Iraq News Highlights And Points To Ponder Saturday Afternoon 9-14-24

Iraq Buys Nearly 52 Tons Of Gold In Three Years

2024-09-14 Shafaq News/ The World Gold Council announced on Saturday that Iraq has bought about 52 tons of gold during the past three years.

According to the latest schedule published in September by the Council and reviewed by Shafaq News Agency, "Iraq bought 51.9 tons of gold during the previous years from 2022 until September 2024."

He added, "Iraq bought 33.9 tons of gold in 2022, 12.3 tons in 2023, and 5.7 tons in 2024, including 3.1 tons in February and 2.6 tons in May."

The World Gold Council is headquartered in the United Kingdom, has extensive experience and deep knowledge of the factors that cause market change, and its members consist of the largest and most advanced gold mining companies in the world. LINK

List Of Gold And Dollar Prices In Local Markets In Iraq

Economy |Today   Baghdad Today - Baghdad    Baghdad Today publishes a list of the dollar exchange rates against the Iraqi dinar, and gold prices in local markets, today, Saturday (September 14, 2024), as the dollar exchange rates witnessed a slight decline in the markets, after recording an increase in the stock exchanges and markets at the end of last week.

The gold prices in the markets were as follows:

A 21-caliber weight costs 550 thousand dinars

An 18-gauge weight is worth 470 thousand dinars

A 22-caliber weight costs 575 thousand dinars

A 24-caliber weight costs 628 thousand dinars

A 21-carat lira costs 550 thousand dinars

While the exchange rates of the US dollar against the Iraqi dinar in three governorates were as follows:

Baghdad:    Selling price: 150,100    Purchase price: 149,600

Erbil:    Selling price: 150,250    Purchase price: 149,850

Basra:   Selling price: 150,000    Purchase price: 149,000 LINK

Iraqi Banks Are In Crisis: Structural Imbalance, Double Taxation And Deep Corruption

Inside the Central Bank of Iraq in Baghdad, March 25, 2024 (Mohammed al-Rubaie/AFP)

Iraqi banks suffer from many problems related to their organizational structure , and face widespread crises and risks due to the largely unstable monetary and investment environment, which prompted the US Treasury to monitor a number of private banks and ban many of them, while corruption that is deeply rooted in the economy poses an ongoing challenge to the sector.

Iraq has eight government banks , and the structure of the Iraqi private banking sector consists of 32 Islamic banks and 28 commercial banks. Samir Al-Nusairi, advisor to the Iraqi Private Banks Association, told Al-Araby Al-Jadeed: “The number of private bank branches is around 500 branches inside and outside Iraq, and they have expanded and developed technically according to modern electronic banking systems.”

Al-Nusairi pointed out that the private banking sector in Iraq faces operational challenges, most notably the US sanctions imposed on 32 banks, preventing them from using the US dollar in banking transactions, which affected their local and international activities and harmed the national economy.

He pointed out that the most important obstacles facing banks currently are technical, financial and administrative in the procedures and instructions for digital transformation, which requires providing full support for this transformation process and using electronic payment tools in government, mixed and private institutions, and setting a time frame for the complete transition from the use of paper money to electronic payment.

He added that the private banking sector suffers from the differentiation between it and the government banking sector, and also suffers from weak activity and low liquidity, deposits, revenues and profitability in most banks, especially the 32 banks against which sanctions were issued, in addition to the decline in the shares of most banks in the trading market in the Iraq Stock Exchange.

Iraqi banking crises

Al-Nusairi stated that private banks also suffer from double taxation, as the Tax Department in the Kurdistan Region of Iraq, for example, imposes on the branches of private banks in the region (their number exceeds 70 branches) to pay the annual tax, while these banks, according to the current Federal Tax Authority Law, pay the same tax centrally in Baghdad.

Al-Nusairi stressed the necessity for the Iraqi Council of Ministers to resolve the issue in the region and put an end to double taxation, and for tax collection to be centralized according to the law and for the audited final accounts submitted to the General Tax Authority to be adopted as a basis for tax accounting. LINK

The Budget Is Exposed To 3 Strong Shocks.. A Representative Reveals The Extent Of Its Impact On Liquidity And State Obligations

Baghdad Today – Baghdad   Member of the Finance Committee, Mustafa Jabbar Sand, revealed today, Friday (September 13, 2024), that the budget was exposed to 3 strong shocks, while he determined the extent of their impact on liquidity and the state’s obligations.

Sand said in a post on Facebook, which was followed by "Baghdad Today", that "the budget is exposed to three strong shocks, which will greatly affect the liquidity and obligations of the state."

He added, "The first point is the decline in oil prices, as the budget set oil prices at $80 per barrel, assuming that there is an increase in prices (70 + 10). To facilitate the calculation, every dollar that falls below the set price causes a loss of $100 million per month, and if the decline continues for a whole year, the loss is $1.2 billion. This is if Iraqi oil is sold at a discount of one dollar from $80.

What if Iraqi oil is sold today at $68 per barrel? The monthly loss is $1.2 billion, and the annual loss is $14.4 billion if the price continues for a whole year."

Sand explained that "the second point is OPEC's reduction, because the region exports about 200 thousand barrels per day via tankers and about 60 thousand barrels for local consumption, OPEC asked Iraq to reduce production by about 200 thousand barrels from national production, and the value of the loss of the reduction is estimated at 480 million dollars per month, and if it continues for a whole year, it is estimated at 5.7 billion dollars."

He explained that "the third point is the failure to hand over the region's oil revenues to the center, as the budget stipulated the region's commitment to export 400 thousand barrels per day, and its annual loss due to this violation is estimated at 11.6 billion dollars," noting that "the total losses above are estimated at 31.5 billion dollars, equivalent to 41 trillion dinars, which represents 70% of the total public salaries of the state.

The first point is caused by someone outside the will of everyone, and the second and third are borne by the prime minister and his government, and everyone who heard about it and accepted it."   LINK

Al-Sudani's Advisor: The Government's Internal Debt Decreased By Two Trillion Dinars

Economy:  September 13 Information/Baghdad…  The Prime Minister’s Advisor for Economic Affairs, Mazhar Muhammad Salih, stated that the government’s internal debt has decreased by two trillion Iraqi dinars.

 Mazhar Muhammad Salih said, “Iraq is not among the countries with external debt at the present time,” indicating that “the external public debt is less than 10 billion dollars, and this will be paid over the course of time between now and 2028.”

 He explained that “there are allocations in the general budget to pay off debts, and this is what has made Iraq always in the credit rating and creditworthiness at level B, and it is stable like many countries such as Jordan, Egypt, Pakistan and others.”

 Mazhar Muhammad Salih noted that “this debt has decreased, because Iraq has not borrowed and its external loans are few compared to its many repayments, especially during the past ten years on a regular basis.”    LINK

Parliamentarian Reveals The Extent Of The Budget’s Impact On Liquidity And State Obligations: It Is Exposed To 3 Strong Shocks

Posted On  2024-09-14 By Sotaliraq   Member of the Finance Committee, Mustafa Jabbar Sand, revealed that the budget was exposed to three strong shocks, while he specified the extent of their impact on liquidity and the state’s obligations.

Sand said in a post on Facebook, "The budget is exposed to three strong shocks that will greatly affect the state's liquidity and obligations."

The first point is the decline in oil prices, as the budget set oil prices at $80 per barrel, assuming that there is an increase in prices (70 + 10), and to facilitate the calculation, every dollar that falls below the set price causes a loss of $100 million per month, and if the decline continues for a whole year, the loss is $1.2 billion.

This is if Iraqi oil is sold at a discount of one dollar from $80, so what if Iraqi oil is sold today at $68 per barrel? The monthly loss is $1.2 billion, and the annual loss is $14.4 billion if the price continues for a whole year,” he added.

Sand explained that “the second point is OPEC’s reduction, because the region exports about 200 thousand barrels per day via tankers and about 60 thousand barrels for local consumption, OPEC asked Iraq to reduce production by about 200 thousand barrels from national production, and the value of the loss of the reduction is estimated at 480 million dollars per month, and if it continues for a whole year, it is estimated at 5.7 billion dollars.”

He explained that “the third point is the failure to hand over the region’s oil revenues to the center, as the budget stipulated that the region is committed to exporting 400,000 barrels per day, and its annual loss due to this violation is estimated at $11.6 billion,” noting that “the total losses above are estimated at $31.5 billion, equivalent to 41 trillion dinars, which represents 70% of the total public salaries of the state.

The first point is caused by someone outside the will of everyone, and the second and third are borne by the prime minister and his government, and everyone who heard about it and accepted it.” LINK

Seeds of Wisdom RV and Economic Updates Saturday Afternoon 9-14-24

Good Afternoon Dinar Recaps,

XRP Ledger Set for Upgrades as Amendments Secure Majority

XRP Ledger (XRPL) might be poised for significant upgrades in the days ahead as key amendments have recently gained majority support from the network's validators.

On XRP Ledger, fully functional transaction process changes are introduced as amendments and validators vote on them. According to Vet, an XRPL dUNL validator, two XRP Ledger amendments just gained the majority and are now in the two-week activation period. These two amendments are fixPreviousTxnID and fixEmptyDID, a crucial amendment required before the DID amendment.

Amendments represent new features or other changes to transaction processing. The amendment system utilizes the consensus process to approve any changes that affect transaction processing on XRP Ledger.

To be enabled, amendments must have at least 80% support from trusted validators for two weeks. If support falls below 80%, the amendment is temporarily rejected, and the two-week time frame repeats.

If an amendment achieves more than 80% support for two weeks, it passes and the change is permanent for all subsequent ledger versions. To disable a previously enacted amendment, a new amendment must be introduced.

Two new XRPL specs published Aside from the two amendments that have entered the two-week activation period, Mayukha Vadari, a senior software engineer at RippleX announced the addition of two new specs to XRP Ledger this week. Vadari in a tweet stated she had published two new XRPL specs focused around permissioning and compliance.

First, XLS-80d: Permissioned Domains, which is a building block feature aimed at making on-chain permissioning easier to handle, developing on top of XLS-70d. Second, XLS-81d: Permissioned DEX — Secure and regulated trading environments. Vadari believes that these additions will help to drive greater flexibility and safety on XRPL.

@ Newshounds News™

Source:  U Today

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New US Bill Aims To Bring Order To Crypto Chaos With Unified Regulations

Congressman John Rose of Tennessee introduced the “BRIDGE Digital Assets Act,” one of the most important legislative proposals with changes in the regulatory landscape of crypto assets in the United States.

