Iraq Economic News and Points To Ponder Tuesday Evening 9-24-24

MP: Iraq Is Heading Towards “Major” Economic Changes And A Global Urban Revolution

Construction and reconstruction  Economy News – Baghdad  MP Sharif Suleiman praised, on Tuesday, the visit of Prime Minister Mohammed Shia al-Sudani to New York to participate in the 79th session of the United Nations, stressing that Iraq is qualified to control "important" files and is on the verge of "major" economic changes and an urban revolution in line with global developments.

Suleiman said, "Iraq's participation in the work of the United Nations General Assembly is a positive step, especially in light of the difficult conditions the region is going through."

He added, "Iraq has geographical and strategic qualifications that enable it to control important economic, political and security files," noting that "Iraq is on the verge of major economic changes and is leading an urban revolution in line with global developments."

Suleiman said, "This participation is an opportunity for Iraq to enhance its international presence and highlight its role in resolving regional conflicts and contributing to the stability of the region. Iraq also seeks, through these meetings, to strengthen its relations with major countries and attract more investments to support its development plans."  https://economy-news.net/content.php?id=47961

Rafidain Launches Its Report On The Stages Of Combating Money Laundering And Terrorist Financing

Economy  | 09/24/2024  Mawazine News – Baghdad  Today, Tuesday, Rafidain Bank launched its report on the stages of combating money laundering and terrorist financing.

A statement by the bank received by (Mawazine News) stated that "it issued its report on the stages of combating money laundering and terrorist financing and the procedures that contributed to achieving this achievement and due diligence towards customers and using the best models for opening accounts and updating other customer information,

 in addition to obtaining monitoring and follow-up programs that prevent any illegal transactions through suspicious activities and confronting them and informing the concerned authorities about them."

He stressed that "the report reflects the extent of commitment to implementing international standards for combating money laundering and terrorist financing and the efforts made by the bank to combat crimes in accordance with international standards in this regard."

The bank explained "the steps to implement the AML system (Anti-Money Laundering and Terrorist Financing System) related to Rafidain Bank since its establishment and the stages that have been implemented are as follows:

1- Contracting with Capital B. Solutions Ltd. on 17-12-2023 to acquire a specialized system to combat money laundering for individuals and entities who have financial activities with the bank and according to the requirements of the Central Bank of Iraq and the Anti-Money Laundering Unit, where four programs will be implemented for the following tasks: -

Risk profiling of the bank's customers - Implementing the scenarios approved by the Central Bank of Iraq and the requirements of the Anti-Money Laundering Unit

– Monitoring unusual customer movements (Auditing and Monitoring)

 - Implementing the (Go Aml) program to extract reports to detect and report suspicious transactions and upload them to the (Go Aml) platform or portal in accordance with the requirements of anti-money laundering laws and regulations and according to local and international standards

 - Screening the names of customers (screening) on ​​local and international sanctions lists that include a wide range of individuals, organizations and entities involved in sanctions and restrictions imposed by international organizations and governments.

- Implementing the FATCA program for US tax compliance to combat tax evasion by the bank's customers who have US citizenship

 2- System stages The stage of preparing the system requirements, as the bank has reached advanced stages of achievement, which are as follows:

- Preparing the infrastructure to operate the system (test environment) - Production environment (production) and securing communications

- Preparing customer risk classification requirements for individuals and entities on the system according to the risk matrix that depends on the criteria (source Money - Nature of residence - Type of service - Customer activity area - Individual or company activity - Nature of individual - Type of company) and risk category (low - medium - high - very high)

- Adjusting system settings and verifying the operation of screens - The (AML) system was linked to the banking system database (Core Bank) by extracting data from the banking system database in a secure manner and passing it to the (AML) system on a daily basis.

- Training those concerned from the Money Laundering and Anti-Terrorism Reporting Department and the Information Technology Department on the system according to the specialization and functional and technical system requirements, roles and powers.

3- The examination and acceptance stage (UAT) of the system, which is the current stage of the project - The specialized and trained team on the system examines the system screens according to the requirements of the bank, the Central Bank of Iraq and the Anti-Money Laundering Unit

 - Submitting weekly comments and reports and submitting them to the implementing company to make amendments and correct them.

4- The stage of acquiring international sanctions lists. The bank is in the process of contracting with the international company Refinitiv to acquire and subscribe to the international lists for the purpose of linking them to the system.    https://www.mawazin.net/Details.aspx?jimare=255331

Prime Minister: The Government Has Made Great Strides In The Financial And Banking Reform File

Banks  Economy News – Baghdad  Prime Minister Mohammed Shia al-Sudani confirmed today, Tuesday, that the government has made great strides in the financial and banking reform file.

The Prime Minister's Media Office stated in a statement received by "Al-Eqtisad News" that "Prime Minister Mohammed Shia Al-Sudani received the US Deputy Secretary of the Treasury, Wally Adeyemo, and a number of officials in the Ministry of Treasury."

He added that "the meeting discussed bilateral economic relations between the two countries in various vital sectors, reviewed the government's efforts and plans for economic and financial reform, the move towards diversifying sources of Iraqi output, enhancing development targets, and practical measures implemented in the field of combating money laundering."

The Prime Minister stressed that "the government has made great strides in the financial and banking reform file, and 95% of bank transfers have been completed through the electronic platform,"

 noting that "less than 5% remains to be completed by the end of this year, after which the transition to the correspondent banking system will take place, in accordance with the government's approach and commitment to raising the capabilities of Iraqi banks, in line with international standards and meeting the needs of the thriving investment environment in Iraq."

For his part, Adeyemo praised "the progress that Iraq is witnessing in the field of economic and banking reforms that were achieved in record time, and the state of economic growth that reached a total of about 6%, which enhances the government's efforts in development, expressing readiness to cooperate and work within a bilateral partnership that serves the interests of economic development." Views 264 09/24/2024 - https://economy-news.net/content.php?id=47942

Al-Sudani Reviews With US Financial Official The Government's Efforts And Plans For Economic And Financial Reform

Tuesday 24 September 2024 | Economic Number of readings: 412  Baghdad / NINA / Prime Minister Mohammed Shia Al-Sudani reviewed with US Deputy Secretary of the Treasury, Wally Adeyemo, the government's efforts and plans for economic and financial reform.

A statement from his media office stated that Al-Sudani received, yesterday evening, Monday (Baghdad time), US Deputy Secretary of the Treasury, Wally Adeyemo, and a number of officials in the Ministry of Treasury.

During the meeting, economic relations between the two countries in various vital sectors were discussed, and the government's efforts and plans for economic and financial reform were reviewed, as well as the trend towards diversifying sources of Iraqi output, enhancing development targets, and practical measures applied in the field of combating money laundering.

The Prime Minister confirmed, according to the statement, that the government has made great strides in the financial and banking reform file, and 95% of bank transfers have been completed through the electronic platform, and less than 5% will be completed by the end of this year,

 after which the transition to the correspondent banking system will take place, in accordance with the government's approach and commitment to raising the capabilities of Iraqi banks, in line with international standards and meeting the needs of the thriving investment environment in Iraq.

For his part, Adeyemo praised the progress witnessed by Iraq in the field of economic and banking reforms that were achieved in record time, and the state of economic growth that reached a total of about 6%, which enhances the government's efforts in development, expressing readiness to cooperate and work within a bilateral partnership that serves the interests of economic development. / End 2 https://ninanews.com/Website/News/Details?key=1156985

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

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

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PRO-CRYPTO SENATE CANDIDATE JOHN DEATON SET TO DEBATE ELIZABETH WARREN IN OCTOBER

▪️John Deaton, a pro-crypto lawyer and Senate candidate, will debate Senator Elizabeth Warren on October 15.

▪️The debate will address key issues, though it remains unclear if cryptocurrency will be a topic of discussion.

▪️Deaton already criticized Sen. Warren for shifting from holding bankers accountable to supporting their interests.

Pro-crypto lawyer John Deaton, the Republican nominee for the Massachusetts Senate, confirmed his participation in a debate with Democratic Senator Elizabeth Warren on October 15.

This marks the first debate between the two, providing a platform to discuss issues affecting voters.

Deaton Accuses Senator Warren of Big Bank Favoritism
In a post on social media platform X (Twitter), Deaton criticized the Democratic Senator for her shift from holding bankers accountable to supporting their interests. He noted that despite her earlier calls for prison sentences for bankers involved in the 2008 financial crisis, she later backed bank bailouts.

Deaton labeled Warren the country’s top lobbyist for big banks, urging voters to focus on politicians’ actions rather than words. He suggested Warren’s actions contradicted her previous promises.

“[Warren] decried how banking executives deserved prison time for causing the Great Financial Crisis – yet she supported the bailouts. Twelve years ago she promised she would go to Washington to hold those bankers accountable. A decade later, those same bankers write her bills,” Deaton stated.

