitimate demands and that this tired part of the Kurdistan Region, which has sacrificed a large part of its life in public service, deserves all support and assistance."

The statement indicated that "Barzani, at the end of his speech, addressed the electoral campaign for the elections scheduled to begin this month, saying that the political parties are free within the internal regulations and instructions issued by the Independent High Electoral Commission on how to conduct electoral campaigns," adding that he asks them to "do so in a civilized manner and away from belittling and defaming others because everyone is a Kurd and a son of this country and must act responsibly."  

The statement noted that "in the first paragraph of the meeting, the Minister of Parliament Affairs of the Region, Fala Farid, and the Secretary of the Council of Ministers, Amanj Rahim, presented a draft of the Council of Ministers' decision to unify the procedures related to the financial and accounting system between the regional government and the federal government, taking into consideration the specificities of the authorities and constitutional rights of the region." 

The statement explained that "after the dialogues and exchange of views, the Council of Ministers unanimously decided to approve the draft as is in order to unify the procedures related to the financial and accounting systems between the regional government and the federal government, taking into consideration the constitutional specificities of the region and its powers stipulated in the Iraqi constitution." 

He pointed out that "it is clear that after 2014, the region's share of the budget was cut, and there was a complete disconnect with the federal government, which led to the adoption of two different financial and accounting systems by the finance ministries of the two governments. Therefore, in the current new phase between the two governments, it is an important step and will play a role in reorganizing the financial and accounting relations between them and resolving most of the observations of the joint team for financial oversight on revenues and expenditures and the staff of the regional government and unifying financial entitlements and salaries of employees throughout Iraq. This is in the interest of the region's employees and has begun with unifying the salaries of retirees."    

 The statement noted that "in the second paragraph, the Secretary of the Council of Ministers presented the results of the joint meeting between the technical delegation of the Ministry of Finance and Economy in the region and the Federal Ministry of Finance at the end of last week in Baghdad, as well as the results of the latest work of the joint team between the Financial Supervision Bureaus in the region and Baghdad. It was a summary of the recommendations, technical observations and serious steps taken by the ministries and institutions of the region that had previously taken the necessary measures regarding the recommendations and observations of the joint audit and review of revenues and expenditures and the delay in payment of salaries, in addition to the financial amount spent by the Federal Ministry of Finance on salaries for the months of July and August."

The statement added that "the Council of Ministers has instructed the ministries to continue coordination with the federal government and the joint financial oversight team from both sides, complete biometric registration, issue job numbers for all employees on salaries, and expedite the activation of the electronic payment system," stressing that "in return, the federal Ministry of Finance must send the salaries for July and August 2024 as soon as possible so that the Kurdistan Regional Government can pay the salaries for August as soon as possible, in a manner equivalent to employees who receive salaries in other parts of Iraq, if the region's employees are now entitled to the August salary." 

The Council of Ministers also discussed preparations for the special meeting of the Federal Ministerial Economic Council, which is scheduled to be held in Erbil these days, on the pending issues between the two ministries. The Council of Ministers warmly welcomed the meeting held in Erbil, while the Kurdistan Regional Government considers this meeting an important opportunity to meet the relevant ministers in both the Kurdistan Regional Government and the Federal Government closely to discuss the pending issues between the two sides seriously in all fields and sectors. 

The statement pointed out that "the Council of Ministers has assigned the Secretary of the Council of Ministers, the Head of the Coordination and Monitoring Office, and relevant authorities to make the necessary preparations in coordination with the Kurdistan Regional Government's representation in Baghdad and the Secretariat of the Federal Economic Council, and to direct the ministers to prepare their issues according to their characteristics and submit balanced proposals and recommendations that take into account the powers stipulated in the Iraqi Constitution in order to solve the issues radically and provide greater space for cooperation between the two governments and improve the living conditions of citizens throughout Iraq, including the Kurdistan Region."  LINK

Economist’s “News and Views” Thursday 9-5-2024

China Just Helped Russia & Iran By Ditching All US Imports!

Tech Beat:  9-5-2024

In this video, we look at a critical geopolitical situation in which China has taken a brave move by dramatically lowering its reliance on US imports. This move has an impact not only on the global economy, but it also indicates a stronger alliance with Russia and Iran.

We'll look at why China made this move, what it means for its trade policies, and the broader ramifications for international relations and economic power dynamics. As tensions between China and the United States escalate, China's new economic plans line more closely with nations such as Russia and Iran, both of whom confront their own set of issues with Western countries.

