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

Good Morning Dinar Recaps,

WHY INDIA IS DELAYING CRYPTO REGULATION—THE SURPRISING REASON BEHIND IT!

India has yet to publish its long-awaited discussion paper on cryptocurrency policy. The country’s focus is elsewhere. For months, there was an expectation that the government would outline its stance by September. However, other pressing issues are now taking priority. So, what’s going on with India’s crypto policy, and why is it taking so long? Let’s explore what’s happening with crypto in India and why it’s not on the top of the list.

Delays, Priorities, and More Delays
According to insiders, India was supposed to release a discussion paper on crypto. This paper was expected to provide a direction for future regulation, especially after consultations with the central bank and markets regulators. However, there is no clear timeline anymore. Why? The country’s officials are dealing with more urgent issues. For now, crypto policy is on the back burner.

Competing Priorities in India
One big reason for the delay is the sheer number of competing priorities the government is handling. India is preparing for the 2024 annual meetings of the International Monetary Fund (IMF) and the World Bank. It’s also dealing with the ongoing Russia-Ukraine war and the conflict in the Middle East. On top of that, election season is heating up, and the Finance Ministry is busy with budget planning. With so much going on, cryptocurrency regulation is not seen as an urgent matter.

Crypto Not an Immediate Threat
Despite a recent $234 million hack of Indian exchange WazirX, the government doesn’t consider crypto legislation as critical as it was two years ago. While the sector is still unregulated, India has imposed heavy taxes and requires crypto entities to register with the country’s Financial Intelligence Unit to meet global anti-money laundering standards.

What to Expect?
India might eventually release its discussion paper, but no one knows when. For now, the government seems more focused on bigger international and domestic issues. So, if you’re waiting for clear crypto rules in India, it looks like you’ll have to wait a little longer.

@ Newshounds News™

Source:  Coinpedia

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THAI SEC PROPOSES REGULATIONS FOR CRYPTO INVESTMENT IN MUTUAL, PRIVATE FUNDS

Thailand’s Securities and Exchange Commission (SEC) has proposed draft regulations allowing mutual and private funds to invest in cryptos.

The proposed principle, announced Wednesday, is currently seeking public feedback on revisions to mutual funds’ investment criteria in digital assets.

The move comes at a time when interest in cryptocurrency investment is increasing. Thailand, one of the world’s most crypto-friendly nations, ranks 10th globally in terms of adoption.

The regulator noted that the funds will be allowed to invest in crypto exchange-traded funds (ETFs) listed on the US exchanges. Further, it also allows funds to choose investment tokens, which has attracted the interest of Thai investors.

“The funds will be allowed to invest in investment tokens subject to current investment limits of traditional securities, such as single entity limit, group limit, and concentration limit.”

The announcement read that for institutional investors and ultra-high-net-worth individuals with high-risk tolerance, the funds will be allowed to invest in crypto ETFs with no investment limit.

Thai SEC deputy secretary-general Anek Yooyuen said that investment tokens will have the same investment ratios as transferable securities. This is because they have key risks and features similar to traditional securities, such as debt securities, Bangkok Post reported.

“Relevant criteria will be revised to support the establishment and management of funds investing in digital assets, such as asset custody, digital asset value calculation, information disclosure and appropriate advertising.”

Thailand approved its first crypto ETF in June, issued by One Asset Management (ONEAM). The Thai SEC endorsed ONEAM’s Bitcoin ETF, marking a milestone in the country’s evolving regulatory framework for digital assets.

Thai SEC Mulls Initial Coin Offering, Increase Penalties for Violating Crypto Firms
Additionally, the regulator is also considering allowing authorised initial coin offering portals to use outsourced companies.

“This measure was endorsed by the SEC and a public hearing is needed before it can be implemented,” Yooyuen added.

Besides, the Thai SEC will also allow 10 private companies to explore trials for exchanging cryptos for Thai bhat as a part of digital asset regulatory sandbox project.

Furthermore, crypto firms that violate the SEC rules are considered a severe offence. As a result, the regulator aims to increase penalties for such companies in addition to their licenses being revoked.

Securities firms that send inappropriate trading orders will be fined a maximum of 1 million to 3 million baht. Investors who breach laws by manipulating stocks are subject to civil and criminal penalties, the report noted.

@ Newshounds News™

Source:  Crypto News

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RIPPLE ROLLS OUT CRYPTO STORAGE SERVICES FOR FINANCIAL INSTITUTIONS

Ripple Custody enhances security and compliance for fintech and banking sectors.

▪️Ripple Custody offers banks crypto storage with advanced security and policy settings.

▪️The service integrates with XRP Ledger to enhance trading and compliance capabilities.

Ripple is rolling out a new suite of crypto storage services designed to help banks and fintech firms securely store and manage crypto assets, according to a new report from CNBC. The initiative is part of Ripple’s strategy to diversify its offerings beyond traditional payment settlement operations.

Discussing the latest development, Aaron Slettehaugh, Senior Vice President of Product at Ripple, said the goal is to support the growing needs of businesses operating in the crypto and fintech sectors.

“With new features, Ripple Custody is expanding its capabilities to better serve high-growth crypto and fintech businesses with secure and scalable digital asset custody,” Slettehaugh said.

According to Ripple, the new features come with a more user-friendly interface for storing and managing digital assets. The services also include advanced operational and policy settings, integration with the XRP Ledger, and enhanced anti-money laundering monitoring to ensure compliance.

Under the Ripple Custody brand, the firm plans to allow clients to tokenize real-world assets using its XRP Ledger.

Ripple Custody operates in several countries and is trusted by several top companies like HSBC, BBVA, Societe Generale, and DBS. Ripple said that its custody division experienced over 250% year-on-year customer growth.

Ripple’s expansion into the custody sector follows its acquisitions of Metaco and Standard Custody & Trust Company, targeting bolstering Ripple’s custody capabilities.

The expansion positions Ripple against established firms in the crypto custody market, which is projected to exceed $16 trillion by 2030. Ripple Custody directly competes with well-established custody solutions by Coinbase, BitGo, and Gemini.

Ripple is gearing up to enter the stablecoin market with its upcoming stablecoin, Ripple USD (RLUSD).  RLUSD is in beta testing, with trials being conducted on the XRP Ledger and Ethereum blockchains.

As with its custody move, Ripple faces challenges as it enters a crowded stablecoin market dominated by established players. While there is potential for RLUSD, it will need to differentiate itself from existing offerings to gain traction.

@ Newshounds News™

Source:  Crypto Briefing  

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🌍WHY NUMISMATIC COINS ARE A COLLECTOR'S DREAM |  Youtube

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Source:  Seeds of Wisdom Team RV Currency Facts

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MilitiaMan: Iraqi Dinar-International Focus-WTO File Joining Completed-Regularization of Global Financial System

Iraqi Dinar-International Focus-WTO File Joining Completed-Regularization of Global Financial System

MilitiaMan and Crew:  10-9-2024

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=8Dt99Os-rlE

Seeds of Wisdom RV and Economic Updates Wednesday Evening 10-9-24

Good Evening Dinar Recaps,

STABLECOINS NO ‘SAFE HAVEN’ FROM US MONETARY POLICY, SAYS EUROPEAN CENTRAL BANK

The ECB says that stablecoins are vulnerable to both shocks coming from within the crypto world and the decisions of U.S. central bankers.

The European Central Bank (ECB) has challenged the idea that stablecoins are a “safe haven” for investors in times of market turmoil, finding they are actually highly impacted by U.S. monetary policy.

The working paper examined the link between U.S. monetary policy, money market funds (MMFs), and stablecoins. “Monetary policy, in particular for the U.S. dollar, is the linchpin that connects crypto and traditional financial markets,” the authors concluded.

The paper argued that stablecoins—which have a fixed price and are typically pegged to a fiat currency, often the U.S. dollar—were vulnerable to shocks coming from within traditional financial markets, such as changing U.S. monetary policy, for example increasing interest rates.

Evaluating data since 2019, the ECB claimed the U.S. government raising interest rates led to a 10% drop in the market capitalization of stablecoins over the following 12 weeks.

Meanwhile, it found that traditional non-crypto assets, such as money market funds, actually received a significant influx of new capital during this same period.

A money market fund is a type of fund that invests in short-term debt securities such as U.S. Treasury bills, generally regarded as one of the most conservative, low-risk investment choices.

The paper argues that as monetary policy tightens up, investors demand fewer stablecoins for speculative purposes.