Notably, Deaton has challenged Warren to five single-issue debates. He proposed topics such as immigration, the economy, income inequality, women’s reproductive rights, and foreign policy. Although Warren’s campaign confirmed two October debates, it’s unclear if cryptocurrency will be discussed.

Deaton’s Senate run stems from Warren’s consistent opposition to cryptocurrencies. Over the years, she has become a prominent figure in the Senate’s anti-crypto stance, even advocating for the formation of an “anti-crypto army” to limit the industry’s influence.

Deaton, a vocal supporter of Ripple and other crypto firms facing legal battles with the SEC, has gained backing from key figures in the crypto industry. His supporters include Gemini co-founders Cameron and Tyler Winklevoss, as well as the Commonwealth Unity Fund PAC.

@ Newshounds News™
Source:  BienCrypto

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IOTA Ecosystem Spotlight: The Community Behind Blockchain Innovation

▪️The IOTA ecosystem thrives due to its dynamic community and innovative developer contributions, pushing the boundaries of blockchain technology with groundbreaking projects.

▪️IOTA’s Tangle network relies on nodes and validators for security and stability, while the community extends beyond technology to make significant social impacts.

The IOTA ecosystem has enjoyed major success due to the contributions of the vibrant and dynamic participants. Furthermore, IOTA’s innovative developer community has been driving IOTA’s future by pushing the boundaries of new developments in blockchain technology.

IOTA’s developer community has been working on a few groundbreaking projects shaping the next generation of IOTA tech while boosting the network’s position as a leader in the blockchain space.

▪️IOTA Community Spotlights and Projects @iota

▪️The Power Behind A Successful Blockchain: A Thriving Community.

▪️The secret sauce to every successful blockchain is its vibrant community.

🧵 Let’s dive into IOTA’s dynamic world and the game-changers making waves in the ecosystem. pic.twitter.com/8KbAu7ubBh

▪️— Whiz DeFi (@WhizDefi) September 19, 2024

Another key component of the IOTA ecosystem is its community-driven events, such as meetups and hackathons, that thrive upon new innovations and ideas. 

These gatherings provide a platform for education and collaboration while empowering participants to build new connections and share knowledge.  Besides, they also play a critical role in nurturing the IOTA community while offering opportunities to newcomers and seasoned developers to contribute to the ecosystem’s growth.

As reported by Crypto News Flash, the Tangle community Treasury has introduced “mini-grants” for events to help IOTA-related projects by providing funding for networking and outreach activities.

IOTA Nodes and Validators And Overall Social Impact
As we know, nodes and validators form the backbone of IOTA Tangle while playing a crucial role in ensuring the network’s security, decentralization, and stability.

These nodes and validators are basically individuals and organizations that maintain the integrity of Tangle while keeping the network secure and operational, per the CNF report.

Beyond its technological advancements, IOTA’s community is also making a significant social impact. Many members leverage the platform for philanthropy, sustainability, and other social good initiatives, showcasing the potential of blockchain to drive meaningful change.

By integrating technology with purpose, IOTA is proving that blockchain can be a force for positive societal transformation.

Furthermore, IOTA has been making strong inroads in the European Union and working along with the European Commission for several blockchain-based solutions under the European Blockchain Pre-Commercial Procurement (PCP) program, per the CNF report.

The European Blockchain Sandbox initiative, supported by the European Commission, aims to oversee the development of a pan-European framework for regulatory discussions, as recently detailed by CNF. IOTA’s selected solution is an advanced user authentication system designed to address the challenge of secure and reliable identity verification within the Web3 ecosystem.

@ Newshounds News™

Source:  Crypto News Flash

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DOJ FILES ANTITRUST LAWSUIT AGAINST VISA

Visa accused of monopolistic practices, allegedly stifling competition and raising costs for consumers and merchants.

Key Takeaways
▪️Visa controls over 60% of U.S. debit transactions, with the DOJ accusing it of using its dominance to stifle competition and raise fees.

▪️The DOJ accuses Visa of using restrictive agreements to maintain market  dominance.

The US Department of Justice (DOJ) has filed a civil antitrust lawsuit against Visa, alleging that Visa has unlawfully monopolized the debit network market. Visa is accused of using its dominance to suppress competition, inflate fees, and thwart innovation.

“Visa has unlawfully amassed the power to extract fees far beyond what it could charge in a competitive market,” said Attorney General Merrick B. Garland.

According to the DOJ, Visa, which processes over 60% of debit transactions in the US, has engaged in exclusionary practices that prevent smaller competitors and innovative financial technologies from gaining traction in the debit market.

The DOJ’s lawsuit highlights Visa’s stronghold over the debit market, where it charges $7 billion annually in fees for processing transactions. Visa allegedly leverages its scale and central role in the debit ecosystem to impose restrictive agreements on merchants and banks, penalizing those who use competing debit networks and locking out competition.

“Anticompetitive conduct by corporations like Visa leaves the American people and our entire economy worse off,” said Principal Deputy Associate Attorney General Benjamin C. Mizer.

Visa has allegedly maintained its monopoly by targeting both smaller debit networks and potential technology entrants. The DOJ claims Visa discouraged competition by coercing banks and merchants into agreements committing large transaction volumes to Visa.

The lawsuit also points to Visa’s strategy of “cooperating” with would-be competitors, particularly in the tech industry, to prevent them from offering disruptive alternatives.

The DOJ claims Visa saw tech companies and fintech startups as an “existential threat” and neutralized them by paying them to partner with Visa instead of competing.

“Visa fears competition and innovation, and instead chooses unlawful cooperation and monopolization,” said Principal Deputy Assistant Attorney General Doha Mekki of the DOJ’s Antitrust Division.

The lawsuit against Visa is the latest in a series of antitrust enforcement actions taken by the DOJ to protect competitive markets. In 2020, the DOJ successfully blocked Visa from acquiring Plaid, a fintech company that was developing innovative debit payment technologies.

@ Newshounds News™

Source:   Crypto Briefing  

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JUST IN: HEZBOLLAH ASKS IRAN TO ATTACK ISRAEL.   BRICS Post Link

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Source:  BRICS

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UNDERSTANDING ANTI MONEY LAUNDERING RISK AML  | Youtube

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Source: Seeds of Wisdom Team Currency Facts 

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

Pros And Cons.. Why Doesn't The Central Bank Delete 3 Zeros From The Iraqi Currency?

 Economy  2024-09-24 | Source: Alsumaria News  2,509 views  Alsumaria News – Economy   Economist Nabil Al-Marsoumi said today , Tuesday, that the process of deleting zeros from the currency means replacing a new currency with the old currency with the aim of simplifying the calculation process among consumers, and countries that suffer from high inflation often resort to it and have become unable to deal with paper currencies of very weak value.

Al-Musumi mentioned in a blog post followed by Al-Sumaria had previously implemented News that 54 countries at different times the deletion of a group of zeros from their local currencies due to some of the positives resulting from such a procedure, represented by

      re-evaluating the national currency,

     simplifying financial transactions, and

     streamlining currency units as a necessary condition for reducing accounting numbers and

     facilitating accounting. The

     cost of managing large numbers new and the

     lack of small numbers. He added,

 although the issue of deleting 3 zeros from the Iraqi currency has been receiving attention and study from the Central Bank since 2007, the bank has not yet taken such a measure due to the lack of two important conditions: the

     first is the instability of the dollar exchange rate against the Iraqi dinar and the

     second is political instability.. In addition to the

     disadvantages and risks resulting from it:

 First: The process of deleting the zeros is not a magic solution to the problem of inflation, but rather a formality whose purpose is to give momentum to the Iraqi economy.

Second: Influencing the behavior of consumers and producers, economic variables, and economic relations between Iraq and other countries.

 Third: Deleting the zeros is an imaginary change in the value of the currency and does not change its purchasing power.

 Fourth: It is possible that people will panic and give up their dollar savings and replace them with the Iraqi dinar, which will lead to a large and sudden growth in the monetary supply, which will undermine monetary stability. Iraqi currency

Fifth: The large costs resulting from printing the new.

 Sixth: The emergence of corruption in the process of getting rid of old currency or introducing counterfeit currencies and trying to replace them with the new currency, in addition to the occurrence of money laundering operations.

Seventh: The decision will not affect the competitiveness of Iraqi goods against foreign goods because the majority of transactions are carried out in dollars.

 Eighth: Deleting the zeros will create social problems at this stage due to the inability to convince the public to accept the decrease in the size of the monetary mass while acknowledging that the true value of the money is not affected.

 The issue relates to the mind and memory preservation of large amounts, in addition to the difficulty of settling commercial and personal contracts and agreements.  

 https://www.alsumaria.tv/news/economy/501033/إيجابيات-وسلبيات-لماذا-لا-يحذف-البنك-المركزي-3-اصفار-من-العملة-العراقي    

The "Exposed Operations" Have Been Addressed.. A Specialist Confirms The Decline In Money Laundering Operations In Iraq - Urgent
 
Economy | Today, Baghdad today - Baghdad   Financial affairs specialist Nabil Jabbar Al-Tamimi confirmed today, Tuesday (September 24, 2024), a decline in money laundering operations, while revealing the direct reason for this decline.
 
