Iraq Economic News and Points To Ponder Tuesday Afternoon 10-15-24

The Central Bank Of Iraq Sells More Than $ 257 Million
Time: 2024/10/15 15:48:16 Reading: 650 times  {Economic: Al Furat News} The Central Bank of Iraq’s dollar sales, on Tuesday, amounted to more than $257 million in the currency auction.

The Central Bank sold in its auction today 257 million, 793 thousand, and 643 dollars, covering it at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, at a rate of 1310 dinars per dollar for foreign transfers, and at a rate of 1305 dinars per dollar in cash.  Most of the dollar sales went to boost balances abroad in the form of transfers and credits, which amounted to $252,843,643, an increase of 98% over cash sales of $5,050,000.

The number of banks that purchased cash dollars was one bank, while the number of banks that met requests to enhance balances abroad was 13 banks, and the total number of exchange companies participating in the auction was 8 companies.  LINK

Iraqi Oil Maintains Gains On Second Day Of Trading

Tuesday 15 October 2024 | Economic Number of readings: 245  Baghdad / NINA / Iraqi oil prices stabilized on Tuesday, the second day of trading, after exceeding the $77 per barrel barrier at the end of last week's trading.

Basra Heavy crude recorded $74.10 per barrel during yesterday's trading, while the average recorded $77.25 per barrel, with a change rate of +1.54 and +1.49, respectively.

The data also showed a decrease in global crude prices as well, as British Brent crude recorded $74.57, while US West Texas Intermediate crude recorded $71.05 per barrel, by -2.89 and -2.78. https://ninanews.com/Website/News/Details?key=1162191

Launching Of The Activities Of The International Scientific Conference Under The Slogan "Development And Financial And Economic Stability To Restore Confidence In The Dinar"

Tuesday 15 October 2024 | Economic Number of readings: 345  Mosul/ NINA / The activities of the international scientific conference were launched at the University of Mosul under the slogan "Development and Financial and Economic Stability to Restore Confidence in the Dinar.

Nineveh Governor Abdul Qader Al-Dakhil said during his attendance at the conference that Nineveh Governorate is regaining its health with its universities and scientific expertise."

Al-Dakhil added for the first time, "As a local government, we have implemented major strategic projects such as the Mosul Airport project and other vital development projects. We are working to develop the health sector by establishing many projects, the most important of which is the Ibn Sina Hospital project with a capacity of 600 beds."

He continued, "We are proud of our solid universities and we have an integrated plan that will be launched in the near future that includes all vital sectors, indicating that the city of waterfalls will see the light soon and the mini sports city in the right side of Mosul will join its ranks."

He said, "We have promising investment opportunities in the areas south of Mosul, whether in the oil, energy or sulfur sectors," noting that "the development road is one of the vital projects and will pass through the city of Mosul, in addition to the ring road, which is considered a vital and economic artery that revitalizes the city."

He added, "We promise our people in Nineveh that we are able to make Life again in a manner befitting its Iraqi identity, future and cultural heritage.”/ https://ninanews.com/Website/News/Details?key=1162221

In September, The United States Imported More Than 5 Million Barrels Of Oil From Iraq

10/15/2024  Mawazine News – Economy  Iraq's oil exports to the US exceeded 5 million barrels last September.  The US Energy Information Administration said, "Iraq exported 5.970 million barrels of crude oil to the US last September, up from 5.741 million barrels in August."

It added, "Iraq exported an average of 222,000 barrels of crude oil to the US during the first week of September, while it exported an average of 155,000 barrels per day in the second week, and exported an average of 265,000 barrels per day in the third week," noting that "the fourth week's exports averaged 152,000 barrels per day."

It continued, "Iraq came in fifth place in its exports to the US last month after Canada, which came in first place as the largest oil exporter to the US, followed by Mexico, Saudi Arabia, and Colombia." https://www.mawazin.net/Details.aspx?jimare=255987

Planning Launches Unified Electronic Platform Services

The Ministry of Planning announced today, Tuesday, the launch and activation of the services of the unified electronic platform for government advertisements and tenders (WWW.ITP.IQ), which is the first of its kind in Iraq.

The ministry said in a statement that "this platform was created under the direct guidance, supervision and follow-up of Deputy Prime Minister and Minister of Planning Mohammed Ali Tamim, and it specializes in tenders, contracts and government procurement affairs, stressing that "it will be applied to the rest of the ministries, agencies and governorates gradually."

