“Tidbits From TNT” Monday 9-17-2024

TNT:

Tishwash:  Iraq offers 100 investment opportunities in November

The Investment Authority revealed the desire of Egyptian companies to enter as partners in the International Development Road project with the aim of establishing this vital corridor, while it will offer 100 investment opportunities at its forum scheduled to be held in early November.

 The Authority’s spokesperson, Hanan Jassim, said in a press statement that the Authority’s Chairman recently held an extensive meeting with a number of major Egyptian companies, during which they confirmed their desire to enter the local market on a large scale in order to employ Egyptian expertise in the fields of infrastructure, bridges, and electric power, in addition to building residential cities, as well as entering as a fourth partner in the International Development Road project with Turkey, Qatar, and the Emirates with the aim of establishing this vital corridor that shapes the future of the region’s economies for the next stage.

She added that the meeting witnessed an invitation to these companies to attend the investment forum that will be held early next November, during which 100 investment opportunities will be presented in all sectors.

She pointed out that the Authority has granted eight investment licenses in the housing, oil, gas, electricity and tourism sectors since the beginning of this year until now. 

Jassim explained that the residential projects included the Al-Ghazlani residential city in Mosul, covering an area of ​​4,700 dunums, as well as part of the Karbala City Banks project, covering an area of ​​100 dunums, in addition to a third project on another part of the Karbala City Banks project, covering an area of ​​1,400 dunums, in addition to the new Ali Al-Wardi City project in Baghdad, covering an area of ​​61 million square metres.

She added that the authority granted a special license in the electricity sector for a project to generate electricity through solar energy with a capacity of 1000 megawatts for a French company in Basra Governorate, as it is the first license of this kind within the government’s plan to diversify in the energy sector, in addition to other projects represented by the sustainable Baghdad forests in Rashid Camp, the Bani Omar gas field project in Basra Governorate, as well as another project to complete the axial weighing stations within the plan of the Ministry of Construction, Housing and Public Municipalities to protect bridges from large loads.

Jassim pointed out that the investment process in the country has taken a new pattern that will raise the level of services and urban development, noting that the amended Investment Law No. 13 of 2006 is attractive to investors due to the facilities it includes.    link

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Tishwash:  Iraq trades more than two trillion dinars electronically in a month

The Executive Director of the Iraqi Private Banks Association, Ali Tariq, revealed on Sunday the volume of electronic trading in the country during the month of August, confirming that it exceeded two trillion Iraqi dinars.

Tariq told Shafaq News Agency, "The value of electronic trading in the past month of August alone exceeded two trillion Iraqi dinars," indicating that "the amount was transferred and traded using electronic payment systems of various types, whether cards or payment systems."

Tariq pointed out that "the amount reached two trillion dinars for only one month, and this amount will double to more than that in the coming months."

He explained that the number of electronic cards reached 20 million cards, which means that approximately 50% of the Iraqi population own electronic payment cards, and some citizens own two or three cards.

Tariq concluded by saying, “The number of electronic payment devices in the public and private sectors has exceeded 30,000 devices.”

In October 2023, the Iraqi Council of Ministers issued several executive measures related to the electronic payment system and electronic points of sale (POS), and said at the time in a statement that they "aim to enhance the use of electronic payment in Iraq and facilitate financial and commercial operations."  link

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Tishwash:  Al-Sudani confirms Iraq's openness to partnership with all those wishing to contribute to the development road project

Prime Minister Mohammed Shia al-Sudani stressed, on Saturday, the necessity of intensifying research and explanations regarding the Grand Faw Port and Iraq's Development Road projects and the opportunities they will provide, noting that these two projects are a basic gateway to economic growth in Iraq and the region, and an important pillar for expanding the non-oil economy.

This came during the dialogue seminar held in the capital, Baghdad, under the title (The Path to Development - Opportunities and Development), in the presence of an elite group of economic experts, investors, businessmen and media outlets, according to a statement by Al-Sudani's office, received by Shafaq News Agency.

Al-Sudani stressed that the quadripartite agreement between Iraq, Turkey, Qatar, and the UAE constitutes the axis of operating the development road, but the project is open to positive partnership with all those who wish to contribute to this international development effort, stressing that the global economy today has come to depend on the main corridors for trade, manufacturing, and integration, and the development road project will be an important axis of these international corridors.

He pointed to the industrial cities that will be established along the road, starting with the industrial city in Al-Faw, which will transform Iraq from a country landlocked in commercial and industrial routes to an open country, through its contribution to expanding Iraq's maritime effectiveness and raising the importance of its ports, most notably the Grand Faw Port.

The statement pointed out that the symposium included several axes related to the strategic development road project, including the economic and developmental feasibility of the project, which constitutes one of the future paths of the Iraqi economy, and how Iraq will move through it to become a new major player in the international shipping and transport arena, in addition to the thousands of job opportunities the project will provide, mechanisms for developing partnerships with the private sector, and the challenges facing the partnership between the government and the private sector.  link

Mot: ..... HUH??????? 

Mot.. how to avoid Drama!!!! 

Iraq Economic News and Points To Ponder Monday AM 9-16-24

Economist: The Path Of Development Will Pass Through 12 Iraqi Governorates And Will Move Iraq To Global Status
 
 {Economic: Al-Furat News} The economic expert, Abdul Rahman Al-Sheikhli, confirmed that the development road will pass through 12 Iraqi governorates and will have great investment opportunities.  Al-Sheikhli said {to Al-Furat News} that:
 
“The development path will move Iraq from a regional to a global situation in terms of trade, as it will pass through 12 Iraqi governorates and will have great investment opportunities.” 

He added,  "The development road project will provide Iraq with great regional and international relations.  It will also attract Iraqi manpower, and we are optimistic about it." 

Al-Sheikhli continued,  "The stability of the security situation reflects the extent of interest in the future and the increase in investment opportunities in the country," noting that "the economic system in Iraq has changed since 2005 to a market system, and on this basis the system must be transformed from a rentier economy to a productive one."   
 
https://alforatnews.iq/news/خبير-اقتصادي-طريق-التنمية-سيمر-بـ12-محافظة-عراقية-وسينقل-العراق-الى-العالمية   

Governor Of The Central Bank Of Iraq: We Have Come A Long Way In The Process Of Reforming The Banking Sector

The Central Bank of Iraq participated in the conference on electronic payment towards financial stability in Iraq, which was held under the patronage of the Iraqi Prime Minister, Mr. Muhammad Shiaa Al-Sudani, and organized by the Association of Iraqi Private Banks, with wide participation of the parties concerned with electronic payment and the Iraqi banking sector.
 
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, said during the first session of the conference that the digital transformation movement in Iraq, especially the financial and economic part, constitutes a priority for the government and the Central Bank of Iraq and aims to provide the best banking services, stressing that there is a great movement to advance the digital transformation, which represents the sector.
 
Banking and finance are a major pillar of it.  He noted that despite the challenges and obstacles that the country has faced in recent decades, the   process of digital transformation is taking place quickly through the indicators available at the Central Bank, stressing that   it is moving in the right direction.
 
The Governor stressed that there is a very important aspect of keeping up with developments and changes.
 
There is direct communication with internal and external parties, which is at two levels.  The  first includes capacity building within the banking sector by providing competencies and various applications, as the Iraqi staff is characterized by adaptation and development, and the  second is cooperation.
 
The International Bank and the Central Bank of Iraq have broad and effective relationships with international financial and monetary institutions and banks around the world.

His Excellency revealed the process of reforming the banking sector, especially the government sector, noting that it has come a long way and it is now possible to implement what was stated in the Central Bank’s plan in the banking reform process until the end of this year.
 
Regarding the experience of digital banks, His Excellency the Governor indicated that the developments and employing them in a direction that serves the public made us move towards digital banks in Iraq as it is a new experience in countries of the world, indicating that
 
Iraq will be one of the countries that are progressing in digital banks as the number of requests for digital banks increases.
 
