Will a BRICS Bretton Woods Take Place in Kazan?

Will a BRICS Bretton Woods Take Place in Kazan?

Arcadia Economics: 9-25-2024

As the geopolitical landscape continues to evolve rapidly, all eyes are on the upcoming BRICS meeting set to take place in Kazan, Russia next month. Renowned journalist and geopolitical analyst Pepe Escobar has been at the forefront of reporting on this pivotal gathering, particularly focusing on the emerging proposal for a BRICS settlement currency known as the ‘Unit.’

The ‘Unit’ is a proposed settlement currency that aims to facilitate trade among BRICS nations without relying on the US dollar. As countries grapple with the implications of geopolitical tensions and economic sanctions, the need for an alternative currency becomes increasingly crucial. The ‘Unit’ could serve as a tool not just for trade, but also for creating a more interconnected and diverse global financial ecosystem.

The question now arises: will Kazan mark the dawn of a new financial era akin to the Bretton Woods Conference of 1944? While the situation is fluid, the stakes are undoubtedly high. If the BRICS nations successfully unveil a cohesive strategy that incorporates the ‘Unit’, it could redefine economic relations not just among its members, but also with the rest of the world.

The potential shift would not just challenge the dollar’s supremacy, but could also catalyze other regions to explore similar frameworks, seeking alternatives that reflect their specific geopolitical and economic realities.

As we approach the meeting in Kazan, anticipation grows. Will the BRICS nations be able to forge a path towards a unified settlement currency? If so, the implications for global economics could be profound. Economic analysts, policymakers, and investors alike will be watching closely as these developments unfold. Pepe Escobar’s insights serve as a reminder of the significant changes afoot in international finance, and the Kazan meeting may very well be a turning point in this ongoing saga.

https://youtu.be/rsi0e0ctxtY

https://dinarchronicles.com/2024/09/26/arcadia-economics-will-a-brics-bretton-woods-take-place-in-kazan/

Iraq Economic News and Points To Ponder Thursday AM 9-26-24

Urgent| The Central Bank Of Iraq Decides To Refer The Babylon National Bank To Forced Liquidation
 
September 25, 2024  Baghdad/Iraq Observer  The Central Bank of Iraq decided to refer the Babel Al-Ahli Bank to forced liquidation.
 
According to a document issued by the Central Bank of Iraq, addressed to the Bank of Babylon, and received by “Iraq Observer,”  “It was decided to refer the bank to forced liquidation based on the provisions of Article No. 69 of Banking Law No. 94 of 2004.” She added:  “Appointment of Ahmed Abdel Mahdi Neama as liquidator of your bank.”

text of the document:  https://observeriraq.net/wp-content/uploads/2024/09/IMG_3517.jpeg
 
Yesterday, Monday, the US Treasury confirmed its support for Prime Minister Muhammad Shiaa Al-Sudani’s reform agenda.
 
The ministry said in a statement received by “Iraq Observer,” that
 
“Deputy Treasury Minister Wali Adeyemo met with Iraqi Prime Minister Muhammad Shia’ al-Sudani on the sidelines of the United Nations General Assembly to discuss
 
     reforming the Iraqi banking sector,
     financial relations with the United States, and
     combating illicit financing.” The statement added,
 
 “The Deputy Minister of Treasury congratulated Al-Sudani on the great progress Iraq has made in reforming the banking sector, which led to
 
     expanding Iraq’s international financial communication and
     increasing financial inclusion.”
 
Adeyemo affirmed, according to the Treasury statement,
 
“the Treasury’s support for the Central Bank of Iraq and Prime Minister Muhammad Shia al-Sudani’s reform agenda.”
 
The Deputy Minister of the Treasury praised the growth of the non-oil economy in Iraq by 6.0 percent, asking about “the steps the Prime Minister is taking to diversify the Iraqi economy from hydrocarbons, according to the US Treasury statement.”
 
It is noteworthy that the Central Bank continues to take procedures and requirements set by the US Federal Bank for the banking system in Iraq.   https://observeriraq.net/عاجل-البنك-المركزي-العراقي-يقرر-احالة/   

Publication Of The Environmental, Social And Corporate Governance (ESG) Standards Guide For Banks
 
September 25, 2024    Based on the decision of the Board of Directors of this bank No. (209) of 2024, which includes the adoption of the Environmental, Social, and Corporate Governance (ESG) standards guide for banks..For more, click here :       https://cbi.iq/static/uploads/up/file-172725786315494.pdf  
 
https://cbi.iq/news/view/2677    

The Economic Committee Supports Imposing Collection Fees On Services
 
The first 09/26/2024  Baghdad: Shaima Rasheed  The Parliamentary Economic Committee expressed its support for imposing collection fees on services.
 
Committee member Representative Yasser Al-Husseini told Al-Sabah that  “there is a trend to enhance non-oil revenues by imposing taxes and organizing collection better,” indicating that
 
“with regard to collection, the government has the right to impose fees on stable services such as water and sewage, but it must ensure continuity and quality.”
 
These services are before fees are imposed on them. 

Al-Husseini believes that  “the imposition of taxes must be linked to the presence of new economic activities, and that the government is obligated to activate its real non-oil resources, such as ports for example, which can generate good profits, making them an important source of income.” 

 He continued, "The government needs to address the gaps in collections and taxes to be able to transform these revenues into an actual source that finances the operational budget, employee salaries, and develops services." https://alsabaah.iq/103293-.html   

Why Is The Government Unable To Curb Foreign Banks' Control Over Financial Policy?
 
Economy ​ 09-22-2024, 16:15 |Baghdad today – Baghdad   Today, Sunday (September 22, 2024), Professor of International Economics, Nawar Al-Saadi, revealed the reasons for the government’s inability to confront foreign banks’ control over financial policy and foreign transfers.
 
Al-Saadi told "Baghdad Today",  "The government's inability to confront foreign banks' control over financial and monetary policy and foreign transfers is due to several main reasons, including
 
     internal challenges related to managing the economy, and
     regional and international pressures."

He added,  "Control over the banking sector in Iraq suffers from the influence of large international economic interests, especially   since many foreign banks dominate the Iraqi market through cross-border partnerships and interests."

He continued,  "This limits the government's ability to impose independent economic policies, and  
these banks may be linked to a network of regional and international interests that pressure the government through multiple channels, which makes taking radical decisions difficult."

He continued,   “There are pressing regional factors, as international and regional powers such as the United States and European countries exercise political and economic influence in Iraq, including the banking sector, which hinders the government’s ability to bring about radical reforms.
 
In addition, the Iraqi economy is fragile and dependent on  This greatly affects external support and oil prices, which increases the impact of these external pressures on financial decision-making.”
 
The professor of international economics added:
 
“As for bearing responsibility, the blame cannot be placed on the Sudanese government now, since  
all successive governments ruling Iraq are all involved in these challenges, which are the main reason for the weakness of financial and administrative policies, and the widespread corruption in the banking system, in every way.”
 
This reinforces this phenomenon,” adding:
 
“Therefore, the matter requires broader coordination and a collective effort among all concerned parties to try to reduce the negative effects of foreign banks on the Iraqi economy.”

Al-Saadi concluded, "In general, it can be said that the Sudanese government, despite its promises of reform, is facing great difficulties as a result of external and regional pressures and international economic interests, in addition to the lack of preparedness of local institutions to deal with this situation effectively."
 
On Friday (September 20, 2024), the expert in banking affairs, Nasser Al-Kanani, stressed the need for Iraqi banks to have a specialized committee working to address failures and problems in the banking sector.
 
Al-Kanani said to “Baghdad Today” that  “the Iraqi government’s step towards forming a higher committee aimed at developing treatments for the work of banks is an important step, although it came late, as  there are many problems and failures in the banking sector, and  this sector in Iraq is still not developed and does not keep pace with development.” banking in countries of the world.

He added,  "The Iraqi government is moving towards forming such a specialized higher committee, after the recent Iraqi talks in New York between the Central Bank of Iraq, the US Treasury, and the US Federal Reserve, which stressed the need to develop the Iraqi banking sector."  https://baghdadtoday.news/258328-ما-السر-وراء-عدم-قدرة-الحكومة-كبح-سيطرة-البنوك-الأجنبية-على-السياسة-المالية؟.html   

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

Seeds of Wisdom RV and Economics Updates Thursday Morning 9-26-24

Good Morning Dinar Recaps,

RIPPLE VS. SEC: HOW THE COURT RULING SETS THE STAGE FOR RLUSD STABLECOIN LAUNCH!

Ripple’s Big Plans in “Uptober”!
Despite the rumors of SEC’s reappeal on XRP status, Ripple is poised for exciting developments next month. Monica Long, Ripple’s president, shared insights into the company’s plans, including:

▪️the upcoming RLUSD stablecoin launch

▪️enhancements to the XRP Ledger (XRPL)
▪️focus on global expansion.

