Seeds of Wisdom RV and Economic Updates Monday Morning 10-7-24
Good Morning Dinar Recaps,
XRP NEWS: WILL RIPPLE AND SEC SETTLE DURING 14-DAY APPEAL PERIOD?
▪️Speculation has increased around the SEC vs Ripple case as experts provide contradictory opinions on the probability of a formal appeal after a notice of appeal was submitted on October 3.
▪️A former SEC lawyer believes that the consistent approach of the Agency implies that its decision is not motivated by an increment of the $125 million penalty.
CNF recently reported that the US Securities and Exchange Commission (SEC) has filed a notice of appeal with the States Court of Appeals for the Second Circuit.
Good Morning Dinar Recaps,
XRP NEWS: WILL RIPPLE AND SEC SETTLE DURING 14-DAY APPEAL PERIOD?
▪️Speculation has increased around the SEC vs Ripple case as experts provide contradictory opinions on the probability of a formal appeal after a notice of appeal was submitted on October 3.
▪️A former SEC lawyer believes that the consistent approach of the Agency implies that its decision is not motivated by an increment of the $125 million penalty.
CNF recently reported that the US Securities and Exchange Commission (SEC) has filed a notice of appeal with the States Court of Appeals for the Second Circuit.
According to a SEC spokesperson, the Commission’s decision stems from its observation of a contradiction between a part of Judge Analisa Torres’ XRP ruling in July 2023 and a decade-long precedent set by the Supreme Court. Meanwhile, an XRP analyst and enthusiast identified as JackTheRippler believes that the blockchain company and the Commission could reach an agreement within 14 days.
According to this enthusiast, SEC’s decision to appeal hinges on the desire to increase the initial penalty of $125 million imposed on Ripple. However, the former SEC lawyer, Marc Fagel, who rightly predicted the appeal decision thinks otherwise.
🚨BREAKING: The SEC and @Ripple can reach a settlement during the 14-day period following the “NOTICE of appeal” The SEC wants more money and appealed against the $125M.#XRP‘s status cannot be changed and will never be considered a security! pic.twitter.com/9AOCbdQXhD— JackTheRippler (@jack_rippla) October 6, 2024
Commenting on this, Fagel hinted that the consistency in the approach of the Commission, starting from its Interlocutory appeal last year over the programmatic sales of XRP, implies that the reason for its appeal is far from the penalty amount. To him, there is no reasonable basis to expect a settlement even though this is theoretically possible.
Ripple (XRP) Executives and Industry Lawyers Speak Out
In a brutal response, Ripple Chief Legal Officer (CLO) Stuart Alderoty, accused the SEC of deliberately staging litigation warfare against the crypto industry. According to him, Ripple would study the situation and file a cross-appeal.
We are evaluating whether to file a cross-appeal. Either way, the SEC’s lawsuit has been irrational and misguided from the start, and we’re ready to prove that yet again in the appellate court (once again taking the lead for the industry).
Joining the conversation, lawyer Bill Morgan clarified that the Commission has only filed a notice of appeal. According to him, both parties could potentially negotiate for a settlement within 14 days.
On the other hand, Morgan believes that this possibility could also be highly unlikely considering the SEC’s recent stance on the crypto industry. In this case, he advised that Ripple challenge the institutional sales to On-Demand Liquidity (ODL) customers if it decides to cross-appeal.
Meanwhile, Ripple CEO Brad Garlinghouse thinks this appeal is “misguided” and “infuriating”.
While we’ll fight in court for as long as we need, let’s be clear: XRP’s status as a non-security is the law of the land today – and that does not change even in the face of this misguided – and infuriating – appeal. Remember, when the SEC tried unsuccessfully to file an “interlocutory appeal” they made clear they had no intention of challenging XRP’s status as a non-security.)
@ Newshounds News™
Source: Crypto News Flash
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CRYPTO IN THE UAE JUST GOT A TAX BREAK : NO MORE VAT ON DIGITAL ASSETS!
The UAE has once again planted itself in the spotlight for the crypto space with its recent Dubai crypto tax changes. While most countries are struggling to give crypto its space in the economy, the UAE is leading by setting various examples.
This time, the UAE has brought big changes to its tax rules for crypto. On October 02, the Federal Tax Authority (FTA) made an announcement about new updates to Value Added Tax. Transfers and conversions of digital assets, including cryptocurrencies, are now exempt from VAT. This update even applies retroactively to transactions dating back to 2018.
What’s the Deal With Virtual Assets and VAT?
If you’re running a business in the UAE that deals with virtual assets—like buying, selling, or converting crypto—this change could mean you owe less tax. And the best part? It applies retroactively from January 1, 2018, which could lead to some major tax savings.
But there’s a bit more to it. If your company has been paying VAT on these transactions since 2018, you might want to take a closer look at your old tax returns. There could be a chance to correct past filings and claim back VAT that you shouldn’t have paid in the first place.
This process is called input VAT recovery, and it allows businesses to get back the VAT they’ve already paid on business- related expenses.
New VAT Rules for Exports and Services
The changes don’t just affect crypto companies. Exporters in the UAE will also see some shifts in how they handle VAT. It’s now easier to apply the zero VAT rate when exporting goods, as the documentary requirements have been relaxed. On the flip side, exporting services—especially those tied to real estate or digital activities—may now be subject to the standard VAT rate.
VAT Exemptions for Investment Funds
It’s not just crypto businesses celebrating these changes. Investment funds are also getting a VAT break. Fund managers, and those running licensed investment funds, can now benefit from VAT exemptions, which could lower their operating costs. These savings might help investment firms reinvest in their growth, especially when working with services from outside the UAE.
What’s Next for Crypto Regulations?
Aside from the tax updates, the UAE is tightening its regulations on cryptocurrencies. Dubai’s Virtual Asset Regulatory Authority (VARA) is teaming up with the Securities and Commodities Authority (SCA) to monitor crypto businesses more closely. If you’re in the business of promoting virtual assets, you’ll need to make sure you include a disclaimer in your marketing materials. It must warn that virtual assets can be extremely volatile and might lose value quickly.
What Should Businesses Do Now?
These updates are a game-changer for companies in the UAE—especially those dealing with crypto. Whether you’re managing virtual assets or running an investment fund, now’s the time to review your tax strategy. By adjusting to these new regulations, businesses could save money and avoid unnecessary complications in the future. And with the UAE aiming to be a global hub for digital assets, keeping up with these changes is key to staying competitive.
@ Newshounds News™
Source: Coinpedia
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HONG KONG ISSUES THIRD CRYPTO TRADING PLATFORM LICENSE, PLANS MORE APPROVALS
11 more platforms are currently on the SFC’s "deemed-to-be-licensed" list.
Hong Kong’s financial regulator has granted its third license under the new crypto trading platform regime, with plans to approve more by the end of the year.
In an interview with local media outlet HK01, Julia Leung, Chief Executive of the Securities and Futures Commission (SFC), confirmed that HKVAX is the latest firm to receive a license to operate as a crypto exchange in Hong Kong.
This follows earlier approvals for OSL and HashKey, which are already licensed to provide crypto trading services.
11 More Platforms Are Under Consideration
Leung highlighted that 11 other platforms are currently on the SFC’s “deemed-to-be-licensed” list, which includes firms that have submitted applications under the new regime.
The SFC has conducted initial onsite inspections of these applicants and has asked them to make necessary adjustments to comply with regulatory requirements.
Leung expressed the regulator’s aim to issue more licenses in batches by year-end.
Anthony Ng, co-founder and CEO of HKVAX, stated that the license aligns with Hong Kong’s ambition to solidify its role as a leading financial hub.
“This approval affirms HKVAX’s position and demonstrates Hong Kong’s commitment to being at the forefront of the virtual asset industry,” Ng said.
Hong Kong’s approach to crypto regulation gained momentum in June 2023, when it formally implemented a licensing framework for crypto trading platforms, enabling them to serve retail investors.
The move was seen as a bid to attract more crypto firms to the city.
However, not everyone is satisfied with the regulatory framework.
