Some Iraq Financial News Posted by Clare at KTFA 10-13-2024

KTFA:

Clare: Ministry of Finance announces release of more than 400 billion dinars from governorate allocations

10/13/2024

 The Ministry of Finance announced that it is about to release more than 400 billion dinars from the governorates’ allocations today, Sunday.

 Finance Minister Taif Sami said in a press statement: "The ministry will release today more than 400 billion dinars from governorate allocations."

She pointed out that "financial allocations have been secured for the ration card and the food basket, sufficient for the next six months."

Regarding the revenues generated from exporting the region’s oil, Sami said, “The regional government has not handed over its oil revenues to the state treasury since the Federal Court issued a decision to pay the salaries of Kurdistan employees, noting that the salaries of the region’s employees are estimated at 13 trillion dinars.”LINK

Clare:  Iraqi Parliament Discusses Budget Law with Finance Minister, Customs and Tax Officials

10/13/2024

The Parliamentary Finance Committee hosted, on Sunday, the Minister of Finance Taif Sami, the Chairman of the General Authority of Customs Hassan Al-Akeili, the Chairman of the General Authority of Taxes Waad Al-Alawi, and the Director of the Budget Department at the Ministry of Finance Wasan Saad.

Shafaq News Agency correspondent said that the hosting was to discuss the Iraqi state's general budget law, financing projects in the governorates, and enhancing non-oil financial revenues through customs and taxes.  LINK

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Clare:  Parliamentary Finance: The three-year budget aims to facilitate contracting and financing

10/13/2024  Baghdad

The Parliamentary Finance Committee confirmed, on Sunday, that the three-year budget aims to facilitate contracting and financing.

The head of the committee, Atwan Al-Atwani, said in a statement received by "Al-Eqtisad News", that "the committee hosted the Minister of Finance, Taif Sami, the heads of the Customs and Tax Authority, and the Director General of the Budget to discuss non-oil revenues, financing the governorates, and food security."

He added, "The three-year budget aims to facilitate contracting and financing," noting that "total reliance on oil gives us an unstable economy and disrupts development plans."

He continued: "Our meeting today is very important to delve into the file of the state's non-oil revenues, and we are working to establish scientific foundations to maximize them."   LINK

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Clare:  Parliamentary Finance: The Ministry of Finance is about to complete the procedures for appointing 150,000 contractors

10/13/2024

The head of the Parliamentary Finance Committee, Atwan Al Atwani, revealed today, Sunday, that the Ministry of Finance is close to completing the procedures for appointing 150,000 contractors.

 Al-Atwani said in a press statement that "the committee hosted Finance Minister Taif Sami to discuss the financial situation in light of the circumstances the world is experiencing and the security tension in the region."

He added that "discussions were held regarding securing food, medicine, and basic necessities for life, as well as securing financial allocations for the governorates under the 2023 budget provisions, as well as the current year's budget."

Al-Atwani continued, "The meeting resulted in a set of matters that were confirmed to have been achieved, including securing the ration card for a period of six months, as well as discussions regarding securing and releasing financial allocations and financing spending funds for all governorates and launching projects that were contracted for in 2023.

" He called on citizens "to rest assured that all requirements for the ration card and food supplies have been secured by the government, and that the financial allocations are available and there is no need to worry."
Al-Atwani pointed out that, "Regarding the implementation of the budget items and the paragraph on appointing contracts in the governorates, as well as the status of the ministries, the Ministry of Finance informed us that work is underway to contract and is awaiting the completion of the governorates' requirements to submit the names and implement the contracts for all those included in the paragraph, which is to appoint one hundred and fifty thousand contracts in all governorates."   LINK

Clare:  Rafidain Bank: Implementing the comprehensive banking system in 44 branches

10/13/2024   Baghdad

In implementation of the government program to move from paper transactions to electronic ones to provide the best services to citizens.

Rafidain Bank announced in a statement received by Mawazine News a copy of it the implementation of the comprehensive banking system in the Nasr Square and Oil Products branches in Baghdad, the Anbar branch and the Al-Ghari branch in Najaf

Al-Ashraf to join the branches that have activated the comprehensive system in Baghdad and the governorates in addition to the border crossing branches (Zurbatiyah - Safwan - Arar - Trebil) so that the number of branches that have implemented and completed the system becomes (44) branches.... The bank confirms that the digital transformation plan and the adoption of the comprehensive banking system are proceeding according to the scheduled timings to include all the bank's branches in the application of the system.

Media Office of Rafidain Bank  LINK

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Clare:  Digital Transformation in Iraq: A Strategic Plan and New Procedures

10/13/2024

Iraqi Prime Minister Mohammed Shia al-Sudani chaired, on Sunday, the periodic meeting of the Supreme Committee for Digital Transformation in Iraq.

During the meeting, according to a statement issued by his office and received by Shafak News Agency, the implementation of previous decisions and directives was reviewed, and practical procedures related to digital transformation in public sector institutions and infrastructure development were followed up, in a way that helps accelerate this important digital transition that will contribute to improving the quality of service provided to citizens.

The Prime Minister stressed the government's interest in the comprehensive digital transformation process, which has become a necessity in Iraq. The five-year development plan has adopted this process, pointing out the possibility of benefiting from the youth reality of Iraqi society to move towards the rapid implementation of this transformation. His Excellency also stressed the importance of thoughtful planning in this field, due to its importance in achieving development.

The Supreme Committee for Digital Transformation considered a number of the presented files, and approved the technical report on the strategic directions to provide the requirements for digital transformation, which includes the methodology and general principles for launching this process, and benefiting from the successful experiences of countries similar to the situation of Iraq, as well as the vision required to be adopted to achieve this transformation, provided that the services provided to the citizen are the first idea for launching the digital transformation process in terms of service and cybersecurity. 

The committee also approved the steps for digital transformation in the Retirement and Social Security Department at the Ministry of Labor and Social Affairs, and also discussed the steps necessary to implement digital transformation in the Companies Registration Department at the Ministry of Commerce.  

The Committee agreed to continue cooperation with the United Nations Development Program, with the aim of improving indicators related to the communications and information technology sector, and approved the Communications and Media Commission and the Central Bank of Iraq to negotiate with international digital companies.  LINK

Iraq News Highlights and Points To Ponder Sunday AM 10-13-24

"Autumn" Economic Recession In Iraq.. And A Government Advisor Explains The Reasons

Time: 2024/10/11 Read: 2,574 times   {Economic: Al Furat News} A government advisor revealed that Iraq is going through a “seasonal economic recession.”

The financial advisor to the Prime Minister, Mazhar Mohammed Saleh, told {Al-Furat News}: "The fluctuation of the dollar exchange rate in the parallel market has nothing to do with the phenomenon of seasonal recession that the markets are currently witnessing."

He explained that "the recession in demand comes after the high peak of sales that preceded the current school season and the end of most major religious and social occasions, in addition to the entry of the fall season, which is the end of the summer season, that abundant season in agricultural production and marketing."