SEC Case Resolved: A New Dawn for Ripple

The court ruling that XRP is not a security has provided Ripple with the clarity it desperately needed. Long noted that this victory benefits Ripple and sets a precedent for the entire crypto industry. Although the SEC might consider an appeal by October 7, however, Ripple remains optimistic about its strong position.

Ripple’s Imminent Launch to Pump the Network

Ripple is set to launch its RLUSD stablecoin by the end of 2024, pending regulatory approval. Backed by U.S. dollars and short-term Treasury bills, RLUSD aims to facilitate transactions for institutional investors without disrupting XRP’s market share. Given its favorable regulatory climate, Garlinghouse views Japan as an ideal market for RLUSD. The stablecoin is beta testing on the XRPL and Ethereum networks.

Beyond the stablecoin, Ripple plans to enhance the XRP Ledger.

Long hinted at introducing “Hooks” to bring smart contract capabilities, complementing existing features like decentralized exchanges (DEX) and automated market makers (AMM). These upgrades aim to make XRPL even more competitive in the enterprise-grade blockchain space.

According to the notable XRPL validator Vet, Ripple’s RLUSD stablecoin launch is nearing. Unusual minting activity, including the recent minting of 5,515 RLUSD tokens on Ethereum, has drawn attention; this raised the total circulating supply to 6,028 tokens and suggests an intensified testing phase. This latest issuance marks the largest since the project began in late August and aims to assess RLUSD’s performance across both the Ethereum and XRPL networks.

Meanwhile, the XRP community is buzzing with speculation about how RLUSD’s debut might affect XRP’s price. Some believe that if RLUSD equals the value of one XRP, it could lead to a significant price increase for XRP, currently valued at $0.5854, well below its previous $1 peak in November 2021.

Global Expansion: Shifting Focus to Asia

While regulatory challenges persist in the U.S., Ripple’s growth is accelerating in Asia, with 40% of its activities now based in the region. Moreover, both Garlinghouse and Long have noted the long-term partnership with Japan’s SBI Group as a crucial driver of XRP adoption, positioning Ripple as a significant player in the future of decentralized finance.

As Ripple embarks on this new chapter, it is set to innovate, expand globally, and redefine the roles of both XRP and the broader blockchain ecosystem.

@ Newshounds News™

Source:  Coinpedia

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Visa Introduces Tokenized Asset Platform for Blockchain-Based Financial Services

Visa has launched the Visa Tokenized Asset Platform (VTAP), a new product designed to help banks issue fiat-backed tokens on the Ethereum blockchain.

This platform aims to digitize and automate the trading of real-world assets, such as commodities and bonds, using smart contracts. VTAP provides financial institutions with the tools and infrastructure needed to tokenize fiat currencies, enhancing transaction speed and security. One of the first banks to use this platform will be Spain’s BBVA, which plans to roll out a live pilot in 2025.

@ Newshounds News™

Source:   Bitcoin News

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PayPal Expands Crypto Services: US Merchants Can Now Buy, Sell, and Hold Bitcoin

PayPal announced that it is now letting US merchants buy, sell and hold Bitcoin and cryptocurrencies directly from PayPal business accounts.

PayPal announced that it is now letting US merchants buy, sell and hold Bitcoin and cryptocurrencies directly from their PayPal business accounts. The new capabilities, however, will not be available for users in New York, the company said.

As demand for expanded cryptocurrency capabilities is on the rise, PayPal decides to bring up new offerings.

Jose Fernandez da Ponte, Senior Vice President of Blockchain at PayPal, said that since the company rolled out features allowing users to buy and sell cryptocurrencies within their existing PayPal and Venmo accounts, it has the opportunity to observe and analyze user behavior.

PayPal Opens The Door For Crypto Business

The new feature was a result of the insights PayPal has got. It aims to address the growing demand among business owners for cryptocurrency functionalities, according to da Ponte. PayPal expects the feature to help businesses interact with cryptocurrencies with ease.

“Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers. We’re excited to meet that demand by delivering this new offering, empowering them to engage with digital currencies effortlessly,” da Ponte stated.

Alongside the offering, PayPal also enables businesses to transfer their cryptocurrencies to “third-party eligible wallets.” This allows them to send and get tokens to and from external blockchain addresses like cold storage wallets, which could help enhance security.

@ Newshounds News™

Read more:  Blockonomi

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Iraq Dinar News-Iraq Plans Redenomination of Currency-Value of it Related-Electronic Money Transfers

Iraq Dinar News-Iraq Plans Redenomination of Currency-Value of it Related-Electronic Money Transfers

MilitiaMan and Crew:  9-25-2024

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=BYeHTcUYJww

Iraq Economic News and Points To Ponder Wednesday Afternoon 9-25-24

What Is Iraq's Connection? An Economist Diagnoses The Reasons For The "Pessimistic" Expectations Regarding Oil Prices In The Coming Months

 Energy   Economy News – Baghdad Financial expert, Aqbal Jabr Al-Muhammadawi, explained today, Wednesday, the reasons for the expectations that confirm the decline in oil prices in the coming months to $60, while he touched on Iraq’s position.

Al-Muhammadawi said in an interview with Al-Eqtisad News, "The return of the oil price fluctuations crisis in global markets with the importance of expectations and predictions regarding the expected decline in oil prices in the coming months according to the Citigroup Bank memorandum to $60 per barrel based on intellectual foundations and experiences in diagnosis, analysis, forming scenarios, estimates of building oil prices and studying the market."

He added: "It is clear that the atypical changes in geopolitical variables and other external factors affecting oil prices are being ignored, as well as the repercussions of market dynamics that keep pace with global, objective and realistic changes and developments."

He continued: "One of its most important results is obstructing Iraq's path following in the footsteps of Venezuela, Ecuador and others, due to reasons of vigilance, shock, and the return of realistic awareness and sound systematic thinking to form economic and financial decisions according to realistic and objective economic methodological foundations." https://economy-news.net/content.php?id=48003

Minister Of Transport Discusses With The International Maritime Organization Returning Iraq To The White List

Money and business  Economy News – Baghdad  On Wednesday, Minister of Transport Razzaq Muhaibis Al-Saadawi discussed with the Secretary-General of the International Maritime Organization, Arsenio Dominguez, in London, the procedures for returning Iraq to the International Maritime Organization’s white list.

The Ministry of Transport said in a statement, seen by "Al-Eqtisad News", that "Minister of Transport Razzaq Muhaibis Al-Saadawi, accompanied by MP Zahra Al-Bajari, Head of the Parliamentary Transport and Communications Committee, Chairman of the Iraqi Maritime Authority Abdul-Azim Ghafil, Director General of Ports Farhan Al-Fartousi, Director General of Maritime Transport Ahmed Jassim Al-Asadi, Maritime Attaché at the Iraqi Embassy and Deputy Permanent Representative to the Organization Mazen Al-Kaabi, visited the headquarters of the International Maritime Organization in London to discuss ways to enhance and develop joint cooperation between the two sides.

" The statement added, "The Minister of Transport met with the Secretary-General of the International Maritime Organization Arsenio Dominguez to discuss procedures for returning Iraq to the IMO's white list."

He continued, "Al-Saadawi reviewed the advanced stages that Iraq has reached in implementing international requirements in the field of protecting ships and the lives of workers in the maritime sector, and working towards a blue environment," expressing his hope that "cooperation between the organization and the Iraqi Maritime Authority will be in a broader field through exchanging visits to specialized workshops, to proceed with implementing all international requirements."

The Minister of Transport extended an invitation to the Secretary-General of the International Maritime Organization to visit Iraq and see the Iraqi maritime sector, while Dominguez appreciated the efforts of the Ministry of Transport to re-include Iraq in the white list of member states of the International Maritime Organization, stressing, "to respond to the invitation to visit Iraq, early next year." https://economy-news.net/content.php?id=48015

Rafidain Bank Announces The Collection Of More Than 3 Trillion Dinars Through Electronic Collection Transactions From State Departments And Institutions Within 9 Months

Wednesday 25 September 2024 | Economic Number of readings: 188  Baghdad / NINA / Rafidain Bank announced the total amounts of financial settlements related to electronic collection movements from state departments and institutions that have activated electronic collection and switched to electronic transactions and collected bills and fees from beneficiaries electronically via bank cards and POS devices.

The bank stated in a statement that more than 3 trillion dinars is the value of the amounts collected during the first nine months of this year, indicating that this achievement represents the great interaction using electronic payment in financial transactions and ensuring the preservation of money movement paths and making them in a safe and transparent environment. / End9

https://ninanews.com/Website/News/Details?key=1157326

The Central Bank Of Iraq Decides To Close The Babylon Bank

Banks  Economy News – Baghdad   According to a document issued by the Central Bank of Iraq, addressed to the Babylon Bank, and received by "Al-Eqtisad News", it decided to "refer the bank to forced liquidation based on the provisions of Article No. 69 of Banking Law No. 94 of 2004. He added: "Appointing Ahmed Abdul Mahdi Nehme as liquidator of your bank."

https://economy-news.net/content.php?id=47992

Iraq Ranks Eighth Among The Largest Importers Of American Rice

Wednesday 25 September 2024 | Economic Number of readings: 120  Baghdad / NINA / While the United States of America represents less than 2% of global rice production, it ships nearly 5% of global exports, and is currently the fifth largest exporter. Therefore, exports are important for the rice industry in the United States, as about 45% of the crop is exported each year.