Duncan Chiu, a local lawmaker, criticized the rules as “excessively stringent,” suggesting they have deterred some global exchanges from entering the Hong Kong market.
On March 28, 2024, HKVAEX, suspected to be affiliated with Binance, withdrew its license application.
Subsequently, on May 14, IBTCEX, QuanXLab, and Huobi HK followed suit, followed by Gate.HK on May 22, OKX HK on May 24, and Bybit (Spark Fintech Limited) on May 31.
Meanwhile, Bullish and Crypto.com remain on the SFC’s list of pending applicants.
Crypto Exchange Applicants Face Uncertainty After Inspections
As reported, 11 Hong Kong cryptocurrency exchanges, which initially received provisional approvals, have come under regulatory scrutiny.
This came after the city’s SFC conducted on-site inspections of these “deemed-to-be-licensed” platforms and found several practices that fell short of regulatory expectations.
The inspections revealed that some crypto firms are overly dependent on a limited number of executives for the custody of client assets, raising concerns about their ability to manage these responsibilities effectively.
Additionally, some exchanges were found lacking in robust measures to protect against cybercrime.
The SFC has not disclosed which specific firms failed to meet the standards, and the inspections are still ongoing, leaving the possibility of further findings.
The SFC warned that platforms unable to address critical deficiencies identified during inspections could face the removal of their “deemed-to-be-licensed” status or have their license applications rejected outright.
@ Newshounds News™
Source: CryptoNews
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XINFIN XDC THE MOST UNDERVALUED COIN - DIGITAL TRADE IS READY TO EXPLODE | Youtube
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DON'T MISS A NOTIFICATION AND SUBSCRIBE | Youtube
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Iraq Dinar News-Iraqi Dinar-Liquidity-Sudani Report-Digital Phase-Supreme Court Ruling-Text SMS-ATMs
Iraq Dinar News-Iraqi Dinar-Liquidity-Sudani Report-Digital Phase-Supreme Court Ruling-Text SMS-ATMs
MilitiaMan and Crew: 10-6-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Iraq Dinar News-Iraqi Dinar-Liquidity-Sudani Report-Digital Phase-Supreme Court Ruling-Text SMS-ATMs
MilitiaMan and Crew: 10-6-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Seeds of Wisdom RV and Economic Updates Sunday Afternoon 10-6-24
Good Afternoon Dinar Recaps,
BANK OF ENGLAND WANTS TO ENSURE TOKENIZED WHOLESALE TRANSACTIONS USE CENTRAL BANK MONEY
During a speech on October 3rd, the Bank of England’s Sasha Mills outlined the need for tokenized wholesale transactions to be settled in central bank money. Ms Mills is the Executive Director of Financial Market Infrastructure.
“If central bank money is unable to interact with new technologies, there could be a risk of high value wholesale settlement activity moving away from central bank money to private settlement assets, weakening financial stability,” she said.
Good Afternoon Dinar Recaps,
BANK OF ENGLAND WANTS TO ENSURE TOKENIZED WHOLESALE TRANSACTIONS USE CENTRAL BANK MONEY
During a speech on October 3rd, the Bank of England’s Sasha Mills outlined the need for tokenized wholesale transactions to be settled in central bank money. Ms Mills is the Executive Director of Financial Market Infrastructure.
“If central bank money is unable to interact with new technologies, there could be a risk of high value wholesale settlement activity moving away from central bank money to private settlement assets, weakening financial stability,” she said.
Ms Mills outlined some of the options to ensure transactions continue to be settled in central bank money. That’s especially relevant since applications opened for the Digital Securities Sandbox, a joint initiative between the Bank and the Financial Conduct Authority.
The first option is to use the omnibus account facility. This allows banks to transfer money to a shared central bank account, where the cash is tokenized as a joint token. That’s the model of Fnality which went live (with limits) last year.
The Bank also has a long term plan to extend the hours of its renewed RTGS system and is planning a synchronisation interface. This will be an extension of work done as part of Project Meridian which completed last year. Plus, the bank is considering a wholesale CBDC.
In late July the Bank published a discussion paper on innovation in money and payments, inviting input on the synchronisation work and a potential wholesale CBDC. The deadline for feedback is at the end of October. The Bank is also taking part in Project Agorá, which explores the upgrade of correspondent banking using multiple wholesale CBDCs.
“There’s a huge amount of work taking place in industry around the adoption of digital assets; unless we’re alive to this work, the speed at which certain markets and activities become systemic may outpace the ability of policymakers to build infrastructures and frameworks to respond,” said Ms Mills.
The desire for central bank money
It’s worth circling back to why central banks are so keen on using central bank money. The settlement of tokenized assets can use delivery versus payment. Hence, there’s no risk that one party hands over the funds but doesn’t receive the asset. However, that only addresses counterparty risk.
There’s still credit risk. In other words, if the buyer has money at a bank to pay for the assets, it’s possible the commercial bank could go bust before the settlement.
@ Newshounds News™
Source: Ledger Insights
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RIPPLE VS SEC NEWS: IS GARY GENSLER ON THE VERGE OF GETTING FIRED?
The SEC recently filed an appeal in the ongoing SEC vs. Ripple case, challenging Judge Torres’ ruling. Many analysts have already discussed reasons why this appeal likely won’t succeed, given the low odds of overturning the original decision.
Ripple’s Chief Legal Officer, Stuart Alderoty, had previously pointed out that the success rate for appeals in similar cases is around 10%, making the SEC’s current appeal an uphill battle.
The ongoing appeal in the XRP lawsuit has had an impact on the market, with XRP’s price dropping significantly following the SEC’s announcement to appeal. Critics, including Ripple CEO Brad Garlinghouse, argue that the SEC’s regulatory approach is harming the industry rather than protecting investors.
Recent meetings within the SEC have revealed increasing dissatisfaction among former and current commissioners regarding the agency’s direction, with calls for a reevaluation of its regulatory strategy. Many are expressing concerns over the SEC’s overreach and the unintended consequences of its enforcement actions, particularly in the case of XRP.
Robert B. Stebbins, General Counsel of the Securities and Exchange Commission, said in a meeting, “I don’t think that the current structure is working very well. I don’t like the idea that, from a big picture, the SEC has someone in corporate finance determining whether something is an important social good—and you’re not, and you’re paying for it.
I think that’s a very ugly argument to make in the fifth circuit when you just look at the last 25 years. Right now, we’re going to have a whole new structure. So, I think the SEC has to be very careful about where they’re going.”
Recent turmoil within the SEC, including the resignation of two lawyers due to misconduct, has intensified scrutiny on Gensler’s leadership. With calls for greater awareness around his actions, some analysts suggest that raising public consciousness about the SEC’s overreach could lead to accountability.
@ Newshounds News™
Source: Coinpedia
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URUGUAY ENACTS BILL 20.345: URUGUAY’S LEGISLATIVE ADVANCES IN CRYPTOCURRENCY OVERSIGHT
▪️Uruguay passes Bill 20.345, positioning itself as a global and regional leader in cryptocurrency regulation.
▪️The new law categorizes cryptocurrencies, establishing a framework that recognizes digital assets distinct from fiat currency.
Uruguay has recently made significant strides in regulating the cryptocurrency sector with the enactment of Bill 20.345, focusing on Bitcoin (BTC) and other digital currencies.
This legislation positions Uruguay as a pioneer not only in Latin America but also globally, where few jurisdictions have established specific legal frameworks for cryptocurrencies.
As reported by Crypto News Flash, Uruguay now joins nations like El Salvador, Brazil, Argentina, and Venezuela, which possess some of the most developed cryptocurrency regulations in Latin America. This development has sparked both national and international discussions about the implications of such regulation.
The Uruguayan Fintech Chamber (CUF) was among the first to comment on the law, praising the government’s initiative as a significant first step in addressing cryptocurrency operations and recognizing them more formally within the national economy.
According to the CUF, the law establishes a basic framework that acknowledges cryptocurrencies, treating them as assets rather than fiat currency. This is seen as a crucial move towards legitimizing crypto currencies in Uruguay, providing clear guidelines for exchanges and other businesses in the sector to operate legally and transparently.
