Seeds of Wisdom RV and Economic Updates Friday Morning 10-4-24

Good Morning Dinar Recaps,

CFTC REPORTEDLY MULLING ACCEPTING DIGITAL ASSETS AS TRADING COLLATERAL

The proposal faces multiple steps before approval, but its passage could ultimately be a boon for the digital assets market.

The use of digital assets as trading collateral could be approved by the United States Commodity Futures Trading Commission (CFTC) by the end of the year.

According to a report from Bloomberg, a subcommittee of the Commodity Futures Trading Commission’s Global Markets Advisory Committee recently voted affirmatively to recommend a proposal allowing digital ledger technology-based collateral in commodities and derivatives trading.

In effect, were the proposal to be accepted by the CFTC, traders could settle transactions using digital assets as collateral with the same speed and ease as similar digital ledger and blockchain based transactions.

Brokers would be able to accept blockchain-based tokenized assets, such as BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), via market-embedded systems.

Tokens as collateral
The use of blockchain-based assets as collateral in trading is already fairly common throughout the participating marketplace. However, those participants are limited to large firms such as BlackRock and JP Morgan. The CFTC’s general approval could serve as a catalyst for mainstream adoption.

However, it’s unclear at this time what exactly the Global Markets Advisory Committee has recommended or what’s even in the aforementioned proposal. According to Bloomberg, the main committee still has to approve the subcommittee’s recommendation before the proposal can be formally submitted to the CFTC for approval.

There’s no guarantee that the CFTC will approve the proposal or that it will pass without potential restrictions concerning which institutes and blockchains can participate.

As Cointelegraph recently reported, spot Bitcoin exchange-traded funds (ETFs) demonstrated banner performance throughout the month of September.

BlackRock's Bitcoin ETF in particular outperformed its peers. It saw the highest daily inflow of any fund during the month on Sept. 25, during a five-day inflow streak across all spot Bitcoin ETFs in the United States.

This demonstrates the growing popularity and prospective value of digital assets in the traditional finance markets. It could also serve as a bullish indicator for digital asset adoption overall and play some role in the CFTC’s decision-making process.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

IMF PRESSURES EL SALVADOR TO OVERHAUL BITCOIN REGULATIONS

According to the International Monetary Fund (IMF), El Salvador has an annual GDP growth rate of 3% and roughly $144 million in outstanding loans.

During an Oct. 3 press conference, the International Monetary Fund (IMF) renewed calls pressuring El Salvador to scale back its Bitcoin policies and overhaul its regulatory framework surrounding the digital asset.

Julie Kozack,  director of the IMF’s communications department, did not specify the exact details behind the proposed regulatory shift but instead provided this statement:

"What we have recommended is a narrowing of the scope of the Bitcoin Law, strengthening the regulatory framework and oversight of the Bitcoin ecosystem, and limiting public sector exposure to Bitcoin."

Since El Salvador legalized Bitcoin as a form of legal tender in 2021, the IMF has pressured the Central American country to step away from Bitcoin and embrace traditional financial infrastructure.

In August 2024, the IMF voiced the same demands but admitted that many of the purported risks of Bitcoin adoption “have not yet materialized.”

IMF attitude to Bitcoin and crypto
The IMF has expressed concerns regarding Bitcoin. As some fiat currencies experience devaluation, certain individuals and a few nation-states have begun exploring alternatives, including Bitcoin, which is often viewed as offering a different monetary framework compared to traditional fiat systems.

In 2023, the IMF provided technical consulting to help Andorra record and monitor Bitcoin transactions. Later, in March 2024, it suggested Pakistan institute a capital gains tax on crypto to qualify for a $3 billion loan.

More recently, IMF executives floated the idea of taxing energy used for crypto mining to reduce carbon emissions. This added tax could drive up energy costs for miners by 85%, a potentially devastating blow for an industry already struggling with post-halving economics and increased mining difficulty.

IMF pushes central bank digital currencies
While the IMF continues to oppose Bitcoin and non-state-controlled cryptocurrencies, it is simultaneously pushing for central bank digital currencies (CBDC) globally.

This past September, the IMF released its ”REDI” framework for CBDC development. REDI stands for regulation, education, design, and incentives — geared toward helping central banks make CBDC adoption more palatable to prospective populations.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

The BRICS economic bloc will add around 10 new members during its upcoming summit.

The world continues to change in big ways.

I will be covering this event live in real-time.