It reached 60-70 banks, and the bank will choose a limited number as a first stage, in accordance with the applicable controls and conditions, and it will be subject to an evaluation stage by the Central Bank of Iraq.   Central Bank of Iraq  Media office     September 14, 2024   uhttps://cbi.iq/news/view/2670   

Economist: The Free Bloc Is Estimated At 70 Trillion Dinars And Can Be Invested Electronically

Information / Baghdad... Economist Dr. Safwan Qusay confirmed today, Sunday, the existence of     about 70 trillion dinars of free monetary mass, pointing out the     possibility of investing it through switching to the electronic system in financial transactions.  Qusay told Al-Maalouma,

 “Focusing on investing in financial inclusion is accompanied by many benefits, the most prominent of which is withdrawing the free monetary mass outside the banking system, which is estimated at about 70 trillion dinars, that is, an average of 2 million dinars for every Iraqi citizen.”

 He added, "This amount could     lead to an increase in banks' liquidity and     increase their ability to grant grants through small and medium-sized income-generating projects or by     increasing the capacity of long-term strategic investment financing." 

He stated that"Iraqi banks have the qualifications to switch to the electronic system," noting that "the  transition of the financial sector to the electronic system with credit cards will pave the way for      attracting international investments and   increasing confidence in the Iraqi economy."  

https://almaalomah.me/news/76429/economy/خبير-اقتصادي:-الكتلة-الحرة-تقدر-بـ-70-تريليون-دينار-وبالامكا    

Central Bank: Electronic Payment Systems Have Contributed To Enhancing Iraq’s Compliance With Anti-Money Laundering
  
Economy   Iraq   breaking   Central Bank   Electronic payment   Compliance   Anti-money laundering
Shafaq News/ The Governor of the Central Bank of Iraq, Ali Al-Alaq, said on Saturday that the use of electronic payment systems and technologies used in the banking sector has contributed to enhancing compliance in combating money laundering in the country.

These statements were made by Al-Alaq on the sidelines of his hosting of the conference on electronic payment towards financial stability in Iraq, which was held in the capital, Baghdad, and was attended by a Shafaq News Agency correspondent.
 
The Governor of the Central Bank said that the world's focus today is on implementing compliance rules in combating money laundering, and that the  safety of banking operations is the safety of   
     society, the
     economy,
     internal and
     external banking relations, and others.

He stressed,  "There is a great focus on measuring the extent of compliance in each of the operations.
 
Therefore, when we apply anything within the framework of electronic payment and its various tools and channels or elsewhere, the question comes: 
 What is the capacity of compliance and governance in these operations?" Al-Alaq pointed out that 
 “when the conversation is about electronic matters, the application is easy and possible, and therefore the

      level of compliance is much better than the usual traditional operations, and is even
     faster and more accurate, and
     gives a complete detail of all operations.” He added,
 
"Today, in using personal cards, we have a complete and direct analysis of all transactions.
 
Where do they take place?
 
What type of operations take place?
 
Are they consistent with compliance standards, sources of funds, etc.?
 
In the process of analyzing data, it is possible to give us important results and redirect matters in a way that does not represent... Any kind of fraud or hacking.”   
 
https://shafaq.com/ar/اقتصـاد/البنك-المركزي-انظمة-الدفع-ال-لكتروني-ساهمت-بتعزيز-امتثال-العراق-بمكافحة-غسل-ال-موال   

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

Seeds of Wisdom RV and Economic Updates Monday Morning 9-16-24

Good Morning Dinar Recaps,

RIPPLE NEWS:  SEC’s Decision on Crypto Classification Ends XRP Lawsuit Appeal

In a major win for Ripple and the crypto industry, the SEC has officially decided not to appeal the XRP ruling, according to WallStreetBulls. This move marks the end of the highly publicized legal battle that’s loomed over Ripple’s future since December 2020.

The case, which revolved around whether XRP was an unregistered security, cast a shadow over Ripple and its market operations for nearly three years. However, with the SEC backing down, Ripple can now move forward without fear of further legal challenges.

What influenced this sudden turn of events? Let’s understand the SEC’s confusion!

A Shift in SEC’s Stance
The SEC’s decision not to appeal stems from its position in the ongoing Binance case. In this case, the SEC has acknowledged that crypto, by itself, does not meet the criteria to be classified as a security. This acknowledgment undermined the very foundation of its lawsuit against Ripple, leaving little room for an appeal.

The original lawsuit accused Ripple of selling unregistered securities through XRP sales. But with the SEC’s stance now shifting, continuing the fight would have been futile. This development not only brings relief to Ripple but could have long-term implications for other cryptocurrencies facing similar scrutiny.

Ripple’s Victory – A Game Changer for Crypto?
Ripple’s win is seen as a huge milestone for the broader crypto space. The SEC’s acceptance that crypto isn’t automatically a security could reshape how regulators treat digital assets. This case closure sets a crucial precedent, possibly helping other cryptocurrencies navigate regulatory challenges with more confidence.

Stuart Alderoty, Ripple’s Chief Legal Officer, added another layer of insight, reminding everyone that while Ripple’s battle is over, the “fair notice” defense remains vital for other crypto entities. 

He criticized the SEC’s reliance on the 2017 DAO report, stating it was confusing, and the SEC even apologized for the lack of clarity. This highlights that despite Ripple’s victory, there’s still work to clear up regulatory ambiguity in the industry.

As Ripple emerges from this legal saga, the focus now shifts to how this ruling will impact future regulatory actions. Will the SEC’s shifting stance lead to greater acceptance of cryptocurrencies? One thing is certain: this victory could open doors for more market adoption and provide a clearer framework for the future of digital assets.

@ Newshounds News™

Source:  Coinpedia

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XRP NEWS: Robinhood Relists XRP After Ripple’s Legal Victory

XRP is back in action, breaking past $0.5900 and eyeing its July 2024 high of $0.6602, all thanks to Robinhood re-listing it on its commission-free platform! This comes as Ripple’s legal battle with the SEC officially ends, sparking optimism in the crypto community. While the addition of XRP to Robinhood’s crypto brokerage is exciting news, there’s more to the story let’s dig in.

XRP Listing on Robinhood – A Strategic Move?
Robinhood’s crypto arm quietly updated its supported assets to include XRP, alongside other coins like Bitcoin, Ethereum, and Shiba Inu. However, the platform hasn’t officially announced the move, leaving the community to discover the change on its help page. The catch? Only EU customers can currently trade XRP, leaving U.S. users waiting for potential updates.

While trading isn’t available yet, Robinhood users can now see XRP’s price chart, which is exciting for the XRP community. This could mean wider market access and more trading activity, which could make investors and fans hopeful.

Speculation around XRP’s return to Robinhood had been brewing, especially after the brokerage acquired Bitstamp, which supports XRP trading. However, the lengthy Ripple vs. SEC lawsuit had been a significant hurdle, now cleared after Ripple agreed to pay $125 million in fines, resolving the case without an appeal from the SEC.

More Listings on the Horizon?
With the lawsuit behind them, Ripple has newfound regulatory clarity, making XRP an attractive asset for exchanges and investors. Robinhood’s move could encourage other platforms to relist the coin as well, especially as XRP has seen a 3.75% rise in value, trading at $0.5898, outpacing other top 10 coins.

In addition to Robinhood’s listing, Grayscale’s launch of the first XRP Trust has further bolstered confidence in XRP’s future, with increasing prospects for a potential spot ETF. As Ripple emerges from its legal struggles, more support for XRP seems inevitable, with growing optimism for the coin’s adoption.

@ Newshounds News™

Source:  Coinpedia

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BANK OF RUSSIA TO LAUNCH DIGITAL RUBLE PAYMENT INFRASTRUCTURE BY JULY 2025

The Bank of Russia aims to open the payment infrastructure for the Russian central bank digital currency (CBDC), the digital ruble, by July next year.

 Larger banks will offer digital ruble accounts and services by this deadline, with smaller institutions following later. The initiative seeks to enhance payment efficiency and reduce costs, with retailers also required to accept digital rubles. A pilot program is currently underway involving banks, individuals, and businesses.

Russia Plans Digital Ruble Rollout by 2025
The Bank of Russia has submitted a proposal to open the payment infrastructure for Russia’s central bank digital currency (CBDC), the digital ruble, by July 1, 2025, local media reported last week.

The largest banks in Russia will be required to offer services such as digital ruble accounts, transfers, and payments within their systems. The aim is to allow citizens and businesses to use the digital ruble alongside traditional payment methods like cash and non-cash transactions.

The central bank forwarded its proposed legal amendments to the Russian Ministry of Finance, establishing different deadlines for various financial institutions.