It provides for a Joint Advisory Committee consisting of participants from the Securities and Exchange Commission and the Commodity Futures Trading Commission. It would, therefore, look to harmonize the sometimes-conflicting regulations existing presently between the two agencies for digital assets, coming under both securities and commodities jurisdictions.

Rose argues that the “regulation-by-enforcement” approach stifles innovation and drives investment overseas, requiring the United States to create an environment friendlier to digital asset development.

Joint Committee’s Role
It proposes a composition for the Joint Advisory Committee that should consist of at least 20 participants from the private sector, including digital asset issuers, academic researchers, and users.

They would be able to provide insight into and make recommendations regarding digital asset regulations with respect to aspects such as decentralization, functionality, and security.

The committee will be expected to meet at least twice a year, with findings and recommendations mandated to be done and given both to the SEC and the CFTC. This collaborative approach could bridge the regulatory gap to create a more cohesive approach in regulating digital assets, hence benefiting both consumers and investors.

Addressing Gaps In Crypto Regulation
One of the key features of the BRIDGE Digital Assets Act is that it aims to deal with the confusion at the current regulatory level. Both the SEC and CFTC interpret digital assets in a different way, hence creating confusion among businesses and investors.

The bill calls for a joint committee where the two agencies further align their regulatory frameworks with cooperation and clarity. The catch here is that the alignment shall avail an opportunity for a harmonized approach in the regulation of digital assets, which if realized would raise the protection of customers, as well as disclosure and economies in transaction costs.

Future Implications
The BRIDGE Digital Assets Act could be a major change in how digital assets are regulated in the United States. It also includes a specific timeline for actualizing the bill: the agencies, the SEC and CFTC, will adopt a joint charter to provide for the committee within 90 days and will appoint the members on the committee within 120 days, while the first meeting is expected to take place within 180 days of the enactment.

This structured approach not only sets a framework for the improvement of regulatory practices but also points toward new innovation in the digital asset space. As the crypto industry is still evolving, perhaps the BRIDGE Act would be the key to unlock such a balance between regulation and innovation, one that will finally play to the benefit of the US economy and its positioning in the global digital asset landscape.

@ Newshound

Cardano (ADA) Upgrade Ogmios v6.7.0 Just Landed: What's New

The novel release of Ogmios, a Cardano-node bridge interface responsible for the interaction with Ouroboros via JSON/RPC endpoints, addresses the issues with the so-called transactions era mismatch, CF open source tech director says. 

Cardano (ADA) era mismatch errors are gone with Ogmios v6.7.0 release Cardano (ADA), a major proof-of-stake (PoS) network, received an upgrade for Ogmios, a crucial component of its node software stack. Ogmios v6.7.0 release is focused on fixing the issues with transactions from previous "Eras," i.e., phases of Cardano (ADA) consensus maturation.

As explained by Cardano Foundation tech director Matthias Benkort, with the new software activated, the system automatically upgrades transactions from previous eras (up until Alonzo) on submission.

Published Sept. 13, 2024, Ogmios v6.7.0 is designed to address the issue where the ledger would complain about receiving a transaction in an invalid era (typically Babbage or Alonzo) while being in a more recent era (typically Conway). As covered by U.Today previously, Cardano (ADA) ushered into Conway era with the activation of its long-anticipated Chang hard fork.

The upgrade affects the period after the activation of the Alonzo hard fork in mid-September 2021. DEX Screener finally added Cardano (ADA) liquidity pools tracking Software packages with the upgrade are available in the official GitHub repository of Cardano (ADA) dubbed Cardano Solutions.

The Cardano (ADA) ecosystem witnessed yet another major milestone this week. For the first time ever, its liquidity pools became visible on DEX Screener, a popular browsing platform for decentralized finance (DeFi).

As of printing time, DEX Screener tracks 34 ADA-based liquidity mechanisms with various Cardano-based altcoins. The largest one, BOOK/ADA has a verified marker cap of $121 million in equivalent while SNEK/ADA amassed $55 million.

@ Newshounds News™

Source:   U Today  

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Ripple Set to Introduce Ethereum-Compatible Smart Contracts on XRP Ledger

This upgrade will enable developers to create scalable dApps, DeFi projects, and supply chain management solutions across XRPL, Ethereum, and EVM networks.

▪️Ripple is upgrading the XRP Ledger with Ethereum-compatible smart contracts via a new sidechain.

▪️The upgrade incorporates the Axelar network for cross-chain token transfers and introduces Wrapped XRP (eXRP) as the main token on the sidechain.

▪️It sparked debate within the XRP community about Ripple's long-term strategy, particularly regarding the company's support for RLUSD on the Ethereum blockchain.

@ Newshounds News™

Source:  Newz Chain

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IMF Backs BRICS Expansion

Enhanced international economic cooperation “should be welcomed and encouraged,” a spokeswoman has said.

ASIATODAY.ID, ANKARA – Expansion of BRICS could be beneficial globally and should therefore be “encouraged,” Julie Kozack, a spokeswoman for the International Monetary Fund (IMF), told journalists on Friday in response to a question about Ankara’s plans to join the group.

Türkiye was the latest nation to formally apply for BRICS membership in early September. Founded in 2009 by Russia, China, India and Brazil, the organization was joined by South Africa the following year. In 2024, the group expanded further to include Egypt, Iran, the United Arab Emirates and Ethiopia.

Earlier on Friday, Russian President Vladimir Putin noted that up to 34 nations had expressed interest in BRICS, with ongoing discussions about potential partnerships.

When asked if the IMF “sees any dangers in BRICS,” Kozack replied, “our view is that improved and expanding international cooperation and deepening trade and investment ties among groups of countries should be welcomed and encouraged,” especially if aimed at “reducing fragmentation and lowering trade and investment costs” among participating nations.

The spokeswoman also emphasized that “the decision to join such initiatives is a sovereign decision of each member country.”

Ankara has previously asserted its right to establish relations with any nation or international organization it deems fit, stating that its engagement with BRICS or the Shanghai Cooperation Organization (SCO) does not interfere with its other commitments, including to NATO.

“We do not consider BRICS to be an alternative to any other structure. We regard all these structures and alliances as having distinct functions,” Turkish President Recep Tayyip Erdogan said earlier. He added that Ankara seeks to be a “reliable partner” for all organizations it is part of.

“As a NATO member, we do not see it as a problem to interact with countries in the SCO, BRICS, the European Union, or the Organization of Turkic States. We believe these relationships contribute to world peace,” the Turkish leader stated.

Bloomberg reported earlier in September that Turkish membership could be considered at the upcoming BRICS summit in Kazan, Russia, in late October. Erdogan has been invited to the meeting. Russian presidential aide Yury Ushakov confirmed that Ankara formally applied for membership and said the organization would consider it. (RT/AT Network)

@ Newshounds News™

Source:   Asia Today

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In-Depth Study Reveals Stablecoins as Pivotal Players in Global Finance

As digital economies evolve, stablecoins emerge not just as mere facilitators for crypto trading but as pivotal tools in global financial systems. A comprehensive report by Castle Island Ventures and Brevan Howard Digital, sponsored by Visa, unveils the profound impact of stablecoins on monetary dynamics worldwide.

Transforming Global Finance: The Rising Influence of Stablecoins
According to the Castle Island Ventures report, stablecoins, once primarily used as trading tools within the cryptocurrency space, are now integral to more traditional financial transactions.

This transformation reflects a significant shift from their initial purpose, highlighting their importance beyond the crypto-sphere.

Researchers point to a staggering $2.6 trillion in transactions settled through stablecoins in the first half of 2024 alone, indicating their growing prominence as a reliable medium for both everyday and large-scale financial activities. 

The report notes that over 20 million addresses engage with stablecoins monthly, highlighting their critical role in the financial practices of both individuals and businesses globally.

In emerging markets, stablecoins are increasingly preferred for their ease of use and reliability, providing a digital alternative to traditional banking systems that may be inaccessible or unreliable. This trend is particularly pronounced in regions with volatile economic conditions, where stablecoins offer a semblance of stability and security. The report states:

Stablecoins are particularly appealing when dollar banking is non-existent or hard to access, in countries exhibiting high inflation, or countries with poor or costly access to fiat transactional networks.

In the report, Castle Island Ventures explained it collaborates closely with regulatory bodies to navigate the complexities of the global financial landscape.

The researchers conclude that evolving regulatory frameworks are crucial for maintaining the integrity and efficacy of stablecoin transactions, which promise to enhance financial inclusion worldwide.

@ Newshounds News™

Source:  Bitcoin

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THIS IS IMPORTANT - New Bill Seeks To Reconcile Regulatory Division Between SEC and CFTC | Youtube 

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Source: Seeds of Wisdom Team Currency Facts

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Iraq Economic News and Points To Ponder Late Friday Night 9-13-24

Reasons For The Rise In Gold Prices In Iraq And The World.. An Expert Explains

Time: 2024/09/13 Read: 1,170 times   {Economic: Al Furat News} An economic expert attributed the rise in gold prices in local markets in Iraq to the increase in global demand for the yellow metal.

Salah Nouri told Al Furat News Agency: "In general, gold is considered a safe haven for investment in the event of risks in other areas (stocks, bonds, and oil contracts), and through global events, stock prices have risen in the American markets, which are global markets."

He pointed out "expectations of reducing interest rates on US government bonds, which are investment bonds by many countries, including Iraq."

Nouri pointed out that "the purchase of gold by central banks has increased as major Chinese investors move towards investing in gold as a safe haven from the slowdown in the Chinese economy."

He pointed out that "the aforementioned events led to a rise in gold prices globally," noting that "the return to decline in light of global economic and political conditions is likely to be slow and requires time depending on global economic growth and the incentive to invest in stock and bond markets."

Gold prices rose to an all-time high on Friday and were set for weekly gains on a weaker dollar, while investors focused on U.S. economic data that could provide additional insights into the Federal Reserve's interest rate decision.

Locally, the price of gold rose to an unprecedented level in Iraq, reaching 430,000 dinars per mithqal (about 5 grams) by Thursday evening.   LINK

Oil Compass Is Heading Upwards.. Brent Exceeds $72

Energy    Economy News - Follow-up  Oil prices held on to gains in early Friday trading, continuing a rally sparked by production disruptions in the U.S. Gulf of Mexico, where Hurricane Frances forced producers to evacuate platforms before hitting the Louisiana coast.

Brent crude futures rose 34 cents, or 0.5 percent, to $72.31 a barrel by 0016 GMT.

