Economist’s “News and Views” Wednesday 9-11-2024

‘Flashing Red Lights Everywhere’; Lobo Tiggre’s Urgent Warning On The Economy, Markets

David Lin:  9-11-2024

Lobo Tiggre, Editor of The Independent Speculator, discusses signs of an economic slowdown, the outlook for monetary policy, and commodities.

0:00 - Intro

1:00 - Yellen: "economy remains solid"

7:20 - Fed monetary policy outlook

11:40 - Slowing job openings

18:40 - Money supply

22:00 - Federal deficit

25:52 - Fighting inflation

29:55 - Copper

35:00 - Gold and silver

38:38 – Uranium

https://www.youtube.com/watch?v=nP2-R_R4vWk

The Yield Curve Is Showing DANGER (TIME TO BRACE FOR IMPACT)

Lynette Zang:  9-10-2024

https://www.youtube.com/watch?v=1UJbREVasYo

7 Days. (Countdown Begins). US DOLLAR COLLAPSE ACCELERATES. Important Updates.

Greg Mannarino:  9-11-2024

https://www.youtube.com/watch?v=p8WRW0U7YeE

“Tidbits From TNT” Wednesday Morning 9-11-2024

TNT:

Dollar crisis: Changing exchange rates will create “huge problems” and smuggling is led by a “deep state”

The head of the Diyala Chamber of Commerce, Muhammad Al-Tamimi , confirmed today, Tuesday (September 10, 2024), that changing the exchange rates will create many problems, as the deep state is the one managing the state’s smuggling outside the borders of Iraq.

Al-Tamimi told Baghdad Today, "The money market is suffering from major challenges and is exposed to tremors at any moment, especially since the ability to control it is limited in most areas, with the continued smuggling of the dollar, which has become a lifeline for names and entities representing the deep state in the country in order to maintain its influence."

He added that "the recent rise in the parallel market was due to speculation and the spread of misleading news, in addition to the presence of names that control a large part of the liquidity," noting that "talk about the Central Bank resorting to changing the dollar exchange rates is still speculation, and if it happens, it will lead to many problems."

He pointed out that "without controlling the smuggling rate, the difference between the official and parallel price will remain high," stressing that "the price difference generates billions of dinars in the pockets of many parties and forces."

It is noteworthy that a banking source reported yesterday, Monday (September 9, 2024), that there was confusion in the foreign currency markets, while he expected their prices to rise.

The source told Baghdad Today, "The Central Bank will issue new decisions regarding foreign currency prices and the method of trading them within Iraq."

He added, "It is likely that these decisions will lead to an increase in the dollar exchange rate in the parallel market due to the currency shortage."

The source said, "The aim of these decisions is to limit currency smuggling or its monopoly by the weak-willed."

The dollar exchange rates witnessed a new rise in the two main stock exchanges and local markets for the second day in a row.   link

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Tishwash:  Winners and losers from the fluctuation of the dollar exchange rate against the dinar in Iraq

Despite the long period of time since the start of the electronic platform to monitor the movement of the dollar, the exchange rates of the dinar against the US currency still experience a large disparity between the official price announced by the Central Bank, which is 1320 Iraqi dinars per dollar, and the black market price, or what is known as the parallel price, which ranges between 1490 and 1510 Iraqi dinars per dollar.

And at the beginning of 2023, he announcedIraqAdopting an electronic platform to monitor the movement of dollar sales and money laundering operations, following warnings issued by the Federal Reserve (the US Central Bank), in addition to the US Treasury Department punishing several local banks for their involvement in suspicious activities.

The electronic platform for transfers worksForeign

The Central Bank of Iraq, in its first phase , is reorganizing financial transfers to ensure proactive control over them instead of subsequent control through the Federal Reserve auditing daily transfers.cabinetIraqi on February 7, 2023 on the decision of the Board of DirectorsCentral Bank of IraqBy adjusting the exchange rate of the dollar against the dinar, equivalent to 1300 dinars per dollar after it was 1480 dinars per dollar.

On the fourth of this month, it was announcedCentral Bank of IraqThe "electronic platform" through which US dollar transfers abroad are carried out is about to be completed, indicating - in a press statement - that during the year 2024 and until now, 95% of the transfer process from the electronic platform to "corresponding 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.

This decision by the Central Bank raised many questions about the extent to which it has been able toIraqPreventing the smuggling of hard currency, stopping money laundering operations, and the extent of the success of economic measures in controlling currency smuggling and controlling the price in the market.

*The winners and losers from the fluctuation of the exchange rate.

Abdul Hassan Al-Ziyadi, a member of the Board of Directors of the Iraqi Businessmen Union, confirmed that the primary beneficiaries of the fluctuation of the dollar exchange rate against the dinar in Iraq are currency smuggling traders and price speculators, adding that the primary victims are...IraqAnd the citizen.

Al-Ziyadi said, "The dollar crisis inIraqAffected all jointslifeCommercial and non-commercial,” he added, “traders were harmed by the rise in the dollar exchange rate, and citizens were also harmed because the instability of the exchange rate destroys the family’s income and monthly resource.”

He continued, “If he wantedIraqTo get rid of this confusing situation, he must first get rid of the import of many goods and rely on manufacturing them locally to reduce the need for hard currency in addition to developing agriculture,” considering that “the Iraqi government and the Central Bank are primarily responsible for the failure of the currency selling platform.”

*Draining money

The researcher in economic affairs and a member of the General Authority of the Iraqi Accountants Syndicate pointed outHusseinNima Al-Karaawi until the entryIraqIn the American SWIFT system in 2023, it was the reason for many traders to refrain from the currency selling platform and turn to the black market for fear of having their money seized, in addition to the lack of mechanisms to help traders avoid having their money seized.

Al-Karawi said that "the price differencebetweenThe dollar and the dinar in the official or parallel price exceed 17 points for one dollar, so what is the case with very large amounts? He considered that “this matter represents a drain on funds.”

He added that “sales have declined significantly inIraqBecause of the change in the exchange rate and the lack of real control over the fluctuations in exchange rates in the market,” explaining that the reason is due to the presence of border crossings outside the control ofthe governmentIt is exploited by some dollar smuggling gangs.

Al-Karawi believed that "the citizen is the one who pays the tax of the exchange rate fluctuations. Although the financing for imported goods is through the platform at the official price, in reality many goods and commodities are sold in the local market at the parallel dollar price."
He said that the platform wasSellDaily up to $280 millionbutThe amount has now dropped to less than $240 million per day, he added, adding that the differencebetweenThe whistleblowers go to smuggling and the parallel market.

Al-Karawi confirmed that "the government and the Central Bank have taken many measures internally and externally to control the smuggling process and control the exchange rate."

He explained that some banks were harmed by the ban imposed on them by the US Federal Reserve and by smuggling operations, which contributed to raising the exchange rate on the black market. He also indicated that reducing the exchange rate of the dinar against the dollar also harmed the government's revenues, because its revenues depend on selling oil and receiving dollars in exchange for it and then selling it on the official platform for banks and traders.

Controlling border crossings

The spokesman for the Baghdad Chamber of Commerce, Rashid Al-Saadi, believed that controlling border crossings and automating the departments concerned with the import and export file are the only way to control currency smuggling.

Al-Saadi said, "There are parties that tried to thwart the currency selling platform to benefit from illegal transfers."

He added that "Iraq lost large sums of money as a result of smuggling of goods and hard currency and tampering with the valuation of goods from border crossings."

As for the citizen Ahmed Jabbar, who owns grocery stores, he called forthe governmentIraq to support the economy and enhance the purchasing power of citizens by strengthening the local currency and supporting local industry and agriculture.

Jabbar said, "Selling in dollars has affected the Iraqi market. We encouragethe governmentTo limit dealings in the local currency, as it contributes to the stability of the market and the economic situation of citizens.  link

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Al-Sudani and Pezeshkian sponsor the signing of 14 bilateral memoranda of understanding between Iraq and Iran

 Prime Minister Mohammed Shia Al-Sudani and Iranian President Masoud Pezeshkian sponsored, today, Wednesday (September 11, 2024), the signing ceremony of 14 memoranda of understanding in various fields and sectors.

The Prime Minister's Office said in a statement received by "Baghdad Today" that "Al-Sudani headed, along with the President of the Islamic Republic of Iran, Masoud Pezeshkian, the delegations of the two countries in the expanded meetings held at the government palace in the capital, Baghdad."

The statement added that "during the meeting, aspects of cooperation between the two neighboring countries were discussed, in a way that achieves mutual interests and benefits, as well as following up on the work of the joint supreme committee between Iraq and Iran, which will hold its next meeting in Baghdad," indicating that "security cooperation and the joint security agreement were also discussed, as well as constructive cooperation in the field of refining and energy industries, and cooperation between the private sectors in the two countries."

According to the statement, the Prime Minister referred to the "religious, social and historical ties that unite the two neighboring countries," explaining that "their geographical location makes the logistical and transportation lines of great importance," referring to "the (Basra-Shalamcheh) railway line for transporting passengers, and the government's keenness to complete the memoranda of understanding and proceed with their implementation."

 For his part, the Iranian President referred to "the depth of the relationship between the two countries, and the impact of the distinguished relationship on the stability of the region," stressing "his country's desire for joint work and development of economic partnerships between the two countries."

The statement indicated that "the meeting witnessed agreement on common visions regarding the continued aggression on Gaza, and the destabilization caused by the Zionist entity to the security and stability of the region."

The two sides renewed "the call to stop the genocide against the Palestinians, and for the international community to assume its responsibilities in this regard."

The Prime Minister and the Iranian President sponsored the signing ceremony of 14 memoranda of understanding in various fields and sectors, including: economy, training cooperation, youth and sports, cultural, artistic, archaeological and educational exchange, media cooperation, communications, in the field of religious tourist groups, cooperation in the field of Iraqi-Iranian free zones, agriculture and natural resources, mail, social protection, vocational and technical training, development of skilled manpower, and cooperation between chambers of commerce.

The memoranda of understanding were signed on the Iraqi side by the Ministers of Foreign Affairs and Trade, and the President of the Federation of Iraqi Chambers of Commerce, while on the Iranian side they were signed by the Ministers of Foreign Affairs and Economy.

The Prime Minister's Office pointed out that "the memoranda of understanding signed between the Republic of Iraq and the Islamic Republic of Iran included the following:

1- Memorandum of Understanding in the field of training cooperation.

2- Memorandum of Joint Understanding in the field of Iraqi-Iranian youth and sports.

3- Memorandum of Understanding in the field of Iraqi-Iranian cultural, artistic and archaeological exchange.

4- Memorandum of Understanding for cooperation in the field of education.

 5- Memorandum of Understanding for Iraqi-Iranian media cooperation.

6- Memorandum of Understanding for cooperation in the field of communications.

7- Memorandum of Understanding for cooperation in the field of religious tourist groups.

8- Memorandum of Understanding for cooperation in the field of Iraqi-Iranian free zones.

9- Memorandum of Understanding for cooperation in the field of agriculture and Iraqi-Iranian natural resources.

10- Memorandum of Understanding for cooperation in the field of postal services.

11- Memorandum of Understanding for cooperation in the field of social protection.

12- Memorandum of Understanding for cooperation in the field of vocational and technical training.

