Iraq News Highlights and Points To Ponder Thursday Evening 10-10-24

Who Will Stop The "Collapse Of The Dinar"? Dollar Prices Continue To Soar In Iraqi Markets

Economy |Baghdad Today - Baghdad   The dollar exchange rates continued to rise in local markets today, Thursday (October 10, 2024). Baghdad Today correspondent said that the exchange rates in the main stock exchange in the capital, Baghdad, recorded a selling price of 154,500 dinars for every 100 dollars, while the buying price was 153,250 for every 100 dollars.

He added that the selling price of the dollar in Erbil reached 153,800 dinars, while the purchase price reached 153,600 dinars for every 100 dollars.

He pointed out that the selling price of the dollar in Basra reached 153,500 dinars, while the purchase price reached 153,250 dinars for every 100 dollars.

The exchange rate of the dollar against the Iraqi dinar witnessed a noticeable increase during the past few days, as the selling price exceeded 153 thousand for every 100 dollars.   LINK

TBI Moves On Dollar Prices

Economy  2024-10-09 | 10,062 views  Sumerian News – Economy   The Trade Bank of Iraq (TBI) announced today, Wednesday, that it has taken a series of measures to support the stability of the exchange rate and prevent exploitation by speculators.

The Director of the Tahrir Branch of the Iraqi Bank, Yarab Al-Hashemi, said in a statement received bySumerianNews, "The bank's management has taken a series of measures to stabilize the exchange rate and prevent market manipulation, including increasing working hours at the bank's branches, which has had an impact on the speed of completing merchants' transactions, the smoothness of financial transfers, and eliminating the momentum that has been created in this regard."

He added, "There is a series of measures being taken successively that will have a clear impact on controlling the exchange rate, preventing speculators, and limiting the granting of dollars to the beneficiaries exclusively."

Prime Minister Mohammed Shia al-Sudani directed to intensify inspection procedures in financial transfer operations and not to be lenient or lenient in pursuing speculators who exploit the crises the region is going through to achieve personal profits and benefits at the expense of the public interest of the country.   LINK

How Prepared Is Iraq For An Expected "Cyber Strike"?

Baghdad Today – Baghdad  Cybersecurity expert Ali Al-Zubaidi commented on Wednesday (October 9, 2024) on Iraq’s readiness for any expected “cyber” strike during the next phase.

Al-Zubaidi told Baghdad Today, "Iraq has done its best to provide an electronic firewall against cyber attacks, but what it has is not enough due to the weakness of both the electronic and human infrastructure."

He added, "These structures are still weak and incomplete and can be easily penetrated. If Iraq is exposed to a cyber attack, its security and military institutions, sovereign ministries, banking information, civil and passport departments, airports, and all institutions that have been subjected to the automation system will be penetrated."

He warned that "this in itself will create confusion and chaos in the work of these institutions, and the limits of the resulting damage cannot be imagined, as it is determined by the limits of what the attacker can do or achieve, and what he aims to achieve through his attack, but in all cases the damage will be great."

Cybersecurity is the fifth domain of contemporary warfare, and the loophole through which one can access the positions of all countries and societies, if they are not constantly maintained, in accordance with digital developments.

However, in Iraq, the International Telecommunication Union’s Global Cybersecurity Index still ranks it 107th globally and 13th in the Arab world, despite the availability of many of the country’s main infrastructures, including technologies and skills, among the country’s competent authorities, according to experts.

Successful cybersecurity takes a specific approach that typically consists of multiple layers of protection deployed across the computers, networks, software, or data that one intends to keep safe. In any organization, users, processes, and technology must complement each other and work together to create an effective defense against cyber attacks.

On September 13, the National Security Service announced the launch of the first cybersecurity platform in Iraq.

The agency said in a statement received by "Baghdad Today", "Security and military operations alone are not sufficient to confront the phenomena that threaten community security, and there must be awareness and education campaigns targeting society in order to fortify itself against these phenomena."  LINK

Experts: Diversifying Revenues Is A Guarantee Of Economic Stability

Economic  2024/10/10  Financial and economic experts expect that the recent developments in the Middle East will create a state of instability in the region and in global markets, including the labor market, which is greatly affected by the general conditions prevailing in a region where oil production is concentrated.