Al-Tamimi said in an interview with "Baghdad Today",
 
"There is a clear decline in various money laundering operations in Iraq, and
 
this matter came after audits of remittances two years ago.
 
There is great effectiveness in dealing with money laundering operations that were blatantly exposed earlier." He added,
 
"Certainly, money laundering operations are taking place today, but with narrow limits and difficult paths.
 
This is the case in the rest of the countries of the world.
 
Suspicious money is circulated in the markets in the form of losing projects or trades, which are then laundered and granted legitimacy." The financial affairs specialist said,
 
"Usually those who carry out such operations are politicians and senior officials who benefit from corruption and drug traffickers alike in countries where collecting money requires disclosing the sources of that money."

Al-Tamimi concluded by saying, "The issue of the dollar exchange rate in the local market has nothing to do with capital. Rather,
 
this issue is related to issues of supply and demand in the local market."
 
On January 9, 2022, the Ministry of Foreign Affairs announced the removal of Iraq from the European Union’s list of high-risk countries in the field of combating money laundering and terrorist financing, according to a letter the former Prime Minister received from the European Commission mission.
 
In May 2020, the European Commission classified Iraq, along with other countries, including Afghanistan, Pakistan, Syria, Yemen, Iran, and North Korea, on the list of countries that pose financial risks to the European Union, due to deficiencies in combating money laundering and terrorist financing.
 
On February 18, 2020, the Committee for Freezing Terrorist Funds, affiliated with the Secretariat of the Council of Ministers, issued a list that included 84 individuals and entities whose funds had been frozen on charges of financing terrorism, at the request of the UN Security Council. 
 
https://baghdadtoday.news/258497-العمليات-المفضوحة-تمّت-معالجتها.-مختص-يؤكد-تراجع-عمليات-غسيل-الأموال-في-العراق-عاجل.html   

Corruption... How Can It Be Combated?

 Special Sumerian     2024-09-24 | Source:     Sumerian     193 views  Anti-corruption measures... Observers: Eliminating corruption is accompanied by the strength of laws and their application without exceptions

 Observers have pointed out that the legislation in the laws established to combat corruption needs to be reconsidered to strengthen them and apply them without exceptions, and they point out that

neutralizing corruption and cutting off its tributaries occurs through the power of legislation, which is one of the tasks of the Parliament.

staff Alsumaria spoke to some of those concerned with this file, here is what they said!  

 https://www.alsumaria.tv/news/alsumariaspecial/501040/الفساد-كيف-يمكن-مكافحته؟    

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

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

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BRICS NEWS:

BLOCKCHAIN-BASED BRICS’ INTRA-BANK PAYMENT SYSTEM ABOUT TO BE LAUNCHED

Imagine a world where the financial dominance of the U.S. dollar is challenged not by a single nation, but by a coalition of emerging economies. This is the potential future with the launch of a blockchain-based BRICS payment system — a move that could reshape global trade, financial markets, and even geopolitics.

 But what would this system look like? And what are the broader implications for both BRICS nations and the rest of the world?

The Vision of a BRICS Payment System
The BRICS nations — Brazil, Russia, India, China, and South Africa — represent nearly 41% of the global population and around 25% of the global GDP. 

Their growing economic influence has made them seek alternatives to the U.S.-led financial order, which is deeply tied to the dominance of the U.S. dollar.

The idea behind a BRICS payment system is to reduce reliance on the dollar in global trade and financial transactions. Traditionally, the U.S. dollar has been the cornerstone of international trade, but this dependence comes with risks, including vulnerability to economic sanctions and exchange rate fluctuations. 

A blockchain-based payment system offers an alternative — one that is decentralized, secure, and potentially more efficient.

Why Blockchain?
Blockchain technology is the backbone of cryptocurrencies like Bitcoin, but its potential goes far beyond digital currencies. 

At its core, blockchain offers decentralization, transparency, and security. Transactions are recorded on a distributed ledger that is virtually tamper-proof, reducing the need for intermediaries like banks and lowering transaction costs.

For BRICS, adopting a blockchain-based payment system could revolutionize how they trade, offering several advantages over the current SWIFT system, which is heavily controlled by Western financial institutions.

In addition to being a tool for bypassing sanctions (especially relevant for countries like Russia), blockchain would allow BRICS nations to settle transactions quickly and securely, minimizing the dependency on U.S. financial institutions.

The End of Dollar Dominance?
One of the most profound impacts of a BRICS blockchain-based payment system would be its challenge to the dominance of the U.S. dollar. Today, the dollar serves as the world’s reserve currency, meaning that countries use it as the primary medium for international trade and hold it in reserves. This dominance allows the U.S. to wield enormous influence over global finance.

However, the emergence of an alternative global payment system — especially one that includes major economies like China and India — could weaken this grip. BRICS countries would be able to trade among themselves in their own currencies or via a new BRICS cryptocurrency, reducing their exposure to dollar volatility and circumventing the need for dollar reserves.

While dethroning the dollar won’t happen overnight, a successful BRICS payment system would certainly pave the way for a multipolar currency system, with the dollar, euro, yuan, and a BRICS token all vying for dominance.

This shift could result in reduced demand for the dollar, leading to currency depreciation and potentially higher interest rates in the U.S. as the country faces difficulties financing its deficits.

The Geopolitical Stakes
A BRICS payment system wouldn’t just alter the financial landscape — it would also have significant geopolitical implications. For years, the U.S. and its allies have used the global financial system, particularly access to SWIFT, as a tool for enforcing economic sanctions. 

Countries like Russia and Iran have been cut off from the global financial system for political reasons, which has led to economic hardship and increased tension.

With a blockchain-based payment system, BRICS nations would be far less vulnerable to these types of financial measures. They could trade freely without fear of being shut out of the global banking system, thus diminishing the effectiveness of Western sanctions.

This could embolden BRICS members to pursue more aggressive foreign policies, knowing that their financial systems are insulated from Western pressure.

Challenges to Launching the BRICS Payment System
Of course, launching a blockchain-based BRICS payment system is easier said than done. One of the biggest challenges will be technological infrastructure.

While blockchain is a proven technology, creating a scalable, secure, and interoperable system that can handle the transaction volume of global trade is no small feat.

Interoperability is particularly important. The system would need to work seamlessly with existing payment systems, such as SWIFT and other national systems, to ensure that it is widely adopted. Moreover, there are significant regulatory challenges. Each BRICS country has its own financial regulations, and aligning these to support a unified payment system would require extensive collaboration.

Another challenge is trust and governance. Who would control this new system? While blockchain is decentralized by nature, the question of governance still looms large. Would China, as the largest economy in BRICS, dominate the system? How would decisions be made? These are issues that the BRICS nations would need to resolve before a launch.

Economic Benefits for BRICS Members
Despite these challenges, the potential benefits for BRICS members are immense. A successful payment system would strengthen economic ties between these nations, allowing them to trade more freely and efficiently. This could lead to reduced transaction costs, increased investment, and faster economic growth.

Moreover, a BRICS payment system would give these countries greater control over their monetary policies. Currently, many emerging economies face difficulties when the dollar strengthens, as their debts become more expensive to service. By moving away from the dollar, BRICS nations could reduce their exposure to currency fluctuations and gain more control over their economic destinies.

Impacts on the Global Economy
For the rest of the world, the launch of a BRICS payment system would represent a significant shift in the global financial order. 

Emerging markets that have close ties with BRICS nations, such as those in Africa and Latin America, could benefit from easier access to trade and investment. However, developed nations, particularly the U.S., might see their economic influence wane.

In the short term, we could see increased volatility in global currency markets as countries adjust to the new system. The U.S. dollar may lose some of its luster as a safe-haven currency, while currencies like the yuan could gain prominence. This could lead to higher borrowing costs for the U.S. government and businesses as global demand for dollars decreases.

A Game-Changer in Global Finance?
The launch of a blockchain-based BRICS payment system could be one of the most significant developments in global finance in recent history.

By reducing reliance on the U.S. dollar and bypassing traditional financial systems, BRICS nations could gain more control over their economic futures and reshape the global financial landscape.

 While challenges remain, the potential for a more decentralized, multipolar world economy is becoming increasingly likely. 

Whether this will lead to greater stability or new geopolitical tensions remains to be seen, but one thing is clear: the future of global finance is changing, and BRICS is leading the charge.

@ Newshounds News™

Source:  Medium

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JUST IN: 🇹🇷🇮🇱 Turkish President Erdogan says "just as Hitler was stopped 70 years ago, Netanyahu and his murderous netBricwork must be stopped by an alliance of humanity."

BRICS Post Link

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Source:  BRICS

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JUST IN: 🇧🇾 Belarus President Lukashenko orders military generals to "prepare for war."

