“Tidbits From TNT” Friday Morning 9-13-2024

TNT:

Tishwash:  Washington accuses Iraqi militias of targeting US diplomatic facility in Baghdad

The United States accused   Iraqi "militias" allied with Iran of targeting a US diplomatic facility in the capital, Baghdad, and vowed to respond. It called on  the Iraqi government to do its part to protect diplomatic facilities. Camp Victory, which houses US soldiers, west of Baghdad, was subjected to a rocket attack on Tuesday night, in an operation that came days after Iraq announced that there was no official and fixed agreement on a date for ending the international coalition’s mission and withdrawing US forces from the country.

On Friday, the US Embassy in Baghdad said in a statement that "last Tuesday, the Diplomatic Support Complex in Baghdad, a US diplomatic facility, was attacked, but fortunately no casualties were reported," stressing that "evidence suggests that the attack was launched by Iranian-allied militias operating freely in Iraq.”

The statement indicated that "the Government of Iraq has repeatedly expressed its commitment to protecting diplomatic missions, as well as US military personnel who are in the country at its invitation," renewing its call on the Iraqi government to "protect our diplomatic and coalition partner personnel and their facilities.” It added, "We reserve the right to defend ourselves and protect our personnel anywhere in the world."

The attack came hours before Iranian President Massoud Pezeshkian was due to visit Iraq, and occurred despite Iraqi forces taking tight security measures in the capital. No Iraqi faction has claimed responsibility for the attack, and the Iraqi Hezbollah Brigades, allied with Iran, called on the government to uncover the perpetrators. “Targeting Baghdad airport at this time is carried out by suspicious hands, and its aim is to disrupt the Iranian president’s visit to Baghdad, and we call on the security services to uncover those involved,” said Hezbollah Brigades military spokesman Jaafar al-Husseini.

For its part, the Al-Fatah Alliance, an Iraqi political alliance with parliamentary and government representation that includes a number of armed factions, considered the attack "an attempt to confuse the cards and direct blame at the resistance factions." Ali Al-Fatlawi, a member of the alliance, said on Thursday that “the factions will not be afraid to declare any action they take. The attack aims to embarrass Prime Minister Mohammed Shia Al-Sudani and create a gap between the resistance factions and the government." He stressed that "the operation, in all its details, confirms that the resistance factions have nothing to do with it, neither directly nor indirectly."

In February, bilateral talks between Baghdad and Washington resumed regarding the withdrawal of international coalition forces from Iraq, with the adoption of a "deliberate and gradual reduction", leading to the end of the mission of the international coalition forces to combat ISIS, according to official Iraqi statements. However, the Security and Defense Committee in the Iraqi parliament expected that the recent attack would push the US side to a new military response against some Iraqi factions, especially since the Americans exploit any opportunity and circumstance to target those factions.   link

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Tishwash:  Parliamentary Finance Committee confirms that it will soon resume its investigation into changes made to the General Budget Law tables

The Parliamentary Finance Committee confirmed that it will soon resume its investigation into changes to the general budget law tables that were officially approved by the Council of Representatives, and objected to by the Prime Minister's Office.

Committee member, MP Moeen Al-Kazemi, said in a statement to the National Iraqi News Agency ( NINA ), that "the parliamentary investigation committee assigned by the Finance Committee will resume its work soon, to determine the reasons for the change in the general budget tables officially signed by the Speaker of Parliament and sent to the Council of Ministers."

He added, "The government is working with its tables approved by the Council of Representatives, and there is no financial damage to the public treasury," indicating, "The work on the general budget ceiling of 226 trillion dinars has been suspended, and the government is proceeding with implementing its tables that were approved by the Council of Representatives." He explained

"The Parliamentary Finance Committee is following up on the reasons for the difference between the government version of the general budget tables and the paper and electronic version of the Council of Representatives."  link

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Tishwash:  Unprecedented renaissance.. Iraq's economy recovers and its debts fall to "lowest levels"

The country has witnessed an unprecedented economic renaissance, as ambitious government plans have achieved remarkable successes, most notably food security, achieving self-sufficiency in grains, stimulating markets and creating competition between them, in addition to economic growth and reducing foreign debt to its lowest levels.

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said: “The government has worked to establish a solid food security system based on the successful integration of agricultural and financial policies,” indicating that “government support for grain producers has been a safety valve in encouraging agricultural production of grain crops, which in turn has encouraged farmers to provide nearly 6 million tons of grains during the year 2024, which is the quantity that matches the country’s need for grains, and is considered one of the gateways to self-reliant food security,” according to the official agency.

He explained that "these measures were accompanied by providing the food basket with types and quantities that affect the lives of 40 million citizens, in addition to the move to revive the markets, which is a type of competitive commercial investment."

He pointed out that "the General Company for Central Markets is one of the formations of the Ministry of Trade, as it announced its new policy last March, that it will continue to refer its sites and markets to investment in accordance with the requirements of Investment Law No. 13 of 2006, as amended, in order to achieve economic balance and support the Iraqi consumer."

He added that "the marketing policy of the General Company for Central Markets, through the strategy of partnership between the state and the private sector, has undertaken to activate a pattern of market stability by providing competitive marketing outlets that meet the needs of the poor and low-income classes, through the best consumer products in terms of quality assurance and price stability," stressing that "this issue is consistent with the pivotal role played by the Competition and Anti-Monopoly Council issued under Law 14 of 2010, which aims to protect purchasing rights from monopoly and manipulation."

He added, "The supervisory and regulatory role of the Ministry of Commerce in regulating central markets comes within the framework of what can be called (competitive central consumer markets), which are markets that witness strong competition between companies and sellers to provide consumer products and services, as companies compete to offer the best prices, and ensure product quality and quality services to attract consumers, which leads to improving the overall consumer experience."

He added, "Competitive central markets that operate on the basis of investment by the private sector are characterised by the following:

1- Diversification of products, by providing a wide range of products and services from different brands.

2- Creating a sustainable climate of competitive prices and suppressing monopoly, as sellers will seek to offer price promotions and discounts to encourage customers to buy.

3- Providing logistical services to consumers, which are added services such as delivery services, loyalty programs, or after-sales services that increase the attractiveness of the market.

He added, "Companies displaying their products in competitive central markets will practice 'innovation' by offering new or innovative solutions to their products or how they are presented, to remain attractive in a new climate of competition in organised markets."

He noted that "competitive central markets will rely on strong distribution systems to provide access to them, enabling consumers to easily access the products offered by central markets."

He added, "Competitive investment-based central markets will enable companies with solid brands to benefit from the capacity and role of central markets throughout the country to always offer something distinctive that suits the lifestyle and ways of life by improving their products using the best technologies to increase their market share."

As for indicators of stability and economic growth, Saleh stated that “growth in the non-oil GDP has reached 6 percent, in light of the very moderate price growth rate, and according to the latest figures, it has only exceeded 3.7 percent annually, which means that the country is witnessing high price stability and development.”

He pointed out that "Iraq's external debts have fallen to their lowest level in the last forty years, not exceeding $10 billion, and the government is following a precise program to settle the external debt, which constitutes less than 9 percent of the country's total foreign exchange reserves, which are close to $108 billion, and are the highest foreign reserves in the country's monetary and financial history."

For his part, researcher and specialist in financial and banking affairs, Mustafa Hantoush, confirmed that “the Iraqi economy during the past three years has witnessed a number of correct trends, including: 

1- Supporting the private sector with Law No. 18 of 2023 (Workers’ Retirement), which will guarantee retirement rights for all workers in Iraq.

2- Supporting the culture of electronic payment that would provide high-level financial and banking services to the citizen, as well as determining the liquidity position and having a financial reading of the market.

3- Work seriously to complete the designs and requirements for starting the (Development Road) project, which is considered the basis for opening the transportation economy to Iraq, and which is a complementary project to the Faw Port. 

4- Establishing the (Service Effort) Committee, which provided tangible services in the capital, Baghdad, after long years of neglect, which would stimulate the labor and construction market in the capital and reduce transportation costs and time.

5- Heading towards residential complexes (adjacent to cities) and renegotiating with the Korean Hano Company.

He pointed out that, "Despite these measures, the Iraqi economy still needs many steps, including: 

1- Effective monetary policies (lending - attracting deposits - financing investment) that would create a cash cycle from surplus to deficit.

2- Building the private sector through an accelerated pace using models (private sector budget - loan budget) that will activate the infrastructure of the private sector (cities or industrial or agricultural or tourist areas - roads to serve investment - investment electricity) with an available and known loan budget with reasonable conditions.

3- Protecting the local product through (the state purchasing the local product - closing borders and unofficial outlets - industrial and agricultural dollars).

4- Effective international negotiation on files such as (producing 25 thousand megawatts of electricity on credit with Siemens - establishing the international company for the port of Faw - increasing Iraq’s share of oil production and export).

5- Establishing a sovereign investment fund (domestic) in dollars after negotiating with the American side, to which part of the oil revenues in dollars will go and which will be invested in safe local investments such as (real estate - oil and gas investments) and others.

6- Establishing a real estate policy consisting of (real estate reconciliation with agriculture - supporting economic construction complexes - distributing land to those entitled to it - launching funding for well-studied housing initiatives).

 In turn, researcher and academic Haitham Al-Khazaali explained that “the political stability that resulted from the government’s balanced policy, avoiding crisis management and focusing on achieving economic progress is what affected the stability of the security situation and then achieved economic stability.”

He added, "The economy is linked to security and reliance on political stability  link

Mot:  but it was just a Light Touch Too!!!! 

Mot:  . the latest edition is out 

Iraq News Highlights and Points To Ponder Thursday Afternoon 9-12-24

Unprecedented Renaissance.. Iraq's Economy Recovers And Its Debts Fall To "Lowest Levels"

Money and business  Economy News – Baghdad   The country has witnessed an unprecedented economic renaissance, as ambitious government plans have achieved remarkable successes, most notably food security, achieving self-sufficiency in grains, stimulating markets and creating competition between them, in addition to economic growth and reducing foreign debt to its lowest levels.