Economic expert and former minister Dr. Raed Fahmy, in an interview with “Sabah”, believes that “countries that depend on oil, such as Iraq, despite the country’s attempts to attract foreign capital, will witness a state of fluctuation,” noting that “this is reflected in the average citizen and his purchasing power, because the turmoil in the region will have a negative impact on the course of things in general, and prices in particular.”

Fahmy pointed out that “Iraq is an importing country, and the volume of its imports constitutes about 90-98% of its needs from abroad, including food needs,” indicating that “import and export operations, and the dollar exchange rates will be affected in the coming days and will be reflected in the commercial movement and exchanges, including the price of oil.”

He added that “the turbulent situation and lack of clarity of vision will affect all investors and projects that may be initiated in the region,” expecting that long-term investment decisions in many countries “will witness a state of waiting that will be reflected in economic activity  in general.”

In this context, economic researcher and consulting engineer Imad Al-Muhammadawi told Al-Sabah: “The region is currently witnessing highly tense conditions, which may lead to a rise in oil prices and a change in the dollar exchange rate.”

Al-Muhammadawi considered the country’s reliance on the rentier economy “an obstacle to diversifying the state’s general revenues, as oil revenues constitute about 99% of its exports and 85% of the country’s general budget,” noting that “enhancing non-oil revenues, controlling spending and activating the role of the private sector will work to achieve financial sustainability in such exceptional circumstances.”

It is noteworthy that the government has taken major and important steps to diversify revenues through partnerships with the private sector, reducing tax evasion, rehabilitating factories and paying attention to agriculture.   https://alsabaah.iq/103909-.html

US Banks Face $500 Billion in Losses as De-Dollarization Grows

US Banks Face $500 Billion in Losses as De-Dollarization Grows

Geopolitical Analyst:  10-9-2024

In the world of global finance, the tides are shifting. While the BRICS alliance — comprising Brazil, Russia, India, China, and South Africa — is diligently strengthening its banking framework and advocating for de-dollarization, the United States finds itself wrestling with a series of financial challenges that could have far-reaching implications.

With the recent collapse of 15 banks in just three years, concerns about the stability of the US banking system are becoming increasingly pronounced.

The data coming to light is alarming. In a recent report, finance expert Dr. Rebel Cole from Florida Atlantic University unveiled that US banks are currently grappling with over $500 billion in unrealized losses on investment securities as of the end of Q2 2024. While there was a slight decrease from $516 billion in Q1 to $513 billion in Q2, the overall picture is still concerning for an economy that has long prided itself on resilience and stability.

These unrealized losses represent a significant burden on the balance sheets of American banks, indicating that the financial health of these institutions is under duress. Coupled with the fact that banks in the US have seen numerous failures, the future of the banking sector is increasingly uncertain. This backdrop cannot be overlooked; it hints at deeper systemic issues that could provoke wider financial instability.

Meanwhile, the BRICS bloc is actively pursuing strategies to insulate themselves from the pressures of the US dollar. Central banks within this alliance are accumulating gold reserves at an unprecedented pace. This tactic serves as a hedge against the volatility of the dollar and underscores the BRICS countries’ commitment to reducing their dependency on US currency.

The motivation behind the BRICS nations’ push for de-dollarization isn’t merely economic; it’s fundamentally geopolitical. By fostering financial independence from the US dollar system and increasing their gold reserves, these countries are positioning themselves to withstand the shocks that the US economy currently faces.

Dr. Cole’s analysis sheds light on the troubling nexus between unrealized losses and the exposure of banks to uninsured deposits. As inflation continues to plague the economy and interest rates fluctuate dramatically, the potential for further instability does exist. The recent volatility in the 10-year treasury yield is testament to the unpredictable nature of the current economic landscape. High inflation rates in the US are further eroding confidence in the dollar, prompting many to question the reliability of an economy that has long been considered the bastion of financial stability.