13- Memorandum of Understanding for cooperation in the field of developing the Iraqi-Iranian skilled workforce.

14- Memorandum of Understanding for cooperation in the field of Iraqi-Iranian Chambers of Commerce. link

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Seeds of Wisdom RV and Economic Updates Wednesday Morning 9-11-24

Good Morning Dinar Recaps,

RIPPLE CONFIRMS FEDNOW’S NETWORK EFFECTS WILL TRANSFORM PAYMENTS AND BOOST XRP

▪️Ripple Labs believes the Federal Reserve’s FedNow system will benefit XRP.

▪️The company, through XRP and XRP Ledger, is fighting for market share in the global payment ecosystem.

In a recent release, American technology company Ripple Labs Inc. confirmed that FedNow’s network effects will transform payments and boost XRP. This disclosure highlights Ripple’s relevance as an enterprise blockchain solution in crypto.

FedNow as The Likely XRP Catalyst
For context, FedNow is an instant payment service launched by the United States Federal Reserve last year. With its competitive pricing, enhanced speed, and integrated fraud management features, it is expected to revolutionize the US payment landscape.

In the 2024 document “Trends in Regional Payments,” Ripple mentioned that “networking effects” associated with the adoption of FedNow will begin to take effect within the following year. The firm expects this phenomenon to disrupt the payment scene in America and ultimately pave the way for increased XRP adoption.

As XRP adoption grows, Ripple claims “network effects” will persuade clients to use the Ripple network over the SWIFT network. This would further help Ripple expand its business and use XRP for cross-border transactions, which might ultimately lead to a surge in price.

As highlighted in our earlier post, Ripple partner Volante Technologies collaborated with a prominent custodian bank to carry out FedNow’s pilot phase. The two groups tested the ‘send,’ ‘receive,’ and ‘bank-to-bank’ transfer functionalities to help banks adjust to the new network.

The partnership led to speculations that FedNow might benefit XRP and Ripple. Industry proponents claim Volante users could use XRP on FedNow because of the interface with Ripple. Notably, Volante and Ripple have been actively working together to launch cutting-edge payment solutions.

Now that Ripple has officially confirmed that XRP will benefit from the FedNow, many await the effects on the token’s future price. As of this writing, XRP was trading for $0.5398, demonstrating a 1.5% increase in the past 24 hours. The trading volume increased by 34% to $822 million, suggesting increased demand from traders and investors.

FedNow and XRP’s Position in Cross-Border Payments
Both FedNow and XRP have continued to launch innovative solutions as they fight for supremacy in the cross-border payment industry. As noted in our earlier report, stakeholders expect the cross-border payment sector to be worth over $250 trillion by 2027.

With this in mind, FedNow is already growing its presence within the ecosystem. The service provides a faster, more efficient alternative that could reduce reliance on traditional card networks, potentially lowering transaction fees and increasing competition. Although signing up is voluntary, the service is available to more than 10,000 US financial institutions.

As mentioned in our previous post, Ripple is also leading the charge in addressing issues in the cross-border payment sector. Experts estimate that XRP’s dominant role in cross-border payments might propel the coin’s price to $1 by 2025.

Ripple payments use the XRP and the XRP Ledger to provide the speed, access, and cost-efficiency to meet the demands of crypto businesses.

@ Newshounds News™

Source:  Crypto News Flash

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India launches National Blockchain Framework

Last week India’s Ministry of Electronics and Information Technology (MeitY) unveiled India’s National Blockchain Framework.

 It has several purposes, including providing a platform for government departments to develop solutions and a light weight platform for rapid prototyping by researchers and small businesses.

Vishvasya is the National Blockchain Technology stack providing Blockchain as a Service (BaaS). This allows users to spin up nodes and networks and develop smart contracts, including several templates. For external developers who need to consume the blockchain apps, the stack provides APIs for access.

So far it supports two permissioned blockchains, but didn’t mention which ones. When we reported that MeitY was working on this project last year, the blockchains were Hyperledger Fabric and Hyperledger Sawtooth.

Several government departments have already developed solutions ranging from judiciary applications to document certification and tracking agriculture produce.

One app that was promoted is Praamaanik, which uses blockchain to verify mobile app security. The application developers provide an electronic fingerprint of their mobile app, which is registered on the blockchain.

When users download the app, they can verify that it’s exactly the same and hasn’t been tampered with by using a verification mobile app.

For many years the software community has cryptographically signed software builds. Checking the signature required a little technical skill, whereas India’s solution provides an option that anyone can master.

Apart from MeitY, other organizations involved in the development include C-DAC, NIC, IDRBT Hyderabad (for research in banking technologyset up by the central bank), IIT Hyderabad, IIIT Hyderabad (3 Is), and SETS Chennai.

This project has similarities with Europe’s EBSI, which provides a platform for government solutions. There’s also some cross over with China’s domestic Blockchain-based Service Network (BSN), which was designed to provide a low cost blockchain infrastructure for small companies.

@ Newshounds News™

Source:  Ledger Insights

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Seeds of Wisdom RV and Economic Updates Tuesday Evening 9-10-24

Good Evening Dinar Recaps,

FED'S UPCOMING PROJECTIONS TO SIGNAL DEEPER CUTS THAN PREVIOUSLY EXPECTED: CITI

Investing.com -- The Fed's updated projections are likely to show that policymakers warming up to cutting rates deeper than previously expected to shore up the economy, Citi analysts said in a recent note, ahead of the central bank's monetary policy meeting next week.  

"Fed officials will need to significantly update their Summary of Economic Projections next week," the analysts said. "The unemployment rate at the end of this year will be revised up and the path for policy rates revised down."

The analysts expect the voting Fed members' projections, or "dots," to show 100 basis points of cuts this year, compared with the Fed's June dots showing just one 25 basis point cut.

Expectations for a more dovish Fed have been driven by the recent slowdown in inflation, with Citi expecting inflation data due Wednesday to show the fourth consecutive month of slower core CPI growth.

As the market is expecting about the 105 basis points of cuts, the analysts said, a median dot for 75bp of cuts "would be hawkish relative to expectations."

The rate cutting path isn't straight forward, the analysts say, as the size of the rate cut in September is likely to significantly influence how deep the Fed cuts rates at consecutive meetings.  

A larger 50bp in cut September, which is the Citi's base case, could lead most fed officials to back 25bp cuts in November and December, leaving a median dot implying a total of 100bp of cuts for the year. But if the Fed delivers a 25bp cut in September, that provides them with the option to signal to the market that they could go 50bp at an upcoming meeting.  

The upcoming Fed decision and updated Summary of Economic Projections will be closely watched, particularly as the economic strength -- or lack thereof -- has sparked widespread debate

The upcoming Fed decision and updated Summary of Economic projections will be closely watched at a time when many the economic strength, or lack thereof, has sparked wide debate.  

@ Newshounds News™

Source:  Investing

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US CONGRESS ADDRESSES DEFI OPPORTUNITIES AND RISKS

▪️US Congress held its first hearing on DeFi, highlighting opportunities and risks.

▪️Republicans defended DeFi's innovation; Democrats focused on consumer protection and regulation.

The US Congress held its first hearing on Decentralized Finance (DeFi). The meeting discussed the opportunities and dangers brought by DeFi, highlighting partisan views; Republicans defended DeFi’s innovative and economic freedom aspects, while Democrats focused on consumer protection, market integrity, and the risks of unregulated financial systems.

Definition and Growth of DeFi

DeFi generally refers to peer-to-peer digital asset transactions through smart contracts on permissionless blockchain networks. However, the meeting emphasized that DeFi lacks a standard definition. The committee presented statistics indicating the rapid growth of the DeFi sector. DeFi’s market value is currently at 67 billion dollars, and the total locked value (TVL) is recorded at 89 billion dollars.

Republicans vs. Democrats

Republicans described DeFi as an innovative sector that could provide more efficient transactions by eliminating non-profit intermediaries. “DeFi is essential for a vibrant financial sector in the US,” said Warren Davidson from Ohio.

On the other hand, Democrats emphasized the importance of consumer protections and stated that DeFi is prone to fraud. Brad Sherman from California argued that DeFi is more complex than traditional finance and a space where bad actors defraud customers.

Republican Witnesses’ Views

Republicans, being the majority in Congress, selected four witnesses to speak before the committee. Democrats could choose only one witness. Brian Avello, Chief Legal Officer of Universal DeFi Holding Company, argued that DeFi should not be governed by existing financial regulations. 

Rebecca Rettig from Polygon Labs noted that DeFi should be redefined as critical infrastructure, suggesting the Cybersecurity and Infrastructure Security Agency (CISA) as a potential regulator. 

Amanda Tuminelli from the DeFi Education Fund emphasized that DeFi should not be managed with uniform rules from traditional finance. Peter Van Valkenburgh from Coin Center advocated punishing fraud and contract breaches.

Democratic Witness’s Views

Mark Allen Hays, senior policy analyst at Progressive nonprofit Americans for Financial Reform, argued that existing financial regulations should apply to DeFi. Hays highlighted DeFi’s ideological stance of avoiding regulation and stressed the importance of protecting market integrity and investors. Hays also mentioned that many fraudsters operate within DeFi protocols.

The meeting was presented as an opportunity for Congress to learn how DeFi works; however, political views dominated rather than an open-minded discussion.

While Republicans defended DeFi as an innovative sector, Democrats highlighted the risks posed by unregulated financial systems. The rapid growth of DeFi and its various risks indicate that more regulatory debates lie ahead. Users should consider both the economic freedoms and the risks that DeFi brings.

@ Newshounds News™

Source:  CoinTurk

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FINANCIAL GIANT STANDARD CHARTERED ANNOUNCES NEW DIGITAL ASSET CUSTODY SERVICE IN UAE

Financial services behemoth Standard Chartered is launching a digital asset custody service in the United Arab Emirates following the approval of a license from local regulators.

According to a new press release, Standard Chartered has selected the UAE for its product launch due to the region’s well-regarded approach to digital asset regulation and adoption.

Says Bill Winters, Group Chief Executive of Standard Chartered Bank,

“The launch of our digital asset custody offering represents a pivotal moment not just for Standard Chartered, but for the financial services industry. We firmly believe that digital assets are not merely a passing trend, but a fundamental shift in the fabric of finance.
With this new service, we are strategically positioning ourselves at the forefront of this next evolution in the custody business. Our robust infrastructure, coupled with our expertise in the field allows us to provide a bridge between the world of financial services and the emerging digital asset ecosystem.”

Initially, the service is set to cover Bitcoin (BTC) and Ethereum (ETH), the leading cryptos by market cap. According to the announcement, Brevan Howard Digital is the first client to utilize the new service.

Says Gautam Sharma, chief executive officer of Brevan Howard Digital,

“This is a significant win for the UAE and the wider digital asset industry. Standard Chartered’s global reputation and demonstrated commitment to this space add a layer of credibility that is meaningful for institutional adoption.

The development of the institutional infrastructure within the asset class and region supports our established business within the ADGM in its continued expansion and our ongoing efforts toward improving and reinforcing standards in the digital asset ecosystem.”

Standard Chartered plans to expand its digital asset services in the coming months and is considering extending its custody offerings to other major financial centers worldwide.