According to the US Department of Commerce, "Iraq ranked eighth in the largest importer of American rice for the year 2023."

The ministry stated in a table that "the countries importing American rice for the year 2023, Mexico came in first place as the largest importer of American rice with 638.1 thousand tons, followed by Central America in second place with 633.3 thousand tons, followed by Haiti in third place with 421 thousand tons, Japan comes in fourth with 293 thousand tons, and Canada comes in fifth with 250.7 thousand tons."

She added, "Colombia came in sixth place with 136 thousand tons, South Korea came in seventh place with 132 thousand tons, Iraq came in eighth place with 111.3 thousand tons, Saudi Arabia came in ninth place with 109.6 thousand tons, Venezuela came in tenth place with 82.4 thousand tons, Jordan came in eleventh place with 64.8 thousand tons, Taiwan came in twelfth place with 56.1 thousand tons, the Dominican Republic came in thirteenth place with 25.9 thousand tons, and the United Kingdom came in fourteenth place with 24.9 thousand tons."  https://ninanews.com/Website/News/Details?key=1157403

Parliamentary Opinion: Iraq Is Experiencing Stable Economic Conditions With A Financial Surplus

Economy  |  09/25/2024 Mawazine News – Baghdad  The Parliamentary Finance Committee confirmed that Iraq's financial and economic situation is good, and that revenues exceed the fears resulting from the possibility of a global decline in oil prices.

Member of the Parliamentary Finance Committee, Jamal Kocher, stated in a statement that "oil prices have not fallen to worrying levels, and therefore we are now in a stable economic situation with a financial surplus, and therefore we cannot talk about a crisis unless oil prices fall to less than $70."

He stressed that "Iraq has gone through many economic and oil crises in the past, but the financial situation has remained stable and there is no fear of a current crisis." https://www.mawazin.net/Details.aspx?jimare=255398

Oil Prices Stabilize, Brent Hits $75 A Barrel

Economy  |  09/25/2024  Mawazine News – Baghdad  Oil prices steadied on Wednesday after rising in the previous session as excitement over economic stimulus in China, the world's biggest crude importer, faded, but an industry report showing a drop in U.S. crude and fuel inventories supported the market. Brent crude futures were up 3 cents at $75.20 a barrel by 00:04 GMT,

U.S. West Texas Intermediate crude lost 2 cents to $71.58 a barrel. Prices rose about 1.7% on Tuesday after China announced its strongest economic stimulus since the COVID-19 pandemic, with interest rate cuts and government funding. But analysts warned that more fiscal aid was needed to boost confidence in the world’s second-largest economy, blunting the initial impact on oil prices from the announcement.

U.S. crude inventories fell by 4.34 million barrels last week, while gasoline stocks fell by 3.44 million barrels and distillate inventories fell by 1.12 million barrels, according to market sources, citing figures from the American Petroleum Institute on Tuesday. https://www.mawazin.net/Details.aspx?jimare=255382

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

Seeds of Wisdom RV and Economic Updates Wednesday Evening 9-25-24

Good Evening Dinar Recaps,

BRICS NEWS:

BRICS EXPANDS: 23 COUNTRIES APPLY, 159 NATIONS ADOPT BLOCKCHAIN-BASED PAYMENTS

▪️23 countries have applied to join the BRICS alliance, with 24 more expressing informal interest, totaling 47 nations.

▪️BRICS is promoting de-dollarization, aiming to use local currencies for trade instead of the US dollar, which could impact various US sectors.

According to recent reports, 23 countries have formally submitted their applications to join the BRICS alliance before the 2024 summit, global economic shifts are taking center stage.

The BRICS countries, Brazil, Russia, India, China, and South Africa, have become popular among the new members of emerging markets, mainly from Asia, Africa, and South America, to expand their trade operations using

The growing interest in BRICS reflects a broader movement toward de-dollarization, where nations seek to reduce dependency on the US dollar for international trade.

The alliance has promoted local currency usage as a means of boosting economic independence, with developing countries viewing this initiative as beneficial to their own financial systems. 

In addition to the 23 nations that have officially applied, another 24 countries have expressed informal interest in joining BRICS, bringing the total number of potential members to 47.

This could be a major blow to some of the biggest industries in the United States since the country’s economic dominance has been rooted in the use of the US dollar internationally.

The de-dollarization process, strengthened by BRICS countries, maybe the first step in shifting the current world’s financial system paradigms.

Internal Divisions Emerge Over BRICS Enlargement Process
The next BRICS summit is planned for October 22-24 in the Russian region of Tatarstan, Kazan and will consider the admission of new members as well as other important issues.

However, the existence of the alliance has been marked by internal conflicts on the issue of expansion. While China and Russia have supported the idea of the expansion of the bloc, India has urged the need for a moratorium on the enlargement process for at least five years.

Key discussions at the summit are likely to revolve around trade agreements and the extended use of local currencies for cross-border transactions, a core objective of BRICS’ de-dollarization efforts. 

The expansion debate will be closely watched as the alliance continues to shape its role in the global economic landscape.

BRICS Explores Blockchain-Based International Payment System
Over the past few months, BRICS has increased its activities to develop new financial structures that are designed to weaken the dollar. 

As Crypto News Flash stated earlier, the bloc is now considering the possibility of creating an international payment system that will be based on the blockchain and will involve more than 159 foreign partners. It would prefer transactions in other currencies than the dollar, for example, the ruble or the yuan.

However, there has been a lot of misconception concerning the initiative, and it has been rumored that 159 countries had signed up for the system prior to its launch. However, such claims have been discredited, and there is no evidence to support such a high level of engagement.

BRICS’ pursuit of de-dollarization and alternative financial systems signifies a transformative period in international trade, where local currencies and advanced technologies could redefine economic interactions across borders.

@ Newshounds News™

Source:  Crypto News Flash

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DTCC TOKENIZATION PILOT FINDS 'SIGNIFICANT' IMPROVEMENTS TO LIQUIDITY AND COLLATERAL OPTIMIZATION

The Depository Trust & Clearing Corporation’s latest blockchain pilot found “robust functionality and potential” for tokenizing Treasuries.

The Depository Trust & Clearing Corporation has announced the results of its U.S. Treasury Collateral Network tokenization pilot, finding “robust functionality and potential” for distributed networks.

Four investors, four banks, two central counterparties and three custodians participated in the experiment, which tested 10 different use cases. The financial privacy-focused Canton Network was tapped for the effort.

“The successful completion of this pilot proves that tokenized assets could be leveraged to optimize collateral,” Kelly Mathieson, chief business development officer at Digital Asset, a firm involved in the pilot, said in a statement.

The pilot was conducted between June and July to test the feasibility of “complex real-world transactions” like cloning and settling a “digital twin” for U.S. Treasuries. It also looked into real-time margin calls, asset recalls and other portfolio management services.

“In hypothetical default scenarios, secured parties seized pledged assets, transferring ownership in atomic transactions, ensuring legal certainty and control,” DTCC wrote in a press release.

Nadine Chakar, longtime blockchain advocate and global head of DTCC Digital Assets, noted in particular that the system “significantly” improved liquidity and collateral optimization.

DTCC has been experimenting with blockchain since at least 2020, when it launched a pilot program called Project Ion looking to test out alternative settlement methods. The firm is responsible for clearing several hundreds of trillions of dollars worth of transactions annually.

@ Newshounds News™

Source:  The Block

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RIPPLE’S PARTNERS DLOCAL AND SHOPEEPAY EXPAND TO SOUTHEAST ASIA

▪️dLocal expands partnership with ShopeePay, reaching 200 million new e-commerce customers across four Southeast Asian countries.

▪️Ripple’s network strengthens in Asia as dLocal, Tranglo, and Instarem enhance cross-border payment solutions.

The most recent developments from Ripple’s ecosystem show considerable growth for its users and partners in the Southeast Asian e-commerce business. dLocal, a RippleNet-based payment platform since 2017, has announced an expanded relationship with ShopeePay, allowing its merchants to accept payments in four new markets: Thailand, Malaysia, Indonesia, and the Philippines.

This move significantly expands access to an estimated 200 million additional e-commerce buyers in Asia. The fact that ShopeePay is powered by Tranglo, another Ripple partner, adds to Ripple’s regional prominence.

dLocal Expands with ShopeePay Thailand, Adding Payout Solutions
Furthermore, dLocal does not limit itself to pay-ins. In conjunction with ShopeePay Thailand, the company is expanding its offerings to include merchant payout options. 

This dual functionality considerably improves the seamlessness of payment processing, allowing businesses to receive payments more swiftly while also handling disbursements with greater simplicity.