@ Newshounds News™

Source:   Gold Telegraph X  

~~~~~~~~~

️BREAKING NEWS:  El Salvador doubles down on Bitcoin, defies IMF concerns

Crypto community members have advised the Central American country's to reject the IMF recommendations.

El Salvador has doubled down on its Bitcoin moves despite ongoing pressure from the International Monetary Fund (IMF) regarding the country’s use of the digital asset.

On Oct. 4, Juan Carlos Reyes, President of the National Commission on Digital Assets (CNAD), announced that the Central American country’s lawmakers had passed “important amendments to the CNAD law.”

Bitcoin moves
According to him, these changes grant the CNAD authority to regulate Bitcoin companies in the country.

Further, the CNAD will now be the primary regulatory body overseeing the nation’s Bitcoin industry. It will also implement a risk-based regulatory framework to position El Salvador as a global digital asset adoption and regulation leader.

Reyes added:

“Our team [will] combine regulatory knowledge with practical Bitcoin experience, ensuring a balanced and effective approach.”

Reyes also mentioned that more information on the proposed regulatory framework will be shared in the coming weeks.

In a parallel development, the National Bitcoin Office (ONBTC) of the Office of the President of El Salvador stated that the country was building new capital markets on the bellwether digital asset.

According to ONBTC:

“Only on bitcoin can an individual ever self-custody their wealth and property. Capital will never form upon chains designed for velocity rather than sovereignty.”

These moves came after the IMF once again expressed concerns about El Salvador’s Bitcoin initiatives.

Julie Kozack, Director of the IMF Communications Department, stated that the country’s stance on Bitcoin remains an ongoing topic of discussion. She said:

“What [IMF] has recommended is a narrowing of the scope of the bitcoin law, strengthening the regulatory framework and oversight of the bitcoin ecosystem, and limiting the public sector exposure to bitcoin.”

Interestingly, this recommendation follows the IMF’s earlier acknowledgment that some risks associated with El Salvador’s Bitcoin involvement have not yet materialized.

Despite the IMF’s caution, many in the crypto community have advised the country to ignore this advice. Mathew Sigel, head of digital assets at VanEck, accused the IMF of holding El Salvador “hostage” over its pro-Bitcoin stance despite the nation’s economic and societal progress.

Instead, Sigel encouraged President Nayib Bukele to “stand firm” as his “vision is driving a remarkable transformation.”

@ Newshounds News™

Source:  CryptoSlate

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recap

“Tidbits From TNT” Friday Morning 10-4-2024

TNT:

Tishwash:  The Governor of the Central Bank receives the Turkish Ambassador and representatives of Turkish bank branches in Iraq

His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received the Ambassador of the Republic of Turkey to Iraq, His Excellency Mr. Anil Bora Inan, with a delegation of representatives of Turkish banks operating in Iraq.

The meeting coincides with the launch of financial transfers to Turkey, according to a new mechanism in euros and implemented within Turkey through its banks. This mechanism, which is being implemented for the first time, will simplify trade coverage operations with high fluidity and speed.

The attendees discussed ways to provide the requirements of the new mechanism; in order to make it a success and accommodate the large number of remittances from merchants and the business sector.

The bank representatives expressed their readiness to implement the new mechanism and provide the regulatory and supervisory requirements in coordination with the international auditing company. They also highlighted their efforts in expanding their channels with approved correspondent banks.

His Excellency the Ambassador praised the efforts of the Central Bank in managing the process of transformation in external transfers, and the measures taken by the bank to organize and facilitate transformation operations, praising his meeting with the Governor of the Central Bank of Iraq and the continuous and direct coordination between the Central Bank's management and authorized banks.

Central Bank of Iraq 
Media Office 
October 3, 2024  link

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

Tishwash:  Iraq Rethinks Bank Merger Plans

Iraq's Cabinet has revised an earlier decision to merge its Agricultural, Industrial and Real Estate Banks.

At the start of 2024, the Cabinet approved a contract with UK-based professional services firm Ernst & Young (EY) to study the merger of Industrial Bank, Real Estate Bank, and Agricultural Bank [Agricultural Cooperative Bank?] into a single entity, with Ernst & Young providing expertise and recommendations, and determining the time period required for the merger and the mechanism for transferring balances to the new bank.

The decision this week means that only the Agricultural Bank and the Real Estate Bank will be merged, while the Ministry of Finance has been tasked with converting the Industrial Bank into a joint-stock company.

A statement from the Prime Minister's Office confirmed that Ernst & Young will assess the Industrial Bank's assets, and the existing contract with EY will be amended to include these changes.

Additionally, the Cabinet approved a 500 billion dinar [$382 million] capital increase for the Trade Bank of Iraq (TBI), sourced from its profits. link

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

Tishwash:  World Bank: Iraq has made progress in improving the business environment, making it globally competitive

The World Bank confirmed, today, Thursday, that Iraq is witnessing a major transformation in improving the business environment and public services, which has made it competitive globally.

The Ministry of Finance said in a statement received by the Iraqi News Agency (INA): "The World Bank issued the Business Ready 2024 (B-READY) report, which showed that Iraq is witnessing a major transformation in improving the business environment, and clarified the progress made by Iraq in vital areas such as regulatory frameworks, public services, and operational efficiency."

She added, "The report showed some positive developments and achievements that Iraq has made in making the business environment more attractive and efficient for local and international companies, including:

1- Stability of the regulatory framework, as Iraq has made significant progress in creating a more stable and business-friendly regulatory framework, and has succeeded in improving the ease of doing business by simplifying company registration processes and eliminating minimum capital requirements. This improvement contributes to making Iraq more attractive to entrepreneurs, especially small and medium enterprises (SMEs), which play a key role in creating job opportunities and diversifying the economy. Positive impact: Aligning Iraqi commercial regulations with international standards has facilitated cross-border transactions and created a more stable and predictable environment for investors.

2- Improving access to public facilities and infrastructure, as Iraq has made tangible progress in the public utilities sector, which is essential for business operations. The government has reduced the time required to access basic services such as electricity and water, and infrastructure investments are currently underway to improve the reliability of service delivery in the future. Positive impact: These reforms have already contributed to reducing operational disruptions and increasing investor confidence in the market, despite the need Further improvements are underway.

3- Strengthening labor market regulations, as Iraq introduced new labor market regulations aimed at protecting workers and promoting market inclusiveness. Achievements include equal pay policies, anti-discrimination regulations, and support for collective bargaining rights. The government also expanded public employment services and training programs to meet the needs of the private sector. Positive impact: These reforms have helped create a more flexible and inclusive labor market, making Iraq more globally competitive.

She pointed out that, “Despite the positive points documented in the report, it was based on outdated data collected in 2023 by the Business Ready team from the private sector, and the data reflects the stage that preceded its collection before the current government’s reform initiatives and the stimulus general budget were fully implemented.”

She continued, “Because the government has given great attention to the private sector, the business environment has developed significantly over the past two years and will continue to develop at an accelerated pace in the coming months and years when the fruits of the reforms are fully reflected, including what has been achieved, such as: reforming a significant number of laws and regulations, tax and customs reforms, electronic payment, e-commerce, digital transformation, reforming state-owned companies, guarantees granted to the private sector, and others.

Therefore, the report did not fairly show Iraq’s journey towards reform and the progress made in many areas, including establishing a more stable regulatory framework.”

The ministry stressed that "the Iraqi government is committed to continuing economic reforms, and the impact of the general budget and reform initiatives will appear in future reports based on updated data, which is what the World Bank should have done originally in the report issued today."  link

Mot: ..... Poor Little Guy!!! ~~~~~

Mot: .... good ole ""Earl"" is Always there fer ""Opal"" 

Iraq Economic News and Points To Ponder Thursday Evening 10-3-24

World Bank: Iraq Has Made Progress In Improving The Business Environment

Economy  | 03/10/2024  Mawazine News – Economy  The Ministry of Finance announced today, Thursday, that Iraq has made progress in improving the business environment that will make it competitive globally.

A statement by the Ministry of Finance received by Mawazine News stated that "the World Bank issued today, Thursday, the Business Ready 2024 (B-READY) report, which showed that Iraq is witnessing a major transformation in improving the business environment, and clarified the progress made by Iraq in vital areas such as regulatory frameworks, public services, and operational efficiency."

The report showed some positive developments and achievements that Iraq has achieved in making the business environment more attractive and effective for local and international companies, including:

1. "Stability of the regulatory framework" as Iraq has made significant progress in creating a more stable and business-friendly regulatory framework. It has succeeded in improving the ease of doing business by simplifying company registration processes and eliminating minimum capital requirements.