“Contractionary monetary policy shocks are thus negative for crypto: As the opportunity cost of holding unregulated non-interest bearing assets increases in a rising interest rate environment, investors move (on the margin) towards traditional investment assets,” said the paper.

The paper also examined the impact of events in the crypto world on stablecoin market capitalizations. The ECB found that market capitalizations of stablecoins—such as Tether or USDC—experienced pronounced falls during “crypto shocks,” or sudden devaluations in the overall value of Bitcoin.

On average stablecoins fell roughly 4% on average in the aftermath of “crypto shocks.” Examples of crypto shocks included Tesla’s decision to suspend payments from the Bitcoin network, China’s crackdown on cryptocurrencies, the TerraUSD/LUNA collapse, and FTX’s sudden bankruptcy.

As a result, they concluded that monetary policy had more of an impact on stablecoins than shocks to the crypto world. For example, during the “crypto winter” of 2021, major stablecoins like Tether received significant knocks to their market capitalization, although not to the same extent as non-dollar pegged currencies like Bitcoin.

In contrast, the paper concluded that big fluctuations in the crypto market don’t impact the world of traditional finance much—at least at the time of writing. It found a minimal correlation between big events in the crypto world and the inflow into money market funds, such as U.S stock market prices.

The paper didn’t take the Central Bank policies of other major economies into account.

@ Newshounds News™

Source:  Decrypt

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GARY GENSLER GRILLED BY LAW STUDENTS AND FORMER SEC COMMISSIONER OVER HIS STANCE ON REGULATING CRYPTO
▪️At a fireside chat on Wednesday with former SEC Democratic Commissioner Robert Jackson Jr. at the New York University Law Institute for Corporate Governance and Finance, asked SEC Chair Gary Gensler about the agency’s approach to digital assets.

▪️Law students also pressed Gensler about whether the SEC should be more clear in its stance on crypto.

U.S. Securities and Exchange Commission Chair Gary Gensler was pressed by law students and a former Democratic commissioner at the agency over his views on regulating cryptocurrency.

At a fireside chat on Wednesday with former SEC Democratic Commissioner Robert Jackson Jr. at the New York University Law Institute for Corporate Governance and Finance, asked Gensler about the agency's approach to digital assets.

 The SEC has often cited the Howey Test in crypto, which is a 1946 U.S. Supreme Court case used to determine if an asset qualifies as an investment contract and, therefore, a security.

"Is that the way we should oversee cryptocurrency, by trying to apply a 1940s Supreme Court decision to this technology?" Jackson asked.

Gensler stood his ground.

"Look, it's the law of the land and I took an oath of office to do it, but it also protects investors," Gensler said. "At the core of the securities laws, there is a basic concept — you all get to decide what you want to invest in."

That could be green energy or artificial intelligence, but either way, disclosures are necessary, Gensler said.

The SEC has brought a number of enforcement actions against big names in the crypto industry over the past few years, including FTX, Binance, Kraken and Coinbase. Meanwhile, Gensler has consistently warned that crypto exchanges must register with the agency and has said that most cryptocurrencies are securities.

However, crypto firms have argued it's not possible to register with the agency, in part because rules were made for more traditional entities that are different from the digital asset industry.

On Wednesday, Gensler also pointed toward fraud in the crypto industry, citing a report from the FBI last month that recorded a 45% uptick last year in losses tied to crypto since 2022.

"With all respect, the leading lights of this field in 2022 are either in jail or awaiting extradition right now," Gensler said.

Roberts also asked Gensler if it would be better to create a regulatory framework for digital assets. Gensler said that framework already exists.

"Just because people don't like the law doesn't mean there's no law," Gensler added.

A law student also asked Gensler about the SEC's term crypto asset securities and whether the agency should be more clear about its position.

The SEC said, in a recently amended complaint, that when the agency refers to crypto asset securities, it’s not referring to the crypto asset itself but the full set of contracts, expectations and understandings of the sales of such assets. The agency added that it "regrets any confusion."

Gensler said the agency has been clear over the years, including when former SEC Chair Jay Clayton headed the agency.

"Since then as well, the [SEC] have spoken clearly in a consistent voice and the courts have as well," Gensler said.

Another student asked what would happen to the utility of tokens if they were to become compliant with the SEC.

The SEC is "merit-neutral," Gensler said, and investors get to decide the utility. Gensler also noted that tokens are not likely to become a currency.

"It's unlikely this stuff is going to be a currency," Gensler said. "It's going to have to show its value through disclosure, through use."

@ Newshounds News™

Source:  The Block  

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The Financial WARS Begin

🏦 BlackRock, the world's largest asset manager, is secretly preparing for a potential US dollar collapse by launching a fund to back a new stablecoin created by Ethanol Labs, which will be backed by BlackRock's tokenized assets.

💰 Gold and silver prices have surged nearly 30% this year, outperforming equities and bonds, as inflation rises and investors seek safe haven investments.

🏠 Mortgage rates are increasing despite Fed rate cuts, with the 30-year rate spiking 25 basis points last Friday, while banks tighten lending rules and FHA delinquencies rise.

🌲 Lumber and meat processing companies are allegedly colluding to artificially inflate prices, causing builders to lose money on unsold homes, according to McDonald's lawsuit against Tyson Foods and others.

💼 The current economic situation is compared to the Great Depression, with rising unemployment and foreclosures, though during the Great Depression, three out of four people still had jobs.

@ Newshounds News™

Source: The Economic Ninja

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🌍 IOTA GAINS INSTITUTIONAL TRACTION AS FIREBLOCKS ADDS EVM SUPPORT TO ITS SECURE PLATFORM  |  Youtube

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Source:  Seeds of Wisdom Team RV Currency Facts

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Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 10-9-24

Good Afternoon Dinar Recaps,

LEADING STABLECOIN ISSUERS & CRYPTO FIRMS EMBRACE INTERNATIONAL SET OF STABLECOIN STANDARDS

London, United Kingdom, October 9th, 2024, Chainwire

▪️Stablecoin Standard’s newly introduced set of global standards receives endorsement from a number of stablecoin issuers, including GMO-Z.com Trust Company (‘GMO Trust’), StraitsX and BiLira, that offer G10 currencies including JPY, SGD, TRY & USD

▪️Standards also endorsed by top ecosystem participants including Fireblocks, Solana, Bitst,amp, Zodia Markets and JST Digital

Stablecoin Standard, the industry body for stablecoin issuers globally, today announced that their recently unveiled set of global standards for stablecoin issuers have been endorsed by some of the leading stablecoin issues and ecosystem participants in the industry.

Among those who have endorsed are Archblock, BiLira, Bitstamp, GMO-Z.com Trust Company (‘GMO Trust’), JST Digital, Fireblocks, Solana Foundation, StraitsX and Zodia Markets, signaling a new era of cooperation and standardization within the stablecoin industry.

The standards, announced by Beth Haddock, Global Policy Lead at Stablecoin Standard, at the Annual Flagship Event in Singapore, were designed to promote operational resilience, transparency and consistent issuer commitments globally.

Stablecoin Standard’s Policy Working Group created the high-level standards that are both general and actionable, while being sensitive to the innovation in the market.

Beth Haddock, Global Policy Lead at Stablecoin Standard, commented on the endorsements: “Their endorsement not only validates the rigor of our proposed framework but also underscores the importance of creating a stable, transparent, and resilient environment for digital currencies.

This milestone, following discussions at our annual meeting, sets a strong foundation for the continued evolution of the ecosystem.”

The endorsement of the standards lays the groundwork for a stablecoin ecosystem that prioritizes transparency, security and consumer protection. With increased scrutiny from regulators and growing demand for digital assets, unified standards can provide clarity and assurance to both industry participants and the public.

Stablecoin Standard’s new framework aims to accelerate the adoption of stablecoins by fostering greater confidence among consumers, regulators, and traditional financial institutions.  

Ramy Soliman, Co-Founder of Stablecoin Standard, commented on the endorsements: 

“The endorsement of our global standards by leading stablecoin issuers such as, BiLira and ecosystem participants, including industry leaders like Solana, Zodia Markets and JST Digital, is a vital step toward establishing a unified, trusted framework for the entire sector.

As stablecoins continue to redefine the future of digital payments, these standards will provide the foundation for long-term growth, transparency, and security.

This collective commitment—solidified during discussions at our annual meeting—not only underscores the industry’s dedication to fostering innovation but also demonstrates a concerted effort to align with evolving regulatory expectations and build the consumer trust essential for stablecoins to thrive globally.”