@ Newshounds News™

Source:  DailyHodl

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tZERO BECOMES 2ND FINRA-APPROVED BROKER-DEALER FOR DIGITAL SECURITIES

The company is following the steps of Prometheum, which now treats four cryptocurrencies as securities.

The United States has a second special purpose broker-dealer (SPBD) for digital asset securities. The Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) have approved tZero Digital Asset Securities as a digital asset SPBD, giving it the right to custody digital asset securities on behalf of retail and institutional clients.

Its new status allows SEC-regulated alternative trading system operator tZero to carry out custody, clearance and settlement of securities without a third-party custodian, making tZero a “one-stop shop” for digital asset security issuance and secondary trading, the company said in a statement. The company helps private companies go public through securities offerings.

tZero wants to set an example
tZero has a “long-standing position that many digital assets in the market constitute securities under existing legal frameworks,” it said. Although that claim is widely disputed in the crypto world, tZero will treat digital assets as securities when it provides custody of them. tZERO chief legal and corporate affairs officer Alan Konevsky said:

“We will leverage this unique opportunity, on behalf of the digital asset industry at large, to illustrate how positive regulatory clarity can produce real-world innovation, novel products and real commercialization across of range of traditional financial and real world assets.”

The new service will be available early in 2025. The full digitization of tZERO's Series-A preferred equity security (TZROP) will be its first product.

Putting compliance before the rule
Prometheum raised eyebrows in the crypto world when it became the first recipient of the SPBD designation for digital securities in May 2023. Like tZero, Prometheum was a minor player in the digital asset market. Its SPBD designation set off a chorus of disapproval and accusations of favoritism.

Prometheum treated Ether as a security and later added Uniswap and Arbitrum (ARB) to the list of “securities” it custodied. The SEC launched an investigation of Ethereum to determine whether it would consider it a security, but dropped the investigation in June.

tZero began its existence as a cryptocurrency and securities exchange spun off from Overstock.com. It closed its cryptocurrency arm in February 2023.

@ Newshounds News™

Source:   CoinTelegraph

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CFTC CHAIR REITERATES BTC AND ETH ARE COMMODITIES IN TESTIMONY

The head of the US commodities regulator, Rostin Behnam, has again argued that the agency should be given regulatory oversight of Bitcoin and Ethereum to better protect investors.

The United States commodities regulator chief has again argued that Bitcoin and Ether — the two largest cryptocurrencies by market cap — are commodities, and his agency should be given oversight of them.

Speaking on July 9 before the US Senate Committee on Agriculture, Nutrition, and Forestry, the Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam argued that a recent court ruling in Illinois stated that Bitcoin and Ether are commodities.

The July 3 ruling was part of a $120 million Ponzi case involving an Oregon man accused of fraud. In the order, the Illinois district court judge said both assets qualified as commodities.

It also said that Olympus (OHM) and KlimaDAO (KLIMA) qualified as commodities, too.

“In its decision, the court re-affirmed that both Bitcoin and Ether are commodities under the Commodity Exchange Act.”

Additionally, Behnam cited a 2022 report from the Financial Stability Oversight Council, which highlighted a gap in regulation of the spot market for “digital assets that are not securities” and called for his agency to assume a greater position of oversight for digital commodities.

Behnam said ongoing inaction from other regulators in the US would not “quash public interest for digital assets” and would only result in greater risk to financial markets and investors.

“In short, our current trajectory is not sustainable. Federal legislation is urgently needed to create a pathway for a regulatory framework that will protect American investors and possibly the financial system from future risk,” he said.

Behnam says the CFTC is ready to enforce crypto rules
The CFTC chair outlined five key legislative priorities he believed his agency could introduce to better regulate digital commodities.

These included his agency’s ability to tailor rules to meet the unique risk profile of cryptocurrencies, a permanent “fee-for-service model” funding model, requiring registrants to adhere to a “comprehensive disclosure regime” regarding their crypto assets, as well as bolstering Know Your Customer and Anti-Money Laundering privileges for the CFTC.

Finally, he urged the committee to consider a “disciplined, balanced framework” for whether or not tokens are deemed commodities or securities under existing law, as well as working to introduce a comprehensive education and outreach program concerning crypto assets in the US.

“The SEC and CFTC have a longstanding partnership that facilitates strong, robust regulation of securities and derivatives markets, Behnam said.

“I am confident that the two agencies will continue working closely, ensuring a reliable, fair, and efficient system for listing and trading of digital assets on regulated exchanges.”

@ Newshounds News™

Source:  CoinTelegraph

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Some “Iraq News” Posted by Clare at KTFA 9-10-2024

KTFA:

Clare:  Citizen and exchange rate

9/9/2024  Bashir Khazal

 In economics, the external value of a currency lies in the presence of a balance or surplus in the current account of the balance of payments relative to the gross domestic product, which should indicate a stable state at a minimum, not less than 4 percent annually.

 To achieve this goal, it is necessary to rely on a sustainable increase in the annual growth rate of the gross domestic product, provided that exports exceed imports, within the country’s trade balance.

In the past, the country had the capacity to export goods and services more than it imported, which strengthened the value of the national currency, especially the external value of the currency itself, during those years, especially in the early seventies, and the economy indicated a positive state, in addition to the availability of foreign reserves that support the main buffer against potential external factors and their effects on the overall economic situation.

 In the current economic system, currency prices are determined globally in two main ways, namely floating and fixed prices and through local and international factors that control the strength of the currency in supply and demand, interest rates, inflation and growth in the local economy, the trade balance and other influences, but the strength of the national currency is linked to its external value, specifically the exchange rate, as the external value of money is directly linked to the stability of the current account of the balance of payments, especially in the long term, in addition to the stability of foreign reserves in the central bank of the country, which strengthens the strength of the Iraqi dinar and the stability of the exchange rate.

On the other hand, the value and stability of the currency are linked to the internal value of the national currency itself. Just as we talk about the stability of the external value of the currency in the exchange rate and its exchange power with other currencies, the internal value of the currency is the other side of the stability Currency and its strength, here the value of the national currency is directly linked to the general price level, which means the strength of goods and services expressed in money. There is a correlation between price stability and the value of the national currency, and this requires the availability of a wise monetary policy, undertaken by central banks that make the growth in the money supply commensurate with the growth in the gross domestic product or national income.

The quantitative theory of money is based on the principle of the neutrality of money, which explains that the cause of inflation in the long term is money itself, as the growth in the money supply in a way that is not commensurate with the growth in the gross domestic product leads to either inflation or contraction in the growth of the general price level

If the amount of money in the economy increases, and unless there is a parallel increase in economic output, this will lead to an increase in the general price level, and a loss of control over exchange rates, even if the state sets the exchange rate in a way that is different from what is sold in the market.

The best evidence of this is that the exchange rate in most Iraqi markets is still fluctuating between 149-150 thousand Iraqi dinars for every 100 US dollars, while the government exchange rate is 132 thousand Iraqi dinars for every 100 dollars. American, but it did not bring any significant benefit to the citizen, but rather only speculators, brokers, traders and some companies profited from the price difference.  LINK

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Clare:  Signing several new agreements.. What is the agenda of the Iranian President's visit to Iraq?

9/10/2024

Iranian President Masoud Pezeshkian is scheduled to arrive in the Iraqi capital, Baghdad, tomorrow morning, Wednesday, on his first foreign visit since assuming his current position.

According to the visit's agenda, upon his arrival at Baghdad International Airport, Pezeshkian will head to the site of the assassination of former Iranian Quds Force commander Qassem Soleimani and deputy head of the Popular Mobilization Authority, Abu Mahdi al-Muhandis.

After that, he will head to the government palace where the official reception ceremony will take place by the President of the Republic of Iraq, Abdul Latif Jamal Rashid.

In the capital, Baghdad, Zeshkian will meet with: the Iraqi President, Acting Speaker of Parliament Mohsen Al-Mandalawi, Prime Minister Mohammed Shia Al-Sudani, and Chief Justice of the Supreme Judicial Council Judge Faiq Zidane.

On Wednesday afternoon, Bezeshkian will head to the Iranian embassy to attend two meetings, the first with Iranian merchants, and also with the Iranian community residing in Iraq.

On Wednesday evening, the Iranian president will be a guest at the dinner table of the "State Administration" coalition, which consists of most of the political blocs represented in the Iraqi parliament.

On Thursday, Bezeshkian will head to the cities of Najaf and Karbala, then to Basra in the far south of Iraq, and then to Erbil, the capital of the Kurdistan Region.

According to information received by Shafaq News Agency, during this visit, 10 to 15 agreements will be signed in Baghdad, most of which are economic, educational and cultural, and a security agreement may be included, but it is not confirmed.

The president is accompanied by the ministers of foreign affairs, defense, and trade, as well as a group of other Iranian ministers and officials.   LINK

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Clare:  Iraq's financial revenues exceed 77 trillion dinars in 7 months of 2024

9/10/2024

The Ministry of Finance revealed on Tuesday that the size of Iraqi revenues in the federal budget during 7 months exceeded 77 trillion dinars, confirming that the oil contribution to the budget remains around 89%.

Shafaq News Agency followed the data and tables issued by the Ministry of Finance last August for the accounts of January, February, March, April, May, June and July for the current fiscal year, which showed that oil is still the main resource for Iraq's general budget, reaching 89%, indicating that the rentier economy is the basis for the country's general budget.

The financial tables indicated that the total revenues for seven months of the current year amounted to 77 trillion, 475 billion, 502 million, 239 thousand, and 546 dinars, indicating that the total advances amounted to 15 trillion, 664 billion, 477 million, 820 thousand, and 559 dinars. 

According to the financial tables, oil revenues amounted to 69 trillion, 55 billion, 827 million, and 984 thousand dinars, which constitutes 89% of the general budget, while non-oil revenues amounted to 8 trillion, 317 billion, 883 million, and 512 thousand dinars.

For his part, economic expert Mohammed Al-Hasani said in an interview with Shafaq News Agency, "The economic problem in Iraq is due to the failure of the regimes that ruled Iraq to achieve the mission of moving towards a developmental economy by investing the oil wealth in diversifying the economy, creating productive employment opportunities, raising the level of human development, and ridding it of rentierism."

Al-Hasani stressed the necessity of "activating a set of laws that encourage the local and foreign private sector to enter the Iraqi market, including customs tariff laws, consumer protection, anti-monopoly laws, and others."

In March 2021, the Prime Minister's advisor for financial affairs, Mazhar Muhammad Salih, confirmed in an interview with Shafaq News Agency that the reasons for the economy remaining rentier are due to the wars and the imposition of an economic blockade on Iraq during the past era and the political conflicts we are witnessing today, which led to the dispersion of economic resources.

The continued reliance of the Iraqi state on oil as the sole source of the general budget puts Iraq at risk from global crises that occur from time to time due to the impact of oil on them, which makes the country turn every time to cover the deficit through borrowing from abroad or domestically, which thus indicates the inability to manage the state’s funds effectively, and the inability to find alternative financing solutions.   LINK

Clare:  Central Bank of Iraq announces comprehensive banking reform map

9/8/2024  Samir Al-Nusairi

After the Central Bank delegation returned from the last round of negotiations with the US Treasury and the US Federal Reserve, it revealed the roadmap for radical and comprehensive banking reform, which begins with working to cancel...