Larger banks are expected to be ready by July 2025, while others with a universal license have until July 2026. Smaller credit institutions must comply by July 2027.

 Retailers with annual revenues over 30 million rubles will also be required to accept digital rubles starting in 2025, with smaller businesses following in the next two years.

The Bank of Russia explained:

Both banks and trade and service enterprises will be able to implement their acceptance as their systems become ready.

The digital ruble is intended to improve payment systems by reducing costs and increasing efficiency. Payments will be made through a universal QR code system based on the NSPK platform, eliminating extra expenses for banks and businesses.

Digital ruble transactions for citizens will be free, and businesses will have the option to choose between digital and traditional rubles. Currently, a pilot program involving 12 banks is in place, and as of Sept. 1, the program expanded to include 9,000 individuals and 1,200 businesses. “People and businesses will choose which form of the ruble to use,” said the Bank of Russia.

@ Newshounds News™

Source:   Bitcoin News

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Sen. Coons’ S. 4751 Could Limit Crypto Firms’ Ability To Challenge SEC

In July 2024, the U.S. Supreme Court's decision in Corner Post, Inc. v. Board of Governors of the Federal Reserve System expanded the ability of plaintiffs to sue federal agencies. The Court ruled that the statute of limitations to challenge an agency action starts when the plaintiff is harmed, not when the action occurs.

Justice Amy Coney Barrett's decision extended the timeframe for companies to file lawsuits against regulations, allowing challenges long after the rules are issued.

However, Senate bill 4751, the Agency Stability Restoration Act of 2024, sponsored by Sen. Chris Coons (D-DE), aims to limit this by setting a strict six-year statute of limitations from the date of the agency action, regardless of when harm occurs. Co-sponsors of the bill include Senators Dick Durbin (D-IL), Richard Blumenthal (D-CT), Mazie Hirono (D-HI), Cory Booker (D-NJ), Peter Welch (D-VT), and Sheldon Whitehouse (D-RI).

For the crypto industry, which has long been at odds with the Securities and Exchange Commission (SEC) under Chair Gary Gensler in particular, the bill could significantly impact its legal strategy. 

The industry's ability to challenge SEC enforcement under the Administrative Procedure Act (APA) often hinges on demonstrating harm from the agency’s actions. If passed, the Act would require these challenges to happen quickly, potentially before the full effect of regulations is known.

The Corner Post Decision: Broadening The Right To Challenge
In Corner Post, a North Dakota truck stop challenged a 2011 Federal Reserve rule on debit card fees, even though it didn’t open until 2018. 

The key issue was whether the six-year statute of limitations started in 2011, when the rule was issued, or in 2018, when the business was affected. In a 6-3 decision, the Supreme Court ruled the clock starts only when the plaintiff suffers harm.

Justice Barrett, writing for the majority, called the case “straightforward,” explaining that a claim under the APA doesn't begin until there’s a “complete and present cause of action.” Critics, like The Center for Progressive Reform, fear this decision will lead to lawsuits long after a rule is enacted, but Barrett argued that more time to sue doesn’t guarantee success.

@ Newshounds News™

Source:  Forbes

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HEDERA CONTRIBUTES ENTIRE CODEBASE TO LINUX FOUNDATION

Hedera shifts toward open-source decentralization, transferring its codebase to Linux Foundation’s Decentralized Trust for global collaboration.

Hedera, a decentralized public network, announced that it has become a founding premier member of the Linux Foundation’s newly launched decentralized trust initiative.

The decentralized network contributed its entire source code, including its hashgraph consensus algorithm and all core services, tools and libraries, to the Linux Foundation.

Hedera’s contribution, which forms the new project “Hiero,” aims to allow developers to collaborate on decentralized trust technologies globally under an open-source and inclusive framework.

Project Hiero
Hedera’s decision to transfer its entire codebase to the LF Decentralized Trust initiative indicates a substantial shift toward decentralization.

Daniela Barbosa, GM of decentralized technologies at the Linux Foundation and executive director of LF Decentralized Trust, told Cointelegraph that open-source development is “essential for decentralized technologies.”

“At LF Decentralized Trust we believe that open source, combined with open development and open governance as part of a neutral foundation, is the future of decentralized technologies that will be adopted across enterprise, governments, and app ecosystems.”

Implications for developers
As Charles Adkins, president of Hedera, explained to Cointelegraph, the open-source model is anticipated to benefit developers by fostering collaboration and interoperability.

“By contributing Hedera’s codebase to Hiero under Linux Foundation’s Decentralized Trust, developers gain access to a more open, collaborative environment.”  Adkins explained that this development allows developers from “various ecosystems to engage with Hedera’s technology more easily, accelerating innovation and adoption."

Hedera joins the DeRec Alliance
On Sept. 5, Hedera and Cardano’s development arm, Input Output (IOHK), became the final founding members of the Decentralized Recovery Alliance (DeRec Alliance).

The two final members will serve on the Technical Oversight Committee for the next two years, helping shape policies and standards that simplify user experience and facilitate crypto recovery.

Leemon Baird, chief scientist at Hashgrapha and co-founder of DeRec, told Cointelegraph that it was “great to see the industry coming together” to address a “critical need for a safety net.”

@ Newshounds News™

Source:  CoinTelegraph

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@ Newshounds News™

Source:  Source: Seeds of Wisdom Team Currency Facts 

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Iraq Dinar Update - #xrp, ripple, #iraqi dinar - Electronic International Payments - Private Sector

Iraq Dinar Update - #xrp, ripple, #iraqi dinar - Electronic International Payments - Private Sector

MilitiaMan and Crew:  9-15-2024

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

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

https://www.youtube.com/watch?v=EJk5FHK6ZqA

Some “BRICS News” Sunday 9-15-2024

34 Countries Joining BRICS according to Russian President: The End of G7?

Fastepo:  9-15-2024

Russian President Vladimir Putin announced that 34 countries have expressed interest in joining BRICS, either formally or through various levels of engagement. During a meeting with senior BRICS officials focused on security matters, Putin emphasized Russia's commitment to the bloc's expansion as it assumes the 2024 chairmanship.

"More than three dozen countries, precisely 34, have shown interest in participating in BRICS activities in some capacity," Putin stated, underscoring Russia's priority to facilitate swift integration of new members.

As chair of BRICS for 2024, Russia has approached the role with a sense of urgency and responsibility, according to Putin. "Our chairmanship carries a special mandate: to ensure the seamless and accelerated integration of new member states into all BRICS mechanisms," he added.

 Putin highlighted the group's accomplishments in addressing global security challenges, including efforts to combat cybercrime and terrorism. "BRICS has developed a strong foundation of cooperation in areas such as counterterrorism, illegal arms and drug trafficking, transnational crime, and illegal migration,"

Putin said. He also pointed to the creation of a specialized electronic registry for sharing data on cyberattacks as a key achievement of the bloc’s collaborative efforts. This video explores the growing interest from potentials countries in joining BRICS and analyzes their potential contributions to the bloc.

 The discussion delves into how their membership could significantly expand BRICS' global influence and economic reach.

Through an in-depth examination of the economic, political, and strategic implications, the video offers insights into how BRICS might evolve in the coming years and what the inclusion of these new members could mean for the organization's role on the global stage.

https://www.youtube.com/watch?v=8nAuvk0YmmI

 BRICS Minister Confirms Plans For Gold Backed Currency (Will Gold Price Soar In October?)

Smart Silver Stackers:  9-15-2024

In a recent interview, Andrey Mikhailishin, the head of the task force on financial services of the BRICS Business Council, outlined a list of projects related to the establishment of a BRICS global payment system.

Of particular interest to gold & silver stackers, is that BRICS plans to peg their unit of exchange 40% to gold.

There are plans to announce aspects of these new projects at the October BRICS conference.

If an official announcement of a BRICS gold backed currency does take place, there could be a major impact on the gold price & the silver price

https://www.youtube.com/watch?v=kBlFx-RbkE8

BRICS vs. NATO: Turkey's Bold Move and the US Dollar's Future

Taylor Kenny:  9-15-2024

CHAPTERS:

00:00 - Turkey Joins BRICS

00:37 - A Growing Power Bloc with Global Ambitions

01:18 - Turkey's Military Strength and NATO Influence

 02:27 - Tensions Between Turkey and the U.S.