Stablecoin Standard and its endorsing members plan to continue refining these standards for implementation with the goal of achieving industry-wide adherence by Q4 2025.

Quotes from Endorsers:

Sinan Koç, Co-founder and CEO of BiLira, commented on their endorsement, “As a stablecoin issuer, BiLira has always prioritized transparency, security, and adherence to high standards, which is why we are proud to endorse the Stablecoin Standard’s newly introduced set of global standards.

TRYB is governed with a commitment to uphold these principles, which we believe are essential for fostering trust and stability in the rapidly evolving digital asset space. We support this initiative as a significant step towards a more resilient and unified stablecoin ecosystem.”

Ran Goldi, SVP Payments and Network at Fireblocks, commented on their endorsement, “With more than a dozen stablecoins issued on Fireblocks, we strongly believe standards are the right path for our ecosystem with regard to interoperability and reaching the holy grail of instant liquidity any time, anywhere. SCS is taking a big, bold step, and we proudly endorse and stand with them on this journey.”

Kenny Chan, Head of StraitsX, commented on their endorsement, “As one of the leading regulated stablecoin issuers in Asia, StraitsX is committed to upholding the highest standards of transparency and operational resilience.

We are proud to support the Stablecoin Standard’s newly introduced global standards, which will help build greater trust in the stablecoin ecosystem and ensure that digital currencies can be securely and seamlessly adopted by businesses and consumers worldwide.

By working collaboratively with key industry participants, we believe these standards will provide a strong foundation for the future of stablecoins, promoting innovation while ensuring compliance with evolving regulatory frameworks.”

About Stablecoin Standard

Stablecoin Standard (SCS) is the industry body focused on setting operational, transparency, and product related standards for stablecoins. The SCS plans to achieve industry wide standards by sharing international best practices, business development use cases, forming industry led working groups defining what a high-quality liquid stablecoin should look like, and engaging with policymakers domestically & internationally.

The SCS ecosystem consists of over 30 advisory board members, industry partners and issuers that offer digital currencies in global jurisdictions such as the US, EU, Singapore, Australia, and Turkey – among others.

@ Newshounds News™

Source:  Crypto News Flash

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CHINA STRENGTHENS RUSSIA PARTNERSHIP VIA BRICS AND SCO COOPERATION

China has reaffirmed its commitment to closer relations with Russia through major international platforms like BRICS and the Shanghai Cooperation Organization (SCO). 

At an event celebrating 75 years of diplomatic relations, State Councilor Shen Yiqin emphasized China’s readiness to bolster international cooperation and multilateral partnerships, especially within the Global South.

China Reaffirms Strategic Commitment to Russia on 75th Anniversary of Diplomatic Ties

Chinese State Councilor Shen Yiqin reaffirmed China’s commitment to closer ties with Russia through platforms like BRICS and the Shanghai Cooperation Organization (SCO) at an event marking the 75th anniversary of diplomatic relations between the two nations. Speaking at the Russian embassy in Beijing, Shen emphasized China’s readiness to enhance international cooperation. She said:

We are ready to proudly carry the banner of multipolarity, defend international equity and justice, increase cooperation within international platforms, BRICS and SCO in particular, unite the Global South, and contribute to forming a community with a unified course for humanity.

Shen’s remarks highlighted China’s dedication to building stronger multilateral ties. She also spoke of the strategic importance of continued collaboration with Russia, noting that the two countries are united in their efforts to further deepen their partnership. Shen noted:

We will pursue deepening full-scale cooperation with our Russian friends for the good and in the interests of the national revitalization of the two countries in accordance with the top-level agreements within the context of the celebration of the 75th anniversary of the establishment of diplomatic ties and the Years of Culture.

The Chinese leader also recalled the recent exchange of congratulatory messages between President Xi Jinping and President Vladimir Putin, affirming both nations’ commitment to stronger bilateral relations.

@ Newshounds News™

Source:  Bitcoin News

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 AUDIO - BOB LOCK - TEXAS SNAKE AND BLONDE - MANAGING SUDDEN WEALTH THROUGH SMART TEAM BUILDING.  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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“Iraq and Vietnam News” Posted by KTFA Members 10-9-2024

KTFA:

Clare:  Controls

Anti-Money Laundering and Terrorist Financing Controls for Exchange Companies and Foreign Currency Brokers ...

For more, click here

https://cbi.iq/news/view/2686

Clare:  Association of Banks: More than 600 government institutions adopt electronic payment

10/8/2024  Baghdad

The Association of Private Banks confirmed, on Tuesday, that the number of government institutions relying on electronic payment has increased to 600.

The Executive Director of the Private Banks Association, Ali Tariq, said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "the government decisions obligating government institutions and many private institutions to provide an electronic payment window - which began to be implemented in March 2023 - have brought about a tangible change in the use of this system in Iraq."

He added, "The infrastructure was ready with the support of the Central Bank of Iraq, with prior instructions and great cooperation between banks and electronic payment companies."

He pointed out that "government support has contributed to accelerating the spread of electronic payment, as we have witnessed during the past year and a half a significant increase in the number of cards issued, reaching 20 million cards, including 2 million cards issued during the last year. The number of electronic payment devices has also increased to more than 30 thousand devices, and it is expected that this number will double by the beginning of next year."

Tarek explained that “the number of government institutions that have adopted the electronic payment system has exceeded 600 institutions, after it was only about 50 institutions, which led to a significant increase in the volume of trading,” noting that “this system has many benefits for citizens, projects and the government, as it provides security, speed and low costs compared to transferring money and its exposure to damage, theft or counterfeiting.”

He stressed that "the next phase will witness a greater expansion in the use of electronic cards and an increase in electronic payment operations, with the primary goal of providing an easy and inexpensive service to the Iraqi citizen, whether in government or private institutions."  LINK

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Clare:  The government completes the file to join the "WTO"

10/9/2024  Baghdad: Rula Watheq

 After the important steps and achievements made by the government in more than one file and sector, it was the turn to address the world and confirm that Iraq has become an economic power that should not be underestimated, and has all the qualifications and capabilities to join the World Trade Organization (WTO) after completing all preparations for that.

The government headed by Prime Minister Mohammed Shia Al-Sudani has set, within its government program, a clear vision for the economic future in Iraq, which included setting timetables for achieving the liberalization process and focusing on sectors with high potential such as agriculture, industry and services, which contributes to accelerating accession to the organization.

According to the spokesman for the Ministry of Commerce, Mohammed Hanoun, to Al-Sabah, "All preparations were completed by the government team representing all ministries, which held an important meeting in Abu Dhabi headed by Minister of Commerce Athir Dawood Al-Ghariri."

He explained that "Iraq has fulfilled all the requirements for joining the organization, through a package of legislation and laws currently being discussed to reform the current legal system to be in line with the requirements and controls of the international organization, such as coordinated trade policies throughout the country, including tariff rates and customs procedures."

Experts believe that joining the organization will be a "major achievement" for the government, especially since it has great benefits, including increasing Iraqi exports and contributing to stimulating economic growth.

Hanoun praised "the efforts of the Kingdom of Saudi Arabia through its team in the organization, through coordination with it, as it is the main partner in Iraq's accession to this international organization."

 He stressed that "all ministries are working to ensure that the team has the information that helps it join the organization, especially since joining the World Trade Organization benefits Iraq in expanding free trade."   LINK

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Clare:  Iraq plans to build 52 advanced residential cities

10/9/2024   Baghdad: Hussein Thaghab  

The “Real Estate Investment in Digital Transformation” Forum focused on the inevitability of adopting technology in the real estate sector and the benefits it brings to the country, at a time when nearly 200,000 housing units are being built and 52 residential cities are being planned.

The Prime Minister’s speech was read on behalf of the Digital Transformation Advisor, Dr. Hassan Al-Khatib, who said: “This forum enhances the reality of investment in Iraq and keeps pace with the development in digital transformation, which the government attaches special importance to due to its role in achieving sustainable economic development.”
He added that “the development of digital technologies will contain challenges and that cooperation with the private sector achieves the goals that the government aspires to, which will push the digital transformation process forward and enhance safe work paths in all sectors.”

He continued that “digital transformation has significant positive effects on the national economy, and Iraq is witnessing the construction of more than 200,000 housing units, which requires the introduction of advanced technology.”