 The electronic platform for foreign transfers, which was implemented as a first stage to reorganize financial transfers in a way that ensures proactive control over them instead of subsequent control. This was a temporary exceptional measure and a gradual shift was planned towards building direct relationships between banks in Iraq and foreign correspondent and approved banks, mediated by an international auditing company to conduct pre-audit of transfers before they are executed by correspondent banks.

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

Thus, some expectations about possible effects on the exchange rate and transfer operations are baseless, because the process will not be sudden or in one go 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 accomplished in the coming short period.

The Central Bank 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 transfer in euros, Chinese yuan, Indian rupees and UAE dirhams, through approved correspondent banks in those countries. (13) Iraqi banks have actually begun to conduct transfer operations with a pre-audit mechanism that has been agreed upon and approved in addition to transfers in dollars.

Providing channels for personal transfers for legitimate purposes and external purchases through electronic payment channels, global money transfer companies, cash sales to travelers, and paying cash dollars for incoming transfers to the parties and purposes specified in the Central Bank’s published instructions.

The Central Bank stresses that it has placed foreign transfer operations and meeting dollar demands on sound tracks consistent with international practices and standards and the Anti-Money Laundering and Terrorist Financing Law.

He explains 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 resort to, who move away from official channels in their dealings, so they bear the additional costs alone by purchasing at a higher price than the official price to delude others with the difference between the official price and others.

The map and mechanisms announced by the Central Bank will certainly lead to lifting the confusion and instability in the monetary market, which is prevalent due to the continued imposition of American restrictions on our private banks and directing accusations, slander, rumors, analyses, interpretations and targeting of the Central Bank, and will create a state of optimism by lifting the restrictions imposed on some private banks.

This means that there are great efforts made by the Central Bank, in cooperation with the government, since the beginning of 2023 until now, in the field of implementing the financial and banking reform program and fruitful coordination with financial policy, which refutes the slander.

And the accusations and spreading optimism and reassuring the market and citizens. This is what the Governor of the Central Bank had previously emphasized before the Central Bank delegation’s recent trip to America. And the new reform roadmap is a result of the efforts previously made and which the Central Bank has been working on for a year and eight months, and it is as follows:

 - Reorganizing foreign trade financing to achieve several goals at once, one of which is the transparency of foreign transfer operations that begin with the transfer process and the transferor to the final beneficiary and to the source through all data, documents and information that enhance and match reality.

All large and medium-sized companies are committed to achieving this goal. The problem now is the dealings of small traders outside the operations. 

Foreign transfers are a pressure on the dollar money market and cause it to rise.

- The Central Bank opened channels for the Chinese, Turkish, Indian and Emirati currencies, which are currencies that represent a significant weight in foreign trade, as there was a halt for a period due to a new regulation aimed at providing sufficient control over these operations.

“A new audit mechanism has been put in place by an international company, and the process has been finalised and is now being restarted.”

The Central Bank has continuously urged the opening of relations with correspondent banks, because the Iraqi bank without having external correspondents is considered a local bank and cannot open up to the world.

The Central Bank, for its part, supports and assists this trend.”

- “In light of the new regulation of the foreign exchange process, the real price at which the Central Bank sells more than $250 million daily at the official price should be considered. This means that the bank covers foreign trade, and this explains why there is no inflation or price increases.

The parallel market is a market for those who do not want to go towards the regular methods of transfer and it is an illegal trade or trade that escapes the regular procedures or other illegal operations such as drug trafficking, human trafficking, corruption money, etc.

- Whether the dollar price rose or fell is not a correct indicator, as one must look at what and how much the Central Bank sells at the official price to liquidate various needs.

- That "the primary objective of the Central Bank is to maintain the general level of prices and limit inflation, and this is supposed to be the measure of the success of monetary policy, which has succeeded in controlling this aspect and the level of inflation compared to other countries and even in previous years is much lower, and within the target, and this means that foreign trade, on which Iraq depends primarily to meet the needs of citizens, is covered by the official price."

- “There is great praise in all meetings with international organizations, including the International Monetary Fund, the Federal Reserve, and the US Treasury, for the transformations, management, and organization of the external transfer process in the Central Bank of Iraq at the present time.”  

 And that "the Central Bank's plan until the end of the year will reach 100%, with foreign transfers between Iraqi banks and correspondent banks, without going through the US Federal Reserve.

The plan to reform and lift restrictions on banks includes two axes: the first relates to conducting an audit of previous operations that were suspected by an independent external audit office, some of which have been completed while we await the completion of the audit of others in order to determine the overall picture and classify the nature of these problems and how procedures will be carried out regarding them later.

And to reach a real, stable banking sector that is consistent with what is required at the level of the national economy, and to prevent some banks from remaining marginal and not representing a real addition to the Iraqi economy, and to gain external acceptance through agreement on their implementation of international policies, procedures and standards.

- The Central Bank has not set a quota for foreign transfers for banks, and they can submit whatever foreign transfer transactions they can attract. The Central Bank does not interfere in customers’ choices, and the banks that carry out this process rely on their capabilities to attract their customers.  LINK

Economist’s “News and Views” Tuesday 9-10-2024

Japan Sell off more than $60 Billion Treasury Holding: What's Going On?

Fastepo:  9-10-2024

Foreign countries hold U.S. Treasury securities as a central component of their financial strategies, but the risks associated with these holdings can be substantial and have far-reaching consequences. One of the primary risks is interest rate fluctuations.

When U.S. interest rates rise, the value of existing Treasury securities declines. For countries that hold large amounts of Treasuries, this can lead to significant losses, especially in periods of unexpected rate hikes, such as those seen during inflationary pressures.

 Another critical risk is currency fluctuation. U.S. Treasuries are denominated in U.S. dollars, meaning that foreign holders are exposed to currency risk.

 If the U.S. dollar weakens relative to their own currency, the value of these investments diminishes when converted back.

 This can be particularly damaging for countries with currencies that are either volatile or strengthening. In recent years, this risk has become more prominent as global exchange rates have fluctuated due to shifting economic conditions.

 Inflation also poses a threat to the value of U.S. Treasuries. If inflation in the U.S. exceeds the yield on these securities, the real value of returns for foreign holders erodes. Given recent inflationary trends, especially in the wake of global economic disruptions, this risk has become a pressing concern.

 For countries relying on these investments to preserve the value of their foreign exchange reserves, inflation can drastically undercut the purchasing power of their returns. Political and geopolitical risks further complicate the picture. Domestic U.S. political debates, such as those surrounding the federal debt ceiling, can create uncertainty over the government’s ability to meet its debt obligations.

Even the threat of a technical default due to political brinkmanship can destabilize global confidence in U.S. Treasuries, leading to market turmoil.

Moreover, geopolitical tensions between the U.S. and other countries could result in sanctions or restricted access to U.S. financial markets, making Treasuries a less reliable asset for some foreign governments. Liquidity risk also plays a role, especially in times of global financial instability.

Although U.S. Treasuries are generally considered liquid, in periods of market stress, large holders may find it difficult to sell them quickly without impacting their price. This could be particularly problematic for countries that need to convert their holdings into cash during a crisis, as a sudden sell-off could depress the market value of their investments.

Additionally, countries with large holdings of U.S. Treasuries, like China and Japan, face concentration risk. Relying heavily on a single asset class exposes these countries to outsized losses if the U.S. financial system experiences significant stress or if the dollar weakens substantially.

The sheer size of their holdings makes it difficult for these countries to exit their positions without influencing the market negatively, further amplifying their risk.

As of September 2024, Japan remains the largest foreign holder of U.S. Treasury securities, though its holdings have seen significant fluctuations throughout the year. In March 2024, Japan's holdings stood at approximately $1.87 trillion.

However, by May 2024, Japan's holdings dropped to around $1.128 trillion after a series of sales amounting to $59.5 billion, including a $22 billion sell-off in May following a $37.5 billion reduction in April.

https://www.youtube.com/watch?v=93G5_sKBx8Y

What to Expect Next: The Longest Yield Curve Inversion Explained

Taylor Kenny:  9-10-2024

Did you know that a dis-inversion historically means that a recession is imminent? Taylor shares the yield curve dating all the way back 1975. Will we be able to escape a recession?

CHAPTERS:

00:00 - What is the Yield Curve?

01:44 - Bond Prices vs. Yields

 02:52 - Impact of FED Interest Rates on Banks

04:33 - Historical Recession Indicators

 05:56 - Current Economic Outlook

07:40 - Preparing for What’s Ahead

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

BRICS+ FUTURE: Gold Backed Currency, Summit in Russia, Expansion, ASEAN Ties| Yaroslav Lissovolik

Lena Petrova:  9-10-2024

The BRICS Summit will take place in late October in Kazan, Russia: Will the bloc announce an alternative financial payment platform? Will it admit new members, possibly extending an invitation to a NATO member, Turkey?

How will the BRICS+ nation states align their policies to form a united front, something they desperately need, to move forward in a cohesive manner towards a new multipolar world?

 Will ASEAN lean towards BRICS? I had the pleasure of discussing these and other very important questions with Dr. Yaroslav Lissovolik, the leading expert on the BRICS+ economic alliance and the founder of BRICS+ Analytics.

 During our conversation, Yaroslav and I discussed the challenges that the bloc is facing and the direction it needs to take in order to enjoy successful growth. We spoke about de-dollarization, South-South cooperation and a road to multipolarity.

https://www.youtube.com/watch?v=uTF53a-YhVM

Iraq Economic News and Points To Ponder Tuesday Afternoon 9-10-24

Economist Blames Central Bank For Dollar's Rise: Confused Decisions

Posted On 2024-09-10 By Sotaliraq   Economic expert Nabil Jabbar Al-Tamimi confirmed today, Monday (September 9, 2024), that the Central Bank's confused decisions are what confused the market and contributed to the rise in the dollar exchange rate.

Al-Tamimi said, “There are confused decisions, including the decision to stop selling dollars to travelers, and the decision to stop dealing with Western Union and MoneyGram.”

He added, "This led to the activity of the black market, as these companies have dealings with traders, Asian workers, and continuous external transfers, but the decision to stop led to the rise in the price of the dollar, reaching the 150,000 dinar barrier, and it is not expected that its price will decrease during the coming period."

Earlier today, Monday (September 9, 2024), a banking source reported confusion in foreign exchange markets, while expecting their prices to rise.

The source said, "The Central Bank will issue new decisions regarding foreign currency prices and the method of trading them within Iraq."

He added, "It is likely that these decisions will lead to an increase in the dollar exchange rate in the parallel market due to the currency shortage."

The source said, "The aim of these decisions is to limit currency smuggling or its monopoly by the weak-willed."

The dollar exchange rate witnessed a new rise this afternoon in the two main stock exchanges and local markets.

Baghdad Today correspondent said that the dollar exchange rate recorded 150,500 for every 100 dollars on the two main stock exchanges.

He added that the selling price in exchange offices also rose to 152,500 per 100 dollars.  LINK

Central Bank Of Iraq Sales Rise

Economy | 10/09/2024  Mawazine News – Baghdad  The Central Bank of Iraq's dollar sales increased to more than $258 million in the currency auction, compared to Monday.