 China's shift in import preferences away from the United States not only strengthens its ties with these countries, but also creates a more united front against Western economic pressure.

 This strategic alliance might have a long-term impact on global economic patterns and political relationships. Join us as we discuss how this decision is transforming the economic landscape, what it means for the future of US-China ties, and how Russia and Iran will gain from this change.

https://www.youtube.com/watch?v=50LPGxbEAws

"End Hegemonism": 2024 China-Africa Summit Kicks Off, Counters Neocolonialism and Hegemony

Lena Petrova:  9-4-2024

https://www.youtube.com/watch?v=Oso4RQZKVv4

Recession Watch: New Data Signals Trouble - Here's What You Need to Know

Taylor Kenny:  9-5-2024

This is a big day for data from Bloomberg on the reality of where our economy is and where it is headed. They're trying to tell us we're not in a recession but what do these numbers tell you?

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

“Tidbits From TNT” Thursday 9-5-2024

TNT:

Tishwash:  Saudi official: Our trade exchange with Iraq has increased fivefold in recent years

 A Saudi official said that trade exchange between the Kingdom and Iraq has increased fivefold in recent years.

A statement by the Iraqi Foreign Ministry, a copy of which was received by {Euphrates News}, stated that "the Ambassador of the Republic of Iraq to the Kingdom of Saudi Arabia, Safiya Talib Al-Suhail, visited the Saudi Export Development Authority, where she met with the CEO of the Authority, Abdul Rahman Al-Dhakir, in the presence of a number of officials. The Ambassador was accompanied by a delegation from the embassy's senior staff, in addition to the Iraqi commercial attaché in the Kingdom."

The statement added that "during the meeting, the latest developments in economic relations and trade exchange between the two countries were reviewed, in addition to the ongoing preparations for the Kingdom's participation in the Baghdad International Fair for the year 2024. Ambassador Al-Suhail stressed the Iraqi government's interest in enhancing trade exchange and cooperation in various economic and investment fields.

She also praised the Kingdom's prominent role in the Baghdad International Fair earlier this year, expressing her aspiration for a broader and more effective participation from the Kingdom in the next edition of the exhibition, reflecting the development of bilateral relations between the two brotherly countries."

The Ambassador expressed her thanks to the Kingdom for the facilities provided to Iraqi companies participating in exhibitions and trade forums in Riyadh, stressing the importance of strengthening this cooperation in the future.

For his part, Abdul Rahman Al-Dhakir expressed his satisfaction with the remarkable growth in trade exchange between the Kingdom and Iraq in recent years, which has increased fivefold, stressing “the Authority’s readiness to continue supporting and strengthening economic relations between the two countries, while seeking to benefit from successful experiences and exchange expertise between the two sides.” link

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Tishwash:  Giant screens in Baghdad to broadcast the Lions' matches in the qualifiers

Baghdad Municipality announced today, Thursday, that it has installed giant screens in 4 locations in the capital, to show the national team’s matches in the World Cup qualifiers.

The Secretariat stated in a statement :

In support of the “Yalla for the World Cup” campaign and based on the directives of the Prime Minister, the Baghdad Municipality, in cooperation with the Fourth Sports Channel, is installing a number of giant screens in (4) locations in the capital, Baghdad, for the purpose of broadcasting the matches of our national football team in the World Cup qualifiers, to serve the honorable sports audience. The Rashid Municipality will also broadcast the match via the (Baghdad Park) screen in the Al-Bayaa area. link

Tishwash:  Warning: Iraqi employees' salaries are being stolen "electronically" and parliament intervenes

Member of the Parliamentary Finance Committee, Mohammed Nouri, revealed on Wednesday the methods of stealing money from employees’ electronic cards.

Nouri told Shafaq News Agency, "The manipulation and theft of money, electronic card codes, and financial transfers are done by employees in companies and systems, not banks, considering that banks are only a financing entity and have nothing to do with the matter."

He pointed out that "there is a joint investigative committee formed between the Parliamentary Finance Committee, the Ministry of Finance and the banks in this matter after many employees and citizens were harmed by the theft of their salaries and the money deposited in the electronic card."

Nouri added, "The investigative committee is following up on the issue in coordination with the Ministry of Finance and will reach good results to determine the circumstances of the theft of employees' salaries from electronic cards issued by companies in coordination with government and private banks."link

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Tishwash:  Central Bank: We have put foreign transfers and meeting dollar demands on sound tracks

 The Central Bank of Iraq revealed, on Wednesday, the mechanism for ending the electronic platform, while indicating that foreign transfer operations and meeting dollar demands were on sound tracks.