The ministry indicated that "the platform will enable all government agencies to manage the activities of contracting procedures represented by publishing tender advertisements and selling their documents electronically and updating their statuses such as extension, re-announcement, cancellation and announcing the winner,

in addition to enabling all agencies to publish government purchase requests and solicit suppliers' offers to meet these requests electronically, leading to the preparation of a database that includes companies, contractors, suppliers and consultants interested in obtaining an opportunity to implement government projects using the method of direct invitations, contracting and direct purchase."

The ministry confirmed, according to the statement, that "the platform will allow commercial entities and businessmen to have immediate access to tenders announced by government contracting agencies and enable them to purchase the documents of these tenders electronically and follow up on the status of the submitted offers and the results of the study and analysis committees using the same mechanism."

The statement pointed out that "launching the electronic platform will contribute to supporting owners of small and medium enterprises, companies and suppliers by enabling them to submit their offers electronically to participate in government purchase request processing activities, in addition to allocating spaces within the platform that allow these commercial entities to promote their products and services electronically through the platform to activate electronic purchasing activity." He

explained that "the platform will enable companies, contractors and consultants to register their data, activities and specialized work within the platform database to enhance their opportunities to implement government projects using the direct invitation method and facilitate their selection processes for this purpose."

According to the statement, the ministry called on "commercial entities interested in implementing government projects, investment opportunities and preparing state purchases to visit the website (WWW.ITP.IQ) to view the platform's services, benefit from them and subscribe to its electronic services."    https://www.radionawa.com/all-detail.aspx?jimare=39758

The First Of Its Kind.. Launching The Baghdadna Electronic Service Platform

Baghdad Governorate logo  Local  Economy News – Baghdad  Baghdad Provincial Council announced on Tuesday the establishment of the Governance and Communications Committee to manage digital transformation in the capital, Baghdad, while pointing to the launch of the “Baghdadna” platform to provide more than 25 electronic services to citizens via smart devices.

The head of the e-governance and communications committee in the council, Muthanna Al-Azzawi, said in the first conference to announce the (Baghdadna) platform, which was followed by "Al-Eqtisad News", "We announce the establishment of the Governance and Communications Committee to manage digital transformation in Baghdad Governorate," indicating that "this committee is the first of its kind in the governorate, and aims to adopt and manage digital transformation files and provide electronic services to citizens."

He explained that "the first work of the Governance and Communications Committee is to start announcing the (Baghdadna) platform, which is the official government platform that will represent Baghdad Governorate, to provide all services electronically," stressing that "the platform will provide more than 25 real services to citizens through smart devices."

He added that "the goal of the Governance and Communications Committee is to build a smart local government that provides its services to citizens through smart devices, as citizens will be able to apply for the service through a single platform, and government institutions will complete the rest of the procedures electronically," noting that "the Baghdad local government will undertake the formulation of general policies for the governorate, while exercising its role in planning, monitoring and legislating on sectoral institutions."

Al-Azzawi called on all those interested in the field of digital transformation and information technology, researchers, civil society organizations, and the private sector, who have pioneering experience in this field, to “visit the committee and review the projects and the possibility of providing funds for the purpose of adopting and launching them.”  https://economy-news.net/content.php?id=48750

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

Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 10-15-24

Good Afternoon Dinar Recaps,

IOTA UNVEILS IOTA LABS: A NEW ECOSYSTEM ARM TO PROPEL DEFI, WEB3, AND REAL-WORLD SOLUTIONS

▪️IOTA has launched a dedicated outfit to boost innovation in its ecosystem.

▪️The protocol plans to support all projects, irrespective of their technological and ecosystem leaning.

IOTA is advancing its push in the Web3 ecosystem by introducing IOTA Labs. As an independent arm of its broader ecosystem, IOTA Labs will help the protocol turbocharge its growth, drive adoption, and back innovators in Web3.

Right Time for IOTA Labs Launch
Almost every blockchain protocol, including Layer-1 and Layer-2 outfits, has a dedicated outfit to support ecosystem growth. This is essential to create useful Decentralized Applications (DApp) for the community.

According to IOTA Labs, its goal with the new outfit is modeled after the concept of Alchemy, which aims to transform the ordinary into something unique. The platform outlined five major elements of a thriving Web3 ecosystem, which will serve as a guide for its mission overall.