U.S. West Texas Intermediate (WTI) crude futures rose about 38 cents, or 0.6 percent, to $69.35 a barrel.

If these gains continue, both benchmarks will halt a series of weekly declines, despite a tough start to the week that saw Brent fall below $70 a barrel on Tuesday for the first time since late 2021.

At current levels, Brent is expected to record a weekly increase of about 1.7 percent, and West Texas Intermediate by more than 2 percent.

Official data showed that nearly 42 percent of oil production in the Gulf of Mexico region was shut down as of Thursday.

The supply shock helped oil prices recover from a sharp sell-off earlier in the week, with demand concerns sending both crudes to multi-year lows.

Both OPEC and the International Energy Agency this week cut their demand growth forecasts, citing economic difficulties in China, the world's largest oil importer.

China's crude oil imports fell 3.1 percent on average this year from January to August, compared with the same period last year, customs data showed on Tuesday. 
105 views 2024/09/13 - https://economy-news.net/content.php?id=47549

Baghdad To Host Tomorrow The Conference "Electronic Payment Towards Financial Stability In Iraq"

Friday 13 September 2024 | Economic Number of readings: 115   Baghdad / NINA / The activities of the "Electronic Payment towards Financial Stability in Iraq" conference will start tomorrow, Saturday, in the capital, Baghdad, under the patronage of Prime Minister Mohammed Shia Al-Sudani, and jointly organized by the Prime Minister's Office, the Association of Private Banks and the Central Bank of Iraq, at the Rashid Hotel and in the presence of Arab and international banking figures.   https://ninanews.com/Website/News/Details?key=1153581

US Vows To Respond To Attack On Diplomatic Facility In Baghdad

Political | 10:45 - 09/13/2024   Mawazine News – Baghdad  The US Embassy in Iraq announced on Friday that its diplomatic facility in the capital, Baghdad, was attacked last Tuesday, renewing its call on the Iraqi government to protect diplomats and the international coalition. The

US Embassy spokesperson said in a statement that "the Diplomatic Support Complex in Baghdad, a US diplomatic facility, was attacked on Tuesday, September 10," adding: "Fortunately, no injuries were reported."
He pointed out that the Iraqi government has repeatedly affirmed its commitment to protecting US diplomatic missions and military personnel present in Iraq at the invitation of the Iraqi government.

The US Embassy called on the Iraqi government to enhance protection for diplomatic personnel and partners from the international coalition and their facilities, stressing the right of the United States to defend itself and protect its personnel anywhere in the world.

A security source reported that a bombing targeted the US Embassy's logistics center inside Baghdad International Airport on Tuesday evening.

The source indicated that the bombing took place near the US Embassy's logistics support and the headquarters of the Counter-Terrorism Service in the vicinity of Baghdad International Airport.

https://www.mawazin.net/Details.aspx?jimare=254828

Minister Of Planning: The General Population And Housing Census Will Be Conducted Next November And There Will Be A Curfew

The Minister of Planning, Mohammed Tamim, announced that the general population and housing census will be conducted in all Iraqi governorates on November 20 and 21, and there will be a curfew.

Tamim said while chairing a meeting of the Supreme Commission for Population Census that the general population and housing census will be implemented electronically and will be the last census witnessed by Iraq, because we will be faced with a huge database covering all aspects of life and the characteristics of the population, social and economic.

He added that the results of the general population and housing census will appear within a few hours with high accuracy and reliability, as a result of the use of modern and advanced technologies in conducting the census.

He pointed out that the ministry has provided 120,000 tablets from solid international manufacturers, with high specifications, and they will be used by state institutions after the census is completed.

 He added that there are great efforts being made by ministries and entities not affiliated with a ministry, and governorates to support the conduct of the general population census.
He explained that the Council of Ministers has taken a package of important decisions in order to provide the best conditions for conducting the population census and ensuring its success.

There are no political obstacles preventing the population census from being conducted, and there is high-level coordination with the Kurdistan Regional Government regarding conducting the census on its scheduled date of 11/20/2024.  https://www.radionawa.com/all-detail.aspx?jimare=39475

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

Seeds of Wisdom RV and Economic Updates Saturday Morning 9-14-24

Good Morning Dinar Recaps,

Positioning for growth in Hong Kong’s evolving digital assets markets

Hong Kong has evolved rapidly into a global beacon for the issuance and trade of digital assets, with investors attracted to the city’s growing liquidity and to incentives and guardrails provided by a proactive regulator.

Innovation within the space has seen not only crypto spot and futures ETFs flourish, but also the issuance of the world’s first blockchain-based, multi-currency green bond. 

The market is now anticipating more, with the establishment of a stablecoin sandbox earlier this year set to see more digital products hit the market.

The demand for new investment opportunities including ETFs has been strong for both institutions and retail investors, including family office, who are relatively new to the asset class, experts at a recent Bloomberg conference said.

Global demand goes local
A conference speaker shared that digital asset is a fast-growth market, with more than $100 billion invested in at least 245 crypto ETFs worldwide, and Hong Kong has responded enthusiastically to capitalizing on this growing market.

The Securities and Futures Commission (SFC) has approved five bitcoin and ether spot and futures-based ETFs in the city, launched by China AMC, Bosera, Harvest, CSOP, and Samsung.

More digital investment products are in the pipeline too, stablecoins among them. These are digital assets tied to fiat currencies that are seen as essential to anchoring the asset class into regular markets. Several stablecoins are being considered for inclusion in a sandbox programme devised by the Hong Kong Monetary Authority (HKMA).

Additionally, a robust cross-border market infrastructure that provides a bridge to the huge market in mainland China is expected to bring firepower to new markets. So-called dim sum bonds, for instance, facilitate investment in both directions across the frontier – including by global firms based south of the border – and can be crafted to embrace digital assets.

The characteristics of the Hong Kong market that make it attractive to other asset investors also apply to digital assets. Its low-tax fiscal regime operates within a business-friendly environment backed by a strong legal system.

Strong regulatory backing to foster growth
A regulatory framework engineered by the SFC and HKMA to provide a supportive environment for investors is enabling Hong Kong’s rise as a digital power. The rapid approval of crypto ETFs, the licensing of trading platforms, and the stablecoin sandbox have boosted confidence in Hong Kong’s potential to be a regional hub.

Tokenization: A democratizing force in investing
The same drivers of demand for digital assets – principally institutions and family offices – would likely clamor for more tokenized products. The cost of trading them is lower and execution is instantaneous – an important consideration amid the operational expense being incurred to meet T+1 post-trade settlement rules.

Hong Kong has the infrastructure in place to accommodate an expansion of its tokenized offerings, and it is at no greater disadvantage than its competitors in terms of the challenges that tokenization presents. Ensuring trusted and secure data, and formulating roadmaps to advance from product proof-of-concept stages are difficulties faced by product manufacturers worldwide.

Technology is crucial to seize new opportunities

With Hong Kong’s prospect of strengthening its position at the digital asset vanguard, market participants will look to update their data and technology stacks to take advantage of the coming opportunities. That’s likely to be the case for wealth managers and family offices especially, which are less likely to have the expertise or tools to operate optimally within the digital space.

Technology will also be crucial in meeting the fast-changing regulatory obligations as well as to enable firms to tap new opportunities associated with the market.

@ Newshounds News™

Read more:  Bloomberg

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BIS Codifies VSD Policies, Removes Caps on Non-Egregious Base Export Penalties
13 Sep 2024 by Ian Cohen

A new final rule issued by the Bureau of Industry and Security this week will codify a host of updates the agency made to its administrative enforcement policies over the past three years, including measures to help BIS more quickly resolve minor voluntary disclosures and increase penalties on exporters who choose not to report serious violations.

 Other changes will give BIS broader discretion to impose higher fines, including by eliminating language that had capped maximum base civil penalties for “non-egregious” violations.

@ Newshounds News™

Read more:  Export Compliance Daily

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BRICS NEWS: WILL SAUDI ARABIA’S DITCHING OF THE PETRODOLLAR OPEN THE DOOR FOR BITCOIN AND XRP IN OIL SETTLEMENTS?

▪️US dollar under serious threat as Saudi Arabia’s top official discloses that the country is open to using Yuan for crude settlement amid the upcoming BRICS Summit.

▪️However, the US could “put up a fight” as former president Donald Trump proposes 100% tariffs on countries moving away.

The de-dollarization strategy is still on as Saudi Arabia seeks to implement the BRICS long-term goal by moving away from the Petrodollar to the Petroyuan. While the Middle Eastern country has not yet joined the alliance, it has been invited to attend the 2024 summit.

 Before its official acceptance, Saudi Arabia doubled its effort to strengthen its existing relationship with China by incorporating Chinese products such as the C919 passenger jet, electric vehicles, and renewable energy infrastructure.

To take this relationship to the next level, Saudi Minister of Industry and Mineral Resources Bandar Al-khorayef has disclosed that the country is open to new ideas, including using yuan in a crude settlement. According to him, their decision hinges on the country’s best interest, as they try not to mix politics with business.

The petroyuan is not substantial to [the ministry]; we believe Saudi Arabia will do what’s in its best interest … but I think Saudi Arabia will always try new things and is open to new ideas, and we try not to mix politics with commerce.

According to experts, the broader use of petroyuan is seen as the next step for the internationalization of the Chinese currency and a challenge to the US dollar’s dominance. Beijing’s effort to advance the reach of the Yuan in international trade is evident in the three-year currency swap deal signed with Saudi Arabia last year. This deal was worth 50 billion yuan (US$7.1 billion) and demanded that trading partners trade in local currencies.

Saudi Arabia Defends Idea, BRICS Alliance Receives Massive Interest
Saudi Arabia is China’s second-largest source of crude export and a formidable entity in global supplies. This implies that ditching the Petrodollar could greatly impact the US economy.

Speaking on this possibility, Khorayef explained that its monitoring policy is based on balancing the exchange rate between the yuan and the US dollar. However, he did not provide a timeline for when this would happen.

This gives us a great opportunity to plan and compete, but most importantly, it gives our investors who will invest in our country the ability to hedge their risk on currency…From a commercial point of view, between a supplier and a customer, I think such an arrangement can happen with the freedom they have. It is not something that we would look at from a policy point of view.

Conversely, BRICS is increasing its effort to mitigate the reliance on the US dollar by designing its native currency.

Fascinatingly, this idea has resonated with over 50 countries which have expressed interest in joining the alliance. According to our previous report, all interested countries are located within four main continents – Asia, Africa, South America, and Eastern Europe.