Saleh explained, "In all cases, there is a recession in demand or a recession in seasonal economic activity, which is a phenomenon that occurs when economic activity declines during a certain period of the year as a result of seasonal factors."

He continued, "This recession can occur in different sectors such as tourism, agriculture, or retail sales, and is often affected by natural factors such as weather, religious occasions and holidays, or changes in demand patterns from one season to another."

Saleh believed that this recession "will take such a seasonal change, a few weeks until the entry of winter for economic activity to begin interacting in this short-term economic cycle."Raghad  LINK

Members Welcome Iraq’s Return To WTO Accession Talks After 16 Year

ACCESSIONS

Iraq

Iraq's Working Party was established on 13 December 2004. The Working Party met for a third time in July 2024. The Working Party is chaired by Ambassador Saqer Abdullah ALMOQBEL (Saudi Arabia, Kingdom of). For more information on the current status of this accession, please click here.

Profiles

Trade profile

pdf

technical notes

  Aid for Trade profile (2019)

  pdf

  explanatory notes

Jargon buster

 User guide to WTO Accession Jargon

 Iraq ACCESSION Members welcome Iraq’s return to WTO accession talks after 16 years Acc_18jul24_md

Members welcome Iraq’s return to WTO accession talks after 16 years

18 July 2024

At the third meeting of the Working Party on the Accession of Iraq on 18 July, WTO members welcomed

 Iraq ACCESSION Members welcome Iraq’s return to WTO accession talks after 16 years Irakacc220124_md

Working Party Chair visits Baghdad to hold high-level consultations on Iraq’s accession

16 January 2024

The Chair of Iraq’s Accession Working Party, Ambassador Saqer AlMoqbel of the Kingdom of Saudi…

More news on Iraq See latest article on Iraq in August 2024 newsletter 

Current status in the accession process

Click here to see the image below full size

All documents on the accession of Iraq in Documents Online by date of circulation    

Note:

The de-restriction of documents is a key component of the transparency obligations of the Multilateral Trading System.  Paragraphs 1 and 2(e) of the Ministerial Council Decision WT/L/452 of 14 May 2002 provide that “documents relating to working parties on accession shall be restricted and shall be automatically de-restricted upon the adoption of the report of the working party” by the Ministerial Conference/General Council.

 The time of completion of the de-restriction process depends on the amount and complexities of the documents involved.  Prior to 2002, the de-restriction of accession-related documents was governed by a different set of rules (i.e. General Council Decision WT/L/160/Rev.1 of 26 July 1996), which only affect documents circulated prior to 2002. https://www.wto.org/english/thewto_e/acc_e/a1_iraq_e.htm#status

An Absent Minister, “Suspicious” Agents, And “Absent” Oversight... Oil Is At Its Worst And Smugglers Are Living A “Honeymoon”

Alsumaria Special  2024-10-13 | Sumerian News-Politics  For about a month, the Minister of Oil was absent Deputy president council Minister of Energy Affairs Hayan Abdul Ghani was removed from his ministry due to a health condition he suffered from, but during this month he got a lot There are suspicious movements and decisions inside the ministry, taking advantage of the minister’s absence from the head of his ministry.

In mid-September, Abdul Ghani suffered a stroke while in the United States.United On an official visit, the minister was absent from the ministry throughout the month. He is supposed to return to his duties today or tomorrow, according to what sources revealed. However, during this period of absence, and the preoccupation of the Prime Minister, council Ministers in the political and security situations, two of the undersecretaries of the Ministry of Oil took advantage of this period to intensify their activities and meetings with foreign companies at times and to make wrong decisions at other times, according to what sources revealed to Sumaria News.

  Sources say that one of the ministry's undersecretaries preferred to stop the operations. export Oil products out Iraq In return for granting these products to some fictitious parties and factories, and we are talking here about the fuel oil product, and fictitious factories are factories that exist only on paper, and do not carry out any activity or production, from the oxidized asphalt factories, which only take shares of fuel oil at a price subsidized by the state not exceeding 250 to 300 dollars, while its price outside Iraq About $500 per ton, i.e. a profit margin of 100%.

The agents’ activities came in contradiction to the policy and directions of the government and its prime minister to maximize the country’s foreign currency resources by selling this product through the Oil Marketing Company to accredited and reliable companies and exporting it abroad instead of consuming it or smuggling it by some owners of fictitious factories inside Iraq, according to what was revealed by informed sources and official correspondence.

As for the other agent of the Ministry of Oil, he was immersed in a long series of meetings with foreign companies to conclude contracts and side deals.

All this is happening, at a time when the Internal Control Department is completely absent from the scene in the Ministry of Oil, which is supposed to monitor these activities and events, but the truth is that the Director General of the Internal Control Department in the Ministry of Oil, who was hosted in an open session in council Iraqi MPs last September,

it turned out that there is a lot From the negligence and laxity of this department regarding the files of corruption, negligence and misuse of authority, with the existence of an official letter from the Parliamentary Integrity Committee regarding his ineligibility for the position because he suffers from health problems, according to what was stated in the letter.

The Parliamentary Oil Committee also indicated at the time that the Director General of Control is arbitrary in his decisions and has emptied his department of about 35 competent employees who are needed by internal control, which in itself is suspicious and suspicious behavior.

Between a minister who was absent, agents who “move secretly” and an internal control director who is absent from the scene, informed sources say that the Ministry of Oil is going through its worst phase as a result of the chaos occurring in the ministry, calling on the head of...councilMinisters to conduct a real review of all the ministry's joints.

Estimates indicate that about a third of the factories that receive black oil inIraqThey are “fake factories” that benefit from subsidized fuel oil and smuggle it and sell it outside Iraq, which provides profits of one billion dollars annually, or about 100 million dollars monthly.  LINK

With The Opening Of Trading On The Stock Exchange.. 1531 Dinars Per Dollar

Money and business  Economy News – Baghdad  With the opening of trading in the Harithiya and Al-Kifah stock exchanges in the capital, Baghdad, the exchange rate of the US dollar reached 153,150 dinars for every 100 dollars.

As for the selling prices in exchange shops in the local markets in Baghdad, they reached 154,250 dinars for sale, while the purchase price reached 152,500 dinars for every 100 dollars.

Views 66   10/13/2024 - https://economy-news.net/content.php?id=48643

More Than A Billion Dollars In Sales From The Central Bank Of Iraq During The Week

economy | 03:17 - 12/10/2024  Mawazine News - Economy   The total sales of the Central Bank of Iraq of hard currency for the US dollar during the days in which the auction was opened last week exceeded one billion dollars.

The sources reported that the Central Bank sold during the past week and for the 5 days in which the auction was opened one billion, 309 million, 74 thousand, and 838 dollars, at a daily average of 261 million, 814 thousand, and 876 dollars, higher than the previous week, which amounted to one billion, 36 million, 172 thousand, and 839 dollars.

The highest sales of the dollar were on Tuesday, when sales amounted to 265 million, 549 thousand, and 741 dollars, while the lowest sales were on Sunday, when sales amounted to 257 million, 883 thousand, and 86 dollars.