🎉 New @iotalabs_ account just launched! 🎉As IOTA’s new independent ecosystem arm, they’re here to fuel growth, drive adoption, and turn bold ideas into real-world solutions.

Be sure to follow them for the latest news #crypto, #DeFi & #Web3 from the #IOTA community https://t.co/VCQ8HIOC5w  — IOTA (@iota) October 15, 2024

These elements include Community Building and Relationships, Developer Support and Collaboration, and Incentives to Drive Innovation. Additionally, the firm named Reliable Infrastructure for Seamless Access and Cross-Sector Collaboration to complete the top five elements.

It is worth noting that IOTA has worked effectively across all five elements in the past. As mentioned earlier in a CNF report, one research study from a Turkish University confirmed that the Tangle Protocol from IOTA is superior to other types of DLT, including traditional blockchains, for the Internet of Things (IoT). This is evident from its cross-sector collaboration and usage among innovators.

IOTA has a good track record of offering reliable infrastructure for seamless access. From powering the stablecoin market to facilitating trades across East Africa, the protocol is one of the most used blockchains for building transparent event-tracking databases.

Having played a key role in innovation over the past years, IOTA Labs is emerging to amplify cross-industry adoption. Overall, the essence of this push is to scale the IOTA ecosystem and empower its application to attain true autonomy.

The IOTA Labs Ideals: A Unified Approach
In the Web3 world, there is often fragmented innovation as everyone tries to showcase their uniqueness. As IOTA Labs noted, it is committed to supporting and enhancing every facet of the ecosystem.

Many industry investment funds are generally targeted at a specific niche. In an earlier CNF report, Aethir unveiled a $100 million fund to provide tailored support for AI and cloud gaming developers. With IOTA Labs, the fund allocation will benefit every developer, including those in gaming, Cloud services, AI, Decentralized Finance (DeFi), and driving Real-World solutions.

To begin with, IOTA Labs said it will commit $2 million as incentives in various campaigns over the next six months. As noted, besides developers, the incentive to bootstrap the IOTA Labs will also benefit users within the ecosystem.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

RIPPLE SWELL 2024 LIVE: CLO STUART ALDEROTY AND ADRIENNE HARRIS DISCUSS CRYPTOCURRENCY

Ripple Swell, the annual conference hosted by the payment firm Ripple, begins today in Miami, running from October 15 to 16. This event gathers Ripple’s partners and clients for discussions.

During the conference, Ripple’s General Counsel, Stuart Alderoty, shared the stage with Adrienne Harris, the chief of the New York Department of Financial Services (NYDFS). 

Harris announced that the NYDFS has formed a dedicated team of approximately 60 professionals focused specifically on cryptocurrency.

Fox Business journalist Eleanor Terrett wrote on X, “Harris says the NYDFS now has a team of around 60 people focusing specifically on #crypto.”

Social media users noted an interesting coincidence as the company is currently awaiting regulatory approval from the New York Department of Financial Services (NYDFS) for this launch.

 Key Insights on Digital Assets and Tokenization

Andrew Czupek, Senior Vice President and Head of Digital Assets at Northern Trust, spoke about the importance of traditional technology infrastructure in unlocking the full potential of digital assets.

He compared the current situation to the electronic trading revolution of the 1980s, explaining  that mass adoption of digital assets will take time.

In a panel discussion alongside James Wallis, Graham, CEO of Archax, discussed the impact of digital ETFs on the market. He pointed out that while tokenization took a while to gain traction, it is now evident that real-world use cases are starting to emerge, with users around the globe beginning to experience the benefits.