The bank stated in a statement received by Mawazine News, that "the electronic platform for foreign transfers managed by the Central Bank of Iraq began at the beginning of 2023 as a first stage to reorganize financial transfers in a way that ensures proactive oversight of them instead of subsequent oversight by the Federal Reserve auditing daily transfers, and this was an exceptional procedure as the Federal Reserve does not usually do this."

He added, "Plans were made for a gradual shift towards building direct relationships between banks in Iraq and foreign correspondent and accredited banks, mediated by an international auditing company to conduct pre-audit of transfers before they are executed by correspondent banks."

He pointed out that "during the year 2024 and until now, 95% of the transfer process from the electronic platform to the mechanism of correspondent banks directly between it and Iraqi banks has been achieved, which means that only about 5% of it remains within the platform, which will be transferred using the same mechanism before the end of this year and according to the plan. Thus, some expectations about potential impacts on the exchange rate and transfer operations are baseless, because the process will not be sudden or in one batch at the end of this year, but rather it was originally achieved during the past period with effort and careful follow-up, except for the remaining small percentage that will be completed in the coming period."

He stressed that "trade with the United Arab Emirates, Turkey, India and China represents about 70% of Iraq's foreign trade as (imports), which prompted the Central Bank of Iraq to find channels for transfer in euros, Chinese yuan, Indian rupees, and Emirati dirhams, through approved correspondent banks in those countries, and (13) Iraqi banks have actually begun conducting transfer operations with the prior audit mechanism that was agreed upon and approved in addition to transfers in dollars."

He continued, "With the provision of channels for personal transfers for legitimate purposes and external purchases through electronic payment channels, global money transfer companies, cash sales to travelers, and the payment of cash dollars for incoming transfers to the parties and purposes specified in the Central Bank's published instructions."

The Central Bank of Iraq stressed that "it has placed external transfer operations and meeting dollar demands on sound paths consistent with international practices and standards and the Anti-Money Laundering and Terrorist Financing Law."

He explained that "providing the aforementioned channels for all purposes at the official dollar price makes this price the true indicator of economic practices, which is proven by the reality of price stability and control of inflation, and any other price traded outside those channels is an abnormal price that those with unorthodox or illegal practices who move away from official channels in their dealings resort to, so they bear the additional costs of purchasing at a higher price than the official price to delude others with the difference between the official price and others."  link

Mot: .. UH OH!!!! ------ 

Mot:  ... Close ""Earl"" - close!!!! 

Seeds of Wisdom RV and Economic Updates Thursday Morning 9-5-24

Good Morning Dinar Recaps,

ZURICH CANTONAL BANK OFFERS CRYPTO TRADING SERVICES

▪️Zurich Cantonal Bank starts offering cryptocurrency services today.

▪️ZKB customers can trade Bitcoin and Ethereum via mobile banking.

▪️Partnership with Crypto Finance ensures regulated and competent crypto services.

Bitcoin (BTC) is heading towards new lows as expected and retested $55,000 today. However, there is also good news.

The increasing institutional interest in cryptocurrencies has reached a point where banks cannot remain indifferent. In Turkey, Garanti BBVA Bank took the first step, and now one of Switzerland’s largest banks has taken action for two major cryptocurrencies.

Zurich Cantonal Bank and Crypto

For individual customers and third-party banks, Zurich Cantonal Bank has started offering cryptocurrency services as of today. 

Partnering with a company named Crypto Finance for this job, the bank will provide these services on a legal basis. Crypto Finance is managed by Deutsche Börse, which holds FINMA and Germany’s BaFIN licenses.

ZKB, one of the country’s four major banks, is also the largest cantonal bank in the Zurich region. Moreover, it is a highly reputable institution with a AAA rating from Fitch, Moody’s, and S&P. In fact, in 2023, rating agencies announced it as the second safest bank in the world.

Buying Cryptocurrency from the Bank

As of today, ZKB customers can buy and sell Bitcoin (BTC) and Ethereum (ETH) directly through the mobile banking application. For cautious investors who see centralized cryptocurrency exchanges as less secure, especially after bad examples like FTX, such alternatives will also increase liquidity inflow into the markets..

The bank’s Head of Digital Asset Solutions, Peter Hubli, said:

“With Crypto Finance by our side, we have a long-term industry-experienced, regulated, and competent partner who is familiar with the aspects of the crypto business.”