This cooperation underscores dLocal’s efforts to reestablish its footprint following a period of setbacks, demonstrating renewed growth and a commitment to growing its services in emerging regions.

Previously, CNF reported that Tranglo expanded its services to Brunei, with the goal of providing migrant workers with faster and more secure remittance choices using Ripple’s blockchain technology.

This expansion highlights the growing importance of blockchain in improving cross-border payment solutions, and Tranglo’s efforts to integrate Ripple’s technology demonstrate the potential efficiencies it may bring to financial transactions.

As we previously highlighted, Instarem, another Ripple affiliate, has also made considerable gains in cross-border payment procedures by integrating Apple Pay with their Amaze card.

This integration improves the convenience of contactless payments across borders via mobile devices, demonstrating how Ripple’s network of partners is always growing to provide cutting-edge solutions for a wide range of payment requirements in the digital era.

@ Newshounds News™

Source:   Crypto News Flash  

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GOLD RUSH! LETS DIG IN  | Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team Currency Facts  

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LITTLE BY LITTLE w/ G. Edward Griffin and Andy Schectman

LITTLE BY LITTLE w/ G. Edward Griffin

Andy Schectman:  9-25-2024

In today’s video, Andy reflects on a book that profoundly impacted his understanding of finance, history, and power structures—The Creature from Jekyll Island by G. Edward Griffin.

First published in 1994, this book uncovers the secretive origins of the Federal Reserve and dives deep into the world of banking, exposing the hidden forces shaping global economies.

Since his last reading, Andy has found even more meaning in Griffin's work. The book doesn’t just provide a history lesson—it reveals the mechanics behind financial systems, shedding light on how policies created in boardrooms ripple through society, often with devastating consequences for everyday people.

Andy explains how this eye-opening book has fueled his desire to educate and inspire others to look beyond mainstream narratives about money.

Whether you're curious about how the Federal Reserve came to be, or you want a better understanding of financial institutions’ roles in shaping our lives, this book has become a must-read for anyone passionate about financial freedom.

Andy shares his personal journey with the book, and how The Creature from Jekyll Island continues to resonate with him today, sparking conversations on truth, transparency, and control over our own futures.

https://www.youtube.com/watch?v=351Longuhlg

Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 9-25-24

Good Afternoon Dinar Recaps,

ETHEREUM IS A ‘DICTATORSHIP,’ CLAIMS CARDANO FOUNDER CHARLES HOSKINSON

Hoskinson says the Ethereum network is more like a “dictatorship” where Vitalik Buterin exerts too much influence over the development of the decentralized network.

Cardano’s Voltaire-era governance overhaul prevents it from becoming a “dictatorship” like Ethereum and sidesteps the “anarchy” of Bitcoin, its founder Charles Hoskinson said.

Speaking to Cointelegraph at Token2049 in Singapore, Hoskinson attacked Ethereum’s governance model, claiming it relies too heavily on its co-founder Vitalik Buterin for direction.

Hoskinson said that blockchains can elect to keep the protocol forever simple, like Bitcoin, or “pick a king” to run things. However, Cardano’s new governance model solves the “governance trilemma” of “efficiency, effectiveness and integrity” by using delegated representatives and a members-based organization called Intersect to distill complex governance topics down for a vote.  

“If you have those three things, then you have a fair shot of avoiding the anarchy of Bitcoin or the dictatorship of Ethereum, and you actually have something that can move forward with one voice, but it’s still decentralized at the end of the day because it represents everybody.”

Pressed to explain his controversial remark comparing Ethereum to a dictatorship, Hoskinson stated that Ethereum’s “entire vision” starts and ends with the 30-year-old Buterin.

Hoskinson at Token2049 in Singapore. Source: Cointelegraph

“Everybody looks to him for the roadmap. Everybody looks to him for inspiration, and he’s also the only person who has enough power to rally people,” he said. “If you were to remove him from the equation right now, what’s the next hard fork going to look like, and how quickly can they actually get there?” he asked.

Hoskinson said Buterin was primarily responsible for altering the Ethereum roadmap away from sharding-based optimization of the base chain and toward rollups and layer-2 networks for scalability.

In recent months, the Ethereum roadmap has been heavily criticized for empowering “extractive L2s” as fee revenue and activity on the L1 dropped.

“Where does this idea of embracing layer 2s or rollups come from? Was it some random Ethereum engineer — or was it Vitalik Buterin writing a blog post about it, talking about it, and advocating for it?”

Although Hoskinson believes Ethereum is heavily influenced by Buterin’s vision, Buterin does not wield unilateral power in the decentralized network.

The blockchain uses a mix of offchain and onchain governance, including the Ethereum Foundation and community and stakeholder input into Ethereum Improvement Protocols, with critical decisions taken at core developer meetings. Contentious decisions can result in a hard fork, as happened with The DAO hack rollback that resulted in Ethereum Classic.

Hoskinson was one of eight original co-founders of Ethereum and CEO of the Ethereum Foundation, but his for-profit vision for the protocol clashed with Buterin’s and the young creator fired him from the project at a meeting in Switzerland in 2014.

While Hoskinson conceded that he had played a broadly similar role in shaping Cardano since 201, he said the network’s new governance model is designed to ensure that “Charles, alive or dead, doesn’t matter. There’s still going to be innovation on a daily basis.”

Cardano’s Chang hard fork in early September turned its Cardano (ADA) asset into a governance token, enabling holders to elect representatives and vote on development proposals and on funding for community projects. The founding entities that have guided the project so far — the Cardano Foundation, Input Output Global and Emurgo — can no longer trigger forks and upgrades.

Hoskinson said the interplay between the members-based organization of researchers and engineers — dubbed Intersect — and the delegate representatives is a much more “collaborative model” that functions with or without an active founder.

“They can talk to each other, vote, and come up with and use a blockchain-based government to ratify a roadmap on a regular basis,” said Hoskinson.

Cardano is still working on finalizing a constitution that will likely set hard limits on some core issues, such as supply and how governance works.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

IRELAND TO STREAMLINE LICENSING PROCESS FOR CRYPTO BUSINESSES

Ireland's Central Bank is enhancing its authorization process for crypto companies as the European Union prepares to implement the Markets in Crypto-Assets Regulation. Deputy Governor Derville Rowland announced this development during a speech at AFME's 8th Annual European Compliance and Legal Conference on September 23, 2024.

The authorization process, which crypto businesses must complete to operate legally in Ireland, involves regulatory approval of a company's financial stability, risk management systems, and compliance with anti-money laundering regulations. 

Rowland stated, "We have been working to continually improve our authorisation process," adding, "Better risk assessment, better communication and better supervisory outcomes have been the output of that work."

This move comes as part of Ireland's preparation for MiCAR, a EU-wide regulatory framework for crypto-assets. MiCAR aims to establish consistent rules across EU member states for crypto-asset issuers and service providers. "We are working closely with our EU Peers and the ESAs to ensure the necessary coordination and consistency across Europe," Rowland said.

Rowland highlighted the significant potential of blockchain technologies: "We can see the many areas where the blockchain has significant potential to bring about positive change, even transformation, in how we do things. Whether this be tokenisation of investment products or improvements in post-trade infrastructure and interoperability, there are important positive stories to tell."

The Central Bank aims to strike a balance between innovation and risk management. "It is important that these benefits can be realised, whilst also ensuring that the risks are well understood and managed." Rowland also noted the key role of regulation: "Regulation plays a crucial role in the safe, and therefore enduring, adoption of innovation into the system."

Concerns Over Implementation And Compliance
While this move aims to simplify procedures, some industry representatives express concerns about potential challenges during implementation. "Talking about regulations in this industry is good, as governments are getting ready for mass-adoption.

The problem is, how will these regulations hinder development, and most importantly, deployment," says Daniel Logvin, CEO at LedgerByte. "Compliance is a very tough thing to achieve, especially when lots already have systems that work," Logvin adds.

"It provides increased regulatory clarity, which will help support institutional trust, investor confidence and consumer protection," notes Susana Esteban, Managing Director at FTI Consulting. However, she cautions that "It adds more compliance responsibilities (and potentially costs) for crypto companies and traditional financial entities working with digital assets."

Ireland's Potential As A Crypto Hub
According to an October 2023 article by Ben Strack in Blockworks, Ireland's appeal to crypto companies has been growing for years. The Irish government launched an "Innovation Hub" in 2018, facilitating engagement between fintech firms and the Central Bank of Ireland.

Coinbase opened its Dublin office in late 2018, while Gemini became the first Virtual Asset Service Provider (VASP) in Ireland in July 2022. MoonPay gained VASP status in August 2023, and Kraken received E-Money Institution authorization in September 2023.

"We welcome regulatory clarity and continued improvement and enhancements by regulators to adapt regulations to both protect users and markets but also balancing out the need to continue to foster innovation and growth," says Gracy Chen, the CEO of Bitget. 