03:41 - A Strategic Asset

 04:59 - Challenging U.S. Dominance

 05:34 - What’s at Stake?

 06:40 - Turkey’s Future Role

https://www.youtube.com/watch?v=dkOECosuEi0

Iraq Economic News and Points To Ponder Sunday Afternoon 9-15-24

Central Bank Governor Ali Al-Alaq: 70 Digital Banks Have Submitted A License Application To The Central Bank

Economy  09/14/2024  Mawazine News – Baghdad  The Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed today, Saturday, that 70 digital banks have submitted a license application to the bank, while indicating that digital banks are widespread in the world.

Al-Alaq said at the Electronic Payments Conference towards Financial Stability in Iraq: "Digital banks are widespread in the world, and their funds range from 5 to 7 trillion annually."

He added: "We conducted in-depth studies until we reached the establishment of rules for licensing these digital banks."

He pointed out: "We were surprised by the number of applicants for digital banks, which reached 60 to 70 banks, and we are in the process of studying the applicants' requests."

He continued: "We are keeping pace with developments and moving towards development, and there is communication with many external and internal parties, and it is on two levels that depend on the banking sector and the capabilities of the Central Bank to keep pace with development and contribute to developing various programs and applications," stressing that "the Iraqi cadre is distinguished by its ability to adapt and develop."

He pointed out that "the Central Bank has important contracts with specialized companies, and chooses international companies to develop and implement programs, in addition to international cooperation," noting that "the Central Bank has effective relations with international and global banks, in addition to electronic payment companies, as well as its relationship with central banks, and it has continuous movement in cooperation with important banks."https://www.mawazin.net/Details.aspx?jimare=254849

Government Advisor: E-Governance Application Contributed To Protecting Public Money And Reducing Corruption

Local |  09/14/2024   Mawazine News – Baghdad  The Prime Minister's Advisor for Financial Affairs, Mazhar Mohammed Salih, confirmed today, Saturday, that the application of e-governance has contributed to protecting public money and reducing corruption, while pointing out that Iraq is witnessing a major boom in electronic payment systems and economic transformation.

The Prime Minister's representative, his financial advisor, Mazhar Mohammed Salih, said at the Electronic Payments Towards Financial Stability in Iraq Conference: "On behalf of the Prime Minister, I convey to you all his high appreciation for the International Payments and Banking Technologies Conference, due to the conference representing the major shift that Iraq is currently witnessing in the field of developing digital payments in the current information age and its contributions to enhancing financial stability in our country."

He added that "digital developments are one of the important infrastructures in protecting the national economy from external fluctuations and ensuring savings in the financial system, including banks, financial institutions, and the financial and banking markets in general in Iraq."

He continued: "It is no secret to everyone that the Iraqi government program emphasized the importance of e-governance and considered it an integral part of the economic reform policy and in a manner of financial and administrative transparency," indicating that "the major boom in electronic payment systems that Iraq is witnessing and the economic transformation is based on cash and its risks.”

He pointed out: "The vision policies launched by the government in implementing e-governance, returned for the sake of speeding up public collection, protecting public money and reducing corruption, because it is one of the most important systems for the transition from cash to digital payments in an accelerated manner."

He explained that "today, with the participation of international organizations, local interests, electronic payment companies, and the participation of the Association of Private Banks and His Excellency the President of the Arab Monetary Fund, we affirm without a doubt that development is important for integration into the global economy, which is essential for digital diversity and an important part, which encourages the flow of foreign investment to our country, development, innovation, e-commerce and digital development in Iraq."

He explained that "the great leap in the digital payments system in Iraq may be enhanced today by the physical and legal infrastructure provided by the Iraqi government, through the decisions taken by the Council of Ministers to facilitate the work of digital companies and improve the digital climate in Iraq." https://www.mawazin.net/Details.aspx?jimare=254858

Arab Monetary Fund: The Central Bank Of Iraq's Plans Have Enhanced Financial Stability And We Have Effective Joint Cooperation

Saturday 14 September 2024 | Economic Number of readings: 167   Baghdad / NINA / The Arab Monetary Fund praised the plans of the Central Bank of Iraq to enhance economic and financial stability.

The Director General of the Fund, Fahd bin Mohammed Al-Turki, said during the activities of the "Electronic Payment Conference towards Financial Stability in Iraq", which kicked off today, Saturday, in the capital, Baghdad, that "digital transformation is an important factor for the growth of the banking sector, and with the increase in digitalization, the use of artificial intelligence that contributes to uncovering banking fraud emerges."

He saw that "the various regulatory capabilities played a fundamental role in creating the digital regulatory environment to motivate banks and financial institutions to employ modern technologies towards digital transformation and banking services and enhance their efficiency and reduce risks, including cybercrimes."

He added that "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,"

indicating that "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 economic growth opportunities."

Turki stressed that “digital transformation is a key factor in reshaping the banking sector in the Arab region. Governments and central banks can play a role in supporting digital transformation by creating digital regulation. This is evident from investing in digital infrastructure and addressing cybersecurity challenges, which helps create an environment that fosters innovation and growth in the banking sector.”

The Director General of the Arab Fund praised the announcement of the Central Bank of Iraq to work on many of these aspects, which makes the existence of a tight regulatory framework of utmost importance to enhance digital innovation, as governments should focus on equal opportunities and ensure that regulations are consistent to reduce risks. Investing in digital infrastructure would also 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.

He added, "There is still a digital gap between developing countries and developed countries, which limits the spread of digital payments in some regions, in addition to relying on technology without creating alternative systems, which makes digital payments vulnerable to disruption in the event of any technical problems,"

noting the Governor of the Central Bank's talk about investing in infrastructure represented by the high use of mobile phones, especially in remote areas, and developing agency networks that meet the need of individuals to carry out withdrawal and deposit operations at the local and regional levels,

distributing the scope of digital identity, including electronic fingerprint systems, and expanding open application program interfaces that 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. "./End5   https://ninanews.com/Website/News/Details?key=1153724

Chairman Of The Private Banks Association: We Have Registered More Than 13 Million Accounts And We Seek To Increase The Rate Of Financial Inclusion In Iraq

Saturday 14 September 2024 | Economic Number of readings: 38  Baghdad / NINA / The Iraqi Private Banks Association confirmed that there are efforts to reach a rate of 60% in financial inclusion operations in Iraq during the next year 2025.

The head of the association, Wadih Al-Handhal, said, during a dialogue session of the activities of the Electronic Payment Conference towards Financial Stability in Iraq, which was launched today, Saturday, in the capital, Baghdad, that "the rate of financial inclusion in Iraq has increased since the beginning of 2024 until last July by 48.5% during the current year."

He added, "We seek to reach 60% during the next year in financial inclusion operations," indicating that "the number of bank accounts in 2020 reached 6 million accounts, and reached 13 million accounts in 2023."

He spoke about the necessity of including financial inclusion in school curricula, starting from the primary grades and reaching universities, to know its details, practice it and learn about it, and we also have to train, then train, then train, then develop the infrastructure," stressing that the change is taking place from the Supreme Authority represented by the Prime Minister and his office. / End 5 https://ninanews.com/Website/News/Details?key=1153750

The Central Bank of Iraq announces the volume of Iraqi funds circulating in international digital banks

Economy  |  09/14/2024  Mawazine News – Baghdad  The Central Bank of Iraq announced, today, Saturday, the volume of Iraqi money circulating in international digital banks.

The Governor of the Bank, Ali Al-Alaq, said during his speech at the Electronic Payment Conference, that "the establishment of digital banks is important and indicates the transformation with the digital development that serves the many operations."

He added, "The amount of money circulating in international digital banks is 5 trillion dollars and is expected to reach 7 trillion dollars," noting that "60 to 70 banks are the size of the banks that have advanced to establish digital banks in Iraq."

Al-Alaq continued,   "The experience of government and private banks and the challenges and circumstances they face have resulted in the necessity of evaluating the existing reality and reformulating it in the necessary manner, and there are plans to restructure government banks to keep pace with all the steps of the company specialized in this matter."

He pointed out that "by the end of this year, there will be a preliminary plan to implement what was agreed upon regarding the reform of government banks, and that these plans will work to reform the banking sector in Iraq.

" He explained that "the advancement and development of the infrastructure of the banking sector is important for the Central Bank, and that the Central Bank has made great strides by establishing the National Payments Company."