The bank sold $258 million, 203 thousand, and 662 dollars in its auction today, covering it at a basic exchange rate of 1,310 dinars per dollar for documentary credits and international settlements for electronic cards, at a rate of 1,310 dinars per dollar for foreign transfers, and at a rate of 1,305 dinars per dollar in cash.

He added that most of the dollar sales went to enhance balances abroad in the form of transfers and credits, which amounted to $242 million, 703 thousand, and 662 dollars, an increase of 94% over cash sales of $15 million and 500 thousand.

He pointed out that the number of banks that bought cash dollars amounted to two banks, while the number of banks that met requests to enhance balances abroad amounted to 14 banks, and the total number of exchange companies participating in the auction was 11 companies. https://www.mawazin.net/Details.aspx?jimare=254719

UN Official: We Are Proud Of Our Partnership With The Iraqi Government And Have Made Great Progress In These Files
Tuesday 10 September 2024 17:24 | Politics Number of readings: 55  Baghdad / NINA / The United Nations stressed that sustainable development cannot be achieved without addressing corruption, and expressed its pride in the partnership between the United Nations and the Iraqi government in this battle.

The Deputy Special Representative of the Secretary-General and Humanitarian Coordinator for the United Nations in Iraq, Ghulam Issa Kazai, said during the opening of the activities of the Second Arab Forum for Promoting Transparency and Good Governance, today, Tuesday, in the capital, Baghdad, that "your presence here confirms our collective determination to combat corruption, support transparency, and enhance accountability in our region."

He added, "I appreciate the efforts of the Integrity Commission in Iraq, along with the United Nations Development Program and the European Union, to participate in organizing this important event, as this forum represents an important station in Iraq's journey towards stability and sustainable development," indicating that "Iraq has made combating corruption, along with economic diversification and service delivery, a top strategic priority for the leadership of the Prime Minister and his government."

“As the UN Secretary-General said, ‘Corruption is the ultimate betrayal of public trust.’ It is essential that we build this trust and ensure equal rights and services for all,” he explained.

The UN official stressed that "the theme of this year's forum, 'Integrity: An Essential Element in a Time of Complexity and Opportunity', comes at the right time, because our region faces unprecedented challenges - wars, conflicts and violence create a cycle of corruption that is difficult to break."

He added, "The regional analysis of the Corruption Perceptions Index 2023 issued by Transparency International highlights that corruption remains a major obstacle to achieving a just and prosperous future throughout the Arab region. The UNDP Trends Report 2023 also highlights that our region is vulnerable to conflicts. Disasters and the digital divide exacerbate inequalities and complicate the fight against corruption.”

“Through the initiatives of UNDP and UNODC, we have made significant progress in judicial reforms, anti-money laundering efforts, and empowering civil society and the media to expose corruption,” he continued.

“UNDP also supported the drafting of the Right to Information Law, which was approved by the Council of Ministers and is currently being considered by Parliament. Once approved, The law will enhance citizens’ right to access information. This will enhance public transparency and have an impact on Iraq’s global position in this regard.”

“This forum is not just a celebration of Iraq’s achievements, but also a key opportunity for regional dialogue. We need to come together to develop innovative solutions that promote peace, prosperity and democratic gains while improving public services and climate resilience.

We also need to The diverse experiences and views of governments, the private sector, civil society, women’s and youth groups, the media and academia to move forward effectively.”/End5 https://ninanews.com/Website/News/Details?key=1152996

Dollar Price Today

Economy | 10:45 - 10/09/2024   Mawazine News – Baghdad  Mawazine News publishes today, Tuesday, the exchange rates of the dollar against the Iraqi dinar in exchange shops in local markets. The prices are as follows:   Selling prices 151,000 dinars per 100 dollars. Buy 149000 dinars for every 100 dollars.  https://www.mawazin.net/Details.aspx?jimare=254696

77 Trillion Dinars Is The Size Of Iraqi Revenues During This Period

Money and business  Economy News – Baghdad  The Ministry of Finance revealed on Tuesday that the size of Iraqi revenues in the federal budget during 7 months exceeded 77 trillion dinars, confirming that the oil contribution to the budget remains around 89%.

Al-Eqtisad News followed the data and tables issued by the Ministry of Finance last August for the accounts of January, February, March, April, May, June and July of the current fiscal year, which showed that oil still constitutes the main resource for Iraq’s general budget, reaching 89%, indicating that the rentier economy is the basis for the country’s general budget.

The financial tables indicated that the total revenues for seven months of the current year amounted to 77 trillion, 475 billion, 502 million, 239 thousand, and 546 dinars, indicating that the total advances amounted to 15 trillion, 664 billion, 477 million, 820 thousand, and 559 dinars.

According to the financial tables, oil revenues amounted to 69 trillion, 55 billion, 827 million, and 984 thousand dinars, which constitutes 89% of the general budget, while non-oil revenues amounted to 8 trillion, 317 billion, 883 million, and 512 thousand dinars.

For his part, economic expert Mohammed Al-Hasani said in an interview with Shafaq News Agency, "The economic problem in Iraq is due to the failure of the regimes that ruled Iraq to achieve the mission of moving towards a developmental economy by investing the oil wealth in diversifying the economy, creating productive employment opportunities, raising the level of human development, and ridding it of rentierism."

Al-Hasani stressed the necessity of "activating a set of laws that encourage the local and foreign private sector to enter the Iraqi market, including customs tariff laws, consumer protection, anti-monopoly laws, and others."

In March 2021, the Prime Minister's advisor for financial affairs, Mazhar Muhammad Salih, confirmed in an interview with Shafaq News Agency that the reasons for the economy remaining rentier are due to the wars and the imposition of an economic blockade on Iraq during the past era and the political conflicts we are witnessing today, which led to the dispersion of economic resources.

The continued reliance of the Iraqi state on oil as the sole source of the general budget puts Iraq at risk from global crises that occur from time to time due to the impact of oil on them, which makes the country turn every time to cover the deficit through borrowing from abroad or domestically, which thus indicates the inability to manage the state’s funds effectively, and the inability to find alternative financing solutions.  71 views 2024/09/10 https://economy-news.net/content.php?id=47432

Stability Of Oil Prices In Global Markets

Tuesday 10 September 2024 09:10 | Economic Number of readings: 189  Baghdad / NINA / Oil prices stabilized in early trading on Tuesday, as investors assessed supply disruptions due to tropical storm Francine and the possibility of imposing further production cuts to confront continued weak Chinese demand.

By 0004 GMT, Brent crude futures rose 16 cents, or 0.22%, to $72 a barrel, while West Texas Intermediate crude futures rose 12 cents, or 0.17%, to $68.83 a barrel, according to Reuters data.

Both benchmarks rose about 1% at settlement on Monday.

The US Coast Guard ordered all operations in Brownsville and other small ports in Texas to close on Monday evening as the tropical storm approaches and is expected to intensify significantly over the next two days and turn into a hurricane, according to the National Hurricane Center.

In light of this, Exxon Mobil, Shell and Chevron also decided to shut down oil and gas production operations in their offshore platforms as a precaution and necessity. / End 11 https://ninanews.com/Website/News/Details?key=1152925

Rafidain Bank Identifies Three Advantages Of Electronic Payment Systems

Economy | 10/09/2024  Mawazine News – Baghdad  Rafidain Bank identified three advantages of electronic payment systems on Tuesday, while pointing out the nature of the services provided by these systems.

The Director General of Rafidain Bank, Ali Karim, said: "Digital payment systems are characterized by many points and advantages. In addition to keeping pace with the rapid development taking place in the world, they also provide many services that were not previously available in regular systems."

He added that "the three most prominent advantages of electronic payment systems are (flexibility and speed), which provide users with greater opportunities to achieve their desires represented in paying or collecting bills and dues, selling, buying and shopping."

He continued: "Digital payment systems are also characterized by (remote management), as they give the opportunity to government institutions, companies and owners of digital commercial projects to work in several sectors, and from different places, and at the same time, all these operations and tasks are organized through different means of connection, and thus the work is completed in one go."

He pointed out that "the third advantage of electronic payment systems is (rapid spread), through the high efficiency of connection and networking, which allows tasks to be completed in one go, and the completion of buying and selling operations at high speed, and thus companies and projects that rely on the electronic payment system in Iraq can reach."  https://www.mawazin.net/Details.aspx?jimare=254700

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

Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 9-10-24

Good Afternoon Dinar Recaps,

IOTA NEWS: LEADING BLOCKCHAIN INNOVATION IN EUROPE WITH WEB3 SOLUTIONS AND REGULATORY COMPLIANCE

▪️IOTA has highlighted some key developments and achievements that position it as a reliable partner in the European setting.

▪️Recently, IOTA was shortlisted as one of the three finalists of the European Blockchain Services pre-commercial procurement (PCP).

IOTA (IOTA), in a recent blog post, detailed how its consistent demonstration of values makes it a reliable partner for both regulatory solutions and technical advancement in the DLT ecosystem. Outlining some of its key updates, the post mentioned the selection of its Web3 identification solution for this year’s Sandbox.

For context, the European Blockchain Sandbox initiative is backed by the European Commission and is meant to supervise the creation of a pan-European framework for regulatory discussion, as CNF recently explained. The selected IOTA solution was designed as an advanced user authentication system to solve the issue of reliable identity verification in the Web3 ecosystem.

It offers a flexible, feeless, and scalable solution that complies with EU regulations, while its open-source software enables organizations to develop and operate public services. The technology is also environmentally friendly as it does not require proof of work and therefore consumes less energy – an important factor to consider when scaling these solutions across Europe.

Another achievement highlighted in the post is its emergence as one of the three finalists known to have completed the two-year European Commission-funded project – European Blockchain Services pre-commercial procurement (PCP).

According to our previous report, IOTA passed the various phases of the project with excellent marks from an initial 30 projects. The first phase of the PCP witnessed the development of prototypes such as digital products and passports. This was meant for recycling and cross-border management of intellectual property rights.

IOTA in the Face of European Regulators
According to the team, IOTA is undertaking serious initiatives to meet the new standard set for the European crypto market. Some of the efforts to comply with the Markets in Crypto-Assets (MiCA) regulations include policy revision, whitepaper updates, and energy transparency.

Over the years, it has attained membership in multiple renowned organizations and alliances, including the International Association for Trusted Blockchain Applications, the European Blockchain Association, etc. For now, it is effectively demonstrating the implementation of the EU regulations through legally compliant products.

For example, the Eviden Digital Passports Solution powered by IOTA not only complies with the EU Battery Regulation but also adheres to the overarching Eco-design for Sustainable Products Regulation (ESPR) ESG reporting rules and supply chain regulations. Additionally, IOTA’s involvement in TLIP to improve cross-border trade further showcases the adaptability and regulatory alignment of its technology.

According to the post, the mission of the IOTA Foundation is to be a pioneer in integrating blockchain and Web3 technologies across various industries. With respect to this, the team is working with the European regulators and commercial partners to bring the financial sector on-chain through tokenization, develop stablecoins that are fully compatible with Web3 technologies, explore the intersection of Artificial Intelligence and crypto, etc.

IOTA is uniquely positioned to help Europe achieve this lead position, offering scalable, energy-efficient, and regulation-compliant solutions that align with the EU’s vision for a digital and sustainable future.