Our correspondent indicated that foreign remittance sales during the past week amounted to 1 billion, 254 million, 458 thousand, and 363 dollars, an increase of 96% compared to cash sales, which amounted to 54 million, 616 thousand, and 20 dollars.

https://www.mawazin.net/Details.aspx?jimare=255894

Seeds of Wisdom RV and Economic Updates Sunday Morning 10-13-24

Good Morning Dinar Recaps,

US SHARE OF WORLD ECONOMY PROJECTED TO REACH HISTORIC LOW

The U.S. share of the global economy has fallen below 15% during President Joe Biden’s term, according to Sputnik’s analysis of World Bank and International Monetary Fund (IMF) data. Once peaking at over 21% in 1999, the U.S. has seen a steady decline, with China now commanding a larger share at 18.76%. This downward trend has persisted through recent administrations, underscoring shifts in global economic power.

US Global Economic Share Drops Below 15% Under Biden
The U.S. share of the global economy has fallen below 15% during Joe Biden’s presidency, according to news outlet Sputnik’s analysis of World Bank and International Monetary Fund (IMF) data. By the end of Biden’s term, projections suggest it could reach a historic low of 14.76%.

Back in 1990, the U.S. held a 20.16% share of the global economy based on purchasing power parity (PPP), which peaked at 21.01% in 1999 when its output was $9.6 trillion out of a global $45.85 trillion. Since then, the U.S. portion has seen a gradual decline, with a notable drop from 2006 to 2008, when the share decreased by 0.6% annually.

Although the U.S. saw a brief recovery during Barack Obama’s second term, with the share reaching 16.26% in 2014 and 2015, the momentum was not maintained. By the end of Obama’s presidency, the share had dipped to 16.04%, and it continued to shrink by another 0.7% during Donald Trump’s administration.

By the end of 2023, the U.S. share dropped to 14.82%, down from 15% during Biden’s second year. IMF estimates project a further decline of 0.06% by the end of 2024, bringing the total decrease under Biden to 0.58%, with the share at 14.76%, the news outlet detailed. 

In contrast, China’s share of the global economy has grown to 18.76%, while Japan’s share has decreased by 4.33% since 1990.

@ Newshounds News™

Source:  Bitcoin News

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RIPPLE SCORES BEST CROSS-BORDER PAYMENT PLATFORM AWARD AS XRP STRUGGLES

▪️Ripple was awarded the “platinum winner” status for the Best Cross-Border Payments Platform at the Fintech & Payments Awards 2024.

▪️The award could increase the demand for XRP despite the price decline in the recent past.

San Francisco-based blockchain company Ripple has clinched the ‘Best Cross-Border Payments Platform—platinum winner’ in the Fintech & Payments Awards 2024.

This recognition comes from Juniper Research, a reputable industry analysis firm that specializes in fintech and new technologies. Despite the recent volatility in the price of its associated cryptocurrency, XRP, Ripple remains a leader in cross-border payments.

This recent accolade is not the first time that Juniper Research has recognized Ripple. In 2023, the firm was rewarded for its efforts in Central Bank Digital Currency (CBDC).

This recent recognition comes in the wake of other recognitions that have placed Ripple strategically positioned to compete with other companies offering cross-border payment solutions.

Award Potentially Boosts XRP Despite Recent Price Dip
 In response to the announcement on X,  Ripple said that it was honored to be recognized for its work in the fintech and payment industries. It is important to note that Ripple uses blockchain to solve issues typical for cross-border payments, including time and money.

The award can also positively impact Ripple’s native token XRP as the token is a key part of the company’s payment solution. The general adoption of Ripple technology may create a high demand for XRP, which will, in turn, affect its price.

However, there have been some price fluctuations lately. For instance, XRP went below $0.54 due to legal problems with the SEC, but the company’s technological developments might help the token’s value in the future.

Other winners of the Fintech & Payments Awards include SAP Fioneer for banking as a service and Signicat for digital identity services. These companies, together with Ripple, are part of the new generation of companies that are revolutionizing the way of managing payments, identification, and banking services.

Additionally, in the field of fraud prevention, Visa and Fraud.net were identified as leaders for their work to strengthen security in digital payments.

Ripple Expands its Global Presence
In addition to the Juniper Research award, Ripple has been growing in the Latin American market. Ripple has further cemented its position within the Brazilian market through a new partnership with Mercado Bitcoin, the largest cryptocurrency exchange in Latin America. The partnership seeks to improve cross-border payment services in Brazil with the help of its blockchain technology.

It also enhances the speed and reduction of costs in international transactions for companies that use Brazilian Reais. Mercado Bitcoin is the first Brazilian company to join Ripple Payments.

Besides the shift to Brazil, the company was recently approved by the Dubai Financial Services Authority (DFSA) to operate within the Dubai International Financial Centre (DIFC).

This is a boost for Ripple as it seeks to expand its business within the UAE. The introduction of Ripple Payments Direct (RPD) is designed to offer faster, safer, and legally compliant cross-border transactions to companies in the UAE.

@ Newshounds News™

Source:  Crypto News Flash

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ARKHAM INTELLIGENCE PLANS TO LAUNCH A DERIVATIVES EXCHANGE NEXT MONTH: REPORT

Arkham’s new derivatives exchange will attempt to compete with giants such as Binance for retail investors.

However, it will not be available for customers in the United States.

Arkham Intelligence, the firm behind the blockchain data tracking platform Arkham Intel, intends to launch a crypto derivatives exchange in November, Bloomberg reports citing a person familiar with the matter.

The new derivatives exchange will attempt to compete with giants such as Binance for retail investors, but it will not be available for customers in the United States, Bloomberg adds.

Arkham will also relocate its business and new derivatives exchange to the Dominican Republic from London and New York, and the company is in the process of obtaining the necessary free-trade zone license.

In July, Arkham CEO Miguel Morel said the firm would explore ways to monetize the platform sometime in 2024 but would keep core functions free.

Arkham remains one of the most popular crypto data and research platforms, having amassed nearly 84,000 new X followers between Sept. 30 and Oct. 7, according to The Block's Data Dashboard.

@ Newshounds News™

Source:  The Block

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SOUTH AFRICA'S TAX AGENCY ADDS CRYPTO TO COMPLIANCE PROGRAMS

The South African Revenue Service (SARS) has announced plans to include crypto assets in its tax compliance programs. SARS is seeking information on crypto users and is increasing its efforts to identify and audit non-compliant taxpayers. 

The revenue collector urged taxpayers concerned about compliance to participate in the Voluntary Disclosure Program, but those already under audit will be ineligible. SARS has emphasized the consequences of willful tax evasion and stated its commitment to pursuing all non-compliant taxpayers.

SARS Aims to Streamline Crypto Tax Compliance
The South African Revenue Service (SARS) announced plans to include crypto assets in its compliance programs. The revenue collector is seeking information on crypto users from the Financial Sector Conduct Authority (FSCA) and crypto asset service providers.