BRICS Post Link

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Source:   BRICS

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HOW DEMOCRATS HAVE SHIFTED ON CRYPTO

While Democrats are yet to outline much crypto policy, the Democratic National Convention showed a significant change in tone, say Justin Slaughter and Sheila Warren.

There’s nothing quite like a political convention. The pageantry of patriotic songs and speeches. The cavalcade of speeches by party leaders. And, of course, the thousands of balloons dropping like snow on the newly nominated presidential candidate.

Yet, for crypto, August’s Democratic National Convention was an especially auspicious one. Despite the open hostility of parts of the Biden Administration, crypto was for the first time a welcomed participant. It makes sense: crypto owners now comprise about 20 percent of all registered Democratic voters, according to a Paradigm poll of Democratic voters a few days before the convention.

There is severe electoral risk if some of these Democrats deflect to the Republican ticket in a race that could be won in the margins.

Considering that the Republicans have openly and aggressively courted crypto, crypto’s coming out at the DNC signaled that the industry was, finally, beginning to have a truly bipartisan hue. Those on the ground in Chicago got to see this blossoming of Democratic interest first hand.

While most of the crypto-focused conversations were offstage, there was a hint of crypto’s growing importance in the main convention hall too. Young pro-crypto members of Congress and candidates for Congress like Rep. Jasmine Crockett (D.-TX) and congressional candidate Shomari Figures of Alabama both received significant speaking slots.

 Some crypto companies also hosted policymakers for discussions off the convention floor, as other companies and organizations have done for decades. Vice President Harris herself stressed the importance of building an “Opportunity Economy” in her keynote, with a special grace note praising the role of Founders in making America prosperous.

This was just the proverbial tip of the political iceberg, though. It’s easy to forget when you’re watching convention programming during primetime, but political conventions are much more than a few hours of short speeches and slick videos. Conventions are, at base, about letting members of a political party agglomerate in one physical space every few years, both for socialization and for strategizing.

As part of this communal process, the week was filled with panels, meetings, and even press interviews, all of which are designed to help the party build consensus on its policy views, goals, and even beliefs. These are the interstitial material that truly comprises our decentralized political parties. And it’s here that crypto really got to make its voice heard.

Over the week, there were panels on the basics of how crypto works and how Democrats can work to rectify the party’s strained relationship with crypto.

There were discussions about the importance of maintaining the hegemony of the dollar and the role of stablecoins. And there were frequent coffee and water cooler discussions with dozens of policymakers about how they can appeal to crypto owners.

During chats that week with a host of different policymakers and opinion leaders, we were most struck not by the statements of crypto supportive policymakers, but the skeptics. 

Even some ardent crypto skeptics said the current enforcement-only approach at the SEC wasn’t working, and that there was a need for legislation. As two people who have been calling for reasonable legislation for years, this was music to our ears.

The other part that was especially notable was just how normal it was. Policymakers were curious about crypto, both how it worked and its involvement in this year’s elections.

But this curiosity was not hedged with the upturned nose that accompanied some discussions about crypto in DC even last year. Instead, we were seen as just another young and novel industry, one that policymakers were trying to grok.

The Harris campaign underscored this banal normality when it made news of its “support” for crypto’s growth in a press interview with the campaign’s policy director, Brian Nelson. Despite some anxiety about Nelson’s view of crypto given his recent role as Undersecretary of the Treasury for Terrorism and Financial Intelligence, Nelson announced on the third day of the DNC that a Harris Administration would “support” the growth of crypto in America. 

The statement was remarkable given how much a political war has been waged on crypto, and unremarkable for how basic it was. Why wouldn’t an American president want an industry to stay headquartered in America?

The Harris campaign has since released its platform, which has emphasis on entrepreneurs, small businesses, and American innovators. While crypto and other technologies are not mentioned by name, the rhetoric and tone used in the platform differs significantly from that of the Biden administration.

Since the DNC, both of us have continued to meet with policymakers and candidates from across the political spectrum, and what is remarkable is how similar most conversations are, whether with Democrats or Republicans down the ballot.

Policymakers are tired of (and in some cases, shocked by) the SEC’s approach under Chair Gensler. They want to preseerve and promote American national security and economic interests. And, by and large, they are deeply concerned about inadvertently ceding technological advantages to other jurisdictions, as happened with semiconductors.

More than anything else, an overarching feeling of simple acceptance for crypto pervaded Chicago. There are still many miles to go for the Democrats to actually find workable solutions for how they want to regulate crypto, but the first step to building something is to commit to doing it.

We were pleased to see Vice President Harris acknowledge recently that digital assets technologies need to be encouraged; while we may not have a schematic for how Democrats will execute a reset with crypto, both the DNC and recent Crypto4Harris event showed that Democrats across the ticket no longer question as a default whether crypto has a right to exist. That’s progress worth celebrating with a balloon drop.

@ Newshounds News™

Source:  CoinDesk

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XRP NEWS: RIPPLE’S 1,700 BANK DEALS COULD SEND PRICES SOARING – HERE’S WHY!

XRP is pivotal as bulls fiercely defend the critical $0.5785 support, setting the stage for a potential breakout. With the price consolidating and eyeing key resistance levels at $0.5920 and $0.600, the question is: will bulls take over and drive XRP higher, or is another decline looming? This battle for control could define XRP’s next big move, with significant upside potential if key levels are breached.

Analyst Take on XRP Price
Crypto analyst known as CryptoTank shared a detailed thread on the essential factors that will push XRP’s price in the future, focusing on its utility for settling large-scale transactions between financial institutions.

According to CryptoTank, to understand XRP’s price, it’s critical to distinguish between market capitalization and utility. The value of utility assets like XRP is calculated by the value and volume transacted on the ledger, divided by the circulating supply. This differs from conventional market cap metrics and means that XRP’s price is inherently linked to its usage by institutions, not by retail investors.

Deep Liquidity Is Key for Banks
CryptoTank highlights that banks using XRP for settlements must have deep liquidity. Institutions such as Bank of America, SBI, JP Morgan, and Swift settle a staggering $25–30 trillion daily. 

Even if only 10% of these transactions are conducted using XRP, that’s about $3 trillion on the ledger, requiring an even larger liquidity pool—likely double the transaction amount—to avoid potential failures.

The need for such deep liquidity stems from banks’ inability to afford transaction failures. A failed transaction can lead to costly delays and complications. 

Therefore, liquidity pools must be robust enough to ensure smooth settlements, and this demand will be crucial in driving XRP’s utility and, consequently, its price.

Ripple’s Expanding Network
Ripple’s influence isn’t just limited to a few banks; the company has over 1,700 undisclosed agreements (NDAs), potentially amplifying XRP’s demand and liquidity needs.

CryptoTank emphasizes that the numbers given are just examples of a few key players, and when the full scope of these institutions is considered, the liquidity requirements—and hence XRP’s value—could be even more massive.

One of the major standout points is that retail investors have little to no influence on XRP’s price. The price won’t rise based on retail buying pressure because retail activity pales compared to the daily settlement needs of massive institutions.

Likewise, chart analysis, which many traders rely on, is ineffective for predicting XRP’s price movements because it cannot account for the utility and liquidity requirements that will ultimately determine the token’s value.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

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Economist’s “News and Views” Tuesday 9-24-2024

Will China and BRICS Nations Destroy the Dollar?

VRIC  Media:  9-23-2024

Welcome to the official VRIC channel. Today, the discussion centers around the increasing momentum toward the de-dollarization of global trade, led by the BRICS nations.

As China, Russia, and other emerging economies strengthen economic ties and finance critical infrastructure projects worldwide, a shift toward a multipolar world is becoming more apparent.

With talks of a gold-backed trade settlement currency on the horizon, the dominance of the U.S. dollar appears increasingly fragile.

The conversation explores the upcoming BRICS summit and speculates on the feasibility of a new currency standard that could redefine global financial power dynamics.

Could we be witnessing the end of dollar hegemony?

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

They Say It’s IMPOSSIBLE For the Dollar to Collapse

Taylor Kenny:  9-24-2024

The truth about your cash's value might shock you. Governments are printing money at will, eroding the wealth you've worked hard to build. Discover why gold and silver are the real stores of value and how to protect your wealth against the ongoing confiscation happening through inflation.

CHAPTERS:

00:00 - The Illusion of Cash Value

00:36 - What the Dollar Lacks

01:16 - Gold: The True Money

01:49 - Government’s Plan for Unlimited Spending

 02:27 - Inflation and Wealth Confiscation

03:46 - Deficit Spending and the Mega-Rich

 04:27 - Protecting Wealth with Gold and Silver

 05:40 - J.P. Morgan’s Warning About True Money

https://www.youtube.com/watch?v=Vr4T6iObf2A

"The FED is Terrified of a Stock Correction" - Mike Maloney & Chris Martenson

9-24-2024

At the Limitless conference, Mike Maloney sits down with Chris Martenson to discuss the real state of the economy and the dangers ahead.