@ Newshounds News™

Source:  CoinPedia    

~~~~~~~~~

RIPPLE REVEALS FIRST PARTNERS FOR RLUSD STABLECOIN WITH TOP EXCHANGES AND PLATFORMS, PLANS LAUNCH ON XRP LEDGER AND ETHEREUM

▪️Ripple aims to position RLUSD as a leading stablecoin in the rapidly growing $170 billion market, focusing on regulatory compliance and utility in cross-border payments.

▪️The RLUSD stablecoin will be backed by short-term U.S. Treasuries and cash equivalents, with testing currently ongoing on the XRP Ledger and Ethereum networks.

In the latest push for its USD-pegged RLUSD stablecoin, blockchain startup Ripple announced its exchange partners and market maker partners during the Ripple Swell 2024 conference in Miami, Florida, on Tuesday.

In its official announcement, Ripple has named exchange partners such as Bitstamp, Uphold, Bitso, Independent Reserve, MoonPay, CoinMENA, and Bullish, for hosting its RLUSD stablecoin.

Similarly, its market maker partners include Keyrock and B2C2 which will provide liquidity support to the RLUSD stablecoin during the launch period.

Moreover, Ripple has appointed former FDIC chair Sheila Bair and David Puth, ex-CEO of Centre, the consortium behind USD Coin (USDC), to the advisory board for its stablecoin. Speaking on this development, Ripple CEO Brad Garlinghouse said:

With our initial exchange partners, clear utility and demand for RLUSD, and a strong focus on regulatory compliance, Ripple’s stablecoin is poised to become the gold standard for enterprise-grade stablecoins. “Our payment solutions will leverage RLUSD, XRP, and other digital assets to enable faster, more reliable, and cost-effective cross-border payments.

Although the official date for the launch of RLUSD stablecoin is not clear, Garlinghouse said last month that it would happen in “weeks, not months” from now. He also warned users to be vigilant about any RLUSD scams and only wait for the official announcement from the firm, reported CNF.

Ripple’s RLUSD Eyes Big Pie of the Stablecoin Market
The announcement follows Ripple’s earlier plans to launch its stablecoin, aiming to capture a share of the rapidly expanding $170 billion stablecoin market. 

Stablecoins play a crucial role in the crypto economy, acting as a link between traditional government-issued currencies and blockchain-based digital assets. Also, the stablecoin market is likely to grow to a trillion dollars by 2030. Thus, Ripple’s RLUSD will be pitching direct competition to giants like USDT and USDC through its institution-first approach, reported CNF.

President of Ripple Labs, Monica Long, said that the company is operationally ready from their end. Through the stablecoin, Ripple intends to capitalize on its established role in payments and serve as a crucial bridge for the tokenization of real-world assets, Long stated. In the last 24 hours, Ripple has already minted 4.5 million RLUSD stablecoins, reported CNF. Speaking on the matter, Long said:

For RLUSD and stablecoins generally, we definitely have validated the utility of them with payments. We’re also believers in this broader trend of real-world asset tokenization.

When we think beyond tokenizing money to different instruments and capital markets like securities and bonds, real estate and other assets, you need a stable coin that’s trusted and very reliable, very robustly managed for on and offramps as well.

RLUSD’s value will be supported by short-term U.S. Treasuries, dollar deposits, and cash equivalents. It is currently undergoing testing on the XRP Ledger and Ethereum networks. The company plans to publish independent monthly attestations of its reserves, which will be conducted by the San Francisco-based accounting firm BPM.

@ Newshounds News™

Source:  Crypto News Flash 

 ~~~~~~~~~

🌍 NAVIGATING FINANCIAL UNCERTAINTY: PROTECT YOUR 401(K) AND ASSETS!  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

“Tidbits From TNT” Tuesday 10-15-2024

TNT:

Tishwash:  Issuance of the first national card outside Iraq

The Ministry of Interior announced the issuance of the first national card outside Iraq.

The ministry said in a statement received by {Euphrates News} a copy of it that "in a step that is considered the first in the history of the Iraqi Ministry of Interior, the first national card was issued at the Embassy of the Republic of Iraq in the British capital, London, after a special office was opened to issue national cards there."

He added, "It is hoped that the Ministry of Interior will open a number of national card issuance offices in a number of countries in succession to provide the best services to Iraqis residing outside the country."  link

Tishwash: Trade Bank of Iraq announces the imminent opening of a cash deposit center in Karkh

The Trade Bank of Iraq announced today, Monday, the imminent opening of the cash deposit center in the Karkh side.

The bank's media advisor, Aqil Al-Shuwaili, said in a statement received by the Iraqi News Agency (INA): "Based on the directives of the respected Prime Minister, Mohammed Shia Al-Sudani, to provide the best services to citizens, the Trade Bank of Iraq announces the imminent opening of the (Cash Deposit Center)."