 This improvement contributes to making Iraq more attractive to entrepreneurs, especially small and medium-sized enterprises (SMEs) that play a key role in creating job opportunities and diversifying the economy. (Positive Impact):

Aligning Iraq’s trade regulations with international standards has facilitated cross-border transactions and created a more stable and predictable environment for investors.

2. “Improving Access to Utilities and Infrastructure” Iraq has made significant progress in the utilities sector, which is essential for businesses to operate.

The government has reduced the time it takes to access basic services such as electricity and water. Infrastructure investments are underway to improve the reliability of service delivery in the future.

(Positive Impact): These reforms have already reduced operational disruptions and increased investor confidence in the market, although further improvements are needed.

3. “Strengthening Labor Market Regulations” Iraq has introduced new labor market regulations aimed at protecting workers and promoting market inclusiveness. Achievements include equal pay policies, anti-discrimination regulations, and support for collective bargaining rights.

The government has also expanded public employment services and training programs to meet the needs of the private sector. (Positive Impact): These reforms have helped create a more flexible and inclusive labor market, making Iraq more globally competitive.

The statement of the Ministry of Finance continued, “Despite the positive points documented in the report, it was based on outdated data collected in 2023 by the Business Ready team from the private sector - and the data reflects the stage that preceded its collection before the current government’s reform initiatives and the general stimulus budget came into effect in full.

Given that the government has given great attention to the private sector, the business environment has developed significantly over the past two years and will continue to develop at an accelerated pace in the coming months and years when the fruits of the reforms are fully reflected, including what has been achieved, such as: reforming a significant number of laws and instructions, tax and customs reforms, electronic payment, e-commerce, digital transformation, reforming state-owned companies, guarantees granted to the private sector, and others.

Therefore, the report did not fairly show Iraq’s journey towards reform and the progress achieved in many areas, including establishing a more stable regulatory framework.”

He concluded: “The Iraqi government is committed to continuing economic reforms, and the impact of the general budget and reform initiatives will appear in future reports based on updated data, which is what the World Bank should have done originally in the report issued today.” https://www.mawazin.net/Details.aspx?jimare=255574

Customs: Our Revenues During 7 Months Of The Current Year Exceeded One Trillion Dinars

Money and business  Economy News – Baghdad  The General Authority of Customs announced, on Thursday, that customs revenues exceeded one trillion dinars during 7 months of the current year 2024, indicating that it is about to implement real reform measures that will positively affect the level of revenues.

The head of the authority, Hassan Al-Akeili, said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "customs revenues during the year 2022 were 807 billion dinars, and in the year 2023, revenues rose to one trillion and 33 billion, an increase of 28%, while the current year 2024 and until last July, revenues reached one trillion and 145 billion dinars."

He pointed out that "the Authority hopes that revenues will reach 2 trillion dinars by the end of this year, although the current rate is still below the level of ambition," stressing that "the Authority is about to implement real customs reform measures that will positively affect the level of revenues."

Al-Akeili added, "The estimated amount of the authority's revenues in the budget is 2 trillion dinars, and we are on track to reach it by the end of the year." 141 views   2024/10/03 https://economy-news.net/content.php?id=48308

Oil Jumps Nearly 2% On Middle East Supply Concerns

03 October 2024 | Economic Baghdad / NINA / Oil prices rose on Thursday evening, amid investor concerns that the expansion of the war in the Middle East could disrupt crude supplies from the region.

Brent crude futures rose $1.41, or 1.91 percent, to $75.31 a barrel, while West Texas Intermediate crude futures rose $1.45, or 2.07 percent, to $71.55 a barrel.

Market concerns are growing about the possibility of Israel targeting Iranian oil infrastructure, raising the specter of retaliation from Iran.

Analyst Ashley Kelty, of Panmure Gordon, told Reuters that there are concerns that such an escalation could prompt Iran to close the Strait of Hormuz or attack Saudi infrastructure, as it did in 2019.

The strait is a major logistics point through which a fifth of daily oil supplies pass. / End9

https://ninanews.com/Website/News/Details?key=1159557

Central Bank Governor: New Mechanism For Financial Transfers To Türkiye In Euros Launched

Banks  Economy News – Baghdad  The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, confirmed on Thursday the launch of a new mechanism for financial transfers to Türkiye, implemented in the euro.

A statement by the Central Bank, received by "Al-Eqtisad News", stated that "the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, received the Ambassador of the Republic of Turkey to Iraq, Anil Bora Inan, with a delegation of representatives of Turkish banks operating in Iraq."

The statement added, quoting Al-Alaq, that "the meeting coincides with the launch of financial transfers to Turkey, according to a new mechanism carried out in euros and implemented within Turkey through its banks," stressing that "this mechanism, which is being applied for the first time, will simplify trade coverage operations with high fluidity and speed."

The statement explained that "the attendees discussed ways to provide the requirements of the new mechanism; in order to make it a success and accommodate the large number of transfers from merchants and the business sector."

The statement continued, "the representatives of the banks expressed their readiness to implement the new mechanism and provide the regulatory and supervisory requirements, in coordination with the international auditing company," and they also indicated "their efforts in the context of expanding their channels with approved correspondent banks."

The statement indicated that "the Turkish ambassador praised the efforts of the Central Bank in managing the process of transformation in external transfers, and the measures taken by the bank to organize and facilitate the transformation processes," praising "his meeting with the Governor of the Central Bank and the continuous and direct coordination between the Central Bank's management and authorized banks."  - https://economy-news.net/content.php?id=48312

In Iraqi Dinars.. The Iraqi Government Opens Accounts To Deposit Donors’ Money

Local | 03/10/2024  Mawazine News – Baghdad  The Iraqi government announced, on Thursday, the opening of accounts in the Trade Bank of Iraq (TBI) to receive donations from citizens, institutions and businessmen.

A statement by the Prime Minister's Office, received by Mawazine News, added that "within the framework of Iraq's continued support for the people of Gaza and Lebanon, the Iraqi government has decided to open accounts in the Trade Bank of Iraq (TBI) to receive donations from citizens, institutions and businessmen, in response to the directives of the supreme authority and the desire of the Iraqi people to strengthen the steadfastness of our brothers in the face of the Israeli aggression."

Opened bank accounts:

- Account for the relief of the people of Gaza:

Name: Office of the Prime Minister - Relief of the people of Gaza

Number: IBAN IQ07 TRIQ 9890 1101 4345 001

Account for the relief of the people of Lebanon:

Name: Office of the Prime Minister - Relief of the people of Lebanon

Number: IBAN IQ07 TRIQ 9890 1101 4346 001

The Prime Minister and members of the Council of Ministers donated a month's salary each to support these two accounts.

An electronic application will also be announced later, allowing citizens, public service employees and businessmen to donate easily without having to visit the bank. The Federal Supreme Audit Bureau will have to conduct continuous audits of these accounts to ensure transparency and integrity in the management of donations.

This approach reflects the spirit of solidarity and cooperation among peoples in the face of humanitarian crises.   https://www.mawazin.net/Details.aspx?jimare=255567

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

Seeds of Wisdom RV and Economic Updates Thursday Evening 10-3-24

Good Evening Dinar Recaps,

BRICS UNIFIED EXCHANGE TO LEVERAGE BLOCKCHAIN AND VIRTUAL CURRENCY FOR SETTLEMENTS

Deputy Chairman of the State Duma Alexander Babakov proposed creating a unified BRICS exchange using blockchain and virtual currency for inter-bloc settlements.

 Babakov stated that such an organization “will be the key to the economic sovereignty and independence of our countries,” while sidestepping the use of third-party payment networks.

Newly Proposed BRICS Unified Exchange May Use ‘Blockchain and Virtual Currency’
BRICS, the international organization, is eyeing digital solutions to reduce its dependence on third-party payment systems. 

Deputy Chairman of the State Duma Alexander Babakov proposed creating a single BRICS exchange, where countries of the block would conduct trade and settlements of their products, including raw materials and goods.

Babakov told Ria Novosti that such an organization would bring benefits to the member states, allowing them to stop relying on currencies of adversary countries like the U.S. dollar. 

Babakov stated that the exchange might allow member states to make payments in national currencies and “even develop their own settlement mechanism based on blockchain and a single virtual currency” and “strengthen the financial sovereignty of our countries.”

Talks of a single, BRICS-wide currency spurred last year. However, the organization pivoted to increase the use of national currencies instead. The move has already reported positive results, with national currency settlements exceeding U.S. dollar payments.

The BRICS bloc, integrated by Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE), accounts for a fourth of all the trade conducted, and more than one-third of the world’s gross domestic product (GDP). This means the hypothetical exchange would move a relevant part of the world’s trade, disrupting the use of the U.S. dollar.

President Vladimir Putin disclosed that BRICS was already designing and implementing an independent payment system to create “conditions for efficient and independent servicing of the entire foreign trade.” This system could be part of the proposed exchange.

@ Newshounds News™

Source:  Bitcoin News