In the long term, this law has the potential to transform the financial landscape in Uruguay, attracting new investors and companies in the fintech sector.
In addition, it provides a solid foundation for the development of new technologies and financial services based on virtual assets, which could position Uruguay as a benchmark in the region. – Uruguayan Fintech Chamber.
Furthermore, the legislation categorizes digital currencies into four types as defined by the Central Bank of Uruguay: “value currencies,” “utility tokens,” “stablecoins,” and “others.” This classification aims to create a more transparent regulatory environment and is a key aspect of the law highlighted by Uruguayan lawyer Juan Echeverría.
He noted that this categorization is vital for clarifying the legal status of different types of digital currencies and enhancing measures against money laundering and terrorism financing.
However, the law also introduces challenges, particularly concerning its implementation. The Central Bank of Uruguay is expected to issue detailed regulations in the coming months, which will include the steps for registering cryptocurrency platforms and the operational and legal requirements these entities must fulfill.
For the Fintech Chamber, understanding how these regulations will be executed and the timelines involved is critical. The ability of businesses to quickly adapt to these new legal and operational demands will be essential for the sustainable growth of the sector.
@ Newshounds News™
Source: Crypto News Flash
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El Salvador doubles down on Bitcoin, defies IMF concerns | Youtube
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Source: Seeds of Wisdom Team RV Currency Facts
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Economist’s “News and Views” 10-6-2024
US Debt Clock.org Ultimate Guide | US National Debt - PT. 1
Taylor Kenny: 10-6-2024
Explore the rising U.S. national debt and its impact on your financial future.
Learn why debt per taxpayer is over $270,000 and what it means for the economy moving forward. Stay tuned for part two to find out what’s coming next.
US Debt Clock.org Ultimate Guide | US National Debt - PT. 1
Taylor Kenny: 10-6-2024
Explore the rising U.S. national debt and its impact on your financial future.
Learn why debt per taxpayer is over $270,000 and what it means for the economy moving forward. Stay tuned for part two to find out what’s coming next.
CHAPTERS:
00:00 - Introduction
00:31 - Debt Per Citizen vs Debt Per Taxpayer
01:45 - U.S. Spending and Deficit
02:54 - U.S. Debt-to-GDP Ratio
03:32 - Consequences of High Debt
04:36 - Preparing for What's Next
De-Dollarization: China Squeezes USD Debt By Guaranteeing RMB Bonds In The Global Markets
Sean Foo: 10-6-2024
The currency wars are heating up with China using their world bank to guarantee RMB bonds. This is a big move to internationalize the Chinese currency while chipping away at US dollar dominance in the debt market.
Here's how it works and why this could evolve into a big threat against the dollar system.
Timestamps & Chapters:
0:00 China Challenges USD Debt
3:14 Beijing Guarantees RMB Loans
4:41 Sponsor: Invideo AI
6:21 China To De-Dollarize Global Trade
10:10 China Economic Plan
12:48 China Debt War Escalates
Hungary SHOCKS the EU by Joining BRICS… What the Hell Is Happening?
10-6-2024
As Hungary faces growing tensions with the European Union over democratic standards and foreign policy, Prime Minister Viktor Orban's government is increasingly looking eastward.
With legal actions and frozen funds looming, Hungary is finding new opportunities in BRICS, the global bloc challenging Western dominance.
What are the implications of Hungary's shift toward BRICS for its future and the EU?
Find out in this deep dive into Hungary's evolving geopolitical strategy.
Seeds of Wisdom RV and Economic Updates Sunday Morning 10-6-24
Good Morning Dinar Recaps,
IMF COMPARES CBDC, FASTER PAYMENTS, E-MONEY
The International Monetary Fund (IMF) recently published a paper exploring potential choices between central bank digital currency (CBDC), faster payment systems (FPS) and e-money. Given the IMF’s focus on emerging markets, it highlights the threat to monetary sovereignty of dollar stablecoins and foreign CBDCs.
As always, local circumstances and priorities will influence choices. However, in many economies the three types of payment systems are expected to coexist in the future. The combination of different systems removes any single point of failure, helping to ensure resiliency.
Good Morning Dinar Recaps,
IMF COMPARES CBDC, FASTER PAYMENTS, E-MONEY
The International Monetary Fund (IMF) recently published a paper exploring potential choices between central bank digital currency (CBDC), faster payment systems (FPS) and e-money. Given the IMF’s focus on emerging markets, it highlights the threat to monetary sovereignty of dollar stablecoins and foreign CBDCs.
As always, local circumstances and priorities will influence choices. However, in many economies the three types of payment systems are expected to coexist in the future. The combination of different systems removes any single point of failure, helping to ensure resiliency.
All three types provide efficient instant payments. And they can all enhance financial inclusion, although technology can be a barrier for some users.
Unique advantages of CBDCs
However, the IMF views CBDC as having two unique benefits. By far the largest is ensuring retail access to central bank money continues as cash usage declines. It highlights the downward spiral with cash. As people use it less, fewer merchants remain willing to accept it.
Access to a CBDC addresses the two key monetary sovereignty threats of stablecoins and foreign CBDCs.
“Although stablecoins have not gained much use outside of crypto-asset ecosystems in advanced economies, preliminary data suggest that in emerging and developing market economies, they are being used in a limited capacity for cross-border transactions and remittances (FSB 2024).
The same analysis also suggested that there was a perceived preference for US dollar-denominated stablecoins as a store of value in countries with high inflation, currency devaluation, or the presence of capital flow measures,” the authors wrote. They warn that if there’s significant adoption, a stablecoin could start being used as an alternative unit of account.
The other area where it believes a CBDC can help is competition. A private FPS could inhibit competition, and most e-money systems are closed loop and could become monopolistic.
By contrast, the IMF believes that a CBDC can lower the barriers to entry for nonbank payment service providers, enhancing competition.
@ Newshounds News™
Source: Ledger Insights
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RIPPLE NEWS: XRP HOLDERS RALLY AGAINST SEC APPEAL, THREATEN LAWSUIT!
▪️XRP holders are petitioning against the SEC's appeal in the Ripple case and considering legal action.
▪️Attorney Rispoli believes a lawsuit against the SEC is possible but challenging, citing the Madoff case as a precedent.
▪️Rispoli emphasizes the need for reforms within the SEC to address corruption and improve transparency.
As tensions rise in the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), XRP holders are speaking out on social media platforms like X.
They have launched a petition titled “Stop the SEC’s Unnecessary and Frivolous Appeal in the Ripple v. SEC Case,” which has attracted nearly 5,000 signatures.
Can a Petition Against the SEC Succeed?
In a recent podcast episode with Thinking Crypto, attorney Fred Rispoli discussed the potential outcomes of the petition and whether individual investors could sue the SEC. When asked if a petition against the SEC could succeed, Rispoli responded positively but cautioned that winning such a case would be difficult.
He highlighted that John Deaton, who has gained support from 75,000 people, might consider filing a case against the SEC. However, Rispoli pointed out the challenge of proving that the SEC acted outside its legal authority.
“And there are certainly some arguments to make that happen, especially as the revolving door has become a little more grotesque and easily, more easily able to be discovered through civil discovery, for example. But that happened in the Madoff case, where everybody that got screwed by Madoff sued the SEC and they lost on the grounds that the SEC was immune and the opinion was scathing.
The second circuit said the SEC was incompetent, imbecilic, and derelict in their duties, but they were just bad at their jobs. They didn’t go outside of the range where they could be liable, civilly liable for that.”
It’s Not Going to Be Easy!
While there is a chance for a lawsuit, Rispoli acknowledged the challenges involved. He expressed his strong support for Deaton, saying he would not want anybody else leading that charge other than Mister Deaton himself.
He also emphasized the need for broader reform within the SEC, calling for increased transparency and efforts to root out corruption beyond the current case.