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said: “The government has worked to establish a solid food security system based on the successful integration of agricultural and financial policies,” indicating that “government support for grain producers has been a safety valve in encouraging agricultural production of grain crops,’

 which in turn has encouraged farmers to provide nearly 6 million tons of grains during the year 2024, which is the quantity that matches the country’s need for grains, and is considered one of the gateways to self-reliant food security,” according to the official agency.

He explained that "these measures were accompanied by providing the food basket with types and quantities that affect the lives of 40 million citizens, in addition to the move to revive the markets, which is a type of competitive commercial investment."

He pointed out that "the General Company for Central Markets is one of the formations of the Ministry of Trade, as it announced its new policy last March, that it will continue to refer its sites and markets to investment in accordance with the requirements of Investment Law No. 13 of 2006, as amended, in order to achieve economic balance and support the Iraqi consumer."

He added that "the marketing policy of the General Company for Central Markets, through the strategy of partnership between the state and the private sector, has undertaken to activate a pattern of market stability by providing competitive marketing outlets that meet the needs of the poor and low-income classes, through the best consumer products in terms of quality assurance and price stability,"

 stressing that "this issue is consistent with the pivotal role played by the Competition and Anti-Monopoly Council issued under Law 14 of 2010, which aims to protect purchasing rights from monopoly and manipulation."

He added, "The supervisory and regulatory role of the Ministry of Commerce in regulating central markets comes within the framework of what can be called (competitive central consumer markets), which are markets that witness strong competition between companies and sellers to provide consumer products and services, as companies compete to offer the best prices, and ensure product quality and quality services to attract consumers, which leads to improving the overall consumer experience."

He added, "Competitive central markets that operate on the basis of investment by the private sector are characterised by the following:

1- Diversification of products, by providing a wide range of products and services from different brands.

2- Creating a sustainable climate of competitive prices and suppressing monopoly, as sellers will seek to offer price promotions and discounts to encourage customers to buy.

3- Providing logistical services to consumers, which are added services such as delivery services, loyalty programs, or after-sales services that increase the attractiveness of the market.

He added, "Companies displaying their products in competitive central markets will practice 'innovation' by offering new or innovative solutions to their products or how they are presented, to remain attractive in a new climate of competition in organised markets."

He noted that "competitive central markets will rely on strong distribution systems to provide access to them, enabling consumers to easily access the products offered by central markets."

He added, "Competitive investment-based central markets will enable companies with solid brands to benefit from the capacity and role of central markets throughout the country to always offer something distinctive that suits the lifestyle and ways of life by improving their products using the best technologies to increase their market share."

As for indicators of stability and economic growth, Saleh stated that “growth in the non-oil GDP has reached 6 percent, in light of the very moderate price growth rate, and according to the latest figures, it has only exceeded 3.7 percent annually, which means that the country is witnessing high price stability and development.”

He pointed out that "Iraq's external debts have fallen to their lowest level in the last forty years, not exceeding $10 billion, and the government is following a precise program to settle the external debt, which constitutes less than 9 percent of the country's total foreign exchange reserves, which are close to $108 billion, and are the highest foreign reserves in the country's monetary and financial history."

For his part, researcher and specialist in financial and banking affairs, Mustafa Hantoush, confirmed that “the Iraqi economy during the past three years has witnessed a number of correct trends, including:

1- Supporting the private sector with Law No. 18 of 2023 (Workers’ Retirement), which will guarantee retirement rights for all workers in Iraq.

2- Supporting the culture of electronic payment that would provide high-level financial and banking services to the citizen, as well as determining the liquidity position and having a financial reading of the market.

3- Work seriously to complete the designs and requirements for starting the (Development Road) project, which is considered the basis for opening the transportation economy to Iraq, and which is a complementary project to the Faw Port.

4- Establishing the (Service Effort) Committee, which provided tangible services in the capital, Baghdad, after long years of neglect, which would stimulate the labor and construction market in the capital and reduce transportation costs and time.

5- Heading towards residential complexes (adjacent to cities) and renegotiating with the Korean Hano Company.

He pointed out that, "Despite these measures, the Iraqi economy still needs many steps, including:

1- Effective monetary policies (lending - attracting deposits - financing investment) that would create a cash cycle from surplus to deficit.

2- Building the private sector through an accelerated pace using models (private sector budget - loan budget) that will activate the infrastructure of the private sector (cities or industrial or agricultural or tourist areas - roads to serve investment - investment electricity) with an available and known loan budget with reasonable conditions.

3- Protecting the local product through (the state purchasing the local product - closing borders and unofficial outlets - industrial and agricultural dollars).

4- Effective international negotiation on files such as (producing 25 thousand megawatts of electricity on credit with Siemens - establishing the international company for the port of Faw - increasing Iraq’s share of oil production and export).

5- Establishing a sovereign investment fund (domestic) in dollars after negotiating with the American side, to which part of the oil revenues in dollars will go and which will be invested in safe local investments such as (real estate - oil and gas investments) and others.

6- Establishing a real estate policy consisting of (real estate reconciliation with agriculture - supporting economic construction complexes - distributing land to those entitled to it - launching funding for well-studied housing initiatives).

 In turn, researcher and academic Haitham Al-Khazaali explained that “the political stability that resulted from the government’s balanced policy, avoiding crisis management and focusing on achieving economic progress is what affected the stability of the security situation and then achieved economic stability.”  He added, "The economy is linked to security and reliance on political stability." 33 views  2024/09/12 -  https://economy-news.net/content.php?id=47513

Economist: The Interests Of Producers And Consumers Are Achieved Through A Fair Price For Oil

Baghdad Today – Baghdad   Economic expert Nabil Al-Marsoumi confirmed, today, Wednesday (September 11, 2024), that the fair price of oil is the one that achieves the interests of producers and consumers together.

Al-Marsoumi said on his Facebook platform, which was followed by "Baghdad Today", that "the fair price of oil is the one that achieves the interests of producers and consumers together, that is, the price that achieves good financial revenues for producers that enable them to return part of it to renewing and increasing oil production capacities."

He added: "It also enables consumers to obtain oil at reasonable costs that facilitate economic growth in it," explaining: "The price can be set in the seventies as a fair price for both parties, but when the price falls below $70, it achieves the interests of consumers because it enables them to obtain energy at a cheap cost and thus reduce the prices of production inputs and increase the competitiveness of their produced goods."

He continued: "But on the other hand, it is harmful to the producing countries because it reduces their oil revenues and discourages investment in developing oil production. Conversely, when the price is $80 and up, this price is harmful to economic growth in the consuming countries and reduces the demand for oil in the long term, even though it achieves large revenues for the oil producing countries."

Oil prices are witnessing a noticeable decline, especially in futures contracts, which experts believe may affect Iraq’s rentier economy and consequently the state and the citizen.   LINK

Parliamentary Request To Host Al-Sudani Amid Threats To The Federal Court

Posted On 2024-09-12 By Sotaliraq   MP Hadi Al-Salami revealed, on Thursday, that he had submitted a parliamentary request to the Acting Speaker of Parliament, Mohsen Al-Mandalawi, to host Prime Minister Mohammed Shia Al-Sudani.[/size]

Al-Salami said, “I submitted the request to host the Prime Minister in a special session to discuss the reasons for withdrawing the Federal Civil Service Bill from Parliament and not sending it back to the Council.”

He explained that “the Federal Civil Service Law is one of the important laws that serves employees and addresses the salary crisis, especially the salary scale for state employees. The government must send the law to Parliament for approval.”

[size=45]Al-Salami continued, “If the Presidency of the House of Representatives does not respond and does not agree to the request to host the Prime Minister, we will go to the Federal Court to file an appeal against the government regarding its failure to comply with the instructions of the budget law and its failure to send the civil service law to Parliament.”

Among the most prominent laws that were withdrawn by the government of Prime Minister Mohammed Shia al-Sudani, in addition to the Federal Civil Service Law, are the Compulsory Military Service Law, the Law on Addressing Residential Encroachments, the Reconstruction Council Law, the amendment to the Companies Law, the first amendment to the Iraqi National Oil Company Law, and the second amendment to the Public Roads Law.   LINK

Seeds of Wisdom RV and Economic Updates Thursday Evening 9-12-24

Good Evening Dinar Recaps,

IOTA NEWS: DON’T MISS OUT – IOTA’S EUROPEAN BLOCKCHAIN PCP SUCCESS SIGNALS BULLISH Q4

▪️IOTA completed the final phase of the European Blockchain PCP as one of the three finalists, setting the network up for a defining fourth quarter of 2024.

▪️The network has been pushing to make a mark in DeFi, where TVL hit $5 million this month, with a prospective integration with Uniswap’s DeFi network a potentiaal gamechanger.

It’s been a great year for IOTA. In the recent months, it has completed its final phase of the European Blockchain Pre-Commercial Procurement pilot while its DeFi TVL hit a new record this month, setting it up for a bullish fourth quarter of the year.

As we reported, IOTA was one of three companies selected from an initial pool of over 30 applicants to showcase its blockchain capabilities in the European Union. The European Blockchain PCP project was funded by the European Commission, with the other two finalists being Chromaway and Billon, a relational blockchain and asset tokenisation platform respectively.

IOTA deployed three products under the trial; the first targeted intellectual property rights management, giving ownership to content creators through smart contracts. The other two focused on digital product passports, catering to the electronics and plastics industries respectively.

The European Commission intends to integrate the successful applications from the PCP into the European Blockchain Services Infrastructure, a public sector blockchain infrastructure for the EU that the Commission launched six years ago. This level of exposure will certainly bear dividends for IOTA—the EU has over 400 million people, with three of its members among the ten largest economies globally.

DeFi, RWA Tokenisation, Uniswap—A Great Quarter for IOTA Ahead
Beyond the European Commission trial, the IOTA ecosystem continues to grow internally. As we reported, the total value locked (TVL) on the IOTA EVM hit $5 million earlier this month, and it now stands at $5.41 million, according to data from DeFiLlama.