Although ZKB has taken a big step, it is not the first bank to move in this direction. In 2021, BBVA Switzerland was the first to make a name for itself. Another of the country’s four major banks, PostFinance, offered cryptocurrency services in early 2024 in partnership with Sygnum.

The increasing interest of banks and the entry of such reputable institutions into the crypto business is motivating for all investors.

@ Newshounds News™

Source:  CoinTurk News

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IMF EXPLORES HOW CBDCS CAN ADDRESS PRIVACY

Arguably, the two biggest challenges for retail central bank digital currencies (CBDCs) are whether the public sees them as useful and concerns about privacy.

Despite coverage to the contrary, central banks design most current CBDCs with good intentions. However, with many countries shifting towards more divisive politics, some worry that CBDCs designs could be tweaked.

 These concerns relate to a central bank or regulator dictating who can use the CBDC or restricting how the money can be spent. Alternatively, there are big brother snooping concerns. A recent paper by staff at the International Monetary Fund offers a thoughtful approach to the topic.

At a high level the report shows a deep appreciation of the issues. But it also delivers a practical how-to framework.

More than once they cite a 20-year-old paper that argues privacy is inherent to the nature of money. That ‘Money is Privacy’ report was in response to the growth of ecommerce, including the use of personal data to charge higher prices to some people.

 The ‘Money is Privacy’ paper even suggested some might want to use an intermediary in order to anonymize payments in the absence of anonymous money. This was before the invention of Bitcoin.

The IMF authors cite an Edelman Trust Institute study that found respondents trust businesses (63%) more than government institutions (51%). However, the research spanned 28 countries, with people putting greater trust in the government in four jurisdictions.

Apart from the collection of data, privacy risks come from external events, such as data leakages, data abuses, cyberattacks, and cross-border payments data flows.

The proposed framework adopts a three step approach:

▪️Define data use cases
▪️Identify risks to privacy
▪️Implement privacy by design and PETs (privacy enhancing technologies).

Data use cases

Personal data isn’t particularly useful for central banks. However, aggregated transaction data can be used for monetary statistics and to optimize monetary policies.

The report notes that the European Central Bank and the Bank of England have vowed not to access or use personal data for CBDC. Although it said that “other central banks (for example, the Reserve Bank of India) have emphasized the economic value of CBDC data.”

On that point, one of the purposes for collecting private information may be to provide credit scores for those that lack traditional credit histories.

The paper explores how each participant – central banks, payment service providers, merchants and consumers – might desire to access either aggregated data or private information. For consumers, the desire is to control that access.

One question is whether central banks can learn from the BigTech experience, particularly from China’s Alibaba and the associated payments app Alipay . It notes that data collection can help to expand access to credit. At the same time, it says BigTech profit incentives result in the erosion of consumer privacy.

The question is whether there is a similar risk for CBDCs with payment service providers (PSPs). “A nonbank that manages payment data is a central node in the economy that would have incentives to launch additional nonbank services or platforms tied to its central role.”

On the other hand, banks don’t combine data and there are many of them, so with banks involved in CBDC, it’s more likely to resemble the traditional payment system.

If non-bank PSPs are involved in distributing a CBDC, it could resemble the BigTech scenario if one of them is dominant. Perhaps that might include a wallet app.

For those interested in the topic, the IMF’s paper is well worth a read.

Meanwhile, in June the ECB published a blog post about making the digital euro private and we analyzed the digital euro progress on that front.

@ Newshounds News™

Source:  LedgerInsights

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SEC DELAYS DECISION ON ECO-FRIENDLY BITCOIN ETF AGAIN

▪️The SEC delayed its decision on an eco-friendly Bitcoin ETF again.

▪️This increased uncertainty among investors and caused market fluctuations.

▪️Experts believe such projects could help cryptocurrencies gain wider acceptance.

The U.S. Securities and Exchange Commission (SEC) has once again delayed its decision on an eco-friendly Bitcoin ETF (Exchange Traded Fund). This situation has increased uncertainty among investors and caused fluctuations in the cryptocurrency market.

Reason for SEC’s Delay

The SEC stated that it needs more information regarding the potential impacts of the proposed ETF as the reason for the delay. The commission aims to conduct a more careful evaluation, especially considering environmental impacts.

The U.S. Securities and Exchange Commission (SEC) has once again delayed its decision on an eco-friendly Bitcoin ETF (Exchange Traded Fund). This situation has increased uncertainty among investors and caused fluctuations in the cryptocurrency market.