@ Newshounds News™
Source: Coinpedia
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HEDERA HBAR HOLDERS AN ETF MAY BE CLOSE - HUGE MOVES ARE HAPPENING | Youtube
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~~~~~~~~
Unchartered Territory the Constitution Call | Youtube
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“Tidbits From TNT” Sunday Morning 10-6-2024
TNT:
Tishwash: Al-Sudani discusses with the British Ambassador setting a new date for his visit to the United Kingdom
Prime Minister Mohammed Shia Al-Sudani discussed, today, Sunday, with the British Ambassador to Iraq, Stephen Hitchcock, setting a new date for the former's visit to the United Kingdom.
During the meeting, the Prime Minister stressed the need for the international community and the UN Security Council to play their essential role in maintaining security and stability, especially with what is happening in the region, from the continuation of the Zionist aggression on Gaza and Lebanon, and the persistence and exaggeration in targeting civilians in a war of genocide that requires condemnation and denunciation from the entire world, and requires respect for international laws and not violating them by any party.
TNT:
Tishwash: Al-Sudani discusses with the British Ambassador setting a new date for his visit to the United Kingdom
Prime Minister Mohammed Shia Al-Sudani discussed, today, Sunday, with the British Ambassador to Iraq, Stephen Hitchcock, setting a new date for the former's visit to the United Kingdom.
During the meeting, the Prime Minister stressed the need for the international community and the UN Security Council to play their essential role in maintaining security and stability, especially with what is happening in the region, from the continuation of the Zionist aggression on Gaza and Lebanon, and the persistence and exaggeration in targeting civilians in a war of genocide that requires condemnation and denunciation from the entire world, and requires respect for international laws and not violating them by any party.
During the meeting, they discussed the progress of relations between the two countries and ways to enhance them, as well as setting a new date for the Prime Minister's visit to the United Kingdom, which had previously been postponed due to developments in the region. link
Tishwash: Planning: The annual inflation rate in Iraq is slight and does not exceed 3%
The Ministry of Planning confirmed, today, Saturday, that the annual inflation rate in Iraq does not exceed 3%, noting that the procedures for providing the food basket and its materials in the markets have maintained prices and prevented inflation rates from rising.
Ministry spokesman Abdul Zahra Al-Hindawi told the Iraqi News Agency (INA): "One of the reasons for the rise in the inflation rate at times is the presence of a large cash mass in circulation in market and commercial transactions," noting that "the annual inflation rate in Iraq is slight, not exceeding 3%."
He added that "if we want to compare this rate with what exists in some countries, it is incomparable, as there are wild increases in them," noting that "a rate of 3% is normal and logical in light of the Iraqi reality."
He continued, "The measures taken by the government regarding supporting the food basket have clearly maintained prices in local markets and prevented their inflation," noting that "the increase in any country increases inflation rates, but in Iraq the situation is under control thanks to government measures." link
****************
Tishwash: Al-Sudani asked the ruling coalition to “move quickly before war”
Government official: Tehran stalls when asked to curb factions
A senior government official confirmed that Iraqi Prime Minister Mohammed Shia al-Sudani informed the leaders of the “Coordination Framework” with comprehensive details about the “expected risks to Iraq” resulting from the escalation between Israel and Iran, while stressing that Tehran is practicing “deception” when asked to keep factions away from the ongoing war.
Concern increased among political and governmental circles that Iraq would be exposed to a strike after two Israeli soldiers were killed in a drone attack on the Golan base, early Friday morning.
The official spoke to Asharq Al-Awsat, on condition of anonymity, about a set of measures that Al-Sudani is taking to avoid war, including “increasing the momentum of political mediation” to convince the factions not to involve Iraq in the war, and that he “informed the leaders of the Coordination Framework of everything about the risks, and called on them to move quickly.”
The official acknowledges the possibility of “the strike occurring,” even though “the information available to the Iraqi authorities indicates that the attack by the Iraqi factions was carried out from outside Iraqi territory with weapons that arrived from Iraq,” he said.
Sudanese mediations
The source revealed that the mediators chosen by Al-Sudani to pressure the factions have approval from Iran to talk about the war file and the conditions for calm with its agents in Iraq.
The source said, "The three figures had previously been asked to mediate in certain events over the past few years."
Last week, Asharq Al-Awsat revealed that Prime Minister Mohammed Shia Al-Sudani had asked three Shiite figures to mediate to rein in the factions and prevent them from getting involved in the war between the Lebanese Hezbollah and Israel, after information was circulated within the ruling coalition that Israel had identified 35 Iraqi targets.
Sources said at the time that Ammar al-Hakim was among these figures, along with two influential figures in the Shiite space who have not yet been revealed.
In contrast, there are reports that two Iraqi factions, likely the Al-Nujaba Movement led by Akram al-Kaabi, and the Hezbollah Brigades led by Abu Hussein al-Hamidawi, are refusing to respond to mediators and insisting on continuing to launch missile attacks on Israel.
The Iraqi official acknowledged the existence of “intransigence among some factions,” but the Prime Minister realizes that his country is in the “eye of the storm,” and has informed most of the leaders of the “Coordination Framework” of this.
The official reported that "Al-Sudani literally said: Iraq is unable to avoid a military strike if it occurs, and we must remove the danger from the country by not getting involved in the war."
Iranian Supreme Leader Ali Khamenei said during his Friday sermon that “the Islamic Republic’s allies in the region will not back down,” reinforcing fears that Iraqi factions linked to Iran will not back down from their decision to attack Israel.
Iraqi sources reported that the "Coordination Framework" coalition discussed what was said to be a "security report on dozens of targets to be struck and assassinated by Israel in Iraq."
Government efforts to prevent escalation
The official stated that "Al-Sudani, unlike some previous prime ministers, did not allow the exit of Iraqi funds to feed the conflict axes, through his high coordination with the American side and the American Treasury to monitor the exit of Iraqi funds in a strict manner, and he often demands that the Iranians enter through the official gates to obtain their financial dues owed by Iraq."
The official added, "Today, international auditing companies are working alongside the Central Bank to monitor the exit and smuggling of money, and what is happening today is that all the money gates that were open are now completely closed."
The official revealed that "the United States of America informed Iraq since the outbreak of the war in Gaza on October 7, 2023 that it had put pressure on Israel to prevent it from launching strikes on Iraq, in exchange for Iraq's commitment not to engage in the war."
The official added, "Washington does not oppose the positions of the Iraqi government, which is within the green line of issuing statements against Israel and supporting the Lebanese and Palestinian peoples, as well as sending aid," but "it will not accept Iraq providing any material or military support to factional groups or others."
Regarding the possibility of the Iraqi authorities asking the Iranian side to rein in the factions affiliated with it, the official confirmed that “Tehran is practicing a kind of trickery in this direction, as its response often hints that the factions have their own decision and the understanding with them is like the government.” link
Mot: . Once the RV Hits.. and ur Single -- Remember !!!!!
Mot: I Did it !!! ~~~~
*Iraq news Highlights and Points To Ponder Sunday AM 10-6-24
*The Dinar Collapses Against The Dollar.. Is The Specter Of 1600 Looming On The Horizon?[/Size]
October 3, 2024 Baghdad/Al-Masala: The dollar price witnessed a noticeable increase against the Iraqi dinar during the past few days, as the exchange rate reached 1,550 dinars per US dollar.
This increase has raised great concern among economic and popular circles due to its direct impact on the local market and on the standard of living of citizens.
Economic analyst Munar Al-Abidi explained that there are a number of reasons behind this rise in the US currency against the dinar.
*Iraq news Highlights and Points To Ponder Sunday AM 10-6-24
The Dinar Collapses Against The Dollar.. Is The Specter Of 1600 Looming On The Horizon?[/Size]
October 3, 2024 Baghdad/Al-Masala: The dollar price witnessed a noticeable increase against the Iraqi dinar during the past few days, as the exchange rate reached 1,550 dinars per US dollar.
This increase has raised great concern among economic and popular circles due to its direct impact on the local market and on the standard of living of citizens.
Economic analyst Munar Al-Abidi explained that there are a number of reasons behind this rise in the US currency against the dinar.