Lending protocol Deepr Finance leads the pack with $2.3 million in TVL, which has shot up 16% in the past week. MagicSea, a native decentralised exchange, is second with $1.24 million. This is still way below its record high of $5.71 million in February this year, proving that the IOTA DeFi ecosystem still has levels to go.

This explosion in IOTA DeFi could come from an integration into Uniswap’s ecosystem. As we reported, senior figures of the IOTA team have expressed interest in joining this ecosystem, which they believe could help to build “a more inclusive and efficient DeFi ecosystem.” The Uniswap ecosystem currently serves uses on Avalanche, Polygon, Arbitrum, Binance Smart Chain and Base among a few other chains.

Meanwhile, IOTA trades at $0.1258, dipping 2% in the past day, although it has gained nearly 5% on the weekly chart. Its market cap stands at $430 million.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

TRUMP PLANS TO LAUNCH HIS SONS' CRYPTO BUSINESS ON MONDAY, 50 DAYS BEFORE ELECTION DAY

WASHINGTON (AP) — Former President Donald Trump plans to deliver remarks next Monday about cryptocurrency and the launch of the company World Liberty Financial, a crypto platform controlled by the Republican nominee's sons Donald Jr. and Eric.

His speech will come 50 days before Election Day, an extraordinary use of dwindling campaign time to promote a personal business. The Republican former president has long mixed his political and business interests and marketed sneakers, photo books and Trump-branded Bibles during his 2024 campaign.

“We're embracing the future with crypto and leaving the slow and outdated big banks behind,” Trump said in a video posted Thursday to X, the social media site that will also host his address on the subject at 8 p.m. EDT on Monday from his Mar-a-Lago home.

As part of his presidential campaign, Trump has pledged to turn the United States into the “crypto capital of the planet,” raising red flags that he could use the federal government to help support a business tied to his family.

Cryptocurrencies are forms of digital money that can be traded over the internet without relying on the global banking system. The trading often depends on online marketplaces that charge fees for transactions, so that the cryptocurrencies can be exchanged for U.S. dollars and other currencies.

Trump opposed crypto during his presidency, but he has since warmed to the sector. He has suggested the government create a strategic reserve of Bitcoin and has vowed to block the creation of a Federal Reserve-administered Central Bank Digital Currency, a digital form of central bank money that would be available to the public.

@ Newshounds News™

Source:  Finance Yahoo

~~~~~~~~~

RIPPLE STANDS APART BY FOCUSING ON ENTERPRISE, NOT RETAIL XRP HOLDERS, EXPERT EXPLAINS

▪️  Jake Claver, CEO of Syndicately, highlighted Ripple’s strategy of targeting large-scale payment solutions for enterprises and governments, and not retail use.
▪️  Despite its focus on institutional finance, Ripple’s XRP Ledger has faced challenges in gaining traction in the decentralized finance (DeFi) sector.

Jake Claver, CEO of investment firm Syndicately, recently shared insights about Ripple’s business strategy, distinguishing it from other blockchain projects. He said that Ripple primarily focuses on large-scale payment solutions rather than retail adoption, like many blockchain projects.

Claver highlighted Ripple’s enterprise-driven approach in a post on X social media platform. He stated that “Ripple’s business model targets large-scale payment solutions for enterprises and governments.” For context, Ripple has long been recognized for its efforts to streamline cross-border payments, per the CNF report.

Hence, Claver’s statement underscores that the value proposition of XRP’s parent firm centers on providing solutions for financial institutions, central banks, and corporations. While retail investors can still hold XRP and use the XRP Ledger, Claver noted that Ripple’s “primary aim is to facilitate institutional-grade transactions and cross-border settlements with speed and efficiency.”

What Makes Ripple Different From Other Blockchains?
This positions Ripple apart from other blockchain ecosystems that rely heavily on individual retail adoption. Claver elaborated, “Ripple isn’t reliant on individual retail adoption like some other blockchain projects.” Instead, the company builds financial infrastructure supporting governments and large corporations. This approach places Ripple in a unique position within the blockchain space.

However, Ripple’s focus on enterprise solutions does not necessarily align with the broader decentralized finance (DeFi) and retail market. The XRP Ledger, once a promising project for decentralized finance, has struggled to gain traction in sectors such as DeFi and meme coins, as reported by Crypto News Flash.

Furthermore, Artur Kirjakulov, founder and CEO of XPMarket, highlighted the underwhelming performance of the XRP Ledger ecosystem. He noted that its market capitalization recently fell to a new low of just $80 million. According to Kirjakulov, this decline reflects the departure of developers and capital from the ecosystem.

RLUSD Launch & Legal Battles
Meanwhile, Ripple continues to make strides in institutional finance. Earlier this year, Ripple announced its RLUSD stablecoin, which entered beta testing in early August. According to Ripple’s Chief Technology Officer David Schwartz, the RLUSD stablecoin will “only ever be available” to institutional clients instead of retail participants, reported CNF.

Currently, the team is minting RLUSD on the XRP Ledger and Ethereum mainnet. Moreover, the blockchain firm aims to revolutionize blockchain payments via the launch of its stablecoin later this year.

Ripple also made headlines with its legal victory last year when a court’s summary judgment favored the company. Following that win, it was predicted that U.S.-based financial institutions would likely embrace XRP to conduct cross-border transactions.

However, court documents revealed that the firm may have shifted from using XRP to USDT for its On-Demand Liquidity (ODL) solution earlier this year. Nonetheless, the latest relief with XRP attaining legal clarity and a 94% reduction from the SEC’s $2 billion penalty has been a plus point for the firm.

@ Newshounds News™

Source:  Crypto  News Flash

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HEDERA NEWS: HIP-850 EMPOWERS NFT USERS WITH DYNAMIC FUNCTIONALITY FOR WEB3 USE CASES

• 
  ▪️The Hedera team has introduced HIP-850, which will be implemented on the mainnet as part of the upcoming v0.53 upgrades.
  
  ▪️The upgrade allows supply keys to update NFT metadata as long as the token remains in the treasury account for more dynamic NFT data management.
  
  Hedera has announced HIP-500, the latest upgrade that allows users to enjoy more dynamic management of NFT data, the latest development in one of the world’s most innovative blockchain networks.
  
  HIP-500 will grant supply keys the ability to update NFT metadata which are held in a treasury account. In Hedera, supply keys are the keys that can change the total supply of a token by minting and burning the token. A treasury account, on the other hand, receives teh initial supply of any token and any additonally-minted tokens.
  
  In an accompanying blog post, the Hedera team revealed that, essentially, HIP-500 gives the supply keys the ability to execute TokenUpdateNftsTransaction, which “updates the metadata property of non-fungible tokens (NFTs) on the Hedera network.”
  
  The new proposal intends to enable more controlled and dynamic management of NFT data without compromising the token’s trust or integrity.

This proposal offers a solution for stakeholders seeking to evolve NFT functionality while maintaining the core principles of immutability once the NFT has been distributed.

HIP-850 Empowers NFT Users on Hedera
When minting an NFT on Hedera, a user can specify MetadataKey and/or an AdminKey. The two allow the user to alter the metadata after mining the token and at the NFT collection level. Additionally, the MetadataKey can also alter metadata at the NFT serial number level.

However, these keys can pose a challenge when the end owner of the NFT requires a guarantee that the token’s metadata can’t be altered post-distribution. HIP-500 introduces a SupplyKey that can alter metadata at a more advanced level, empowering the users.

The team notes:

By enabling the Supply Key to modify NFT metadata within the treasury account, this HIP provides a solution to these limitations. This approach introduces flexibility while maintaining data integrity post-distribution; it ensures that once an NFT leaves the treasury account, its metadata is immutable, preserving the integrity of the asset once it is distributed to the end-user.

HIP-500 isn’t just a technical achievement—it has practical applications. For instance, think about an NFT for an event ticket: initially, the NFTs are minted with minimal details as they haven’t been purchased. However, once an attendee purchases the NFT ticket, they need it to be altered so that their details, such as name and phone number, can be included.

In gaming, an in-game item, such as a gun or sword in an action game, can be minted with basic attributes. However, as the player advances in the game or purchases more attributes, the NFT can be altered to change its metadata with the SupplyKey.

HBAR trades at $0.05084, gaining 3.85% in the past day for a $1.879 billion market cap.

@ Newshounds News™

Source:   Crypto News Flash

  ~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Thursday Afternoon 9-12-24

Good Evening Dinar Recaps,

UAE’s RAKBANK USES mBRIDGE WHOLESALE CBDC SOLUTION FOR CHINESE PAYMENT

Earlier this week the UAE’s RAKBANK confirmed it made its first cross border payment using the mBridge platform. mBridge is multi-wholesale CBDC payment solution founded by the BIS Innovation Hub and the central banks of Thailand, Hong Kong, China and the UAE, with Saudi Arabia joining in June. In the same month, the central banks launched the minimum viable product (MVP) version of mBridge.

A key advantage is transactions can be sent directly from the sending bank to the recipient bank without the need to rely on correspondent banks as intermediaries. Hence, it aims to make payments faster, cheaper and more transparent.

“The successful transfer of eCNY to our correspondent in China is a game-changer in several respects,” said Vikas Suri, Co-Head of Wholesale Banking Group at RAKBANK. “It’s one of the first UAE-led foreign currency transfers executed in local currencies without involving a third currency to China and without using conventional payment rails.

This is a gamechanger that paves the way for instant blockchain based CBDC exchanges with payment versus payment, fundamentally altering how we approach international payments.”

A typical transaction would start with the bank buying wholesale CBDC dirhams. On the mBridge platform, the wholesale dirhams are exchanged for eCNY, and the eCNY is transferred to the recipient bank. The peer-to-peer nature of the transaction removes the need to hold Nostro balances offshore or to make any additional interbank payments.

The technology for the mBridge platform was developed by the Chinese central bank’s Digital Currency Research Institute, using a bespoke consensus mechanism, but borrowing some elements from Ethereum.

Last year the UAE started working with enterprise blockchain firm R3 for wholesale and retail CBDC. R3 said its Corda-based issuance layer technology was used for the mBridge payment, which would require some integration between Corda and the mBridge platform. We’ve requested details but didn’t receive a response in time for publication.

Chinese banks promote mBridge involvement
Meanwhile, various Chinese banks and Tencent promoted their involvement in mBridge payments in June, following the launch of the minimum viable product (MVP). In July, the Agricultural Bank of China said it successfully handled its first live mBridge transaction for a manufacturer. And last month, ICBC said it received eCNY via mBridge for one of its clients in Liuzhou.

The fact that mBridge transactions are still newsworthy means there’s a slowly, slowly approach as one might expect at the MVP stage.

@ Newshounds News™

Source:  Ledger Insights

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FIRST U.S. XRP TRUST BY GRAYSCALE: WHAT YOU NEED TO KNOW

▪️Grayscale has launched the first U.S. XRP Trust, aiming to provide institutional exposure to XRP’s unique cross-border payment capabilities.

▪️The trust could be converted into an ETF, pending SEC approval, signaling potential mainstream adoption of XRP.

Grayscale Investments has officially launched its first U.S.-based XRP Trust, causing waves in the cryptocurrency market. At the time of writing, XRP is trading around $0.5713, up 7.45% over the last 24 hours.

This price increase has been attributed to Grayscale’s launch of the XRP Trust, which has prompted increased interest in the digital asset. Additionally, XRP’s 24-hour trading volume has increased by more than 70%, hitting $1.424 billion, indicating that the market has reacted positively to this news.

This development was also highlighted by blockchain researcher Collin Brown, who stated that this marks a major step towards a potential ETF.

@ Newshounds News™

Source:   Crypto News Flash  