SARS stated on October 9 that it felt compelled to take this step after noticing that taxpayers were not declaring crypto assets and trades in tax returns. According to the statement, South African law requires SARS to account for all income and assets, including cryptocurrency. 

This understanding is thought to have prompted the revenue collector to initially request voluntary declarations from entities dealing with crypto.

However, in its latest remarks on the issue, SARS stated it is working to simplify compliance for taxpayers and traders. At the same time, the revenue collector emphasized the consequences of willful tax evasion. To achieve this, SARS said it has bolstered its audit teams and resorted to using the latest technologies.

“SARS has resorted to greater use of artificial intelligence, machine learning and algorithms to process our work. In implementing our mandate, SARS has recently issued query letters to taxpayers with crypto assets.

These letters aim to gain insight into taxpayers’ investment in crypto assets and the trades undertaken to enable SARS to assess taxpayers’ compliance in this regard,” said South African revenue collector said.

South Africa Issues Warning to Non-Compliant Crypto Traders
Meanwhile, the revenue collector has encouraged South African taxpayers concerned about compliance to participate in the Voluntary Disclosure Program (VDP). However, SARS warned that taxpayers identified for audit will be ineligible for the VDP.

SARS Commissioner Edward Kieswetter stated that technology has significantly improved the revenue collector’s ability to identify non-compliant taxpayers. He added, “SARS will pursue all without fear, favor, or prejudice.”

@ Newshounds News™

Source:  Bitcoin News

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“Tidbits From TNT” Sunday Morning 10-13-2024

TNT:

Tishwash:   Parliament discusses budget law with Finance Minister, Customs and Tax officials

Today, Sunday, the Parliamentary Finance Committee hosted: Minister of Finance Taif Sami, Chairman of the General Authority of Customs Hassan Al-Akeili, Chairman of the General Authority of Taxes Waad Al-Alawi, and Director of the Budget Department at the Ministry of Finance Wasan Saad.

The hosting witnessed a discussion of the Iraqi state’s general budget law, financing projects in the governorates, and enhancing non-oil financial revenues through customs and taxes   link

Tishwash:  "Autumn" economic recession in Iraq.. and a government advisor explains the reasons

A government advisor revealed that Iraq is going through a “seasonal economic recession.”

 The financial advisor to the Prime Minister, Mazhar Mohammed Saleh, told {Al-Furat News}: "The fluctuation of the dollar exchange rate in the parallel market has nothing to do with the phenomenon of seasonal recession that the markets are currently witnessing."

He explained that "the recession in demand comes after the high peak of sales that preceded the current school season and the end of most major religious and social occasions, in addition to the entry of the fall season, which is the end of the summer season, that abundant season in agricultural production and marketing." 

Saleh explained, "In all cases, there is a recession in demand or a recession in seasonal economic activity, which is a phenomenon that occurs when economic activity declines during a certain period of the year as a result of seasonal factors."
He continued, "This recession can occur in different sectors such as tourism, agriculture, or retail sales, and is often affected by natural factors such as weather, religious occasions and holidays, or changes in demand patterns from one season to another."

Saleh believed that this recession "will take such a seasonal change, a few weeks until the entry of winter for economic activity to begin interacting in this short-term economic cycle."  link

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Tishwash: Postponement of the "Iraq Investment Forum" for this reason

The committee in charge of preparing and supervising the (Iraq Investment Forum) announced the postponement of the date of the forum, which was scheduled for November 2-3, to another date that will be determined later, due to the tense and unstable political and security conditions witnessed by the region at the regional and international levels, which negatively affects the holding of all local, Arab, regional and international economic activities and events.  link

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Tishwash:  Minister of Industry inaugurates Baghdad Industry and Mining Forum

Minister of Industry and Minerals Khaled Battal Al-Najm inaugurated the Baghdad International Forum for Industry and Mining, which is organized by the ministry under the patronage of the Prime Minister over two days under the slogan (Mining is Sustainable Development ... and Safe Investment).

The minister stressed in a speech in which he opened the forum that the Ministry of Industry and Minerals is proceeding with confident steps and a firm determination to achieve the goals of the government program and its drawn vision, the most important axes of which are achieving a real partnership between the public and private sectors and opening the way for local and foreign partners to invest in strategic industries and other industries, noting that this forum will witness the presentation and announcement of (135) investment opportunities and projects for partnership with the ministry's companies in the field of mining and various industrial fields.

He added: "We have started with tangible practical steps to activate the mining sector by conducting geological surveys of the country by specialized international companies and using the latest technologies.

He continued that achieving a real industrial renaissance in the country requires a set of success factors, the most important and first of which are energy, specifically gas and electricity.

He pointed out that the Ministry of Industry cannot achieve its set goals without everyone's cooperation and understanding of the requirements for achieving those goals.

He explained that the Ministry of Industry and Minerals, according to its law and duties, takes into account the private industrial sector by facilitating the work of this sector and overcoming the obstacles facing industrialists in medium, small and even micro-enterprises. He explained

that a day or more has been allocated per month to work in the Iraqi Federation of Industries with the technical staff in the ministry to listen directly to the problems of industrialists and support the private industrial sector in a way that reflects on the economic and developmental reality of the country. He indicated that the current reality requires us to invest in developing our local industry in a way that keeps pace with technological transformations. And the global economy.

He stressed that Iraq has all the ingredients that qualify it to be a major player in the industrial sector, starting with human competencies and labor force and ending with the provision of natural resources.

He pointed out that our strategy and work plan are based on strengthening the industrial infrastructure in cooperation with other sectoral ministries, improving the investment environment and encouraging industries.

He pointed out to working to build strategic partnerships with solid international companies to transfer technology and localize knowledge in a way that enhances our ability to compete in local and regional markets.

The forum was attended by Minister of Labor and Social Affairs Ahmed Al-Asadi, a number of representatives, government officials, ambassadors, and a large gathering of businessmen, investors and representatives of local, Arab and foreign private sector companies.

The forum aims to establish real industrial partnerships between public companies and the private sector, as it will include various axes and activities, including holding dialogue sessions on industrial partnerships, privileges and legislation in creating an attractive environment and opportunities for investment, in addition to presentations of available investment opportunities and projects and introducing them from a technical point of view, as well as other paragraphs and activities. link

Mot: . can you tell 

Mot:  . Crafty she is!!! 

Seeds of Wisdom RV and Economic Updates Saturday Afternoon 10-12-24

Good Afternoon Dinar Recaps,

STABLECOIN LIQUIDITY IS INCREASING, WHAT DOES THIS MEAN? (CRYPTOQUANT)

Rising stablecoin liquidity could lead to increasing prices for crypto assets. Here’s why.

Stablecoin dynamics are flashing positive, reaching record highs and boosting liquidity within the crypto market. As historical data shows, this is good news for bitcoin (BTC) and the entire crypto industry because more liquidity often correlates with higher prices.

A recent CryptoQuant report revealed that the total market capitalization of major USD-backed stablecoins now stands at $169 billion, representing a 31% or $40 billion increase since the beginning of the year. This growth caused liquidity in the crypto market, as measured by stablecoin value, to reach a record high in late September.