One of the most prominent reasons is the decline in transfers of other foreign currencies, such as the UAE dirham and the Chinese yuan, as a result of the significant restrictions imposed by correspondent banks that are in the process of strengthening the balances of these currencies.
These restrictions directly affected the fluidity of transfers and weakened the possibility of obtaining other foreign currencies on which the Iraqi economy depends.
In addition, the Citi-Pilot project faces clear challenges, as the banks participating in it are reluctant to open new accounts for operating companies, as their dealings are limited only to companies with which they have previously dealt.
This limited approach reduces the ability to use these banks as channels for external remittances, increasing pressure on the US dollar and limiting the availability of alternatives.
The current currency exchange mechanisms were unable to cover the increasing demand for foreign currency, especially for the purpose of importing some of the most valuable goods, such as mobile phones and gold, which prompted importers to resort to the parallel market, and contributed significantly to increasing pressure on the dollar and raising its price in the local market.
Expectations indicate that the decline of the dinar against the dollar may continue during the coming period.
If practical measures are not taken to address these issues, the exchange rate could reach 1,600 dinars per dollar in the coming months. In order to address this challenge, there are several solutions that can help calm the situation. One of these solutions is to increase the network of correspondent banks around the world, especially in the UAE and China, which could help facilitate remittances and increase the flow of foreign currency into the country.
The solutions also include controlling financial policy by limiting the import of some goods that contribute to increasing demand for the dollar, in order to reduce pressure on foreign currency.
Pressuring banks under the Citi-Pilot project to be more open could help accept a wider range of customers, which would help ease pressure on the dollar and diversify the channels available for remittances.
In addition, it may be necessary to temporarily ban the import of some goods to reduce the demand for foreign currency until more organized and smooth solutions for the foreign transfer process are found.
The rise in the dollar exchange rate against the dinar is the result of a combination of economic and financial factors, including weak banking infrastructure, difficulty in accessing remittances, and increased demand for foreign currency for import purposes.
The current situation reflects major challenges that require rapid and effective action from the Iraqi government and the Central Bank to restore stability to the financial market.
Hidden Costs”: How do 140 days of holidays affect the economy and daily life?
Posted On 2024-10-05 By Sotaliraq Reports indicate that the financial costs associated with development projects increase significantly as a result of official and unofficial holidays that affect the workflow.
According to recent data, the number of annual holidays reaches 140 days, causing delays in project schedules and increasing operational costs.
This large number of holidays requires a re-evaluation of the work schedule to ensure that economic goals are achieved within the specified dates and budgets.
Today, Thursday, economic expert Nabil Al-Marsoumi revealed the financial costs of holidays in Iraq, while confirming that their total is 140 days.
Al-Marsoumi said in a post on Facebook, “The total annual salaries of employees and others amount to 90 trillion dinars,” indicating that “the total number of Fridays and Saturdays is 104 days per year.”
He added, "The total number of official holidays in Iraq, excluding special holidays, is 16 days, while the total number of unofficial holidays is approximately 20 days, while the total number of official and unofficial holidays is 140 days."
The expert continued, "The number of actual working days per year is 225 days, while the daily cost of official and unofficial holidays, including Fridays and Saturdays, is 246 billion dinars," stressing that "the annual cost of official and unofficial holidays is 34 trillion dinars."
He pointed out that "the annual cost of official and unofficial holidays, except for Friday and Saturday, amounts to approximately 9 trillion dinars, while the annual cost of unofficial holidays amounts to approximately 5 trillion dinars."
He pointed out that "Iraq is the first country in the world in terms of official and unofficial holidays, and it is the highest in the world in this, while there are 8 official holidays in England and Wales."
HEDERA HBAR HOLDERS AN ETF MAY BE CLOSE - HUGE MOVES ARE HAPPENING | Youtube
He believed that “both types of holidays cause huge financial losses to Iraq, especially unofficial holidays that are granted for various reasons, including rain, high temperatures, and visits. This loss in unofficial holidays is equivalent to the annual budget of Syria,” recommending “restricting the authority to grant official and unofficial holidays to the Presidency of the Council of Ministers.”
Every year, on October 3, Iraqis celebrate the Iraqi National Day, which marks the declaration of Iraq's independence from the British mandate and its accession to the League of Nations in 1932. LINK
Economist: Oil Prices Could Rise To $200 If War Expands
Economy | 04/10/2024 Mawazine News - Economy Economist Nabil Al-Marsoumi predicted on Friday that oil prices will reach nearly $200 per barrel if the war in the region expands to include the Gulf states, especially if Iran closes the Strait of Hormuz, which will lead to the interruption of the flow of about 20 million barrels of oil per day to global markets.
In an analysis published by Al-Marsoumi, he spoke about two possible scenarios for the upcoming oil war:
1. The first possibility: Israel targets Iranian oil export outlets, especially Kharg Island, through which 90% of Iranian oil exports pass, which means removing 1.5 million barrels of Iranian oil per day from the market, which will raise prices by about $5 per barrel to reach $82. But this scenario will cut off the most important sources of funding for Iran.
- In this case, **OPEC Plus** is likely to intervene and cancel voluntary and mandatory production restrictions to compensate for the loss of Iranian oil, which may lead to a decrease in prices and their return to the $70 per barrel range.
2. The second possibility: The war expands to include oil pumping and export stations in the Gulf, which will affect Gulf oil exports, especially Saudi Arabia. In this scenario, oil prices may rise to levels exceeding $100 per barrel.
Al-Marsoumi also pointed out that Iran had previously confirmed that it would prevent oil exports from the Strait of Hormuz if it was prevented from exporting its oil, indicating that closing the strait would mean the interruption of about 20 million barrels per day of global supplies, which could push oil prices to levels of up to $200 per barrel, and the export of Gulf gas shipments passing through the strait would also be affected.
Al-Marsoumi concluded his analysis by pointing out that any Israeli strike might focus on targeting Iranian oil facilities, especially refineries, which could lead to the withdrawal of between 300 and 400 thousand barrels per day of Iranian exports.
However, he stressed that this loss may not have a significant impact on global oil prices, especially after Libyan oil production levels return to normal. https://www.mawazin.net/Details.aspx?jimare=255616
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."- https://economy-news.net/content.php?id=48308
Parliamentary Finance Clarifies To "Alsumaria News" The Legality Of Imposing Taxes On Citizens And Sends A Message
Economy 2024-10-04 | 7,741 views Sumerian News – Economy A member of the Finance Committee revealedMustafaAl-Karawi, on Friday, discussed the legality of the taxes imposed by the government on citizens and employees, while pointing out that the government should start with goods taxes on merchants and companies.
Al-Karawi said in an interview with Sumaria News, "The tax section is considered one of the sections supporting non-oil revenues."Mission“The government must work on it,” he said, indicating that “the government must start with goods taxes on merchants and companies, not with the poor citizen and employee who is demanding an adjustment to the salary scale and an increase in his specializations in light of the rising price of the dollar.”
He considered "taxes a good step", pointing out "the need for direct support and interest in taxes, but the categories covered by taxation must be specified to avoid public discontent and greater burden on the citizen".
He added: "We hope that there will be a clear plan from the government and a program to increase taxes through sectors that are considered to have high capital to avoid affecting the common citizen".
Regarding the legality of taxes, Al-Karaawi explained that "the tax law exists, but many of its provisions are not implemented, and there are texts in the budget that indicate the possibility of collecting taxes from employees, citizens or companies", stressing: "There must be priorities in collecting these taxes, and the most important thing is that there be real support for the tax sector, so that the citizen is not harmed by them". LINK
Seeds of Wisdom RV and Economic Updates Saturday Afternoon 10-5-24
Good Afternoon Dinar Recaps,
RIPPLE VS SEC NEWS: WHAT EXACTLY IS GARY GENSLER APPEALING?
The SEC has filed an appeal against a previous ruling that deemed programmatic sales of XRP as not constituting investment contracts, a decision that significantly reduced the penalties Ripple faced.
However, there has been a lot of confusion regarding this appeal and XRP enthusiasts took to social media to express their frustration.