~~~~~~~~~

STABLECOINS REDEFINE FINANCIAL ACCESS IN EMERGING MARKETS, REPORT FINDS

Stablecoins have evolved from niche crypto tools to mainstream financial asset used to hedge against economic uncertainty.

Stablecoins have transformed financial access in emerging markets, becoming essential tools for millions seeking stability in volatile economies, according to a recent research report.

The report, Stablecoins: The Emerging Market Story, was sponsored by Visa and developed in collaboration with Allium Labs and Castle Island Ventures. It revealed that stablecoins have evolved from niche crypto tools into mainstream financial assets.

According to the report, stablecoin usage has surged across countries like Brazil, India, Indonesia, Nigeria, and Turkey, where traditional banking systems often struggle to meet users’ needs.

Everyday financial tool
The report noted that stablecoins initially served as a tool for traders and exchanges to settle transactions in the crypto world. However, their usage quickly expanded to meet the everyday needs of users in emerging markets.

The study also highlighted that stablecoins, particularly Tether (USDT), became the most trusted digital asset due to their wide network effects and established liquidity

Approximately 47% of people surveyed as part of the study use stablecoins to hold digital dollars as an alternative to unreliable local banking systems, while 43% of respondentonss favor stablecoins for more efficient currency conversi.

The report estimated that stablecoins settled $2.6 trillion in transactions during the first half of 2024, with over 20 million blockchain addresses making stablecoin transactions each month. This rapid growth reflects the increasing appeal of stablecoins for various everyday financial activities, not just for crypto trading.

Safety from economic uncertainty
The report emphasized that stablecoins played a crucial role in advancing financial inclusion across emerging markets, particularly in countries where access to traditional banking remains limited or unreliable.

In regions with high inflation or volatile local currencies, such as Argentina and Venezuela, stablecoins allowed individuals to hold digital dollars, offering a stable alternative to local currencies. This provided users with the ability to preserve the value of their savings without the need for a traditional bank account, which was often inaccessible or untrustworthy.

Stablecoins also helped bridge the financial gap for those who lacked access to USD-based banking systems. In countries like Nigeria, where the banking infrastructure struggled to offer easy access to US dollars, stablecoins enabled people to store value, make payments, and conduct cross-border transactions more efficiently.

This opened up financial opportunities for millions who would otherwise be excluded from stable and secure financial systems, making stablecoins a powerful tool for financial inclusion in the developing world.

Growth expected to continue
While the adoption of stablecoins raised concerns about “crypto-dollarization” in certain countries, the report showed that stablecoins were set to play an even larger role in global finance.

According to the survey, 72% of respondents expected to increase their stablecoin usage in the next year. The growth was driven by the efficiency, speed, and accessibility of stablecoins for cross-border payments, payroll, and remittances, particularly in areas where traditional financial systems lagged.

The report concluded that stablecoins had firmly established themselves as a viable alternative to traditional banking systems, offering emerging market users a secure and stable way to manage their finances. As stablecoin regulation evolved globally, their role in everyday financial transactions was expected to grow.