According to analysts,  However, the US is willing to strongly resist this expansion as presidential candidate Donald Trump threatens that the BRICS initiative and the successful implementation of the pretroyuan idea could position Bitcoin and XRP as places of exploration. his administration would impose a 100% tariff on these countries. As we explained, Trump has also proposed a 60% increment on all Chinese imports when elected into office.

@ Newshounds News™

Source:  Crypto News Flash   

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In-Depth Study Reveals Stablecoins as Pivotal Players in Global Finance

As digital economies evolve, stablecoins emerge not just as mere facilitators for crypto trading but as pivotal tools in global financial systems. A comprehensive report by Castle Island Ventures and Brevan Howard Digital, sponsored by Visa, unveils the profound impact of stablecoins on monetary dynamics worldwide.

Transforming Global Finance: The Rising Influence of Stablecoins

According to the Castle Island Ventures report, stablecoins, once primarily used as trading tools within the cryptocurrency space, are now integral to more traditional financial transactions.

This transformation reflects a significant shift from their initial purpose, highlighting their importance beyond the crypto-sphere.

Researchers point to a staggering $2.6 trillion in transactions settled through stablecoins in the first half of 2024 alone, indicating their growing prominence as a reliable medium for both everyday and large-scale financial activities.

The report notes that over 20 million addresses engage with stablecoins monthly, highlighting their critical role in the financial practices of both individuals and businesses globally.

In emerging markets, stablecoins are increasingly preferred for their ease of use and reliability, providing a digital alternative to traditional banking systems that may be inaccessible or unreliable. 

This trend is particularly pronounced in regions with volatile economic conditions, where stablecoins offer a semblance of stability and security. The report states:

Stablecoins are particularly appealing when dollar banking is non-existent or hard to access, in countries exhibiting high inflation, or countries with poor or costly access to fiat transactional networks.

In the report, Castle Island Ventures explained it collaborates closely with regulatory bodies to navigate the complexities of the global financial landscape. 

The researchers conclude that evolving regulatory frameworks are crucial for maintaining the integrity and efficacy of stablecoin transactions, which promise to enhance financial inclusion worldwide.

@ Newshounds News™

Source:  Bitcoin News

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THIS IS IMPORTANT - New Bill Seeks To Reconcile Regulatory Division Between SEC and CFTC | Youtube

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Source: Seeds of Wisdom Currency Facts

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“Tidbits From TNT” Saturday Morning 9-14-2024

TNT:

Tishwash:  Launch of the Electronic Payment Conference towards Financial Stability in Iraq

The activities of the Electronic Payment Conference towards Financial Stability in Iraq began today, Saturday.

The correspondent of the Iraqi News Agency (INA) stated that "under the slogan (Enhancing Financial Stability in Iraq), the electronic payment conference was held under the supervision of the Central Bank and in cooperation with the Association of Banks,"

Noting that "the conference was attended by representatives of the relevant Iraqi ministries, governors of foreign central banks, diplomatic missions, international institutions operating in Iraq, information technology companies, electronic payment companies, banks and international financial institutions, in addition to Iraqi and foreign private banks operating in Iraq."

He added that "the banking technologies conference represents an important platform for achieving cooperation between financial and banking institutions in Iraq and international financial information technology companies."  link

Tishwash:  Government Advisor: Iraq Recently Paid 2 Trillion Dinars of Its External Debt

The Iraqi Prime Minister's Advisor for Economic Affairs, Mazhar Mohammed Salih, stated that the government's internal debt has decreased by two trillion Iraqi dinars.

Mazhar Mohammed Salih said, "Iraq is not among the countries with external debt at the present time," indicating that "the external public debt is less than 10 billion dollars, and this will be paid between now and 2028."

He explained that "there are allocations in the general budget to pay off debts, and this is what has made Iraq always in the credit rating and creditworthiness at level B, and it is stable like many countries such as Jordan, Egypt, Pakistan and others."

Mazhar Mohammed Salih noted that "this debt has decreased, because Iraq has not borrowed and its external loans are few compared to its many repayments, especially during the past ten years on a regular basis."

"At the same time, the dual financial crisis in 2014-2017 and the dual financial health crisis in 2019-2020 led Iraq to resort to internal borrowing, not from the Iraqi financial market but from government banks, as if the state borrowed from itself through its policies," according to the advisor to the Iraqi Prime Minister.

He added: "Today, the external debt constitutes less than 5% of the GDP, while the global standard is 60% of the permissible GDP, so Iraq is not considered a final debtor in external debt, but rather very simple things."

He believed that "the largest debt at the present time is the internal debt, which was 78 trillion Iraqi dinars when the state needed to borrow in the dual financial and security crises in 2014-2017 and the financial and health crises in 2019-2021, as the government resorted to internal borrowing and then this debt accumulated."

Mazhar Muhammad Salih revealed that "the internal debt decreased from 78 trillion to 76 trillion Iraqi dinars, meaning that there is an improvement in repayments," considering Iraq's situation "good in terms of external debt and solid and there is no problem at all."

The advisor to the Iraqi Prime Minister pointed out that "there are those who exaggerate this issue, and I believe that this exaggeration is incorrect," stressing that "the debt policy is a solid and well-known policy and has its contexts in repayment and settlements, whether currently or in the future."

The Iraqi government had previously announced last April, through its spokesman, Bassem Al-Awadi, that the government had taken a series of executive measures and adopted a package of financial decisions, which resulted in reducing the external public debt by more than 50%, so that the debt decreased from $19.729 billion at the end of 2022 to $15.976 billion in 2023, reaching approximately $8.9 billion this year.  link

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

Tishwash:  Arab Monetary Fund: We are working with Iraq to build national financial strategies

Director General and Chairman of the Board of Directors of the Arab Monetary Fund, Fahd bin Mohammed Ali Al-Turki, stressed today, Saturday, the need to work with Iraq to build national financial strategies through well-known and technical programs. 

Al-Turki said in a speech during the Electronic Payments Conference towards Financial Stability in Iraq, which was attended by the correspondent of the Iraqi News Agency (INA): "The various regulatory capabilities played a fundamental role in creating a digital regulatory environment to motivate banks and financial institutions to employ modern technologies to transform towards digital transformation and banking services, enhance their efficiency and reduce risks, including cybercrimes."

He added: "In this area, the regulating legislation, electronic financial transfers, digital financial consumer protection and anti-money laundering requirements must achieve a balance between stimulating digital transformation on the one hand and managing and reducing risks on the other hand." 
He continued: "The good design of payment systems and ensuring environmental control between them and their interconnection with other systems such as credit systems would enhance the efficiency of digital transformation and opportunities for economic growth," indicating that "digital transformation is a fundamental factor in reshaping the banking sector in the Arab region." 

He pointed out that "governments and central banks can play a role in supporting digital transformation, by establishing digital regulation, and this is evident from investing in digital infrastructure and addressing cybersecurity challenges, which helps create an environment that enhances innovation and growth in the banking sector."

“What is heartening is what we heard from the Central Bank Governor regarding working on many of these aspects, which is that having a tight regulatory framework is crucial to enhancing digital innovation, as governments should focus on equal opportunities and ensuring that regulations are consistent to reduce risks,” he said.

He explained that "investing in digital infrastructure would stimulate digital banking services that help enhance access to banking services and products for the population using the financial system and non-using the financial system, adding: "The Arab region has renewed modern financial technology companies in its countries for increased investments, reaching 1,500 companies by the end of the first half of 2024 compared to less than 300 companies four years ago in financial activities worldwide and the region." 

He added that "important global modern financial technology statistics provide huge opportunities for investment in this sector, as total investments in modern financial technologies in 2023 amounted to about 115 billion US dollars, and investment in this sector is expected to continue to grow steadily until it reaches 325,000,000,000 by 2026. According to the International Finance Report, the Arab region has faced varying attacks over the past four years, in addition to the digital gap can vary."

He added: "There is still a digital gap between developing and developed countries, which limits the spread of digital payments in some regions, in addition to relying on technology without creating systems Alternative, which makes digital payments vulnerable to disruption in the event of any technical problems.”
He pointed out that "with the increase in the number of financial transactions and their expansion, the use of artificial intelligence emerges in this context, as it can contribute in the field of digital expansion to revealing huge amounts of data in a short time and searching and detecting abnormal patterns that may indicate fraud operations." He explained that "this is done using machine learning techniques that learn from previous data and accurately and quickly identify suspicious natural and abnormal patterns.

It also helps monitor and analyze the behavior of users of financial services to ensure normal payment patterns. If any unusual activity is detected, the system can send immediate alerts to verify the validity of transactions. In addition, artificial intelligence techniques are used to strengthen digital identity applications such as voice recognition to verify the user's identity before completing financial transactions, which increases the level of security. Understanding the full objects of the number and financial technologies requires continued attention to many aspects." 

He pointed out that "the Governor of the Central Bank of Iraq mentioned many things, most notably investment in infrastructure represented by the extensive use of mobile phones, especially in remote areas, and the development of agency networks that meet the need of individuals to carry out withdrawal and deposit operations at the local and regional levels, and the distribution of the scope of digital identity, including electronic fingerprint systems and the expansion of open application program interfaces, which are available to the public so that developers can access software that represents property rights so that new applications can communicate and interact with each other."

He continued: "Developing legal and regulatory frameworks that allow users of financial services to organize their use and ensure a competitive environment, taking into account the importance of whether non-banking institutions should be allowed to access the infrastructure of national banks and issue electronic money and how to do so, and paying attention to developing regulatory and supervisory capabilities to reduce risks and enhance financial and digital awareness and education."

He stated that "modern financial technologies play a major role in achieving the goals of financial inclusion, and in recent years, cooperation between institutions and parties in the financial sector has led to sponsorship and encouragement from Arab central banks to achieve real progress in the levels of financial inclusion in the Arab region, as it received the benefits of central banks, financial service providers and government agencies from financial technologies to expand access to financial services for those not dealing with the banking sector according to the database of the global Tex Index and the World Bank."

He stressed that "there is a significant increase in the adoption of digital financial services in the Arab region, especially after the Corona pandemic, as the percentage of adults compared to what it was in 2017, which was 30%, was reinforced by the spread of mobile phone services, as the task of distributing access to digital services in rural areas was represented," adding that "the praise and cooperation between the Arab Monetary Fund and the Central Bank, whether through the active participation of the bank's cadres in the work of the committees according to the work emanating from the Council of Governors of Arab Central Banks or through the famous and technical programs with the Central Bank of Iraq, which include contributing to building national strategies for financial contribution."  link

Mot: Ya Know.. She just Might have a Point = Huh!!!! 