~~~~~~~~~

PAYPAL SETTLES INVOICE WITH EY IN PYUSD FIRST BUSINESS PAYMENT

PayPal’s senior vice president for blockchain, cryptocurrency, and digital currency stated that stablecoins are well-suited for enterprises.

PayPal completed its first business payment on Sept. 23, using its stablecoin PYUSD to settle an invoice with Ernst & Young LLP, Bloomberg News reported on Oct. 3.

The transaction was facilitated using software company SAP’s digital currency hub, a platform that allows businesses to send and receive digital payments instantly. The amount was not disclosed.

Stablecoin payments suitable for business
Notably, stablecoins are usually tied to retail users, especially in regions with volatile fiat currencies.

According to the “2023 Geography of Cryptocurrency Report” by Chainalysis, countries such as Argentina, Venezuela, and Mexico display high usage of stablecoins as protection against inflation and a cheaper alternative to make cross-border transactions.

Jose Fernandez da Ponte, PayPal’s senior vice president for blockchain, cryptocurrency, and digital currency, stated that the enterprise environment is also well-suited to the usage of stablecoins.

He added that business-to-business payments, especially cross-border, are often slow and costly due to third-party intermediaries. Thus, the adoption of stablecoins in these cases offers faster settlement and is increasingly favored by businesses.

PayPal introduced services on Sept. 25 that allow US merchants to buy, hold, and sell crypto via their business accounts.

An Ernst & Young survey published in July highlighted that PYUSD is the most used stablecoin for payments, with 47% of respondents using the PayPal dollar-pegged token in their payments. The survey included accredited and non-accredited investors.

Moreover, the payments infrastructure BVNK started swapping US dollars sent to its platform through Swift for stablecoins, including PYUSD, and then sending the funds to clients around the globe.

The vice president of crypto-related business at PayPal also addressed concerns in the industry following the collapse of FTX. He explained that the partnership with such traditional giants is to demonstrate the stability and utility of PYUSD for business transactions.

@ Newshounds News™

Source:  CryptoSlate

~~~~~~~~~

PAUL GREWAL HIGHLIGHTS INCONSISTENCIES IN SEC LEGAL CLAIMS

▪️Paul Grewal highlights inconsistencies in the SEC's legal strategies.
▪️Coinbase and Ripple face significant challenges from the SEC.
▪️Regulatory clarity is crucial for the healthy development of the crypto economy.

Paul Grewal, the Chief Legal Officer of Coinbase, has identified inconsistencies in the U.S. Securities and Exchange Commission’s (SEC) legal claims. He expressed this view based on the SEC’s response filed in the Lejilex case.

Lejilex Case
In the Lejilex case, the SEC argues that whether digital asset transactions qualify as securities is determined not by the nature of the asset. However, Grewal pointed out that the SEC has stated the opposite to Judge Failla.

Grewal claims that the SEC shares different opinions with one judge compared to another. He stated that he does not expect such inconsistencies from U.S. authorities. Coinbase has been supporting Lejilex against the SEC for the past few months.

“We will do everything we can to provide regulatory clarity for cryptocurrency investors.” – Grewal

SEC and Ripple Battle
In the case between Coinbase and the SEC, the SEC sought to extend the discovery period from October 18 to February 18. During this postponement, Coinbase filed a motion requesting the Commodity Futures Trading Commission (CFTC) to communicate with the issuers of 12 tokens mentioned in the related case. This move will aid the lawsuit in the Southern District of New York.

Ripple Labs, a blockchain-based payment infrastructure firm, is also under pressure from the SEC. The SEC has been pursuing its case against Ripple for nearly four years and has recently appealed regarding the securities status of XRP.

Lawyers supporting Ripple believe the SEC will likely face a negative outcome this time as well. The SEC’s inconsistencies have become a central discussion point in many cryptocurrency cases. Similar to the Lejilex example, the regulatory body has defined these as personnel errors in numerous instances.

It remains uncertain how these inconsistencies will impact the authorities’ decisions in the appeals process. If the SEC can provide clearer evidence proving the business relationship between Ripple and XRP, we might see a reversal of the decision.

@ Newshounds News™

Source:   Coin Turk  

~~~~~~~~~

BREAKING NEWS ON PORTS | Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recap

Economist’s “News and Views” 10-3-2024

Note: There are rumors the port strikes may be over or will be soon…..

Fears of Global Shortage of Crude Oil Send Prices up Amid Massive Port Strikes

Lena Petrova:  10-3-2024

In the ever-evolving landscape of global economics, few events can send shockwaves through markets quite like an oil supply shock. Recently, a combination of massive port strikes and geopolitical tensions has led to an unprecedented surge in crude oil prices, igniting fears of a potential global shortage.

 As countries scramble to secure their energy supplies, it’s essential to understand the underlying factors that are driving this crisis and what it means for consumers and industries alike.

https://youtu.be/TT3QYQau3zs

Port Strike Catastrophe, $5 Billion a Day and Rising Prices Everywhere

Taylor Kenny:  10-3-2024

In a development that could shake the foundations of the U.S. economy, a massive port strike is currently gripping the nation. The repercussions are already being felt, as millions of dollars in trade are disrupted, leading to rising prices and escalating inflation. Taylor Kenney from ITM Trading recently shared insights into this monumental strike—the largest the United States has seen in over fifty years—and the severe implications it could have for inflation, production, and the overall economic landscape.

The numbers speak volumes. With the strike estimated to cost the economy a staggering $5 billion a day, it’s crucial to understand how this situation escalated. The reasons for the labor unrest are multifaceted, primarily rooted in disputes over wages, working conditions, and job security, which have been festering for years. The immediate impact is felt at West Coast ports—critical arteries for international shipping—where cargo ships are left anchored, waiting to unload their containers filled with goods.

According to data released recently, the strike has caused significant backlogs in the supply chain, making it increasingly difficult for businesses to obtain necessary materials and products. This isn’t just a localized problem; it’s a crisis with national ramifications that reaches into every grocery store, warehouse, and manufacturing plant across the country.

As the strike persists, inflation rates are likely to see another jolt upward. The U.S. has been grappling with inflation for months, with prices rising at an alarming pace. Now, the disruption in port operations only adds fuel to the fire. When goods are delayed, they become scarcer, and scarcity, as we know, drives prices higher.

Consumers may begin to notice higher prices on essential goods, ranging from food items to electronics. This reality is even more pressing for households already dealing with tight budgets, as increased costs can lead to difficult choices about where to allocate their resources. Moreover, as retailers and manufacturers face higher shipping costs due to delays and increasing demands for faster service once operations resume, it’s reasonable to expect that those costs will be passed along to consumers.

Production processes across various industries are intricately linked to the flow of goods. Manufacturing relies heavily on timely deliveries of raw materials; disruptions at ports can halt these production lines. A recent report highlighted that sectors like automotive and consumer electronics are already reporting slowdowns in production due to a lack of components and materials stuck in shipping limbo.

This slowdown could lead to job losses in sectors reliant on timely production, further exacerbating the economic challenges faced by workers across the country. Business owners may also have to reassess their operational capacities, leading to potential layoffs or reduced hours, which would just further impact the economy and consumer confidence.

While temporary strikes can lead to a quick resolution motivated by negotiations, the long-term implications of this port strike could be drastic.

If no agreement is reached, companies may need to find alternative shipping routes or suppliers, adding complexity and cost to their operations. This shift could displace workers, upset long-standing relationships, and even lead to a reshaping of U.S. logistics.

As we look ahead, it’s essential for policymakers and industry leaders to recognize the urgency of this situation. A swift resolution will be critical in preventing further damage to the supply chain, stabilizing prices, and restoring confidence in the economy.

https://youtu.be/2OlnrMr-AU8

https://dinarchronicles.com/2024/10/03/itm-trading-port-strike-catastrophe-5-billion-a-day-and-rising-prices-everywhere/

Seeds of Wisdom RV and Economic Updates Thursday Afternoon 10-3-24

Good Afternoon Dinar Recaps,

VISA LAUNCHES PLATFORM TO HELP BANKS ISSUE STABLECOINS GLOBALLY

▪️Platform is expected to go live in 2025, payments firm says
▪️A pilot test will be run on Ethereum at some point next year

Visa Inc. is launching a platform for banks to issue fiat-backed tokens such as stablecoins and tokenized deposits, as more financial institutions and businesses express interest in how cryptocurrencies and blockchain technology can improve their operations.