@ Newshounds News™

Source: Crypto News Flash

~~~~~~~~~

ANNOUNCING THE RELEASE OF CARDANO GOVTOOL

We are thrilled to announce the launch of a groundbreaking tool for the Cardano community: Cardano GovTool, which is now live on the Cardano mainnet. This core governance tool is a significant step in advancing Cardano's decentralized governance structure, designed to align with the governance framework laid out in CIP-1694.

What Is the Cardano GovTool?
The Cardano GovTool is a community-driven platform designed to streamline and enhance the governance process within the Cardano ecosystem. It enables ada holders to participate in key governance actions, from delegating their voting power to proposing and voting on governance actions.

This tool is central to the ongoing decentralization of Cardano, putting the governance process firmly in the hands of the community.

What Can You Do with Cardano GovTool?
GovTool provides an accessible interface that empowers ada holders to shape Cardano's future. Specifically, it allows you to:

▪️Find and delegate voting power to DReps: delegated Representatives (DReps) play a crucial role in governance, and the GovTool makes it easy to discover and delegate your voting power to them.

▪️Register as a DRep: if you want to take a more active role in Cardano's governance, you can register to become a DRep and represent the community's interests.

▪️Propose and submit governance actions: you can propose initiatives and changes that community members can review and vote on.

▪️Vote on governance actions: like all ada holders, you can represent yourself and vote on governance actions or allow DReps to vote on your behalf, ensuring your voice is heard in decision-making.

Important Note: Bootstrapping Phase
During the initial bootstrapping phase, the Cardano GovTool supports only the submission and voting on info-type governance actions. These actions serve as information-sharing mechanisms to test the system and establish a foundation for more complex governance actions in the future.

Who's Behind Cardano GovTool?
The Cardano GovTool is an open-source project. Four main contributors collaborated to develop and maintain GovTool: Byron Network, DQuadrant, Bloxico, and WeDeliver. These maintainers ensure the tool's ongoing functionality and welcome open-source contributions from the wider Cardano community. This collaborative approach highlights Cardano's decentralized ethos, where anyone can contribute to the growth and development of the ecosystem.

A Landmark Moment for Cardano Governance
This release marks a monumental achievement for the Cardano ecosystem. Governance has now been officially handed over to the ada holders, who can now steer the future of Cardano through direct participation. Intersect, the organization facilitating this release, is proud to have guided the development of the GovTool, supporting the community in taking full ownership of governance.

Simple and Accessible Interface
One of the main goals of the Cardano GovTool is to make governance accessible to all. With a user-friendly interface, it is easier than ever for ada holders to engage with governance, regardless of their technical expertise. The interface simplifies the process, making it intuitive to find DReps, submit governance actions, and vote, ensuring that everyone can participate in shaping the future of Cardano.

@ Newshounds News™

Source:  Intersect

~~~~~~~~~

RIPPLE’S GARLINGHOUSE HINTS AT FUTURE YEN STABLECOIN, PRIORITIZES U.S. ROLLOUT

▪️In a recent interview, Ripple CEO Brad Garlinghouse hinted at the potential for a yen-backed stablecoin.

▪️While he acknowledged strong demand for a yen-pegged stablecoin, Ripple’s current resources and focus are on successfully rolling out RLUSD.

Ripple CEO Brad Garlinghouse recently hinted at the possibility of launching another stablecoin in the future. In an interview with a leading media house, Garlinghouse emphasized that even though Ripples’s current focus is on the US-pegged stablecoin, RLUSD, “People will want to hold yen stablecoins, and I think that is only a matter of time.”

While Garlinghouse acknowledged Japan’s conservative nature, the Ripple boss found the market to be “really healthy” in other respects. Notably, this is the same nation where 80% of its banks have partnered with Ripple.

In the interview, Brad Garlinghouse went ahead highlighting that Japan “leaned in early” on offering a “clear rule of the road” on digital assets and stablecoins. “That has really allowed entrepreneurship and investment to really thrive here in Japan,”

Comparatively, Brad reiterated that the U.S. has “certainly been behind” other countries, including Japan, the United Kingdom, and Switzerland. Despite the potential for a yen-backed stablecoin, Garlinghouse made it clear that “ Ripple, in particular, is focused on let’s get live with the U.S based stablecoin” which is the RLUSD. Therefore, The launch of a yen-backed stablecoin would likely come after RLUSD has established itself in the U.S. market.

While he acknowledged strong demand for a yen-pegged stablecoin, Ripple’s current resources and focus are on successfully rolling out RLUSD. Earlier, Ripple’s CTO David Schwartz indicated via tweet on the X platform that RLUSD might likely be accessible only to institutions, at least initially.

A key issue that we will continue to make sure we are partnered with US regulators before we go live with the stablecoin[…] We will first issue it in the US, but we think there is an opportunity for stablecoins globally, and certainly in Japan, he explained.

The SEC’s scrutiny has highly affected Ripple’s approach to the US market, prompting it to focus on specific offerings. As we earlier reported, The Ripple boss candidly refuted plans for a U.S. IPO instead the company is keeping a close eye on a London IPO. Ripple CEO Brad Garlinghouse has been mostly vocal about the challenges posed by the U.S. SEC, especially when a company tries to go public.

Ripple is nearing the launch of RLUSD, and according to Garlinghouse, it will be “in weeks, not months,”  though the exact timing depends on regulatory approval. Notably, Ripple has been working closely with U.S. regulators, particularly the New York Department of Financial Services (DFS), to ensure compliance.

Meanwhile, at the time of writing, XRP is swapping hands with $0.53, marking a 1.20% surge in the last 24 hours.  

@ Newshounds News™

Source:  EthNews

~~~~~~~~~

SILVER INVESTING IS ABOUT TO GO TO THE NEXT LEVEL  - Economic Ninja  |  Youtube

@ Newshounds News™

Source:  Currency Facts

~~~~~~~~~

A HUGE THANK YOU TO DINAR RECAPS

@ Newshounds News™

Source:  SOWT 

~~~~~~~~~

IS CRYPTO IMPORTANT? HOW? THE QFS BROKEN DOWN!  Youtube

@ Newshounds News™

Source:  Currency Facts 

~~~~~~~~~

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“Tidbits From TNT” Tuesday 9-10-2024

TNT:

Tishwash:  Investment Authority: Iraq’s entry into the New York and Singapore agreements achieves its transition by attracting funds to the Iraqi market

The head of the National Investment Commission, Haider Mohammed Makiya, confirmed on Monday that the presence of a high-ranking Egyptian economic delegation in Baghdad represents a genuine common desire to increase economic and commodity exchange between the two countries, pointing out that Iraq’s entry into the New York and Singapore agreements has achieved a noticeable transition in attracting funds to the Iraqi market.

A statement by the Commission, seen by "Al-Eqtisad News", stated that the Chairman of the National Investment Commission, Haider Mohammed Makiya, received at the Commission's headquarters a delegation from the Arab Republic of Egypt headed by Deputy Prime Minister and Minister of Transport and Industry Kamel Al-Wazir and his accompanying delegation, in the presence of the Vice Chairman of the Commission, Salar Mohammed Amin, the Directors General of the Commission, the Egyptian Ambassador to Baghdad, Ahmed Samir, the Second Secretary, Mohammed Shahat, and the Foreign Affairs Advisor, Labib Al-Khudari. 

Makiya stressed - according to the statement - that "the presence of a high-ranking Egyptian economic delegation in Baghdad represents a real common desire to raise economic and commodity exchange between the two countries, and an actual translation of the recent visit of Prime Minister Mohammed Shia Al-Sudani to the Arab Republic of Egypt, which expressed a common desire to establish effective partnerships between the two countries," indicating that "the Commission is concerned with drawing up the investment policy for Iraq, in accordance with Investment Law No. (13) of 2006 and its latest amendment in 2015."

He explained that "the Commission seeks to localize many industries in various economic sectors, including projects supporting solar energy, food security, and renewable energies (blue and green ammonia), in addition to projects in various sectors." Pointing out that "Iraq's entry into the New York Convention, which is the recognition of foreign judgments, in addition to the pre-arbitration mediation agreement (the Singapore Convention), will achieve a noticeable shift in attracting funds to the Iraqi market."

The statement explained that "Makiya welcomed the heads and representatives of the Egyptian companies present in various specializations," calling for "creating a state of effective economic and qualitative integration between the two countries," and at the same time directing "an invitation to Egyptian companies and investors to attend the Iraq Investment Forum, which is expected to be held in early October of this year." For his

part, the head of the Egyptian delegation explained that "the type of partnership we are looking forward to is a joint Iraqi-Egyptian investment that does not serve the interests of a specific party, but rather represents an integrative and effective model," stressing that "the recovery and stability of the Iraqi economy represents an addition and support for the Egyptian economy and the economies of the region."

The Egyptian minister referred to "the experiences of the Egyptian economy in the field of industrial and investment zones, in addition to electricity, cables, wires, factory rehabilitation, sewage, ports, and others."

The statement concluded by saying, "The Egyptian Minister expressed his country's desire to participate and attend the International Development Road project, in which Iraq and Turkey are original parties, along with the states of Qatar and the Emirates, and for Egypt to be the fifth partner contributing to the establishment of this vital corridor that draws the future of the region's economies for the next stage link

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

Tishwash:  Rafidain Bank identifies three advantages of electronic payment systems   

Today, Tuesday, Rafidain Bank identified three advantages of electronic payment systems, while indicating the nature of the services provided by these systems .

The Director General of Rafidain Bank, Ali Karim, told the Iraqi News Agency (INA): "Digital payment systems have many points and advantages. In addition to keeping pace with the rapid development taking place in the world, they also provide many services that were not previously available in regular systems . "

He added, "The three most prominent advantages of electronic payment systems are (flexibility and speed), which provide users with greater opportunities to achieve their desires, such as paying or collecting bills and dues, selling, buying, and shopping . "

He continued: “Digital payment systems also feature ‘remote management’, as they give government institutions, companies and owners of digital commercial projects the opportunity to work in several sectors, from different places, and at the same time, all these operations and tasks are organised through different means of connection, and thus the work is completed in one go . ”

He pointed out that "the third advantage of electronic payment systems is (rapid spread), through the high efficiency of connection and networking, which allows tasks to be completed in one go, and the completion of buying and selling operations at high speed, and thus companies and projects that rely on the electronic payment system in Iraq can reach  link

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

Tishwash:  Government directive to include these categories in electronic payment

The Government Media Team stressed, on Tuesday, the importance of activating the electronic payment process in all official institutions, while identifying the most important results achieved from activating electronic payment systems and services.

The spokesman for the team, Haider Majeed, said, "The Council of Ministers issued more than one decision to support electronic payment, and the General Secretariat of the Council of Ministers issued a circular to the ministries and entities not affiliated with a ministry and the governorate, on the necessity of adhering to and committing to what is issued by the government regarding activating the electronic payment process for all official institutions," noting that "there is direct coordination between official institutions with the Ministry of Finance and the Central Bank, to provide electronic payment devices in coordination with specialized companies."

He added, "The Council of Ministers stressed the importance of activating this service, which has a positive impact on commercial and financial transactions for all citizens, to facilitate buying and selling operations and protect currencies from damage," indicating that "government and private fuel stations were the first entity to start this process, followed by official state institutions, and it is expanding with the passage of time to include institutions that work with this system."