From the Federal Reserve's policies that fuel wealth inequality to the fragility of the markets, they dive deep into why the average person is being left behind while the rich get richer.

Chris shares his insights on why we may already be in a recession, and they both criticize the role of the Federal Reserve in creating economic imbalances.

This eye-opening discussion is a must-watch for anyone who wants to understand how these issues affect not only the economy but also society as a whole.

https://www.youtube.com/watch?v=wu1I6JRFhO0

“Tidbits From TNT” Tuesday 9-24-2024

TNT:

Tishwash:  Removing zeros from the Iraqi dinar is back in the spotlight..Strengthening the currency or just changing its form?

 Talk has returned again about the process of removing zeros from the local Iraqi currency, as the Central Bank of Iraq confirmed that the project to remove zeros from the dinar is subject to continuous review and study.

Countries remove zeros from their currency to revalue their national currency and simplify financial transactions. This is done by removing a specific number of zeros from the nominal value of the currency, making it appear less inflationary and more stable.

The central banks of these countries usually issue a new currency, equal in value to one hundred thousand or one million of the old currency, with the old currency gradually being withdrawn from the markets, after a period in which the two currencies are allowed to be used side by side. The most famous countries that have implemented this process, more than once, successfully were Turkey and the former Yugoslavia.

In his statements, Ali Mohsen Al-Alaq, Governor of the Central Bank of Iraq, considered that the bank responded to global economic challenges such as rising energy and raw material prices by amending some monetary policies in line with the international situation and to enhance confidence in the Iraqi dinar and prevent a sharp decline in its value.

Al-Alaq pointed out that the Central Bank of Iraq increased its holdings of foreign exchange and gold reserves to strengthen the country's financial position and stability, in order to enhance its ability to confront potential economic crises.

Commenting on this, economic researcher Ali Daadoush said in an interview with Al-Mada, “The process of deleting zeros is linked to the Central Bank of Iraq,” indicating that “the issue is not new and was previously discussed about 14 years ago. “

Daadoush pointed out that "the process of deleting prices is psychological, as the commodity worth a thousand dinars will be worth one dinar and remain at the same value."

The economic researcher pointed out that "removing zeros leads to flexible dealing with the local currency and strengthens it, and may lead to increased production and diversification of the economy, and thus enhance the value of the Iraqi dinar."

For his part, economic affairs expert Mustafa Hantoush said in an interview with Al-Mada, “The issue of removing zeros from the Iraqi currency is only arithmetic and keeps the currency at the same value. That is, when you sell a house for 100 million, it will be sold for 100 thousand.”

Hantoush added that "countries resort to deleting zeros when there is an expansion in the value of the printed currency and problems occur in the book value and accounting entries, for the purpose of restoring accounting balances."

The economic researcher went on to say, “Iraq is currently suffering from problems with the exchange rate,” indicating that “the value of printing and replacing the currency costs Iraq time, effort and millions of dollars.”

Hantoush said, “The situation now requires focusing on how to maintain the value of the Iraqi currency against foreign currencies.”

According to the latest data, the Central Bank of Iraq's foreign reserves cover 83.62% of the broad money supply, which covers the cost of importing 15 months, while the global standard rate is 20%, covering 6 months of importing.

Foreign exchange reserves are a tool used by all central banks to maintain the stability of the local currency exchange rate against foreign currencies, as well as to reduce exposure to external crises by maintaining liquidity in foreign currency to absorb shocks in times of crisis.

The Iraqi currency is under great pressure, which has caused its price to decline against the dollar during the past period, including the increase in the Iraqi budget deficit. Two weeks ago, Mazhar Salih, financial advisor to Iraqi Prime Minister Mohammed Shia al-Sudani, said that Iraq will face a budget crisis in 2025 due to the decline in oil prices, the country's main source of revenue. Salih said in an interview with Reuters: “We do not expect major problems in 2024, but we need stricter financial discipline in 2025.” link

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

Tishwaash: Iraq is close to completing its financial transfers electronically.. and the US Treasury reveals its economic growth rate

Prime Minister Mohammed Shia Al-Sudani received yesterday evening, Monday (Baghdad time), US Deputy Secretary of the Treasury Wally Adeyemo, and a number of officials in the Treasury Department.

 According to a statement by the Prime Minister's Office, a copy of which was received by {Euphrates News}, the meeting witnessed "discussing bilateral economic relations between the two countries in various vital sectors, reviewing the government's efforts and plans for economic and financial reform, the move towards diversifying the sources of Iraqi output, enhancing development targets, and practical measures implemented in the field of combating money laundering."

The Prime Minister stressed that the government has made great strides in the financial and banking reform file, and 95% of bank transfers have been completed through the electronic platform, and less than 5% remains to be completed by the end of this year, after which the transition to the correspondent banking system will take place, in accordance with the government’s approach and its commitment to raising the capabilities of Iraqi banks, in line with international standards and meeting the needs of the thriving investment environment in Iraq.  

For his part, Adeyemo praised the progress witnessed by Iraq in the field of economic and banking reforms that were achieved in record time, and the state of economic growth that reached a total of about 6%, which enhances the government's efforts in development, expressing his readiness to cooperate and work within a bilateral partnership that serves the interests of economic development. link

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

Tishwsh: Aramco begins issuing international dollar-denominated sukuk

 Saudi Arabian Oil Company (Saudi Aramco) announced the launch of international dollar-denominated sukuk, starting from today, Tuesday, September 24, 2024, until October 2, 2024.

The minimum subscription is $200,000 and integral multiples of $1,000 in excess of that amount, subject to market conditions.

The nominal value of the offering is $200,000, and the return value and maturity period are determined according to market conditions.

This comes after Saudi Aramco announced its intention to issue international sukuk under the SA Global Sukuk Limited's Trust Certificate Issuance Program.

The company said in a statement on the Saudi Stock Exchange (Tadawul) today, Tuesday, that the sukuk will be denominated in US dollars, and will be direct, priority, unsecured, with a limited right of recourse to the assets, which constitute an obligation on (SA Global Sukuk Limited).

The value of the offering will be determined based on market conditions. The net proceeds will be used for general corporate purposes of Saudi Aramco.

The offering is subject to regulatory approval and will be offered in accordance with Rule 144A/Reg S of the U.S. Securities Act of 1933, as amended.

The FCA and ICMA stability rules will also apply to the offering. An application will be made for the Sukuk to be admitted to the Official List of the FCA and the London Stock Exchange. The Sukuk will also be admitted to trading on the London Stock Exchange.

Saudi Aramco has appointed Al Rajhi Capital, HSBC, First Abu Dhabi Bank, Dubai Islamic Bank PJSC, Standard Chartered Bank, KFH Capital, Goldman Sachs International, J.P. Morgan and Citi as Joint Active Bookrunners to organize a series of fixed income investor meetings commencing on 21 Rabi’ Al-Awwal 1446H (corresponding to 24 September 2024G).

SMBC Nikko, Alinma Investment, Albilad Capital, MUFG, Abu Dhabi Commercial Bank PJSC, POCI Asia Limited, Emirates NBD Capital Limited, Sharjah Islamic Bank, Mizuho and Natixis have been appointed as Joint Bookrunners for the inactive subscribers.

The offering of these international sukuk will be limited to qualified investors in the countries in which the offering will take place, in accordance with the laws and regulations in force in those countries.link

Mot: No Matter what! - ole ""Earl"" can't get ahead!!

Mot.. Just Saying ----

Iraqi Dinar News-IRAQ-INTERNATIONALISM NY-2023 to 2029 Road Map - Social- Financial Sustainability

Iraqi Dinar News-IRAQ-INTERNATIONALISM NY-2023 to 2029 Road Map - Social- Financial Sustainability

MilitiaMan and Crew:  9-23-2024

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=50gCtrRGwak

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

Good Morning Dinar Recaps,

RIPPLE VS SEC: JOHN DEATON BRINGS SEC MISCONDUCT TO LIGHT – XRP NEWS

▪️Pro-crypto attorney John Deaton has slammed the US SEC over the Ripple lawsuit.

▪️Deaton demanded damages for the XRP community and called for mass layoffs.

Pro-crypto attorney John Deaton has shed more light on the recently concluded case between the US Securities and Exchange Commission (SEC) and Ripple Labs Inc. According to the latest development, Deaton has accused SEC lawyers of intentional misconduct.

John Deaton Accuses SEC of Misconduct
In a recent YouTube interview, Deaton said the SEC exhibited serious misconduct by claiming that XRP is a security. This take comes as the US SEC recently apologized for the confusion caused by using the term “crypto asset securities.”

However, Deaton says the Ripple vs SEC case wasted money, capital, and energy. He said XRP immediately lost $15 billion, and people were liquidated when the markets regulator initiated the lawsuit.

“You shouldn’t be liquidated because of government overreach because the government and these unelected bureaucrats are doing what they are doing,” says Deaton.