The product, which will be known as the Visa Tokenized Asset Platform or VTAP, will allow banks to “mint, burn and transfer” tokens. While still in the testing stage, the plan is to go live next year, according to a Thursday statement.

Stablecoins are cryptocurrencies whose value is usually pegged to assets such as the dollar. They’re used to conduct transactions and as a refuge from the often volatile price swings in tokens like Bitcoin and Ether.

Spanish bank BBVA has been testing the platform through the year and expects a pilot for select customers on the Ethereum blockchain at some point next year.

“Visa has been at the forefront of digital payments for nearly sixty years, and with the introduction of VTAP, we are once again setting the pace for the industry,” Vanessa Colella, global head of innovation and digital partnerships at Visa, said in the statement.

Stablecoins and other fiat-backed tokens have gained in popularity, with PayPal Holdings Inc.’s PYUSD and other offerings in the market. Stripe Inc. also allows merchants using its payments processing capabilities to accept stablecoins for online transactions.

“We’re excited to leverage our experience with tokenization to help banks integrate blockchain technologies into their operations,” Colella said.

@ Newshounds News™

Source:  Bloomberg

~~~~~~~~~

RIPPLE TEAMS WITH BRAZILIAN EXCHANGE TO LAUNCH INTERNATIONAL PAYMENT SOLUTION

▪️Ripple and Mercado Bitcoin partner to streamline international payments in Brazil, enhancing cross-border treasury operations.

▪️Ripple expands its Latin American presence through Mercado Bitcoin, aiming to simplify cross-border payments for businesses.

By means of a strategic alliance with one of Brazil’s biggest cryptocurrency exchanges, Mercado Bitcoin, Ripple has strengthened its footprint in Latin America.

Using Ripple’s payment system, Mercado Bitcoin will be the first Brazilian company, especially with an eye toward improving internal treasury processes between Brazil and Portugal.

Ripple Strategic Expansion in Brazil’s Growing Crypto Market
The cooperation coincides with a period of fast expansion in the crypto market of Brazil. Known for offering real-time settlement and liquidity solutions, Ripple’s digital infrastructure fits quite well in the framework of Brazil’s dynamic crypto policy scene.

The cooperation between Mercado Bitcoin and Ripple is expected to speed up and make more reasonably priced international payments. This lets companies quickly onboard and fast access over 80 worldwide marketplaces by integrating Ripple’s technology with minimum friction.

For Ripple, this alliance marks yet another phase of its continuous expansion over Latin America. Since 2019, when it first established local offices, the corporation has been progressively becoming more visible in Brazil.

Working with Travellex Bank, Ripple unveiled its On-Demand Liquidity (ODL) service in Brazil in 2022, enabling Brazilian companies to make flawless, international payments with cryptocurrency.

By means of this new partnership, Mercado Bitcoin will also be able to use the global scale and liquidity of Ripple, providing improved payment options for its clients.

Head of banking at Mercado Bitcoin Jordan Abud showed enthusiasm about this alliance and underlined how it would help the global aspirations of the exchange. By means of Ripple’s sophisticated payment system, Mercado Bitcoin seeks to lower running expenses and provide a more all-inclusive platform for its customers.

On the other hand, as we previously highlighted, SCB, another Ripple partner, just collaborated with Thunes to increase its instant remittance capabilities.

By means of its SCB Easy platform, this cooperation enables SCB to provide money transfers across 26 countries with support for 17 currencies. Using RippleNet for cross-border payments guarantees that SCB makes transparent and safe transactions rather than merely quick ones.

https://www.crypto-news-flash.com/ripple-teams-with-brazilian-exchange-to-launch-international-payment-solution/

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

🌍Silver the People's Metal  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Iraq News Highlights and Points To Ponder Thursday Afternoon 10-3-24

Dollar Trading Halted In Anbar Due To High Exchange Rate

Economy   Today    Information/Anbar  Exchange offices in Anbar province have refrained from buying and selling the dollar after sudden speculations led to a rise in the exchange rate.

A source in the governorate told Al-Maalouma Agency that "the fluctuation in the exchange rate of the dollar, which rose suddenly, led to exchange offices refraining from trading in the currency."

He added, "The exchange offices are waiting for the market to stabilize to resume trading in the dollar."

He explained that "a force from the National Security Service carried out a security operation targeting a number of exchange offices in search of exchange rate speculators."

He explained, "The exchange rate jumped to 155 thousand dinars for every 100 dollars after it was 150 thousand dinars for every 100 dollars." End 12A  LINK

Dollar Storm Hits Local Markets.. Only Half A Point Left For 155 Thousand - Urgent

Economy |Baghdad Today - Baghdad

Today, Thursday (October 3, 2024), the dollar exchange rates recorded a new rise in the main stock exchanges and local markets in Iraq.

Baghdad Today correspondent said that the exchange rates in the main stock exchange in the capital, Baghdad, recorded a price of 153,500 dinars for every 100 dollars.

He added that the selling price of the dollar in local markets was 154,500 dinars, while the buying price was 152,500 dinars for every 100 dollars.

He added that the selling price of the dollar in Erbil reached 154,500 dinars, while the purchase price reached 153,750 dinars for every 100 dollars.

He pointed out that the selling price of the dollar in Basra reached 154,000 dinars, while the purchase price reached 153,500 dinars for every 100 dollars.   LINK

This Is Why Oil Traders Are Betting On It Rising To $100 

Energy   Economy News - Follow-up  A wave of crude oil options that could be triggered if prices rise to $100 a barrel were traded on Wednesday, a sign that some traders are looking to hedge against the risk of supply disruptions in the Middle East.

At 11:20 a.m. in New York, about 27 million barrels of Brent crude were trading at $100 for December options, while more than 7 million barrels of U.S. crude were trading at $100 for December options.

Market participants said the flows were likely a mix of buying and selling. While some traders were trying to hedge against a short-term surge in oil prices, others had sold call options in recent weeks and had to cover those positions.

I think of $100 call options as insurance policies for people who are hoping their insurance policy is going to be worthless,” said Scott Shelton, an energy specialist at TPICAP Group Plc.[/rtl]

“I still think there is potential for a significant loss of production, but when it comes to geopolitics, it is always difficult to predict,” he added, noting that the fundamental balance between supply and demand remains weak overall

Brent crude on Tuesday posted its biggest daily swing since March last year as Iran launched a missile attack on Israel and Tel Aviv vowed to retaliate, a move that rippled through an oil market that had seen heavy selling in previous weeks

The increased interest in options contracts, which bet on rising prices, has led to their value soaring. For example, options contracts on West Texas Intermediate and Brent crude oil have hit $100, the highest level since mid-August.

However, traders warn that this bullish trend in options may be driven by a market that is certain to face an oversupply in the coming months, with unstable demand growth and increased production from OPEC+ members and other producers

While some contracts were traded directly, others were spreads that involved simultaneously buying $100 options and selling related contracts, such as $120 options,limiting the ultimate profit from the upside - https://economy-news.net/content.php?id=48295

Baghdad And Washington Discuss Enhancing Joint Cooperation In The Fields Of Energy, Oil And Economy

Thursday 03 October 2024 12:32 | Economic Number of readings: 44  Baghdad / NINA / Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein discussed with the US Under Secretary of State for Management, Ambassador John Bass, and the Energy Affairs Officer, Ambassador Jeffrey Bate, enhancing joint cooperation in the fields of energy, oil and economy.

A statement by the Ministry of Foreign Affairs stated that Hussein met with John Bass and Jeffrey Bate on the sidelines of the ministerial meeting of the international coalition against ISIS held in Washington. During the meeting, they discussed enhancing joint cooperation in the fields of energy, oil and economy, and continuing diplomatic efforts to maintain the stability and security of Iraq.

The two sides also discussed the need to protect sea lanes to ensure the export of Iraqi and Gulf oil by securing these lanes.

According to the statement, the focus was on continuing the dialogue between Baghdad, Erbil and the oil companies operating in the Kurdistan Region of Iraq to ensure the resolution of disputes related to oil exports. The security situation in the region and the repercussions of the ongoing escalation and its impact on energy and oil sources were also discussed.

The two sides stressed the importance of continuing cooperation between the United States and Iraq to ensure that the country does not get dragged into any regional escalation, and to work to confront the economic challenges resulting from regional unrest.

For his part, Ambassador Bass welcomed Iraq's participation in the tenth ministerial meeting of the international coalition against ISIS, and the strengthening of efforts to combat terrorism. https://ninanews.com/Website/News/Details?key=1159487

Government Moves To Build 6 New Refineries

Thursday,03-10-2024,  Taisir Al-Asadi  The Parliamentary Oil and Energy Committee is working on reviewing and amending the Crude Oil Refining Investment Law of 1964 with the aim of enhancing investment in the oil refinery sector. While expressing its support for the government’s initiative to generalize electronic payment operations at fuel stations in the governorates, it revealed that there is a trend to establish six new refineries.

Sabah Sobhi, a member of the Oil and Energy Committee, told Al-Sabah that “the crude oil refining law is old and contains conditions that do not encourage investment, noting that amending it has become necessary to attract local and international investments, which can contribute to improving the quality of production and reducing environmental costs.”