He added that "the Cabinet's directives also included stores, shops, pharmacies, clinics and all civil activities," stressing that "the use of electronic payment devices began to increase with the passage of time after the success of the experiment, and that the relevant official institutions are continuing to work on implementing the experiment to include government institutions and civil activities successively."

Regarding the achieved results, Majeed pointed out that “bank accounts have grown and are growing with the passage of time using the experiment, as well as the significant increase in the number of bank cards, in addition to the fact that electronic devices and points of sale have begun to grow,” noting that “one of the most important features of electronic payment is that citizens obtain the official exchange rate while using the electronic payment process.”  link

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

Tishwash:  Prime Minister: Iraq's doors are open to all activities in order to achieve Arab economic integration

Prime Minister Mohammed Shia al-Sudani stressed, on Monday, that Iraq's doors are open to all activities in order to achieve Arab economic integration.

The Prime Minister's Media Office stated in a statement, seen by "Economy News", that "Prime Minister Mohammed Shia Al-Sudani received the Deputy Prime Minister and Minister of Transport and Industry of Egypt Kamel Al-Wazir, in the presence of the heads of a group of major Egyptian companies in the field of roads, construction and bridges."

Al-Sudani stressed that "this visit is a testament to the fraternal Iraqi-Egyptian relationship that represents the cornerstone in serving our brotherly peoples, and it also reflects the keenness of the leadership of the two countries on serious cooperation," noting that "Iraq's doors are open to all activities in order to achieve Arab economic integration."

The Prime Minister explained that "Iraq is witnessing an unprecedented movement in development and reconstruction," stressing "the importance of forming a follow-up cell to plan projects that Egyptian companies can implement in Iraq." 

For his part, the Egyptian Minister of Transport and Prime Minister conveyed the greetings of Egyptian President Abdel Fattah El-Sisi and Egyptian Prime Minister Mostafa Madbouly, stressing that "this visit is a continuation of what was witnessed during Al-Sudani's recent visit to Cairo, in addition to Egypt's serious desire to expand cooperation with Iraq and President El-Sisi's recommendations in this direction."

The Egyptian Minister of Transport confirmed "working to complete the memorandum of understanding with the Iraqi Ministry of Transport in the field of land and rail transport," expressing "his country's readiness to contribute effectively to the completion of the development road project."

The statement concluded that "the delegation that accompanied the minister included 14 major companies, out of a total of 100 Egyptian companies that requested to participate in projects in Iraq," where representatives of these companies expressed "their readiness to transfer their expertise and partner with Iraq  link

Mot: ... Do you think this miracle is too much to ask for from Santa ?

Mot: . Seeeeeee - Splains Everything!!! 

Iraq Economic News and Points To Ponder Tuesday AM 9-10-24

An Economist Warns Of The Collapse Of The Iraqi Economy And Provides Solutions
 
Economy |  09/09/2024  Mawazine News – Baghdad  An economic researcher considered the existence of 8 hidden weaknesses in the Iraqi economy, in a comment on fears of the collapse of the economy,  
describing that the collapse essentially occurred a long time ago, and fluctuations in oil prices prolong or accelerate the final collapse.
 
Economic researcher Manar Al-Obaidi said in a statement that  with the decline in oil prices and the unprecedented rise in operating expenses to reach a growth rate in current expenditures exceeding 30% and a decline in revenues by 16%, the most important question arises:

Is the Iraqi economy facing a crisis or collapse?

The sustainability of any economy depends primarily on the  diversity of its sources and the  control and planning of its expenditures.”

He continued,  “We cannot expect the sustainability of an economy in which more than 500,000 researchers enter the labor market annually and is unable to create productive job opportunities with more than 20 to 30 thousand opportunities as a maximum, and an economy based on sales of one commodity and whose prices are not controlled through One port and only two countries.”
 
He described the Iraqi economy as “an
 
     economy based on a deteriorating business environment with no role for the private sector in turning the wheel of the economy, an
 
     economy that adopts the private sector and pastoral laws and legislation and gives preference to the public sector, a
 
     consumer economy based on an unprecedented consumption pattern without production having a role, an
 
     economy that employs more than 6 million employees with almost non-existent productivity, an  
 
     economy marred by corruption, lack of transparency and inequality of opportunities, an
 
     economy that does not have foreign investments and is unable to attract them.”  He concluded:
 
“The collapse occurred a long time ago, and the
 
fluctuations that are occurring in oil prices are merely prolonging or accelerating the collapse process, and the
 
manifestations of the collapse will be faster than the decline in oil prices.” https://www.mawazin.net/Details.aspx?jimare=254671   

The Story Of The Suspicious Dollar Transfer.” An American Newspaper Interviews Ali Ghulam At His Palace In London, “Near The American Embassy.”

 Policy   2024-09-09 | 7,321 views  Alsumaria News-Politics  A Wall Street Journal report revealed the extent of Ali Ghulam’s influence on the dollar crisis in Iraq, as he was the reason for the American side imposing strict control on dollar transfers from Iraq, while

 Ghulam was described as “the undisputed king of the dollar in Iraq for a decade.”

The Iranian Revolutionary Guard was financed with dollars using suspicious import receipts, which is denied by Gholam, who lives in his mansion in London near the residence of the American ambassador to Britain.

 The newspaper pointed out that the American side was aware of these problems since 2012, but did not want to plunge Iraq into an economic crisis.

 The newspaper said in an article translated by Al Sumerian, that Ali Ghulam was the undisputed king of the dollar in Iraq for nearly a decade, and

 his three banks in Baghdad transferred tens of billions of dollars at that time outside the country, ostensibly to buy car parts, furniture and other imports, indicating

 He was one of the most senior workers in the ad hoc banking system that was established nearly two decades ago under the American occupation and that gave the Federal Reserve Bank of New York a key role in processing Iraq's international transactions. She noted that

years later, when the Federal Reserve finally began to look more closely at where the money was going, it closed it almost overnight, as

 American officials suspected that its banks were among more than two dozen Iraqi banks involved in transferring dollars to Iran and its allies., using front companies and false invoices to circumvent sanctions that prevent Iran from accessing the global financial system.

 The newspaper reported that audits of Gholam's banks, which were completed in May, revealed unusual details of dollar transactions abroad, which auditors said raised concerns about money laundering. Gholam denied these allegations in interviews.

 The newspaper explains that among Iraqi banks in general, it was not possible to trace up to 80% of the bank transfers worth more than $250 million that flow through them on some days, and part of this amount went secretly to the Iranian Islamic Revolutionary Guard Corps.

 The crackdown on Iraqi banks began in late 2022 after more than a decade of US inaction, even after the Pentagon's inspector general warned as far back as 2012 of the potential for fraud worth $800 million a week.

 Current and former US officials said the US had imposed... Over the years, it has imposed temporary restrictions on cash flows to Iraq, but fears that strict or permanent controls will plunge Iraq into economic chaos and setback its battle against ISIS.

 Ghulam, 42, now based in London, ran an empire that handled the lion's share of dollars transferred outside Iraq, on some days as much as 20 percent of wire transfers, he and Iraqi banking officials said.

 Its banks - Iraqi Middle East Investment Bank, Al Ansari Islamic Bank, and Islamic Holding Bank - were the first to be banned from dollar transactions by the Federal Reserve and the Treasury Department in late 2022.

 US officials did not explain the decision publicly, and said privately that the banks had stopped.

He was suspended from work due to the large volume of suspicious transactions, and no action was taken against Ghulam personally.

Gholam denied that his banks knowingly sent money to the Quds Force or the Iranian government. He said:

"The Americans have nothing against me.

I have nothing to do with money laundering or Iran."

He said that his life in London, where he and his family live after moving from Baghdad in 2018, has been turned upside down since the loss of the US dollar.

His $40 million home, which was recently renovated with shiny marble floors, a swimming pool in the basement and a parrot cage, is located Just a few blocks from the US ambassador's residence, after a walk, he often heads to his favorite London restaurants in his Rolls-Royce SUV.

 “The system is bad, but every bank in Iraq was operating under the same system,” Ghulam said. The Americans came up with this system?

 Since the ban on Gholam's banks, the Treasury Department and the Federal Reserve have been pressing for more sweeping changes in Iraq.

 The United States has banned more than two dozen other Iraqi banks from conducting transactions in dollars.

 Strict new rules imposed by the Central Bank of Iraq since late 2022 under American pressure require banks to disclose the final recipients of bank transfers.

 The New York Federal Reserve Bank at that time began carefully monitoring wire transfers from Iraq's official accounts, rejecting any transfers that did not comply with standard procedures for transferring international funds, officials said.  

  https://www.alsumaria.tv/news/politics/499461/قصة-التحويل-المشبوه-للدولار-صحيفة-أمريكية-تحاور-علي-غلام-بقصره-في-لندن   

Parliamentary Finance: Electronic Payment Achieved 7 Gains And Prevented The Smuggling Of Funds Out Of Iraq
 
Economy   Baghdad - IA - Nassar Al-Hajj  Monday, the Parliamentary Finance Committee confirmed the achievement of 7 major gains after electronic payment came into effect, and
 
while it indicated its adoption to prevent the smuggling and laundering of money outside Iraq, it recommended its generalization in all financial transactions.
 
Committee member Mustafa Al-Karaawi told the Iraqi News Agency (INA):
 
“There are many gains achieved from introducing the electronic payment experience into effect, including
 
     reducing circulation in paper currency and thus
     reducing the costs resulting from printing banknotes and replacing damaged ones, as well as
     supporting balances in private bank accounts.” And government investments, as well as
     investment in supporting the private and commercial sectors and loans, as well as
     controlling funds more broadly and
     preventing their smuggling and laundering outside Iraq.”  He added,
 
"This also led to controlling the cash supply and not having it in people's homes, but rather in banks, in order to invest and circulate it in the economic process,"
 
proposing, "generalizing electronic payment in all financial transactions in Iraq."
 
Al-Karawi suggested encouraging more citizens to use electronic payment by offering incentives and discounts to everyone who uses electronic payment so that there is a real shift and a desire among citizens to go to it and thus achieve the public interest.   https://www.ina.iq/216566--7-.html   

 Including The Growth Of Banking Liquidity.. A Government Advisor Reveals 3 Goals For Electronic Payment
 
Economy   Baghdad - INA - Amna Al-Salami  Today, Monday, Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, revealed three goals for the transition from cash payments to electronic ones, while noting that it will achieve growth in banking liquidity.
 
Saleh told the Iraqi News Agency (INA):
 
“The shift from cash payments to electronic payments will undoubtedly achieve three basic goals in modernizing digital life in Iraq at the same time,
 
the first of which is maximizing the level of cash flows to the banking system,
 
     which only accounts for 15%.” “of the total currency issued in circulation,
     which leads to reducing the phenomenon of bank liquidity risks and uncertainty and celebrating idle hedge liquidity.”

 He added,  "The second goal will result in growth in banking liquidity that leads to the growth of monetary credit and achieving a higher level of financial depth, and what is linked to the rise in credit indicators to the GDP does not exceed 11% of the GDP, which is considered very low according to the international standard." One of the indicators of financial depth is providing long-term financing, managing risks, and offering diverse investment options.” Saleh continued,
 
 “The third goal is to increase and regular government cash revenues, or what is called cash flows to the public treasury, in an accelerated manner, within the framework of developing the treasury single account, which is one of the most important goals of financial reform in Iraq.
 