He explained that "the national company will be at a level that is consistent with our ambitions to develop electronic payment." He added: "There is a great focus on measuring the degree of compliance with any of the operations." Al-Alaq confirmed: "We follow up on all cards, even personal ones, and know whether they comply with official standards and prevent hacking and fraud." https://www.mawazin.net/Details.aspx?jimare=254850

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

Seeds of Wisdom RV and Economic Updates Sunday Afternoon 9-15-24

Good Afternoon Dinar Recaps,

Russia All Out For Crypto Regulation, US Dollar Dominance Under Threat?

In order to combat strain in international trade, Russia has plans to complete crypto regulation and to properly combat USD dominance

▪️Russia is pushing forth in its crypto regulation and adoption agenda
▪️The country aims to finalize its crypto regulation push by November
▪️The aim is to use these assets for international trade settlement

Russia is making big plans for crypto regulation in the region by November. Notably, the process has already commenced but will be finalized in the next few months. 

According to Anatoly Aksakov, the Chairman of the State Duma Financial Market Committee, Russia’s Central Bank and the Ministry of Finance will prepare the necessary by-laws from now until the scheduled time.

Russia Rolls Out Crypto Regulation Gradually
At the beginning of this month, the law that permits the use of crypto payments in foreign trade settlements and exchange trading within the framework of an experimental legal regime came into force. However, it needed full regulation, including bylaws, to establish rules for cross-border crypto payments.

Russia’s financial authorities will see that all these processes are finalized by November.

In addition to preparing the crypto regulation and bylaws, the Central Bank and the Ministry of Finance will consider the circle of individuals and organizations that will take part in the first stage of the process. The participants will include credit institutions and banks.

According to Aksakov, these entities would help to “feel out” the mechanism of this market. They will also help the authorities to better understand how to regulate it. As time progresses, the number of participants for the process will be expanded.

The Threat to US Dollar
Despite the crypto regulation moves, Russia is keen on not getting the assets into the wrong hands. The country acknowledged the versatility of the asset class and how it could also be misused.

Also, Russia has no plans to fully replace its fiat currency Ruble with cryptocurrencies. The Chairman of the State Duma Financial Market Committee stated that it would only be used for foreign trading activities and not for payment within Russia.

This move is in sync with the primary goal of the BRICS Group, a bloc of countries with some of the world’s leading economies. Member countries of this group are focused on challenging the dominance of USD. It is worth noting that Russia is one of the founding members of this bloc.

For the longest time, the BRICS Group has been trying to develop an alternative to the USD for cross-border settlements. They have onsidered the use of digital assets and some other asset classes for some time now. Last month, Russia hinted at building a Chinese yuan-pegged BRICS stablecoin to further push the de-dollarization efforts.

@ Newshounds News™

Source:  CoinGape

~~~~~~~~~

SEC CRYPTO ENFORCEMENT ACTIONS SURGED 3,000% TO $4.7 BILLION IN 2024: REPORT

Despite fewer cases, the SEC’s enforcement strategy shifted to larger fines, with average penalties jumping to $426 million per action.

The U.S. Securities and Exchange Commission (SEC) has ramped up its enforcement actions against the cryptocurrency sector in 2024, imposing nearly $4.7 billion in fines.

This figure represents a 3,018% increase from the $150.3 million in fines issued in 2023.

Record Breaking Settlement
According to a report from Social Capital Markets, 2024’s figures are largely attributed to the SEC’s $4.47 billion settlement with Terraform Labs and its former CEO, Do Kwon, in June making it the largest enforcement action to date by the agency.

This legal action addressed serious issues, including misleading investors and offering unregistered securities, following the collapse of TerraUSD (UST) and its associated ecosystem.

The total fines for 2024, which stand at $4.68 billion, include various penalties such as forfeiture, disgorgement, civil penalties, settlement, and prejudgment interest.

Although the regulator’s crackdown dropped from 30 in 2023 to 11 in 2024, average fines soared to about $426 million, up from $14.71 million in 2022.

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

Other notable fines in 2024 include penalties against firms like GTV Media Group and fraudsters John and Tina Barksdale, each exceeding $100 million.

Crypto Fines Amounted to $7.42 Billion Since 2013
Since 2013, the SEC has issued over $7.42 billion in fines against the cryptocurrency industry. Of this total, 63% has been in 2024 alone.

In 2019, the $1.24 billion fine imposed on Telegram Group Inc. and TON Issuer Inc. for unregistered token sales led to a notable 2,000% increase in the average fine compared to previous years.

Ripple Labs received a $125 million fine for selling XRP as an unregistered security, causing the average fine for that year to rise to $35.2 million. However, the SEC is yet to agree as it can dispute this one.

The enforcement actions in 2024 also emphasize accountability for both companies and their executives, with “firm + Individual” penalties totaling $5.08 billion across 63 actions.

Most fines exceeded $1 billion, making up 46% of the total, largely due to the $4.68 billion penalty against Terraform Labs. Punishments ranging between $1 million and $10 million are also common, accounting for 30%, and often involve smaller firms. There were also judgments falling under $1 million, highlighting ongoing scrutiny of minor projects.

@ Newshounds News™

Source:  Crypto Potato

~~~~~~~~~

Kraken Requests Jury Trial in Legal Battle With the SEC Over Alleged Securities Law Violations

The crypto exchange Kraken has officially requested a jury trial in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).

Last November, the SEC charged Kraken with operating its crypto trading platform as an unregistered securities exchange, broker, dealer and clearing agency.

Earlier this year, Kraken filed in US District Court to dismiss those charges, positing that the SEC’s claims would widen the definition of investment contracts and expand the regulator’s jurisdiction outside of its delegated responsibility.

That request didn’t fly with US District Judge William H. Orrick, who denied the exchange’s request last month, ruling that the SEC “plausibly alleged that at least some of the cryptocurrency transactions that Kraken facilitates on its network constitute investment contracts, and therefore securities, and are accordingly subject to securities laws.”

In a new document filed in court on Thursday, Kraken requests a jury trial and responds to the SEC’s complaint, arguing that it operated for more than a decade without any hint from the regulator that it was violating securities laws.

“In fact, in 2021, the Chair of the SEC told Congress that ‘the exchanges trading in these crypto assets do not have a regulatory framework at the SEC,’ and ‘it is only Congress that could really address this lack of a framework.’

Kraken has tried to work with the SEC to make registration feasible. But the industry’s efforts have been stonewalled at every step, as the SEC has instead chosen to pursue a strategy of fighting with its sister regulators for enforcement authority its Chair admitted it did not have.

This has predictably led to a patchwork of inconsistent and irreconcilable court decisions in an area that is plainly in need of a uniform regulatory approach.”

Kraken says the SEC refused to identify which crypto asset transactions it classified as investment contracts until the regulator filed its complaint last year.

“The digital assets themselves cannot be the investment contracts because they carry none of the rights and obligations of a share of stock, a bond, or any other financial asset that Congress has said is subject to SEC regulation. The digital assets themselves are the only things that are traded, brokered, or settled on Kraken.”

The SEC argues that Kraken hawked more than 11 different “crypto asset securities” on its platform and was required by law to register with the regulator.

Those alleged securities include Cardano (ADA), Algorand (ALGO), Cosmos (ATOM) and Solana (SOL), among others.