As US banks navigate these complex waters, the combination of significant unrealized losses and a precarious position regarding uninsured deposits could spell disaster. The specter of financial instability looms, casting a shadow over the once-unassailable dominance of the American banking system.

The juxtaposition of BRICS’ resilience and US banks’ challenges signals a notable shift in global finance. While the BRICS alliance actively fortifies its foundations through asset accumulation and strategic partnerships, the US is left to weather the storm of its financial missteps. The growing unease over the stability of the US dollar, alongside the BRICS nations’ efforts to create a diversified and independent financial ecosystem, creates a sense of urgency.

As financial dynamics evolve, it is crucial for policymakers, investors, and consumers alike to remain vigilant. The stabilization of the US banking system is imperative not only for the nation’s economic well-being but also for the global financial order. The decisions made today in response to these challenges will determine how the landscape will look in the coming years.

In conclusion, the rise of the BRICS alliance coupled with the struggles of the US banking system marks a potential turning point in global finance. The projected unrealized losses, coupled with financial instability and the aggressive de-dollarization strategy of BRICS, suggests a transformative period ahead. As we navigate this evolving landscape, the implications will surely resonate throughout the global economy, redefining power and influence in the world of finance. Only time will reveal how these developments will reshape our financial realities.

Watch the video below from Geopolitical Anaylist for more information.

https://youtu.be/eUBxh5wKHgg

https://dinarchronicles.com/2024/10/10/geopolitical-analyst-us-banks-face-500-billion-in-losses-as-de-dollarization-grows/

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

Oil Prices Rise Amid Fears Of Storms And Regional Unrest

Economy  | 10/10/2024  Mawazine News – Economy  Oil prices rose more than 1 percent on Thursday, supported by rising fuel demand as a major storm swept through Florida and concerns about potential supply disruptions in the Middle East.

Brent crude futures were up $1.2, or 1.6 percent, at $77.78 a barrel by 1330 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up $1.16, or 1.6 percent, at $74.40 a barrel.

The United States, the world’s largest oil producer and consumer, is grappling with another major storm, Hurricane Milton, which hit Florida, where about a quarter of gas stations ran out of supplies, helping support crude prices.

Prices have surged this month after Iran fired more than 180 rockets at Israel on Oct. 1, raising the prospect of retaliation and targeting Iranian oil facilities.

With Israel yet to respond, crude prices have retreated again and have been relatively steady throughout the week.

Biden “continues to dissuade Israel from targeting oil facilities but there are growing concerns that Israel’s allies have little influence over its strategy,” analysts at ANZ said in a note on Thursday.

While threats to Middle East production are at the forefront, weak demand continues to cloud the fundamental outlook.   https://www.mawazin.net/Details.aspx?jimare=255852

Iraq Raises Gold Reserves To 152.6 Tons, According To The World Gold Council

Time: 2024/10/10 11:34:18 Read: 1,651 times  {Economic: Al Furat News} Iraq’s gold reserves increased by 4 tons in the past two months, reaching 152.6 tons, according to a report issued by the World Gold Council. This increase places Iraq in 29th place globally among 100 countries in gold reserves, according to last month’s data.

At the Arab level, Iraq came in third place after Saudi Arabia and Lebanon, as data recorded an increase in Iraqi gold reserves from 148.3 tons to 152.6 tons.

Last August, Mazhar Mohammed Salih, economic advisor to the Iraqi prime minister, confirmed that gold represents about 10% of Iraq’s foreign currency reserves. He pointed out that the reserve had reached 148 tons at the time.

It is worth noting that Iraq recorded a gold reserve of 145 tons and 661 kilograms last February, indicating that the continuous increase reflects financial stability and stability in cash liquidity.

Globally, the United States holds the lead in gold reserves with 8,133 tons and 300 kilograms, followed by Germany with 3,351 tons and 500 kilograms, and then Italy in third place with 2,814 tons. LINK

Al-Hakim Stresses The Need To Leave The Rentier State And Activate The Five-Point Economy

Thursday 10 October 2024 | PoliticsNumber of readings: 61  Baghdad / NINA / The head of the National Wisdom Movement, Ammar al-Hakim, stressed the need to leave the rentier state and activate the economic quintet.

