Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 10-8-24

Good Afternoon Dinar Recaps,

CRYPTO.COM FILES SUIT AGAINST SEC AFTER GETTING WELLS NOTICE

▪️Firm warned about operating as an unregistered broker-dealer
▪️Notice is the latest in a string of enforcement actions

Crypto.com filed a lawsuit against the US Securities and Exchange Commission after receiving a Wells Notice indicating the regulator’s intention to sue the digital-asset exchange for operating as an unregistered broker-dealer and securities clearing agency. 

The lawsuit contends that the regulator has “unilaterally expanded its jurisdiction beyond statutory limits and separately that the SEC has established an unlawful rule that trades in nearly all crypto assets are securities transactions no matter how they are sold,” according to a statement Tuesday.

The SEC does not comment on the existence or nonexistence of a possible investigation, an agency spokesperson said.

The notice represents the latest in a string of enforcement actions brought by the SEC against the crypto industry in recent years. Companies including Kraken, Coinbase, Consensys and Uniswap have all been targets of such notices or lawsuits in the past, with some still engaged in legal proceedings.

“The SEC’s unauthorized overreach and unlawful rulemaking regarding crypto must stop,” Crypto.com Chief Executive Officer Kris Marszalek wrote on social media platform X.

Crypto.com, which is formally named Foris DAX Inc., declined to comment further on the lawsuit. Crypto.com was founded in 2016 in Hong Kong and rebranded to Crypto.com in 2018 after a purchase of the domain. Marszalek said in an interview with Bloomberg earlier this year that its platform has more than 80 million registered users.  CRYPTO.COM 

The lawsuit seeks to prevent the SEC from “unlawfully expanding its jurisdiction to cover secondary-market sales of certain network tokens sold on Crypto.com’s platform.” CRO, Crypto.com’s token, fell 7.6%, according to data from tracker CoinGecko.

The firm’s Crypto.com Derivatives North America unit also filed a petition with the Commodities Futures Trading Commission and SEC seeking to confirm by joint interpretation that certain crypto derivative products are solely regulated by the CFTC.

“It’s not surprising to see many crypto businesses turning the tables and preemptively suing the SEC,” Michael Selig, partner at Willkie Farr & Gallagher LLP, wrote on X, commenting on Crypto.com’s lawsuit.

@ Newshounds News™

Source:  Bloomberg

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IN AN EU FIRST, TOKENIZATION FIRM MIDAS OPENS MTBILL AND MBASIS TOKENS TO RETAIL TRADERS

▪️Midas’ onchain mTBILL and mBASIS tokens will be the first such real-world asset trading vehicles available to non-accredited investors.

▪️The tokenization firm received regulatory approval from Liechtenstein’s Financial Market Authority to open these funds to retail traders.

Tokenization protocol Midas is launching what it calls the “first suite of internet-native investment products” after opening access to its onchain mTBILL and mBASIS tokens to non-accredited investors.

In short, this makes Midas’ real-world asset (RWA) tokens the only regulated crypto vehicles in Europe not subject to a minimum investment of $100,000.

“After a year-long process involving audits, a registration and notification with various European regulations, we received approval for our product offerings,” Midas co-founder Dennis Dinkelmeyer told The Block in an interview. “Today, these are the only regulatory-compliant stablecoin yield products for retail investors across Europe.”

Midas, a startup that raised $8.75 million in a round led by Framework Ventures, BlockTower and HV Capital earlier this year, runs two tokenization projects: 1.  involving U.S. Treasury bills (i.e. mTBILL) and  2.  a yield-bearing carry trade (mBASIS). Both received regulatory approval from Liechtenstein's Financial Market Authority.

The tokenization space, projected to grow into a multi-trillion dollar industry in the coming years, is currently dominated by products offering exposure to U.S. government debt. Some $2.3 billion worth of onchain T-bills has been issued to date.

Dinkelmeyer says the startup works directly with BlackRock on its mTBILL product, which has so far attracted $5 million in deposits and currently yields around 5%. The vehicle uses BlackRock’s BUIDL fund as collateral but only supports stablecoins like USDC for issuance and redemption today.

“BlackRock itself is limited to institutional investors with a min of $5 million in assets. We can target retail with our regulatory approval,” Dinkelmeyer said. “In essence, we've just digitized the same old barriers that exist in traditional finance which defeat the point of tokenization.”

The same is true for Midas’ mBASIS token, which deploys an actively managed, market-neutral trading strategy using bitcoin, ether and “top altcoins” called a basis trade. Also called a carry trade, as seen in Ethena's USDe "synthetic dollar," the strategy capitalizes on the arbitrage opportunity that opens up when futures prices exceed spot prices.

@ Newshounds News™

Source:  The Block

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XSGD, SINGAPORE’S FIRST DOLLAR-BACKED STABLECOIN, LAUNCHES ON BITSTAMP TO POWER GLOBAL CROSS-BORDER PAYMENTS

▪️Bitstamp has listed a Singapore Dollar-pegged stablecoin, XSGD, for the first time
▪️The partnership between StraitsX and Bitstamp means users can now seamlessly send and receive the SGD-backed stablecoin across borders with confidence

StraitsX, the pioneering payments infrastructure for the digital assets space in Southeast Asia, has today announced the listing of XSGD, its Singapore dollar-pegged stablecoin, on Bitstamp, the world’s longest-running cryptocurrency exchange.

This strategic partnership marks a significant step forward in enabling the mass adoption of XSGD across global markets, and sets a new benchmark for stable, efficient, and secure digital currency transactions. XSGD, backed 1:1 to the Singapore dollar (SGD) and fully backed by reserve assets, offers unparalleled transparency and stability for users in global markets.

Unlocking Global Cross-Border Payment Flows
Stablecoins like XSGD are rapidly emerging as the preferred solution for on-chain cross-border payments, providing a secure and efficient alternative to traditional financial systems.

With the listing of XSGD on Bitstamp, users can now seamlessly send and receive SGD-backed stablecoins across borders with confidence. This development addresses the demand for faster, more cost-effective global transactions, reducing the complexities of conventional financial systems.

XSGD will drive digital asset adoption and accelerate innovation in cross-border payments.

XSGD will be available via Bitstamp globally, except in US and EU countries.

“The listing of XSGD on Bitstamp is a pivotal moment in our mission to bring StraitsX’s stablecoins to the global stage. By improving liquidity and accessibility, we are enabling faster, more transparent, efficient, and cost-effective on-chain cross-border payment flows. This will transform how individuals and businesses transact internationally, unlocking new opportunities for financial inclusion and global trade,” said Jason Tay, Head of Commercial at StraitsX.

“We are excited to list XSGD, a stablecoin with immense utility across the APAC region, to our Bitstamp platform. As demand for stable, reliable digital assets continues to grow, the addition of XSGD enhances our platform’s liquidity and provides our global users with a trusted SGD-backed asset.

This further supports the widespread adoption of stablecoins for cross-border payments and other financial transactions worldwide,” said Leonard Hoh, General Manager for APAC at Bitstamp.

Driving Adoption of Stablecoins
The listing of XSGD on Bitstamp highlights StraitsX’s commitment to advancing the digital assets and payments landscape across Southeast Asia and beyond. By combining the speed, transparency, and decentralisation of digital assets with the stability of a fiat-backed asset, XSGD is positioned to drive mass adoption. This trusted and secure stablecoin offers users a reliable solution for global cross-border payments, making it a pivotal tool for the future of digital transactions.

About StraitsX
StraitsX is the pioneering payments infrastructure for the digital assets space in Southeast Asia. StraitsX is a Major Payment Institution licensed by the Monetary Authority of Singapore and offers personal and business account holders to mint and redeem StraitsX stablecoins, manage payments as well as connect their accounts to digital asset platforms. Business accounts can also access B2B API-enabled payment rails for digital asset platforms.