According to him, Ripple spent over $100 million on defense. Deaton stated that he and XRP community members demanded that the SEC remove the “XRP is a security” language to resolve the case. He claims the SEC refused and even attacked him.

As a result, he said the SEC’s apology cannot be accepted and claims the lawsuit was intentional misconduct by its lawyers.

“People should be fired, they should lose their jobs if they were in the decision-making process,” Deaton stated.

He added that Ripple and the XRP community deserve compensation for the extensive litigation and expense over the SEC misconduct. Before the interview, Deaton wrote in an X post that the SEC’s crypto overreach has cost retail investors $15 billion. Deaton’s comments resonated with many XRP investors, even beyond the community, fueling ongoing discussions.

Is an Appeal Imminent?
His comments come as discussion grows over whether the SEC will appeal the Ripple decision. As mentioned in our earlier post, former SEC attorneys Marc Fagel and James Farrell are confident that the SEC will file an appeal. Attorney Fred Rispoli added that the SEC is still undecided and may wait until the last minute to make an appeal announcement.

However, Ripple’s Chief Legal Officer Stuart Alderoty confirmed that Ripple does not intend to appeal. He said Ripple had obtained a stay order on a $125 million penalty pending further proceedings.

Meanwhile, investor caution and market volatility could continue to impact XRP negatively if the case drags on. At press time, XRP is trading at $0.5883, down by 0.71% in the past 24 hours. The 24-hour trading volume decreased by 15.5% to $938 million, indicating reduced investor interest.

Despite current challenges, analysts predict a positive breakthrough for XRP as Ripple prepares for the Ripple Swell 2024 event. Another development that could push XRP higher is Ripple’s participation in Project Agora. As CNF noted earlier, this project, led by the Bank of International Settlements (BIS), will help boost Ripple’s global influence.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

SEC CHAIR GARY GENSLER ADDRESSES CONGRESS ON CRYPTOCURRENCY REGULATION

▪️Gary Gensler will testify before Congress regarding SEC's cryptocurrency policies.

▪️His leadership faces scrutiny from both parties amid upcoming elections.

▪️The SEC's stance on crypto continues to draw significant criticism.

On Thursday at 18:40, Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC), will testify before Congress. The cryptocurrency market is focused on Gensler’s upcoming statements and his aggressive stance on altcoins, as the SEC faces increasing scrutiny.

Gensler to Speak Before Committees
On September 24 and 25, Gensler will appear before the Financial Services Committee and the U.S. Senate Banking Committee. His leadership has been under intense review from both partisan and political perspectives, making his statements highly anticipated. Republican committee members have criticized the SEC’s negative stance on cryptocurrencies for years, which has highlighted the Democrats’ anti-crypto position.

As the upcoming presidential elections approach, it is expected that lawmakers will press Gensler on cryptocurrency regulations and the handling of fraud cases such as FTX and Terra. Meanwhile, Coinbase‘s legal counsel received significant backlash for criticizing the SEC’s claims about “crypto asset securities.”

Gensler’s Supporters Decline
Ron Hammond, Director of Government Relations at the Blockchain Association, states that Gensler will face tough questions from both parties. Hammond noted that this session will differ from previous ones.

“Gensler has fewer allies this time; many are dissatisfied with the agency’s recent crypto approach.” – Ron Hammond

This marks the first time Gensler will testify alongside other SEC Commissioners, adding to the significance of the sessions. 

While Democratic leaders are expected to defend their policies, Republicans may question the agency’s direction, potentially aiding their electoral efforts by appealing to cryptocurrency investors.

Under Gensler’s leadership, the SEC continues to face heavy criticism from the crypto community and lawmakers. Recent examples include sharp critiques from House Majority Leader Tom Emmer and Financial Services Committee Chairman Patrick McHenry regarding the SEC’s classification of crypto airdrops as securities.

The timing of Gensler’s testimony adds fuel to the debate, as he has faced frequent criticism from courts and Congress over the SEC’s aggressive enforcement tactics. Additionally, former President Donald Trump has stated that he would remove Gensler if he wins the upcoming elections.

Gensler’s testimony in Congress could hold critical importance for cryptocurrency regulations and the SEC’s future policies. Market participants and investors are closely monitoring the outcomes of these sessions.

@ Newshounds News™

Source:  Coin-Turk

~~~~~~~~~

TALIBAN INVITE TO BRIC? WHAT?  |  Youtube

@ Newshounds News™

Source: Seeds of Wisdom Team Currency Facts   

~~~~~~~~~

Jim Rickards: This is MONUMENTAL! Nobody is PREPARED for What's Coming  |  Youtube