He pointed out that "the country needs to introduce an infrastructure that accelerates the provision of services," noting that "the expansion in construction and the need for communications accelerates the achievement of digital transformation," warning of "the need for an infrastructure that is several times what is available, represented by the Internet, in a way that develops the Iraqi economy to large levels and helps in enhancing production and expanding services and contributes to doubling the annual gross domestic product periodically."

He stated that "the government has a plan to establish a digital academy to train thousands, even millions, of human resources to enable them to use and benefit from new technologies."

Chairman of the Baghdad Investment Commission Ali Al-Attar said: "Many housing projects have begun by introducing digital data, and this plan requires developing the
digital system."

He pointed out "the importance of developing digital performance, and we must work to prepare specialized human resources in this plan that aims to adopt technologies that are the most modern
in the world."

Representative of the Ministry of Construction and Housing, Hamid Abdul Hamad, stated that “residential cities are among the most important aspects of the government program,” noting that “the study of establishing 52 residential cities is ongoing, 5 of which have been put forward, and the cities’ specifications include that they be smart.”

He pointed out that “the city designs were not approved unless they included advanced technology and the adoption of advanced global companies in the field of
digitization.”

Executive Director of the Iraqi Private Banks Association, Ali Tariq, said that “digital transformation represents the most important direction for developing the economic reality in the country, as it rises to advanced and secure levels for money paths in Iraq.”

He pointed out that “rising to global performance requires advanced digital transactions, and here we must start from where the world ended and keep pace with the developments witnessed by the international work arena.”

He pointed out that “the balance of development during the coming period must be the most efficient, and this must be coupled with real work that comes with advanced technology and the necessary human resources.”

Financial expert Dr. Abdul Hafeez Abdul Latif described the government’s insistence on digital transformation as “the first step towards achieving sustainable economic development,” and explained that “the government’s approach represents an important step in the right direction that serves the country and reflects a bright image to
the world.”

He pointed out that "correcting paths and creating an ideal environment lies in the extent of adopting digital transformation within Iraq, and the banking system has become a supporter of developing the reality of performance in Iraq through the digital transformation sought by
the government."   LINK

Henig:  Trump Organization to develop $1.5 billion golf course and hotel project in Vietnam

By Reuters

October 8, 2024 HANOI, Oct 8 (Reuters) - Vietnam's real estate developer Kinhbac City (KBC.HM), opens new tab (KBC) said on Tuesday that its subsidiary has partnered with The Trump Organization to develop a $1.5 billion golf course and hotel project in Vietnam's Hung Yen province.

A memorandum of understanding between the two companies was signed in late September during the visit of Vietnamese President To Lam to the United States, KBC said in a statement. The project consists two 54-hole golf course systems, together with a network of hotels and resorts and a modern residential complex, the statement added.

A Reuters analysis in August found the golf course and resort business was the biggest driver of cash flow for the Trump Organization, the family business of U.S. Republican presidential candidate Donald Trump, which houses the hundreds of companies he ultimately owns.

In mid-September, representatives from the Trump Organization visited the province and met Hung Yen authorities to discuss investment opportunities, according to the provincial administration.

"We are excited to enter this dynamic market. Vietnam has potential in the luxury hotel and entertainment industry," Eric Trump, Executive Vice President of The Trump Organization, also the second son of former President Donald Trump, said in the statement.

It did not provide a timeframe for construction of the project.

Vietnam, with a population of 100 million, currently has about 70 golf courses and 100,000 local golfers, according to the Vietnam Golf Association.

The U.S.-based Trump Organization did not immediately respond to an emailed request from Reuters for comment. LINK

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Clare:  Officially.. Signing the contract to implement the Gulf electricity interconnection with Iraq

10/9/2024

The Gulf Cooperation Council countries signed, on Wednesday, a contract to implement the Gulf electricity market linkage project with Iraq, which will enhance energy security and allow the GCC countries to supply Iraq with about 3.94 terawatt-hours annually at competitive prices less than the cost of local production, leading to a reduction in public expenditures .

The signing took place at the headquarters of the Gulf Interconnection Authority in Dammam, eastern Saudi Arabia, under the patronage of Saud bin Bandar bin Abdulaziz, Deputy Governor of the Eastern Province, who launched the update of the control center systems for the electrical interconnection network, which aims to improve the efficiency and flexibility of electricity systems in the face of current and future challenges.

Bin Badr Al-Aziz stated that implementing the project to link the Gulf electricity market with Iraq will contribute to the sustainability of energy supply and the establishment of local projects, and enhance the stability of the electricity grid in Iraq, which reduces dependence on expensive traditional energy sources and increases the effectiveness of using available resources .

He stressed that the Gulf electricity interconnection project is one of the strategic projects that strengthens the bonds of cooperation in the economic and social fields between the GCC countries and neighboring countries, and enjoys the support of the leaders of the GCC countries in order to achieve security and stability of the energy system in the region .

Bin Abdulaziz stressed the need for expansion and that the role should not be limited to ensuring the flow of energy only; as the actual steps have begun through signing memoranda of understanding to study the possibility of electrical interconnection with Iraq, Jordan and Egypt, and at the beginning of next year, the actual operation of the interconnection with Iraq will begin.

He explained that signing the contract to implement the Gulf electricity market linkage project with Iraq will contribute to enhancing energy security and enable the GCC countries to supply Iraq with about 3.94 terawatt-hours annually, according to the targets set for 2025, and at competitive prices less than the cost of local production, which will lead to reducing public expenditures.  LINK

Economist’s “News and Views” 10-9-2024

The Biggest Market Crash Since 2008 Just Hit Asia, is the US Next?

Steven Van Metre:  10-8-2024

The financial world is abuzz following what has been termed the largest market crash since 2008, a seismic event that has reverberated throughout the Asian markets. Investors and economists are now pondering a crucial question: Is the United States next in line for a similar downturn?

The recent market crash in Asia was triggered by several intertwining factors. Firstly, soaring inflation rates—exacerbated by ongoing supply chain disruptions and geopolitical tensions—have put immense pressure on economies across the region. Not to mention, rising interest rates set by central banks to combat inflation have raised concerns about slowing economic growth.

https://youtu.be/1xricD6Xp54

Economic Shock: China Stimulus Panic Sell-Off, US Treasury Dump To Snap Global Markets

Sean Foo:  10-9-2024

Across the board, investors started selling Chinese stocks as fear builds that China might never pull the fiscal bazooka.

Investors still don't understand the Chinese market and why Beijing might be waiting till 2025. Meanwhile, US bonds are selling off pushing yields higher. This will re-inflate the Yen carry trade risk that imploded global markets in August.

Timestamps & Chapters:

0:00 China Stimulus Fear Burns Investors

3:11 Beijing Holding Firepower For 2025

6:08 US Bond Yields Disaster

7:30 Sponsor: Indigo Precious Metals

8:55 Disastrous US Jobs Report

 9:55 Yen Carry Trade Collapse 2.0

12:53 2025 Extreme Economic Risk

https://www.youtube.com/watch?v=svg9UpcylyA

The System Is On Fire - There's No Way Out | Bill Holter

Liberty and Finance:  10-8-2024

Bill Holter warns of an impending U.S. Treasury default due to skyrocketing interest payments projected to exceed $1.5 trillion annually.

He argues that the Federal Reserve is fundamentally broken, lacking the equity to support its massive balance sheet.

INTERVIEW TIMELINE:

0:00 Intro

1:30 Severe storms

6:38 Global crises

10:30 Gold scams

24:10 Storage

27:00 Proof coins

33:30 Gold never changes

 38:57 Silver confiscation?

40:00 Financial collapse

https://www.youtube.com/watch?v=KkLk79OFD0A

Iraq Economic News and Points To Ponder Wednesday AM 10-9-24

Deputy: The US Federal Reserve Is Besieging Iraqi Liquidity Through The Dollar

 Today Information / Baghdad..   Representative for the State of Law, Firas Al-Muslimaoui, confirmed today, Tuesday, that the  Federal Bank’s measures were the main reason behind the continued lack of financial liquidity, calling on the Ministry of Finance to find alternatives.

 Al-Muslimaoui told the Maalouma Agency,   “Iraq is not poor and has many resources, but  there is a problem in delivering the money for selling oil, which arrives after three months through the Federal Bank.”

He added,  "The means of delivering the dollar and its restriction by the Federal Bank cast a shadow over the creation of liquidity in the Ministry of Finance," noting that  "the external liquidity issue requires a high-level government effort in order to solve this issue and increase the quantities of dollars flowing into Iraq."