Sobhi pointed out that "the amendments will provide a more attractive legal environment for companies wishing to enter this sector, which will reduce the financial burden on the government, which is working to develop the infrastructure, increase the production capacity of refineries, and reduce environmental damage resulting from the old technologies currently used."

In addition, the committee expressed its support for the government's initiative to generalize electronic payment operations at fuel stations in the governorates, indicating that this step is important in enhancing transparency and reducing traditional cash transactions and contributes to improving service and collecting money.

Sobhi said: "The use of electronic payment facilitates the process of obtaining fuel, and its generalization in the governorates will benefit the state by improving the mechanisms for recovering and collecting money in a better way than paper transactions that are subject to damage."

Sobhi explained that "this trend enjoys the full support of the committee, because it is in line with development and represents a qualitative shift in the fuel filling sector, which makes obtaining the service smoother and reduces the financial and administrative burdens on the state, in addition to contributing to reducing financial corruption resulting from traditional paper transactions.

In a related context, Sobhi explained that relying on oil alone creates great risks for the Iraqi economy, especially when sudden price drops occur, noting that the committee supports increasing non-oil revenues and addressing any emergency situation.

He stressed that "the committee is keen to keep subsidized gasoline prices as they are, despite government support."

In a related context, committee member Basem Naghamish explained to "Al-Sabah" that "Iraq is committed to the OPEC agreement on production levels and there is no intention to increase it at present to maintain price stability, noting that the Iraqi government announced plans to establish six new refineries, and some companies have begun purchasing private investment portfolios." https://non14.net/public/170726

Eagerly Waiting" OPEC Awaits Global Production Estimates To Confirm Iraq's Commitment

Economy   2024-10-03 | Alsumaria News – Economy   OPEC is eagerly awaiting the second week of October, awaiting the release of secondary sources' reports on member states' production estimates, in order to ensure the extent of OPEC's commitment to...Iraq With production compensation plans that were supposed to start last September.

During the meeting held yesterday, Wednesday, he stressed that Iraq Kazakhstan and Russia, achieving full compliance and compensation according to the timetables submitted for September, and the three countries renewed their strong commitment to maintaining full compliance and compensation throughout the remaining period of the agreement,

while the organization indicated that the final assessments of crude oil production levels in September are based on approved secondary sources that provide data on the production of the countries participating in the Declaration of Cooperation, which will be available by the second week of October 2024.

Iraq's production capacity is 4.6 million barrels per day, but according to the OPEC reduction agreement, its share has reachedIraq4.4 million barrels per day, but it made voluntary cuts in two stages that made its share only 4 million barrels per day, but it did not adhere to all of these stages, to present a compensation plan starting from September 2024 and ending in September 2025.

This compensation plan ensures that it reducesIraqIts production is between 90 and 120 thousand barrels per day, which means that the productionIraqStarting in September, it should be around 3.9 million barrels per day with only the Kurdistan Region producing.

While everyone is waiting for the secondary sources’ estimates to be released, the Bloomberg estimates that have already been released indicate thatIraqIt has reduced its production by 70,000 barrels per day, but it is still far from achieving the compensation plan, as well as the voluntary reduction plan in particular, as it produced 4.25 million barrels per day last September, which is about 10% more production than it is supposed to produce.IraqIn September, it was only 3.9 million barrels per day.

There were reports of "Saudi discontent" with the failure of some OPEC member states to adhere to production quotas, which could lead to Saudi Arabia and other major producing countries abandoning the agreement and increasing their production and flooding the market, which could lead to a major collapse in oil prices, or what is known as a "price war."  LINK

40 Countries Want to Ditch the US Dollar

40 Countries Want to Ditch the US Dollar

We Love Africa:  10-2-2024

In a world increasingly defined by economic interdependence, the dominance of a single currency has profound implications for global trade and financial stability. For decades, the US dollar has reigned supreme, shaping international transactions and financial systems.

However, a new alliance is emerging, giving developing countries a viable alternative. The BRICS alliance—comprising Brazil, Russia, India, China, and South Africa—stands at the forefront of this transformation, captivating the attention of nearly 40 additional nations eager to break free from the dollar’s grip.

Emerging economies in Asia, Africa, and South America share a collective aspiration to reduce reliance on the US dollar, and they are actively exploring alternatives. The financial landscape is shifting, as countries recognize the vulnerabilities associated with dollar dependence—be it through economic sanctions, inflationary pressure, or currency fluctuations. In response to these challenges, a diversified financial architecture supported by local currencies is becoming increasingly attractive.

The BRICS nations are leading the de-dollarization effort by creating pathways that facilitate trade and investment without the USD as the main currency. By fostering collaboration among member countries, they are working to establish a more equitable economic environment that promotes domestic currencies, reduces transaction costs, and ultimately strengthens their economies.

As interest in the BRICS alliance grows, nearly 40 nations have expressed a desire to join in 2024. This wave of interest highlights a fundamental shift in the global economic order. Countries from diverse backgrounds see BRICS as a platform to amplify their voices and interests in a world dominated by the West. By joining forces, these nations aim to reshape international trade and finance, creating a more multipolar world.

The motivations behind this expansion range from the quest for economic stability to a desire for enhanced political influence on the global stage. The BRICS nations are not merely coming together out of necessity; they share a vision of sovereignty and economic resilience that resonates deeply with many developing countries.

Among the BRICS members, China emerges as a pivotal player in this tectonic shift. Analysts predict that the yuan could become a preferred alternative for countries looking to navigate away from the dollar. China’s established trade relationships across the globe position its currency as an attractive choice for international transactions and investments. The Belt and Road Initiative exemplifies China’s strategy to expand its economic influence, promoting the yuan’s use in various regions.

As countries explore using local currencies for trade and investment, we may witness a growing trend of bilateral trade agreements that eschew the dollar altogether. This could lead to a gradual but significant decline in dollar transactions, reshaping the global financial landscape.

The potential for BRICS to influence the global financial system is staggering. While it remains to be seen how quickly and effectively the alliance can implement its de-dollarization strategies, the very essence of BRICS signifies a challenge to existing norms. By prioritizing cooperation and shared economic growth, BRICS could lead to a more balanced distribution of power in global finance.

However, challenges are inevitable. The complexity of integrating diverse economies with differing fiscal policies, trade practices, and financial systems poses serious questions about the feasibility and effectiveness of a BRICS-based currency exchange. Moreover, internal political dynamics and external geopolitical pressures could either bolster or hinder the alliance’s ambitions.

The BRICS alliance represents an important milestone in the global economy, offering a new pathway for developing countries to forge their own financial destinies. As interest in BRICS swells and countries rally around the ideals of de-dollarization, the implications for the US dollar and the global economic order could be profound.

Will BRICS succeed in gaining traction, and will more countries follow this path towards economic independence? Only time will tell. As we navigate this evolving landscape, one thing is clear: The emergence of BRICS is a wake-up call for the existing global financial system, signaling the dawn of a potentially new era in international trade and finance. Stay tuned as we continue to explore the potential impact of BRICS on the global economy.

https://youtu.be/7kIONBQmgQM

https://dinarchronicles.com/2024/10/03/we-love-africa-40-countries-want-to-ditch-the-us-dollar/

“Tidbits From TNT” Thursday 10-3-2024

TNT:

Tishwash:  $3m allocated to Upgrade Iraqi Stock Exchange

As part of its financial reform efforts, Iraq's Cabinet has approved the allocation of 4 billion dinars [$3 million] to the Iraqi Securities Commission for the modernization and maintenance of electronic systems used for stock and bond trading.

The project, exempted from standard government contract procedures, will be executed in partnership with the U.S. company Nasdaq OMX.   link

Tishwash: Iraq informs the United States of the imminent start of negotiations with Kuwait

Iraqi Deputy Prime Minister and Foreign Minister Fuad Hussein announced on Thursday that negotiations between Iraq and Kuwait will soon begin to resolve outstanding issues between the two countries.

This came during his meeting in Washington with the US Assistant Secretary of State for Near Eastern Affairs, Ms. Barbara Leaf, according to a statement issued by the Iraqi Foreign Ministry, which was received by Shafaq News Agency.

During the meeting, Hussein stressed that the recent meetings between the Iraqi and Kuwaiti delegations in New York pave the way for the start of a new round of negotiations. 

He explained that dialogue is the best way to resolve pending issues, and that Iraq intends to begin these negotiations soon to reach final understandings.

Hussein also informed the United States of Iraq's efforts to address these outstanding issues, noting the Iraqi government's commitment to achieving tangible progress in these files in a way that contributes to enhancing regional stability.