Additionally, discussions centered around the complexities surrounding secondary sales of XRP, clarifying that the court did not specifically rule on transactions involving retail investors trading on exchanges.
Good Afternoon Dinar Recaps,
RIPPLE VS SEC NEWS: WHAT EXACTLY IS GARY GENSLER APPEALING?
The SEC has filed an appeal against a previous ruling that deemed programmatic sales of XRP as not constituting investment contracts, a decision that significantly reduced the penalties Ripple faced.
However, there has been a lot of confusion regarding this appeal and XRP enthusiasts took to social media to express their frustration.
Additionally, discussions centered around the complexities surrounding secondary sales of XRP, clarifying that the court did not specifically rule on transactions involving retail investors trading on exchanges.
A user asked whether the SEC’s recent appeal letter only referenced the penalties judgment, not the broader ruling from last year, and if this limits the SEC to appealing just the penalties aspect. Marc explained that the appeal references the final judgment, which triggers both parties’ rights to appeal.
This judgment also finalizes the previous year’s summary ruling, which is the main focus of the SEC’s appeal, though penalties and disgorgement will likely be included as well.
In response to another question about whether the SEC will appeal everything or just the fine and Ripple’s sales of XRP, Marc indicated that the SEC is likely to challenge the court’s decision that Ripple’s programmatic and non-cash XRP sales were not securities transactions.
This had already been hinted at a year ago, with the inclusion of disgorgement and penalties, though the latter isn’t the central objective of the appeal.
Another user said that the SEC originally requested much larger penalties than what was ultimately ruled by Judge Torres, suggesting the SEC was primarily focused on monetary penalties. Marc clarified that the SEC’s main objective is not the money itself, as it doesn’t go to them, though they will likely raise arguments regarding the penalty and the absence of disgorgement while pursuing the appeal.
@ Newshounds News™
Source: Coinpedia
~~~~~~~~~
EL SALVADOR’S BUKELE TEACHES BITCOIN TO ARGENTINA’S VICE-PRESIDENT, SPARKING INTEREST IN BTC AND ADA-LEGAL CURRENCIES
El Salvador’s President Nayib Bukele met with Argentina’s Vice President Victoria Villaruel to discuss bitcoin-focused policies during an official visit.
Argentine President Javier Milei is set to meet Cardano founder Charles Hoskinson to discuss blockchain and crypto-currencies in the region.
During a recent official visit to Argentina, El Salvador’s president, Nayib Bukele, discussed the country’s bitcoin-centric policy with Argentina’s vice-president, Victoria Villaruel. Villaruel mentioned the meeting on her X account, which focused on the implementation and regulation of Bitcoin in El Salvador.
Ms. Villaruel showed interest in El Salvador’s bitcoin bond project, which received a great deal of international attention after Mr. Bukele’s administration adopted bitcoin as legal tender. She said, “I’d like to take this brief opportunity to ask you some questions about bitcoin.”
Ms Villaruel then asked about the digital asset and sought Mr Bukele’s views on its effect on the country’s economy. In response, Mr. Bukele stated that he was ready to share the measures taken by his administration regarding the integration of bitcoin into the country’s economic system.
El Salvador became the first country in the world to recognize bitcoin as legal tender in 2021. The administration has since launched several projects, such as bitcoin bonds. Bukele’s administration aims to use bitcoin bonds to raise funds for infrastructure and technology projects. Villaruel expressed her interest in learning more about bitcoin bonds and their implications for the economy.
In addition to the bond, the two leaders also discussed the creation of the National Digital Assets Commission, a regulatory authority set up for El Salvador’s digital assets market. This body has played a role in drawing up the guidelines governing the use of bitcoin.
Crypto-currency discussions extend beyond El Salvador’s borders
The meeting between Bukele and Villaruel is part of a wider dialogue on crypto-currencies in Latin America. Argentina has witnessed a growing interest in digital assets, making the conversation between the two leaders particularly relevant.
The dialogue is set to continue as Argentine President Javier Milei is due to meet Cardano founder Charles Hoskinson later this month. Hoskinson has expressed interest in supporting the development of blockchain in South America, with a focus on advancing general crypto-currency needs.
As recently highlighted by Crypto News Flash, Hoskinson is expected to discuss with Milei the future of Cardano and its opportunity to advance Argentina’s digital economy.
IMF reiterates cautious stance on bitcoin adoption
IMF spokeswoman Julie Kozack reiterated the organization’s position at Thursday’s press conference. She stressed the need to minimize public sector exposure to bitcoin.
“What we have recommended is to reduce the scope of bitcoin law, strengthen the regulatory framework and oversight of the bitcoin ecosystem,” said Ms. Kozack, stressing the need for prudent management of the crypto-currency.
Since its adoption, the IMF has criticized El Salvador’s bitcoin law and expressed the need for the government to reduce the risks associated with integrating Bitcoin into the country’s financial system. In response to the concerns of the IMF and other international organizations, President Bukele revealed that El Salvador had acquired nearly $400 million worth of Bitcoins.
@ Newshounds News™
Source: Crypto News Flash
~~~~~~~~~
98% OF RIPPLE XRP HOLDERS WON'T GET RICH BECAUSE OF THIS MISTAKE
This video is about XRP. This video is about XRP and Ripple and the SEC APPEAL. XRP update.
@ Newshounds News™
Source: YOUTUBE
~~~~~~~~~
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“Tidbits From TNT” Saturday 10-5-2024
TNT:
Tishwash: Iraqi Prime Minister receives first Swiss ambassador after 33 years
Iraqi Prime Minister Mohammed Shia al-Sudani received today, Saturday, the Swiss Ambassador to Iraq, Daniel Hon, who is the first ambassador of his country after the reopening of the Swiss embassy in Baghdad.
The Prime Minister welcomed the reopening of the Swiss embassy after about 33 years of closure, and considered it an important step and a new stage in relations between the two countries. He stressed the importance of activating joint working committees, which would contribute to more fruitful bilateral cooperation, according to a statement issued by his office and received by Shafaq News Agency.
TNT:
Tishwash: Iraqi Prime Minister receives first Swiss ambassador after 33 years
Iraqi Prime Minister Mohammed Shia al-Sudani received today, Saturday, the Swiss Ambassador to Iraq, Daniel Hon, who is the first ambassador of his country after the reopening of the Swiss embassy in Baghdad.
The Prime Minister welcomed the reopening of the Swiss embassy after about 33 years of closure, and considered it an important step and a new stage in relations between the two countries. He stressed the importance of activating joint working committees, which would contribute to more fruitful bilateral cooperation, according to a statement issued by his office and received by Shafaq News Agency.
The meeting witnessed an emphasis on the mutual desire to strengthen Iraqi-European relations, especially in light of the stable security situation in Iraq, the development renaissance that included all vital economic sectors, the government’s support for the work and investment environment, and the creation of constructive economic partnerships.
For his part, Ambassador Hon stressed that reopening his country's embassy in Baghdad would contribute to strengthening mutual relations, and help Swiss companies to operate in Iraq and benefit from available investment opportunities.
The meeting touched on the ongoing Zionist aggression on Gaza and Lebanon, its targeting of defenceless civilians, the role of the European Union in stopping this massacre, and the position of the international community required to limit the expansion of the conflict in the region, and the dangers and threats it poses to regional and international security. link
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Tishwash: Government Advisor: Development Fund Provides Great Support to Private Sector
Advisor to the Prime Minister, Hussein Flamers, confirmed today, Saturday, that the Development Fund provided the private sector with unprecedented great support, while setting two conditions for developing the private sector.
Flamers said in a statement to the Iraqi News Agency (INA): "Prime Minister Mohammed Shia Al-Sudani blessed the first national forum for the private sector, which is held by the Private Sector Development Department at the Ministry of Trade, in cooperation with Bayt Al-Hikma for Training and Consulting," indicating that "such meetings put us in the forefront and we are on the right path in developing the private sector."