A statement from his office stated that al-Hakim received in his office in Baghdad Dr. Mazen al-Hakim, head of the Sibar Center for Digital Economy, and discussed with him the developments of events in Iraq and the region.

Al-Hakim stressed the importance of study centers to support the governmental and legislative system with ideas and studies, and the importance of studies being realistic and applicable.

Al-Hakim pointed to the nature of the economic challenges facing Iraq, stressing the need to leave the rentier state and activate the economic quintet represented by agriculture, industry, tourism, investment and technology. /  https://ninanews.com/Website/News/Details?key=1161129

Promoting The Private Sector Through Legislative And Executive Support

Economy  | 10/10/2024  Mawazine News – Baghdad  The head of the Federation of Chambers of Commerce, Abdul Razzaq Al-Zuhairi, confirmed today, Thursday, that the private sector enjoys legislative and executive cover and great attention from the government and has reached a stage of stability, which contributed to the construction process and attracting foreign investments.

Al-Zuhairi said in a statement to the official agency, that "the private sector was able to build a strong name for itself in recent years after the current government assumed responsibility, as it contributed to the construction process and attracting foreign investments."

He explained that "the government paid remarkable attention that contributed to the continuity and distinction of this sector," noting that "the support included important sectors such as housing, energy and agriculture, by facilitating many procedures such as financial support, simplifying regulations and facilitating the entry of foreign investors."

He pointed out that "the private sector now enjoys strong legislative and executive cover, which contributed to its stability and growth.

" Al-Zuhairi stressed "the importance of controlling borders to prevent the entry of irregular goods and developing development banks that effectively support the private sector."

He concluded his speech by saying that "recent years have witnessed a successful start for the private sector, which is still in the beginning and needs time to grow and develop." https://www.mawazin.net/Details.aspx?jimare=255846

The US Embassy rejects any targeting of the religious authority, Mr. Ali al-Sistani

The US Embassy in Iraq announced on Thursday that the United States rejects any targeting of the highest religious authority, Sayyid Ali al-Sistani, while indicating that Sayyid al-Sistani represents a decisive and influential voice in promoting a more peaceful region.

The embassy said in a statement to the Iraqi News Agency (INA): "The United States rejects any targeting of His Eminence Grand Ayatollah Sayyid Ali al-Sistani," indicating that "Sayyid al-Sistani is a prominent religious figure who enjoys great respect in the international community."

It added that "the United States believes that His Eminence Grand Ayatollah Sayyid al-Sistani represents a decisive and influential voice in promoting a more peaceful region." https://www.radionawa.com/all-detail.aspx?jimare=39713

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

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

Good afternoon Dinar Recaps,

RIPPLE HITS BACK AT SEC, FILES CROSS-APPEAL

The feud continues: Ripple Labs has announced plans to file a cross-appeal in its ongoing legal case with the U.S. Securities and Exchange Commission.

This move by Ripple is meant to preserve its legal defenses as the SEC’s own appeal proceeds through the courts. The SEC filed an appeal on Oct. 2 to counter the July 2023 ruling that concluded XRP cannot be classified as a security.

The SEC’s appeal follows the ruling that determined Ripple’s sale of XRP on exchanges did not violate federal securities laws.

Ripple CEO Brad Garlinghouse tweeted that, with the cross-appeal, Ripple is “looking forward to sealing the SEC’s fate and finally putting an end to the SEC’s regulation-by-enforcement agenda.”

The SEC sued Ripple in December 2020, claiming that XRP, Ripple’s cryptocurrency, was sold as an unregistered security. Securities are financial instruments, like stocks or bonds, that must meet strict regulatory requirements before being sold. The key issue in the case is whether XRP qualifies as a security.

Ripple’s cross-appeal ensures it can address all aspects of the case as the legal process continues. According to Ripple’s Chief Legal Officer Stuart Alderoty, the company wants to keep all options open.

This comes despite the SEC’s contentious stance on what constitutes a token as a security — and despite clear details of the SEC’s appeal.