@ Newshounds News™

~~~~~~~~~

Newshound's Currency Facts Youtube and Rumble

Newshound's Podcast Link

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Q & A Classroom Link  

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Follow the Timeline 

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Thank you Dinar Recaps

Iraq Economy News and Points To Ponder Monday Evening 9-23-24

The Ministry Of Oil Announces Achieving Self-Sufficiency In Gas Oil And Kerosene

Monday 23 September 2024 20:22 | Economic Number of readings: 188

Baghdad / NINA / The Ministry of Oil announced today, Monday, achieving self-sufficiency in gas oil and kerosene. The Undersecretary of the Ministry of Oil for Refining Affairs, Hamid Younis, said in a statement:

 "The ministry is keen to achieve self-sufficiency in petroleum products of all kinds in support of the national economy," stressing that "this comes in implementation of the decisions of the government program, and the directives of the Deputy Prime Minister for Energy Affairs and Minister of Oil."

He added, "The ministry has achieved self-sufficiency in the production of gas oil (kerosene) and kerosene, and stopped importing them.

The ministry was also able to reduce the quantities of imported gasoline to low levels, compared to the quantities that were being imported, and thus the amounts of money that were spent on import were reduced."

He explained that "the ministry is working to achieve self-sufficiency in gasoline production through the projects being implemented in the refining sector, which will be completed in the coming months."

He pointed out that "the achievements in the field of increasing production capacities in the refining and refining sector were achieved through the implementation of projects within a short period," noting that "the ministry is determined to increase the capacities of petroleum products to support and develop the economy." https://ninanews.com/Website/News/Details?key=1156864

Oil Prices Rise Slightly

Economy  | 07:46 - 09/23/2024  Mawazine News – Baghdad   Oil prices rose slightly in early trade on Monday, supported by concerns that conflict in the Middle East could hit supplies from a key producing region and expectations that last week's U.S. interest rate cut will support demand.

Brent crude futures for November delivery were up 20 cents, or 0.3 percent, at $74.69 a barrel by 0045 GMT. U.S. West Texas Intermediate (WTI) crude futures for November delivery rose 22 cents, or 0.3 percent, to $71.22.

Both benchmarks had risen in the previous session, supported by lower U.S. interest rates and lower U.S. supplies in the wake of Hurricane Frances. On Wednesday, the Federal Reserve cut interest rates by half a percentage point, a bigger drop in borrowing costs than many had expected.

Rate cuts typically boost economic activity and energy demand, but analysts and market participants are concerned that the central bank could see a slowdown in the labor market. https://www.mawazin.net/Details.aspx?jimare=255275

Central Bank Sells Over $254 Million In Auction Today

Banks  Economy News – Baghdad  The Central Bank of Iraq announced today, Monday, its sales of hard currency, which amounted to more than $254 million in today's transactions, according to the official price of 1310.

The bank's data showed that the total internal cash withdrawals amounted to $12,250,000, while the total amounts of transfers abroad, including remittances and credits, amounted to $242,320,185, while the total sales amounted to $254,570,185. https://economy-news.net/content.php?id=47913

International Praise For The Central Bank Of Iraq: A Model For Developing Strategies That Serve The Development Of The Banking Sector

Banks   Economy News – Baghdad  The Regional Director for the Kingdom of Saudi Arabia, Lebanon and Iraq at the International Finance Corporation (IFC), Fawaz Al-Balbeisi, confirmed today, Monday, that Iraq is one of the first countries to adopt a comprehensive approach to governance and environmental and social accountability, noting that the Central Bank of Iraq is a model for developing strategies that serve the development of the banking sector.

Al-Balbeisi said in a speech during the launch ceremony of the Financial Sustainability Map Project and the Environmental, Social and Corporate Governance Guide for Banks, that “Iraq has provided humanity with justice and law, and it is not surprising that it is one of the first countries to adopt a comprehensive approach to environmental and social governance and accountability,”

 indicating that “this new achievement comes as a result of the strategic partnership between the International Finance Corporation and the Central Bank of Iraq in cooperation with the Kingdom of the Netherlands and our joint efforts to develop an advanced Iraqi banking sector that contributes to Iraq’s sustainable future.”

He added that “the achievements that we celebrate today are a very important step for the Iraqi banking sector towards establishing sound practices of environmental, social and corporate governance standards that are consistent with international standards and rules, where they are not just a reference framework for celebration, but rather a systematic approach achieved by the banking sector,”

noting that “environmental and governance standards have changed the environment and governance of the institution, and are a standard for professional excellence and have become a basic requirement for managing and reducing risks and thus financial sustainability and business prosperity.”

He continued: "Today, this event gains great importance in light of Iraq's confrontation with the challenges led by climate change, which requires approximately $233 billion until 2040 to respond to the development gaps necessary to move towards sustainable economic paths."

He continued, "Environmental, social and corporate governance responsibility is not only a statement of transparency, accountability and fairness, but also essential components of responsible investment strategies committed to sustainable practices and ethical standards in all financing and investment decisions.

The Iraqi banking sector represents the provision of the necessary financing to meet its nationally defined goals in Iraq, and all of this highlights the importance of the role of the Central Bank, led by Ali Al-Alaq, in achieving this goal."

He pointed out that "with the development of the banking, financial and operational sector's capabilities over the past years, this achievement is complementary to other initiatives led by the Central Bank, the latest of which was the launch of the national strategy last May."

He pointed out that "the Central Bank is a model in developing strategies that serve the development of the banking sector in a way that reflects positively on the external view of the banking system and makes it a tributary that enhances sustainable development in Iraq," expressing his "thanks to the government of the Kingdom of the Netherlands for their support in reaching this achievement and to the Central Bank team and the International Finance Corporation whose tireless work enabled us to reach this achievement."  https://economy-news.net/content.php?id=47912

Iraq Announces Roadmap For Financial Sustainability Of Banking Sector

Economy  | 09/23/2024   Mawazine News – Baghdad  The Governor of the Central Bank, Ali Al-Alaq, announced today, Monday, a roadmap for the financial sustainability of the Iraqi banking sector, while indicating that this map is part of the efforts to upgrade the banking sector.

Al-Alaq said in a speech during the launch ceremony of the Financial Sustainability Map Project and the Environmental, Social and Governance Standards Guide for Banks:

“Today, we are addressing an important and fundamental aspect in developing the banking sector in Iraq, as the term environmental, social and governance standards has witnessed turbulent growth since its first launch in 2005,”

indicating that “the environmental aspects and the response related to climate change are major factors driving the development of environmental, social and governance standards, in addition to the growing importance of other basic elements, especially social ones.”

He added, “If these standards are important for any economic entity or company, regardless of its activity, mission and products, then their importance to the financial sector is a matter of utmost importance, given the significant impact that social and environmental changes have on the reality of this sector and what is required to manage it according to regulatory, supervisory and technical rules that avert risks to ensure the rights of shareholders and stakeholders within a framework of transparency and disclosure,

and above all, contribute to achieving financial stability, the repercussions of crises are reflected in the economic and social environment and general stability, just as the environmental and social repercussions are reflected in stability.”

 He stated, “We are pleased to announce a roadmap for financial sustainability.”

For the banking sector in Iraq for the years 2023 to 2029 and social and institutional standards," noting that "this project is part of the ongoing efforts made by the Central Bank of Iraq to advance the banking sector based on international best practices as well as keeping pace with developments in the banking industry." He stated that "with this announcement, the Central Bank of Iraq is the first in the region to implement this guide."

 Al-Alaq praised "the role played by international experts in the International Finance Corporation, affiliated with the World Bank Group, and their effective contribution in preparing the roadmap for financial sustainability for the banking sector in Iraq," appreciating "the effective and ongoing partnership and fruitful cooperation with the institution."

He thanked "the fruitful and distinguished efforts of the Central Bank's work team as well as the support provided by the Kingdom of the Netherlands in this framework to push towards helping Iraq implement these important and necessary programs."   https://www.mawazin.net/Details.aspx?jimare=255289

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

Seeds of Wisdom RV and Economic Updates Monday Evening 9-23-24

Good Evening Dinar Recaps,

TURKEY TENDS TO VIEW BRICS AS A POLITICAL TRUMP CARD AGAINST THE WEST — EXPERT

Turkish economist Bartu Soral noted that when looking at "the global distribution of power, it is clear that huge changes have occurred since the early 2000s"

ANKARA, September 23. /TASS/. Turkey's interest in BRICS has economic considerations, but purely political motives are also strong, Bartu Soral, one of the country’s leading economists, said in an interview with TASS.

"The decline of the West's dominance in the international system brings BRICS to a leading position in production and export. In this context, Turkey values its relations with the Turkic countries and with Russia, which is active in the region. There are many points of contact here.

Nevertheless, I think that the interest in BRICS declared by the Turkish government is an attempt to gain a trump card against the West and has political motives," he believes.

The expert noted that when looking at "the global distribution of power, it is clear that huge changes have occurred since the early 2000s. The G7 countries used to dominate, while today, for example, the EU and Japan have lost power."

"On the contrary, the BRICS countries are leaders in global exports and production. China has acquired significant production and technological power, including thanks to its excellent education system. Russia is strong in the defense industry. Brazil ranks second in the world in food exports. The Anglo-Saxons, who dominated in the 1990s, are losing ground," Soral noted.

Touching upon Turkey's political motives, the economist noted that BRICS is an economic association that needs to be approached in this spirit.

"We need a national program, a roadmap for interaction with BRICS, a production program in various industries in the context of the BRICS economy. Personally, I do not see such plans from the government and I think that Turkey's application does not have a serious economic basis," the economist believes.

Earlier, Turkish Foreign Minister Hakan Fidan said that Ankara was assessing its participation in BRICS from the point of view of economic cooperation opportunities, but said that "the association itself is currently searching for an identity, options for institutionalization" and therefore it is difficult to say to what point the republic's interaction with BRICS may reach.

 Nevertheless, Fidan noted that "if Turkey's integration with the EU had ended with full membership in the union, then perhaps Turkey would not be looking for other options on many issues.".

@ Newshounds News™

Source:  TASS

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QATAR LAUNCHES DIGITAL ASSETS LAB

Last week the Qatar Financial Centre (QFC) unveiled the first participants in its Digital Assets Lab, “powered” by the Qatar Central Bank. The QFC avoided using the term sandbox, although the Lab’s aims sound similar, but broader. 

The goal is to encourage innovation and development in the distributed ledger technology (DLT) space. Plus, it provides regulatory support and is one of the pathways for landing a license to operate in Qatar.

It follows the recent launch of Qatar’s Digital Asset Regulations at the start of the month.

The creation of the Lab involved partnering with Google Cloud, local bank Masraf Al Rayan, The Hashgraph Association (THA) and enterprise blockchan firm R3.

“As the base product for the QFC ecosystem, R3’s Corda will power tokenization projects across Qatar’s financial industry, supporting the issuance, transfer, and redemption of digital assets,” said R3’s CEO David E Rutter.

However, some applications are likely to be deploy on the public Hedera DLT. In May the affiliated Hashgraph Association (THA) announced a $50 million Digital Assets Venture Studio in Qatar which is part of the Lab.

THA is planning to work in five areas:

▪️Equity Tokenization
▪️Sukuk (Islamic Bonds) Tokenization
▪️Real Estate Tokeniszation
▪️Sustainability/ESG – Carbon Credits
▪️Consumer engagement and loyalty programs

The Middle East is becoming a hotbed for tokenization, with multiple regulatory enclaves within the UAE alone, never mind Saudi, Qatar and elsewhere. Qatar’s banking sector is already internationally diversified, with around 30% of deposits from foreigners.

The Qatar Central Bank, which is involved in the Digital Assets Lab, completed its central bank digital currency infrastructure in June.

Digital Assets Lab participants
The Digital Assets Lab isn’t purely for new startups. We’ve regularly covered several of the participants, including Partior, Polygon, Settlemint, Taurus and Citi-backed xalts.

The full list of initial participants are: AISCIA, ALT DRX, arca-x, AssetShare, Audtye, Blade Labs, BlockStead, DMZ, evergon, Finrock, Falcon Nest Labs, itoo technologies, mintus, oori, Partior, Polygon, PropTech, ScieNFT, SettleMint, SidraChain, Skargard, Taurus, xalts, and Verity.

@ Newshounds News™

Source:  Ledger Insights

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Telegram may hand over user data of rule violators to authorities

The Telegram team has removed all problematic content from there in recent weeks, Pavel Durov said, without giving any details

MOSCOW, September 23. /TASS/. Telegram co-founder Pavel Durov said that the messenger can disclose user IP addresses and phone numbers in response to legitimate requests from the relevant authorities. He clarified that this measure concerns violators of Telegram rules and is being introduced to deter criminals from abusing the messenger's internal search function.

"We have clarified that the IP addresses and phone numbers of those who violate our rules can be disclosed to the relevant authorities in response to justified legal requests," Durov said, specifying that Telegram has updated its terms of service and privacy policy, bringing them to uniformity worldwide.

As Durov explained, some users were abusing Telegram’s search function to sell illegal goods. The Telegram team has removed all problematic content from there in recent weeks, he said, without giving any details.

"Over the past few weeks, a special team of moderators has used artificial intelligence to make the Telegram search much safer. All problematic content that we identified in search is no longer available," Durov said. He also called on users to report illegal content.

@ Newshounds News™

Source: TASS

  ~~~~~~~~~

Who Are These Mysterious People? Discover The Power Of Discernment  |  Youtube

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Source: Seeds of Wisdom Team Currency Facts 

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Seeds of Wisdom RV and Economic Updates Monday Afternoon 9-23-24

Good Afternoon Dinar Recaps,

HONG KONG MONETARY REGULATOR LAUNCHES SECOND PHASE OF CBDC PROJECT

The HKMA has engaged 11 firms for advanced e-HKD+ digital currency trials, so far.