Flamers explained that "we must benefit from the versions that preceded us in other countries and developed the private sector and work to have a single window that enables those working in the private sector to be a source of glory for it and for the process to run smoothly," noting that "the government program presented by Prime Minister Mohammed Shia Al-Sudani supports the private sector."
He explained that "the Iraqi Development Fund provided the private sector with unprecedented support, but we need legislation, and intensifying laws and legislation is a very important step in developing the private sector," noting that "financial and banking services, facilitating and simplifying procedures, and providing services are all part of supporting the private sector, which depends on achieving two conditions: the first is simplifying procedures, and the second is reducing the efforts expended." link
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Tishwash: Iraqi forces decide to keep out of Israel’s battles with Hezbollah and Iran
Officials and paramilitary commanders say Israeli attacks could be ruinous for Iraq and even topple its government
The Iraqi political and armed forces affiliated to Tehran have decided to distance themselves from Israel’s battles with Hezbollah and Iran, fearing that expanding the growing Middle Eastern wars could ruin Iraq and their own positions.
Iraqi officials and leaders of Iranian-backed armed factions told Middle East Eye that the focus instead will be on providing humanitarian aid and financial support to civilians affected by Israel’s war on Lebanon.
No US interests or military bases in Iraq or Syria will be targeted by Iraqi armed factions until further notice, commanders said.
Over the past year, Israel’s onslaught on Gaza has drawn reprisals from Hezbollah in Lebanon, Yemen’s Ansar Allah (commonly known as the Houthi movement), and Iraqi paramilitary groups.
Meanwhile, Israel has begun waging war on Lebanon. It has also killed Hezbollah’s leader, Hassan Nasrallah, and assassinated Ismail Haniyeh, Hamas’ political leader, in Tehran.
In response, Iran rained ballistic missiles on Israel on Tuesday, causing significant damage to Israeli military bases.
The escalation has raised the prospect of further Iraqi participation, whether through Iraq’s regular military or its multitude of paramilitary groups.
However, Iraqi officials say there is a belief that this would lead to the collapse of Iraq’s political, economic and military system and the fall of its government.
Sudani seeks calm
Over recent days, Iraqi Prime Minister Mohammed Shia al-Sudani has held dozens of meetings with political leaders, commanders of armed factions allied with Iran and the top brass of Iraq’s security services.
According to one of Sudani’s advisers, the prime minister sought to “explain the reality of the situation facing Iraq and the consequences of any Iraqi party getting involved in the ongoing conflict”.
He also met with various Arab and western diplomats, and spoke to several neighbouring leaders, including the Egyptian president, Qatar’s emir and the king of Jordan.
Sudani pressed them to help “stop the ongoing Zionist aggression on Lebanon and Gaza, which threatens to expand the conflict throughout the region", his adviser said.
Iraqi officials and commanders of armed factions told MEE they believe Iraq will be one of four countries that Israel will strike soon, in response to the Iranian missile attack.
'Sudani has been striving to deprive the Israelis of any pretext that could be used to strike Iraq'
- Adviser to the prime minister
A succession of dramatic and ruthless Israeli attacks on Lebanon and Hezbollah over the past two weeks have been met joyously by Israel’s leadership and public.
Yet, Sudani’s adviser noted, “the Iranian missiles have dispelled their euphoria”.
“This means that it will definitely respond to this attack. Israel will inevitably attack Iraq, as it will attack Syria and Yemen, in addition to some oil facilities in Iran,” he said.
"Sudani has been striving to deprive the Israelis of any pretext that could be used to strike Iraq,” the adviser added.
"Iraq's political, security and economic situation is fragile and will not endure any party's adventure. Any ill-considered action in the coming days will have a high price and could burn everything."
Potential targets
Sources in the armed factions and security services predict Israel could hit several targets, including the headquarters of the Popular Mobilisation Forces (PMF), a governmental umbrella organisation that oversees various paramilitaries, including those close to Iran.
Last week, rumours were rife in political and media circles that Israel had drawn up a list of 35 targets in Iraq, including the locations and names of political leaders and the heads of armed factions.
Yet paramilitary commanders and security officials insisted to MEE there is no indication that such a list exists.
“Its targets in Iraq are known and clear. It will attack the camps of some armed factions, as well as the camps and headquarters of the Popular Mobilisation Forces, and may target some commanders of the armed factions,” a senior PMF official told MEE.
“The only two figures who are actually targeted are Akram al-Kaabi, the commander of Harakat Hezbollah al-Nujaba, and Abu Hussein al-Muhammadawi, the commander of Kataeb Hezbollah,” the official said.
The official noted that the leaders of other Iranian-linked armed factions have traded their military roles for more political and economic ones, and no longer have any real influence on the armed resistance to Israel.
“The Israelis and Americans know this and are well aware of it, and have no interest in targeting them,” he said.
On Tuesday evening, immediately after the Iranian missile attack ended, the anti-Israel Iraqi paramilitaries that make up the “Islamic Resistance” issued a joint statement. They said they would not target US interests and military bases in Iraq unless Washington helps Israel attack Iran, or if Iraq’s airspace is used for Israeli bombing raids.
“Then all American bases and interests in Iraq and the region will be our target,” the statement said.
“All parties agreed to stop any military operations at this stage, but if Israel strikes any of them, everyone will respond at once,” a Harakat Hezbollah al-Nujaba commander told MEE.
"American and Israeli interests in Iraq and the region will all be targeted."
Precautionary measures
Sudani has put all Iraqi military forces on high alert since Tuesday evening. Most armed faction commanders have not appeared in public since then.
Meanwhile, a meeting was convened by the Popular Mobilisation Forces' leadership on Monday to discuss the latest developments and ways to secure its offices and forces, commanders told MEE.
According to one person present at the meeting, they all agreed to avoid engaging in the escalating regional conflict, including attacking US forces in Iraq, which they had done repeatedly before the beginning of this war.
They also decided to reduce the number of paramilitary troops at their headquarters and inform commanders to avoid being there, too.
The PMF leadership agreed to send all commanders strict instructions that all the fighters registered with the organisation should not be involved in the regional conflict in any way.
“If they decide to engage in the battle, they should not use their fighters registered on the Popular Mobilisation’s payroll, or its vehicles or equipment,” said the source at the meeting.
One senior commander, who was also at the meeting, described the situation as “very critical” and said “any mistake, we will all pay the price for”.
“We are targeted. Our troops’ locations, headquarters and weapons warehouses are exposed and known, so there is no room for any uncounted action,” he said.
“It is easy. We are regular troops, so our choice is the government’s choice. It is that simple.” link
Mot: . Ahah!!! -- it's a Trick!! -- but I Fooled um!!
Mot: .. Fall is Here -- or is it -----
MilitiaMan: Iraqi Dinar Update - Iraq Dinar News -World Bank - Report - Central Bank Governor: Mechanism in Euro
Iraqi Dinar Update - Iraq Dinar News -World Bank - Report - Central Bank Governor: Mechanism in Euro
MilitiaMan and Crew: 10-4-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Iraqi Dinar Update - Iraq Dinar News -World Bank - Report - Central Bank Governor: Mechanism in Euro
MilitiaMan and Crew: 10-4-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Seeds of Wisdom RV and Economic Updates Saturday Morning 10-5-24
Good Morning Dinar Recaps,
XRP CASE NEWS : SEC APPEAL AGAINST RIPPLE DOCKETED
The battle between the SEC and Ripple does not seem to end in the near future as the appeal by the commission against court order dated August 7 has been docketed. This move has started another round in this conflict. Though sec has submitted the appeal notice, it still has time to submit the complete appeal briefing. But Ripple’s leaders are not backing down. They remain confident that they are on the winning side of the law.
SEC Appeals Ripple Case Decision
The SEC has officially filed its appeal in the Ripple case, registering it with the United States Court of Appeals for the Second Circuit.This comes after Judge Analisa Torres, ruled out that not all sales of XRP are securities and she put a civil fine of $125 million on Ripple for institutional sale of XRP tokens.