In appeal cases like this, both parties file notices explaining the basis of their arguments, followed by more detailed legal briefs. Ripple’s next step is to submit these briefs as the appeal progresses. Both Ripple and the SEC will be outlining their positions in the coming weeks.

The ongoing battle
As mentioned earlier, Ripple Labs was sued in 2020 by the SEC for conducting an unregistered securities offering by selling XRP. The SEC claimed that XRP was a security under U.S. law and alleged that Ripple and its executives raised $1.3 billion in capital without proper registration.

Ripple argued that XRP does not meet the criteria for a security under the Howey Test.

Throughout the case, Ripple achieved several important milestones, such as a key ruling by Judge Sarah Netburn in March 2021, which distinguished XRP from Bitcoin and Ethereum, acknowledging its utility and currency-like value.

The court also ordered the release of crucial documents, including internal communications from former SEC director William Hinman, whose comments on Ethereum’s status as a non-security influenced the case.

On July 13, 2023, Judge Analisa Torres ruled that XRP is not a security when sold on exchanges to the public, marking a significant victory for Ripple and the broader crypto industry.

However, the court ruled that Ripple’s XRP sales to institutional investors violated securities law. Ripple’s legal struggles continued, including the SEC’s attempt to appeal this decision, which was denied in October 2023.

Ultimately, Ripple faced a $125 million fine. However, the ruling marked a turning point in the crypto regulatory landscape, setting a precedent for how digital assets are classified in the U.S. moving forward.

@ Newshounds News™

Source:  Crypto News

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SOUTH KOREA ALLOWS DIVISION OF CRYPTO IN DIVORCE SETTLEMENTS

South Korean law allows spouses to claim cryptocurrency and Bitcoin holdings during divorce proceedings, recognizing them as marital assets, law firm says.

Married couples in South Korea can now divide cryptocurrency holdings during divorce proceedings, according to a law firm specializing in the country’s legal system.

South Korean law firm IPG Legal clarified the law regarding cryptocurrencies during divorce cases. Responding to questions from clients, the firm said that under South Korean law, both tangible and intangible assets can be divided during a divorce:

“Under Article 839-2 of the Korean Civil Act, either spouse may request a division of marital assets accumulated during the marriage upon the divorce in Korea.”

The firm pointed to a 2018 ruling by South Korea’s Supreme Court that confirmed cryptocurrency and virtual assets are considered property due to their economic value as intangible assets.

South Korea considers crypto as an intangible asset
As a result, any cryptocurrencies acquired during marriage can be regarded as part of the marital estate. Spouses who are aware of their partner’s crypto exchange wallets can have courts issue a “fact-finding investigation” to ascertain the value of their holdings.

Tracking crypto investments is easier than traditional cash, considering that blockchain technology preserves all transactions and does not allow external factors to modify or delete entries.

Bank withdrawal records and other forensic investigations also allow for the discovery of unknown sources of crypto holdings.

Partners can choose to either cash out the crypto holdings before splitting or share the tokens directly.

Investigators find hidden Bitcoin in New York divorce
The growing use of cryptocurrency in finance has led to more divorce cases involving digital assets worldwide.

During a New York couple’s divorce proceedings, the wife appointed a forensic accountant to uncover her husband’s hidden Bitcoin holdings.

The wife found that her soon-to-be ex-husband failed to declare 12 BTC — worth about $500,000 — stored in an undisclosed crypto wallet.

“It was never even a thought in my mind because it’s not like we were discussing it or making investments together. It was definitely a shock,” she said.

@ Newshounds News™

Source:  CoinTelegraph

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ARGENTINA OVERTAKES BRAZIL IN CRYPTO INFLOWS — CHAINALYSIS

Argentina’s stablecoin market is one of the largest in the world in terms of share of stablecoin transactions, beating the global average by 17%.

Argentina, one of the fastest-growing cryptocurrency markets, has overtaken Brazil as the top Latin American (Latam) country in terms of estimated crypto inflows by users.

Crypto users in Argentina deposited the largest amount of crypto in Latam between July 2023 and June 2024, with inflows totaling $91 billion, Chainalysis reported on Oct. 9.