@ Newshounds News™

Source:   DailyHodl  

~~~~~~~~~

TRUMP TAKEN TO SAFETY AFTER SECRET SERVICE OPENS FIRE ON MAN WITH POSSIBLE GUN AT HIS PALM BEACH GOLF CLUB

Donald Trump was taken to safety by the Secret Service after agents opened fire on a man who was spotted with what may have been a gun while the former president was on the links, according to law enforcement sources.

Sources said the Secret Service spotted a suspicious individual on the Trump International Golf Course West Palm Beach, and opened fire when agents saw what appeared to be the barrel of a gun.

It’s not clear whether the man was on the course or near it.

An agent opened fire, shooting multiple times.

“President Trump is safe following gunshots in his vicinity. No further details at this time,” Trump spokesman Steven Cheung said Sunday afternoon.

The man was later arrested by local police on I-95.

It comes almost exactly two months after Thomas Matthew Crooks shot Trump at a rally in Butler, Pa. on July 13 — wounding him in the ear.

Sen. Lindsey Graham took to X minutes after news of the shooting broke to laud the former president for his fortitude.

“Just spoke with President Trump. He is one of the strongest people I’ve ever known. He’s in good spirits and he is more resolved than ever to save our country.”

“President Trump is safe following gunshots in his vicinity. No further details at this time,” Trump spokesman Steven Cheung said Sunday afternoon.

The West Palm Beach course is about five miles inland from Mar-a-Lago, which Trump dubbed the “Winter White House.”

The Secret Service — which came under widespread criticism following the July assassination attempt — wrote on X that it was investigating a "protective incident” involving the former president that occurred shortly before 2 p.m.

The agency said it’s coordinating with the Palm Beach County Sheriff’s office on the investigation.

Initial reports suggested two people were firing at each other. However, sources said investigators now believe the Secret Service agent was the only shooter.

The man’s motives are not yet known. He was arrested by Palm Beach County sheriff’s deputies.

The White House issued a statement soon after the incident: “The President and Vice President have been briefed about the security incident at the Trump International Golf Course, where former President Trump was golfing. They are relieved to know that he is safe. They will be kept regularly updated by their team.”

This is a developing story.

@ Newshounds News™

Source:  NY Post

~~~~~~~~~

Muddy Water SEC's Crypto Custody Confusion: Understanding the Exemption  |  Youtube

#SeedsofWisdomTeam

@ Newshounds News™

Source: Seeds of Wisdom Team Currency Facts 

~~~~~~~~

Great Breakdown - #Brics from R Jax and Lowtide. #Seeds of Wisdom Team  |  Youtube

#SeedsofWisdomTeam

@ Newshounds News™

Source: Seeds of Wisdom Team Currency Facts 

~~~~~~~~~

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Economist’s “News and Views” Sunday 9-15-2024

"The Debt Trap Is Sprung" | Alasdair Macleod

Liberty and Finance:  9-14-2024

Alasdair Macleod discusses the current state of the banking system and the rising value of gold.

He highlights the increasing fragility of banks, citing Warren Buffett's significant sell-off of Bank of America shares as indicative of broader concerns about inflation and capital flow.

Macleod explains that central banks' aggressive gold accumulation responds to the potential devaluation of fiat currencies, with gold reaching all-time highs partly due to weakening confidence in the dollar.

According to Macleod, the ongoing shift in investment toward gold reflects a flight from unstable financial systems and increasing investor fear.

This analysis underscores the growing importance of precious metals as a hedge against economic instability and currency risk.

NTERVIEW TIMELINE:

0:00 Intro

 1:36 Banking system

7:45 Gold's rally

15:15 Economic outlook

19:55 Gold BRICS currency?

https://www.youtube.com/watch?v=GXNvGo0u818

Silver to Outperform Gold 4 to 1 as New Monetary System Emerges in the Next 3 Years

David Lin:  9-15-2024

David Morgan, Publisher of The Morgan Report, discsusses the outlook for gold, silver, and how the gold "barometer is signalling "stormy times ahead".

1:00 - Gold vs silver

4:19 - Silver as industrial metal

7:30 - Gold as a barometer

8:30 - Stormy times ahead

11:20 - Bankruptcies

16:00 - Inflation outlook

 21:40 - Increased deficit

24:10 - Federal reserve rate cut

27:00 - Capital flow shifts

29:46 - Dollar outlook

 32:30 - New monetary system

33:30 - Why hasn't silver hit new highs?

36:50 - Industrial use case of silver

 38:20 - Silver mining

40:00 - How money controls us

https://www.youtube.com/watch?v=m1vhyEueV8Q

A Powerful Economic Indicator Just Triggered A MASSIVE Warning

George Gammon:    9-14-2024

https://www.youtube.com/watch?v=fz4o8A5RF6g

“Tidbits From TNT” Sunday 9-15-2024

TNT:

Tishwash:  Al-Sudani: Iraq today is on the right path

Prime Minister Mohammed Shia Al-Sudani, during a dialogue seminar by the Anki Foundation for Studies and Research on the path to development, in the presence of Mr. Al-Hakim:

Iraq depends on oil as the only source to cover its expenses, which have begun to increase.

The development path needs more study and clarification.

We must think properly to activate sectors that support oil.

- There must be projects that suit Iraq to be a focus of development.

We have started establishing and implementing the development road project, which will transform Iraq into an open country.

We have unnatural materials that have not been exploited in industries and the strategic location of Iraq. 

We are in the planning, design and other studies phase and we have approached the World Bank to begin implementing the development road from Basra to Mosul.

Capital finds opportunity in Iraq amid security and political stability

- Many capitals want to invest in Iraq

Iraq today is on the right track

Iraq is witnessing recovery and stability and everyone needs his return

Iraq will enter the gas market after investing in several fields

Iraq is the best corridor in the communications and optical cable file 

Providing job opportunities is one of the reasons that prompted us to proceed with the development road project.

We concluded the Faw Investment Refinery contract and it was activated.

With these projects, we will recreate the experience of the sixties and seventies to work in the private sector to provide job opportunities.

- The railway designs for the development road project have been fully completed.

- The third meeting of the Ministerial Council on the development path will be held next November.

We have started preparing a study on forming a body to manage the development road project.

- We have made real reforms in the tax and banking system.

There is no spot on Iraqi territory outside the control of our security forces, and we have directed the preparation of a comprehensive plan to secure the path of development.

The development road project needs 5 years to be completed.  link

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

Economist: Lower oil prices will not affect dollar exchange rate and salaries in Iraq - Urgent

Economic expert Mustafa Akram Hantoush explained today, Saturday (September 14, 2024), that the decline in oil prices will not affect the exchange rate of the dollar and salaries in Iraq.

Hantoush said in an interview with Baghdad Today, "The dollar exchange rates in Iraq will not be affected by the decline in oil prices, as this issue depends on supply and demand in the local market, and has no relation to the oil file and oil revenues."

He explained that "in terms of operating expenses, including salaries, they will not be affected by the crisis, even if oil prices reach $50, as the state is able to pay salaries and governing expenses."

Hantoush added that "the impact of fluctuations in oil prices will greatly affect investment programs, and that oil prices may threaten the state's investment side, as happened in the past years, including 2015, 2016, and 2017, when projects suffered from significant delays in those years."

These financial concerns reflect the challenges facing the global oil market, as oil prices have fallen significantly in recent weeks due to weak global demand, especially from China, which is the world's largest oil importer.

Every now and then, fears are circulated in Iraq about the government’s inability to pay employees’ salaries due to financial liquidity, especially since the country’s oil imports, which constitute more than 90% of the Iraqi economy, are in Iraq’s account at the US Federal Reserve.   link

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

Tishwash:  Are the winds of “economic” change blowing after electronic payment?

Will electronic payment end the fluctuations of the Iraqi economy, and what if it has a negative impact on it? And how can it be controlled without supervision?

These are big questions that the “Iraq Observer” agency puts in the hands of those in charge, while the activities of the “Electronic Payment towards Financial Stability in Iraq” conference were launched today, Saturday, in the capital, Baghdad, under the auspices 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, with the attendance of Arab and international banking figures.

Absolute rentierism

In turn, the economic expert Abdul Karim Al-Issawi said, “All the economic reforms and legal legislation undertaken by the Iraqi governments in the field of advancing and developing the performance of the economy to reduce the contribution of the extractive sector in the formation of commodity sectors, the contribution of other economic commodity sectors; foremost of which are agriculture and industry.”

Al-Issawi told the Iraq Observer Agency, “The stereotype of absolute rentierism from a single funding source represented by oil export revenues remains as it is.”

The economic expert explained that “one of the reasons for this, most notably the absence of correct and scientific visions to restore life to the manufacturing industries after they were exposed to sabotage and the loss of their qualified cadres, and the industries were exposed to the phenomenon of commercial dumping practiced by neighboring Arab and non-Arab countries, the result of which was their exclusion from competition, in addition to the lack of control over official and unofficial border crossings.”

He continued: “On the other hand, the process of employing workers has doubled as a policy followed by successive Iraqi governments after 2003 for reasons and motives, most of which are political and without well-studied scientific planning. The problem was reinforced by the weak contribution of the private sector to economic development, which did not receive appropriate support.”

He pointed out that there is a point that must be noted and reminded of: the transitional phase laws have increased public expenditures from the federal budget, and as a result, made the allocations for operating expenses account for more than 80% of Iraq's annual budget.

He added, "It is unfortunate that this large amount of spending is not on Iraqi products, but rather on imports of foreign goods and services, and thus is reflected in the economic multiplier of the countries exporting to Iraq."

He said that the reality of the Iraqi economy puts the government of Prime Minister Mohammed Shia al-Sudani before difficult choices that must be made to reduce spending, rationalize government expenditures for the three presidencies, and reduce budget allocations for some ministries that receive taxes from providing services to beneficiaries.

He said: “It is certainly necessary for Iraqi governments to always keep in mind that the issue of diversifying the Iraqi economy is extremely important, given the nature of crude oil in global markets as a commodity that is exposed from time to time to shocks whose effects Iraq cannot avoid due to the lack of economic and financial buffers such as sovereign funds or a stock market, which can be resorted to to provide financial resources to meet the requirements of operational and investment expenses.

He added: “What reinforces these fears are the geopolitical tensions in the Middle East and the military threats between the occupying entity and Iran and other areas in southern Lebanon and Yemen and from parties in Iraq. There is no doubt that a direct military clash will quickly affect Iraq’s oil exports if Iraq’s ports are targeted and the Strait of Hormuz is closed.”

Official reassurance

In turn, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, reassured citizens after the global decline in oil prices.

“Despite the noise surrounding the global energy markets and the conflicting possibilities about their impact on the national economy, it is necessary to know the strengths of the Iraqi economy,” Saleh said in a statement followed by the “Iraq Observer” agency. “The decline in Iraq’s external debt to its lowest level in the last forty years, not exceeding $10 billion, came from the government’s determination to follow a precise program to settle the external debt, which today constitutes less than 9% of the country’s total foreign exchange reserves, which are approximately $108 billion, and are the highest reserves in the country’s monetary and financial history.”

He added, "In terms of stability and growth in economic activity, the growth indicators in the non-oil GDP have touched 6%, supported by construction and housing activities and infrastructure development, in addition to the development of grain sector production, accompanied by the renaissance of the transportation and communications sector and the growth of the digital economy."

Quarter of a billion

While the Central Bank of Iraq's dollar sales amounted to more than $257 million in the currency auction.

The bank sold in its auction the day before yesterday 257 million 345 thousand 110 dollars, covering it at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, at a rate of 1310 dinars per dollar for foreign transfers, and at a rate of 1305 dinars per dollar in cash.

Most of the dollar sales went to boost balances abroad in the form of transfers and credits, which amounted to $244,595,110, up 95% from cash sales of $12,750,000.

The number of banks that purchased cash dollars was one bank, while the number of banks that met requests to enhance balances abroad was 15 banks, and the total number of exchange companies participating in the auction was 22 companies.  link

Mot:  ooooooooooh the Insight of the INternet is just Awesome at times!!!!  Fainting goat

https://www.youtube.com/watch?v=NmMKaBL7mks

Mot:  Nothing is Impossible = but… 

Seeds of Wisdom RV and Economic Updates Sunday Morning 9-15-24

Good Morning Dinar Recaps,

BREAKING: RIPPLE CLO CONFIRMS XRP VS. SEC CASE IS FINALLY OVER-$5 NEXT?

▪️Ripple’s legal battle with the SEC concludes, marking a significant moment for the cryptocurrency industry.

▪️Future SEC cases involving digital assets may take into account the fair notice defense that Ripple used.

Stuart Alderoty, Ripple’s Chief Legal Officer, has officially declared the end of the company’s long-running legal battle with the United States Securities and Exchange Commission (SEC), as has been highlighted by blockchain researcher Collin Brown.

Alderoty recently announced that the U.S. District Court for the Southern District of New York, presided over by Judge Analisa Torres, issued its final ruling on August 7, 2024. This ruling is a key milestone for Ripple because the court cut the SEC’s first proposed penalty of over $2 billion to a much more manageable $125 million.

Furthermore, the verdict imposes restrictions on Ripple’s future XRP sales to institutional clients in the United States, indicating a partial triumph for the business.

Ripple Legal Win May Shape Future Crypto Regulation
The outcome of this high-profile case not only brings closure to Ripple, but it also has a long-term consequence on the cryptocurrency sector. Alderoty noted that Ripple’s fair notice defense, a cornerstone of their legal strategy, is still relevant for other cryptocurrency startups facing regulatory problems from the SEC.

This approach has the potential to set precedent in future cases, particularly those involving whether some digital assets qualify as securities under US law. This outcome may influence how authorities handle enforcement actions in the rapidly expanding digital asset industry, where clarity is sometimes missing.

Prior to this statement, as we previously reported, Coinbase’s Chief Legal Officer, Paul Grewal, expressed public concerns about the SEC’s inconsistent treatment of multiple cryptocurrencies.

Grewal specifically addressed the ambiguity surrounding Ethereum’s treatment, which continues to perplex the crypto community.

His critique emphasized the SEC’s shifting posture, leaving market participants unsure about which tokens would be investigated as securities. This broader regulatory picture has made many companies and token holders nervous, as being designated a security can have serious financial ramifications.

Investors Eye the $5 Target
The conclusion of Ripple’s legal battle with the SEC, however, does not eliminate well the uncertainty for XRP holders. But the crypto has been gaining market traction, with XRP last trading at around $0.5859, up 2.76% over the last 24 hours and 10.10% over the last week.

This price increase coincides with newfound hope among many in the XRP community, also known as the XRP Army. According to CNF, analysts, notably Captain Faibik, expect that XRP will achieve a mid-term target of $2.5, igniting hopes for even bigger rises.

Some investors are hoping to break through the $5 mark, which has long been a target but has remained out of reach.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

BRICS NEWS

CHINA AND IRAN CALL FOR ‘DURABLE CEASEFIRE’ IN GAZA AT BRICS SECURITY CONFERENCE

China’s top diplomat Wang Yi meets Russia’s Vladimir Putin and national security chiefs of Iran and India on sidelines of forum

China and Iran jointly called for a “durable ceasefire” in Gaza and resumption of talks for a “two-state” solution on the sidelines of the Brics security conference in Russia.

In a Thursday meeting in St Petersburg, China’s top diplomat Wang Yi and Iranian Supreme National Security Council Secretary Ali Ahmadian discussed the situation in Gaza as tensions between Iran and Israel escalated.

According to a Chinese foreign ministry readout, Wang and Ahmadian both called for “a full withdrawal of troops” from Gaza and Palestinian sovereignty and self-governance.

China advocates a “two-state” solution for the Israeli-Palestinian conflict. Iran, which has long denied Israel’s legitimacy as a state, has shown some signs of a shift in its policy, including voting in favour of a UN resolution on a humanitarian truce in Gaza last year, which also called for a two-state solution.

Iran promised revenge on Israel after Hamas leader Ismail Haniyeh was assassinated in Iran in July.

@ Newshounds News™

Source:  SCMP

~~~~~~~~~

GLOBAL BANKING NETWORK SWIFT PAVES WAY FOR TOKENIZED ASSET INTEGRATION

SWIFT, the global banking communications network, not the wildly popular American popstar, has announced plans to integrate digital assets.

On Sept. 11, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) announced that it was “paving the way towards real-world solutions that will enable our members to access and transact with regulated digital assets and currencies.”

The organization has a vision of enabling its members to transact with both traditional and emerging crypto assets on its interbank network.

SWIFT is a cooperative established in 1973 in Belgium and owned by the banks and other member firms that use its services.

Ethereum Connections?
VanEck’s head of digital assets research, Matthew Sigel, observed that the only layer-1 blockchain SWIFT has ever mentioned in such communications is Ethereum.

He also noted that their experiments focus on interoperability between traditional finance and emerging technologies such as tokenized assets and CBDCs.

The announcement acknowledged the growth in tokenized real-world assets (RWA), citing Standard Chartered research that estimated their market size would reach $30 trillion by 2034.

 It added that market sentiment is certainly strong, with 91% of institutional investors interested in investing in tokenized assets.

SWIFT noted that there are currently fragmented “digital islands” due to divergent platforms, technologies, and regulations. There is also a high level of complexity for institutional investors dealing with multiple tokenization platforms.

SWIFT has been experimenting with blockchain transfers and RWA, noting:

“Our successful blockchain interoperability experiments showed how Swift’s infrastructure can facilitate the transfer of tokenized value across public and private blockchains.”

However, it plans to evolve its infrastructure to offer access to digital assets and currencies across various use cases and enable securities investors to simultaneously pay for and exchange tokenized assets in real time.

“The payment leg will initially be made using existing fiat currencies, but will later be able to use tokenized forms of money, such as CBDCs, tokenized commercial bank money, or regulated stablecoins.”

In the coming months, SWIFT plans to continue developing technical solutions with the financial community.

No Crypto on SWIFT
While the announcement sounds promising for crypto, it is highly unlikely that users will be able to send decentralized digital assets such as Bitcoin or Ethereum using the network. However, it could be a boon for the underlying infrastructure, such as Ethereum and Chainlink.

In September 2023, SWIFT conducted an experiment with banks leveraging Chainlink’s Cross-Chain Interoperability Protocol (CCIP).

Earlier that year, SWIFT announced a collaboration with Chainlink, which included several financial institutions to assess the feasibility of integrating with diverse blockchain networks.

@ Newshounds News™

Source:   Crypto Potato

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CRYPTO MARKET AWAITS FOMC & POWELL’S SPEECH AMID US FED’S 0.5% RATE CUT BETS

The crypto market awaits the FOMC meeting and Powell's speech, with soaring bets on a 0.5% US Fed rate cut fueling optimism over a potential recovery.

▪️The crypto market expects a 0.5% US Fed rate cut in September, boosting optimism and potential rallies.

▪️The FOMC meeting and Powell's speech are likely to impact the crypto market's upcoming stance and trends.

▪️The soaring bets over the 50 bps Fed rate cut helped Bitcoin price to hit $60K last week.

The crypto market is bracing to enter a crucial week, amid soaring bets over a 50 bps US Fed rate cut. This marks a significant phase for the broader financial market, let alone the crypto space, with the US FOMC interest-rate decision in focus. In addition, Fed Chair Jerome Powell is also scheduled to speak following the FOMC meeting, which would provide cues on the central bank’s upcoming stance with their policy rate plans.

Crypto Market To Enter A Crucial Week
The crypto market eagerly awaits the much-awaited September FOMC meeting on the policy rates. With the latest cooling US CPI and PPI inflation figures, bets are recently soaring over a 0.5% Fed rate cut at the upcoming meeting.

Notably, this optimistic view has also fueled a rally in the broader financial market, with the US stock market noting its best trading week since November last year. In addition, Bitcoin soared past the $60K mark last week, indicating the increasing risk-bet appetite of the market participants.

According to the CME FedWatch Tool, there is a 50% probability of a 50 bps rate cut by the US Federal Reserve at their upcoming meeting. Simultaneously, the same bets are also there towards a smaller rate cut of 0.25%. Besides, the market is anticipating a 100 bps cut in the policy rates with three rate cuts this year. This development appears to have bolstered the broader market sentiment.

Fed Chair Jerome Powell’s Speech In Focus
Following the FOMC interest-rate cut decision on Wednesday, September 18, Fed Chair Jerome Powell is also expected to hold a press conference on the same date. The crypto market will keep a close watch on the speech for cues on the potential move of the central bank going forward.

Although it is expected that Powell would signal a dovish stance, given the recent economic data, any other move could dampen the market sentiment. It’s worth noting that last week Bitcoin and the top altcoins noted a recovery following the soaring bets over a larger interest rate cut.

Having said that, any hawkish comment could hinder the recovery phase of the crypto market, potentially triggering a massive selloff in the broader financial sector.

Meanwhile, September tends to be a bearish month for the crypto sector, especially Bitcoin. However, market expert predicts that with soaring bets over an easing policy rate plan, the market may witness a strong rebound ahead. In addition, the fourth quarter is also expected to bring a bullish sentiment among investors, potentially triggering a rally in the market.

@ Newshounds News™

Source:  CoinGape

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Circle predicts stablecoins will become mainstream global payment method

Stablecoin issuer Circle expects internet payment firms and other financial services companies will attempt to enter or expand in the space.

Circle, the issuer of the world’s second-largest stablecoin USDC, feels “confident” that stablecoins will become mainstream money. Simultaneously, regulations should be harmonized globally to ensure compliance for all payment stablecoin issuers.

“Circle is confident that there will be mainstream adoption of stablecoins as the money for the internet age,” Dante Disparte, chief strategy officer and head of global policy at Circle, told Cointelegraph in an exclusive interview.

“We expect there will be internet payments firms and other financial services companies that (will) attempt to enter or to expand in this space, which is a strong signal that stablecoins are here to stay,” Disparte pointed out.

However, Disparte feels it is equally important that rules and regulations be harmonized globally. He said that the essential principles of conservative reserving and financial crime compliance should be applied equally to any company claiming to issue a payment stablecoin.

Circle moves to New York  
Disparte’s comments come as the stablecoin issuer prepares to move its global headquarters to New York by early 2025 after filing for an initial public offering (IPO) in January.

Disparte pointed out that the US framework empowers state banking and money transmission supervisors to develop and regulate the payments industry at the state level. Other countries regulate payments or electronic money (e-money) activities at a national level.

“A key question now is whether the US will finally enact federal stablecoin rules or maintain the status quo of uncertainty, which policymakers in both US political parties say is unacceptable,” Disparte said. He explained:

“The absence of a US regulatory framework for dollar-referenced stablecoins represents a threat to American interests. This vacuum could incentivize the creation of products that exploit trust in the dollar while bypassing US regulations, potentially becoming a refuge for illicit actors.”

Federal legislation for payment stablecoins is essential to promote safe competition for how Americans send, spend, save, and secure their money in an increasingly technology-dependent market, according to Disparte.

The stablecoin bill, advanced by the House Financial Services Committee in July 2023 has generated significant policy momentum and support, he said.

“Congress should approve such a bill on a bipartisan basis, and the President should sign it if it comes to his desk. The legislation would create a floor for all issuers to comply with US anti-money laundering, countering terrorist financing and sanctions obligations,” Disparte said.

He added that these norms should be applied to US issuers of payment stablecoins, as well as their international counterparts, many of whom are being licensed to issue dollar-denominated stablecoins from jurisdictions including the EU and UAE.

Will EU’s MiCA 2.0 fill gaps in the regime?
The European Union’s Markets in Crypto-Assets Regulation (MiCA) came into partial effect in June, with new rules concerning stablecoins coming into force on June 30.

On July 1, Circle said it had become the first global stablecoin issuer to achieve compliance with the MiCA regulatory framework after it got the Electronic Money Institution (EMI) license from the French banking regulatory authority. Circle’s USDC (USDC) and EURC are regulatory compliant under the new rules.

“With MiCA, Europe succeeded in doing what other jurisdictions, including the U.S., have yet to achieve: provide legal and regulatory clarity for not one piece of the digital asset market, but all of it,” Disparte said. However, he pointed out:

“Like all novel rules or comprehensive regulations, MiCA is imperfect, and in places overly prescriptive, so much so that EU policymakers are already contemplating MiCA 2.0, which would potentially fill certain gaps in the regime, such as non-fungible tokens, decentralized finance and other areas.”

Stablecoin market sees increasing competition
Competition in the stablecoin market is heating up with new entrants like PayPal’s USD-pegged stablecoin, PayPal USD , which has already surpassed $1 billion in market cap. Ripple Labs has started testing its USD-pegged stablecoin, Ripple USD (RLUSD), on both the XRP ledger and Ethereum, and it plans to expand to more blockchains.

Tether’s USDT remains the largest stablecoin with a market cap exceeding $118 billion, according to data from CoinMarketCap. Tether has also announced plans for a new stablecoin pegged to the UAE dirham (AED).

On Aug. 26, the market cap for stablecoins, excluding algorithmic ones, reached a record $168 billion. The market hit an all-time high of $167 billion in March 2022 but fell to $135 billion by the end of that year.

“We invite any competitors to come to America, the EU, Singapore, and beyond, to submit themselves to a vigorous licensing process, to follow the same standards that are the bedrock of our company, and to join us as regulation-first, compliant companies so that this ecosystem can grow and thrive long into the future,” Disparte added.

@ Newshounds News™

Source:  CoinTelegraph

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@ Newshounds News™

Source: Seeds of Wisdom Team Currency Facts

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