Stablecoin Liquidity is Increasing
The increasing liquidity can be seen in higher stablecoin balances on centralized exchanges. Tether USD (USDT), which continues to dominate the stablecoin market, has been the major driver of this growth.

The total USDT (ERC20) balances on centralized exchanges hit a record high of 22.7 billion this month, growing by 54% or $8 billion year-to-date.

CryptoQuant also noted that roughly $8.5 billion USDT issued on the Tron network is currently held on centralized exchanges, which is a good sign.

“Larger balances of stablecoins on exchanges are positively correlated with higher Bitcoin and crypto prices,” the market analytics platform stated.

This bull cycle started in January 2023, and since then, the total amount of USDT (ERC20) on centralized exchanges has grown from $9.2 billion to $22.7 billion, a whopping 146% increase.

The dominance of USDT has led the asset to amass a 71% share of the stablecoin market, with its closest rival, USD Coin (USDC), following with 21%. USDT’s market cap is nearing $120 billion, up 30% or $28 billion since the beginning of 2024, while USDC has a cap of $36 billion, representing a 44% or $11 billion growth year-to-date. CryptoQuant said USDT and USDC have accounted for almost all the net stablecoin growth recorded this year.

A Potential Bitcoin Rally
Interestingly, USDT and USDC have continued to increase monthly, although slower than earlier this year. An increased pace in the monthly growth of these assets’ market caps could signal a new rally for BTC and crypto prices, especially since the leading cryptocurrency has been flat.

While USDT and USDC continue to dominate, new players are emerging. Ripple Labs, the developer of the XRP Ledger, recently launched a USD-backed stablecoin, RLUSD. Since late September, RLUSD has already amassed a market cap of $47 million, and analysts say the asset has the potential to grow significantly.

@ Newshounds News™

Source:  CryptoPotato

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RIPPLE: FORMER EXECUTIVE EXPLAINS WHY XRP IS SUPERIOR TO BITCOIN

Despite the dominance of the leading cryptocurrency, one former Ripple executive has recently explained why he believes XRP is superior to Bitcoin. 

Specifically, Matt Hamilton, the former director of Developer Relations at RippleX, discussed the facets that edge out XRP when compared to the much more popular BTC.

The year has been a vital one for cryptocurrencies, and mostly because of the continued rise of Bitcoin. Yet, there are many in the industry who believe that the asset may not fare well when compared to its technological counterparts. The question is, does XRP really have an advantage over the industry’s leader?

Ex-Ripple Executive Highlights Why XRP is Better Than BTC
Throughout 2024, Ripple and Bitcoin have had very different years. Where the latter became the first crypto-based ETF to be approved by the US Securities and Exchange Commission (SEC), the agency has reengaged in its years-long legal battle with Ripple. 

The two tokens appear to be in completely different positions, yet one expert has a strong opinion on which could be perceived as better.

Former Ripple executive Matt Hamilton has recently discussed the ways in which he believes XRP is superior to Bitcoin. Speaking during a recent podcast appearance, Hamilton did not mince words when comparing the two. Specifically, he noted there are reasons why Bitcoin has some key drawbacks, and XRP could eventually reach a mass audience.

Hamilton noted that XRP has a massive scalability advantage to BTC. The leading crypto (BTC) has a low throughput, which works against mass adoption hopes. With a network that can only handle as much as 10 transactions, large-scale, cross-border payments would not be possible under BTC.

Interstingly, Hamilton said that if Bitcoin was the world’s only currency for transactions, a person would only be able to make two transactions throughout their lifetime due to the scalability concern. Although it has addressed the issue, it is far behind the competition.

The XRP Ledger (XRP:) can handle mass transactions. The network throughput increased from 1,500 TPS to 3,400 TPS in the last year. Moreover, that coincides with Hamilton’s second key defense of XRP’s superiority: transaction costs.

s urged policymakers to adopt sandbox-based frameworks to enhance regulatory clarity for DeFi innovations and address key risks.

This week, the World Economic Forum (WEF) backed a “sandbox-first approach” for DeFi adoption, urging regulators to use regulatory sandboxes to build innovation and manage risks in DeFi.

In other news, IDA Finance announced its integration with Chainlink’s blockchain services for its upcoming HKDA stablecoin, aiming to improve transparency and security in cross-chain operations.

WEF backs “Sandbox-first approach” for DeFi adoption
The World Economic Forum (WEF) has urged regulators and policymakers to conduct DeFi-related innovations and experiments with regulatory sandboxes.

The statement from the WEF aims to focus on risk mitigation and the assurance of transparency to create a tailored approach to DeFi’s regulation.

In its assessment of nine economies worldwide, the WEF identified this need for countries like the United States, the United Kingdom, Japan and the United Arab Emirates.

The WEF said that countries adopting “a nimble, sandbox approach” had shown signs of advancing DeFi innovation by addressing inherent risks in the DeFi ecosystem.

IDA integrates HKDA stablecoin with Chainlink for secure cross-chain use
On Oct. 9, IDA Finance, a Hong Kong-based issuer of digital assets, announced that it would be integrating Chainlink’s blockchain services into its forthcoming HKDA stablecoin.

The collaboration aims to improve transparency and security of cross-chain operations by integrating Chainlink’s oracle services into the Hong Kong dollar-backed stablecoin.

As part of the integration, implementing Chainlink’s Proof-of-Reserves (PoR) technology will enable onchain verification of assets backing IDA Finance’s HKDA stablecoin.

By establishing a medium for the monitoring of HKDA’s collateral, the PoR technology will help mitigate risks of insufficient reserves and function to provide credibility and security for holders.

@ Newshounds News™

Source:   CoinTelegraph  

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🌍 RIPPLE’S XRP INVOLVED IN ANOTHER LAWSUIT  |  Youtube

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Iraq Economic News and Points To Ponder Saturday AM 10-12-24

The Problem Of Fluctuation In The US Dollar Exchange Rate

Financial and Banking Advisor Samir Al-Nusairi  Samir Al-Nusairi   Once again, the fluctuation in the US dollar exchange rate has returned to the forefront, and this time it is due to speculators and traders of crises and wars, exploiting the war currently being waged by the Zionist entity against our Arab people in Palestine and Lebanon and the confusing security situation resulting from that.

The current level is above 1,500 dinars on the black market, and the continuation of this problem from time to time can be attributed to several reasons, including before 2023 the lack of control over the organization of trade financing and the lack of a clear trade policy, the entanglement of policies and the lack of an annual import program for the private sector in terms of quantities and amounts, but imports are open and without controls on external transfers.

In addition to "the lack of control over illegal imports and unofficial border crossings, as well as the presence of about 1,200 exchange offices spread across all governorates that are not licensed by the Central Bank and deal in cash dollars and about 12,000 outlets for disbursing pensioners' salaries and social care that deal with its trading at the exchange rate on the black market."