With an estimated $91 billion in crypto inflows, Argentina has overtaken Brazil in terms of total crypto value received, ranking slightly ahead of Brazil’s estimated $90 billion during the period.

Argentina’s stablecoin activity is 17% higher than the global average
The rapid growth in crypto adoption in Argentina comes amid a decades-long battle with inflation and local currency devaluation, forcing Argentinians to seek alternative ways of saving, including using the US dollar or dollar-pegged stablecoins.

According to Chainalysis, Argentina’s stablecoin market is one of the largest in the world in terms of share of stablecoin transactions. It is also among the leaders in the Latam region.

Argentina’s share of stablecoin transaction volume amounted to 61.8% between July 2023 and June 2024, slightly above Brazil’s share of 59.8%. Argentina’s stablecoin activity is well above the global average of 44.7% but lower than Columbia’s 66%.

The report highlighted that the share of Argentina’s retail-sized stablecoin transactions — those under $10,000 — is growing faster than any other asset type. This trend suggests that Argentinians are relying on stablecoins to protect their finances from inflation and currency instability. The report stated:

“Their interest in stablecoins highlights the role of crypto in unstable markets and how citizens are able to take better control of their financial futures by embracing cryptocurrency, regardless of official monetary policy.”

Tether prioritizes markets like Argentina over developed economies
Argentina’s growing stablecoin activity comes as stablecoin issuer Tether focuses more on emerging markets like Argentina rather than developed economies like the US.

The operator of the world’s largest US dollar-pegged stablecoin, Tether USDT, Tether recognized Argentina’s need for the “digital dollar,” its CEO Paolo Ardoino told Cointelegraph last week.

“That people want to hold that dollar, not in cash, but in a digital form because it’s much more convenient,” Ardoino said.

Argentina has increasingly positioned itself as a crypto-friendly country. In late 2023, Argentina officially allowed using Bitcoin in legally binding contracts after pro-Bitcoin President Javier Milei took office in December 2023.

Despite Argentina becoming one of the most active jurisdictions in cryptocurrency usage, the local government is yet to regulate the growing market.

According to Forbes, Argentina struggled to provide regulated cryptocurrency services to its population as of July despite the government making multiple efforts to introduce regulations.

While developed economies like those in Europe have been pushing stablecoin regulations in recent years, Argentina has yet to introduce a stablecoin framework.

@ Newshounds News™

Source:  CoinTelegraph

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RIPPLE XRP! THE FED JUST LAUNCHED THEIR DIGITAL CURRENCY  |  Youtube

@ Newshounds News™  

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🌍 The Constitution Friday Nights Call with Seeds of Wisdom Team  |  Youtube

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Source:  Seeds of Wisdom Team RV Currency Facts

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“Tidbits From TNT” Thursday 10-10-2024

TNT:

Tishwash:  Details of the meeting of the Federation of Iraqi Chambers of Commerce with the Kurdistan Regional Government

The Federation of Iraqi Chambers of Commerce held an economic meeting today, Thursday, October 10, 2024, in the city of Erbil in the Kurdistan Region

The head of the Kurdistan Regional Government Council of Ministers, Omed Sabah, said in a joint press conference with the head of the Federation of Chambers of Commerce, Abdul Razzaq Al-Zuhairi, which was attended by the correspondent Sumerian"

This meeting is part of the regional government's meetings and comes within the regional government's efforts to build the best relationship between Erbil and Baghdad," he noted, noting that "the meeting achieved great success and yielded fruitful results, and the trade relationship between the two sides was discussed."

 "We previously held a meeting with the Economic Ministerial Council, followed by another meeting of the Kurdistan Region delegation with the federal government," he added, stressing, "We agreed to hold another meeting in the Kurdistan Region's Council of Ministers."

Meanwhile, the head of the Federation of Chambers of Commerce, Abdul Razzaq Al-Zuhairi, stated at the conference that "the central government has a special response to the trade sector in the region."