He stressed the necessity of "shifting to agreements similar to the Chinese accounting agreements providing services in exchange for oil to dispense with the dollar," stressing that

 "the US Federal Bank is still exercising its conditions on Iraq to put pressure on the parallel market."

 https://almaalomah.me/news/78999/politics/نائب:-الفيدرالي-الأمريكي-يحاصر-السيولة-العراقية-عبر-الدولار

Speculators

 The first 10/08/2024  The editor-in-chief wrote:   Iraqi law explicitly criminalizes speculation operations that lead to influencing the exchange rate of the local currency and punishes those who commit them.

 Article 44 of the Money Laundering Law of 2015 stipulates that these people are punished with one year imprisonment and a fine of one million dinars.

 Although the reform packages undertaken by the government since its first days were successful, and despite the Central Bank's many sales of hard currency, the activity of speculative gangs contributed to maintaining the same large difference between the official price and the parallel market price.

We know that this confusion in the exchange rate variation is primarily due to the arbitrary monetary policy pursued by the former regime, especially during the siege, which made the Iraqi banking system a ruin and distanced it from the systems followed internationally.

 However, the monetary policies that followed the change in 2003 also did not provide successful solutions.

 They did not succeed in building a banking system that would provide services recognized in all countries of the world, which destroyed the virtual role of banks in building the country’s economy.

 In this context specifically comes the directive of Prime Minister Muhammad Shia Al-Sudani yesterday regarding the necessity of pursuing speculators who exploit the political and security crises that the region is going through, and not to be lenient or lenient with them.

 This directive complements the packages of directives related to monetary policy that the current government has initiated since its formation, most notably the government incentive program for the use of electronic payment tools, because the lack of knowledge of many citizens in using credit cards also contributes to the exacerbation of this crisis.    https://alsabaah.iq/103769-.html      

Privatization And Partnership, Which Is More Beneficial?

 Economical 10/07/2024  Yasser Al-Metwally    Which is more beneficial, privatization or partnership?

 Privatization is a method within the capitalist system that aims to convert capital assets owned by the state into private ownership as a tool for treating loss-making government companies.

As a reminder, in the period after the change, specifically during the era of Iyad Allawi’s government in the year (2005), a privatization body was formed that included experienced businessmen and government officials with special and high levels, headed by a well-known businessman and with the membership of ministerial undersecretaries.

 At that time, I was assigned to work as a media advisor to the Authority, and I accompanied its activities until the end.

 The goal of forming this body is due to the fact that there are more than (190) companies, most of whose factories were loss-making, including companies that went bankrupt without any production, and among them were companies that did not meet their expenses and the salaries of their employees.

 The body conducted statistics and surveys of companies and classified them according to their production capabilities and suitability for work.

But with the change of governments, the authority was neglected, abandoned, and abolished.

 The opinions of economists are divided between supporters and opponents of privatization, and

 given the large costs and burdens that these companies pose on the budget, attempts have been made to support these companies with the aim of activating them, but to no avail.

 Experts agree in the end that Partnership is the ideal way to revitalize troubled companies, introduce them into the business market, and make them productive.

 Partnership is a new method that enters into the attempts of those in charge of economic reform to address and recover losing companies, as partnership is considered a type of partial privatization in all cases.

 What is meant by partnership is the partnership of the public sector and the private sector, provided that Handing over the management of companies to the private sector while keeping ownership constant for the state, based on the recognition that the mentality of the private sector focuses on profitability in order to maintain production with high efficiency without wasting productive resources.

 It seems that the prevailing trend now is to adopt the partnership method in order to achieve the following goals (which are calculated from Advantages of partnership: foremost of which is maintaining ownership of capital assets without compromising them, as well as benefiting from the expertise of the private sector to make companies successful and make them profitable, thus eliminating the burden of large losses that they were incurring.

There may be several reasons behind the failure of public companies, the most important of which is corruption and public administrations’ lack of interest in losses because financing is guaranteed.

 The most prominent reason is uncontrolled openness, which led to making public companies unable to compete due to high production costs and was a peg upon which some failed administrations relied.

 Therefore, it is clear from the above analysis that the partnership is economically more beneficial, and this is what most economists around the world agree on, although it is not without flaws.

 The question remains: What are the challenges facing the partnership in Iraq?

 The first challenge is the opposition of public company administrations to concessions to the private sector, and therefore its reasons and motives are of a privileged nature.

 Moreover, the culture of the totalitarian regime is still entrenched in the minds of many, which makes us really need time to achieve an equal partnership preceded by binding laws and procedures that do not allow the applicable laws to object to the new management of companies.

 We need to create efficient management by applying the conditions and controls of governance in a way that paves the way for a successful partnership. So we need time, and the important thing is to start.      https://alsabaah.iq/103683-.html    

The Governor Of The Central Bank Of Iraq Chairs A Bank Lending Meeting

 October 08, 2024      His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, chaired the first meeting of the Supreme Executive Committee for the National Banking Lending Strategy in Iraq, which was formed pursuant to Diwani Order No. 51 of 2024, in the presence of undersecretaries of ministries, organizations and concerned authorities.

    During the meeting, the importance of the role of the banking sector and government and private institutions was discussed, and their role in implementing this strategy and implementing the main themes and sub-objectives of the national bank lending strategy were discussed.

His Excellency the Governor stressed that the national bank lending strategy aims to

      revitalize and stimulate the Iraqi economy as well as

     achieving growth in all fields, to which this strategy will

     contribute through the establishment and expansion of small, medium and large enterprises,

 stressing the importance of the cooperation of relevant authorities in the success of this mission,

 which It is considered a priority at the national level in providing job opportunities for young people and investing in their energies and capabilities in a way that achieves economic growth in the economic sectors.

 It is noteworthy that the Central Bank of Iraq launched, on May 25, 2024, the national strategy for bank lending in Iraq for the years 2024-2029, in the presence of a number of officials and representatives of diplomatic missions and international organizations, and the axes of what was stated in the strategy and the mechanisms for working on it were identified, each according to his specialty.      Central Bank of Iraq     Media office      October 8, 2024  https://cbi.iq/news/view/2685     

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

“Tidbits From TNT” Wednesday Morning 10-9-2024

TNT:

Tishwash:  The government completes the file to join “WTO”

 After the important steps and achievements made by the government in more than one file and sector, it was the turn to address the world and confirm that Iraq has become an economic power that should not be underestimated, and has all the qualifications and capabilities to join the World Trade Organization (WTO) after completing all preparations for that.

 The government headed by Prime Minister Mohammed Shia Al-Sudani has set, within its government program, a clear vision for the economic future in Iraq, which included setting timetables for achieving the liberalization process and focusing on sectors with high potential such as agriculture, industry and services, which contributes to accelerating accession to the organization.

According to the spokesman for the Ministry of Commerce, Mohammed Hanoun, to Al-Sabah, "All preparations were completed by the government team representing all ministries, which held an important meeting in Abu Dhabi headed by Minister of Commerce Athir Dawood Al-Ghariri."

He explained that "Iraq has fulfilled all the requirements for joining the organization, through a package of legislation and laws currently being discussed to reform the current legal system to be in line with the requirements and controls of the international organization, such as coordinated trade policies throughout the country, including tariff rates and customs procedures."

Experts believe that joining the organization will be a "major achievement" for the government, especially since it has great benefits, including increasing Iraqi exports and contributing to stimulating economic growth. Hanoun praised "the efforts of the Kingdom of Saudi Arabia through its team in the organization, through coordination with it, as it is the main partner in Iraq's accession to this international organization."

He stressed that "all ministries are working to ensure that the team has the information that helps it join the organization, especially since joining the World Trade Organization benefits Iraq in expanding free trade."  link

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

Tishwash:  Al-Sudani stresses the importance of setting standards for partnership between the Iraq Development Fund and the private sector

 Prime Minister Mohammed Shia Al-Sudani stressed, today, Wednesday, the importance of setting standards for partnership between the Iraq Development Fund and the private sector

His media office stated in a statement received by {Al Furat News} that "the latter chaired the periodic meeting of the Board of Directors of the Iraq Development Fund, during which a number of topics and procedures related to the work of the fund were discussed, and it was agreed to proceed with signing the contract with the consulting company supervising the "Edopa" project, which aims to build schools, as part of the efforts made to fill the shortage of school buildings in Iraq." 