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"Certainly Ireland is always high on the list for innovative companies to be based there as a global financial centre, its membership and access to the European Union as well as its favourable business environment including its deep talent pool. This certainly helps to encourage crypto-companies to consider Ireland more seriously as a base."

"If Ireland pairs this with tax incentives or a business-friendly environment, it could become a hub for crypto firms, but this legislation is EU wide and it may have some competition for business," suggests Richard Lofthouse the Head of Risk and Data Science at InFlux Technologies.

Balancing Regulation With Innovation In EU
MiCAR regulates previously uncovered crypto-asset activities in the EU, including their issuance, custody, administration, and trading on platforms and exchanges. 

"This could position the EU as a leader in crypto regulation, but being a leader in rules doesn't always translate to success in the market. It's important for the EU to find a balance between strong regulation and allowing room for innovation to stay competitive globally," Logvin states.

Esteban concludes, "Regulatory certainty can be a competitive advantage. MiCAR provides regulatory guidelines, which could make EU-based crypto businesses more attractive to institutional investors and partners, boosting their global credibility."

@ Newshounds News™

Source:  Forbes

~~~~~~~~~

GENSLER IGNORED DIGITAL ASSETS IN CONGRESSIONAL TESTIMONY BEFORE 4 HOUR GRILLING ON CRYPTO

Gensler defends SEC's stance on crypto amid congressional criticism over lack of clear regulations.

SEC Chair Gary Gensler faced criticism during yesterday’s congressional hearing over the agency’s approach to regulating cryptocurrencies despite omitting any mention of digital assets in his written testimony. 

Lawmakers and SEC commissioners questioned the effectiveness and clarity of current strategies, highlighting concerns about “regulation by enforcement” and the absence of explicit guidelines.

House Financial Services Committee Chairman Patrick McHenry noted that the House had passed the FIT 21 Act to establish clear rules and robust consumer protections in the digital asset ecosystem. “More than two-thirds of the House, including 71 Democrats, rejected Chair Gensler’s approach to digital assets by supporting clarity and consumer protection,” McHenry stated during the hearing.

The FIT 21 Act’s definition of decentralization was a point of contention. Some lawmakers questioned whether setting a 20% ownership threshold and allowing anonymous self-hosted wallets could hinder enforcement efforts and regulatory oversight.

Commissioner Hester Peirce criticized the SEC’s reliance on enforcement actions without providing clear regulatory guidance. “It’s a very bad approach to trying to regulate an industry if you’re trying to protect investors,” Peirce said. She emphasized that this method is inefficient, leaving market participants uncertain about the SEC’s authority and compliance boundaries.

Commissioner Mark Uyeda echoed the need for the SEC to articulate how existing securities laws apply to digital assets. “The Commission, for instance, could have articulated, specifically in the context of crypto and digital assets, how you apply this test,” Uyeda remarked, referring to the Howey Test used to determine whether an asset qualifies as a security.

Despite these criticisms, Gensler maintained that current laws regarding digital assets are sufficient and explicit. Gensler asserted,

“Regardless of where somebody stores their ledger if they tokenize a security—an equity, a bond, or an investment contract—it’s important to make sure that the investors and the investing public have the disclosures they need.”

He argued that tokenization does not alter the fundamental economics of an asset being a security.

Concerns were also raised about the influence of celebrity promotions and potential “pump and dump” schemes in the crypto space. Representative Bill Foster questioned whether the SEC has adequate authority to address issues where influencers promote investments without disclosing compensation. 

“I’ve heard concerns from industry participants about influencers, bloggers, celebrities, and others that use their celebrity status to promote investments without disclosing that they are, in fact, being paid to do so,” Foster said.

Gensler responded by saying,

“I would say I think the laws are strong. I mean, it’s always gaps in resources and we get, uh, on, on average a year 40 to 50,000 tips, complaints, and referrals. That’s, uh, What, 4, 000 a month or so.

And, uh, we, we have to prioritize those tips and complaints and referrals.”

The divide between the SEC’s current regulatory approach to crypto and the desire for more precise guidelines became evident throughout the hearing. 

While some commissioners believe that statutory definitions from Congress are necessary, others argue that the SEC could utilize its existing authority more effectively to provide clarity for the crypto industry.

The SEC’s written and oral testimony centered on topics like cybersecurity incidents, conflicts of interest in securitization markets, and enhancements to public reporting and data transparency.

However, the agency’s omission of any direct references to cryptocurrencies in its testimony highlights the tension between its priorities and the concerns of lawmakers and industry participants seeking regulatory clarity in the rapidly evolving digital asset landscape.

The call for clear rules of the road and robust consumer protections remains a pressing issue, with stakeholders advocating for a regulatory framework that fosters innovation while safeguarding investor interests.

@ Newshounds News™

Source:   CryptoSlate

  ~~~~~~~~~

HOW PARAGUAY IS REDEFINING BLOCKCHAIN SOVEREIGNTY WITH LEGALEDGER – NO MORE GAS FEES!

▪️Paraguay launches Blockchain Chamber, promoting sovereign blockchain innovation for government, finance, commerce, civil, and military applications.

▪️Legaledger, built on Hyperledger and Besu, eliminates transaction gas fees for military and legal operations under law 6.822/21.

Paraguay has taken a significant step in the blockchain arena by establishing the Paraguayan Blockchain Chamber, aimed at fostering financial innovation on a sovereign blockchain.

The chamber’s spokesperson and director, Ricardo Prieto, discussed the initiative’s main focus: developing blockchain solutions for both public and private sectors, including government, finance, commerce, civil, and military ecosystems.

The project, named Legaledger, is built on the Hyperledger and Besu platforms, marking it as the world’s first third-generation blockchain network with national sovereignty. It uniquely features an exemption from gas fees for transactions involving military and legal security, in accordance with Paraguayan digital law 6.822/21.

Prieto highlighted Legaledger’s innovative fractal architecture design, which is the first to employ a dual blockchain mechanism (Hyperledger Fabric + Besu) and has the capability for regional and global replication.

“The Blockchain Network has an innovative fractal architecture design, the first with a double blockchain mechanism (Hyperledger Fabric + Besu) and regional and global replication capacity, thus achieving frictionless interoperability between all countries,” the director explained.

This design facilitates seamless interoperability across countries. He referenced a recent report from the Bank for International Settlements (BIS) on the risks and uncertainties associated with Distributed Ledger Technology (DLT), emphasizing the challenge banks face in conducting due diligence and supervision due to reliance on third-party blockchains. The BIS report suggests operating with sovereign blockchain networks to provide legal security within a country.

In 2021, Paraguay enacted Law No. 6.822/21 concerning trust services for electronic transactions, electronic documents, and transferable electronic documents – referred to as the Second Floor Digital Law.

“With the Law, we began to design Legaledger (powered by Hyperledger Foundation + HSM), the first Blockchain Network with national sovereignty, without gas payments, with legal security and with the ability to be replicated in any country in the world with perfect interoperability. Frictions between all participating countries.”

With this law, Paraguay began designing Legaledger, powered by the Hyperledger Foundation and HSM, creating the first blockchain network with national sovereignty that does not require gas payments, offers legal security, and can replicate in any country with perfect interoperability.

“The idea of creating a third-generation blockchain network arises from the need to offer legal security to procedures and transactions carried out on blockchain, something that is practically impossible in global blockchain networks”.

Another benefit of this initiative is the digitization of governmental, civil, and military judicial procedures, and the tokenization of financial assets and real-world assets (RWA), all with absolute legal security. This effectively eliminates identity theft and fraud risks, such as rug pulls, according to Prieto.

Challenges have since the project’s inception in 2021, particularly in tokenizing real estate assets. Discussions with legal advisors revealed potential fraud risks in the approach, highlighting the distinction between possession and ownership.

The public registry, which involves notaries and others to secure transactions on paper, ensures legal security for property ownership, which is not guaranteed by public blockchain tokens alone.

Legaledger is designed to be fractal and can be implemented across companies, conglomerates, states, and countries, maintaining interoperability for what is called sequencing, publishing procedures, or transactions, including international operations.

“No country in the world has the digital law that Paraguay has (Law 6.822/21), however, in many countries apartments and other physical assets were being tokenized that did not actually connect real rights with the tokens created on public blockchains, as we know this is very easy.

Each country has its Public Property Registry Agency, in which notaries and others participate, to control the operation that is carried out on paper, to provide legal security regarding the ownership of the object in question.”

To perfect tokenization with legal security, a unique digital law is necessary to allow digitalization of rights over tangible and intangible assets on a sovereign Blockchain network. 

The resulting tokens must be managed and safeguarded within the network and can be bought, sold, or transferred digitally to anyone or any institution worldwide with legal certainty and without repudiation.