And that "most traders who obtain the US dollar at the official price from the Central Bank, but they sell their goods in the local market at the black market price, as well as the lack of global correspondent banks previously dealing with our banks and accounts were not opened for them in the currencies of countries with which we have extensive trade exchange such as China, India, Turkey and the Emirates." Also,

"the failure of traders and some Banks comply with international banking standards that guarantee that the dollar reaches the final beneficiary, so dollar transfers are manipulated and reach countries that are sanctioned by the US or are internationally besieged.

Therefore, the efforts of the Central Bank and the government in 2023 focused on drawing up a strategy for financial and banking reform in order to control the stability of the exchange rate.

“Among these strategies are organizing foreign trade financing, building new international understandings with global banks, and opening accounts for our banks in correspondent banks, as more than 30 accounts have been opened with American, Chinese, Emirati, Turkish, and Indian banks.

We expect that during the next two months the number of Iraqi banks that have accounts in correspondent banks will increase due to the efforts made by the Central Bank to provide aid and assistance to them and coordinate with the targeted correspondent banks.

“Opening dealings with local currencies such as the Chinese yuan, the European euro, the Emirati dirham, the Turkish lira, and the Indian rupee in foreign transfers with the aim of reducing the demand for the US dollar, in addition to taking measures in cooperation between the Central Bank and the government to expand the comprehensive digital transformation from the cash economy to the digital economy and stimulate the use of electronic payment tools.

 This strategy aims to “put pressure on speculators dealing in cash dollars in the black market and limit their activities that harm the national economy, which was discussed in last week’s meeting of the Prime Minister in the presence of the Minister of Finance, the Governor of the Central Bank, advisors, and directors of government banks.”

It should be noted here that "the availability of foreign exchange reserves for the Central Bank exceeding 100 billion dollars and a gold reserve exceeding 143 tons confirms that the Iraqi dinar will recover and is strong, as the local currency in circulation is covered by the foreign exchange reserve, in addition to the other executive measures to support and stimulate the local product and control the monetary market and the commercial market, which will control the exchange rate, as I expect, in the near future."   127 views 10/12/2024 - https://economy-news.net/content.php?id=48611

More than a billion dollars in sales from the Central Bank of Iraq during the week

Economy  | 12/10/2024  Mawazine News – The total sales of the Central Bank of Iraq of hard currency for the US dollar during the days in which the auction was opened last week exceeded one billion dollars.

The sources reported that the Central Bank sold during the past week and for the 5 days in which the auction was opened one billion, 309 million, 74 thousand, and 838 dollars, at a daily average of 261 million, 814 thousand, and 876 dollars, higher than the previous week, which amounted to one billion, 36 million, 172 thousand, and 839 dollars.

The highest sales of the dollar were on Tuesday, when sales amounted to 265 million, 549 thousand, and 741 dollars, while the lowest sales were on Sunday, when sales amounted to 257 million, 883 thousand, and 86 dollars.

Our correspondent indicated that foreign remittance sales during the past week amounted to 1 billion, 254 million, 458 thousand, and 363 dollars, an increase of 96% compared to cash sales, which amounted to 54 million, 616 thousand, and 20 dollars.  https://www.mawazin.net/Details.aspx?jimare=255894

Oil Posts Second Straight Weekly Gain Amid Supply Disruption Fears

Saturday 12 October 2024 10:42 | Economic number Of Readings: 214  Baghdad / NINA / Oil prices fell at the settlement at the end of Friday's sessions, but achieved weekly gains for the second consecutive time amid the contrast between the impact of Hurricane Milton on fuel demand in the US state of Florida and fears of a possible supply disruption in the Middle East.

Brent crude futures fell 36 cents, or 0.45%, to $79.04 a barrel at settlement, and US West Texas Intermediate crude futures lost 29 cents, or 0.38%, to $75.56 a barrel. Both benchmarks rose more than 1% during the week.

Crude oil prices rose this month after Iran fired more than 180 rockets at Israel on October 1, raising the possibility of Israel responding by striking Iranian oil facilities. Israel has not yet responded to the attack.

Israeli Defense Minister Yoav Galant said that any strike against Iran would be "deadly, targeted and surprising."

In the United States, Hurricane Milton barreled into the Atlantic Ocean on Thursday after making its way through Florida, killing at least 10 people and knocking out power to millions.

The state suffered from gasoline shortages earlier in the week as drivers stocked up ahead of the hurricane, with nearly a quarter of Florida’s gas stations running out of fuel by Wednesday morning.

Florida is the third-largest consumer of gasoline in the United States, but there are no refineries in the state, leaving it reliant on seaborne imports.

On the supply side, Libya’s National Oil Corporation said it had restored crude production to pre-central bank crisis levels of 1.25 million barrels on Friday. /End9 https://ninanews.com/Website/News/Details?key=1161486

Water Resources Begins Developing A Comprehensive Plan To Manage And Sustain Ecotourism In Basra Marshes

The marshes  Construction and reconstruction   Economy News – Baghdad  The Ministry of Water Resources announced, on Saturday, the start of developing a comprehensive plan to manage and sustain ecotourism in the Basra marshes, and stressed the need to ensure that tourism is practiced in a sustainable manner.

The Assistant Director of the Center for the Revitalization of Iraqi Marshes and Wetlands in Basra Governorate, Nazim Abdul Imam Fayez, said in a statement, which was reviewed by "Al-Eqtisad News", that "based on the recommendations of the World Heritage Committee in paragraph (11) in session (46) regarding the property of the marshes of southern Iraq, work has begun on developing a program and implementing a comprehensive plan for managing ecotourism in the marshlands areas.

" Fayez added that "the committee stressed ensuring the practice of tourism in a sustainable manner, and identifying environmental paths within the marshes," noting "the importance of tourism and its organization and the necessity of updating this study to improve the environment in the southern marshes."

He  explained that "river field trips were conducted within the marshes of Al-Mashab and Al-Sallal, which are considered part of the eastern Hammar Marsh and within which the World Heritage Reserve is located, with an area of ​​​​(200) km2, starting from the boat dock in Al-Manzouri in the governorate; in order to identify environmental and river paths, accompanied by a joint committee from the Arab Regional Center for World Heritage, Basra Governorate and representatives of the relevant ministries and bodies."

He added, "The ministry has paid attention to the marshlands by developing an annual plan to purify the main and secondary nutrients and support and strengthen the payment to preserve the biodiversity, plant and water storage and improve its quality,

in addition to installing monitoring stations to identify the quality of water and discharges coming into the marshes on a daily basis in cooperation with the National Center for Water Resources Management in Basra Governorate." 65 views   10/12/2024 - https://economy-news.net/content.php?id=48613

Dollar Exchange Rate Drops In Baghdad

economy | 03:27 - 12/10/2024  Mawazine News - The US dollar exchange rate fell in Baghdad markets on Saturday morning.

The dollar exchange rate stabilized at the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 153,800 dinars per 100 dollars, the same prices recorded last Thursday.

The selling prices stabilized in exchange shops in local markets in Baghdad, where the selling price reached 154,750 dinars, while the purchase price reached 152,750 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=255899

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

Will BRICS Ditch the Dollar for Gold?

Will BRICS Ditch the Dollar for Gold?

Liberty and Finance: 10-11-2024

In a recent episode of Liberty and Finance, Doomberg offered insightful commentary on the upcoming BRICS meeting and the implications of a potential gold-backed currency. The conversation not only examined the shift in global financial dynamics and diminishing reliance on the US dollar, but also grappling with the broader economic landscape shaped by strong data and shifting fiscal policies.

As the BRICS nations — Brazil, Russia, India, China, and South Africa — prepare for their forthcoming summit, discussions surrounding the potential launch of a gold-backed currency unit have taken center stage.

This proposal presents an intriguing vision: a monetary system where the value of currency is tied to a tangible asset, in this case, gold. Such a move could signify a monumental shift in the global financial order, challenging the longstanding dominance of the US dollar as the world’s reserve currency.

Doomberg astutely highlights the gravity of this potential development. The launch of a gold-backed currency by BRICS could reconfigure global trade dynamics, prompt a re-evaluation of currency values, and ultimately influence the pricing of gold itself.

 As countries begin to pivot away from the US dollar, the investment landscape may experience unprecedented volatility, prompting gold prices to rise as nations reconstitute their reserves.

Despite the prevailing narrative of economic decline, Doomberg remains skeptical about an imminent recession. Citing robust economic indicators and significant fiscal spending, they argue that the current economic environment does not align with the typical precursors of recession.

 This stance offers a refreshing perspective amidst the often alarmist financial commentary dominating headlines. The lack of recessionary signals may embolden nations to engage in ambitious projects—such as the gold-backed currency initiative—without the fear of impending economic downturns.

The discussion takes an intriguing turn as it broaches the topic of the Power of Siberia 2 pipeline, a critical infrastructure project that promises to reshape global energy distribution. By providing a direct route for natural gas from Russia to China, the pipeline establishes a formidable link between two of the world’s largest economies.

Doomberg emphasizes the strategic importance of this pipeline in the context of global energy realignment, particularly as Europe continues to seek alternatives to Russian gas.

Furthermore, as natural gas is increasingly seen as a bridging fuel in the transition to greener energy sources, its strategic significance cannot be understated. The availability and distribution of natural gas will play a pivotal role in global energy stability, further influencing economic dynamics and national policies.

Perhaps one of the most provocative elements of their conversation is the potential for a gold-backed currency from BRICS to elicit strategic responses from Western economies, particularly the G7. The launch of a BRICS currency could ignite a currency war, prompting the G7 nations to reassess their monetary policies, potentially leading to an accelerated shift toward more protective economic strategies. The implications could be far-reaching, resulting in tighter monetary controls, increased investment into gold reserves, and possibly the reinstatement of discussions around a gold standard.

Doomberg posits that the responses from G7 economies will be crucial in framing the narrative around the economic order and might trigger a realignment that hasn’t been seen for decades.

The discussions presented by Doomberg on Liberty and Finance encapsulate the multifaceted nature of today’s global economy. As the BRICS nations prepare for their meeting, the potential rollout of a gold-backed currency comes with both opportunities and challenges.

The shifting dynamics—whether through the lens of gold prices, energy distribution via pipelines, or the reactions from Western economies—could redefine economic relations as we know them.

https://youtu.be/tSOjAH177Ag

https://dinarchronicles.com/2024/10/11/liberty-and-finance-will-brics-ditch-the-dollar-for-gold/

“Tidbits From TNT” Saturday 10-12-2024

TNT:

Tishwash:  Economist: 2025 budget amendments pending, approval date before end of year

Former Director of the Financial Supervision Bureau, Salah Nouri, confirmed today, Saturday, that developments in the global economic situation and military operations will greatly affect the Ministry of Finance’s re-adjustment of the 2025 budget schedules.

 He added in his statement to {Al Furat News} that "the budget schedules are still with the executive authority (the government), and it is expected to be sent to the House of Representatives during the remainder of this October."

Nouri explained that "the House of Representatives must approve the budget before the end of December 2024, in accordance with Financial Management Law No. (6) of 2019."  link

Tishwash:  Iranian Foreign Minister to visit Baghdad tomorrow, Sunday

Iranian Foreign Minister Abbas Araghchi is scheduled to visit the Iraqi capital, Baghdad, tomorrow, Sunday.

Iranian diplomatic sources told Shafaq News Agency that Araghchi will head to Iraq tomorrow in continuation of his regional consultations.

According to the sources, the Iranian Foreign Minister will arrive in Baghdad tomorrow afternoon and during his visit, which will last a few hours, he will meet with: his Iraqi counterpart Fuad Hussein, President Abdul Latif Jamal Rashid, and Prime Minister Mohammed Shia al-Sudani.

Meanwhile, an Iraqi source told Shafaq News Agency that Araghchi's visit to Baghdad comes to discuss developments in the security situation in the region and to emphasize not expanding the circle of war.link

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Tishwash:  Iraq and the region's oil exports on the table of Masrour Barzani and an American delegation

On Friday, Masrour Barzani, Prime Minister of the Kurdistan Regional Government, discussed with an American delegation headed by Congressman Seth Moulton the developments in Iraq and the Middle East.

A statement received by Shafaq News Agency stated that, "During the meeting, which was attended by the US Consul General to the Kurdistan Region, Tiff Bittner, we exchanged views on the latest developments in Iraq and the region, and discussed ways to strengthen relations between the Kurdistan Region and the United States."

Congressman Moulton pointed out that the Kurdistan Region is a reliable friend and ally of the United States in the region, and stressed the importance of supporting the Peshmerga and protecting the security of the Kurdistan Region.

Barzani expressed the regional government's gratitude to America for its support and assistance to the region, and stressed his keenness to strengthen the prospects of cooperation between the two sides in various fields.

He pointed out that the meeting focused on the progress made in the field of reforms related to the joints of the Ministry of Peshmerga, as we agreed on the importance of supporting, strengthening and accelerating the reform process in the ministry, in a way that ensures the unification of its forces.

The two sides discussed the necessity of exporting the Kurdistan Region's oil, and we discussed preparations for holding legislative elections in the region, as well as the US presidential elections, the tense situation, wars and escalation in the Middle East, and the efforts made to achieve security and stability in the region in general.  link

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Tishwash:  Reasons for the rise in the dollar price in parallel markets.. a reaction extending for 30 years

Diyala Chamber of Commerce identified, today, Friday (October 11, 2024), the reasons for the rise of the dollar in the parallel market in the past days.

The head of the Diyala Chamber of Commerce, Mohammed Al-Tamimi, said in an interview with Baghdad Today, "There is no disagreement that the region is going through a very difficult and sensitive turning point with the drums of a comprehensive war beating that could happen at any moment in light of the escalation of statements between the various parties without any glimmer of hope on the horizon that things will move towards calm and fair containment at least."

He added, "Iraq is part of the Middle East region and the current tensions are directly putting pressure on the parallel market and leading to an increase in its prices compared to the dinar, especially with the existence of speculation and fear that has prompted many to be cautious in converting their dollars into Iraqi dinars in anticipation of any exceptional circumstances."

Al-Tamimi pointed out that "any future strike will inevitably raise the parallel market, but in return there are measures by the Central Bank to control the situation," stressing that "the situation is likely to undergo many developments, especially since the damage to the Iraqi markets is real."

He explained that "the rise in the prices of basic materials, even by small percentages, does not reflect the direct impact of the rise in the dollar, but rather the growing purchasing power of broad segments that have an accumulated reaction and fear of wars extending to 30 years, which pushes them to store some materials in anticipation of any emergency."

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

Mot: should I throw it away 

Mot:  ... siigggghhhhhh !!!!! 

MilitiaMan: Iraq Dinar Update-#iqd news update-#iraqi currency-Minister of Finance Time Tables-To Monetary Reforms

Iraq Dinar Update-#iqd news update-#iraqi currency-Minister of Finance Time Tables-To Monetary Reforms

MilitiaMan and Crew:  10-11-2024

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=rKCD0D39Wr4

Seeds of Wisdom RV and Economic Updates Saturday Morning 10-12-24

Good Morning Dinar Recaps,

RIPPLE OFFERS ‘BANK-GRADE’ CUSTODY TECH TO CRYPTO FIRMS

Digital asset infrastructure firm Ripple has introduced new features and functionalities for its custody solution.

“Custody is a key entry point into the digital asset economy, and it’s only growing,” Ripple said in a Thursday (Oct. 10) press release.

The company notes that the amount of crypto assets custodied is projected to reach at least $16 trillion by 2030, by which time 10% of the world’s GDP is also expected to be tokenized.

“As such, companies need secure, compliant and flexible options to store their crypto,” the release added.

According to Ripple, the update includes a transaction screening service integration, added hardware security module options, an XRPL integration for tokenizing real world assets (RWA), pre-configured policy frameworks and upgrades to the platform’s usability and user interface.

In addition, Ripple Custody now supports XRP Ledger tokenization features, letting businesses to tokenize and manage assets including cryptocurrencies, fiat currencies, and real-world assets “while facilitating digital asset issuance and secure transfers directly from its platform,” the company added.

PYMNTS examined the tokenization of RWA earlier this year, noting that it was another component of blockchain that has gotten the attention of players in the payments, finance and commerce worlds: the ability for organizations to denote ownership rights of a real-world asset as a digital, on-chain token.

“Tokenized RWAs have the potential to make assets more liquid, accessible and efficient while enhancing transparency, security and global reach,” that report said.

“Representing RWAs on the blockchain — such as real estate, private equity and venture investments, fine art and collectibles, physical commodities like gold, fixed income instruments, intellectual property assets and even stocks and equities — can transform the way ownership of assets is recorded and enable new functions.”

In more recent tokenization news, PYMNTS spoke Thursday with Mastercard Chief Product Officer  Jorn Lambert about how the technology could improve any use case where the exchange of data is the norm.

It can boost more than commerce, he said, though the most obvious benefit is to merchants, issuers and customers.

“We’ve needed to rethink, from the ground up, how we architect security,” Lambert said.

In a world where credentials are stored on billions of mobile devices and could be stored on millions of servers globally, “you have to assume that the bad actors and the hackers will get their hands on that data, no matter how tall and thick the firewalls you build,” he added.

@ Newshounds News™

Source:  PYMNTS

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RIPPLE CEO CRITICIZES U.S. SEC: IS SEC ABOVE THE LAW?

▪️Brad Garlinghouse slams SEC for ignoring the ruling that XRP isn’t a security.

▪️Bitnomial argues XRP futures should fall under CFTC, not SEC regulation.

▪️Stuart Alderoty questions SEC’s credibility, calling its actions unconstitutional.

In July 2023, U.S. District Judge Analisa Torres ruled that the XRP token is not a security, a decision seen as a partial win for Ripple Labs and the broader crypto industry. Yet, despite this ruling, the U.S. Securities and Exchange Commission (SEC) remains firm in insisting that XRP is a security.

Criticizing the SEC’s disregard for the court ruling, Ripple CEO Brad Garlinghouse lashed out at the regulator. His response follows Bitnomial’s lawsuit, challenging the SEC’s stance on XRP futures.

Brad Garlinghouse Slams SEC
In a recent tweet, Brad Garlinghouse voiced his frustration with the SEC, criticizing the agency for ignoring the court’s decision that XRP is not a security. He pointed out that the SEC’s actions show an attitude of acting above the law.

Garlinghouse’s disapproval comes as the SEC maintains its stance in the Bitnomial case, where the crypto derivatives exchange Bitnomial challenged the SEC’s classification of XRP futures as “security futures.”

Bitnomial argues that XRP futures should fall under the Commodity Futures Trading Commission (CFTC), as XRP itself has not been labeled security. In its court filing, Bitnomial accused the SEC of overstepping its authority and placing unnecessary regulatory burdens on the exchange.

Supporting Ripple’s stance, Bitnomial noted that the SEC’s position directly conflicts with the court’s ruling, which found that XRP is not a security.

Regulatory Body or Bully?
Meanwhile, Ripple’s Chief Legal Officer, Stuart Alderoty, also weighed in, questioning the credibility of a regulatory agency that disregards court rulings.

Alderoty highlighted that the SEC’s aggressive measures are unconstitutional, further damaging the agency’s credibility. He described the SEC’s behavior as an alarming example of a regulatory body pushing compliance through threats, despite being defeated in court.

SEC Pushing Its Authority Too Far
The SEC’s insistence on regulating XRP as a security has raised concerns within the crypto community. Meanwhile, pro-XRP lawyer Bill Morgan and legal expert John Deaton have both accused the SEC of overreach and questioned the agency’s motives.

Deaton pointed to a recent case involving Digital Licensing, where the SEC was sanctioned for misconduct, further fueling skepticism about the regulator’s approach.

@ Newshounds News™

Source:   Coinpedia  

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Russia Calls For BRICS Gold Standard | Will It Be Launched This Month?

Russia Calls For BRICS Gold Standard | Will It Be Launched This Month?

Smart Silver Stackers:  10-11-2024

Russia's finance minister has just called for the creation of new Bretton Woods style institutions within the BRICS framework.

 An important detail of this call to action is that Bretton Woods put the world on a Gold Standard.

 The introduction of a Gold pegged currency will have massive implications for Gold, Silver, and anyone stacking physical precious metals, so let's dive into what is on the BRICS agenda!

00:00 Russia's Finance Minister Just Called For What Might Be A New Gold Standard

1:10 BRICS Finance Leaders Are Meeting In Moscow Ahead For The Annual BRICS Summit

3:24 We Are Due For A Change To The Global Monetary System

4:32 BRICS Has Been Pursuing Dedollarization & Regional Currencies

 5:18 New Bretton Woods Insitutions Could Center Around Gold, Just Like The First Time

 7:23 Why BRICS Wants A Gold Standard

 8:28 BRICS Members Stockpiling Gold

https://www.youtube.com/watch?v=6H8EuiTunC8