@ Newshounds News™

Source:  Crypto Slate

~~~~~~~~~

RIPPLE AND NYU ABU DHABI RENEW BLOCKCHAIN RESEARCH PARTNERSHIP IN UAE

▪️Ripple renews its $1 million partnership with NYU Abu Dhabi to boost blockchain research and innovation in the UAE.

▪️Ripple’s strategic collaborations, including UBRI, help advance blockchain technology and digital finance globally.

Ripple has renewed its strategic partnership with NYU Abu Dhabi through the University Blockchain Research Initiative (UBRI). This renewal demonstrates Ripple’s continuous commitment to fostering blockchain research and innovation in the UAE and the broader Middle East.

Ripple Expands Its Blockchain Research Investment in UAE
The collaboration with NYU Abu Dhabi has increased Ripple’s overall funding for blockchain research and student initiatives at the university to more than $1 million. Reece Merrick, Ripple Managing Director, Middle East, and Africa, stated:

“Ripple and NYU Abu Dhabi share a vision of unlocking the full potential of blockchain research and innovation in the region.”

The cooperation is critical to Ripple’s aim of expanding its footprint in the UAE, developing talent, and encouraging the use of blockchain technology in both the academic and financial sectors.

This expanded engagement is part of Ripple’s overall strategy to compete for a sizable share of the global payment ecosystem. As Ripple Labs seeks to increase the utility of XRP, the company has deliberately focused on key regions with high regulatory certainty and commercial potential.

Recently, as we previously reported, Ripple Labs expressed confidence that the Federal Reserve’s FedNow system might benefit XRP by facilitating speedier cross-border payments via XRP Ledger. This puts Ripple at the vanguard of digital financial innovation, as it competes with other payment alternatives on a worldwide scale.

In addition to increasing its blockchain footprint in the UAE, Ripple is looking into stablecoin potential. Ripple has prioritized the United States for the launch of its USD-backed stablecoin, with ambitions to expand into the Japanese market after regulatory approval is acquired.

Japan’s strong legislative environment makes it an appealing market for stablecoin development, according to Ripple’s CEO. This strategic objective aims to strengthen Ripple’s competitive position and expand the adoption of the XRP Ledger across various markets and financial systems.

Ripple’s research investments extend beyond NYU Abu Dhabi. The UBRI program includes 58 colleges worldwide, and Ripple has invested more than $60 million since the initiative’s start in 2018.

This includes offering financing to prestigious universities such as Morgan State University and the National University of Singapore, highlighting Ripple’s global reach. These collaborations play an important role in advancing academic research, increasing financial awareness, and boosting global acceptance of digital assets.

Furthermore, Ripple’s rising presence in the UAE is consistent with the country’s objectives to become a global center for financial and technical innovation. Collaboration with NYU Abu Dhabi allows Ripple to promote blockchain research while also contributing to the UAE’s goal of cultivating a tech-savvy workforce.

The university’s Ripple Blockchain Collaboratory has been instrumental in the development of fintech and blockchain firms, both of which are critical to the country’s digital economy.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

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“Tidbits From TNT” Thursday 9-12-2024

TNT:

Tishwash:  Oil Minister discusses with officials of the American company "Honeywell" enhancing cooperation in the fields of energy and refining sector

Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani discussed with officials of the American company "Honeywell" prospects for enhancing cooperation in the fields of energy and the refining sector.

A statement by the Ministry of Oil stated: "Abdul-Ghani visited, on Wednesday, the headquarters of the American company "Honeywell", and met with officials in the company and was briefed on its activities. It is one of the large specialized companies with extensive work in many fields."

According to the statement, the minister held a meeting with the company during which prospects for enhancing cooperation in the fields of energy and the refining sector were discussed. The

Minister of Oil signed, in the presence of Prime Minister Mohammed Shia al-Sudani, a memorandum of understanding with the company "Honeywell" in May of this year, specifically to develop Iraqi refineries and support the national energy sector.

The meeting was attended, according to the statement, by the Undersecretary of the Ministry for Gas Affairs, Ezzat Saber, the Prime Minister’s Advisor, Falah Al-Amiri, the Director General of the Department of Studies, Planning and Follow-up, Nasir Aziz, the Director General of the Economic Department, Alaa Al-Yasiri, the Director General of the Southern Refineries Company, Hussam Hussein Wali, the Director of the Research Center, Ali Jassim, the Consul of Iraq in Houston, Hawri Muhammad Gharib Al-Talabani, and representatives of the Iraqi Embassy in America and a number of officials in the ministry.   link

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

Tishwash:  Unprecedented renaissance.. Iraq's economy recovers and its debts fall to "lowest levels"

The country has witnessed an unprecedented economic renaissance, as ambitious government plans have achieved remarkable successes, most notably food security, achieving self-sufficiency in grains, stimulating markets and creating competition between them, in addition to economic growth and reducing foreign debt to its lowest levels.

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said: “The government has worked to establish a solid food security system based on the successful integration of agricultural and financial policies,” indicating that “government support for grain producers has been a safety valve in encouraging agricultural production of grain crops, which in turn has encouraged farmers to provide nearly 6 million tons of grains during the year 2024, which is the quantity that matches the country’s need for grains, and is considered one of the gateways to self-reliant food security,” according to the official agency.

He explained that "these measures were accompanied by providing the food basket with types and quantities that affect the lives of 40 million citizens, in addition to the move to revive the markets, which is a type of competitive commercial investment."

He pointed out that "the General Company for Central Markets is one of the formations of the Ministry of Trade, as it announced its new policy last March, that it will continue to refer its sites and markets to investment in accordance with the requirements of Investment Law No. 13 of 2006, as amended, in order to achieve economic balance and support the Iraqi consumer."

He added that "the marketing policy of the General Company for Central Markets, through the strategy of partnership between the state and the private sector, has undertaken to activate a pattern of market stability by providing competitive marketing outlets that meet the needs of the poor and low-income classes, through the best consumer products in terms of quality assurance and price stability," stressing that "this issue is consistent with the pivotal role played by the Competition and Anti-Monopoly Council issued under Law 14 of 2010, which aims to protect purchasing rights from monopoly and manipulation."

He added, "The supervisory and regulatory role of the Ministry of Commerce in regulating central markets comes within the framework of what can be called (competitive central consumer markets), which are markets that witness strong competition between companies and sellers to provide consumer products and services, as companies compete to offer the best prices, and ensure product quality and quality services to attract consumers, which leads to improving the overall consumer experience."

He added, "Competitive central markets that operate on the basis of investment by the private sector are characterised by the following:

1- Diversification of products, by providing a wide range of products and services from different brands.

2- Creating a sustainable climate of competitive prices and suppressing monopoly, as sellers will seek to offer price promotions and discounts to encourage customers to buy.

3- Providing logistical services to consumers, which are added services such as delivery services, loyalty programs, or after-sales services that increase the attractiveness of the market.

He added, "Companies displaying their products in competitive central markets will practice 'innovation' by offering new or innovative solutions to their products or how they are presented, to remain attractive in a new climate of competition in organised markets."

He noted that "competitive central markets will rely on strong distribution systems to provide access to them, enabling consumers to easily access the products offered by central markets."

He added, "Competitive investment-based central markets will enable companies with solid brands to benefit from the capacity and role of central markets throughout the country to always offer something distinctive that suits the lifestyle and ways of life by improving their products using the best technologies to increase their market share."

As for indicators of stability and economic growth, Saleh stated that “growth in the non-oil GDP has reached 6 percent, in light of the very moderate price growth rate, and according to the latest figures, it has only exceeded 3.7 percent annually, which means that the country is witnessing high price stability and development.”

He pointed out that "Iraq's external debts have fallen to their lowest level in the last forty years, not exceeding $10 billion, and the government is following a precise program to settle the external debt, which constitutes less than 9 percent of the country's total foreign exchange reserves, which are close to $108 billion, and are the highest foreign reserves in the country's monetary and financial history."

For his part, researcher and specialist in financial and banking affairs, Mustafa Hantoush, confirmed that “the Iraqi economy during the past three years has witnessed a number of correct trends, including: 

1- Supporting the private sector with Law No. 18 of 2023 (Workers’ Retirement), which will guarantee retirement rights for all workers in Iraq.

2- Supporting the culture of electronic payment that would provide high-level financial and banking services to the citizen, as well as determining the liquidity position and having a financial reading of the market.

3- Work seriously to complete the designs and requirements for starting the (Development Road) project, which is considered the basis for opening the transportation economy to Iraq, and which is a complementary project to the Faw Port. 

4- Establishing the (Service Effort) Committee, which provided tangible services in the capital, Baghdad, after long years of neglect, which would stimulate the labor and construction market in the capital and reduce transportation costs and time.

5- Heading towards residential complexes (adjacent to cities) and renegotiating with the Korean Hano Company.

He pointed out that, "Despite these measures, the Iraqi economy still needs many steps, including: 

1- Effective monetary policies (lending - attracting deposits - financing investment) that would create a cash cycle from surplus to deficit.

2- Building the private sector through an accelerated pace using models (private sector budget - loan budget) that will activate the infrastructure of the private sector (cities or industrial or agricultural or tourist areas - roads to serve investment - investment electricity) with an available and known loan budget with reasonable conditions.

3- Protecting the local product through (the state purchasing the local product - closing borders and unofficial outlets - industrial and agricultural dollars).

4- Effective international negotiation on files such as (producing 25 thousand megawatts of electricity on credit with Siemens - establishing the international company for the port of Faw - increasing Iraq’s share of oil production and export).

5- Establishing a sovereign investment fund (domestic) in dollars after negotiating with the American side, to which part of the oil revenues in dollars will go and which will be invested in safe local investments such as (real estate - oil and gas investments) and others.

6- Establishing a real estate policy consisting of (real estate reconciliation with agriculture - supporting economic construction complexes - distributing land to those entitled to it - launching funding for well-studied housing initiatives).

 In turn, researcher and academic Haitham Al-Khazaali explained that “the political stability that resulted from the government’s balanced policy, avoiding crisis management and focusing on achieving economic progress is what affected the stability of the security situation and then achieved economic stability.”

He added, "The economy is linked to security and reliance on political stability   link

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

Tishwash:  Banking Association Advisor: International Payments and Banking Technologies Conference a Platform to Support Digital Transformation in Iraq

Samir Al-Nusairi, advisor to the Iraqi Private Banks Association, confirmed on Thursday that the International Payments and Banking Technologies Conference, which will be held under the patronage of Eng. Mohammed Shia Al-Sudani, Prime Minister, on September 14 and 15, in joint cooperation between the Prime Minister’s Office, the Central Bank, and the Iraqi Private Banks Association, and with the attendance of governors of banks and specialized international companies, will support and accelerate the transition to digital government and the transition from a cash economy to a digital economy.

The conference discusses 13 axes focusing on the role of the government, the Central Bank and the Association of Banks in developing payments within Iraq, using technology to improve financial inclusion, developing information technology, establishing digital banks, using artificial intelligence in banking services, using modern technologies in loans, compliance, risk management, combating money laundering and terrorist financing, and combating banking fraud.

The results of the government role and the efforts made by the Central Bank, banks, electronic payment companies and supporting companies that have been achieved since the issuance of the decisions will also be presented.

The Council of Ministers issued it in 2023 to activate, stimulate and support digital transformation, and the results recorded a qualitative leap in the volume of transactions in electronic payment operations and the use of modern banking technologies.

Al-Nusairi said, in an interview with "Al-Eqtisad News", that "the Central Bank of Iraq and the Association of Banks are working side by side in implementing the government program in the twelfth axis (financial and banking reform) and the direction of the Prime Minister to support electronic payment, and what has been achieved so far confirms the rapid steps and joint cooperation to move to bridge the technical gap between Iraq and the countries of the world in this field. In 2023, the amounts processed through the national switchboard witnessed a significant increase, which reflects the development of the infrastructure and the expansion in the use of electronic payment channels and the impact of the campaign launched by the Prime Minister to activate electronic payment operations in general, and in the government sector in particular."

Ansari added that “these upward trends continued to develop in 2024, as the amounts processed in the national switchboard systems amounted to more than (2) trillion Iraqi dinars in July alone, compared to (800) billion dinars in the same month of 2023, after which it became (1) trillion dinars in January of 2024, and government payments witnessed an additional increase, reaching (912) billion Iraqi dinars last July compared to (287) million dinars in the same month of 2023.”

He pointed out that "payment operations at fuel stations in Baghdad alone increased significantly, recording more than (44) billion dinars in July of this year, compared to (183) million dinars in July of 2023 and (4.5) billion dinars in December 2023."

He stressed: "A significant increase in the number of POS points of sale to reach more than (50) thousand points of sale this year, compared to approximately (11) thousand POS points of sale at the beginning of 2023, and thousands of them are in government institutions after they were zero before the launch of the campaign in June 2023."  link

Mot: . I'll Show um - I Wills!!! 

Mot:.. the ""King"" I yam 

Seeds of Wisdom RV and Economic Updates Thursday Morning 9-12-24

Good Morning Dinar Recaps,

UK Introduces Bill To Recognize Digital Assets As Personal Property

The UK government introduced the Property (Digital Assets etc) Bill to Parliament on September 11, 2024. The legislation aims to classify cryptocurrencies, non-fungible tokens, and digital carbon credits as personal property under English and Welsh law.

Classification of these digital assets as personal property, placing them in a new, third category alongside traditional "things in possession" (such as physical objects) and "things in action" (such as debts or shares).

 This new classification acknowledges the unique nature of digital assets, which don't fit neatly into existing property law categories.

This marks the first time digital assets will be explicitly recognized in British property law. By recognizing digital assets as personal property, the bill would grant them legal protections similar to those afforded to physical assets. This change could significantly impact how digital assets are treated in various legal contexts, from ownership disputes to inheritance cases.

The legislation also aims to provide a framework for judges to navigate complex cases involving digital assets. The press release specifically mentions that this could prove valuable in scenarios like divorce settlements, where the division of digital holdings may be contested.

In a press release, Justice Minister Heidi Alexander stated, "It is essential that the law keeps pace with evolving technologies and this legislation will mean that the sector can maintain its position as a global leader in cryptoassets and bring clarity to complex property cases."

Long Road To Law Still Ahead
The bill is at the initial stage of the legislative process. It has been introduced in Parliament, which is a formality that takes place without debate. At this stage, the bill has no legal force. It is essentially a proposal for a new law.

Next steps
▪️Second reading: A general debate on the bill's principles
▪️Committee stage: Detailed examination and possible amendments
▪️Report stage: Further amendments may be proposed
Third reading: Final chance for debate and amendments
The other House: The bill goes through similar stages in the other chamber
▪️Royal Assent: If passed by both Houses, the bill receives Royal Assent and becomes law

The process can take months or even longer, depending on the complexity of the bill and the level of political consensus. The bill could pass as is, be amended during the process, or fail to become law if it doesn't gain enough support. If passed, the government will determine when different provisions of the Act come into force, which may be done in stages.

Crypto Laws Evolving Globally
According to an article from the World Economic Forum website, cryptocurrency regulation is undergoing significant changes worldwide. The UK is not alone in its efforts to create a legal framework for digital assets.

Many countries and regions, including the US, European Union, Japan, and Brazil, are actively developing or have already implemented regulations in this area. For example, the EU has introduced comprehensive crypto-asset regulation, while Brazil has appointed its central bank as the supervisory body for crypto assets.

The UK's initiative to recognize digital assets as personal property aligns with the global trend towards creating clearer legal frameworks for cryptocurrencies and other digital assets.

However, as highlighted above, the UK bill is only at the initial stage of the legislative process.

It is likely that international trends and experiences from other countries will be taken into account during the discussion and refinement of the bill. This could contribute to the creation of a more harmonized approach to regulating digital assets at a global level.

@ Newshounds News™

Source:  Forbes

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Layer 1 Blockchains: Overcrowded and Overhyped? The Real Story

▪️Layer 1 (L1) blockchains are rapidly emerging but struggle to gain market traction against established platforms.

▪️Developers are divided on L1 versus Layer 2 (L2) solutions, each offering unique benefits for scalability.

▪️L2 solutions may streamline the ecosystem, but L1 innovation remains essential to push blockchain technology forward.

The cryptocurrency industry has witnessed an explosion of Layer 1 (L1) solutions, each offering unique promises of scalability, decentralization, and improved user experience.

Yet, despite the rise in L1 platforms, many of the same challenges persist. With the growing popularity of Layer 2 (L2) solutions that address these scalability concerns, questions arise about the value of constantly launching new L1 blockchains.

BeInCrypto spoke to three key blockchain developers—Jack O’Holleran from Skale Labs, Charles Wayn from Galxe, and Matt Katz from Caldera—to unpack this issue. Their insights highlight the industry’s struggle with scalability, the rise of L2 solutions, and the fierce competition among both new and established L1 platforms.

The Layer 1 Glut: Solving or Exacerbating Problems?
L1 blockchains form the foundation of decentralized networks, powering decentralized apps (dApps) and protocols. Ethereum, Bitcoin, and a handful of other L1 chains dominate the market. Still, new contenders appear regularly, aiming to resolve blockchain’s most persistent challenges.

However, the influx of new L1 blockchains raises a critical question: Do we need more, or are we over-complicating the ecosystem without delivering real improvement?

Jack O’Holleran, co-founder of Skale Labs, believes the L1 market has become overcrowded. He argues that while many L1 projects are emerging, only a few are gaining meaningful traction.

“The Layer 1 market has been crowded from a narrative and new token perspective, but a much smaller quantity of chains are actually executing in terms of market traction,” O’Holleran

O’Holleran pointed to metrics from CoinGecko, noting that the majority of developer and user momentum is consolidating around the top 10 blockchains. Even when a new L1 presents a novel solution, O’Holleran emphasizes that it’s not enough to guarantee success.

“Right now, there is a struggle for new chains to get a foothold in the developer market. They are getting user traction via airdrop mechanisms but are having trouble capturing market share with net new applications,” O’Holleran told BeInCrytpo.

The competition in the L1 space has intensified, with new projects needing to be significantly better than existing ones to make an impact. O’Holleran believes we are at a point where only the strongest L1s will survive.

A Case for New L1 Blockchains

However, not everyone agrees that the market is oversaturated. Charles Wayn, co-founder of Galxe and Gravity, sees the proliferation of new L1 chains as a sign of innovation. His company recently launched its own L1 solution, Gravity, to address scalability challenges within its platform.

“The Layer 1 space has exploded, with many new blockchains entering the market,” Wayn said. According to him, these new L1 blockchains are not just redundant but bring scalability and specialization to the forefront.

“Older blockchains struggle with congestion and high fees, while newer L1s offer better throughput and transaction costs,” Wayn added.

Wayn also noted that some of these emerging L1s are incorporating advanced technologies like Zero-Knowledge Proofs (ZKPs), enhancing privacy and security. His perspective reflects the growing demand for niche or specialized L1 chains that address specific industry needs.

Gravity, for instance, focuses on cross-chain interactions, providing an omnichain infrastructure that general-purpose blockchains like Ethereum may not address as efficiently. For him, the introduction of new L1s keeps the development ecosystem agile and responsive to real-world challenges.

Layer 2 Solutions: The Future of Scalability?
While the debate over the need for new L1 blockchains continues, L2 solutions have become a popular alternative. L2 solutions aim to improve scalability by building on top of existing L1 chains, alleviating the need for entirely new blockchain infrastructures.

Matt Katz, co-founder and CEO of Caldera, advocates for L2 solutions. His company’s “rollup-as-a-service” platform helps developers quickly create L2 chains for Ethereum.

“Ultimately, the distinction between an L1 and an L2 primarily involves implementation details and affects the overall architecture of the blockchain,” Katz told BeInCrypto.

He believes that while L1s provide the foundation, L2 solutions offer developers more flexibility without the overhead of building an entirely new blockchain. Katz also highlighted the interoperability issues that many new L1 blockchains face.

“L1 blockchains, in contrast to L2 solutions, lack native, built-in bridges to Ethereum. This absence exacerbates the issue of liquidity fragmentation, introducing significant friction when bridging assets,” he said.

In contrast, L2 solutions benefit from built-in bridges that align with the security model of the chain, making them more efficient and secure. Despite his support for L2 development, Katz acknowledged that the influx of new L1s can harm the ecosystem. Too many L1s can lead to fragmentation, liquidity issues, and increased competition, which in turn can stifle innovation.

The Path Forward: L1 or L2?
The blockchain industry faces a critical decision: should the focus shift from launching new L1 blockchains to refining existing L2 solutions? Both approaches have their merits, and it’s clear that no single solution will address all scalability concerns.

O’Holleran argues that the market will naturally filter out weaker L1 chains, leaving only those that provide real value. Wayn, on the other hand, believes new L1 blockchains are essential for innovation, while Katz sees L2 solutions as a way to streamline the ecosystem.

Ultimately, the path forward will depend on how developers and users balance the need for innovation with the desire for a more scalable and interoperable blockchain ecosystem. Whether through L1 or L2 solutions, the goal remains the same: to build a blockchain infrastructure that can support the demands of a growing digital economy.

@ Newshounds News™

Source:  BeinCrypto

~~~~~~~~~

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Iraqi Dinar-iraq dinar-xrp-Baghdad-Kurdistan-Historical Meetings-Global Attention-Equivalency

Iraqi Dinar-iraq dinar-xrp-Baghdad-Kurdistan-Historical Meetings-Global Attention-Equivalency

MilitiaMan and Crew:  9-11-2024

The Crew:  Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man

Be sure to listen to full video for all the news……..

https://www.youtube.com/watch?v=j3LN9tNC2iM

Iraq Economic News ans Points To Ponder Wednesday Evening 9-11-24

When Will The Government Resort To Amending The Budget Law? An Economic Expert Explains

Time: 2024/09/11 Read: 1,118 times  Economic: Al Furat News} The economic expert, Abdul Rahman Al Mashhadani, clarified the date of the government’s resort to amending the financial budget.

Al-Mashhadani told {Euphrates News} that: "Despite the decline in oil prices, Iraq does not face a problem in the 2024 budget, as 8 months of the fiscal year have passed, and the situation is normal with oil prices rising above $70 per barrel."

He added, "Also, the report issued by the Ministry of Finance for the first 6 months had total spending of 58 trillion dinars, while it was supposed to be 105 trillion dinars for the first half of the year."

Al-Mashhadani added, "The largest part of the spending was for operational expenses, which amounted to 53 trillion dinars, and 5 trillion for investment expenses, and the remaining 4 months of the year can pass easily and without problems, and salaries and wages are secured considering that oil revenues cover the need."

"In addition to the government's continued existence of financing means that it has not yet used, such as deficit financing means, which were planned to be 64 trillion dinars deficit, with the Central Bank contributing 22 trillion dinars of it, government banks covering 3 trillion and treasury bonds,

 in addition to the existence of 14 trillion dinars in revolving surpluses, in addition to the existence of a legal authorization for the government to borrow domestically to secure its general budget, and this reassurance is present in 2024," Al-

Mashhadani pointed out. "If prices continue to decline and fall to higher levels of up to $55 per barrel or $60 in 2025, this will push the government to submit different data that will seek to reduce investment expenditures as happened in previous crises and stop the investment aspect, which is now considered to reach 45 trillion dinars."

He continued, "In addition to reducing non-essential operating expenses such as commodity and service requirements, which are spent at 17 trillion dinars annually and were not spent in the first half of the year, the government will also focus on securing governing expenses such as salaries, wages, pensioners' salaries, and the social protection network, which amounts to 90 trillion."

Al-Mashhadani continued, "In addition, purchasing food basket items, gas, and medicines for 10 trillion dinars, in addition to the interest and installments of the public debt, which consists of two parts, the simple part of which is the external debt, which has decreased to 9 trillion, and thus the interest and installments that will be due from government agencies such as the Central Bank and government banks, and its payment can be postponed."

He explained that "the governing expenses of wages and oil production costs and all these expenses will be around 145 trillion dinars, and this is what will determine government spending," noting that "if the problem becomes more complicated, the government can resort to other methods such as imposing taxes on salaries {the nominal salary} only and not on the total because the allocations constitute two-thirds of the general salary."   LINK

The Banking Supervision Department Holds Its Periodic Meeting With The Banks
 
September 11, 2024   The Banking Control Department at the Central Bank of Iraq held its periodic meeting with the licensed banks in the presence of bank representatives.
 
    The meeting discussed a number of topics related to the work of banks by presenting the special requirements of the departments of this bank (the
 
     Banking Control Department, the
     Statistics and Research Department, the
     Anti-Money Laundering and Terrorist Financing Office, the
     Quality Management and Institutional Development Department, and the
     Financial Inclusion Department), which must be met by the sector. The banker.
 
The meeting witnessed
 
     answers to banks’ inquiries and
     proposals regarding developing the work of the banking sector.
      
    Central Bank of Iraq  Media office  September 11, 2024  https://cbi.iq/news/view/2668   

Ministry Of Commerce Participates In Digital Education Week At UNESCO Headquarters

Wednesday 11 September 2024 18:21 | Economic Number of readings: 233

Baghdad / NINA / The Ministry of Trade announced, on Wednesday, the presence and participation of its commercial attaché in Paris in the Digital Transformation Week for the Education Sector, which was held at the headquarters of the United Nations Educational, Scientific and Cultural Organization (UNESCO).

The ministry stated in a statement: "The forum included the presentation and discussion of a number of topics, most notably the presentation of Arab and foreign experiences in the use of technology and artificial intelligence (AI) in education and the mechanisms of green and sustainable digital transformation for the education sector and the role of private sector companies in this field."

The statement pointed out "the importance of Iraq's participation in this forum to learn about the latest programs and initiatives adopted by UNESCO in supporting digital transformation and artificial intelligence and methods of financing these programs, in line with the Iraqi government's orientation to adopt governance and digital transformation in all activities and services provided by Iraqi ministries." / End 11    https://ninanews.com/Website/News/Details?key=1153258

Oil Minister Discusses With Officials Of The American Company "Honeywell" Enhancing Cooperation In The Fields Of Energy And Refining Sector

Thursday 12 September 2024 | Economic Number of readings: 62  Baghdad / NINA / Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani discussed with officials of the American company "Honeywell" prospects for enhancing cooperation in the fields of energy and the refining sector.

A statement by the Ministry of Oil stated: "Abdul-Ghani visited, on Wednesday, the headquarters of the American company "Honeywell", and met with officials in the company and was briefed on its activities. It is one of the large specialized companies with extensive work in many fields."

According to the statement, the minister held a meeting with the company during which prospects for enhancing cooperation in the fields of energy and the refining sector were discussed. The

Minister of Oil signed, in the presence of Prime Minister Mohammed Shia al-Sudani, a memorandum of understanding with the company "Honeywell" in May of this year, specifically to develop Iraqi refineries and support the national energy sector.

The meeting was attended, according to the statement, by the Undersecretary of the Ministry for Gas Affairs, Ezzat Saber, the Prime Minister’s Advisor, Falah Al-Amiri, the Director General of the Department of Studies, Planning and Follow-up, Nasir Aziz, the Director General of the Economic Department, Alaa Al-Yasiri, the Director General of the Southern Refineries Company, Hussam Hussein Wali, the Director of the Research Center, Ali Jassim, the Consul of Iraq in Houston, Hawri Muhammad Gharib Al-Talabani, and representatives of the Iraqi Embassy in America and a number of officials in the ministry. / End 2   https://ninanews.com/Website/News/Details?key=1153297

Oil Prices Expected To Rise Again

Economy | - 11/09/2024  Mawazine News – Economy   Global oil demand will rise this year at a time when production growth is lower than previously expected, the US Energy Information Administration said.

The widening supply deficit will further draw oil from global inventories, pushing Brent crude prices back above $80 a barrel in spot trading this month, the agency said in its short-term energy outlook. Spot

Brent crude averaged $73 a barrel on Sept. 6, it said. Futures for the global benchmark crude fell below $70 a barrel on Tuesday for the first time since December 2021.

The agency forecast global oil demand to average about 103.1 million barrels per day (bpd) this year, up about 200,000 bpd from its previous forecast of 102.9 million bpd.

Global production is now expected to average 102.2 million bpd, the agency said, down from its previous forecast of 102.4 million bpd after the Organization of the Petroleum Exporting Countries (OPEC) delayed its plan to increase output.

OPEC and its allies had planned to raise output from October but with crude prices falling amid a weak global economy, they delayed their plan last week and will increase output from December.

OPEC on Tuesday cut its forecast for crude oil demand growth this year to about 2 million barrels per day, still double the U.S. Energy Information Administration’s current estimate of about 1 million bpd. The

EIA forecasts global oil demand will exceed production by about 0.9 million bpd this year, compared with a 0.5 million bpd gap in its previous forecast.

“Despite growing market concerns about economic growth and oil demand growth, especially in China, which have depressed oil prices, OPEC+ production cuts mean less oil is produced globally than consumed,” the agency said.   https://www.mawazin.net/Details.aspx?jimare=254768

Central Bank Sales Today Exceeded $262 Million

Wednesday 11 September 2024 15:20 | Economic Number of readings: 218

Baghdad / NINA / The Central Bank of Iraq revealed, today, Wednesday, the total sales of foreign currency through the electronic window.

The total amounts of transfers abroad (remittances, credits) amounted to 246,543,208 dollars, while the total cash sales amounted to 16,400,000 dollars, and the total sales amounted to 262,943,208 dollars.

The selling price for transfers and cash was 1310 dinars per dollar, while the bond credits and international settlements for the electronic card were 1305 dinars. / End 11 https://ninanews.com/Website/News/Details?key=1153224

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

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

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SWIFT UNVEILS GLOBAL INFRASTRUCTURE TO STREAMLINE TOKENIZED ASSET TRANSFERS

The payments infrastructure provider said the move aims to solve the interoperability issues related to different technologies and regulatory discrepancies.

Swift announced a new initiative on Sept. 11 to streamline global transactions and enable its members to use their Swift connection for transactions involving both traditional and emerging asset types, such as crypto.

Swift plans to test multi-ledger Delivery-versus-Payment (DvP) and Payment-versus-Payment (PvP) transactions on its global platform. This could allow securities buyers to simultaneously pay for and exchange tokenized assets in real-time on Swift’s network.

The new initiative will focus heavily on the global trading of real-world assets (RWA), as the industry is expected to reach a $30 trillion market cap by 2034.

Swift said that the global tokenized asset industry has an interoperability issue, which turns different RWA efforts into digital islands. This is primarily caused by the lack of a globally accepted digital form of money.

Swift Chief Innovation Office Tom Zschach said:

“Digital currencies and tokens have huge potential to shape the way we will all pay and invest in the future. But that potential can only be unleashed if the different approaches that are being explored have the ability to connect and work together.”

Zschach added that inclusivity and interoperability are central pillars of the financial ecosystem.

This effort will initially use fiat currencies and is later planned to evolve into incorporating central bank digital currencies (CBDC), tokenized commercial bank money, and regulated stablecoins.

Notably, Swift said it had achieved successful results in value transfer tests involving tokenized assets, mentioning the two CBDC sandboxes it has conducted, which included banks from Europe, Asia, and North America.

Moreover, Swift’s new foray to provide a single payment infrastructure for tokenized assets also aims to address how to integrate different digital assets with its respective bank-led networks.

Since each financial institution exploring RWA could be using different distributed ledger technologies, the lack of compatibility might hinder global interoperability. Additionally, the divergence in various regulatory environments can also lead to challenges.

@ Newshounds News™

Source:  Crypto Slate

~~~~~~~~~

CFTC ANNOUNCES PARTNERSHIPS TO TACKLE CRYPTO PIG BUTCHERING SCAMS

The CFTC’s Office of Customer Outreach and Education partnered with several organizations to disseminate information related to crypto relationship investment, or “pig butchering,” scams.

Pig butchering scams have increasingly replaced Ponzi schemes in the last year as criminals attempt to reap higher rewards from more targeted attacks.

The Commodity Futures Trading Commission's (CFTC) Office of Customer Outreach and Education (OCEO) aims to disseminate targeted information regarding crypto relationship investment scams via new partnerships.

American Bankers Association Foundation, a "private regulator" and other federal agencies are working with the OCEO to create and distribute an infographic to help viewers recognize and avoid "pig butchering" schemes, according to a CFTC release.

In addition, the OCEO is collaborating with the U.S. Security and Exchange Commission’s Office of Investor Education and Advocacy and other organizations to develop an investor alert related to pig butchering scams.

“Partnering with federal and state regulators as well as consumer protection groups and other organizations helps spread the CFTC’s customer education message and hopefully reaches people before they can get scammed.

These partnerships focus on a relationship confidence fraud the perpetrators commonly refer to as ‘pig butchering,’ that is estimated to cost Americans billions each year," said Office of Customer Education and Outreach Director Melanie Devoe in a statement.

Pig butchering scams have increasingly replaced Ponzi schemes in the past year as criminals try to gain higher rewards from more targeted attacks.
"Pig butchering scams earn their name from the way scammers 'fatten up' their victims to extract maximum value. This typically involves cultivating a romantic relationship over time through text messages or dating apps, ultimately persuading the victim to invest in a fraudulent scheme," wrote The Block's Brian McGleenon.

@ Newshounds News™

Source:  The Block

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UK INTRODUCES BILL TO GIVE CRYPTO OWNERS LEGAL PROPERTY RIGHTS

The UK’s Ministry of Justice is sponsoring a bill that would grant codified personal property rights to holders of digital assets.

What’s the Scoop?

▪️Digital Rights: The Property (Digital Assets etc) Bill was introduced today before the UK’s House of Lords. It seeks to apply personal property rights for the first time in British history to digital holdings like cryptocurrencies, non-fungible tokens, and carbon credits.

▪️Legal Protections: By establishing property rights for holders of digital assets, the UK hopes to “give legal protection to owners and companies against fraud and scams, while helping judges deal with complex cases where digital holdings are disputed or form part of settlements.”

▪️Needed Clarity: Concerns from the UK Law Commission that digital assets could meet the criteria for both existing types of personal property in the UK, thereby impeding court disputes, reportedly prompted the creation of the new digital personal property category.

Bankless Take:

Although this bill speaks more so to the UK’s nuanced legal system than its bullishness on crypto, society has undeniably become increasingly digitized throughout the 21st century.

Should this trend accelerate in the coming decades alongside greater digital asset adoption, the UK will be well-positioned to arbitrate disputes involving a novel property type.
@ Newshounds News™

Source: Bankless

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Charles Hoskinson Calls Out Big Cardano Staking Misinformation

Unlike other protocols, ADA staked tokens are not locked, making it possible for holders to spend or move their assets.

Key Notes
▪️Cardano founder just debunked a major ADA staking FUD.

▪️Cardano remains a favorite Layer 1 network with significant backlash.

▪️The protocol has a functional Liquid Staking product with massive holdings.

Cardano has become the center of several backlashes from crypto enthusiasts, with the latest being misinformation about its liquid staking. In light of this, the protocol’s founder, Charles Hoskinson, took to X to flag the increasing misinformation. He stated that the Cardano staking is not locked against the rumors.

Cardano Stakeholders Speak against Staking Misinformation

In his post, Hoskinson asked his followers:

“Why does anyone trust these people anymore?”

The allegations equally drew the attention of many Cardano community members. They strongly believe that the talks are baseless and largely targeted at damaging the project’s reputation.

Cardano SPO PRIDE pointed out the irony of the accusation, highlighting that Cardano is the only top 20 crypto project offering native liquid staking. This further attenuated the fact that ADA coins are never locked in staking.

Also, Cardano does not require Liquid Staking Derivatives (LSDs) or Liquid Staking Tokens (LSTs).

Hoskinson expressed his frustration after a podcast featuring prominent crypto commentators InvestAnswers, CTO Larsson, MartyParty, and Mando appeared on the internet. InvestAnswers specifically asked why older crypto projects like Cardano are still highly ranked. He further claimed that Cardano has a large market share of over $12 billion, “yet no adoption”.

The response from Charles Hoskinson marks the related defense he mounts when critics focus on the protocol.

In response, renowned skeptic MartyParty alleged that ADA holders are locked in staking pools and are unable to sell. He even went as far as accusing the Cardano team of tricking investors with the staking system, making them enter a position that they could hardly exit. MartyParty claimed that this explains the multi-billion dollar market cap.

Understanding the ADA Staking Mechanism

Many people are concerned about the ADA staking mechanism. Some entities propagate that the protocol remains at the top of the crypto ranking because their stakeholders cannot sell.

After all, their assets are locked in the staking. Ordinarily, Cardano staking allows coin holders to assign their holding to a staking pool for a reward known as staking yield.😃

Unlike other protocols, ADA staked tokens are not locked, making it possible for holders to spend or move their assets. So far, the number of staked ADA units is 37.2 billion according to PoolTool data. ADA is currently trading at $0.3359, with a 1.78% dip within the last 24 hours. At this price level, the staked ADA is valued at approximately $7.5 billion.

Placed side-by-side with Cardano’s market cap of $12.08 billion, the staked coins represent about 62%. This high rate suggests that investors are confident in Cardano’s long-term potential.

Moreover, they will lock up their ADA assets in return for valuable rewards. On one hand, the ADA staking reward jumped by 30% last month.

@ Newshounds News™

Source:   CoinSpeaker

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'Close To Major Financial Reset'; Brace For Margin Calls, Panic Selling | Chris Vermeulen

'Close To Major Financial Reset'; Brace For Margin Calls, Panic Selling | Chris Vermeulen

David Lin:  9-11-2024

Chris Vermeulen, Chief Market Strategist of The Technical Traders discusses the market's volatile reaction to the latest CPI report, expectations for the September FOMC meeting, and how commodities are signaling an imminent "financial reset".

0:00 - Intro

1:30 - Latest CPI inflation

3:30 - Trend has turned down

9:40 - Economic cycles

 11:55 - Markets pricing in election odds

13:18 - Copper and industrial metals

16:00 - Oil outlook

17:00 – Gold

 21:18 - Silver

25:26 - Bonds

27:30 - U.S. dollar

29:30 - Chris's investing philosophy

https://www.youtube.com/watch?v=b-4XzxfoFw8

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

Good Afternoon Dinar Recaps,

Important Ripple (XRP) Announcement Concerning XRPL

▪️The XRP Ledger (XRPL) will implement a major amendment in two weeks to enhance its Automated Market Maker (AMM) feature.

▪️Ripple’s XRP has seen a slight price decline, with a 1% drop over the past 24 hours and a 7% decrease over two weeks, despite recent updates.

Activation in Two Weeks

The team behind XRP Ledger (XRPL) announced that a major update under the code fixAMMv1_1 will be implemented within 14 days. It was approved to go forward after 28 votes in favor (out of 35).

The change aims to enhance the functionality of the Automated Market Maker (AMM) feature. The AMM is a decentralized mechanism that enables users to trade assets directly on the XRPL without relying on third parties.

One of the main goals of the improvement is to make the trading process more efficient and reduce potential risks for liquidity providers.

The XRPL has witnessed several other developments in the past few months. In mid-August, its main Testnet underwent a reset, becoming temporarily unavailable to developers. The effort aimed to improve stability and reduce the cost of running a Testnet node.

“Reminder: in addition to this Testnet, XRPL community members are encouraged to create and manage additional testnets to support diverse testing and development needs, “the team concluded, “the team added at the time.

Prior to that, OpenEden – a fintech company focused on bridging traditional finance and DeFi – disclosed that it will launch tokenized US Treasury bills (T-bills) to the XRP Ledger (XRPL) and its users for the first time. Ripple said it will create a fund to invest $10 million in the aforementioned products.

“Institutions are increasingly looking at where to tokenize their real-world assets, and the arrival of T-bills on the XRPL powered by OpenEden reinforces the decentralized Layer 1 blockchain as one of the leading blockchains for real-world asset tokenization,” Markus Infanger – Senior Vice President at RippleX – commented.

Tokenized T-bills represent digitized traditional US Treasury bills issued on a blockchain or distributed ledger technology platform. The process involves converting the rights to the financial products into tokens, which can then be traded, held, or transferred to specific addresses.

XRP Price Outlook
Ripple’s XRP did not react positively following the aforementioned announcement. It continued trading sideways before slightly retracing in the past few hours.

@ Newshounds News™

Source:  Crypto Potato

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BRICS Confirms 159 Participants Will Adopt New Payment System

After recent rumblings surfaced of how many nations would embrace the impending BRICS Pay system, the bloc has confirmed 159 participants are set to adopt the new payment system. Indeed, the economic alliance system is poised to hit the ground running when it finally launches.

Now, all eyes are on when that launch will take place. Many have surmised that it would be announced at the highly anticipated 2024 Summit. 

Moreover, it would be set to go live in what would be a groundbreaking unveiling. If that were to happen, the bloc has already noted there is a long line of entities ready to embrace it.

BRICS Payment System to Feature 159 Participants, Alliance

Earlier this year, the BRICS bloc announced the creation of a blockchain-based payment platform. It would be set to redefine the collective’s global economic standing. Morehe largest payment systems worldwide. That includes the Western-dominated SWIFT system.

Now, the BRICS group confirmed that 159 participants will adopt the new payment system. Indeed, Russian officials verified the number in a recent correction, according to a Yahoo report. Although previous statements rumored 160 countries would be involved, the number was clarified in subsequent reports.

The payment system is crucial to the bloc’s ongoing de-dollarization efforts. It will provide participating countries with an avenue to trade in local currencies. Therefore, it will greatly hinder how these nations settle trade. Ultimately, decreasing international necessity for the greenback.

This would be vital for Russia, following 2022 sanctions that greatly affected their trade capabilities. That weaponization was a key reason for the adoption of de-dollarization efforts. Now, the bloc is set to more thoroughly compete on a global stage. And so too will the nations whose currencies get increased adoption through the payment platform.

The confirmation also notes that more than 20 countries will be set to take part in the BRICS Pay platform. Although they did not clarify those nations, they are likely among the countries seeking to join the alliance this year. The impending 2024 summit will also deal with ongoing expansion hopes.

Countries like Venezuela, Malaysia, Thailand, Nigeria, and Turkey have sought entry into the bloc. The latter is a recognized NATO member. 

Their inclusion would greatly shift the bloc’s standing in a geopolitical sense. They would be recognized as the first NATO nation to be embraced within the global south-based collective.

@ Newshounds News™

Source: Watcher Guru

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BBVA Switzerland adds support for USDC Stablecoin

Three years ago BBVA Switzerland became one of the first banks to offer cryptocurrency services to retail clients, with the launch of its New Gen digital investment account with no net worth requirements. However, customers have to keep the equivalent of $10,000 on deposit. Now BBVA Switzerland is expanding the offering by adding the USDC stablecoin from Circle.

In addition to the New Gen account, the Swiss bank also provides cryptocurrency services to its institutional and private banking clients.

Previously the BBVA offering only supported Bitcoin and Ether. While users can hold USDC with the bank, it also means institutional clients can use it for trading other cryptocurrencies.

We recently ran tests with a couple of cryptocurrency exchanges and noted that the exchange rates were surprisingly attractive. Thinking about BBVA clients, if they previously used their BBVA account to transfer money onto crypto exchanges, then BBVA can potentially earn foreign exchange revenues from converting CHF or Euro deposits into USDC.

“We want to offer our private clients a simple access to the tokenized products they are most interested in and cannot access through traditional financial institutions. Meanwhile, our institutional clients need us to provide options to guarantee the assets they manage,” said Philippe Meyer, Head of Digital Solutions and Blockchain at BBVA in Switzerland. “We will analyze all the crypto assets they are investing in to continue building our offering with further innovative solutions.”

Late last year BBVA Switzerland migrated its digital asset custody to Metaco’s Harmonize platform which is now owned by Ripple. In June BBVA’s Turkish arm, Garanti BBVA Digital Assets launched its wallet which currently supports trading of Bitcoin, Ether, USDC and Avax and custody of Chiliz, the coin linked to the Socios fan token platform.

@ Newshounds News™

Source:  Ledger Insights

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IRAQI DINAR REVALUATION WHAT YOU NEED | Youtube

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Source:  Currency Facts

~~~~~~~~~

New IRS Tax Law Explained What You Need to know!  |  Youtube

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Source:  Currency Facts

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