Mot: ....... YES!!! == a Believer I Am!!! 

Seeds of Wisdom RV and Economic Updates Friday Afternoon 9-13-24

Good Afternoon Dinar Recaps,

Legal Experts React as SEC Regrets Confusion Over Its Crypto Asset Security Claim

The U.S. SEC expresses regret for any confusion it may have created through the use of its invented term, “crypto asset securities.”

In an interesting development, Coinbase’s Chief Legal Officer (CLO) Paul Grewal called the public’s attention to the SEC’s recent efforts to backtrack on its claim that crypto assets themselves constitute securities.

SEC Regrets Confusion Over Its Crypto Asset Security Definition
Per Grewal, the SEC made this move in footnote six of the amended complaint in the Binance lawsuit.

Notably, the SEC said it regrets any confusion it may have invited by repeatedly using the term “crypto asset securities.”

According to the SEC, the term does not imply that the crypto assets are inherently securities themselves. Instead, it uses the term as a shorthand for the expectations, set of contracts, and understanding surrounding the sale and distribution of the token.

Interestingly, the SEC vowed never to use the term in the proposed amended complaint (PAC) to avoid further confusion.

SEC Backtracks
Last year, the SEC labeled ten crypto assets, including Solana (SOL) and Cardano (ADA), as securities in its lawsuit against Binance. A year later, the regulator requested that it wished to amend its complaint, eliminating the need for the court to issue a verdict characterizing the tokens as securities.

The SEC officially filed the amended motion yesterday, expressing regrets for the confusion its use of the term crypto asset securities has created in the lawsuit.

Notably, Binance is required to file a response to the SEC’s motion for amendment by October 11, 2024. The world’s largest exchange is expected to either consent or oppose the SEC’s request.

Legal Experts React
Expectedly, top legal experts reacted to the SEC’s backtracking and admission of its wrong usage of crypto asset securities.

Grewal, who called the public’s attention to the development, criticized the SEC, questioning how Ethereum (ETH) transactions were no longer classified as securities while the ten tokens at issue in the Binance lawsuit remain under scrutiny. He asserted that the SEC might reveal this sudden change only when it takes legal action against an entity.

The Coinbase CLO added that the SEC has a long history of treating tokens as securities, questioning why the regulator chose to mislead the court with its recent filing. Interestingly, Grewal mentioned Ripple’s CLO Stuart Alderoty in the X thread, humorously stating that the SEC’s admission of wrongdoing would leave him perplexed.

Reacting, Alderoty noted that the SEC admitted two things in the Binance lawsuit. First, the agency acknowledged that crypto asset security is a made-up term. Second, it requires a bundle of contracts, understandings, and expectations to prove that a crypto asset security is an investment contract.

He added that it is about time the SEC admitted that the agency has become a twisted “pretzel of contradictions.”  

Furthermore, prominent legal expert James Murphy (a.k.a. MetaLawMan) expressed outrage about the SEC’s recent admission.

The pro-XRP lawyer criticized the SEC’s “make it up as you go along enforcement strategy,” suggesting that the approach has harmed U.S. investors, damaged the country’s reputation for innovation, and harmed American companies.