Ultimately, countries implementing a sovereign blockchain network with legal security will become an international digital jurisdiction, meaning the country will achieve a high level of procedure digitalization and asset tokenization within a legal framework and application scope without repudiation, concluded the spokesperson for the Paraguayan Blockchain Chamber.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

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Source: Seeds of Wisdom Team Currency Facts 

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Iraq News Highlights and Points To Ponder Wednesday AM 9-25-24

Parliamentary Finance: Iraq Is Experiencing Good And Stable Economic Conditions

Money and business  Economy News - Follow-up  The Parliamentary Finance Committee downplayed concerns about the decline in oil prices on the economic reality, stressing that Iraq's financial and economic conditions are good, and that revenues exceed the size of concerns resulting from the possibility of a decline in global oil prices.

Member of the Parliamentary Finance Committee, MP Jamal Kojer, said in an interview with “Al-Sabah” followed by “Al-Eqtisad News”, that “oil prices have not fallen to worrying levels, and therefore we are now in a stable economic situation with a financial surplus, and therefore we cannot talk about a crisis unless oil prices fall to less than $70.”

he member of the Finance Committee stressed that "Iraq has gone through many economic and oil crises in the past, but the financial situation has remained stable and there is no fear of a current crisis."

“According to the Financial Management Law, the 2024 budget was supposed to be submitted after the middle of October, but there is still a delay in the expected schedules, which may be submitted in the first quarter of next year,” Koger continued. The MP pointed out that “the majority of the 2023 budget has already been disbursed, with 9 trillion dinars disbursed two months ago, while the 2024 budget has not yet been disbursed due to changes in governors and attempts to introduce new projects.”

The member of the Finance Committee added, "As for liquidity, the government has guaranteed the liquidity of salaries, but there is a shortage in the liquidity of projects. However, the projects that have been started will continue, including bridge projects."https://economy-news.net/content.php?id=47985

Parliamentary Committee Reveals A Way To Increase The Price Of A Barrel Of Iraqi Oil To $2,500

09/24/2024  Mawazine News - Baghdad   The Parliamentary Oil, Gas and Natural Resources Committee revealed, on Tuesday, a way to increase the price of a barrel of Iraqi oil to $2,500.

A statement by the Parliament's media department received by Mawazine News stated that "the Parliamentary Oil, Gas and Natural Resources Committee, headed by the head of the subcommittee for following up and proposing legislation, MP Ali Shaddad, and attended by MPs Basem Al-Gharibawi and Zainab Jumaa Al-Moussawi, met with the Undersecretary of the Ministry of Oil for Refining Affairs, Hamid Al-Zubaie, and the Director of the Legal Department at the Ministry of Oil, Salam Hamdan, to discuss the Private Investment Law in Refining Crude Oil No. (64) of 2007."

MP Ali Shaddad explained, according to the statement, that “the committee has included in its strategy the amendment of five laws due to their antiquity, and has taken it upon itself to host those concerned in the Ministry of Oil and advisors in the Council of Ministers, and at other times it has gone to the Ministry of Oil to meet with the relevant departments and authorities; to save time and reach understandings between the legislative and executive authorities regarding the paragraphs of the laws to be amended.”

He added that “the Ministry of Oil has, for many years past, offered a group of investment opportunities in the field of refineries, which have not received real interest from investors and companies, and there will be no seriousness in investing in this sector; due to the current law not being in harmony with the aspirations of investors and the requirements of this stage, and hence the need to amend this law despite it having been amended twice previously.”

He added, "The subcommittee for following up and proposing legislation discussed the paragraphs that should be focused on in the law to attract investment in the refining sector, and that the goal of amending the law is to make investment in refineries successful and create an attractive environment for investment in refineries, which will positively reflect on the country's economy," noting that "the legal department in the Ministry of Oil has been assigned to prepare a draft law that will later be presented to one of the consultants contracted with the ministry to mature this draft.

" The representative stressed, "The committee is keen for the draft law to reach the House of Representatives complete in terms of legal, technical and economic vision," noting that "the current value of a barrel of oil is $70, but transferring this barrel to the refining and petrochemicals sector increases the price of the barrel to $2,500." https://www.mawazin.net/Details.aspx?jimare=255361

Parliamentary Finance To {Sabah}: No Economic Crisis In Iraq

First  09/25/2024   The Parliamentary Finance Committee downplayed concerns about the impact of falling oil prices on the economy, stating that Iraq's financial and economic situation is good. Jamal Kocher, a member of the Parliamentary Finance Committee, told Al-Sabah that "oil prices have not fallen to worrying levels,

and therefore we are now in a stable economic situation with a financial surplus, and therefore we cannot talk about a crisis. He added that there is no fear of a current crisis, noting that "the government has guaranteed the liquidity of salaries."   https://alsabaah.iq/103218-.html

Iraq Moves To Export Jet Fuel

Money and business  Economy News – Baghdad  The Oil Products Distribution Company, affiliated with the Ministry of Oil, announced today, Wednesday, that the strategic reserve of gas oil has reached 800 million liters during the current year, while it indicated that a plan has been put in place to export aviation fuel produced by the Karbala refinery.

The General Manager of the Oil Products Distribution Company, Hussein Talib, said: “There is a plan to export the surplus of kerosene and gas oil,” indicating that “the power stations that operate on Iranian gas will be operated based on the gas oil product.”

He added, "The strategic storage, which reached about 800 million liters during this year, contributed to passing the summer season, and the situation is now under control," noting that "electric power generation stations reached a consumption of 12 million liters per day from the existing production in refineries and refining capacities and what was built from strategic storage during the year 2024."

He added, "There is a plan to export aviation fuel, which is produced by the Karbala refinery because it meets marketing specifications, and also in the near future shipments of surplus gas oil will be exported,"

explaining that "according to the directives of the Prime Minister and his deputy, the Minister of Oil, there should be one million cubic meters of strategic storage of gas oil products, and the surplus should be for export purposes."

He pointed out that "the ministry achieved self-sufficiency in the production of kerosene and white oil, and stopped importing them." 09/25/2024 - https://economy-news.net/content.php?id=47999

US Treasury: Supporters of Al-Sudani’s Reform Agenda

Money and business  Economy News – Baghdad  The US Treasury Department confirmed, on Tuesday, its support for Prime Minister Mohammed Shia al-Sudani's reform agenda.

The ministry said in a statement, seen by "Al-Eqtisad News", that "Deputy Secretary of the Treasury, Wali Adeyemo, met with Iraqi Prime Minister Mohammed Shia al-Sudani on the sidelines of the United Nations General Assembly to discuss reforming the Iraqi banking sector, financial relations with the United States, and combating illicit financing."

The statement added, "The Deputy Secretary of the Treasury congratulated Al-Sudani on the great progress Iraq has made in reforming the banking sector, which has led to expanding Iraq's international financial connectivity and increasing financial inclusion."

According to the Treasury statement, Adeyemo affirmed “Treasury’s support for the Central Bank of Iraq and Prime Minister Mohammed Shia al-Sudani’s reform agenda.”

The Deputy Treasury Secretary praised the growth of the non-oil economy in Iraq by 6.0 percent, asking about "the steps the Prime Minister is taking to diversify the Iraqi economy from hydrocarbons," according to the US Treasury statement.

Earlier on Tuesday, Prime Minister Mohammed Shia al-Sudani received US Deputy Treasury Secretary Wally Adeyemo and a number of Treasury officials. https://economy-news.net/content.php?id=47975

Localization Of Employees’ Salaries And Border Crossings.. The Most Important Topics Discussed In The Meeting Of The Finance Committee With Erbil

Local | 01:58 - 09/25/2024  Mawazine News – Baghdad   The head of the Finance Committee, Atwan Al-Atwani, discussed today, Wednesday, during his meeting with the head of the Kurdistan Democratic Party, Masoud Barzani, the implementation of the provisions of the Federal General Budget Law, the oil and national wealth file, the settlement of employees' salaries, border crossings, taxes and customs.

The media office of the head of the Finance Committee stated in a statement received by Mawazine News, that "Atwan Al-Atwani and his delegation met with the head of the Kurdistan Democratic Party, Masoud Barzani, in Erbil, where the meeting discussed the overall political and security situation in the country, and ways to resolve the outstanding issues between the central government and the Kurdistan Regional Government of Iraq in a way that establishes a new phase of cooperation, coordination and understanding on the basis of respecting the Iraqi constitution.

" Al-Atwani reviewed "the files that the Finance Committee delegation came to discuss with the Kurdistan Regional Government, most notably the implementation of the provisions of the Federal General Budget Law, the oil and national wealth file, the settlement of employees' salaries, border crossings, taxes and customs, and other issues related to the financial aspect."

The statement stressed the "financial committee's constant efforts to find understandings that lead to radical solutions to the outstanding issues between the federal government and the region," stressing that "deferring the differences does not solve them, but rather increases their complexity."

Al-Atwani added, according to the statement, "We have sensed in the federal government a genuine desire to eliminate crises and begin the process of construction and development," noting that "achieving prosperity for the Iraqi people requires political stability." https://www.mawazin.net/Details.aspx?jimare=255405

Seeds of Wisdom RV and Economics Updates Wednesday Morning 9-25-24

Good Morning Dinar Recaps,

SEC Chair Gary Gensler grilled over crypto regulation, handling of DEBT Box case in heated congressional hearing

▪️Republican Majority Whip Tom Emmer got into a heated exchange with SEC Chair Gary Gensler during Tuesday’s hearing.