During the meeting, Al-Sudani stressed the "importance of cooperation with the private sector and setting clear standards for partnership between the Fund and the private sector," noting the need to rely on what will be provided by KBR, which represents the advisory side of the government. 

He also stressed the "need to coordinate with the governorates to increase the number of schools that will be established through the fund within the Iduba project."   link

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

Tishwash:  The Central Bank continues the actual implementation of banking reform plans

Based on the decision of the Council of Ministers to approve the National Strategy for Bank Lending in Iraq on 8/18/2024, which was launched by the Central Bank on 5/25/2024, the Supreme Executive Committee for the Strategy began its work and held its first meeting headed by the Governor of the Central Bank, which is a clear announcement of the beginning of the actual phase of implementing its strategies for banking reform, which includes what is stated in its third strategy, the national strategy for lending, environmental and social standards, and corporate governance for banks.

And draw a clear roadmap in agreement with the global Oliver Wyman Company to start developing the banking sector. This means that it has completed the first phase of the banking reform process, which is drawing up policies, programs and standards and determining the main and sub-goals for the transition to a complete reform by achieving tangible and important results in the field of regulating foreign trade financing and regularity in the global financial system through strict adherence to international compliance standards and building solid international banking relations with global banks and correspondent banks and introducing the local currencies of countries with significant trade exchange to cash transactions in their local currencies in addition to dealing in the US dollar.

Also, activating and strengthening its procedures in the transition from a cash economy to a digital economy and cooperating with the government in expanding the use of electronic payment tools and spreading the culture of transitioning to a cashless society.

Certainly, the above tasks occupied a large part of the efforts at the local and international levels. Within the reform map led by the Central Bank with the cooperation and support of the government and the support of the Prime Minister personally, the focus will be on restructuring government and private banks in a way that does not allow the existence of troubled and unsound banks and starting to implement new policies to support and develop small, medium and large enterprises and support youth according to what was stated in the National Lending Strategy by achieving two main goals:

The first is to increase credit granted to the private sector by 4% of the non-oil GDP until 2029, equivalent to 7 trillion dinars, and the second is to increase credit to finance small, small and medium enterprises by 3% of the non-oil GDP, equivalent to 5 trillion dinars (55% of the financing gap), which contributes to operating 100,000 projects to stimulate and stimulate the economy and achieve development, in addition to starting to establish and license the Riyada Bank and license the Green Bank, which will specialize in sustainable financing of renewable energy projects, as well as moving towards licensing digital banks to keep pace with progress in the field of modern digital banking products.

The electronic platform will also be gradually withdrawn this year. One of the tasks that will begin is the rehabilitation of banks restricted from dealing in the US dollar to comply with international standards in light of the work of the joint committee between the Central Bank and the US Treasury Department, through which the work of these banks in the foreign transfer activity for previous years will also be analyzed and audited by international auditing companies, in the hope that restrictions will be lifted.

What we expect from the procedures and policies adopted by the Central Bank, what has been achieved, and what will be achieved later will be reflected in achieving economic stability by overcoming the challenges of stability in the financial and monetary system, which will contribute to the stability of the exchange rate and the recovery of the Iraqi dinar inevitably.  link

Mot: . Bet Ya Didn't Knows This un! -- HUH!!! 

Mot:  .. Just Love the Internet and all the Trusimisssmsss I find!! 

Seeds of Wisdom RV and Economic Updates Wednesday Morning 10-9-24

Good Morning Dinar Recaps,

TAIWAN TO TRIAL CRYPTO CUSTODY SERVICES THROUGH LOCAL BANKS IN 2025

Taiwan’s Financial Supervisory Commission reportedly plans to start collecting applications from institutions interested in trialing Bitcoin custody services in the first quarter of 2025.

Taiwan is looking to advance institutional cryptocurrency adoption as local regulators aim to pilot crypto storage services through local banks.

The Financial Supervisory Commission (FSC) of Taiwan is preparing to launch an institutional trial of crypto custody services, the local news outlet, Central News Agency, reported on Oct. 8.

While the FSC reportedly expects to start collecting applications in the first quarter of 2025, three private banks in Taiwan have already expressed interest in piloting a crypto custody business.

FSC mentions Bitcoin, Ether and Dogecoin
Citing explanatory information by the FSC, the report stated that financial institutions applying for a trial run of crypto custody in the future would have to specify the type of assets they store for clients, such as Bitcoin, Ether, or Dogecoin.

Additionally, the institutions must include information about the type of users they target, whether those are professional or general investors, crypto asset platforms or others.

FSC’s director of the comprehensive planning division, Hu Zehua, reportedly mentioned at a press conference on Monday that the authority expects to publicly release the information on the upcoming trial at least 15 days before starting accepting applications. The FSC will also be collecting public feedback on the proposed trial and revise the process accordingly.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

IOTA GAINS INSTITUTIONAL TRACTION AS FIREBLOCKS ADDS EVM SUPPORT TO ITS SECURE PLATFORM

▪️Fireblocks has announced the integration of the IOTA EVM, allowing institutional investors to transfer, hold and manage IOTA tokens and tokenised assets.

▪️The institutions can also leverage the Fireblocks REST API to develop IOTA token solutions for their retail clients across DeFi, GameFi, NFTs and more.

Crypto is no longer a retail game for speculators and meme coin lovers. Today, crypto and the underlying blockchain technology underpin global applications that span dozens of industries and impact the global economy. 

This has brought on institutions and multinational corporates, and with the recent Fireblocks integration, this group can now store, transfer and manage IOTA tokens and assets tokenized on the network.

IOTA announced the Fireblocks integration this week, describing it as “a major step forward in supporting a wide range of digital asset operations.”

The New York-based Fireblocks is one of the world’s leading digital asset platforms, serving some of the world’s largest institutions and allowing them to delve into digital assets without all the associated risks. Launched in 2019, Fireblocks has facilitated over $6 trillion in digital assets and supports over 80 protocols and networks.

 It has now integrated IOTA EVM, allowing its massive network of enterprise users to transact IOTA tokens and assets on the network through its API and console.

The integration allows institutional investors to store their IOTA tokens in their Fireblocks vaults and transfer the tokens over the Fireblocks network to other investors.

 It’s not limited to institutional use, however. These institutions can launch token support for their retail customers with Fireblocks’ REST API, the base layer of the company’s SDKs that allow them to program its services and customize them for their target audience. 

They can then deploy these tokens into retail-facing applications across DeFi, NFTs, GameFi, and other marketplaces.

Toeknisation is the biggest target market for institutions, with Goldman Sachs projecting that the sector could hit $16 trillion by 2030. It also aligns with IOTA’s redefined vision, as founder Dominik Schiener explained to Crypto News Flash earlier this year in an exclusive interview.

The Fireblocks integration fits into this, allowing users to securely mint and transfer tokenised assets.

The IOTA team summed up the new integration as monumental, stating:

In conclusion, IOTA EVM’s integration into Fireblocks marks a significant milestone towards offering a top-notch ecosystem for institutional and enterprise users. The storage, transfer, and creation of tokens need to be as easy as possible, so builders can focus on their product and not have to worry about security or custody.

IOTA joins other leading blockchain networks that have announced similar integrations with Fireblocks to cater to the institutional audience. Three weeks ago, Chainlink teamed up with Fireblocks to focus on the transfer and management of stablecoins, as we reported.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

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Source:  Seeds of Wisdom Team RV Currency Facts

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

Good Evening Dinar Recaps,

SOUTH KOREA PLANS TO REGULATE CROSS-BORDER STABLECOIN TRANSACTIONS

South Korea’s Financial Services Commission plans to consult with other jurisdictions, including Japan and the EU, on stablecoin rules.  

South Korea’s government plans to apply foreign exchange rules to cross-border transactions involving dollar-pegged stablecoins.

On Oct. 8, the country’s Ministry of Economy and Finance reportedly announced that it was reviewing measures to ensure the soundness of stablecoin transactions.

The government agency said that apart from being used to transact and exchange within the crypto ecosystem, stablecoins are also used in cross-border transactions. This means that stablecoin’s functions expand to global transfers, which may require different rules.

Consulting with other jurisdictions
Furthermore, the Financial Services Commission (FSS), South Korea’s top financial regulator, will prioritize and discuss stablecoins in the second legislative stage of the country’s Virtual Asset User Protection Act.

The FSS reportedly plans to consult with other regulators in international jurisdictions, including Japan and the European Union. Despite the statement, the government agency did not provide a specific consultation timeline.

Stablecoin regulations will also reportedly begin with a system for issuing won-pegged tokens. This means a legal system for stablecoins pegged to South Korea’s won fiat currency will first be established and then applied to foreign currency stablecoins.

The Japanese government issued rules on stablecoins after the Terra collapse in 2022. On June 3, 2022, Japan banned stablecoin issuance by non-banking institutions. However, it lifted the ban in 2023.

Meanwhile, the EU’s Markets in Crypto-Assets Regulation came into force in June, leading crypto exchanges to delist non-compliant stablecoins.

South Korea tightens crypto regulations
South Korea recently tightened its measures by enforcing laws to protect crypto users. On July 19, its Virtual Asset Protection Act came into effect, compelling virtual asset service providers (VASPs) in the country to maintain stricter rules to protect user assets.

The laws require VASPs to take out insurance against hacks and malicious attacks. They also mandate that providers keep user assets separate from exchange tokens while keeping customer deposits in banks. The law also includes regularly reviewing token listings on exchanges.

The South Korean government will also impose severe punishments on violators. This includes jail sentences and fines of three to five times the amount of illegally acquired profits.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

CANARY CAPITAL FILES FOR A SPOT XRP EXCHANGE-TRADED FUND WITH THE SEC

▪️Canary Capital’s move comes after Bitwise filed its S-1 registration statement last week.
▪️Canary Capital founder Steven McClurg said the firm is seeing “encouraging signs of a more progressive regulatory environment coupled with growing demand.”

Crypto investment firm Canary Capital filed a registration statement with the U.S. Securities and Exchange Commission for a spot  XRP exchange-traded fund, marking the second firm vying for that product this month.

The Canary XRP ETF gives investors "the opportunity to access the market for XRP through a traditional brokerage account without the potential barriers to entry or risks involved with acquiring and holding XRP directly," the firm said in an S-1 registration statement filed on Tuesday. A custodian or administrator is not yet named for the ETF.

"We're seeing encouraging signs of a more progressive regulatory environment coupled with growing demand from investors for sophisticated access to cryptocurrencies beyond Bitcoin and Ethereum–specifically investors seeking access to enterprise-grade blockchain solutions and their native tokens such as XRP," said Canary Capital founder Steven McClurg in a statement.

McClurg also previously founded Valkyrie Funds, which has other spot crypto ETFs.

Canary Capital's move comes after Bitwise filed its S-1 registration statement last week. A spot XRP ETF has not been approved by the SEC before, and if it does, it could face challenges. The SEC has been embroiled in a legal fight with Ripple after the agency accused the company of raising $1.3 billion through the sale of XRP, which it views as an unregistered security.

@ Newshounds News™

Source:  The Block

~~~~~~~~~

BRAZILIAN CBDC DREX ENVISIONED TO REPLACE CURRENT TRANSACTION SYSTEM

Fabio Araujo, the coordinator of Drex, the Brazilian CBDC, envisions this network substituting the current national transaction system and moving all the funds currently settled by the Reserve Transfer System. However, he stated that this would take some time, as the cost of this migration would be significant.

Drex Coordinator Envisions Total Substitution Of Traditional Transaction Systems for Blockchain
While the current central bank digital currencies (CBDC) are commonly considered a complement to fiat currencies and conventional electronic money, some countries are eyeing the total substitution of their systems for these tools. Fabio Araujo, coordinator of Drex, the Brazilian CBDC pilot, envisions this happening at one time in the country.

While Drex is in the second phase of its pilot, Araujo believes that the technology behind it might grow to substitute the Reserve Transfer System (STR).

According to the Central Bank, the STR is considered the backbone of the Brazilian financial system, handling the settlements of monetary, foreign exchange, and capital markets, among institutions that manage accounts with the bank.

Araujo stated:

All transactions would be made within this environment. As this technology advances, all business would be done within it.

However, Araujo acknowledged this process should not be immediate, as the migration from one technology to another includes significant costs for the institution.

“I hope it takes time, because migrating the internet to blockchain is costly,” he stressed. In 2023, STR settled the equivalent of the Brazilian gross domestic product (GDP) each 2.2 days.

While this migration would also highlight the need for new regulations to deal with the new system’s processes, Araujo recognized that at first, no regulation would be issued given that it would be a new technology applied to the existent environment.

At the same time, Araujo stated that this system would not have a direct connection with the real estate records, as the bank is not interested in taking over these operations. The Drex’s objectives would be to manage and ease financial settlements only.

@ Newshounds News™

Source:  Bitcoin News  

~~~~~~~~~

BRAZIL TO REVIEW ELON MUSK’S X BAN AFTER $5M FINE PAYMENT

Social media platform X could soon be restored in Brazil after paying fines, appointing a new legal representative and blocking certain user accounts at the court’s request.

Brazilian authorities could soon lift the ban on Elon Musk’s social media platform X after the company paid 28.6 million Brazilian reais (approximately $5.5 million) in fines.

According to local media reports, on Oct. 7 X cleared the latest requirement on its path to returning online. In late August, Brazil’s Supreme Federal Court suspended X for failing to comply with orders related to an investigation into the spread of misinformation in the country.

The final payment was confirmed after a series of unusual events. On Oct. 4, the funds related to the penalties imposed by Justice Alexandre de Moraes for irregularities on the social network were mistakenly deposited into the wrong bank account. Last Monday, the proceeds paid by Musk’s satellite company, Starlink, were transferred to the correct account.

The amount included the original fine for X’s lack of cooperation in court investigations and an additional 10 million Brazilian reais (about $1.9 million) for not complying with the suspension after a shift to Cloudflare’s servers unintentionally allowed some users to access the platform in September.

In the previous days, X also appointed a new legal representative in the country, as required by local regulations, and blocked the accounts of users accused of spreading fake news and misinformation about Brazil’s electoral processes and justice system.

The platform’s return to users in the country now rests with Brazil’s Attorney General, who will recommend whether or not the suspension of X in Brazil should be lifted. If X return is approved, Justice Moraes will once again review the case and issue his decision.

Justice Moraes has been investigating X since 2023 for allegedly promoting and enabling the spread of misinformation in Brazil. Musk is also under investigation for charges including obstruction of justice, involvement in a criminal organization, and incitement to crime.

The billionaire has publicly criticized Moraes’ actions, labeling them politically motivated censorship. He has accused the judge of behaving like a “dictator” by targeting political opponents through what he claims are unlawful demands for content moderation.

@ Newshounds News™

Source:  CoinTelegraph

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Iraq News Highlights and Points To Ponder Tuesday Afternoon 10-8-24

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

What Is The Relationship Between Regional Tension And The Rise Of The Dollar In Iraq?

Posted on 2024-10-08 by sotaliraq  2024-10-07   Baghdad   The Iraqi market witnessed a noticeable rise in the exchange rate of the dollar against the dinar, until it exceeded 155 thousand dinars for every 100 dollars, coinciding with the intensification of the war in Lebanon, and the growing expectations of an Israeli strike against Iraq or Iran.

Observers attributed this rise to several reasons, the first of which is the state of panic among citizens from the outbreak of a comprehensive war, which prompted them to store the dollar, in addition to the increased demand for it by Iran and armed factions, in anticipation of what is coming.

Economic expert Nabil Al-Tamimi said in an interview with “Al-Alam Al-Jadeed” that “the dollar exchange rate crisis is temporary, and it is not economic. There is no defect or crisis within the Central Bank of Iraq. Rather, its cause is due to the existence of fears among citizens, which made them store the dollar, in addition to the media hype and the state of panic regarding the events of the war in Lebanon.”

Al-Tamimi added, “The talk about Iraq entering a state of war with Israel and the possibility of targeting Iraqi sites and facilities has led to citizens’ lack of confidence in the dinar or in banking transactions, and this is the main reason for the dollar crisis. In this case, the crisis is temporary and not ongoing, and the market needs confidence from the government to return prices to their previous state.”

The price of the dollar rose in the Iraqi markets to 155,750 dinars for every 100 dollars, according to today's price, Monday, after it began to rise to more than 150,000 dinars, following the assassination of Hezbollah Secretary-General Hassan Nasrallah in an Israeli strike in Lebanon. This rise came after the exchange rate had been stable at 148,000 dinars for every 100 dollars.

The region is witnessing great tension, as Iran bombed Israeli military bases near Tel Aviv, during a large-scale missile attack, in response to the assassination of the former head of the political bureau of Hamas, in addition to the Secretary-General of Hezbollah, Hassan Nasrallah.

Since last week, Israel has intensified its attacks on Lebanon, especially the southern suburb, destroying most of the infrastructure and buildings, amid expectations of an Israeli response to Iran, as well as an Israeli response to Iraq, after it announced that two Israeli soldiers were killed by a drone launched from Iraq.

For his part, financial expert Abdul Rahman Al-Mashhadani explained, during an interview with “Al-Alam Al-Jadeed”, that “the current rise in the dollar exchange rate is not economic, as the dollar was stable for a long time, and the Central Bank was selling in large quantities that covered the volume of Iraqi trade, reaching 270 million dollars per day.”

Al-Mashhadani continues, “The political situation and the crisis that threatens the outbreak of war and its expansion, including Iraq and Iran, and the reactions towards the countries that support Israel, are the main reason behind the rise in the price of the dollar.”

He confirms that “there are two reasons behind the increase, the first is that a large number of traders have obligations with suppliers outside Iraq, and when the economic and security situation deteriorates, the obligations remain on them, and they try to fulfill their obligations as soon as possible, because the trade process is linked to the reputation of the trader, so he wants to pay it, and tries to obtain the dollar in an unofficial way.”

The other reason is due to the fears among citizens, who, with the intensification of the crisis and daily news about the worsening situation, want to keep their dollar reserves in anticipation of travel or any emergency,” the financial expert added, “

Also, due to the current security crisis, there is no trust in banking transactions, and citizens want to store dollars in their homes or with them personally, and there are 50 billion dollars stored inside the country, because there is a fear of banking transactions, as a result of fear of economic sanctions that may be imposed on certain banks or the deterioration of events, and thus the collapse of banks, as happened in Lebanon.”

For months, Iraqi factions have been launching missile and drone attacks on Israel in support of the Palestinian resistance in the Gaza Strip, but the escalation began to intensify since the Lebanese Hezbollah entered into the mutual shelling with Israel until the escalation reached its peak with the assassination of Nasrallah.

Last week, Asharq Al-Awsat newspaper quoted informed sources as saying that Tel Aviv had identified 35 targets inside Iraq that could be struck at any moment, including targeting prominent political leaders and faction leaders, similar to what happened in Lebanon.

At the same time, it indicated that Prime Minister Mohammed al-Sudani had asked prominent Shiite figures to mediate to rein in the factions and prevent Iraq from being dragged into the war between Lebanon and Israel.

In addition, economic expert Jawad Malekshahi stated, during an interview with “Al-Alam Al-Jadeed”, that “since Mohammed Shia Al-Sudani assumed the position of Prime Minister until today, the crisis has continued, and it is being manipulated by suspicious hands linked to regional agendas.”

[size=45]He points out that “the main problem at the present time behind the crisis is Iran’s need for hard currency, and the more Iran needs hard currency as a result of the siege imposed on it, the more dollars are accumulated in the Iraqi market to save the Iranian economy, which causes a shortage in the Iraqi market and an increase in the price against the dinar.”

He explains that “this scarcity benefits the parties linked to the Iranian axis from two sides: on the one hand, supporting the Iranian economy and preventing its collapse, and on the other hand, using it as a pressure card against Al-Sudani’s government to remain under the control of Iran and the political forces loyal to it in the government and the House of Representatives, so that it does not rebel against Tehran’s instructions.”

The expert added, “The main reason for the current rise is due to Iran and the armed factions’ need for the dollar, due to the crisis in Lebanon, and also to finance themselves, as well as due to their fears of the ongoing targeting.”

Al-Alam Al-Jadeed was one of the first newspapers to reveal that currency smuggling was continuing, despite controls on banks, and was being carried out via bags transported overland to Turkey and Iran, after the dollar was withdrawn from the local market and not through the official dollar selling window. Specialists at the time called it “black transfers.”   LINK

The Fate Of The Three-Year Budget Is Unclear: Most Of The Allocations Have Not Been Spent And Parliament Awaits The Arrival Of The 2025 Schedules

Posted on 2024-10-08 by sotaliraq  The House of Representatives is waiting for the government to receive the 2025 budget, and despite the general trend to pass it easily and not amend it significantly, as happened with the current year’s budget, the Finance Committee revealed that the two previous budgets, especially the investment budget, have not been fully disbursed yet, which is expected to happen with next year’s budget as well, for several reasons, most notably the lack of financial liquidity, according to representatives and experts.

Member of the Parliamentary Finance Committee, Jamal Kojer, says, “The Iraqi government has not disbursed the financial allocations for the investment budget for the year 2023 or 2024, until now, due to the lack of financial liquidity, the suspension of some projects due to the provincial council elections, and other reasons.”

Koger added, “The Parliamentary Finance Committee is waiting for the arrival of the 2025 budget tables in order to review them and know the details of those tables and the expenditures in them.

They will be studied well by the committee before voting on them, and we will certainly have the authority to amend those tables, through additions and deletions without any new financial additions.”

He added, “There is no specific time for the government to send the budget tables to the House of Representatives. They may reach us during the next month, and we will follow up on this with the responsible authorities in the Ministry of Finance and the Council of Ministers, to expedite sending the tables for voting on them before the end of the current year.”

It is noteworthy that the Parliamentary Finance Committee revealed that it will discuss the 2025 budget next November, while stressing that employees’ salaries are fully secured.

It is noteworthy that the budget for the current year has not been implemented nor has its funds been spent yet, despite warnings from specialists about the loss of confidence in the government’s ability to manage finances, causing economic, investment and political confusion as well.

In mid-July, the issue of forgery or manipulation of the 2024 budget tables was raised between the House of Representatives and the Prime Minister’s Office, which sparked controversy and conflict in data and correspondence between the two parties.

The story began when the Finance Committee said that some members of the Council had manipulated the budget tables after they were approved, and then sent to the Council of Ministers, indicating that investigations had begun into the issue.

For his part, financial expert Ahmed Al-Tamimi says, “Iraq is suffering from a loss of financial liquidity, and therefore it was unable to implement all of the 2023 and 2024 budgets, and we do not believe that it will be able to implement all of the paragraphs and schedules of the 2025 budget.”

Al-Tamimi believes that “Iraq was facing a real financial crisis due to the decline in oil prices, and it was going to face a crisis even in the issue of paying employees’ salaries during the new year, but the repercussions of the recent Lebanon war led to a rise in global oil prices, and this achieved economic and financial benefits for Iraq, as it relies on financing its general budget from oil sales.”

He does not expect “a fundamental change in the 2025 budget schedules, compared to the previous ones,” expecting “it to be passed by parliament easily, especially since the majority within parliament supports and backs the government, and is working to pass its plans without obstacles or opposition.”

Member of the Parliamentary Finance Committee, Moeen Al-Kazemi, had indicated that the 2024 budget tables came from the government with a spending volume of 211 trillion dinars, and came out of Parliament with a volume of 226 trillion dinars, noting that the change came in the following paragraphs:

increasing the amount of the ration card by five trillion dinars, increasing oil revenues by five trillion dinars, reducing fees by five trillion dinars, and financial increases for the Ministry of Electricity and some governorates, as these increases mean increasing the budget deficit from 64 to 79 trillion dinars.

On June 12, 2023, the House of Representatives voted on the Federal Budget Law for the years 2023, 2024 and 2025, in an initiative that is the first of its kind in the country’s history in terms of the size of the budget as well as the number of fiscal years, with a value of 197 trillion and 828 billion dinars, with a financial deficit of 63 trillion dinars, or nearly a third of the budget.

In addition, Member of Parliament Mukhtar Al-Moussawi explains that “Parliament and political forces in general do not know anything about the 2025 budget schedules, and they are waiting for it to arrive from the Council of Ministers, and there is no specific time for this arrival, and perhaps it will arrive at the end of next month or more than that.”

Al-Moussawi points out that “the Iraqi government has a financial surplus from the 2023 budget, as well as the year 2024, due to the oil prices fixed in the budget, which are less than the real price of selling oil. There is also a lot of money that the government has not spent on projects and other things, which confirms that there is no financial crisis, as some are trying to promote.”

He stressed that “amending the 2025 budget, which is expected to reach the House of Representatives during the coming period, is unlikely, as there is parliamentary confidence in the government’s financial and monetary policy plans, and therefore it will be passed without any obstacles or disagreements, as happened during the passing of the 2024 budget schedules.”  LINK