About Bitstamp
Bitstamp is the world’s longest-standing cryptocurrency exchange, continuously providing safe and open access to crypto since 2011.  Bitstamp provides a secure and transparent trading venue to over five million individuals and is the preferred choice for a range of institutional clients seeking a trusted partner to participate in crypto markets. Bitstamp is a sector leader in both security and compliance.

@ Newshounds News™

Source:  Crypto News Flash   

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🌍 TRUMP VS HARRIS: WHAT’S AT STAKE FOR CRYPTO’S FUTURE?  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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Some “BRICS New’s” Tuesday 10-8-2024

BRICS Announces 2025 Plans! What Happens to US Dollar Now?

GeoFlux:  10-7-2024

BRICS nations have announced ambitious plans for 2025, potentially reshaping the global financial landscape. Saudi Arabia's joining BRICS and allowing its dollar-oil agreement to expire marks a significant shift.

Russia's chairmanship is pushing for increased use of national currencies in trade settlements. The BRICS Bridge payment system aims to rival SWIFT, while member countries are developing their own alternatives.

Digital currencies, including CBDCs, are gaining traction. These moves could challenge the US dollar's dominance, potentially weakening its role in global trade and sanctions.

Geopolitical implications are vast, with BRICS positioning itself as an alternative to Western-led financial institutions. The expansion impacts global commodity markets, given BRICS+ countries' resource wealth.

 However, challenges remain, including maintaining BRICS unity and overcoming technical hurdles. The future likely holds a more diversified monetary landscape, affecting international trade, investments, and everyday financial transactions. While the dollar won't disappear, its supremacy may gradually erode.

https://www.youtube.com/watch?v=62JiKpZRZmM

Saudi Arabia to Adopt Petroyuan for Oil Settlements, Ditch Petrodollar?

Geopolitical Analyst:  10-8-2024

In recent months, the geopolitical landscape has witnessed tremendous shifts, particularly surrounding the BRICS bloc—comprising Brazil, Russia, India, China, and South Africa. As these nations continue their pursuit of de-dollarization, particularly in terms of global trade, one prominent player is considering a significant pivot: Saudi Arabia. With the Kingdom reportedly contemplating the adoption of the petroyuan for oil settlements, the world is poised to watch how this potential transition could reshape global economic dynamics.

For decades, the petrodollar system, which mandates that crude oil sales be conducted solely in U.S. dollars, has granted the United States considerable influence over global economic policies. This system has promoted the dollar’s status as the world’s primary reserve currency, allowing the U.S. to maintain an upper hand in international finance. However, evolving global dynamics beckon a reconsideration of this long-standing structure.

The BRICS bloc, in particular, has aggressively pursued de-dollarization, encouraging member nations and global partners to transition to using their own currencies for trade. This move challenges the U.S. dollar’s supremacy and aims to foster greater economic sovereignty for BRICS countries amidst a world increasingly wary of U.S. economic policies.

Saudi Arabia’s relationship with the BRICS bloc has been anything but straightforward. Earlier this year, despite being invited to join the 2023 BRICS expansion, the Kingdom held back from full membership. Instead, it appears to be adopting a more cautious approach while simultaneously navigating its longstanding ties with Western powers, particularly the United States.

However, recent statements from Saudi Arabia’s Minister of Industry underscore a readiness to explore new avenues of collaboration, particularly with China. The Minister noted, “We are open to trying new things,” which hints at the Kingdom’s willingness to adapt to the changing tides of international trade and finance. This sentiment aligns with rising discussions regarding the potential of using the Chinese yuan for oil settlements—a mechanism colloquially termed the “petroyuan.”

As Saudi Arabia contemplates the future of its oil settlements, the global economic order stands at a crucial crossroads. The potential shift toward the petroyuan—while still uncertain—reflects a growing trend among BRICS nations to redefine their financial relationships in a rapidly evolving world. As Riyadh continues to navigate its intricate roles of tradition and modernization, its decisions will not only impact its coffers but also pose significant questions for the future coherence of international economic structures and the longstanding dominance of the U.S. dollar.

The global economic community will be watching closely, not just for Saudi Arabia’s next move, but also for the ripples it could send through the current monetary system. Will we witness the dawn of a new era, or will the petrodollar continue to reign supreme? Only time will tell.

Watch the video below from Geopolitical Analyst for more information.

https://youtu.be/Dd9wpxr_26g

“Tidbits From TNT” Tuesday 10-8-2024

TNT:

Tishwash:  Ranked 29th out of 100 countries, Iraq raises its gold holdings to more than 152 tons

The World Gold Council announced on Tuesday that Iraq has increased its gold holdings to more than 152 tons.

According to the latest table published by the Council in September 2024, which Shafak News Agency reviewed, "Iraq ranked 29th out of 100 countries listed in the table with the largest gold reserves," indicating that "Iraq ranked third in the Arab world after Saudi Arabia and Lebanon."

He added, "Iraq increased its gold holdings to 152.6 tons, after its gold holdings were 148.3 tons, which represents 11% of its remaining reserves."

The Council also pointed out that "the United States of America is the largest country in the world with the largest gold holdings, at 8,133.5 thousand tons, followed by Germany with 3,351.5 thousand tons, then Italy with 2,814 thousand tons, while Bosnia and Herzegovina came in last with 1.5 tons."

The World Gold Council is headquartered in the United Kingdom, has extensive experience and deep knowledge of the factors that cause market change, and its members consist of the largest and most advanced gold mining companies in the world.  link

Tishwash:  Ministry of Oil announces the start of exporting jet fuel

The Undersecretary of the Ministry of Oil for Refining Affairs, Hamid Younis, announced the start of aviation fuel export operations from Iraqi ports.

The Undersecretary said in a statement, "The ministry has started aviation fuel export operations at a rate of (800-1000) tons per day, from export outlets, noting that the Iraqi production of aviation fuel comes within international specifications and standards.

He pointed out that the export process is a step in the right direction, to enhance Iraq's role globally among the countries producing and exporting oil and its derivatives, in addition to that it reflects the prospects for development in the Iraqi oil industry.

He added that the export operations of oil products contribute to increasing the financial revenues achieved from the activities of the oil sector, thus supporting the national economy.  link

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Tishwash: Revealing the features of the 2025 budget tables

A government advisor revealed the features of the 2025 financial budget schedules.

 The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said in a press statement that "Article 77/Second of the Federal General Budget Law No. 13 of 2023, which regulates the preparation of the three-year budget, stipulates that the government shall send the budget tables for the years 2024 and 2025 to the House of Representatives for approval before the end of the previous fiscal year."

He added that "the Ministry of Finance has announced that it is in the process of preparing the general budget tables for the year 2025, in accordance with the constitutional mechanisms adopted by the aforementioned Three-Year Budget Law."

He pointed out that "based on the indicators of budget implementation over the first two years provided for by the aforementioned Law No. 13, the financial authority has the necessary administrative and financial capabilities to submit the 2025 budget tables to take their legislative path through discussion and approval in the Council of Ministers and refer them to the House of Representatives before the end of this year."

Saleh noted that "the federal general budget tables for the year 2025 will be based on the constants of Federal Budget Law No. 13 of 2024, taking into account international and regional economic conditions and their changes, ensuring that the provisions of the budget tables for the year 2025 are adapted within the available legal texts, in addition to relying on the performance of the indicators of the general budget tables for the year 2024."

He stressed that "major reconstruction projects will continue to progress in accordance with the vision of the government program to ensure the continuity of growth rates in the gross domestic product in general and the gross domestic product (non-oil) in particular."  link

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Tishash:  Federal Finance sends Kurdistan Region salaries for September, parliamentarian confirms arrival

An informed source reported on Tuesday that the Iraqi Federal Ministry of Finance will transfer the salaries due for the month of September to the employees of the Kurdistan Region from Baghdad within the next three days, indicating that they will be disbursed immediately upon arrival of the amount.

According to information obtained by Shafaq News Agency, the Financial Supervision Bureau and the Ministry of Finance in Iraq have completed the process of auditing the payrolls of Kurdistan Region employees for the month of September, and the remaining amount is expected to be transferred during this week.

The source stated that after the government in the Kurdistan Region receives the financial amounts from Baghdad, it will, in turn, in cooperation with the region’s internal revenues, begin distributing employees’ salaries.

Meanwhile, the member of the Iraqi parliament for Sulaymaniyah province, Karwan Mirwais, stated on his official Facebook page that the Iraqi Ministry of Finance had transferred an amount estimated at one trillion dinars to the Ministry of Finance of the Kurdistan Region.

According to Mirwais, this amount is allocated to pay the salaries of civil, military and security employees for the month of September.

The salary file in the Kurdistan Region is witnessing continuous tensions due to the delay in sending financial dues from Baghdad, which leads to the postponement of the distribution of salaries to employees.

Previous agreements have been reached between the Kurdistan Regional Government and the federal government to ensure the continuation of salaries, but delays in sending dues remain a constant source of concern for employees in the region.  link

Mot:  . Rivalry at its Bestest!!! 

Mot: ... YaKnows -She Just Might Have a Good Idea!!! 

Seeds of Wisdom RV and Economic Updates Tuesday Morning 10-8-24

Good Morning Dinar Recaps,

IOTA NEWS: COULD IOTA BE THE NEXT BIG PLAYER IN THE STABLECOIN ARENA?

▪️IOTA’s decentralized technology could serve as the foundation for a compliant stablecoin.

▪️The Trade and Logistics Information Pipeline enables secure and efficient exchange of electronic trade documents.

With Europe’s Markets in Crypto-Assets (MiCA) regulations reshaping the crypto landscape, IOTA’s decentralized and scalable technology could position itself as the foundation for a new, compliant stablecoin. IOTA’s feeless and efficient framework makes it an intriguing candidate in the search for the next big player in digital assets.

The launch of MiCA marks a new dawn of regulation in the EU crypto market, which will lead to a more accountable industry. This regulation addresses issues relating to digital assets in a bid to protect the consumer and ensure the stability of the market.

With platforms like Coinbase recently delisting the non-compliant stablecoins, the regulatory change paves the way for new entrants. Could IOTA fill this gap?

IOTA’s Tangle technology enables feeless, instant, and scalable transactions, which will be suitable for a stablecoin designed to function under the MiCA regulation. Such a network is capable of processing many transactions without congesting the network or incurring any costs, which could position it as a stablecoin giant.

How IOTA’s Technology Could Drive Stablecoin Efficiency
At the core of IOTA’s ecosystem is its Trade and Logistics Information Pipeline (TLIP). This decentralized platform is already responsible for securing global trade through the exchange of immutable data. The same principles could be applied to a stablecoin to guarantee the stability, openness, and effectiveness of digital transactions.

TLIP has played a big role in expanding the footprint of IOTA in the African region, especially in the trade industry. The system enables participants to exchange electronic trade documents including export declarations and airway bills safely and effectively.

The TLIP model demonstrates that IOTA can cut costs by half and make cross-border transactions up to 80% cheaper. This can mean huge savings in the stablecoin ecosystem and could be useful for industries looking for effective yet cheap financial tools.

Could IOTA’s Stablecoin Revolutionize Global Trade?
A MiCA-compliant stablecoin issued on the IOTA network could transform the world’s payments system through secure and efficient transactions.

Similarly, TLIP enhances the visibility and effectiveness of logistics, and stablecoin could enhance cross-border payments through quicker and more transparent systems. IOTA’s decentralized approach, coupled with MiCA’s legal certainty, sets the stage for the creation of a safe and sustainable stablecoin.

Collaborations with organizations like Tide Protocol have been instrumental in developing the IOTA EVM ecosystem and providing key technological advancements.  

Furthermore, the collaborations between IOTA and Digimarc, as well as IOTA and Agro2Circular, implement environmental stewardship by mitigating agricultural plastic waste using the DPP.

In addition, IOTA has partnered with the European Commission to develop a new IPR management system that applies DLT, NFTs, and smart contracts. It is worth noting IOTA’s Total Value Locked (TVL) recently surpassed $5 million.

@ Newshounds News™

Source:  Crypto News Flash

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U.S. GOVERNMENT SET TO AUCTION $4.4 BILLION IN BITCOIN AFTER MAJOR LEGAL WIN!

The U.S. Supreme Court has put an end to the legal battle over 69,370 Bitcoin that were seized from the Silk Road dark web marketplace. These BTC are worth around $4.4 billion.

By refusing to accept the case, the Court opened the way for the U.S. government to sell these bitcoin. Let’s explore what happened and what to expect next.

Battle Born’s Claim Falls Short
The legal tussle centered around a claim from Battle Born Investments, a company that argued it had legitimate rights to the seized Bitcoin. They built their case on the idea that they acquired the assets through a bankruptcy estate tied to a man named Raymond Ngan.

Battle Born believed that Ngan was the infamous “Individual X,” a hacker who had stolen Bitcoin from Silk Road before surrendering the stolen funds to the authorities. However, the federal and appellate courts dismissed these claims.

The Dark Web and the Bitcoin Connection
To help you understand the significance of this matter, let’s share a summary of this 2013 Silk Road case. Ross Ulbricht founded the SIlk Road platform in 2011 which was infamous as a hub for illegal activities.

The Tor network hosted the website, where people could buy anything illegal, from drugs to weapons, by paying in Bitcoin.  At its peak, the Silk Road had millions of dollars in transactions. In 2013, the FBI shut down the marketplace and arrested Ulbricht.

The seized Bitcoin, tied to transactions on the platform, remained with the government, leading to this moment. Adding another twist to the tale, the IRS later traced several btc transactions to “Individual X,” the hacker who stole Bitcoin from Silk Road before authorities shut it down.

 The U.S. government eventually seized those funds in what has become the largest cryptocurrency seizure to date.

What’s Next for the Seized Bitcoin?
Now that the Supreme Court has refused to hear the case, the U.S. government can sell the seized BTC. The U.S. Marshals Service would be overseeing the sale. 

Some of the funds have already been moved to Coinbase Prime. Looks like they are ready to auction the bitcoin. This sale can bring broader implications not just for the crypto market but for the U.S. political environment.

During the Bitcoin Conference 2024 at Nashville, Presidential candidate Donald Trump has shared his plans regarding these seized Bitcoin. He shared his idea to use the seized btc to create a “strategic bitcoin reserve” for the U.S. He suggested the current administration to hold bitcoin instead of selling it like the German government.

@ Newshounds News™

Source:  Coinpedia

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RIPPLE XRP HOLDERS THEY WANT TO END THE MIDDLE CLASS - SHOCKING UPDATE  |  Youtube

@ Newshounds News™  

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🌍 WHICH COUNTRIES ARE WINNING THE CRYPTO RACE? | Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

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MilitiaMan: Iraq Dinar News-Optimization-Automation-Digital-Schedule Date-Secured Salaries Paid Within Days

Iraq Dinar News-Optimization-Automation-Digital-Schedule Date-Secured Salaries Paid Within Days

MilitiaMan and Crew:  10-7-2024

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

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

https://www.youtube.com/watch?v=Or9B8rkQmTs

Iraq Economic News and Points To Ponder Late Monday Evening 10-7-24

What Are The Reasons For The Rise In The Dollar Price In Iraq? A Specialist Answers

Economy  | 03:45 - 07/10/2024   Mawazine News – Baghdad  The researcher and specialist in the financial and banking sector, Mustafa Hantoush, identified the reasons for the rise in the dollar exchange rate in Iraq, indicating that the parallel market in the country needs an in-depth study to dismantle the reasons for its instability.

In an interview followed by /Mawazine News/, Hantoush said that “the existence of huge trade with Iran and Syria, in addition to large numbers of travelers to these two countries, with the presence of small traders who do not own companies or import licenses, are all factors that are not covered by the official currency auction, which leads to fluctuations in exchange rates.”

He added that “fear of the outbreak of wars in the region prompts traders and citizens to exaggerate the quantities imported and consumed, and prompts some to save the dollar, which directly affects the price of the currency in the local market.”

Hantoush confirmed that “Iraqi supply chains from countries such as Turkey, Canada, Australia, China and India do not face any problems, and there are no concerns about the liquidity of the dollar in Iraq, so the crisis raised by traders and citizens is unjustified.” The exchange rate of the dinar against the dollar jumped on the black market to 154,500 dinars per 100 dollars.   https://www.mawazin.net/Details.aspx?jimare=255712

US Ambassador: We Are Committed To Supporting Iraq's Security, Stability And Sovereignty

Monday 07 October 2024 13:05 | Politics Number of readings: 285  Baghdad / NINA / US Ambassador to Baghdad Alina Romanowski confirmed today, Monday, that her country is committed to supporting Iraq's security, stability and sovereignty.

The ambassador said in a post on the "X" platform: "Yesterday, I spoke with Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein about regional developments and the importance of diplomatic dialogue to calm current tensions."

She added: "We are committed to advancing common goals in the comprehensive US-Iraqi partnership and supporting Iraq's security, stability and sovereignty." / https://ninanews.com/Website/News/Details?Key=1160360

The Central Bank Of Iraq's Dollar Sales Have Increased, Exceeding The 260 Million Mark

Banks  Economy News – Baghdad  The Central Bank of Iraq's dollar sales rose on Monday to more than $260 million in a currency auction compared to Sunday.

The bank sold in its auction today 260 million 547 thousand 910 dollars, covering it at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, at a rate of 1310 dinars per dollar for foreign transfers, and at a rate of 1305 dinars per dollar in cash.

Most of the dollar sales went to boost balances abroad in the form of remittances and credits, which amounted to $253,147,910, up 97% from cash sales of $7,400,000.

The number of banks that purchased cash dollars was one bank, while the number of banks that met requests to enhance balances abroad was 12 banks, and the total number of exchange companies participating in the auction was 17 companies.  https://economy-news.net/content.php?id=48439

Finance: We Implemented Strategic Plans, Including Automation And Digital Transformation

The Ministry of Finance confirmed the continuation of efforts and the provision of capabilities to develop banking financial performance, noting the implementation of strategic plans, including automation, digital transformation and the use of modern electronic systems.

The ministry said in a statement that "Minister of Finance Taif Sami chaired the periodic meeting of the Ministry's Opinion Board, in the presence of the Undersecretary of the Ministry and the general managers of the departments, banks, bodies and affiliated companies."

It added that "the meeting discussed a number of topics included in the agenda, including reviewing the recommendations of the committees formed by the Opinion Board for previous sessions, determining the stages of progress and achievement rates, as well as discussing the proposed amendments in order to develop the ministry's performance and adapt it to the requirements and vision of modern financial management witnessed by the financial and business sector."

It continued, "The meeting addressed the emphasis on implementing the recommendations of the Council of Ministers, and the emphasis on continuing diligent efforts and providing capabilities within the framework of the government program to develop banking financial performance, and implement financial and strategic plans, including automation and digital transformation, and the use of modern electronic systems and improving the reality of work, to provide optimal services to citizens."

https://www.radionawa.com/all-detail.aspx?jimare=39677

Oil Prices Rise Sharply After Biggest Weekly Gain In A Year

Monday 07 October 2024 13:13 | Economic Number of readings: 149  Baghdad / NINA / Oil prices continued their strong gains in trading on Monday, after recording their largest weekly increase in more than a year on Friday, amid increasing risks of a regional war in the Middle East.

By noon on Monday, Brent crude futures rose 94 cents, or 1.2%, to $78.98 a barrel.

US West Texas Intermediate crude futures also rose $1.09, or 1.51%, to $75.51 a barrel.

Brent rose more than 8% last week, its largest weekly increase since January 2023, while West Texas Intermediate crude rose 9.1%, its largest weekly increase since March 2023. / End9 https://ninanews.com/Website/News/Details?key=1160353

Al-Sudani Directs The Formation Of A Working Group To Prepare Packages To Deal With The Economic And Financial Situation

Politics |  07/10/2024   Mawazine News – Baghdad   Prime Minister Mohammed Shia al-Sudani directed today, Monday, to continue simplifying procedures, pursuing speculators, and reviewing financial and banking reforms.

The Prime Minister's media office said in a statement received by / Mawazine News / that "Prime Minister Mohammed Shia al-Sudani chaired a meeting dedicated to reviewing the comprehensive reform plan for the financial and banking sector in Iraq, in the presence of the Minister of Finance, the Governor of the Central Bank of Iraq, and a number of advisors and directors of government banks."

The Prime Minister stressed "the need to intensify inspection procedures in financial transfer operations, and not to be lenient or lenient in pursuing speculators who exploit the crises that the region is going through, in order to achieve personal profits and benefits at the expense of the public interest of the country, directing the Ministry of Finance, the Central Bank, and bank directors to simplify procedures for business owners, regarding financial transfers.

" Al-Sudani directed "the formation of a working team, working on preparing packages to deal with the current economic and financial situation, and resuming work with investment tools in the Central Bank of Iraq and linking them to the size of each bank's deposits."

According to the statement, "The meeting discussed financial reforms and monetary policies adopted in light of the decisions taken by the Council of Ministers, where His Excellency directed to fully activate all decisions and review the obstacles that prevented the implementation of some of them."

During the meeting, "the progress of work in the plans prepared within the framework of developing the work of banks, the reform measures undertaken by the banks' administrations with Ernst & Young, and the level of progress achieved in this regard were discussed, in a way that ensures providing the best services to their customers."

The meeting also discussed "the facilities provided by banks in the field of attracting deposits, which enhances the role of the banking sector in financing projects and promoting economic development, and His Excellency directed to review the benefits provided by banks to depositors."

The meeting also addressed "the measures taken to encourage citizens to continue using electronic payment systems, which are witnessing a significant increase in the number of users. In this regard, Mr. Al-Sudani directed to study and launch the government incentive program for the use of electronic payment tools, including cash refunds."   https://www.mawazin.net/Details.aspx?jimare=255710

The Judiciary Issues An Arrest Warrant Against The Head Of The Integrity Commission For Not Appearing For Investigation Into The Audio Recordings Rolling Eyes

Chairman of the Federal Integrity Commission Haider Hanoun   Local  Economy News – Baghdad  A senior source reported on Monday that an arrest warrant was issued against the head of the Integrity Commission, Haider Hanoun, for failing to appear for investigation into the charges against him.

Al-Ghad Press Agency quoted the source as saying, "The Third Karkh Investigation Court issued an arrest warrant against the acting head of the Integrity Commission, Judge Haider Hanoun, for not appearing before the court in the cases brought against him."

The source added, "The arrest warrant came after he was notified more than once to appear for investigation on the charge of audio recordings."

Earlier, the Supreme Judicial Council decided to open an investigation into the audio recordings attributed to the head of the Integrity Commission, Haider Hanoun.

The media center of the Supreme Judicial Council said in a statement, "The Chief Public Prosecutor requested the Third Karkh Investigation Court to conduct an investigation into the audio recordings attributed to the acting head of the Integrity Commission, Haider Hanoun, which include crimes of accepting bribes."

Social media sites circulated audio recordings attributed to the acting head of the Integrity Commission, Haider Hanoun, which included receiving bribes and blackmail. https://economy-news.net/content.php?id=48454

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

Economist’s “News and Views” 10-7-2024

Take A Ride On The Road To Roota with Bix Weir (Little By Little)

Andy Schectman:  10-5-2024

Welcome back to Little by Little with Andy Schectman! Today, we’ve got a very special guest—someone who’s been on the frontlines of exposing the hidden truths behind the financial system, the gold and silver markets, and the deeper narratives that most mainstream outlets won’t touch.

He’s the creator of Road to Roota, a man who’s known for his fearless investigations and bold predictions about the future of our economy—Bix Weir!

Bix has spent decades uncovering what’s really happening behind the scenes, from the Federal Reserve to the manipulation of precious metals, and he’s here to share his insights on where we’re headed next.

We’re diving into everything from his groundbreaking Road to Roota theory, the macro forces shaping precious metals, and his unique perspective on how the world is evolving in these unprecedented times. Get ready for an eye-opening conversation!

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

YOUR STANDARD OF LIVING IS RAPIDLY DISAPPEARING... AND ITS ABOUT TO GET A LOT WORSE.

Greg Mannarino:  10-7-2024

https://www.youtube.com/watch?v=8wSV46Rl_R4

Bank Losses ‘Dwarf’ 2008, Housing Shortage Is ‘Extreme’ | Briton Hill

David Lin:  10-7-2024

Briton Hill, Managing Partner of Providence Capital Group, says that the housing market could remain "stuck" and in short supply for a number of years. Hill gives his outlook on home prices, mortgage rates, and stock markets.

0:00 – Intro

 0:40 - Housing market is "stuck"

2:30 - Housing shortage

3:14 - Bank losses

7:34 - Mortgage rates to stay high

10:15 - Buyers’ or sellers’ market?

 12:52 - Capital borrowers’ profiles

15:17 - Lumber price

16:30 - Construction starts

18:22 - Housing affordability solutions

 25:14 - Homebuilders’ priorities

26:15 - Stock market outlook

https://www.youtube.com/watch?v=jAqP1Gt9JEE

Seeds of Wisdom RV and Economic Updates Monday Afternoon 10-7-24

Good afternoon Dinar Recaps,

THE CRYPTO EXECUTIVE WHO COULD SOON BE RUNNING THE SEC

Wall Street’s top cop is headed for a clash with the trendy online brokerage firm Robinhood.

The regulator could be picking a fight with its next boss, too.

Robinhood Chief Legal Officer Dan Gallagher is emerging as a leading contender to head the Securities and Exchange Commission should Donald Trump win back the presidency, according to a dozen former top regulators, lobbyists and securities lawyers.

“He’d be a natural choice,” one former senior SEC official told MM.

But Gallagher — a onetime SEC commissioner who is known for his affability and political chops — may find himself sparring with the agency first.

The SEC is weighing a lawsuit over Robinhood’s swelling cryptocurrency business in a case that would mark the latest salvo in Chair Gary Gensler‘s crackdown on the $2 trillion market. The SEC is looking into whether Robinhood is operating an unregistered broker-dealer and clearing agency in the crypto markets. Charges are not guaranteed, but if the agency does sue, the resulting legal battle could thrust a new and awkward spotlight onto Gallagher — just as the race for the chairmanship heats up.

For his part, Gallagher has a message for the SEC: Don’t do it.

“It’s a dog of a case,” he told MM. Robinhood, Gallagher said, offers trading in a fraction of crypto tokens compared to others that have hundreds on their platforms. And the company doesn’t have any crypto lending or staking products, he said.

“We’ve been forgoing revenue for the company by not going hog wild listing coins, and I think that puts us in a very, very unique position,” Gallagher said. “Shooting at the good guys is a really bad policy.”

An SEC spokesperson declined to comment.

Eight years ago, a rotating cast of characters from the financial, corporate and legal worlds swung through Trump Tower as they sought to join the then-incoming president’s administration. Now, as evidenced by Gallagher’s brewing candidacy, the revolving door between government and industry appears primed to start spinning once again if Trump wins.

“This is the name of the game: Get the fox in the henhouse,” said Richard Painter, who served as chief ethics lawyer for President George W. Bush.

Other names floating around K Street as potential SEC chairs under Trump include former Commodity Futures Trading Commission Chair Chris Giancarlo, who is known online as “CryptoDad"; former SEC General Counsel Robert Stebbins, now a partner at the law firm Willkie Farr & Gallagher; and current SEC Commissioner Hester Peirce, who occupies a Republican seat on the agency’s five-person commission.

Yet Gallagher’s ascendancy to the chair has long been a matter of when, not if, for some Republicans.

“Dan would be great,” Rep. Bill Huizenga (R-Mich.) told our Jasper Goodman following a House Financial Services Hearing where Gallagher testified last month. “I’ve had a great relationship working with him, even when we disagreed on some stuff.”

“Ultimately, you want someone who’s thoughtful, experienced, and not just ideologically politically driven,” the Michigan Republican said. “That’s been, I think, the problem with Gensler.”

Gallagher as a commissioner blasted the package of rules enacted in the wake of the 2008 financial crisis. He called for a sweeping review of trading in the U.S. stock market and was early to raise concern about the SEC’s internal courts, which have since been declared unconstitutional in certain cases by the Supreme Court. He was also a regular on Capitol Hill, briefing lawmakers on the wonky area of securities law.

If Trump did pick Gallagher, the Robinhood executive could face a contentious confirmation process. Democrats have long been wary of industry officials taking over federal regulators, and Robinhood has attracted a fair amount of congressional scrutiny over the years. (Remember GameStop — the bizarre market phenomenon of 2021 when Robinhood had to cut investors off from buying more shares in the beleaguered video game retailer’s stock, drawing the ire of lawmakers across Capitol Hill?)

But Gallagher argues that was then. The company has since overhauled its compliance and risk-management programs, he said. And as for any revolving-door concerns, he says having experience both in and out of government is a good thing.

Whether Gallagher would want to leave Robinhood is unclear. He told MM that he loves his job and that it’s “an honor to have my name included in any discussion of who may be the next SEC chairman.”

Make no mistake, though, Gallagher has clear issues with the SEC’s direction. Just ask him about crypto. He told MM that if he had been chair in the last few years, there would be tailored rules on the books already, as the industry has long been seeking, offering “a path forward for at least a baseline registration system” for crypto exchanges and brokers. And even then, Gallagher believes there would still need to be legislation.

“I would have done things differently,” he said. “I’ve known Gary for a long time and have a lot of respect for Gary, but, on this one, I disagree with him.”

@ Newshounds News™

Source:  Politico

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NASDAQ PUBLISHED APPLICATION TO BEGIN THE PROCEDURE FOR LISTING AND TRADING SHARES OF HASHDEX NASDAQ CRYPTO INDEX US ETF.

@ Newshounds News™

Source:   Crypto World 

NASDAQ-2024-028_Order_Instituting_Proceedings

SEN. ELIZABETH WARREN WILL DEBATE LAWYER JOHN DEATON TWICE IN OCTOBER

Many crypto proponents suggested the race could be a referendum on digital asset policy in the US Senate, with polls showing Warren leading by at least 20 points.

Massachusetts news outlets are reporting that Democratic Senator Elizabeth Warren and Republican candidate John Deaton will debate each other twice before the 2024 election, on Oct. 15 and Oct. 17.

According to an Oct. 7 notice from New England Public Media, the outlet and GBH News will host a debate in Springfield between the two senatorial candidates on Oct. 17, moderated by political reporters Adam Reilly and Saraya Wintersmith. Sen. Warren and Deaton will also appear in Boston to debate on Oct. 15 on WSBK-TV.

It’s unclear if digital assets will be a topic between the two candidates at either debate. Cointelegraph contacted GBH News, who said it would not share the topics in advance.

Future of crypto policy in US Senate?
During her time in office, Sen. Warren has been outspoken about her criticism of cryptocurrency, associating digital assets with funding illicit activities. Deaton, a lawyer, has backed Ripple and other crypto firms facing litigation from the United States Securities and Exchange Commission (SEC).

Several September polls showed Sen. Warren with more than a 20-point lead over Deaton in an election many expect to be a referendum on crypto policy. The Republican candidate claimed on social media that the SEC is “pursuing an anti-crypto agenda” through its enforcement actions and criticized chair Gary Gensler.

Many Democratic lawmakers and candidates have called on members of the party to change their “hostility” toward the crypto industry as presidential candidate Kamala Harris runs against Republican Donald Trump in November. After announcing her candidacy in July, Vice President Harris made her first public statement on digital assets in September, pledging support for the industry.

Commonwealth Unity Fund, a political action committee backed by many crypto proponents, and Gemini co-founders Cameron and Tyler Winklevoss have supported Deaton’s campaign through contributions or media buys.

According to Federal Election Commission records, as of Aug. 14, Deaton had raised roughly $1.8 million in his bid for the US Senate in 2024, with roughly $830,000 in cash on hand. Senator Warren had raised roughly $19 million since January 2019 and had roughly $5.3 million in cash on hand as of Aug. 14.  (WARREN REPRESENTS THE BIG BANKS)

@ Newshounds News™

Source:   CoinTelegraph

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‘THE SEC IS LIVING IN PAST’: TIM DRAPER SLAMS GARY GENSLER, DISCUSSES RIPPLE CASE

With the recent Ripple appeal, the SEC and its chair Gary Gensler are back in the spotlight as the XRP community voices strong opposition to the agency. This new twist has extended the already delayed case timeline, with some speculating it could now stretch until 2026. American venture capital investor Tim Draper appeared on the Thinking Crypto podcast and discussed SEC’s recent actions and their impact.

Ongoing Challenges for the SEC
Draper noted that Gary Gensler, the SEC chair, has faced losses in court, not just with Ripple but also with the Grayscale lawsuit and others. This raises questions about the SEC’s strategy and effectiveness in regulating the crypto industry.

Predictions for the Future
One of Draper’s key predictions is that eventually, the incumbents currently fighting against cryptocurrency will begin to adopt it. He expressed optimism about the political landscape, mentioning that at least one, if not both, presidential candidates are starting to embrace Bitcoin and other cryptocurrencies as tools for innovation.

Innovation Beyond Borders
Draper brought to attention a critical issue: many innovative American companies are geofencing their products, meaning they are limiting their operations to outside the U.S. due to the restrictive regulatory environment. He said that while innovation thrives globally, American companies are at a disadvantage because of the SEC’s outdated regulations.

The Need for Change
Draper argued that the SEC is operating under an “80-year-old set of laws,” which are no longer relevant in today’s fast-evolving tech landscape. He stressed that if the U.S. wants to maintain its competitive edge, particularly in Silicon Valley, it must embrace the innovation happening in the cryptocurrency sector.

Political Encouragement
Draper said  that both presidential candidates appear to recognize the importance of cryptocurrencies. He noted that Donald Trump has positioned himself as the “crypto president,” even stating he would fire Gary Gensler. Similarly, Kamala Harris seems to share these sentiments, which Draper finds encouraging.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

Crypto's Role in the GCR RV  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

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Q & A Classroom Link  

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Thank you Dinar Recaps

“Tidbits From TNT” Monday 10-7-2024

TNT:

Tishwash:  Sudanese advisor: Most state employees do not know how to use computers

The Prime Minister's Advisor for Digital Transformation Affairs, Hassan Al-Khatib, confirmed today, Monday, that most Iraqi employees do not know how to use computers, pointing to the role of the private sector in developing this field.

Al-Khatib said, during the Real Estate Investment Forum in Digital Transformation, that “Iraq suffers from a weakness in human resources for digital transformation,” adding, “We are in the process of creating a digital academy to appoint and train millions of employees.”

He pointed out that "the academy is being built by the private sector, not the state, and in cooperation with Microsoft and Apple."

He stressed that "the Iraqi state has 5.25 million employees, most of whom do not know how to use computers."link

Tishwash:  Minister of Communications: We are proceeding with the procedures for implementing the national license project for mobile phones using fifth-generation technology

Minister of Communications Hiyam Al-Yasiri announced today, Saturday, that the ministry is proceeding with completing the procedures for implementing the national license project for mobile phones using fifth-generation technology.

The ministry said in a statement received by the Iraqi News Agency (INA): "In continuation of the intensive efforts to follow up on the procedures for implementing the national mobile phone license project, Minister of Communications Hiyam Al-Yasiri held a meeting with the Supreme Committee for the project in the ministry," indicating that "the meeting comes within a series of ongoing and intensive meetings and procedures to move forward with the procedures for implementing the national mobile phone license project using fifth-generation technology."

The statement added that "these efforts come in implementation of the Council of Ministers' decision, which included the Communications and Media Commission granting the national mobile phone license to the Ministry of Communications to implement it using fifth-generation technology."

It is worth noting that the Ministry of Communications is working on multiple axes to implement the project, including attracting solid specialized international companies to benefit from their expertise in operating the project and communicating with a number of government agencies to contribute to financing the project in a way that ensures that the largest number of segments of society in Iraq benefit from the project's revenues, in addition to communicating with the Communications and Media Commission to complete the procedures for granting the license.  link

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Tishwash:  Central Bank of Iraq: All employees must open bank accounts before the end of March 2025

Today, Sunday, October 6, 2024, a number of employees of the Kurdistan Region received their salaries for the month of August through the "Hesabi" banking project.

In this context, an informed source in the Central Bank of Iraq told Kurdistan 24 that the agreement concluded between the Kurdistan Regional Government and the federal government obliges all employees to open bank accounts.

The source confirmed that employees who do not open a bank account and do not register in the "Hesabi" project until March 2025, will not be able to receive their salaries.

The source explained that there is no difference between the Iraqi localization project and the bank account project, as both come in response to the request of the US Federal Reserve.

He stressed the need for all employees to have bank accounts, with the aim of reorganizing the financial and banking sector in Iraq and the Kurdistan Region.

This comes at a time when 132,000 employees in the Kurdistan Region are preparing to receive their salaries for the month of August through the "Hesabi" project within three days. Today, 40,000 employees received their salaries, with another 46,000 receiving their salaries on Monday and another 46,000 on Tuesday.  link

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

Tishwash:  keep in mind the dollar has been very volatile this past week it's at or just about at 1600 dinars per dollar   but this is definitely interesting

Most private banks closed, fears of liquidity crisis amid citizens’ anger

Today, many banks in Iraq witnessed a state of chaos and tension after their sudden closure, which raised widespread concern among citizens, especially with the emergence of reports about some other banks refusing to return customers’ deposits under the pretext of a lack of cash liquidity. 

This development prompted many citizens to quarrel with the management of the banks that remained open, amid growing fears that the officials of these banks would flee after emptying them of money.

The banks that have closed their doors include:

World Bank

Ashur Bank Babylon

Bank

Al Ansari

Bank Middle East

Bank Al-Qabeed Bank

Noor Iraq

Bank Trans Iraq

Bank Al-Huda

Bank Mosul Bank

As for the banks that remained open, but refused to return customers’ deposits under the pretext of lack of liquidity, they include:

National Bank,

Baghdad

Bank, Development

Bank, Al-Nasik Bank

, Bank of the South,

United Bank,

Union Bank,

Al-Tayf Bank

The sudden closure comes amid reports of financial turmoil hitting Iraq's banking sector, with many customers fearing they will lose their money amid growing rumours that some bank officials are planning to flee the country after withdrawing assets from branches.  link

Mot: . and - poof gone 

Mot:  Drum roll Please!! --- and yet Another Wonderful bit of Trivia frum ole ""Mot""

"When we pick up the phone, we say 'Hello' But what is 'Hello'?

 It is not a greeting but rather the name of a person.

 It is 'Margaret Hello,' the fiancée of the telephone inventor 'Graham Bell.'

 It was the first word he said in the initial test of his invention, and it has been used since then as the opening of any phone call worldwide."…

Iraq Economic News and Points To Ponder Monday AM 10-7-24

The Closure Of Most Private Banks And Fears Of A Liquidity Crisis Amid Citizen Anger

private files ,   2024/10/06 23:57 , Number of readings: 174  Baghdad - Iraq today:  Today, many banks in Iraq witnessed a state of chaos and tension after their sudden closure, which raised widespread concern among citizens, especially with the emergence of reports of some other banks refusing to return customer deposits under the pretext of a lack of cash liquidity.

 This development prompted many citizens to quarrel with the managements of the banks that remained open, in light of mounting fears that the officials of these banks would flee after emptying them of funds.

 Banks that closed their doors include:   World Bank   Assyrian consumption   Consumption of Babylon  Al Ansari Bank   Middle East Bank   Holding Bank   Noor Bank of Iraq   Trans-Iraq Bank   Al Huda Bank   Mosul Bank

 As for the banks that remained open, but refused to return customer deposits under the pretext of a lack of liquidity, they include:   National Bank   Consumption of Baghdad   Development Bank   Hermit Bank   South Bank  United Bank   Union Bank   Spectrum Bank

 This sudden closure comes amid reports of financial turmoil hitting the banking sector in Iraq, as

many customers expressed their fear of losing their money amid increasing rumors about the intention of some bank officials to flee outside the country after withdrawing financial assets from the branches.  

 https://iraqtoday.com/news/85298/إغلاق-أغلب-المصارف-الأهلية-ومخاوف-من-أزمة-سيولة-وسط-غضب-المواطنين    

About 6 Thousand Dollars Per Capita GDP In Iraq

 Economy     Iraq     breaking     Per capita  2024-10-05 02:24   Shafaq News/ The German website Statista, which specializes in market and consumer data, revealed that the per capita GDP in Iraq will reach approximately 6 thousand dollars in 2024.

 The website said in a table seen by Shafaq News Agency that the per capita GDP in Iraq amounts to 5,978 thousand dollars, expected that the per capita share will continue to rise during the next five years to 6,824 thousand dollars in 2029. He added,

 "The largest per capita GDP in Iraq during the past 15 years was in 2013, when it reached $7,021, and the lowest was in 2009, when it reached $3,701."

 This indicator describes GDP per capita at current prices, so GDP was first converted from the national currency to the US dollar at current exchange rates and then divided by the total population.

 It is noteworthy that the GDP is a measure of a country's productivity, and refers to the total value of goods and services produced during a certain period of time (a year). https://shafaq.com/ar/اقتصـاد/حوالي-6-لاف-دولار-نصيب-الفرد-من-الناتج-المحلي-ال-جمالي-في-العراق     

Iraqi Oil Exports To The United States Decline

Energy  Economy News – Baghdad  The US Energy Information Administration announced today, Sunday, that Iraq's oil exports to the United States declined during the past week.

The administration stated in a table published and reviewed by "Al-Eqtisad News" that "the average US imports of crude oil from 10 major countries amounted to 5.744 million barrels per day, an increase of 343 thousand barrels per day compared to the previous week, which recorded 5.401 million barrels per day."

The administration added that "Iraq's oil exports to America amounted to 152 thousand barrels per day during the past week, recording a decrease of 113 thousand barrels per day compared to the previous week, when exports amounted to 265 thousand barrels per day."

The administration indicated that "the largest source of oil to the United States during the past week was Canada, at a rate of 3.799 million barrels per day, followed by Mexico, at an average of 448 thousand barrels per day, then Colombia, at an average of 347 thousand barrels per day, and Venezuela, at an average of 297 thousand barrels per day."

According to the table, "US imports of crude oil from Ecuador amounted to 253 thousand barrels per day, from Brazil 186 thousand barrels per day, from Saudi Arabia 145 thousand barrels per day, from Nigeria 84 thousand barrels per day, and from Libya 77 thousand barrels per day." 108 views  Added 2024/10/06 - https://economy-news.net/content.php?id=48377

Increase In Iraqi Oil Product Revenues Through Electronic Payment

Electronic payment at gas stations  Money and business  Economy News – Baghdad  m The Oil Products Distribution Company announced an increase in its sales of oil derivatives through the electronic payment window POS during the month of September, with revenues exceeding one billion Iraqi dinars for the month of August.

The company’s general manager, Hussein Talib Abboud, revealed that the company’s sales via electronic payment of fuel types in all its distribution outlets in the country reached approximately (740) billion Iraqi dinars, i.e. a difference of more than one billion dinars from the month of August, whose sales amounted to approximately (633) billion dinars.

He stressed that "the gradual rise in revenues from petroleum products since the start of the electronic payment project on April 1, 2023 is nothing but evidence of its success since the moment of its launch and represents an important step in the project to automate distribution work."

The company's general manager noted that "the distribution company is the first company in Iraq to introduce electronic payment service into its operating system in all its distribution outlets, and it also included those dealing with the company from gas and kerosene agents, generators, and constructed stations, in addition to tank conditioning and others."

Hussein Talib Aboud confirmed the company's determination to complete the drawn plans by equipping all fuel stations with electronic payment devices and ending cash transactions in implementation of the government program.  73 views  2024/10/06 - https://economy-news.net/content.php?id=48411

Planning Confirms Its Readiness To Conduct The Population Census On The Scheduled Date

Sunday 06 October 2024 11:17 | Economic Number of readings: 332  Baghdad / NINA / Minister of Planning, Mohammed Tamim, confirmed today, Sunday, the ministry's readiness to conduct the census on its scheduled date.

According to the ministry's statement, "Tamim inspected the operations room of the General Population and Housing Census in the Statistics and Geographic Information Systems Authority, with the aim of reviewing the progress of the numbering and enumeration operations taking place in all governorates, including the governorates of the Kurdistan Region, in preparation for conducting the population census on the twentieth of next November."

The head of the operations room and the work team in the statistics office provided "a detailed explanation of the progress of the numbering and enumeration operations and the rates of completion in each governorate," stressing that "the operations are proceeding at an accelerating pace, and that field work is witnessing great progress."

The minister confirmed, after reviewing the details of the field work, that "the ministry's readiness to conduct the census on its scheduled date has been completed," noting "the readiness of the data center as well as the communications center, in addition to other requirements." / End 11  https://ninanews.com/Website/News/Details?key=1160078

Exceeding 155 Thousand Dinars.. The Dollar Records A Crazy Rise In Local Markets

Economy  | 06/10/2024  Mawazine News – Economy  The US dollar exchange rates continued to rise today, Sunday, in the markets of the capital, Baghdad.

The dollar prices rose at noon in the Al-Kifah and Al-Harithiya stock exchanges to record 155,200 dinars per 100 dollars, while this morning's prices recorded 153,900 dinars per 100 dollars.

Meanwhile, selling prices in exchange shops in the local markets in Baghdad rose, as the selling price reached 156,250 dinars, while the purchase price reached 154,250 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=255672

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

Seeds of Wisdom RV and Economic Updates Monday Evening 10-7-24

Good Evening Dinar Recaps,

ECB STUDY: US MONETARY POLICY HAS BIGGEST IMPACT ON STABLECOIN MARKET CAP
In an important speech today, European Central Bank (ECB) director Piero Cipollone proposed the creation of a European ledger, the EU’s version of the Unified Ledger, to support tokenization in the capital markets. He noted the challenges in creating a conventional Capital Markets Union, including the need for greater legal harmonization.

The Director highlighted some risks in moving towards digital assets and distributed ledger technology (DLT). But rather than viewing tokenization as a threat, he said the EU should embrace the clean sheet opportunity to create a Digital Capital Markets Union. He was speaking at a Bundesbank Symposium.

A European Ledger
“A European ledger could bring together token versions of central bank money, commercial bank money and other digital assets on a shared, programmable platform,” said Mr Cipollone. “In essence, this would see T2S evolving into a DLT-based, single financial market infrastructure for Europe.

While central banks would provide the platform, or the ‘rails’ so to speak, market participants would supply the content, or the ‘trains’.” T2S refers to the EU high value payment system used for the settlement of securities transactions in central bank money.

Since May, the European Central Bank has been coordinating the Eurosystem’s DLT trials for wholesale settlement using central bank money. With 60 private sector organizations taking part, it can see the level of interest and engagement. 

While the EU’s DLT Pilot Regime, which relaxes some of the current EU laws, has not been embraced by incumbents, the first startups are likely to be approved soon.

A key driver behind the likely launch of the retail digital euro is the loss of sovereignty over payment systems to the likes of Visa and Mastercard. The same motivation applies to the capital markets.

“If we drag our feet while other jurisdictions move faster and produce better solutions, we could see financial activities migrating elsewhere and private entities from outside the EU assuming a dominant position in European capital markets,” said Mr Cipollone.

Talking about the potential for tokenization and DLT, he said, “These technologies do not just have the potential to enhance efficiency. They could also fundamentally reshape the very structure of financial intermediation – a system that has remained largely unchanged for centuries.”

The risks of a failure to act
The Director outlined three potential risks of the move toward the tokenization of financial markets. He noted that to date, many institutional initiatives have focused on issuance, especially digital bonds. The proliferation of issuance platforms has already highlighted increasing fragmentation, more so than the current fragmentation between separate central securities depositories (CSDs). A coordinated approach could prevent this fragmentation.

Secondly, institutions want to use cash on chain. If there’s no central bank cash available, then they will use tokenized deposits of stablecoins.

The third risk is more about the unknown. Tokenized securities carry the risks inherent in securities, but there will be new risks. Some risks depend on the settlement asset. He mentioned liquidity risks without specifically referring to a settlement asset backed by money market funds, that could create heightened volatility during turbulent market periods.

The central banks’ role is to ensure the continued, and perhaps increased role of central bank money and to promote “robust, stable and integrated” capital markets.

Mr Cipollone mentioned the challenge of choosing a technical direction. By adopting a single technology, this will discourage exploration of other technologies during a period of innovation. Hence, the alternative is to encourage interoperability between diverse networks, including existing ones. This is a more flexible approach, although we’d observe it will sacrifice some efficiencies.

DLT trial extension?
In terms of concrete actions, following the settlement trials ending next month, the ECB and Eurosystem are exploring how it can build on that. That implies either extending the timeframe or making some or all solutions permanent.

Additionally, it plans to explore allowing DLT-based assets to be used as collateral in the Eurosystem. We’d note that the Swiss National Bank extended its wholesale CBDC trial by two years and already accepts DLT-based collateral.

The director said some interoperability systems are considered a stop gap towards migrating to the longer term vision. This might be a nod to the use of the Trigger solution in the current settlement trials. Instead of providing a digital currency, the Trigger solution links DLTs to the conventional T2S settlement system.

“In embracing this technological shift, we are not merely reacting to change, but actively participating in shaping a more efficient, innovative and resilient financial future for Europe,” Mr Cipollone concluded.

@ Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

BRICS NEWS:  BRICS EYES ‘PETROYUAN’ TO CHALLENGE DOLLAR DOMINANCE AHEAD OF KEY SUMMIT

▪️BRICS is considering using the Chinese yuan for oil payments to reduce reliance on the U.S. dollar.

▪️Saudi Arabia is open to trading oil in yuan, though it prioritizes keeping politics out of commerce.

The BRICS alliance, comprising Brazil, Russia, India, China, and South Africa, is reportedly exploring the potential introduction of a “petroyuan” to rival the dollar’s dominance in the global oil trade.

This is expected to be taken up at the next BRICS summit in Kazan, Russia, to establish an alternative to oil payments in dollars using the yuan.

This comes after the biggest oil exporting nation in the world, Saudi Arabia, showed interest in pricing oil in yuan, which is a major blow to the petrodollar system.

Traditionally, the country has sold its oil in US dollars but has expressed interest in diversifying its trade basket per current international financial practices. Russia is also interested in the petroyuan, as Moscow aims to decrease the use of the US dollar and facilitate transactions through SWIFT.

Following its exclusion from SWIFT in 2022 due to the conflict in Ukraine, Russia has been exploring alternative methods for international financial transactions.

OMFIF Report Highlights Petroyuan Adoption Challenges
While the idea of a petroyuan presents opportunities for the BRICS nations, challenges remain. A recent report from the Official Monetary and Financial Institutions Forum (OMFIF) identified several challenges many countries may face when adopting a yuan-based oil payment system.

 A limitation is that surpluses from oil revenues can only be used to purchase goods from China or stored in foreign currencies. This means that BRICS financial intermediaries would be forced to transfer the yuan to other countries in need.

Chinese banks stand to benefit most from this system, earning profits by managing these surpluses. Other Western financial institutions may also participate, given the possibility of making profits from differences between oil prices in dollars and yuan. However, adopting the petroyuan can further hinder the development of the global payment system.

However, Saudi officials have stated that politics will have no role. Bandar Al-khorayef, Saudi Arabia’s minister of industry and mineral resources, pointed out that while the country is willing to consider the use of new instruments in trade, such as the petroyuan, it will not mix politics with business. 

The BRICS nations are also considering the creation of their own currency for trade within the alliance, with some reports suggesting it may be backed by gold.

IMF Analysis Reveals BRICS Outperforms G7
As highlighted by Crypto News Flash, President Putin recently spoke about the creation of the BRICS pay, a blockchain-based payment system. The system is intended to support foreign trade operations and transactions not involving Western financial systems.

Crypto News Flash recently reported that, based on the IMF’s analysis, BRICS has outperformed the G7 in several key metrics. Notably, BRICS has emerged as the leading producer of oil imports.

The group accounts for 41% of the world’s oil production, a figure higher than the G7’s 29%.  Also, BRICS has the largest population share in the global population, accounting for 45% of the global population, while the G7 countries account for only 30% of the global population.

Moreover, the BRICS countries have now reported 32% of the world GDP while the G7 has reported 29%, which shows the growth of developing countries.

@ Newshounds News™

Source:  Crypto News Flash

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@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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