It is noteworthy that the meeting included the participation of 19 heads of Iraqi chambers of commerce.link

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Tishwash:  A qualitative shift and an increase in trading.. Securities announces the launch of a new website for the Iraqi market

Wissam Al-Mulla

The Securities Commission announced today, Thursday, the signing of an agreement with the International Finance Corporation to develop the Iraqi market, and while it indicated the preparation of a guidebook to raise the transparency of companies, it confirmed that the new website of the Iraqi Stock Exchange will cover spot stock prices and is a qualitative leap.

The Chairman of the Securities Commission, Faisal Al-Haimus, told the Iraqi News Agency (INA): "The Commission signed an agreement with the International Finance Corporation in the first quarter of this year to develop the work of the Iraqi Stock Exchange."

He explained that "the Authority has worked on developing the guidance booklet and the government guide for companies, which is expected to be ready by the end of the year, in order to present it to companies and benefit from the guidelines contained therein."

He pointed out that "the booklet aims to increase the level of transparency for companies listed on the Iraq Stock Exchange, which are often late in publishing essential information and accounts, which affects investors."

He stressed that "the Commission has launched the new website of the Iraq Stock Exchange, which will cover spot stock prices, which will allow the investor to read the market movements of any company, and this is a qualitative shift that will result in an increase in trading."  link

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Tishwash:  Parliamentary Finance: These are the reasons for the rise in the dollar exchange rate against the Iraqi dinar

 The Parliamentary Finance Committee has identified the reasons for the rise in the dollar exchange rate against the Iraqi dinar during the current period.

Committee member, MP Jamal Kocher, said in a statement to the National Iraqi News Agency / NINA /: "There are several factors behind the rise in the dollar exchange rate against the Iraqi dinar, the most important of which are speculators, currency smuggling, lack of control over border crossings, some private bank owners, and some parties / not named / controlling money laundering, and other factors.

Kocher explained that the Central Bank of Iraq has nothing to do with the rise in the dollar exchange rate against the dinar, and there is no hosting of the bank president in parliament in this regard."   link

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Tishwash:  Minister of Agriculture invites Saudi Arabia to participate in the investment forum in Baghdad

Minister of Agriculture Abbas Jabr Al-Maliki called on Saudi Arabia, on Thursday, to participate in the investment forum scheduled to be held in Baghdad soon, while expressing his hope to open prospects for joint cooperation in the fields of agriculture, environment and water.

A statement by the Ministry of Agriculture stated that "the Minister of Agriculture headed the Iraqi side in the meetings of the Iraqi-Saudi Coordination Council to discuss prospects for joint cooperation between the two brotherly countries," noting that "the topics raised of common interest were discussed, and the activation of the memorandum of understanding between the two sides was also addressed, in order to advance the future agricultural reality."

He continued: "Cooperation and investment in water desalination projects were also discussed, considering that Saudi Arabia has extensive experience in this field, in addition to presenting and discussing a number of proposals that serve the interests of the two brotherly peoples in various fields of common interest, including agricultural fields."

According to the statement, the Minister of Agriculture called on the Saudi side to "attend the investment forum scheduled to be held in Baghdad next November," expressing his hope "to open prospects for joint cooperation in the fields of agriculture, environment and water."

During the meeting with the Saudi side, the Minister of Agriculture presented "investment opportunities in the agricultural field, which can be implemented and activated through achieving partnerships, and according to the instructions in force under the partnership law recently issued by the Iraqi government."

For his part, the Saudi side stressed "its keenness to enhance joint cooperation in the areas raised in the meeting, especially in the field of agricultural investment."  link

Mot: .. Just Saying as You Season!!! 

Mot:  What happens when I sit down for “just a minute” to write my to-do list.

BRICS will use a gold-backed currency

BRICS will use a gold-backed currency

BRICS will most likely go for a gold-backed currency called the UNIT. 

BRICS countries are considering ways to promote local currencies in international trade and financial transactions. The group’s work has picked up speed lately and leaders may decide on their path forward at the BRICS Summit in October.

One BRICS currency alternative being considered, the UNIT, would use a gold-backed digital asset on a blockchain to settle global transactions. 