For her part, Ms. Barbara Leaf expressed the United States' support for Iraq in its efforts to resolve regional crises, stressing the importance of dialogue in avoiding escalation and ensuring stability in the Middle East region.

According to the statement, the two sides agreed during the meeting on the need to continue diplomatic efforts to ease regional tensions and work to enhance joint cooperation between Iraq and the United States in various fields.  link

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

Tishwash:  Baghdad and Washington discuss enhancing joint cooperation in the fields of energy, oil and economy

Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein discussed with the US Under Secretary of State for Management, Ambassador John Bass, and the Energy Affairs Officer, Ambassador Jeffrey Bate, enhancing joint cooperation in the fields of energy, oil and economy.

A statement by the Ministry of Foreign Affairs stated that Hussein met with John Bass and Jeffrey Bate on the sidelines of the ministerial meeting of the international coalition against ISIS held in Washington. During the meeting, they discussed enhancing joint cooperation in the fields of energy, oil and economy, and continuing diplomatic efforts to maintain the stability and security of Iraq. The two sides also discussed the need to protect sea lanes to ensure the export of Iraqi and Gulf oil by securing these lanes.

According to the statement, the focus was on continuing the dialogue between Baghdad, Erbil and the oil companies operating in the Kurdistan Region of Iraq to ensure the resolution of disputes related to oil exports. The security situation in the region and the repercussions of the ongoing escalation and its impact on energy and oil sources were also discussed.

The two sides stressed the importance of continuing cooperation between the United States and Iraq to ensure that the country does not get dragged into any regional escalation, and to work to confront the economic challenges resulting from regional unrest.

For his part, Ambassador Bass welcomed Iraq's participation in the tenth ministerial meeting of the international coalition against ISIS, and the strengthening of efforts to combat terrorism. link

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

Tishwash:  Baghdad and Washington discuss the need to protect sea lanes to ensure the export of Iraqi oil

Foreign Minister Fuad Hussein discussed with the US Under Secretary of State for Management, Ambassador John Bass, and the Energy Affairs Officer, Ambassador Jeffrey Bate, today, Thursday, the necessity of protecting sea lanes to ensure the export of Iraqi and Gulf oil.

A statement by the Ministry of Foreign Affairs received by "Al-Eqtisad News" stated that "Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein met with the US Under Secretary of State for Management, Ambassador John Bass, and the Energy Affairs Officer, Ambassador Jeffrey Bate, on the sidelines of the ministerial meeting of the international coalition against ISIS held in Washington."

He explained that "during the meeting, they discussed enhancing joint cooperation in the fields of energy, oil and economy, and continuing diplomatic efforts to maintain Iraq's stability and security."

The two sides discussed the "necessity of protecting sea lanes to ensure the export of Iraqi and Gulf oil by securing these lanes."

The statement added, "The focus was on the continuation of dialogue between Baghdad, Erbil and the oil companies operating in the Kurdistan Region of Iraq to ensure the resolution of disputes related to oil exports, in addition to discussing the security situation in the region and the repercussions of the ongoing escalation and its impact on energy and oil sources."

The two sides stressed "the importance of continued cooperation between the United States and Iraq to ensure that the country is not drawn into any regional escalation, and to work to confront the economic challenges resulting from regional unrest."

For his part, Ambassador Bass welcomed Iraq's participation in the tenth ministerial meeting of the international coalition against ISIS, and the strengthening of efforts to combat terrorism.  link

Mot: Those Practise Sessions Ain't Working out so good!!! 

Mot: .. Just aSaying !!! 

Iraq Economic News and Points To Ponder Thursday AM 10-3-24

Leave The Money Exchangers Behind You.' A Specialist Proposes A “Treatment” For The Rise In The Dollar And Makes An Appeal To The Iraqi Central Bank
 
Economy ​ 10-1-2024 |Baghdad today – Baghdad  Mustafa Akram Hantoush, an expert in financial and economic affairs, confirmed today, Tuesday (October 1, 2024), that the
 
Central Bank of Iraq’s control over banking companies does not solve the long-standing high dollar crisis in the parallel market. Hantoush told “Baghdad Today” that “the Central Bank’s control over the parallel exchange rate (the dinar against the dollar) is not linked to controlling banking companies or restricting the supply of the dollar in the Iraqi market, but rather linked to finding solutions to the demand in the local market resulting from trade in Iran and Syria with more than 10) Billions of dollars annually, and  
the solution is through a commercial platform, goods in exchange for gold or transfers to a third country in the region.”

He added, "Millions of people travel annually to countries, such as Iran, Syria, Lebanon, Turkey, and Russia, to whom dollars are not sold.
 
A solution must be found for this matter so that these travelers are not forced to obtain dollars from the parallel market, in addition to the necessity of opening easy accounts for small merchants." The economic expert stressed that
 
"the open borders with Kurdistan must be controlled, and goods such as detergents and others have very low taxes," stressing:
 
"If a solution is found to these problems, the exchange rate will stabilize immediately."
 
On the fourth of last July, the Central Bank of Iraq revealed a new mechanism for travelers to receive foreign currency (the dollar), which will be exclusively through the outlets of companies and banks at international airports, stressing that the goal of the new mechanism, which will enter into force on July 14, 2024, is The dollar reaches the real traveler and passes proper transactions, as well as facilitating travelers’ access to the dollar faster.
 
The exchange rates of the dollar against the Iraqi dinar witnessed a noticeable increase during the past months, as the selling price exceeded 150 thousand for every 100 dollars. 
 
https://baghdadtoday.news/259037-اترك-الصيرفات-خلفك.-مختص-يطرح-علاجا-لارتفاع-الدولار-ويوجه-نداء-للمركزي-العراقي.html   

Warning to Iraqis: new ways to steal your money and smuggle it abroad
 
Economy      10/01/2024 | Alsumaria - Iraq News  16,862 views  Alsumaria News - Economic
 
Through the Internet and mobile phone applications, new digital banks in Iraq are beginning to steal money and smuggle it outside the country, especially with the absence of government control over the work of those banks that do not have branches on the ground.
 
A new loophole for money theft and a shortcut for currency smuggling that requires government oversight.
 
Digital banks in Iraq are another way to smuggle currency after being exploited by banks that have been subjected to sanctions and which require government monitoring and serious action towards them.
 
Through unsupervised electronic applications, financial transfers are carried out within these applications, without the need for paperwork or financial auditing, which facilitates the transfer process and the possibility of smuggling money in huge quantities.   
 
https://www.alsumaria.tv/news/economy/501878/تحذير-للعراقيين-طرق-جديدة-لسرقة-اموالكم-وتهريبها-الى-الخارج   

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

Seeds of Wisdom RV and Economic Updates Thursday Morning 10-3-24

Good Morning Dinar Recaps,

SWIFT SET TO BEGIN LIVE BANK TRIALS OF DIGITAL ASSET TRANSACTIONS IN 2025  

▪️Swift said banks will begin live trials of digital asset and currency transactions over its network next year.

▪️It marks the first time Swift will move beyond experimenting with blockchain transactions in testing environments to real-world settlement.

Starting next year, Swift said banks in North America, Europe and Asia will begin live trials of digital asset and currency transactions over its global messaging network, which services more than 11,500 financial institutions.

Swift has previously experimented with blockchain transactions in testing environments. However, next year’s trials will pilot an advanced version of its infrastructure capable of orchestrating real-world digital asset and currency transactions across networks for the first time, according to a statement by the firm on Thursday.

The live trials will leverage Swift’s existing global network and interlink various digital and traditional currency platforms, providing a single system for banks to transact across borders with digital and fiat currencies, the firm explained.

The trials are designed to demonstrate how financial institutions can transact interchangeably across both existing and emerging asset and currency types using their current Swift connection. 

“Global financial institutions will have the ability to use Swift’s global platform to conduct pilot transactions for the settlement of digital assets and currencies,” the firm said.

Moving from experimentation to reality
The announcement follows a series of recent experiments by Swift, working with web3 services firm Chainlink as an enterprise abstraction layer to connect its network to the Ethereum Sepolia test network. 

The experiments demonstrated that Swift could provide one single point of access to multiple public and private blockchain networks, which could also support institutions creating tokenized assets and the development of central bank digital currencies — currently being explored by 134 countries.

"For digital assets and currencies to succeed on a global scale, it’s critical that they can seamlessly coexist with traditional forms of money,” Swift Chief Innovation Officer Tom Zschach said. 

“With our vast global reach, we are uniquely positioned to bridge both emerging and established forms of value, and we’re now focused on demonstrating this in real-world, mainstream applications.”

A key aim of the trials is to address the rise of disconnected digital platforms that could hinder the widespread adoption of new forms of value, according to the firm. “While the scale is impressive, without interconnectivity between platforms, global adoption is set to remain fragmented,” Swift said.

“As new forms of value emerge, our intention is to continue offering our community the ability to seamlessly make and track transactions of all kinds of assets — using the same secure and resilient infrastructure that is integral to their operations today," Zschach added.

@ Newshounds News™

Source:  The Block