The Hong Kong Monetary Authority (HKMA) has announced the launch of the second phase of its central bank digital currency (CBDC) pilot program, known as e-HKD, according to a Sept. 23 statement.

The second phase will delve into advanced use cases for digital money, emphasizing e-HKD and tokenized deposits for individuals and businesses. The first phase focused on testing CBDC applications in domestic retail payments, offline transactions, and the settlement of tokenized assets.

The HKMA stated that the initiative has evolved from its original e-HKD focus and is now rebranded as Project e-HKD+ to align with the changing fintech landscape.

e-HKD Applications
The HKMA has engaged 11 firms from various sectors to investigate e-HKD applications in three main areas, including tokenized asset settlement, programmability, and offline payments.

Some of the participants reportedly involved in phase 2 include ANZ, Airstar Bank, Aptos Labs, BlackRock, Bank of Communications (Hong Kong), ChinaAMC, China Mobile, DBS, Fidelity International, Kasikornbank, and Sanfield.

The HKMA stated that these firms will evaluate the commercial viability of new digital money forms within real-world settings, aiming to enhance accessibility for individuals and corporations.

The results of Phase 2 will provide insights into the practical challenges of creating a digital money ecosystem that integrates both publicly and privately issued digital currencies. Project e-HKD+ will further develop the necessary technology and legal framework to support potential future issuance of e-HKD for both individuals and businesses.

To foster collaboration, the HKMA will establish the e-HKD Industry Forum. This platform will enable participating institutions to discuss common challenges and explore the scalable implementation of new digital money forms. Industry-led working groups will address specific topics, initially focusing on programmability.

Similar to Phase 1, an e-HKD sandbox will be available for pilot participants to facilitate prototyping, development, and testing of use cases. During Phase 2, the HKMA will collaborate closely with the selected firms over the next 12 months to share key findings with the public by the end of next year.

HKMA chief executive Eddie Yue stated:

“Project e-HKD+ signifies the HKMA’s commitment to digital money innovation.  The e-HKD Pilot Programme has provided a valuable opportunity for the HKMA to explore with the industry how new forms of digital money can add unique value to the general public.  The HKMA will continue to adopt a use-case driven approach in its exploration of digital money.”

@ Newshounds News™

Source:  CryptoSlate

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RIPPLE VS SEC: IS THE SEC PREPARING A LAST-DITCH APPEAL?

▪️Legal experts believe the SEC will file an appeal, but the regulator remains undecided, creating uncertainty for XRP.

▪️Ripple is confident in its legal position, and analysts foresee a potential bullish breakout for XRP despite the looming appeal.

Following the development of the SEC’s appeal against Ripple, CNF highlighted its effect has put the XRP community on edge, current updates in the ongoing Ripple vs. SEC lawsuit suggest that an appeal from the U.S. Securities and Exchange Commission (SEC) is expected. According to legal experts, the SEC seems poised to challenge Judge Torres’ rulings on the XRP case.

As shared on his X account, former SEC attorneys Marc Fagel and James Farrell have expressed confidence that the SEC will file an appeal, emphasizing that not doing so would reflect poorly on the regulator. The SEC has two weeks left before the deadline to submit the appeal.

As the deadline approaches, the XRP community is growing anxious. Attorney Fred Rispoli speculates that the SEC remains undecided about the appeal and could wait until the last minute to make an announcement. 

Meanwhile, Ripple’s CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty have confirmed that Ripple does not plan to appeal and has secured a stay order on a $125 million penalty until further proceedings.

Interestingly, recent SEC actions in the Binance case suggest the agency may not appeal Judge Torres’ ruling regarding XRP’s programmatic sales, where the judge stated that buyers in programmatic sales were no different from secondary market purchasers.

XRP Price Surges Despite Legal Uncertainty
However, the trading volume has dropped by 25%, hinting at decreased activity among traders. Analysts are predicting a potential bullish breakout for XRP as Ripple prepares for its Ripple Swell 2024 event. The possibility of an SEC appeal could push XRP beyond its current $0.65 resistance level.

As of today, Ripple (XRP) is trading at $0.5897, with a loss of 1.09% in the past day and a 4.92% increase over the past week. See XRP price chart below.

@ Newshounds News™

Source:  Crypto News Flash 

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CARDANO FOUNDER RESPONDS AS DEVELOPER INTRODUCES BITCOIN TO CARDANO BRIDGE

Cardano’s Charles Hoskinson reacts with surprise as a Bitcoin developer unveils a seamless bridge between Bitcoin and Cardano apps.

A Bitcoin developer, known as elraulito, has announced a breakthrough in blockchain interoperability, revealing a seamless bridge between Bitcoin and Cardano applications.

The developer showcased a smart contract on Plutus V3, allowing Bitcoin wallets to interact directly with Cardano’s ecosystem. This enables users to send ADA, manage tokens, and stake in Cardano pools without requiring a new wallet.

Notably, Cardano founder Charles Hoskinson reacted with surprise as the innovation could mark a new phase in cross-chain connectivity.

Smart Contract Capabilities Explained
The developer detailed how the smart contract was built using a combination of tools and protocols. Notably, the contract employs aiken, a Cardano smart contract language, and CIP69, which enhances the address’s programmability.

A multivalidator enables transactions, delegations, and reward withdrawals, while MeshJS manages off-chain transactions. Mesh, an open-source library, supports Web3 app development and currently offers one of the few implementations compatible with Plutus V3.

This bridge allows Bitcoin users to engage in Cardano’s ecosystem without additional software, providing a straightforward onboarding process. As the developer noted, these capabilities could potentially extend to every EVM chain, broadening blockchain usability and functionality.

Community Reactions and Technical Insights
The announcement generated questions among enthusiasts, eager to understand the mechanics and applications of the new bridge.

One user asked how Cardano actions could be sent from a Bitcoin wallet, to which the developer responded that Bitcoin users can sign Cardano actions from their existing wallets.

If the signature is verified, the action is executed by Cardano nodes. This functionality opens doors to onboarding users from outside the Cardano ecosystem, facilitating interactions like airdrops and liquid staking without changing wallets.

Further discussions focused on the validation process. The contract validates the signature by checking the UTXO, receiver, amount, and asset details against its outputs. This validation ensures that transactions align with predefined rules set within the smart contract, providing secure cross-chain operations.

@ Newshounds News™

Source:   The Crypto Basic

  ~~~~~~~~~

BRICS News:

THE TALIBAN MOVEMENT SUBMITS APPLICATION TO ATTEND THE BRICS SUMMIT IN KAZAN

Representatives of the Taliban movement have sent an application to Moscow to attend the BRICS summit which is being held Kazan, the capital of Russia’s Tatarstan Republic on October 22-24, RIA Novosti reported on September 21.

As it has become known, the Taliban want to be represented at the BRICS summit by the acting deputy prime minister of the country, the head of the political wing of the Taliban terrorist movement, Abdullah Ghani Baradar.

"We express our interest in the participation of a high-level delegation in the summit, in particular, Deputy Prime Minister of Afghanistan Abdul Ghani Baradar, as well as myself along with other participants," says an application sent by Nooriddin Azizi, the Taliban’s acting Minister of Commerce and Industry, to Yuri Ushakov, the Aide  to Russian President.  

BRICS is an intergovernmental organization comprising Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates. 

Originally identified to highlight investment opportunities, the grouping evolved into an actual geopolitical bloc, with their governments meeting annually at formal summits and coordinating multilateral policies since 2009.  Bilateral relations among BRICS are conducted mainly based on non-interference, equality, and mutual benefit.

The founding countries of Brazil, Russia, India, and China held the first summit in Yekaterinburg in 2009, with South Africa joining the bloc a year later.  Iran, Egypt, Ethiopia, and the United Arab Emirates joined the organization on January 1, 2024. 

Saudi Arabia is yet to officially join, but participates in the organization's activities as an invited nation.  BRICS is an informal group of countries that includes Russia, Brazil, India, China, and South Africa.

@ Newshounds News™

Source:  Asia-Plus

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BREAKING NEWS Israel Intercepts Missiles from Iraq  |  Youtube

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Source: Seeds of Wisdom Team Currency Facts 

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