▪️Some lawmakers have criticized the SEC’s approach to regulating crypto over the years and say rules are not clear for the industry. Others say the SEC is doing its job by protecting investors.

U.S. Securities and Exchange Commission Chair Gary Gensler took the heat from both sides of the aisle during a congressional hearing over his handling of regulating the crypto industry.

In an intense exchange during a House Financial Services Committee hearing on Tuesday, where all five SEC commissioners were testifying, Republican Majority Whip Tom Emmer asked the SEC chair about its case involving crypto startup DEBT Box.

A federal judge in Utah criticized the SEC's handling of the case and said the agency acted in bad faith. The agency was ultimately ordered in March to pay sanctions, including attorney's fees and costs. The same judge also criticized what he characterized as the SEC's misleading statements, with the agency admitting it had fallen short of expectations.

"Does the fact that we're talking about this today even slightly embarrass you?" the Minnesota Republican asked.

"The matters in that case were not well handled," Gensler responded.

Some lawmakers have criticized the SEC's approach to regulating crypto over the years and say rules are not clear for the industry. Others, including top Democrat Maxine Waters say the SEC is doing its job by protecting investors and "ensuring our capital markets remain the envy of the world."

Tuesday's hearing also comes as elections are just around the corner where crypto has become a hotly contested issue. 

Crypto firms have so far spent $119 million in 2024, with almost all of the funds going into super political action committees, specifically the Fairshake PAC, according to a report last month from consumer advocacy group Public Citizen.

Emmer, who has been critical of the SEC chair, also asked Gensler about Vice President Kamala Harris' comments over the weekend about crypto. Harris said she would "encourage innovative technologies like AI and digital assets while protecting consumers and investors. We will create a safe business environment with consistent and transparent rules of the road," according to Bloomberg.

"Is this your approach too sir, or do you think she's rebuking you because she doesn't think you've done a good enough job establishing these clear rules over the last three years of her administration?" Emmer asked.

Gensler said laws are in place, but that Congress can change them.

Take me out to the ball game
Democrat Ritchie Torres also peppered Gensler with questions about how the agency defines securities, using a New York Yankees ticket as an example. The crypto-friendly lawmaker asked Gensler if selling a Yankees ticket to him would be a security and later pointed out that the ticket would give him "access to a Yankees game."

Torres' line of questioning comes after the SEC has charged multiple entities with unregistered securities offerings, including Stoner Cats 2 LLC for conducting an unregistered offering of NFTs that brought in $8 million from investors.

"From the standpoint of federal securities laws, is there a legal difference between buying a Yankee ticket that offers you the experience of a Yankee game and buying an NFT that offers you the experience of an animated web series?" Torres asked.

Gensler said it's about how something is offered and sold and if people are "looking to a common enterprise anticipating profits," citing the Howey Test. The test is based on a 1946 U.S. Supreme Court case frequently cited by the SEC, to determine if an asset qualifies as an investment contract and, therefore, a security.

"The expectation or promise that an object could appreciate in value or that an object could be sold at a profit in the secondary market, that expectation or profit could be retrospectively attributed to just about any collectible or any consumer good or any piece of art or any piece of music," Torres said.

Gensler said it's about how something is offered and sold and if people are "looking to a common enterprise anticipating profits," citing the Howey Test. The test is based on a 1946 U.S. Supreme Court case frequently cited by the SEC, to determine if an asset qualifies as an investment contract and, therefore, a security.

"The expectation or promise that an object could appreciate in value or that an object could be sold at a profit in the secondary market, that expectation or profit could be retrospectively attributed to just about any collectible or any consumer good or any piece of art or any piece of music," Torres said.