Reason for SEC’s Delay

The SEC stated that it needs more information regarding the potential impacts of the proposed ETF as the reason for the delay. The commission aims to conduct a more careful evaluation, especially considering environmental impacts.

The U.S. Securities and Exchange Commission (SEC) has once again delayed its decision on an eco-friendly Bitcoin ETF (Exchange Traded Fund). This situation has increased uncertainty among investors and caused fluctuations in the cryptocurrency market.

Reason for SEC’s Delay

The SEC stated that it needs more information regarding the potential impacts of the proposed ETF as the reason for the delay. The commission aims to conduct a more careful evaluation, especially considering environmental impacts. Access NEWSLINKER to get the latest technology news.

Features of the ETF

The proposed ETF aims to reduce Bitcoin’s energy consumption and achieve a more sustainable structure. The ETF’s goal is to support Bitcoin mining using renewable energy sources and minimize its environmental footprint.

Investors’ Reaction

Investors find the SEC’s decision uncertain and consider it a risk for the market. Particularly, investors planning to invest in eco-friendly projects are negatively affected by this delay.

The SEC is known to have postponed similar decisions before. However, in this period of increased environmental awareness, interest in eco-friendly projects has grown. Therefore, investors and markets are eagerly awaiting the SEC’s final decision.

SEC officials said, “We need to examine the environmental impacts of the proposed ETF in more detail.”

On the other hand, the growing interest in the eco-friendly Bitcoin ETF is seen as a positive sign for the future of sustainable projects in the cryptocurrency market. Experts suggest that such projects could help cryptocurrencies gain wider acceptance.

@ Newshounds News™

Source:  Cooin-Turk

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CARDANO NEWS: HOSKINSON CLARIFIES HIS ROLE AFTER CHANG HARD FORK IMPLEMENTATION

Cardano has successfully implemented the Chang hard fork, marking the commencement of the Conway era, a significant step in the blockchain’s journey toward full decentralization. 

This upgrade that occurred at block 10,764,778 on Sunday incorporated the CIP-1694 governance model, which now allows ADA holders to vote directly on the network’s decisions.

The Cardano Foundation praised the Chang hard fork as a significant event, underlining its significance for the blockchain, ecosystem, and community. “This upgrade realizes the vision of a fully autonomous and decentralized network,” the Foundation said in a blog post on September 2.

Community Debates Hoskinson’s Future Role in Cardano Development’

However, this upgrade has also created some controversy among the Cardano community regarding the future of Charles Hoskinson, the founder of Cardano. Chris-O, a known community member, proposed keeping Hoskinson and his company, Input Output Global (IOG), to fast-track the development of core Cardano functionalities. This proposal has met with both support and opposition views from the public.

SynthLuvr, the founder of Mynth Network, has a different view, stating that with Hoskinson leaving, Cardano might be better off. According to SynthLuvr, the development of Cardano may benefit from relinquishing this role and enabling the community to be at the forefront, thereby establishing Cardano as the opposite of Ethereum in terms of having a clear leader.

Hoskinson responded to the ongoing debate with a tweet, questioning the perception of his role at IOG. “I’m not involved technically? What the hell do people think that I do at IOG?” he tweeted.

The Cardano ecosystem will now operate under three key bodies: the constitutional committee, delegate representatives, and stake pool operators. 

The first phase of the hard fork introduced the constitutional committee, which governs the transition of governance. 

The second phase of the new governance structures is expected to be launched within the next 90 days and will build on the achievements of the first phase.

Hoskinson Describes Cardano as Unstoppable “Governance Virus”

In another post, Hoskinson shared his experience of working with Cardano for the past ten years and the stress of being a public representative of the blockchain industry. He pointed out that the process has been a bumpy ride, but at the same time, there were some major successes.

“Working on Cardano this past decade has been a whirlwind of emotions, challenges, and tremendous obstacles to overcome,” Hoskinson wrote. He emphasized that Cardano’s evolution has turned it into something “alive” and unstoppable.

According to Hoskinson, it is a “governance virus that is alive, replicative, and autonomic,” stating that there is no way to stop its expansion or turn it off. Cardano has not been without its controversies in the past, with critics referring to it as a ‘dead chain.’

In July, a YouTuber, Ben Armstrong, who is popularly known as BitBoy Crypto, labeled ADA as irrelevant to institutional investors. Following the Chang hard fork, ADA was trading at $0.32, showing some resilience despite a slight decline of 2.04% over the past 24 hours.

@ Newshounds News™

Source:  Crypto News Flash

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