@ Newshounds News™

Source:  The Crypto Basic

~~~~~~~~~

SEC Surprisingly Details Exemptions From SAB 121, Further Muddying the Waters

Paul Munter, Chief Accountant at the SEC, revealed in a speech earlier this week that the SEC has granted exemptions to rules relating to the custodying of crypto assets that have been widely reviled in the industry.  

Earlier this week, the SEC’s Chief Accountant revealed in a public speech that the agency had granted exceptions to SAB 121, the controversial accounting rule that’s been heavily criticized in the industry for making it impractical for financial institutions to custody crypto assets.

Issued in March 2022, SAB 121 requires that a bank custodying crypto put the assets on their balance sheet and create a corresponding liability equal to the worth of the crypto, which is unusual as other custodied assets are typically listed off the balance sheet.

The result of this rule means that financial institutions must hold an enormous amount of capital just to custody crypto assets, making it prohibitively costly to do so.

In a speech at a conference on Monday, however, SEC Chief Accountant Paul Munter disclosed that certain companies had been granted exemptions from SAB 121, and did not need to create a liability on their balance sheets when custodying digital assets.

Munter mentioned that several entities had received this exemption — including a bank and various brokerage houses and blockchains — without specifying who they were.

In Munter’s speech, he described the different ways that the three types of entities could receive an exemption.

In the case of a bank, the pathway involved working with a state regulator first to ensure that crypto assets being custodied would return to the customer in the event of a bankruptcy, and that activity with customers would only comprise institutional custody with sufficient controls in place to manage risk. 

For a brokerage, an exemption could apply if the broker is not in possession of the cryptographic key and works directly with the customer — essentially, not custodying any crypto itself. 

Finally for a blockchain, Munter highlighted how a distributed ledger tracking holdings and transfers of digital assets, without custodying any crypto, could exempt it from SAB 121.

Political Backlash
Senator Cynthia Lummis (R-WY), a longtime supporter of the crypto industry, strongly criticized the moves in a statement to Unchained.

“The SEC is clearly trying to sidestep Congress and the Congressional Review Act by having one-on-one meetings to determine whether or not it will enforce SAB 121 on a case-by-case basis,” Lummis wrote.

Lummis has been trying to overturn SAB 121 reversed for some time, asking the Government Accounting Office (GAO)  in early 2023 to determine whether the SEC did more than provide guidance and actually created a rule. 

The GAO subsequently released a report at the end of October 2023 agreeing with her, and Lummis then argued that the SEC had violated the Congressional Review Act (CRA) because it did not follow the correct process for establishing a rule (the CRA requires federal agencies to submit rules to the House and Senate before they take effect). 

Lummis subsequently worked with Rep. Mike Flood (R-NE) and Rep. Wiley Nickel (D-NC) on a resolution to overturn SAB 121 on the grounds that it violated the CRA.

The resolution passed, but was then ultimately vetoed by President Biden on the grounds that overturning SAB 121 would jeopardize the well-being of consumers and investors.

On Wednesday, Lummis further noted that Munter’s speech “seems entirely political, as the SEC staff should be transparent with issuers, investors and Congress by revising or rescinding SAB 121 directly, not making policy through speeches. I am incredibly concerned with the approach the SEC is taking and will continue to ensure it is not unfairly targeting the digital asset industry.”

Industry Reaction

Aaron Jacob, CEO of TaxBit, a company that  provides tax and accounting compliance solutions for digital assets, mockingly described the SEC as using a “ready, fire, aim” approach to accounting guidance for crypto custody. He pointed out the confusion initially caused by the release of SAB 121, and then the additional  confusion created by Munter’s speech. 

“[SAB 121] is not very extensive guidance,” Jacob said. “It’s only about a page-and-a-half long, clearly targeted towards folks like Coinbase and…publicly-traded companies that are ‘safeguarding customer assets,’” said Jacob.

Jacob said he was shocked when he realized that Munter had revealed exceptions to SAB 121 in his speech.  “A lot of people are scratching their heads saying, ‘Well, what was the point of this to begin with? Some banks argue with the SEC behind closed doors, and apparently get a free pass [from SAB 121].’” In Jacob’s view, the SEC’s exceptions were a way for the agency to acknowledge that it had overstepped.

In a post on X on Friday, Alex Thorn, head of research at Galaxy, agreed that the exceptions seemed to be a way for the SEC to backtrack without totally abandoning SAB 121.

“If I’m being honest, it looks like the SEC never thought banks would want to play in crypto, intended this rule to apply only to crypto-native companies (perhaps punitively), and has now crafted a way to let traditional banks off the hook in a way that saves face by not reversing their posture of the last 2 years,” Thorn wrote:

Industry trade associations also expressed concerns with Munter’s speech.

 “Unfortunately, SEC staff have reaffirmed their stance on SAB 121, but have now outlined certain scenarios they consider outside of its scope – with the announcement coming in a speech at a conference,” said Patrick Kirby, Policy Counsel for the Crypto Council for Innovation. “SAB 121 limits consumers’ options to safely custody their digital assets and upends decades of bank custody practices.”

Taylor Barr, Senior Policy Associate from the Digital Chamber, agreed. “The SEC’s cherry-picking of a few scenarios where firms fall outside the scope of SAB 121 doesn’t change the fact that SAB 121 is fundamentally flawed and untenable,” Barr said. “These exceptions only highlight how arbitrary and inconsistent the rule is,” said Barr.

One source from a bank who wished to remain anonymous because of ongoing discussions with regulators, agreed it is accurate to note there are scaling hurdles because of SAB 121, in that it has been difficult to grow and expand the business of digital asset custody due to the accounting requirements of SAB 121.  

For his part, Jacobs suggested the SEC just needs to be clear about its stance on requirements for crypto custody. “I think they should, whether it’s repeal or amend [SAB 121], do something to make it more clear… and people will applaud those efforts,” Jacobs said.

@ Newshounds News™

Source:  Unchained Crypto

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England High Court Rules Tether USDT Stablecoin is Property

In what is certainly an important development for the digital asset sector, England’s High Court of Justice has ruled that Tether’s USDT stablecoin is property. Indeed, the asset has officially fallen under the distinction as the UK continues to establish key property rights for these tokens.

Just a day earlier, a UK bill was introduced to establish all cryptocurrency as property. This would provide key legal protection for holders within the country. Now, England is following suit, with the key designation being given to the largest stablecoin by market cap.

England Rules USDT is Property in Key Decision

The ongoing push for regulatory clarity regarding cryptocurrencies has been a vital effort. The growing industry has too long suffered from a lack of standards that has only obfuscated the potential impact of the technology. With the prominence of these assets growing, that has begun to change in 2024.

Now, legislation is coming to the forefront, greatly shifting how these assets are perceived. Specifically, England’s High Court has ruled that Tether’s USDT stablecoin is to be considered property. Moreover, this comes after the UK introduced legislation clarifying crypto as personal property.

In a new filing, Deputy High Court Judge Richard Farnhill said “USDT attracts property rights under English law.” Moreover, he added that “it can be the subject of tracing and can constitute trust property in the same way as other property.

This ruling reinforces the introduced legislation that would classify cryptocurrencies as property. That bill was read for the first time in Parliament on Wednesday. However, they note it is not a thing ‘in possession,’ as money would be considered, or a thing ‘in action’ like shares.

Yet, that doesn’t change the fact that it is property, nonetheless. Such a judgment should be vital for the industry’s continued growth. Proving the necessity to observe crypto as its own entity. It isn’t an existing object, it is the evolution of finance as we know it.

@ Newshounds News™

Source:  Watcher Guru

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EU Regulator: Stablecoin Standards Will Become Official Before Year-End

The European Banking Authority has provided an update on the journal publication of stablecoin standards. The EU regulator said Wednesday that 15 technical standards, including those for stablecoin issuers, will become official before the end of 2024. The technical standards will be published under the European Union’s Markets in Crypto Assets (MiCA) Act.

The new rules will cover standards for authorization, stress testing, and methods to estimate the number and value of transactions for stablecoin issuers. The MiCa rules were passed last year.

The commission is reportedly looking over the standards. needing to decide whether to adopt the texts as is or to request changes. Once the commission has signed off, the rules will need to be looked at by the European Parliament and European Council before implementation.

Following the EU Parliament and EU Council’s observations, the rules have to go through translation and formal adoption before being published.

Circle was the first global stablecoin issuer to comply with MiCA. Circle’s Electronic Money Institution license enables both USDC and EURC to be issued in the EU in compliance with MiCA’s regulatory obligations for stablecoins or e-money tokens. It also gives Circle a top position in grabbing market share among the 27-nation trading bloc’s 450 million people

@ Newshounds News™

Source:  Watcher Guru

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CBI UPDATE  |  Youtube

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THE STRIKES HAVE BEGUN  |  Youtube

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Bruce’s Big Call Dinar Intel Thursday Night 9-12-24

Bruce’s Big Call Dinar Intel Thursday Night 9-12-24  

Transcribed By WiserNow Emailed To Recaps

Welcome everybody to the big call tonight. It is Thursday, September the 12th  and you’re listening to the big call. Thanks everybody for tuning in once again, and I hope we have some good information, and I think I have some up to date. I mean, talking about the last 15 minutes, getting something that is fresh to us. So that was a pleasant surprise.

Okay, all right, did we get a time hack? Bob, I don't remember if we did 10:15, okay, great. I think we can get this done in 15 minutes. You guys. I won't go on and on but I do have some important information for us.

So first of all, let's address a couple of things that Jeannie brought out in her prayer request tonight.  One was R and R – I believe the other was Social Security increases  - that type of thing –

 All right, so on the social security increase, what I'm getting from our contact, who knows a guy is in social in the Social Security office in the center of the central part of the country. He said that this increase that we're looking for should happen, I'm going to say the third and fourth week - Third and fourth Wednesday of the month, it should happen and include, and be included in the amount of Social Security you receive.

If it doesn’t show up there It should show up by the end of this month, so, if you have already had Soc Sec the first Wednesday  - or the second Wednesday, which was the 11th - So that would have been the fourth and then the 11th, you should still get that increase as a separate payment showing up in that account, in your bank account that receives Social Security by direct deposit.

You should get that if this information holds out before the end of the month this month. So that was encouraging to have that.

And regarding R&R, what we're hearing is that the restitution and retribution allowance, that's a different way of saying reclamation, retribution allowance, r, and r is going to show up for those of us who are exchanging  currency and redeeming zim, that will show up in our quantum account, and it is there already,

And we'll have in that in that account. And then we can go, when we go for our exchanges and Zim redemption, we can move, once we've done that and we have a pile, as Bob likes to say, a pile of money that is going into our quantum account - we can move a portion of that into our primary or secondary Wells account, and have that lined up for us.

And don’t be shy of moving money, I mean, some people are moving tens of millions or 100 million or whatever, and some of us are going to move a billion into each of our LLC accounts, which I have four. So that's my plan. You do what you guys feel – and remember - You can go back for 30 to 60 days for your projects, and it should -  whatever you move -  but just be smart and don't move everything in.

But just move a portion of it in when you're ready to Okay, and that's the only reason you will have a quantum card. Quantum we call it quantum access card. It sounds weird to say QAC so quantum card is  a card that's the size of a credit card three times as thick, and it's only used to move funds from your quantum account into a bank account, like a Wells or Chase or, oh gosh, there's so many different banks.

You should have about three banks that you're able to tie into your quantum account - three banks. That's what I've understood. That may or may not change - But in terms of moving funds into your Wells account first and then, whether you want to move to your Chase or your Bank of America account, or your Citi account, or your other banks - That's up to you, all right,

So that I wanted to get that out of the way. The other thing is that I got Social Security. When does the retribution come out for other people that are not exchanging Zim? Thank you, Sue. That's good.

 It should occur by the end of this month - I don't, I don't know that it'll come out sooner. We've already gone past the first 10 days, in this month - it's already the third, almost the 13th. It's the 12th. So any deadline that we thought we had to get R and R in for everybody has passed. And I think now we're looking at possibly the next 10 days of the month, but it could very well be by the end of this month. Okay, that's good question. Sue. Thank you for helping me on that.

The other thing is debt forgiveness. Debt Forgiveness, or debt jubilee, is to occur starting this month, and we thought it would  occur and it didn’t - in August, but it should occur in this one. And again, I -- this is my personal opinion, and I think this is a good one when it comes to RNR and debt forgiveness, those except for a few situations, will occur after the RV has occurred, and we have toll free numbers, and we’re setting appointments for our exchanges –

 I believe that’s going to end up being the case -  we'll see. So look for more on that information to hit in the last couple of weeks of this month, of September.

Let's go on beyond that. What we're hearing today is very positive for our bondholders. We and realize that those of us in tier four, that's 4A and  4B are supposed to be on a quote, unquote shotgun start with tier three our bondholder friends.