 @ Newshounds News™

Source:  The Block

~~~~~~~~~

BNY nears crypto custody for ETFs after SEC softens SAB 121 stance

Bank of New York Mellon will not be held to SEC accounting practices for client crypto custody after a review.

The Bank of New York Mellon (BNY) is moving toward providing custody services for its exchange-traded fund (ETF) clients’ Bitcoin and Ether after the United States Securities and Exchange Commission (SEC) gave it a pass on observing controversial crypto accounting guidelines.

The SEC’s Office of the Chief Accountant conducted a review earlier this year and concluded that the bank did not need to adhere to the SEC’s Staff Accounting Bulletin (SAB) 121, Bloomberg reported.

SAB 121 requires companies safeguarding client crypto assets to list them as liabilities in their accounting. It has been a thorn in the side of the US crypto industry since its introduction in April 2022.

The SEC loosens its grip
Other financial institutions may receive the same break, the SEC hinted. A spokesman told Bloomberg:

“Certain broker dealers and custody banks have sufficiently demonstrated to SEC staff that their fact patterns are different from those described in SAB 121.”

“As long as their customers receive the same protection for the safeguarding of crypto assets as they do in custody arrangements, their balance sheet treatment is also the same as custody arrangements,” the agency continued.

BNY would need the authorization of other regulators in addition to the SEC before it could begin offering custody services. It told Bloomberg:

“BNY has engaged, and will continue to engage, its banking regulators to offer custody services to crypto ETP clients at scale.” Source: Financial Services GOP

 SAB 121 is a source of endless controversy.  

The inconvenient SAB 121 caught the world unprepared. Coinbase’s Q1 2022 financial report led to false speculation that the company was unsound after it incorporated the new accounting.

In June 2022, politicians joined the fray for the first of many times by writing to SEC Chair Gary Gensler complaining of “regulation disguised as staff guidance.”

The Government Accountability Office examined the guidance at the urging of pro-crypto Senator Cynthia. In October 2023, it determined that SAB 121 was subject to the Congressional Review Act, which requires agency rules to be submitted to Congress with a procedure for disapproval.

A coalition of the Bank Policy Institute, American Bankers Association, Financial Services Forum and Securities Industry and Financial Markets Association sent a letter to Gensler in February asking that traditional assets recorded on blockchain be exempted from the requirements of SAB 121.

Despite the pressure, the SEC held tight to the guidance, and legislation was passed to overturn the guidance in May. US President Joe Biden vetoed the legislation the following month.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

Gensler grilled as most ‘destructive’ SEC chair during congressional hearing

SEC Chair Gary Gensler faced criticism from lawmakers and agency members during a House Financial Services Committee hearing over his handling of crypto regulation in the United States.

United States Congressman Tom Emmer slammed SEC Chair Gary Gensler during a congressional hearing, calling him the most “destructive” and “lawless” Chair in the regulator’s 90-year history.

“You’ve made up the term crypto asset security. This term is nowhere to be found in statute, you made it up [and] you never provided any interpretive guidance on how crypto asset security might be defined within the walls of your SEC,” Emmer told Gensler before a House Financial Services Committee hearing on Sept. 24.

Emmer said the term had served as the entire basis for Gensler’s “enforcement crusade” against the crypto industry for the last three years. This was up until last week when SEC lawyers retracted the term in a court footnote.

“Your inconsistencies on this issue have set this country back. We could not have had a more historically destructive or lawless chairman of the SEC.”

Emmer also grilled Gensler over his agencies’ handling of the Debt Box case — a case where the SEC sued a crypto startup for an alleged $50 million fraud scheme. The case against Debt Box was dismissed on May 28, and the SEC was ordered to pay $1.8 million in fees.

Emmer said the SEC attorneys crafted a series of lies in the Debt Box case to “effectuate the commands” of Gensler’s “anti-crypto rhetoric” and regulation-by-enforcement agenda.

“The matters in that case were not well handled,” Gensler said in response to Emmer’s questioning.

SEC ‘should have admitted long ago’ that crypto tokens aren’t securities: Peirce

Gensler also faced heat from within his own ranks, with SEC Commissioner Hester Peirce saying the SEC’s move to retract the term crypto asset security in court last week should have happened “a long time ago.”

“[By] tucking into a footnote, we admit that now actually the token itself is not a security. That's something that we should have admitted long ago,” the pro-crypto SEC commissioner explained.

“We’ve fallen on our duty as a regulator not to be precise,” Peirce said.

When asked whether crypto tokens need a statutory definition to ascertain how they apply to securities laws, Peirce responded: “It’s always helpful to have Congress weigh in, but there certainly are some guidelines we could provide in this area that we have chosen not to provide.”

“But a statutory definition would help well I always welcome the input of Congress.”

Gensler confirms SAB 121 rule will stay in place

Despite calls from 42 US politicians to rescind the SEC’s Staff Accounting Bulletin No. 121 rule, Gensler said it will remain in effect.

“No, it’s a good accounting bulletin,” Gensler said in response to a question from House Rep. Wiley Nickel about whether the SEC would rescind the rule.

The SAB 121 rule mandates SEC-reporting entities that custody crypto to record those holdings as liabilities on their balance sheets. A SAB 121 repeal bill received bipartisan support in Congress before being vetoed by President Joe Biden in June.

Gensler claims it will help public companies understand the risks associated with holding crypto, pointing to FTX, Terraform Labs and other crypto bankruptcies.

Nickel didn’t bite, claiming that SAB 121 actually makes the digital asset ecosystem “less safe.”

Nickel recently claimed that SAB 121 would prevent US banks from custodying crypto exchange-traded products at scale, creating a “concentration risk” by handing more control over to non-bank entities.

With the rule now in place, Nickel slammed the SEC’s Office of the Chief Accountant for recently exempting Bank of New York Mellon from the balance sheet reporting requirement — arguing that it will lead to “different rules for different folks.”

But Gensler disagreed: “It’s actually the same rules for different folks.”

@ Newshounds News™

Source:  CoinTelegraph

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AHEAD OF TODAY’S CONGRESSIONAL HEARING ON SEC OVERSIGHT, REPUBLICANS URGED GENSLER TO REPEAL  |  Youtube

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Source: Seeds of Wisdom Team Currency Facts 

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“Tidbits From TNT” Wednesday Morning 9-25-2024

TNT:

Tishwash:  Parliamentary Finance: Iraq is experiencing good economic conditions with a financial surplus

The Parliamentary Finance Committee downplayed concerns about the decline in oil prices on the economic reality, stressing that Iraq's financial and economic conditions are good, and that revenues exceed the size of concerns resulting from the possibility of a decline in global oil prices.

Member of the Parliamentary Finance Committee, MP Jamal Kojer, stated in a statement to the official newspaper, followed by (Al-Rabia), that “oil prices have not fallen to worrying levels, and therefore we are now in a stable economic situation with a financial surplus, and therefore we cannot talk about a crisis unless oil prices fall to less than $70.”

The member of the Finance Committee confirmed that "Iraq has gone through many economic and oil crises in the past, but the financial situation has remained stable and there is no fear of a current crisis." link

Tishwash:  Parliamentary Finance: Iraq is experiencing good and stable economic conditions

The Parliamentary Finance Committee downplayed concerns about the decline in oil prices on the economic reality, stressing that Iraq's financial and economic conditions are good, and that revenues exceed the size of concerns resulting from the possibility of a decline in global oil prices.

Member of the Parliamentary Finance Committee, MP Jamal Kojer, said in an interview with “Al-Sabah” followed by “Al-Eqtisad News”, that “oil prices have not fallen to worrying levels, and therefore we are now in a stable economic situation with a financial surplus, and therefore we cannot talk about a crisis unless oil prices fall to less than $70.”

The member of the Finance Committee stressed that "Iraq has gone through many economic and oil crises in the past, but the financial situation has remained stable and there is no fear of a current crisis."

“According to the Financial Management Law, the 2024 budget was supposed to be submitted after the middle of October, but there is still a delay in the expected schedules, which may be submitted in the first quarter of next year,” Koger continued. The MP pointed out that “the majority of the 2023 budget has already been disbursed, with 9 trillion dinars disbursed two months ago, while the 2024 budget has not yet been disbursed due to changes in governors and attempts to introduce new projects.”

The member of the Finance Committee added, "As for liquidity, the government has guaranteed the liquidity of salaries, but there is a shortage in the liquidity of projects. However, the projects that have been started will continue, including bridge projects   link

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Tishwash:  Rafidain announces collecting 3 trillion dinars from taxes within 9 months

 Rafidain Bank announced today, Wednesday, that it collected 3 trillion dinars from taxes during 9 months of the current year.

The bank's media office stated in a statement received by the Iraqi News Agency (INA), that "the total amounts of financial settlements related to electronic collection movements from state departments and institutions that have activated electronic collection and switched to electronic transactions and collected bills and fees from beneficiaries electronically via bank cards and  POS devices , is 3 trillion dinars during the first nine months of the current year."

He added, "This achievement represents the great interaction using electronic payment in financial transactions and ensuring the preservation of money movement paths and making them in a safe and transparent environment."  link

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Tishwash: An imminent process to change the skin of the Iraqi dinar.. Removing zeros will reveal the extent of currency manipulation

Government advisor: It must be preceded by political and economic stability

There has been talk once again about the possibility of removing zeros from the local currency, as the government is studying a bold option of changing the Iraqi dinar to its skin. Although this step carries promises of simplifying financial transactions, it raises concerns about its effects on the economy and citizens, especially in light of the inflation that the markets have been witnessing for a long time .

During the current month, the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, revealed new information regarding the project to delete zeros in Iraq, indicating that “the project is undergoing continuous review and study, taking into consideration the existence of an issued currency volume that has exceeded 100 trillion dinars, after it was 6 trillion in 2004. ”

Many countries take the step of removing zeros from their currency to revalue their national currency , and facilitate financial transactions by removing a certain number of zeros from the nominal value of the currency, making it appear less inflationary and more stable .

60countries experience

“Removing zeros from the local currency is a process that has taken place in more than 60 countries over the past years,” said Mazhar Mohammed Saleh, the Prime Minister’s financial advisor. “This step comes after economic inflation occurs in countries, and therefore they resort to deleting zeros in order to keep up with prices in the markets,” he explained. 

In an interview with Al-Jabal, Saleh continued, saying, “The abundance of zeros has doubled the monetary value of the currency now,” adding, “Political and economic stability must be achieved before resorting to deleting zeros.” 

According to Saleh, the process of deleting zeros will facilitate the financial trading process, in addition to facilitating the calculations, and will not affect the value of the currency and all goods in the market, pointing out that this process will also allow the issue of trading small currencies in the markets, which supports the poor class of society .

The Iraqi Council of Ministers (February 7, 2023) approved the decision of the Board of Directors of the Central Bank to adjust the exchange rate of the dollar against the dinar, equivalent to 1,300 dinars per dollar, after it was 1,480 dinars per dollar, which, according to observers, caused a significant decline in the value of the Iraqi dinar in the markets .

 What about the value of the dinar?

 In this regard, financial expert Mahmoud Dagher told Al-Jabal, “There is a high committee formed within the Central Bank that is continuing discussions and studying the deletion of zeros from the local currency of Iraq,” indicating that “the numbers on the currency have become very large, which is the main reason behind this process.” 

Dagher, a candidate for a senior position at the Central Bank, added, “The most prominent positive aspect of removing zeros from the currency is strengthening the psychological aspect of the currency by reducing the volume of transactions,” adding, “Removing zeros does not change the value of the money nor does it affect the volume of demand and the monetary mass.” 

" Iraq currently has a currency issue exceeding 100 trillion dinars," said Dagher, who pointed out that "there is a negative point resulting from this process, which is the large financial costs to cover this process, and therefore the committee needs to study all economic aspects before making the final decision." 

According to Dagher, changing the currency will lead to the Central Bank controlling the amount of cash liquidity outside the banking system and knowing the amount of currency available, stressing that this process will work to uncover manipulation, financial theft, and other things .

According to the circulated data, the foreign reserves of the Central Bank of Iraq cover 83.62% of the broad money supply, which is enough to cover the cost of imports for 15 months, while the global standard rate is 20 %.

Expected effects

According to the specialists’ view, the process of deleting zeros from the Iraqi local currency has many positives, as well as negatives, which can be summarized as follows :

The positives include: First: Simplifying calculations, as removing zeros will contribute to simplifying calculations and facilitating dealing with money .

Second: Improving the image of the currency, as deleting zeros may give the impression that the Iraqi currency has become more stable and stronger .

Third: Attracting investments, as this process may encourage investors to invest their money in the Iraqi economy .

As for the negatives:

 First: High costs, as implementing this project requires large costs to change banknotes and coins, and update electronic payment systems .

Second: Temporary confusion, as citizens may face some confusion in the first period after implementing the decision .

Third: The reform is not sufficient, as deleting zeros is only one of many measures necessary to achieve economic stability .

Steps to strengthen the dinar

In this regard, Drid Al-Shaker Al-Anzi, an economic expert, told Al-Jabal, “The Central Bank’s attempts to improve the reality of the local currency are many, but they always come to no avail.”

The Central Bank owns about $115 billion, 140 tons of gold, in addition to $43 billion in central treasury bonds, and $36 billion accumulated in savings at the Federal Reserve deposited in (JP Morgan), but they "did not and will not affect the strength of the Iraqi currency," according to the economic expert .

 Al-Anzi believes that “linking the Iraqi currency’s evaluation completely to the dollar through negotiations with the US Federal Reserve will allow for improving the strength of the Iraqi dinar,” stressing that this step will make the Iraqi dinar “stronger than the Jordanian dinar . ”

Al-Anzi points out that "the step of deleting zeros is not useful in improving the value of the Iraqi dinar compared to the countries of the region," considering that "it is a step that will only change digital transactions and has no positive value   link

Mot: Amazing how I can Still get Around !!! 

Mt: siiiggghhhhhhh -- Been un of Those Daze!!!