HOW THE UNIT WORKS

According to reports following the SPIEF and the June foreign ministers meeting, BRICS is considering a blockchain-enabled payment system that uses a digital asset called the UNIT. Based on the UNIT white paper, each UNIT would be backed by a reserve basket with the following characteristics:

Includes 40% gold

60% balance is made up of participating BRICS currencies which are convertible into gold 

No one currency has a greater than 30% weight in gold terms.

A UNIT is created or “minted” at a blockchain-based node when a consumer or investor participant deposits on reserve the corresponding value of gold and participating BRICS currencies. For example, to receive one gold gram equivalent value of a UNIT, a participant would deposit 0.4 grams of gold and 0.6 gold equivalent grams worth of participating currencies (figure 2).

The white paper envisions that UNIT nodes would have a connection to a physical storage hub with adequate transport connections and supporting infrastructure.

The UNIT is not designed to take local currencies’ place in domestic day-to-day transactions. It would work in parallel with established domestic banking and payment systems.

Gold on reserve forever

Gold is the anchor of the ecosystem. The existing gold supply plus annual gold mine production limits the amount of new UNITs created. In addition, as envisioned by the white paper, once gold and local currencies are put into the reserve, they stay there. The one exception to the on-reserve-forever rule is in the case where a node seeks to be bought out. In the case of a buyout, all UNITs returned by the node are canceled and its share of the reserves is returned.

The limited redeemability of the underlying reserves is an important characteristic of the UNIT ecosystem. The on-reserve-forever rule would essentially lead to ounces of gold coming out of central bank reserves, investor portfolios, or the ground and heading straight into permanent storage. This new permanent use case for gold has positive implications for gold miners. Once global investors begin to understand and believe that the UNIT ecosystem will require more gold over time, scarce reserves in the ground should become more valuable.

Re-rating of gold reserves in the ground

Importantly for the mining industry, the on-reserve-forever nature of the UNIT ecosystem would support the demand for gold. The extent of the support will initially depend on the rate of UNIT adoption for use in global commerce. In 2022, the exports of the five original BRICS countries were worth about US$5.3 trillion (China US$ 3.7 trillion).

Based on 2022 trade data and current gold prices, we estimate that for every 1% of market share of BRICS of export trade obtained by the UNIT, just over 250 tonnes of gold along with the equivalent of 385 tonnes of gold in participating BRICS currencies would have to be put on reserve at UNIT nodes.

The actual gold going on reserve at ecosystem nodes would represent almost 5% of the 5,672 tonnes of gold reserves held by the BRICS central banks as of the first quarter of 2024 as reported by the World Gold Council.

Given that most merchandise trade in UNITs would likely be driven by private sector participants, it remains to be seen to what extent central banks would be offering their gold to be used for the minting process. While central banks could conceivably provide some gold initially to help establish the ecosystem, we doubt that they will be running down their reserves as UNIT adoption grows.

As prospective UNIT adoption grows over time, unmined gold reserves would take on added importance considering the critical role gold will play in this new global payment system. Currently, the top three North American gold producers, Newmont (NEM), Agnico Eagle (AEM), and Barrick Gold (GOLD) have just over 7,500 tonnes of gold reserves in the ground as of December 2023. Once mined, those reserves would support the creation of enough UNITs to cover just over 29% of BRICS export trade in 2022. 

​How would a BRICS currency impact the economy?

A potential shift toward a new BRICS currency could have significant implications for the North American economy and investors operating within it. Some of the most affected sectors and industries include:

Oil and gas

Banking and Finance

Commodities

International trade

Technology

Tourism and travel

The foreign exchange market

How can investors prepare for a new BRICS currency?

Adjusting a portfolio in response to emerging BRICS currency trends may be challenging for investors. However, several strategies can be adopted to capitalize on these trends.

Diversify currency exposure by investing in assets denominated in currencies other than the US dollar, such as bonds, mutual funds, or exchange-traded funds (ETFs).  Link

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

~~~~~~~~~

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

~~~~~~~~~

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  

~~~~~~~~~

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

@ Newshounds News™

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

~~~~~~~~~

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  

~~~~~~~~~

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

~~~~~~~~~

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

@ Newshounds News™

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

~~~~~~~~~

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

~~~~~~~~~

 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

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

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

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

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