~~~~~~~~~

RIPPLE’S CEO DROPS TRUTH BOMB ON SEC: WHY THIS LAWSUIT IS A TOTAL JOKE!

Ripple CEO Brad Garlinghouse did not mince words in a recent post about the SEC’s continued pursuit of its lawsuit against Ripple. Garlinghouse expressed deep frustration with the SEC, particularly its Chair Gary Gensler, stating that if the agency were rational, they would have dropped the case long ago. Instead of protecting investors, the SEC has damaged its credibility and reputation.

According to Garlinghouse, Ripple and the broader crypto industry have already secured victory on key issues, including XRP’s status as a non-security.

XRP’s Status is Clear, Despite SEC’s Appeal
Garlinghouse emphasized that XRP’s legal status as a non-security is now well established. Despite the SEC’s decision to appeal, Garlinghouse remains confident, calling the appeal misguided and infuriating.

He pointed out that when the SEC previously attempted an interlocutory appeal, it did not challenge XRP’s non-security status—an important legal milestone that Ripple intends to defend.

Stuart Alderoty Backs Garlinghouse’s Position
Ripple’s Chief Legal Officer Stuart Alderoty echoed Garlinghouse’s views, labeling the SEC’s decision to appeal as both disappointing and unsurprising. Alderoty described the lawsuit as an “embarrassment” for the SEC, emphasizing that the court had already rejected claims that Ripple acted recklessly.

There were no allegations of fraud, nor were there any victims or financial losses in the case, which Alderoty believes further undermines the SEC’s rationale for continuing.

SEC’s Misguided Litigation Strategy
Alderoty also criticized the SEC for what he called “litigation warfare” against the crypto industry, accusing the agency of using the courts to stall progress rather than faithfully applying the law.

Ripple is currently evaluating whether to file a cross-appeal to further challenge the SEC’s position.

Alderoty vowed that Ripple is ready to fight once again in the appellate court, asserting that Ripple is leading the charge for the entire crypto industry.

In a striking coincidence, the SEC’s Enforcement Director, Gurbir Grewal, announced his resignation just an hour before the SEC’s decision to appeal. While Garlinghouse and Alderoty did not explicitly link the two events, the timing suggests potential internal shake-ups within the SEC, further fueling speculation about the agency’s long-term strategy.

Ripple remains committed to defending XRP’s non-security status and pushing back against what they see as a misguided, and ultimately futile, attempt by the SEC to extend the lawsuit. Both Garlinghouse and Alderoty remain resolute that Ripple and the broader crypto industry will continue to prevail.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

🌍AUDIO - Jim ask - So what are you? Animal vegetable or Mineral or Human? or people?  |  Youtube 

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps