Iraq Economic News and Points To Ponder Monday Afternoon 10-14-24

Government Advisor: Tensions And War In The Region May Lead To A Jump In Oil Prices

Energy  Economy News – Baghdad   The financial advisor to the Prime Minister, Mazhar Mohammed Saleh, identified on Monday the indicators of the rise in oil prices in global markets, and while he attributed them to two basic variables, he indicated that if tensions and war continue in the region, a jump in prices is expected.

Saleh said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "the oil asset cycle is subject to accelerated upward volatility through current energy market indicators and two basic variables that affect oil supply and demand in the world: the first is OPEC+ decisions to reduce oil production on the production of OPEC countries themselves and their allies, as OPEC+ has currently implemented significant oil production cuts amounting to 5.86 million barrels per day."

He added, "These cuts consist of two parts: the first is a reduction of 3.66 million barrels per day extended until the end of 2025, and the other is an additional voluntary reduction of 2.2 million barrels per day that remains in effect until September 2024."

He pointed out that "the cuts come to remove the current oil glut, which is affected by the decline in growth in the world's most important energy-consuming economies, China," noting that "the second variable is the geopolitical situation and the war taking place in the two energy basin regions of the world, namely the Russian-Ukrainian war and the other is the ongoing war in the Middle East, especially the Gaza and Lebanon war with the Zionist entity and its effects on the oil-producing Gulf region, which dominates more than 50% of global oil exports."

He continued, "If military operations or geopolitical tensions continue in the two regions, oil prices are expected to jump."  128 views  Added 10/14/2024 - https://economy-news.net/content.php?id=48705

About 250 thousand barrels per day.. Iraq's oil exports to America increase within a week

2024/10/13 Reading: 897 times  {Economic: Al Furat News} The US Energy Information Administration announced today, Sunday, that Iraq's oil exports to America increased during the past week.

The administration said in a table that "the average US imports of crude oil during the past week from 10 major countries amounted to 5.305 million barrels per day, down by 439 thousand barrels per day from the previous week, which amounted to 5.744 million barrels per day."

She added that "Iraq's oil exports to America amounted to 241 thousand barrels per day last week, an increase of 89 thousand barrels per day from the previous week, which amounted to 152 thousand barrels per day."

The administration also indicated that "the largest oil revenues for America during the past week came from Canada at a rate of 3.499 million barrels per day, followed by Mexico at an average of 382 thousand barrels per day, followed by Venezuela at an average of 315 thousand barrels per day, and from Saudi Arabia at an average of 285 thousand barrels per day."

According to the table, "the amount of US imports of crude oil from Ecuador was 228 thousand barrels per day, from Colombia it was 149 thousand barrels per day, from Brazil it was 134 thousand barrels per day, from Nigeria it was 44 thousand barrels per day, and from Libya it was 28 thousand barrels per day."  LINK

 More Than $257 Million.. Central Bank Sales Through The Electronic Window

Monday 14 October 2024 13:00 | Economic Number of readings: 127  Baghdad / NINA / The Central Bank of Iraq announced, on Monday, its total sales of foreign currency through the electronic window.

The window recorded $ 257,464,050, the total amounts of transfers abroad (remittances, credits), while the total cash sales amounted to $ 8,500,000, and the total sales amounted to $ 265,964,050.

The selling price for transfers and cash was assigned at 1310 dinars per dollar, while the bond credits and international settlements for the electronic card were at 1305 dinars. https://ninanews.com/Website/News/Details?key=1161990

Minister Of Interior Calculates The Amount Of Revenues During The Year 2023

Minister of Interior Abdul Amir Al-Shammari  Money and business  Economy News - Baghdad

The Parliamentary Finance Committee stressed, on Monday, the importance of forming a committee to study non-oil revenues and monitor their distribution, while Interior Minister Abdul Amir Al-Shammari indicated that the total revenues for 2023 amounted to 757 billion dinars, which were returned to the state treasury.

The committee said in a statement, seen by "Al-Eqtisad News", that it "hosted, headed by Atwan Al-Atwani, and in the presence of its members and a number of members of other parliamentary committees, the Minister of Interior, Abdul Amir Al-Shammari, and his accompanying delegation, at the committee's headquarters to discuss issues related to maximizing revenues and mechanisms for improving the provision of services to citizens."

Al-Atwani welcomed the Minister of Interior, noting that "the Finance Committee works according to the principle of joint integration to support the government."

He stressed the "need for solidarity in studying the financial and economic situation and pointed out that reliance on oil as a primary resource does not achieve the financial stability required to achieve sustainable development."

The committee stressed the "importance of forming a committee to study non-oil revenues and monitor their distribution, in addition to analyzing the state's assets and studying their financial statements. The issue of those whose contracts were terminated and the transfer of beneficiaries of the social protection salary to the ministry to benefit from their services was also addressed."

For his part, the Minister of Interior appreciated the efforts of the Finance Committee and the parliamentary committees in supporting the ministry and the government, explaining that "the ministry has received the security file for a number of governorates and is continuing to work on receiving the rest of the governorates, according to the government program."

He provided an explanation of the ministry's plan to maximize non-oil revenues, noting that "total revenues for 2023 amounted to 757 billion dinars, which were returned to the state treasury."

Discussions between the committee members and the Minister touched on many of the Ministry’s issues, including the services of issuing electronic passports and unified cards, the revenues of the Ministry’s fund and other departments, the importance of electronic automation and functional intersection, in addition to discussing the issue of residential complexes.

The committee also inquired about the criteria for distributing job grades according to governorates, stressing the "need for coordination and work to complete the 2025 budget schedules on time."

79 views  Added 10/14/2024 - https://economy-news.net/content.php?id=48701

Parliamentary Economy Committee Discusses With The Central Bank Of Iraq The Reality Of Banks And The Problems Facing The Sector

Banks

Economy News – Baghdad  The Economy, Industry and Trade Committee, headed by MP Ahmed Salim Al-Kanani, discussed today, Monday, with the Director General of Investment and the Director General of Banks at the Central Bank, the problems facing the banking sector in Iraq.

The media department of the House of Representatives stated in a statement received by "Al-Eqtisad News" that "the Economy, Industry and Trade Committee, headed by MP Ahmed Salim Al-Kanani and attended by its members, hosted the Director General of Investment and the Director General of Banks at the Central Bank."

During the meeting, the reality of banks, the most prominent problems facing the Iraqi banking sector, and ways to find effective solutions to them were discussed. 143 viewsAdded 10/14/2024   https://economy-news.net/content.php?id=48699

Finance: Automation Plays A Vital Role In Reducing Financial And Administrative Corruption

Local | 06:24 - 10/14/2024  Mawazine News – Baghdad  Finance Minister Taif Sami confirmed on Monday that automation plays a vital role in reducing corruption and financial loss.

The ministry said in a statement received by Mawazine News that "Finance Minister Taif Sami met with the Strategic Planning and Federal Service Committee, and important issues related to following up on the government program implemented in the various formations of the ministry were discussed, in addition to following up on mechanisms for developing institutional performance and activating automation systems in sectors related to the ministry's work and developing banking work in accordance with the comprehensive banking system and applying it in all banks in a way that ensures simplifying account opening procedures as well as transfer operations, and represents a step towards moving from paper transactions to electronic ones to provide the best services to citizens."

The statement added that "Sami reviewed during the meeting the measures taken to improve the efficiency of work at customs ports, enhance revenues and facilitate the movement of goods," noting that "automation plays a vital role in reducing corruption and reducing financial loss, in addition to the electronic payment system (pos) as a step to accelerate the completion of transactions, reduce financial and administrative corruption, save a lot of time and effort, and implement the unified treasury account project, which represents a qualitative leap in the management of public funds in order to keep pace with financial and economic progress."

Sami continued, according to the statement, that "the ministry has reached advanced stages in automating taxes in coordination with the Supreme Committee for Tax Reform, which ensures improving efficiency, reducing errors, enhancing transparency and ensuring tax compliance, which has contributed to increasing government revenues and improving services provided to citizens."

The statement added that "the retirement sector and the most important steps taken to facilitate and simplify salary disbursement procedures and ensure the provision of services in a faster and more transparent manner were highlighted," indicating that "the Minister called on the advanced cadres to implement the remaining reforms in accordance with the government program to improve administrative and financial performance in federal institutions," adding that "the meeting addressed the aspect of combating corruption, as the Ministry has made great strides in this aspect through the use of modern methods, systems and advanced electronic programs to reduce this scourge."

He pointed out that "the mechanisms for developing human cadres in various sectors were addressed, by providing the necessary training and qualification to enhance the capabilities of employees and achieve the highest levels of performance."

The Minister of Finance stressed "the importance of cooperation between government agencies to ensure the achievement of national goals and drive economic and social development."

For her part, the head of the Parliamentary Planning Committee praised "the Ministry's performance in implementing the paragraphs of the government program and its great role in developing the financial sector and maximizing budget revenues through advanced and modern programs."

The meeting was attended by the head and members of the Sovereign Strategic Planning Committee, the Undersecretary of the Ministry of Finance and the general managers of all the Ministry's formations," according to the statement.   https://www.mawazin.net/Details.aspx?jimare=255974

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

Seeds of Wisdom RV and Economic Updates Monday Afternoon 10-14-24

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CBDCS VS CRYPTOS: WHY INDIA IS BETTING BIG ON DIGITAL CURRENCY?

India is working to revolutionize its cross border payment system. The aim is to make the payments faster and cheaper to help the growing economy. Along with this,  the role of Central Bank Digital Currencies (CBDCs) and the concerns around AI is also in focus. These are reshaping the future of the financial sector. Let’s dive into what’s happening and how it might affect us.

Faster and Cheaper Cross Border Payments
Governor Shaktikanta Das is serious about reducing the time and cost it takes to send money overseas. This is important, especially for economies like India. For expanding Real Time Gross Settlement (RTGS) in India, he suggests using major currencies like USD, EUR and GBP. This can help in making smoother global payments.

Das also said India is looking into cross border payment systems. The government is exploring potential partnership with other countries to make cross border payments easier for everyone.

The Promise of CBDCs
CBDCs have huge potential. They could transform the way we send money, especially across borders. India taking a big step has launched CBDC in December of 2022. It is available for wholesale as well as for retail users. The government is also planning to integrate CBDC with UPI and provide assistance to low internet connectivity zones.

Governor Das believes that as cryptos are unpredictable, CBDC can be a safer option as it offers stability. This makes CBDC a better choice for everyday transactions.

AI in Banking
As AI becomes more common in the banking world, it brings both opportunities and risks. Das raised concerns about how AI could be misused. He warned that AI could lead to cyberattacks and data breaches if not handled carefully. Banks need to be cautious, using AI only when they have proper security in place.

But AI isn’t the only concern. Cryptocurrencies also pose risks to financial systems. Das is a strong supporter of CBDCs. He believes they can offer a more secure way to handle digital transactions, reducing the chaos that cryptos might cause.

What’s Next?
India is working hard to make big changes in the financial world. From making cross-border payments easier to promoting CBDCs, the future seems exciting. But there are risks, like the rise of AI and cryptocurrencies. With the right plans and smart policies, these challenges could turn into great opportunities, helping not just India but the global economy too.

@ Newshounds News™

Source:  CoinPedia

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SEN. HAGERTY'S DRAFT STABLECOIN BILL COULD SHAPE LEGISLATION IN 2025, TD COWEN SAYS

▪️Sen. Bill Hagerty’s bill could serve as an outline for regulating stablecoins in 2025, TD Cowen said in a note on Monday.

▪️Last week, Hagerty unveiled a discussion draft of legislation to create a regulatory framework for stablecoins.

U.S. Sen. Bill Hagerty's draft stablecoin legislation could serve as an outline for future bills in 2025, investment bank TD Cowen said in a note on Monday.

Last week, the crypto-friendly Tennessee Republican unveiled a discussion draft of legislation to create a regulatory framework for stablecoins. It includes a provision that says issuers that go over a $10 billion threshold may get a waiver from their federal regulator to then stay under their state's jurisdiction. The draft legislation also includes language around maintaining reserves on a one-to-one basis with reserves that have U.S currency.

"This draft bill should form the foundation for the legislation that we expect Congress to enact next year. This is even more likely if Trump wins as Hagerty is close to the former president,"  TD Cowen Washington Research Group's Jaret Seiberg wrote.

Hagerty is reportedly a potential contender for a role within Republican candidate Donald Trump's cabinet if he wins, either in a national security role or, as Punchbowl News reported in July, as Treasury secretary. Hagerty also is a member of the Senate Banking Committee, which has jurisdiction over key agencies, including the U.S. Securities and Exchange Commission.  

Hagerty said his draft stablecoin bill is very similar to work being done by House Financial Services Chair Patrick McHenry, R-N.C., and Maxine Waters, D-Calif. Waters and McHenry have been working on their bill over the last two years. The bill advanced out of the Republican-led committee last year but has not gained much traction. At the time, Waters called the bill "deeply problematic" due to a provision that allows state regulators to approve stablecoin issuances without Federal Reserve input.

Bipartisan consensus over which regulators have oversight will be vital, Seiberg said.

"Key will be finding bipartisan agreement on which regulators will oversee stable coins. If Trump wins, prospects for this bill are even higher," Seiberg wrote in Monday's note.

Momentum on a stablecoin bill might still be picked up before the end of the year. Last month, during a congressional hearing, Waters said she wants to "strike a grand bargain on stablecoins" before the end of the year.

@ Newshounds News™

Source:  The Block

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RIPPLE NEWS: WHAT ARE THE ODDS OF THE SEC WINNING ITS APPEAL?

A federal judge ruled last year that the SEC did not prove Ripple violated securities laws by selling XRP to retail customers on exchanges. Recently, the SEC announced it would appeal this decision, and Ripple has filed a cross-appeal in response, adding another layer to the ongoing legal battle.

What’s Happening?
On the Thinking Crypto podcast, Lawyer James Murphy explained that while the SEC’s exact intentions are unclear, they are likely appealing two main points from the ruling:

Sales on Exchanges: 

The SEC aims to challenge the judge’s decision that Ripple’s sales on exchanges do not constitute securities transactions. This ruling shocked the SEC, as they previously attempted to appeal it immediately but were denied.

Disgorgement Limitations: 

The SEC also seeks to address a ruling that prevented them from claiming disgorgement (return of profits) because they lacked evidence of actual financial losses incurred by investors. This decision contrasts with precedents in other circuits, and the SEC hopes to overturn this limitation.

Additionally, there’s speculation about whether the SEC will appeal the $125 million penalty imposed on Ripple, seeking a higher amount. However, it’s uncertain if this part of the ruling would be changed since judges have significant discretion in determining penalties.

How Strong is the SEC’s Case?
Murphy shared his perspective on the likelihood of the SEC winning the appeal. There are about 20 judges on the Second Circuit, and cases are decided by a randomly chosen panel of three.

Once the panel is known, lawyers look at past decisions to guess how they might lean. Sometimes, arguments are shaped to appeal to specific judges, similar to tactics used in the U.S. Supreme Court.

He said that when the summary judgment came out, many people criticized it, and some legal experts predicted it would be overturned. Lawyers from traditional backgrounds believe there’s a chance the ruling on secondary market trades might be reversed. However, he thinks Judge Torres’s decision will likely stand, although nothing is certain.

@ Newshounds News™

Source:   CoinPedia

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🌍 WHAT ARE STABLECOINS AND HOW CAN ONE USE THEM FOR PAYMENTS?  | Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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Some “BRICS New’s” Monday 10-14-2024

Vance Lanci: What To Expect In Gold Ahead Of BRICS Meeting In 2 Weeks

Arcadia Economics:  10-14-2024

This year's BRICS meeting is now less than 2 weeks away.

And as reports continue to circulate regarding their progress on a payment settlement currency whose current proposal includes a 40% gold backing

In today's show Vince Lanci lays out a roadmap of what you can expect in the gold market in the days leading up to the meeting.

To find out more, click to watch the video now!

https://www.youtube.com/watch?v=strAOnjnm7U

BRICS: US Banks Face $500B in Losses as De-Dollarization Grows: what's Going On?

Geopolitical Analyst:  10-14-2024

While the BRICS alliance is strengthening its banking system, the US seems to be on a downhill.

In the last three years alone, 15 US banks collapsed renewing fears of financial instability across the country. The BRICS bloc has pushed de-dollarization efforts especially since it expanded its numbers.

Now, the pressure is mounting on the US dollar, as the country’s banks face over $500 billion in unrealized losses, according to a new report. A finance expert at Florida Atlantic University revealed that the United States’ unrealized losses on investment securities are over $500 billion as of the end of Q2 2024.

This is a slight downtrend from the first quarter of the year: a decrease to $513 billion from $516 billion. However, it’s still a significant loss for one of the strongest economies in the world.

Banks are now saddled with more than half a trillion dollars on the balance sheets in their papers. The development shows that the US banks are at risk while the central banks of BRICS are massively accumulating gold to hedge against the US dollar.

Rebel Cole, Ph.D., Lynn Eminent Scholar Chaired Professor of Finance in FAU’s College of Business. He says that despite the slight downtrend in unrealized losses for banks between quarters: US banks aren’t in the clear. “The 10-year treasury yield has been extraordinarily volatile for the past two years as inflation has increased.

Banks are also affected by their exposure to uninsured deposits, so the combination of unrealized losses and exposure to uninsured deposits can be particularly pernicious.” This combination can be especially lethal as the US dollar suffers as well from inflation and BRICS pressure.

The Growing US Debt and Bank Losses Weakens US Dollar, Economy Against BRICS. Furthermore, the United States’ debt has continued to rise this year past its all-time high. The current debt nationwide sits at over $35.7 trillion. Over the last three days alone, the debt has surged by a noticeable $345 billion.

 The US government is currently paying $3 billion in interest on its debt per day. The increased debt and unrealized losses are only putting more pressure on the US economy, chagrin to US investors but to the pleasure of BRICS.

While the unrealized losses are only on the balance sheets, they could become a liability when the banks require liquidity. This puts the US banking system under pressure as BRICS continues dumping US treasuries and the dollar.

The BRICS alliance is also spearheading the de-dollarization movement by convincing developing countries to end reliance on the dollar. With more countries looking to dethrone the greenback, further pressure could be put on the US banks, and thus the entire US economy.

Growing pressure for a new global currency comes after continued weaponisation of the US dollar in the form of sanctions and trade wars. Many countries are seeking greater independence from the US financial system.

For decades, the United States has been considered the global hegemon. However, BRICS nations now account for more than 40 per cent of the world’s population and have an aggregated global GDP of 31.5 per cent.

This surpasses the G7’s (United States, Canada, France, Germany, Italy, Japan and the United Kingdom) GDP of 30.7 per cent.

 It’s conceivable to see BRICS nations entirely self-sufficient, trading among themselves without any reliance on the United States.

As the reliance on US dollars diminishes, central banks have since 2023 been seen dumping their dollar reserves. This has led to hyperinflation, a spike in interest rates to compensate for the loss of purchasing power, and falling asset prices, further accelerating US decline.

 The trend of de-dollarisation is occurring – but it is not something unique.

Let's take a look at why the world is turning away from the US dollar.

https://www.youtube.com/watch?v=uoGGp8KtT_s

Seeds of Wisdom RV and Economic Updates Monday Morning 10-14-24

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HOSKINSON DETAILS CARDANO’S BILL OF RIGHTS FOR BLOCKCHAIN GOVERNANCE

Charles Hoskinson, the founder of Cardano, unveiled a framework for blockchain governance in his latest broadcast, introducing what he refers to as a “Bill of Rights” for the Cardano ecosystem.

This initiative, centered around 11 foundational blockchain tenants, aims to establish a constitutional foundation that will guide the development and governance of Cardano and potentially influence broader blockchain technologies.

Broadcasting live from Colorado on October 13, 2024, Hoskinson emphasized the collaborative efforts underpinning this initiative. “More than 50 workshops have already been held,” he stated. The process has seen participation from 1,400 individuals and the election of 63 delegates.

At the heart of Hoskinson’s announcement is a blog post titled “The 11 Blockchain Tenants Towards a Blockchain Bill of Rights.” He clarified that these tenants are not exclusive to Cardano but are intended as a universal framework applicable to various blockchain systems. 

“These tenants are meant to capture the natural durability of these systems and the rights of their users,” Hoskinson explained, drawing parallels to human rights enshrined in constitutional law.

The 11 Cardano Blockchain Tenants
Hoskinson provided an in-depth exploration of each of the 11 tenants, elucidating their significance and practical implications for Cardano:

1.  Transaction Censorship Resistance: “Transactions cannot be slowed down or censored and will be expediently served for their intended purpose,” Hoskinson stated. He likened this principle to the freedom of speech, emphasizing the importance of maintaining user autonomy within the system.

“Transactions express the ways the users wish to engage with the system so users should be free and able to do so in a manner proportional to their intent; this excludes censorship but also mandates expediency and processing.”

2.  Predictable Transaction Costs: Hoskinson asserted that “the cost of a transaction should be predictable and cannot be unreasonable,” which is essential for user planning and system sustainability.

He acknowledged the challenges in balancing resource allocation with user intent, especially in high-demand scenarios. Mechanisms like tiered pricing and intent-based ledgers are being explored to address these issues.

3.  Fair Recognition And Compensation: Addressing the equitable treatment of contributors, Hoskinson noted, “Every user’s inputs and contributions to the system will be recognized, recorded, processed, and assessed fairly.” This tenant seeks to ensure that both maintenance and development efforts are adequately rewarded, preventing incentives failures within the ecosystem. He also highlighted the need to fairly compensate various roles, from stake pool operators to governance participants.

4.  Data And Value Portability: Reflecting principles similar to the European Union’s General Data Protection Regulation (GDPR), Hoskinson emphasized the importance of user consent in data handling. “The value and data users contribute or create will not be locked or processed without their consent,” he stated. He advocates for user control over personal assets and information.

5.  Resource Efficiency: “No resources will be unnecessarily spent,” Hoskinson explained, highlighting the necessity of minimizing resource utilization through efficient protocol design. This tenant aims to prevent systemic bloat and ensure the long-term viability of the blockchain. Examples include protocol optimizations that reduce transaction sizes without compromising security.

6.  Safe Preservation Of Value And Information: Hoskinson discussed the dual aspects of this tenant: preserving the integrity of information against threats like quantum attacks and ensuring value stability through mechanisms like stablecoins. “The system will safely preserve the value and information stored within it,” he stated, emphasizing both data integrity and asset stability as critical components.

7.  Minimization Of Unnecessary Resource Expenditure: This tenant focuses on resource optimization, ensuring that Cardano operates efficiently without wasting resources. Hoskinson highlighted the transition from Plutus V1 to V2 as an example, where transaction sizes were significantly reduced, enhancing overall system efficiency.

8.  Fair And Representative Governance: “The system will treat users fairly and will evolve accordingly to their collective will, aiming at its long-term sustainability and viability,” Hoskinson declared. 

This tenant emphasizes the importance of inclusive governance, where all stakeholders have a voice in the system’s evolution. The upcoming Constitutional Convention in Buenos Aires aims to formalize these governance principles.

9.  User Privacy Preservation: Emphasizing data privacy, Hoskinson stated, “Users’ privacy, both in terms of their actions and their data, should be preserved.” Drawing parallels to GDPR, he advocated for minimal disclosure and selective, contextual data sharing. This tenant addresses the balance between transparency and privacy, ensuring users retain control over their personal information.

10.  Compliance with Local Laws and Regulations: “The system will offer users ways to engage that do not require them to break local laws and regulations,” Hoskinson explained. This tenant acknowledges the global nature of Cardano and the necessity for users to remain compliant with their respective jurisdictions.

11.  Transparency, Predictability, and Verifiability: The final tenant mandates that “the system’s operation should be transparent, predictable, verifiable, interpretable, and without asymmetries.” Hoskinson emphasized the importance of open-source protocols and public verifiability to ensure trust and accountability within the ecosystem.

The Way Forward
Hoskinson detailed the ongoing efforts to formalize these tenants through decentralized governance. “You have to have decentralized governance before you go down that road because only through decentralized governance can you make a decision for everyone everywhere, that’s the point of Voltaire,” he remarked. 

The upcoming Constitutional Convention in Buenos Aires, Argentina, scheduled for December 2024, will bring together delegates from 50 countries to finalize and approve the constitutional text based on these tenants.

The founder underscored the significance of this initiative beyond Cardano, suggesting that other blockchain communities could adopt similar frameworks to balance technical innovation with ethical governance. 

“These tenants are being actively debated by the Cardano community […] they will act as beacons in the far horizon that will pull Cardano and other blockchain communities to where they intend to travel to,” Hoskinson stated.

Hoskinson concluded the video by highlighting the importance of preserving the system’s integrity over short-term gains. “We should never sacrifice the integrity of the system for the sake of short-term gain or short-term progress on some arbitrary metric like token price or adoption,” he asserted.

@ Newshounds News™

Source:  Bitcoinist

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GOLD FEVER HITS COSTCO: 77% OF STORES SELL OUT AMID SOARING DEMAND FOR BULLION

Costco’s gold bars are flying off the shelves as record-high gold prices spark a buying frenzy across the U.S. A recent survey found that 77% of Costco stores offering gold sold out in early October. The trend reflects growing demand for gold as a hedge against inflation and economic uncertainty.

Costco’s Gold Bars Are Selling Out Amid Record Gold Prices
Gold bars from American multinational wholesale corporation Costco have become a highly sought-after item, selling out from store shelves across the U.S. as gold prices reach record highs. 

A survey of Costco outlets in 46 U.S. states revealed that 77% of stores stocking gold bars sold out within the first week of October, Bloomberg reported. 

The retailer’s ability to offer gold at competitive prices, combined with membership rewards, has made it a popular destination for those seeking a hedge against inflation.

Costco provides bullion at prices below those of traditional precious metals dealers, and loyal members can receive up to 4% in rewards, further boosting the appeal of buying gold at the big-box retailer. 

Sourav Sethia, an analytics engineer from New Jersey, has taken advantage of Costco’s convenient gold offerings. Sethia, who regularly buys gold bars at the store, said he receives calls whenever new stock arrives, allowing him to purchase when prices dip. His experience is part of a larger trend of consumers flocking to Costco as gold prices soared nearly 30% this year.

The metal’s appeal as a safe haven amid inflation and economic uncertainty has driven many to seek out the stability that gold provides. According to Josh Young, a Houston-based money manager who bought a gold bar and coin from Costco:

It’s physical and gold does have a long history of being a store of value even though there’s no cash flow from it. It’s a good personal diversifier.

Costco’s foray into the bullion market has drawn significant attention since it began selling gold bars in 2023. The retailer’s chief financial officer Gary Millerchip highlighted the popularity of its gold products. He was quoted as saying:

We are glad to be able to offer gold and silver items for our members. It’s a great example of our merchants constantly finding new ways to deliver uniqueness and value.

Shoppers are drawn to Costco’s gold offerings not just for their investment value but for the convenience of purchasing a long-standing store of wealth at a familiar location. Many customers appreciate the ability to diversify their assets with minimal hassle.

Despite the high demand, Costco’s success in the gold market may not influence overall prices, as the volumes sold are relatively small. However, according to industry experts, the retailer’s strong sales reflect sustained support for gold. 

As spot prices for the metal continue to rise, Costco is helping make gold more accessible to average consumers. Nicky Shiels, head of metals strategy at MKS PAMP, noted that Costco is attracting “a whole new cohort of retail buyers,” adding that this could have positive long-term effects on the market.

@ Newshounds News™

Source:  Bitcoin News

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RIPPLE’S CEO CLAIMS SEC IGNORES COURT RULING ON XRP STATUS

▪️Ripple’s Chief Executive Officer, Brad Garlinghouse, argues the SEC overlooks a vital court ruling.

▪️The SEC is appealing a decision that states XRP is not a monetary instrument.

▪️Bitnomial is also taking action against the SEC over its claims on XRP options.

The company’s founder has accused the U.S. Securities and Exchange Commission  of overlooking a court conclusion on the token’s classification.

This verdict determined that XRP is not a security and raised questions about the commission’s authority. Consequently, industry stakeholders are closely monitoring these developments as legal disputes escalate.

Legal Differences Escalate  
Recently, the SEC’s Notice of Appeal has sparked discussion. This Notice aims to challenge the summary judgment and final ruling in the SEC vs. Ripple case. This high-profile legal battle has persisted for over four years and attracted considerable attention.

 In July 2023, Judge Analisa Torres ruled that programmatic sales of XRP do not meet the third prong of the Howey Test. This test determines whether an asset qualifies as a security.

In response to the SEC’s complaint, Ripple plans to file a cross-appeal. The SEC contests a decision that includes a $125 million fine against Ripple for its institutional the coin’s  purchase.

The organisation’s Chief Legal Officer, Stuart Alderoty,  stated that the SEC’s inquiry does not affect the  rules of clarity. Furthermore, this response has led to a positive shift in sentiment among the currency holders.

Bitnomial’s Legal Action  
Additionally, Bitnomial Inc. has filed a lawsuit against the SEC. This lawsuit highlights ongoing regulatory challenges. It stems from the SEC’s efforts to assert jurisdiction over digital asset derivatives. 

Bitnomial intends to launch physically delivered XRP Futures after receiving self-certification from the Commodity Futures Trading Commission  on August 9, 2024. However, the SEC later contacted Bitnomial and claimed jurisdiction over the XRP US Dollar Futures contract.

Bitnomial argues that the SEC’s claims are unwarranted. The exchange insists that these offerings should be classified as commodity derivatives rather than securities.

Support for this position comes from the recent decision by the Southern District of New York. This ruling confirmed that XRP is not inherently a security and was not classified as such in secondary market trades.

Implications for Cryptocurrency Regulation  
As these legal battles unfold, the cryptocurrency community watches closely. The SEC’s pursuit of regulatory authority raises important questions about future cryptocurrency regulations in the United States. The outcomes could set serious precedents for Ripple Bitnomial and the broader digital asset ecosystem. Industry participants await clarity as these legal disputes continue to evolve.

@ Newshounds News™

Source:  Crypto News Land

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🌍 THE CONSTITUTION AND THE NEW FINANCIAL SYSTEM  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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“Tidbits From TNT” Monday Morning 10-14-2024

TNT

Tishwash:  Iraq Accelerates Fiber-Optic Roll-Out

Iraq has increased the rate at which it is installing fiber-optic internet connections.

The Ministry of Communications reports that more than 3.5 million FTTH (fiber-to-the-home) connections have been complete so far in 2024.

This compares to 2.9 million last year, 1.5 million in 2022, and 276,000 in 2021.

(Source: Ministry of Communications)   link

Tishwash:  Governor of the Central Bank of Iraq receives the Ambassador of the Federal Republic of Germany to Iraq

His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received Her Excellency the Ambassador of the Federal Republic of Germany to Iraq, Ms. Christiane Homann.

During the meeting, they discussed banking relations, enhancing the financial inclusion plan in Iraq, and the importance of digital transformation, in addition to providing full support to Al-Riyada Bank for financing small projects, which will launch its services soon.
His Excellency the Governor stressed that there is a great desire among citizens to use electronic cards, which enhances electronic payment in Iraq, as the Central Bank of Iraq has taken many steps in this direction in coordination with the relevant authorities.

His Excellency explained that Al-Riyada Bank will provide its services to an important segment of customers, as it aims to provide support to emerging small and medium enterprises, as it will be a bank different from other banks through its unconventional products that will contribute to creating job opportunities for various social groups in society, and open new horizons in a stable investment environment, noting that there will be representative offices in most Iraqi banks to facilitate customers' access to it and benefit from its services.

The plan to reform the government and private banking sector was reviewed with direct support from the Prime Minister to achieve a stable, secure and efficient sector.

For her part, the German Ambassador expressed her country's readiness to provide advice and technical support for such important projects that support the common goal of diversifying the Iraqi economy.

Central Bank of Iraq
Media Office
October 14, 2024  link

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Tishwash:  Pursuing Reform: Q&A With Iraq’s Central Bank Governor Ali Muhsen Al-Allaq

October 10, 2024

The governor of the Central Bank of Iraq, Ali Muhsen al-Allaq, speaks to Global Finance about the main challenges and top priorities for the bank.

Global Finance: Iraq went through decades of wars and crises. How did that impact the Iraqi banking sector?

 Ali Muhsen al-Allaq: The banking sector faced severe headwinds starting with the Iraq-Iran war of 1980-1988, which damaged the country’s financial stability and the banks’ ability to service internal debt. With the 1990’s crisis and the Kuwait war, the dinar’s value then collapsed on the parallel market. That created a major challenge for banks in settling deposits and loans, ultimately undermining public confidence in the banking system.

More recently, the fall of the former regime coupled with terrorism, the war against the Islamic State, and ongoing security and political unrest directly impact banks’ ability to attract savings. In times of uncertainty, particularly during displacement in war-torn areas, individuals tend to hold onto cash.

On the other hand, Iraq’s isolation from the rest of the world, starting in the 1990s, resulted in a large technological gap. This is particularly true of state-owned banks, which inherited problems from previous decades. They find themselves unable to keep up with the recent challenge of building a solid private sector to help diversify the economy.

GF: What is the top priority for the Central Bank of Iraq currently?

Al-Allaq: Our primary objective is to maintain price stability while also promoting sustainable development. The CBI is continuously trying to balance its economic responsibilities in light of the inflationary waves currently impacting the global economy, which have a severe impact on the cost of living for low- and middle-income households. Given Iraq’s reliance on imports, the CBI works hard to stabilize prices by controlling liquidity levels. The central bank also supports economic growth by financing projects that stimulate local production and reduce imports. Finally, the CBI also drives banking sector reform and promotes financial inclusion through electronic payments to deepen the overall level of banking services in Iraq.

GF: What are the main challenges facing the central bank?

Al-Allaq: Iraq’s delay in keeping pace with technology, due to prolonged security and political crises, has made banking sector reform a top priority for us. Because reform takes time, we have set the stability of exchange rates as a first, and very challenging, intermediate goal. The ongoing crises have eroded public confidence in the banking sector, reducing the impact of action on interest rates on the real economy—a crucial tool for all central banks, especially during inflationary periods.

Additionally, the low level of financial depth, the prevalence of an unregulated small and midsize enterprise [SME] network and the heavy reliance on the oil sector exacerbate structural imbalances. That makes our country vulnerable to external shocks, leading to increased budget deficits and rising internal public debt, all of which further weaken the impact of monetary policies on the real economy

GF: The Iraqi banking sector is under international scrutiny, with concerns that some countries sanctioned by the United States access US dollars through Iraq. How do you combat fraud and money laundering?

Al-Allaq: The central bank is striving to strengthen Iraqi lenders through various measures including intensified controls, procedures and inspections targeting banking and non-banking financial institutions, and the establishment of an AML/CFT and a compliance office in Baghdad. To ensure a high level of compliance with global regulatory standards, we also contract with specialized international companies to pre-audit foreign transfers, restrict the delivery of US dollars to travelers at Iraqi airports and conduct enhanced internal processes regarding all transactions in foreign currencies.

GF: How can the Central Bank of Iraq help diversify Iraq’s economy?

Al-Allaq: One of our primary goals is to promote sustainable development by supporting bank liquidity and directing it toward private sector projects. In 2015, the CBI launched two key initiatives: the One Trillion Initiative to finance small and midsize enterprises through commercial banks, and the Five Trillion Initiative to fund large projects via specialized banks. These efforts have expanded to include a one trillion dinar [$770 million] initiative for renewable energy, aimed at addressing our country’s electricity challenges and climate concerns.

These initiatives are designed to develop the non-oil sector and drive economic diversification. As a result, non-oil GDP grew by 4.4%, reaching 87.7 trillion dinars in 2023, driven by growth in manufacturing, construction, trade and services. Additionally, the central bank’s National Strategy for Bank Lending has further supported economic diversification by organizing funding for private sector projects  link  

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Prime Minister's Advisor: Implementation of the 2024 budget is proceeding smoothly

The Parliamentary Finance Committee is expected to discuss the 2025 budget next November, amid a general trend to pass it easily and not amend it significantly, while the Prime Minister's Advisor for Financial Affairs, Dr. Mazhar Muhammad Salih, stated that the 2024 budget that entered into force had a "precautionary deficit" of about 64 trillion dinars.

Salih said, in an interview with "Al-Sabah": The average Iraqi oil sales for 2024 were estimated at no less than $75 per barrel, noting that the general financial need for "bridge loans" (which are short-term loans) to address the possibility of a deficit may not exceed 10 trillion dinars in all cases, which are borrowing amounts permitted under Law No. 13.

The financial advisor added that the country's "financial life" in 2024 is proceeding smoothly, wondering, otherwise how did the Ministry of Finance issue 2024, in cooperation with the Central Bank of Iraq, "achievement bonds" for public subscription.

Saleh explained that these bonds are denominated in Iraqi dinars and come in multiple categories, including a category of 500,000 Iraqi dinars for two years with an annual return of 6.5%, indicating that these bonds are a safe investment, as the government is committed to paying the annual interest on them, and they are an integral part of bridging the deficit in the general budget for the year 2024, which means that they will come into effect.

In turn, economic researcher Ziad Al-Hashemi warned in an interview with “Al-Sabah” that the 2024 budget is facing pressures in terms of limited liquidity, noting that this has caused the government to be unable to spend the capital or investment budget, and to direct liquidity exclusively towards the operating budget.

Al-Hashemi continued that this mechanism has disrupted the implementation of the government’s development and service programs and has significantly disrupted them, expecting the deficit in the 2025 budget to increase with the decline in oil prices, below $70 as a result of the decline in global demand for oil.

He expected that it would cause financial hardship and a weakening of the ability to spend if the decline in oil revenues continued for periods exceeding two quarters, indicating that the hardship might force the government to return to borrowing internally and externally, in the hope that oil prices would rise again in the near future. link

Mot: .. Can You Feel it!!!??? --- Hmmmmmmm 

Mot: ... Ya all Ready fer Monday!!!??? 

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

Good Afternoon Dinar Recaps,

RIPPLE NEWS: CAN THE SEC STOP XRP ETFS?

Ripple’s Chief Legal Officer, Stuart Alderoty, announced on X that the company has filed a cross-appeal in its legal case against the U.S. Securities and Exchange Commission (SEC).

This action follows the SEC’s appeal last week to the U.S. Court of Appeals, which seeks to overturn parts of District Judge Analisa Torres’ ruling related to XRP.

Legal expert James Murphy aka MetaLawMan recently opened up about the status of the XRP Trust and its implications for the broader cryptocurrency market, especially concerning regulatory challenges posed by the SEC.

In an interview with Thinking Crypto, when asked if the SEC’s appeal might hinder these approvals, James expressed concern that the SEC could use the existing uncertainty as a reason to deny the XRP ETP (Exchange-Traded Product). He said that for an ETF to be approved, the asset must qualify as a commodity, which complicates the situation for XRP.

Uncertainty Surrounding Approvals
James believes that the SEC might feel pressured to deny these products, citing that there is still uncertainty in the market. He suggested that the SEC could drag out the process, possibly prompting further legal challenges similar to past scenarios with Bitcoin.

James pointed out that a change in SEC leadership could lead to a more favorable environment for crypto-related products. He referenced a recent hearing where the commissioners appeared open to Congress updating legislation, contrasting this with SEC Chair Gary Gensler’s evasive responses.

Public Sentiment Towards Gensler
James criticized Gensler’s performance during the hearing, expressing eagerness for a change in leadership. He said that candidates from the Trump camp could potentially replace Gensler, opening the door for more innovation in the crypto space.

Fair Notice and Regulatory Clarity
During the hearing, the concept of “fair notice” was stressed, explaining the need for clear rules in regulatory practices. James stressed that a transparent legal framework is essential for compliance, asserting that the current ambiguity undermines the rule of law.

@ Newshounds News™

Source:  CoinPedia

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US GOVERNMENT PAYS $950,000,000,000 IN INTEREST ON NATIONAL DEBT IN JUST ONE YEAR, SAYS CONGRESSIONAL BUDGET OFFICE

The US government just spent nearly $1 trillion to service the interest on its rapidly growing national debt.

Data from the Congressional Budget Office (CBO) says the government ran an approximately $1.8 trillion budget deficit for the 2024 fiscal year, which ended on September 30th.

The government collected $4.918 trillion in revenue last fiscal year but spent a total of $6.752 trillion.

All in all, outlays for interest on public debt were the second-largest US government expense last fiscal year, just behind the estimated $1.448 trillion allocated to Social Security benefits.

News of the US government’s large budget deficit for the last fiscal year comes as the country’s national debt balloons to $35.693 trillion.

Adam Kobeissi, founder and editor-in-chief of The Kobeissi Letter says the nation’s public debt is significantly outpacing economic growth.

“US public debt has jumped $345 billion over [a three-day period], hitting another record of $35.7 trillion.

Since June 2023, federal debt has surged by a MASSIVE $4 trillion, or 14%. Over the same time period, US GDP is up just $1.5 trillion, or ~6%.

In other words, the national debt has outpaced the economic growth by 2.7 TIMES over the last 16 months. Outside of the pandemic crisis, US federal debt has never grown so rapidly.”

@ Newshounds News™

Source:  DailyHodl 

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NATIONAL BANK OF BAHRAIN LAUNCHES BITCOIN-LINKED STRUCTURED PRODUCT

The National Bank of Bahrain (NBB) unveiled the Gulf’s first Bitcoin-linked structured product developed in partnership with crypto firm ARP Digital. The investment is only available to accredited investors. Structured products invariably include derivatives and are often customized for investors.

The Bitcoin-linked structured product will allow some returns from a crypto price rise, but the amount its capped. However, the product claims to offer 100% downside protection.

“We are proud to introduce this bespoke structured investment, which blends the appeal of digital asset exposure with the security of capital protection,” said Hisham AlKurdi, Group Chief Executive – Markets & Client Solutions at NBB. “This product underscores our focus on offering our wealth management clients innovative and secure avenues to diversify their portfolios.”

100% Bitcoin downside protection?
If the 100% downside protection sounds too good to be true, it’s probably not. A collar is a classic options strategy. That would involve holding the underlying Bitcoin, and buying a put option at the current price (quite expensive), which lets you sell if Bitcoin’s price falls.

Additionally, it involves selling a call option at the capped return price. The money earned from selling the call option can be used to offset part or all of the cost of the put option. However, we don’t know the precise structure of this particular product.

While NBB is listed on the local stock exchange, two government linked organizations own 55% – the sovereign wealth fund Bahrain Mumtalakat Holding and the Social Insurance Organization that manages Bahrain government pension funds. ARP Digital was founded by a Goldman Sachs veteran.

@ Newshounds News™

Source:  Ledger Insights  

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🌍 SHOULD I LEARN CRYPTO IF OVER 60?  WHY?  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

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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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🌍NEW INDUSTRY BILLIONAIRES  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts    

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🌍 RIPPLE’S XRP INVOLVED IN ANOTHER LAWSUIT  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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