In light of the above, the country will witness a technical conference.” For electronic payments, all stakeholders concerned with electronic payment will come together to conduct a comprehensive assessment of the stage of transformation towards digital payments, chart future paths, evaluate the successes achieved, and come up with an integrated vision for moving to the next digital stage in payments in our country.” He pointed out,
 
 “The digital payments policies launched by the government a year ago are considered one of the most important issues that the government program came up with in the scope of applying the principles of electronic governance, as its most important arms are modernizing the efficiency of payment systems in our country, in the transition from cash payments to digital payments.”
 
The applications of this accelerated transformation have been supported by many positive factors, including the growing number of electronic payment companies throughout the country to approximately 17 payment companies, and most of them are active in the economic work arena.” Saleh added,
 
 “One of the positive factors that supported this conversion is the trend towards electronic banking by approving a number of active digital banks in this regard, in addition to the development of the digital infrastructure related to electronic payment that the Central Bank of Iraq maintains and is developing rapidly, including the application Standard supervisory and regulatory standards for digital payments, accompanied by the expansion of the use of electronic payment devices, and finally the Council of Ministers’ adoption of facilitating legal instructions and controls to regulate the payments sector and digital transformation, as well as the shift of collection operations for government institutions towards electronic collection.”

He continued,  "Digital payments have risen at government gas stations and others, for example, to more than 60% of their payment operations currently, and they are in an increasing movement for the stations to complete all digital collection requirements until the end of this year.
 
Government electronic collection has also been completed in the joints of government activity."
 
All and according to the same timeline in the shift towards electronic collection, the  results expected from the spread of digital payments are represented by an increase in the number of bank accounts to approximately 16 million bank accounts, which cover about 50% of the number of adults in our country, and that the goal is for every adult citizen to have a bank account.". 

Saleh stated,  “This boom in the number of adult bank accounts was reinforced by the use of electronic payment cards, which touched approximately 20 million citizens holding electronic payment cards, meaning that adult electronic payment card holders touch approximately 60% of the total number of those adults, despite the dominance of electronic payment cards.”
 
Prepayment, which is linked to the accounts of the issuing bank companies, as it requires that electronic payment cards be linked directly to a personal bank account, which reflects the necessity of the rapid growth of the goals of digital financial inclusion, and
 
the aspiration for banking services that touch the poorest and most vulnerable groups in society by expanding the scope of use. Digital or electronic payment cards.     https://www.ina.iq/216536--3-.html   

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

Seeds of Wisdom RV and Economic Updates Tuesday Morning 9-10-24

Good Morning Dinar Recaps,

SEC crypto enforcement hits $4.7B this year, rising 3,000% from 2023

The SEC is having a record crypto enforcement year, bolstered by a $4.47 billion settlement with Terraform Labs and its former CEO, Do Kwon.

The United States Securities and Exchange Commission has imposed nearly $4.7 billion worth of enforcement actions against crypto firms and executives in 2024, an over 3,000% jump from 2023.

The SEC’s record-setting year was mostly boosted by its massive $4.47 billion settlement with Terraform Labs and its former CEO Do Kwon in June — its “largest enforcement action to date,” according to a Sept. 9 report from Social Capital Markets.

The regulator’s 11 enforcement actions in 2024 netted a 3,018% increase from its $150.3 million worth of fines in 2023 despite taking 19 fewer actions against crypto firms.

The total fine amounts included forfeiture, disgorgement, civil penalties, settlement and prejudgment interest, which were counted from when the SEC initiated the enforcement action.

This year’s hike in fines suggests the SEC has made a strategic shift toward targeting more influential cases.

“This trend indicates a strategic shift by the SEC toward fewer but larger fines, with a focus on making high-impact enforcement actions that set precedents for the entire industry,” the report stated.

The SEC hit the social messaging network Telegram with a $1.24 billion action in 2019, comprised of $18.5 million in civil penalties and $1.2 billion in disgorgement paid back to investors.

Social Capital Market said the case significantly contributed to the average fine rising nearly 2,000% year-on-year to over $70 million in 2019.

The next four years saw the average fine hover between $5 million and $35.2 million before the Terraform Labs case brought 2024’s average fine above $420 million.

GTV Media Group, Ripple Labs, and fraudsters John and Tina Barksdale are among those the SEC has fined with an enforcement amount exceeding $100 million.

That said, 46% of the fines imposed since 2020 have been below $1 million, while 30% fell between the $1 million and $10 million range.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

SEC ‘dug in’ on bank crypto custody rule as agency’s stance ‘unchanged’

SEC chief accountant Paul Munter said agency staff views on a divisive rule curtailing banks from offering crypto custody services “remain unchanged.”

The United States Securities and Exchange Commission has seemingly “dug in” on its stance on a rule that would curtail crypto custody services for regulated financial firms.

In a Sept. 9 address to a banking conference, SEC chief accountant Paul Munter discussed the agency’s regulatory stance on accounting for crypto assets, focusing on SEC Staff Accounting Bulletin No. 121 (SAB 121) and its applications.

“The [SEC] staff’s views in SAB 121 remain unchanged,” he said.

“Absent particular mitigating facts and circumstances, the staff believes an entity should record a liability on its balance sheet to reflect its obligation to safeguard crypto-assets held for others,” Munter added.

ETF Store President Nate Geraci said in a Sept. 10 X post that the SEC “appears dug in” on SAB 121.

“They simply don’t want to provide regulated financial institutions with the ability to custody crypto,” he added.

The SEC introduced SAB 121 in March 2022, outlining its accounting guidelines for institutions looking to custody crypto assets.

The rule was divisive in political circles as it virtually prevented banks and regulated financial institutions from custodying crypto assets on behalf of clients.

The SEC believes that entities with such safeguarding arrangements should record a liability on their balance sheets for digital assets.

Munter said the SEC had reviewed various accounting scenarios involving blockchain and crypto assets and acknowledged that not all arrangements fit the proposed guidelines set out in SAB 121.

Bank holding companies that safeguard crypto with bankruptcy protection may not need to record a liability on their balance sheets, he said.

Additionally, “broker-dealers” that facilitate crypto transactions but do control the cryptographic keys may also not be required to record liabilities.

Meanwhile, SEC Commissioner Hester Peirce, who has been vocally against the rule, said on X she continued “to be concerned about the SAB 121 substance and process.”

The US House of Representatives voted to overturn controversial SEC guidance in May. However, President Biden vetoed the repeal the following month.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

North Carolina Senate overrides governor veto, passes bill banning CBDC

A North Carolina Senate veto-busting vote saw 12 Democratic Party senators who initially voted for the bill to ban a CBDC switch to backing Governor Roy Cooper’s veto.

The North Carolina General Assembly has passed a bill banning the state from implementing a United States Federal Reserve-issued central bank digital currency (CBDC), with the Senate overriding Governor Roy Cooper’s veto.

The Republican Party-led Senate approved House Bill 690 by a 27–17 vote on Sept. 9, narrowly surpassing the 60% majority needed to override a veto by Cooper — a Democrat — and pass it into law.

It comes after the North Carolina House of Representatives voted to overturn Cooper’s veto in early August in a 73–41 vote.

The bill forbids the state of North Carolina from accepting CBDCs as a form of payment and prohibits it from participating in future CBDC tests conducted “by any Federal Reserve branch.”

Cooper’s July 5 veto followed a lopsided 109–4 vote in the House and a 39–5 vote in the Senate a month earlier.

The latest veto-busting Senate vote was much closer, with 12 Democrats who initially supported the bill flipping to support Cooper’s veto.

Not a single Senate Democrat voted to pass the bill this time.

Blockware Solutions head analyst Mitchell Askew told Cointelegraph it is “amazing” to see CBDCs officially banned in his native state, but he wasn’t pleased with how the Senate vote went:

“12 Democrats flipping their position to support the veto confirms my initial hypothesis that the veto was due to Cooper playing partisan politics.”

In a Sept. 9 X post, Blockchain Association’s head of industry affairs, Dan Spuller, said Cooper’s veto effectively “blew an opportunity” to send a message to the Federal Reserve that North Carolina stands “united” against CBDCs.

Cooper’s office did not immediately respond to a request for comment on the bill’s passing.

While CBDCs have been researched by the Federal Reserve, its Chair Jerome Powell stated on July 31 that “there’s really nothing new going on at all” with a US-issued CBDC.

At a March federal Senate Banking Committee hearing, he said the US was “nowhere near recommending or let alone adopting a central bank digital currency in any form.”

Despite the Fed’s assurances, the US House passed the CBDC Anti-Surveillance State Act in May. A companion bill has been introduced to the Senate by Senator Ted Cruz.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

XRP Positioned to Lead the New Financial System, Says Industry Expert

▪️One industry expert says that the XRP community must remain focused on building solutions and not get pulled into the sideshows.

▪️XRP has failed to impress despite most of its peers recording increases to start the week, with the market cap of the XRP Ledger hitting its lowest since January 2022.

XRP has started the week with a worryingly characteristic lack of momentum, gaining a measly 0.2% in the past day to bring its weekly drop to 4.4%, the third-highest drop in the top ten after Ethereum and BTC, respectively.

The dip in the ecosystem market cap can be assessed as a strength as it allows projects to regroup away from the speculation and gives investors a better picture of the project with staying power.

However, it has negative implications as well—for instance, it could signal that projects are leaving XRPL for other chains. It could also discourage new builders from joining and dishearten users from engaging with their favorite XRPL projects. Ultimately, it could erode user and investor confidence, and this can be difficult to recover.

Kirjakulov opines: “Downturns can fuel long-term growth if the ecosystem pivots toward utility and embraces fresh ideas. It’s a moment for XRPL to recalibrate and seize new opportunities, not just a signal of decline.”

Despite the lax performance, some analysts believe that the breakout is near. One analyst points to the consolidation cycle that XRP has been caught up in previously, where a breakout brought about a massive surge to a new all-time high. This same pattern seems to be repeating, as we’ve reported, and a breakout could push the token to new heights.

Focus on Building: Expert Tells XRP Ecosystem

One expert has called on the XRP community to keep building and ignore the price and some of the political issues around the network. Versan Aljarrah, the founder of crypto consultancy Black Swan Capital, noted that the noise around Chris Larsen endorsing Democrat Kamala Harris must not deter progress.

“Focus on the bigger picture. XRP is still building the foundation of the new financial system while Bitcoin’s ties to intelligence agencies remain undeniable,” he stated.

As we reported, Larsen was among nearly 100 other major business leaders who voiced their support for Harris in a statement last week. The move by the Ripple founder contrasts with the company’s incessant criticism of the Biden-Harris administration, under which it was almost brought down by the SEC.

In fact, Ripple has been seen to lean Republican and warm up to Donald Trump, the self-proclaimed crypto saviour. The company’s CLO Stuart Alderoty even donated $300,000 to Trump’s campaign and has attended his events.

With Larsen leaning the opposite way, Ripple seems to be betting on both sides, plausibly to protect its interest regardless of who emerges victorious in the November polls.

@ Newshounds News™

Source:   Crypto News Flash

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