Good Morning Dinar Recaps,
XRP CASE NEWS : SEC APPEAL AGAINST RIPPLE DOCKETED
The battle between the SEC and Ripple does not seem to end in the near future as the appeal by the commission against court order dated August 7 has been docketed. This move has started another round in this conflict. Though sec has submitted the appeal notice, it still has time to submit the complete appeal briefing. But Ripple’s leaders are not backing down. They remain confident that they are on the winning side of the law.
SEC Appeals Ripple Case Decision
The SEC has officially filed its appeal in the Ripple case, registering it with the United States Court of Appeals for the Second Circuit.This comes after Judge Analisa Torres, ruled out that not all sales of XRP are securities and she put a civil fine of $125 million on Ripple for institutional sale of XRP tokens.
Attorney James K. Filan confirmed the filing and shared screenshots of the appeal that is now docketed under case number 24-2648. The appeal brings the legal clash between Ripple and the SEC back into the spotlight.
Ripple’s Legal Team Responds
Stuart Alderoty, Ripple’s Chief Legal Officer, didn’t seem too surprised by the SEC’s move. In fact, he called it disappointing but not unexpected. According to him, the court had already dismissed the SEC’s accusations that Ripple acted recklessly.
There were no fraud allegations, and no one suffered any losses. He hinted that Ripple might even file a cross-appeal, but either way, the company is ready for whatever comes next.
Ripple’s CEO Speaks Out
Ripple CEO Brad Garlinghouse wasn’t shy about sharing his frustration. Posting on X (formerly known as Twitter), he slammed the SEC for continuing the case. According to Garlinghouse, the SEC’s actions haven’t helped protect investors. Instead, they’ve damaged the credibility of the agency itself.
He pointed out that Ripple, the crypto industry, and even the rule of law have already won in court. Garlinghouse is clear—XRP’s status as a non-security won’t change, no matter what the SEC tries next.
Internal Shake-ups in Commission
A spokesperson for the SEC explained the agency’s reason for appealing. They believe the district court’s ruling contradicts decades of legal precedent set by the Supreme Court. The SEC is eager to argue their case in front of the appellate court.
At the same time, the SEC’s Enforcement Director, Surbir S. Grewal, has announced his resignation. He’s stepping down from his role on October 11, sparking questions about internal disagreements over the Ripple case.
@ Newshounds News™
Source: Coinpedia
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COINBASE TO DELIST USDT AND UNAUTHORIZED STABLECOINS IN EU BY YEAR-END UNDER MICA REGULATIONS
Coinbase, a leading cryptocurrency exchange, has announced plans to delist all unauthorized stablecoins, including Tether's USDT, from its platform in the European Economic Area by December 30, 2024
Coinbase has announced plans to delist all unauthorized stablecoins, including Tether's USDT, from its platform in the European Economic Area by December 30, 2024.
This move is in response to the European Union's new Markets in Crypto Assets (MiCA) regulations, which require stablecoin issuers to secure e-money authorization in a member state.
The MiCA regulations, which became effective in June 2024, aim to ensure regulatory compliance and consumer protection within the EU's cryptocurrency market.
Coinbase's decision to delist non-compliant stablecoins underscores its commitment to adhering to these new regulatory standards and addressing non-compliance issues.
@ Newshounds News™
Source: The Defiant
~~~~~~~~~
HK’S BANK OF EAST ASIA TESTS STABLECOIN ISSUANCE USING UDPN
Hong Kong’s Bank of East Asia (BEA) recently conducted a proof of concept (PoC) involving issuing stablecoins using the Universal Digital Payments Network (UDPN). It tested both the issuance and redemption of stablecoins (minting and burning) and trialed a mobile application for clients.
Today most stablecoin usage happens in the cryptocurrency world or jurisdictions where consumers are keen to access dollars. One reason stablecoins haven’t gone mainstream is because of missing pieces of infrastructure. However, that is changing, meaning stablecoins will become increasingly competitive with bank payments, especially cross border. Banks are not standing by. They’re engaging in multi-bank tokenized deposit trials and issuing their own tokenized deposits or stablecoins.
The UDPN is a multi-faceted project supporting the issuance of stablecoins and tokenized deposits, as well as providing an interoperability layer between different digital currencies, including central bank digital currencies (CBDCs).
“Through our PoC with UDPN, we gained insights into global practices on Central Bank Digital Currencies (CBDCs) and the mechanism of stablecoins,” said the BEA’s Stephen Leung, Group CIO, General Manager and Head of Technology and Productivity Division.
“Experiments were conducted on the issuance of stablecoins, as well as the transfer and swapping between CBDCs and stablecoins. Cross-chain interoperability was also examined between stablecoins and digital currencies on different blockchains. This has laid (an) important foundation for any partnership opportunities that may arise in the future.”
Earlier this year the bank took part in a DLT repo transaction with HSBC involving digital green bonds issued by Hong Kong.
The UDPN was founded by Red Date Technology, the co-founder of China’s Blockchain-based Service Network (BSN) and the international BSN Spartan Network. Its development partner is the GFT consultancy. Earlier this year it launched a sandbox for banks.
Hong Kong’s digital currency activities
Meanwhile, the Hong Kong Monetary Authority (HKMA) is running at least three digital currency sandboxes, although this PoC was not part of them. The HKMA recently announced the expansion of its retail CBDC sandbox to include tokenized deposits. Plus, it has a sandbox for stablecoins and another for the institutional use of wholesale CBDC, which is part of Project Ensemble.
@ Newshounds News™
Source: Ledger Insights
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STABLECOIN ISSUER TETHER TO DEVELOP NEW SOLUTION FOR EUROPEAN MARKET
Tether is preparing to launch a new technology specifically for the European market. This strategic move comes in response to changing regulatory frameworks in the region, especially as MiCA (Markets in Crypto Assets) regulations come into full effect.
As part of the adjustment, Coinbase has announced plans to delist non-compliant stablecoins, including Tether’s USDT, from the European Economic Area (EEA) by December 30, 2024. This shift could reshape the landscape for European crypto users.
Stablecoin Market and MiCA
The new crypto regulation of the EU, MiCA, is designed to bring more safety and control to the cryptocurrency sector. However, these new sets of rules also pose risks for certain stable coins like USDt. The regulation requires at least 60% of the stablecoin reserve to be held in EU based banks however many banks in Europe can only insure deposits up to $100,000.
This poses high risk for stablecoins like USDt. Paolo Ardoino expressed his concerns about the risk this regulation can pose for stablecoins as well as banking systems.
Although some aspects of MiCA create obstacles, Tether praised the EU for building a well-structured regulatory environment. This framework, they say, is essential for the long-term growth of the industry.
Coinbase’s Deadline for Delisting Stablecoins
Coinbase has set December 30, 2024, as the deadline. By this date, all non-compliant stablecoins will be delisted in the European Economic Area. It’s a significant move for Europe however stablecoin services for other regions will remain unharmed. Several other exchanges like OKX and Bitstamp have already taken similar steps, preparing for MiCA’s full implementation.
Circle’s USDC, a stablecoin that meets MiCA’s requirements, is expected to remain available for European users. Coinbase users in European financial zones holding USDt or other non-compliant stablecoins must convert them. They will need to switch to compliant ones like USDC before the deadline.
Tether’s Response to MiCA
Tether is addressing the regulatory changes by creating a technology solution designed specifically for Europe. Although they haven’t shared the full details yet, the company indicated that the solution will focus on meeting the needs of Europe’s stable and structured economy.
This new initiative is part of Tether’s larger plan to keep a strong presence in the European crypto market, even with the regulatory challenges.
What This Means for Crypto Users?
Despite these hurdles, Tether is positive about its future in Europe and is working directly with regulators to develop workable solutions. For European users, Coinbase’s delisting and MiCA’s new rules mean that you may need to reconsider which digital assets to hold. Switching to MiCA-compliant stablecoins like USDC is one option to ensure your portfolio stays secure under the new laws.
Tether’s upcoming product could also provide new opportunities for users who prefer USDT, but it’s important to stay informed and prepared for the coming changes.
@ Newshounds News™
Source: Coinpedia
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