Now those guys put up their bonds for the most part  - we still have some people with sheet bonds  that have not taken them in – If you have them - bring them with you to your redemption center appointment - but you also let them know when you make your appointment that you have so many sheet bonds - and the type that you have. I've got XYZ number of railroad bonds - I've got some German bonds - I've got whatever you have that you have like that - Let them know when you're on the phone with the redemption center, what you're bringing in, apart and above your currency and your zim  which is essentially a bond.

 They know that - We know that - we're not talking about zim – I’m talking about “sheet bonds”, okay? And I hope you have the provenance  to go with them so they can knock those out for you -  and let them know so they can give a longer period of time for your exchange.  Becaiuse it will take a little while

It’s one thing to do currency  on a Delarue machine -  and do zim but It's another thing entirely to hypothecate these zim bonds - I don't mean bonds  sorry -  but “sheet bonds” okay, important that you let them know you and let them and let them know approximately how many, if you've got a banker's box full of sheet bonds, let them know if you've got two or three or 10, let them know that.

Okay, just let them know, because they will be able to navigate and negotiate those during your appointment. Okay, that's it. Now, what else - when it comes to what the bondholders have been able to do, they can see the funds from various of their bonds in their account. They can see it.

They can’t get access to it until tomorrow, we've had some people with bonds that have gone in for appointments today to navigate and to get the quantum card up and running for them with one bank or another bank, and maybe a third bank they have appointments with tomorrow to do the same thing with their quantum account card and get all everything put in.

You remember, we talked about biometric fingerprint, we talked about new username, brand new password, five digit PIN code, which would be brand new to them and their email - those five things, and there may be one or two other things that they need to do – but that would get them access.

 And my understanding is for certain people that we know are to gain access once they do that tomorrow – gain access to their funds have access to them ,which is great news because I believe it says something about  when “we” in tier  4B and 4A are to be notified. It should. Tomorrow's Friday the 13th. I think it could be our lucky day. And I mean that in the sense that another piece of Intel, I think I told you this in the intro.

The other piece of Intel received today,  and it’s not much, but I think this says everything, according to this very good source, we should receive everything going out after markets close tomorrow, which is 4pm Eastern, daylight time when the markets close, meaning the stock markets when they close tomorrow, everything should be released for us.

That would be our emails that the toll free number included, and that way we can begin to set of appointments and hopefully exchange starting Saturday. I know redemption center staff told us they would be going in today, Friday, Saturday, Sunday, all four days in a row, and they are doing that so that they can be there - Okay, tomorrow, quite possibly, they're there to receive our calls once we call in the 800 number, and we get the information given to us that we enter on the AI system, and then we get switched to the redemption center that is closest to our zip code that we put in - then we should speak to a live human being – not a computer -  we get a live person to talk to them and finish setting our appointment there, and it shouldn't take more than two minutes to set our appointments - That's what they're counting on.

 It's not it's not a time to ask 20 questions. Just get the very basic information you need, and they'll probably end up being able to send you a confirming email letter with the address of the location or whatever. I don't know.

I don't know what they're going to do, but I know that you're going to have a way to know what your appointment is, where it is, fact that you're going to get there no more than 10 minutes before your appointment, time –

If you’re running late and you can't make it -  you’re  Sol until the next time you reschedule.

Don't think you can run late to this. If you're somebody who is consistently late for anything, make sure you get there early for this. 10 minutes early. That's when you want to arrive to the redemption center, not to banks. This is to redemption center.

Now to be fair - some redemption centers are attached to banks. They're usually a separate building or separate entrance, or whatever it could be attached to a bank.

Okay, so don't be turned off by that. Let there be people there to verify your currency and count itvon the Delarue machine -There'll be, you know, US Marshals there in case you are to try to pull something over their eyes, and they're going to not want any of that to happen – no shenanigans, and you could be removed from the premises, if that was to be the case –

All right, so here's what I’m saying - it looks very good for tomorrow or Saturday.  Obviously, I'm hoping, just like you guys, it is tomorrow and we get notifications after four tomorrow afternoon when the markets close. So be looking for your emails tomorrow after four. Let's see what happens, and we should have a very exciting and wonderful weekend.

Maybe we get pushed off to early next week - , but I have not heard that that is absolutely going to be our way. I would think  if these could come out - after the march closed at four, we could be setting appointments tomorrow, and then we could get started on exchanges on maybe on Saturday.

And don't think just because the bank is open till one or two on a Saturday, that influences the hours of the redemption center. It doesn't.

Redemption centers could be open as early as eight in the morning or earlier and go really late. They could go all the way to 11 or 12 o'clock at night. They could go to midnight. It’s going to depend on the Demographics of the area where you live or where you're applying to.

Don't be surprised if you could set an appointment as late as 10 o'clock at night. You know, I say, I think they want to get this in. They want this Zim  in yesterday, - they want it in there, because it hydrates the banks,  it really does -  it gets the banks and US hydrate with funds.

So I think it's, it's a great situation we find ourselves in. I was hoping for my last piece of Intel came in 15 minutes to start with the big call. That's amazing. So thank you Jesus for that.

All right, that's everything I want to say tonight, All right, so I wanted to tell you that, and let's go ahead and thank everybody. Sue. Thank you. Thank you Bob. Excellent call for both of you tonight, I think.

And Thank you big call universe for listening these 13 years. Thank you staff team to so many listeners around the globe. So it's a wonderful benefit that I'm just thrilled that we were able to get that done and that you guys made that available to us.

 We got to see if we get our numbers tomorrow, after markets close at four Eastern tomorrow.

Bruce’s Big Call Dinar Intel Thursday Night 8-29-24   REPLAY LINK   Intel Begins   1:13:30

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Bruce’s Big Call Dinar Intel Tuesday Night 9-10--24  REPLAY LINK  Intel Begins 1:07:27

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Technical difficulties with  Bruce's Recorded Call Transcription -  Please clink on the link below and listen to all or partial recording - Bruce's intel segment begins at approximately the 1:02:02 time frame  - thank you

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Bruce’s Big Call Dinar Intel Thursday Night 8-22-24   REPLAY LINK   Intel Begins   1:32:32

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Bruce’s Big Call Dinar Intel Tuesday Night 8-20-24   REPLAY LINK  Intel Begins 1:00:25

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Some “Iraq News” Posted by Clare at KTFA

KTFA:

Clare:  Baghdad to host tomorrow the conference "Electronic Payment towards Financial Stability in Iraq"

9/13/2024

The activities of the "Electronic Payment towards Financial Stability in Iraq" conference will start tomorrow, Saturday, in the capital, Baghdad, under the patronage of Prime Minister Mohammed Shia Al-Sudani, and jointly organized by the Prime Minister's Office, the Association of Private Banks and the Central Bank of Iraq, at the Rashid Hotel and in the presence of Arab and international banking figures. LINK

Clare:  National Security announces the launch of the first cybersecurity platform in Iraq

9/13/2024

 The National Security Service announced, today, Friday, the launch of the first cybersecurity platform in Iraq.

The official spokesman for the National Security Service, Arshad Al-Hakim, said in a video clip that “the National Security Service participated in awareness and educational activities at the 25th International Book Fair,” indicating that “the National Security Service launched the first cybersecurity platform in Iraq.”

He added that "the platform will secure the links used by citizens," noting that "the platform will enable citizens to know whether their data has been leaked or not."  LINK

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Clare:  The Central Bank sponsors the Baghdad International Book Fair

September 12, 2024

The Central Bank of Iraq is participating in the 25th session of the Baghdad International Book Fair, which kicked off today, Thursday, under the slogan “Iraq Reads” in the presence of a number of ministers, educated officials and specialists.

The Central Bank of Iraq is sponsoring this important cultural event and is participating through its pavilion in the exhibition hosting the events, with the participation of 600 Iraqi, Arab and foreign publishing houses from 21 countries.

The exhibition’s activities will continue until Sunday, September 22, 2024, which will be full of the presence of Iraqi, Arab and foreign writers and thinkers, who will organize morning and evening seminars, signing parties, art exhibitions and plays.

 Central Bank of Iraq 
Media Office 
September 11, 2024

https://cbi.iq/news/view/2669

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Clare:  Trade participates in UNESCO Digital Education Week

9/11/2024

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).

It said 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 towards adopting governance and digital transformation in all activities and services provided by Iraqi ministries."   LINK

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Clare:  Among them is the "Al-Nouri Complex" in Mosul.. A review of global engineering visions that were not applied in developing other cities

9/13/2024

The American website "Ark Daily", which specializes in architectural news, reviewed a group of envisioned engineering projects for cities and regions in several countries, including the Al-Nouri Complex in the Iraqi city of Mosul.

The American website, which specializes in planning, explained in a report translated by Shafaq News Agency, that "the master plans, or what is called the 'Master Plan', represent comprehensive design strategies that lead the future development of cities, regions, or mega projects."

The report pointed out that "such projects, which have not been implemented, from a design and architectural perspective, reflect a serious effort to achieve a balance between the need for flexibility and long-term vision and the integration of infrastructure with public space. These are engineering plans that often include sustainable development, urban cohesion and cultural interconnection."

The report explained that the "Master Plan" does not only constitute the physical environment, but also the social fabric of communities by focusing on the possibility of walking, multi-use spaces, and the combination of the natural environment and that which is being built, which reflects the role that architecture plays in shaping the future of urban life.

The report noted that "the unbuilt projects it reviews represent visionary urban strategies, including the bold reconstruction of Iraq's al-Nouri complex as a cultural and spiritual center, projects that deal with complex narratives of memory and restoration."

Regarding the reconstruction of the Al-Nouri complex, the report said that it “represents the cultural and spiritual core of Mosul, and reflects the reconstruction of collective memory through ‘Mosul in the minds of Mosulis’.”

The report continued, saying, "Despite the unexpected demolition of the city and the huge material and social losses it caused, hope will increase as the Al-Hadba minaret begins to rise towards the sky, while the dome of the prayer hall will be a symbol of the beautiful neighborhoods of Mosul."

The report considered that "the Nouri complex is a starting point for collective recovery and the new cultural and spiritual core of the city."

The report also reviewed other sustainable engineering projects related to the village of Damoun in Palestine, the city of Mokolo Green Scarf in Cameroon, the Marine Research Center in Yemen, the city of Ever de Bleikrij in Belgium, the city of Trikala in Greece, the waterfront in the Canadian city of Vancouver, in addition to cities in Turkey, the United States and India.  LINK

Clare:  North Oil begins preparing Kirkuk fields to hand them over to BP

9/13/2024

A responsible source in the North Oil Company reported on Friday that it has begun preparing oil wells in Kirkuk Governorate and determining production levels in preparation for handing them over to the British company " BP " for development.

The source told Shafaq News Agency, "The North Oil Company has started developing a work plan to reach the highest possible production from the Kirkuk, Bai Hassan, Jambur, and Khabbaz fields, before handing them over to the British company ( BP ), which was contracted to develop these fields."

He added, "The Fields Authority was directed to implement the drilling and reclamation plan during the current year, and to conduct activities to activate wells without a tower, and to expedite the provision of yards in coordination with the Projects Authority, with the completion period for each yard set at three weeks."

The source added, "The company is working on extending the pipes and completing their equipment within the specified time period to connect the Bai Hassan wells 198 and 199, with implementation to take place within one month."

He explained that "the company is working on connecting the valves of five wells in the Khabbaz oil field, completing the repair of damaged pipes in the Shuraw/Baba Dome station, and stabilizing production rates for the wells northwest of Avana, according to the expected plans for the Kirkuk oil field, which will contribute to raising the efficiency of the production process."

He pointed out that "the company will complete all the requirements of the British company within three weeks to a month, and a meeting will be held with the company's representatives in the coming days for the purpose of completing and implementing what was signed, and then following up on the program that the British BP will implement to increase the production of the North Oil Company."

In this context, economic expert Ali Khalil confirmed to Shafaq News Agency, "The contract of the British company ( BP ) that was signed by the Iraqi government through the Ministry of Oil must oblige the British company to carry out its work in an integrated manner and for its work to be tangible through an increase in production and results within a specific period."

He pointed out that "the British company had a previous contract in 2013 with the North Oil Company and ended the contract in January 2020 for $100 million, but it left work with the North Oil Company."

Khalil explained that “the previous contract included 3D seismic studies of the field’s reservoir to build on the 2D data that was already available, as it is estimated that the Kirkuk field contains about nine billion barrels of recoverable oil.”

On August 1, Prime Minister Mohammed Shia al-Sudani sponsored the signing ceremony of a comprehensive oil memorandum of understanding between the Ministry of Oil and the British Petroleum Company ( BP ) to develop Kirkuk oil and gas production fields.

On the Iraqi side, the agreement was signed by Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani, while on the BP side, the agreement was signed by the company ’s CEO Murray Auchincloss.

The memorandum includes the rehabilitation and development of the four fields of the North Oil Company in Kirkuk, namely the Kirkuk field with its two domes (Baba and Avana), the Bai Hassan field, the Jambur field, and the Khabbaz field, as well as the possibility of agreeing on other fields or exploration areas by agreement of both parties, in light of the government’s efforts to optimally invest in promising opportunities in the energy sector, with the aim of increasing and enhancing oil production and gas and solar energy investments in this region.   LINK

Economist’s “News and Views” Friday 9-13-2024

Jamie Dimon Issues URGENT Warning

Atlantis Report:  9-12-2024

Jamie Dimon the CEO of Chase Bank Just Gave A Serious Warning. As some search for their chase bank login, they should hear this warning about interest rates.

 His recent pronouncements about the U.S. economy have sent ripples through financial markets and sparked concerns about a potential economic downturn.

As the head of one of the world's largest and most influential banks, Dimon's words carry significant weight and have caught the attention of policymakers, investors, and the general public.

This news has caused a stir in the financial world. Today, Dimon's warning changes everything. The stock market has been experiencing volatility as stocks fluctuate in response to recent financial news and developments in the business news sector.

In today's stock market news, major institutions such as Chase Bank and Bank of America are in the spotlight. US news headlines highlight concerns raised in finance news about a potential crisis.

Recently, Jamie Dimon Issues An URGENT Warning about the current economic environment, and the Chase Bank CEO sends warning of a possible bank run if conditions worsen.

Analysts fear that a bank collapse could occur, with some pointing to signs of a Chase Bank crash and a looming Bank of America crisis.

 The banking system crisis has left investors on edge, with discussions of whether multiple banks collapse could destabilize the economy.

https://www.youtube.com/watch?v=D7VG7DdUCLQ

"Start PREPARING Yourself..." | Ray Dalio

Freeinvesting:  9-12-2024

https://www.youtube.com/watch?v=iUCYIj1dg6o

SITUATION CRITICAL...You THINK Its Bad Now? WELL, YOU HAVEN'T SEEN ANYTHING YET!

Greg Mannarino:  9-13-2024

https://www.youtube.com/watch?v=v9tlPoMJaJc

Iraq Economic News and Points To Ponder Late Thursday Night 9-12-24

The Central Bank Denies Issuing A Book Attributed To It Regarding The Dollar Sale Process

Banks  Economy News – Baghdad  The Central Bank of Iraq denied, on Thursday, the issuance of a letter attributed to it regarding the dollar sale process.  The bank said in a statement received by "Al-Eqtisad News" that "the attached letter regarding the dollar sale process is forged and false."

It added that "the dollar sale process through the outlets designated for this purpose at airports is proceeding smoothly," calling for "exercising caution and relying on news affecting the national economy from its official sources."   https://economy-news.net/content.php?id=47545

The President Of The Republic Affirms Iraq's Keenness To Enhance Economic And Investment Cooperation With Its Brothers And Friends

Thursday 12 September 2024 | Economic Number of readings: 339  Baghdad/ NINA / President of the Republic Abdul Latif Jamal Rashid affirmed, today, Thursday, Iraq's keenness to enhance economic and investment cooperation with its brothers and friends.

A statement by the Presidency of the Republic's media stated: "President of the Republic Abdul Latif Jamal Rashid received, today, Thursday, at the Baghdad Palace, the Secretary-General of the Council of Arab Economic Unity, Ambassador Mohammadi Ahmed Al-Ni and his accompanying delegation."

During the meeting, according to the statement, efforts to develop and support Arab economic work were reviewed, as well as ways to confront economic challenges in coordination and cooperation with the relevant Iraqi governmental institutions.

The President of the Republic stressed Iraq's keenness to enhance economic and investment cooperation with its brothers and friends, and to provide the appropriate environment to contribute to major strategic development projects, explaining: "Iraq stands today on the threshold of a new phase of security stability and economic development, and it looks forward to fruitful cooperation and a real economic partnership."

For his part, the guest delegation expressed its thanks and appreciation to the President of the Republic and his future vision for improving the reality of joint economic work, expressing its hope for Iraq's support for the work of the Council in order to achieve the higher goals that serve common interests. / End 2   https://ninanews.com/Website/News/Details?key=1153362

Banking Association Advisor: International Payments And Banking Technologies Conference A Platform To Support Digital Transformation In Iraq

Banks   Economy News – Baghdad   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 16 topics 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."

Al-Nusairi added, “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."   https://economy-news.net/content.php?id=47511

Globally.. Oil Prices Are Stable

Eonomy   | 12/09/2024  Mawazine News – Baghdad  Oil prices steadied in Asian trade on Thursday as concerns about weaker demand offset gains in the previous session that were spurred by Hurricane Frances' impact on output in the United States, the world's biggest crude producer. Brent crude futures for November were up 24 cents, or 0.34 percent, at $70.86 a barrel. U.S. crude futures for October were up 20 cents, or 0.30 percent, at $67.52 a barrel by 0044 GMT.

Crude oil futures rose more than 2 percent in the previous session as offshore platforms in the U.S. Gulf of Mexico were shut down and refining operations were disrupted by Hurricane Francine, Reuters reported. But as the hurricane neared its end after making landfall, the oil market's attention turned back to falling demand.

The Energy Information Administration said on Tuesday that U.S. crude inventories rose last week as crude imports grew and exports fell. The data also showed that gasoline demand fell to its lowest level since May at the same time as distillate demand fell, with refinery utilization also falling. The United States is the world's largest oil consumer.

Earlier in the week, the Organization of the Petroleum Exporting Countries (OPEC) cut its forecast for global oil demand growth in 2024 and also trimmed its forecast for next year, the second downward revision in a row.   https://www.mawazin.net/Details.aspx?jimare=254786

Iraq Exports 5 Million Barrels Of Oil To America

Economy | 02:17 - 12/09/2024  Mawazine News – Economy  The US Energy Information Administration announced on Thursday that Iraq's oil exports to America amounted to more than 5 million barrels during last August.

The administration said in a table that "Iraq exported 5.741 million barrels of crude oil to America during last August, at an average of 185 thousand barrels per day, down from July, when Iraqi oil exports to America amounted to 6.967 million barrels."

It added that "the average oil exports from Iraq to America amounted to 194 thousand barrels per day during the first week of August, while those exports were 166 thousand barrels per day in the second week, and an average of 153 thousand barrels per day was exported in the third week," noting that "the exports in the fourth week averaged 201 thousand barrels per day."

The  US Energy Information Administration stated that "Iraq came in fifth place in its exports to America during last month after Canada, which came in first place as the largest oil exporting country to America, followed by Mexico, Saudi Arabia and Brazil.  https://www.mawazin.net/Details.aspx?jimare=254808

Stability Of The Dollar Exchange Rate In Iraq

Economy | 12/09/2024  Mawazine News – Economy  Mawazine News publishes today, Thursday, the exchange rates of the dollar against the Iraqi dinar in local markets.   The prices are as follows:
- Selling 150,500 dinars for every 100 dollars. - Buying 148,500 dinars for every 100 dollars. 
https://www.mawazin.net/Details.aspx?jimare=254805

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

Seeds of Wisdom RV and Economic Updates Friday Morning 9-13-24

Good Morning Dinar Recaps,

New Bill Seeks To Reconcile Regulatory Division Between SEC and CFTC

The bill would establish a 20-person committee of independent stakeholders tasked with advising both the SEC and CFTC.

A new bill introduced to Congress aims to bridge the regulatory divide between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) concerning cryptocurrency.

On Sept. 10, Republican Congressman John Rose, a member of the House Financial Services Committee, proposed the BRIDGE Digital Assets Act, which seeks to establish a Joint Asset Advisory Committee on digital assets.

The committee would comprise 20 representatives of the private web3 sector, including digital asset issuers, academics researching digital assets, individuals registered with the Commissions engaged in digital asset-related activities, and digital asset users.

Committee members would be tasked with advising the commissions on crypto regulation, identifying opportunities for distributed ledger technologies to improve operational efficiency in financial markets, and “further the regulatory harmonization of digital asset policy between the commissions.”

Speaking to Eleanor Terrett of Fox Business, Rose criticized the regulatory status quo regarding digital assets, which has recently been defined by the SEC’s controversial campaign of regulation by enforcement.

“The current heavy-handed, regulation-by-enforcement approach isn't working and is instead encouraging investment in this key innovation overseas,” Congressman Rose said. “The joint advisory committee on digital assets will provide a framework for the government and private sector partners to cooperate on a path toward success for the regulatory landscape of digital assets and private sector participants."

Should the bill pass, the committee must be established within 90 days of its enactment. The advisory committee would meet twice annually, with the first meeting to be held within 180 days of the bill passing.

The committee would deliver findings and recommendations to both agencies, which must then issue public statements detailing their responses.

Regulatory harmonization
The committee is intended to facilitate collaboration between the two agencies, which have struggled with disagreement over their respective jurisdiction and regulatory apparatus regarding crypto.

The CFTC has consistently asserted that many digital assets should be classified as commodities and fall under its jurisdiction, while the SEC has argued that the vast majority of digital assets qualify as securities.

This regulatory divide has created uncertainty for projects and investors, and resulted in clashes between the two regulators.

Rose’s bill aims to address these issues by ensuring that the SEC and CFTC must work together to establish regulatory guidelines for the web3 sector.

SEC and CFTC clashes
The SEC and CFTC have been at odds over how to regulate the digital asset sector in recent years, with both agencies sparring over jurisdiction.

In June 2018, William Hinman, head of the SEC’s Division of Corporate Finance, declared that both Bitcoin and Ethereum were sufficiently decentralized not to comprise considered securities. 

In February 2020, CFTC Chairman Heath Tarbert echoed the same sentiment, stating that both Bitcoin and Ether should be treated as commodities under the Commodity Exchange Act.

However, tensions ignited after Gary Gensler took the helm of the SEC in 2021, with Gensler asserting that the majority of crypto assets are securities. Notably, the SEC filed lawsuits against major centralized exchanges Coinbase and Binance in 2023, arguing that many crypto tokens and services constitute unregistered securities offerings.

Ethereum emerged as an issue of contention for the two regulators in 2023, with the CFTC regulating digital asset futures products as commodity assets while the SEC launched a secret investigation into whether ETH is a security in March of that year.

In March 2024, Behnam warned the SEC’s apparent position that Ether is a security threatened to place CFTC-regulated exchanges that list Ether as futures contracts in "non-compliance of SEC rules” despite them simultaneously adhering to CFTC guidelines. In July, Behnam said at least 70% of digital assets are commodities and should be regulated by the CFTC.

U.S. courts have recently pushed back against the SEC as well, with Judge Analisa Torres ruling that digital assets do not inherently comprise security investment contracts — even when distributing through primary sales that are securities offerings — while presiding over the SEC’s lawsuit against Ripple. The verdict has since been cited as precedent in subsequent court rulings.

@ Newshounds News™

Source:   The Defiant   

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US sanctions Cambodian senator involved in crypto-related human trafficking scams

The U.S. Department of the Treasury’s Office of Foreign Assets Control has sanctioned Cambodian businessman Ly Yong Phat for his role in operating cyber-scam centers that exploited trafficked workers to run crypto scams.

In a Sept. 12 press release, Phat, who is also a Cambodian senator, along with his conglomerate L.Y.P. Group and associated entities, was involved in serious human rights abuses related to forcing trafficked workers to participate in online scam operations.

These scams usually centered around convincing targets to invest in false cryptocurrency schemes or bogus foreign exchange trades, often leading to significant losses.

@ Newshounds News™

Read more:  Crypto News   

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XRP Dominates Korean Markets With 112% Volume Surge

According to CoinMarketCap data, XRP, the seventh largest cryptocurrency by market cap, is witnessing a 115% surge in trading volumes. 

In the last 24 hours, XRP's trading volume on the crypto market, which refers to the total number of XRP exchanged between buyers and sellers, came in at $1.83 billion.

XRP has likewise catapulted to the top of the trading charts in South Korea, showcasing the cryptocurrency’s growing appeal in the region. 

According to the latest CoinMarketCap data, XRP is currently one of the most traded cryptocurrencies on major South Korean exchanges, surpassing even the likes of Bitcoin and Ethereum.

For instance, on Upbit, the largest cryptocurrency exchange in South Korea in terms of trading volume and customer base, XRP was the most traded asset in the last 24 hours.

Likely explanation
South Korean traders are known for their active participation and quick response to market trends, hence XRP's dominance on the market might not be far-fetched.

Crypto asset manager Grayscale Investments announced the launch of the Grayscale XRP Trust, which helped boost the price of the seventh-largest digital asset by about 10% in yesterday's trading session.

XRP rose to highs of $0.588 before slightly retreating, although the gains were still sustained at press time. XRP is higher in the last 24 hours by 4.53% to $0.563, with a market value of $31.77 billion, according to CoinMarketCap data.

Grayscale trust aims to allow investors to gain exposure to XRP and will be available to eligible individual and institutional accredited investors.

@ Newshounds News™

Source:   U Today  

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