He explained that "this center receives all cash deposits only for all customers," indicating that "this is a new service that the bank will launch with the aim of providing the best services to customers, and to contribute to reducing the pressure of cash deposits on its other branches in Baghdad  link

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

Tishwash:  Government advisor: Tensions and war in the region may lead to a jump in oil prices

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, identified today, 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 told the Iraqi News Agency (INA): "The oil asset cycle is subject to accelerated upward volatility across current energy market indicators and two fundamental variables that affect global oil supply and demand: the first is OPEC+'s decisions to reduce oil production on the production of OPEC countries themselves and their allies, as OPEC+ has currently implemented significant oil production cuts of 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."  link

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

Tishwash:  Al-Mandlawi: Iraq is making exceptional efforts to prevent the specter of a major war from looming over the region and the world

Acting Speaker of the House of Representatives Mohsen Al Mandalawi warned the international community against the consequences of the conflict in the Middle East region turning into a comprehensive war with a greater impact on global security and peace, while stressing that Iraq is making exceptional efforts to prevent the specter of a major war from the region and the world.

In his speech delivered today, Monday, during his participation in the (149) session of the Inter-Parliamentary Union in Geneva, Al-Mandlawi called for “the formation of an international parliamentary delegation to visit Lebanon and Palestine and investigate the facts about the extent of the Zionist terrorist attacks against civilians,” describing the events taking place as a “major challenge” to the global system and a real threat to international legitimacy, indicating that “the recent attack on the UN peacekeeping forces (UNIFIL) is evidence of the extent of the arrogance of the occupation and its leaders, and has proven that this outcast entity is now outside the legal, humanitarian and international framework.”

Al-Mandlawi said, "International parliamentary bodies are facing a challenge and a test of the usefulness of their existence to express the aspirations of their peoples," calling on them to "take a clear and rapid position to spare the region and the world the dangers of slipping into a large and destructive war," calling on the presidency of the union and representatives of the participating parliaments to "condemn the Zionist practices and serious violations of the charters and legitimate resolutions, and take responsible action to stop the aggression against Palestine, Lebanon and the countries of the region, by demanding that the Security Council take the necessary decisions in this regard, hold the leaders of the entity accountable, prevent humanitarian disasters against civilians, provide urgent humanitarian aid and return the displaced."

He stressed the "necessity for the Union to adopt the signing of an international agreement that criminalizes the use of artificial intelligence technology as a weapon in wars, due to its deadly impact that exceeds the impact of nuclear weapons, and to pay attention to enhancing the parliamentary performance of the legislative bodies of member states and enabling them to perform their duties, in addition to taking the initiative to organize a responsible and serious humanitarian stand to intervene by all means in order to immediately stop the wars of genocide practiced by the Zionist entity, and to save the region and the world from its danger, effects and repercussions, and to exert efforts to raise the levels of cooperation between parliaments to exchange parliamentary expertise, and to emphasize the need to respect international humanitarian law and the rights of peoples to security and stability."

Al-Mandlawi explained that "Iraq is making exceptional parliamentary and governmental diplomatic efforts to prevent the specter of a comprehensive war from the region and the world, and that the Zionist entity is striving to ignite and expand this war by targeting diplomatic missions, leaders and symbols of countries within an aggressive methodology to control and impose wills and drag the region and the world into a comprehensive bloody war,"

 Indicating that "Iraq, Yemen, Syria and Iran are at the top of the list of targeted countries, while adding that announcing the name of the highest religious authority, Sayyid Ali al-Sistani, who is a symbol of peace and moderation in the world, within the list of the entity's targets, is nothing but evidence of its arrogance and its lack of consideration for human and heavenly values ​​and international legitimacy." link

Mot: .. making it work 

Mot: waiting - waiting – waitiing  

Iraq News Highlights and Points To Ponder Tuesday AM 10-15-24

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

10/14/2024   Mawazine News - Economy   The financial advisor to the Prime Minister, Mazhar Muhammad Salih, identified today, 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.

Salih said, according to the official agency: "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 large cuts in oil production 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."   https://www.mawazin.net/Details.aspx?jimare=255968

World Bank Support: Is External Financing Enough To Stabilize Iraq?

October 15, 2024  Baghdad/Al-Masala: The World Bank warns that the poorest countries, where about 40% of the population lives below the poverty line, are facing a significant decline in international aid, with an accelerating economic and social deterioration.

The bank's report indicated that these countries suffer from the highest levels of debt since 2006, which increases the repercussions of climate change, and fuels political instability and wars. These countries have also been severely affected by the Covid-19 pandemic, which led to a 14% decline in per capita GDP between 2020 and 2024.

The World Bank has called for increased external support for these countries through the International Development Association, but bilateral aid has declined significantly, deepening the crisis.

Poor countries must invest 8% of their GDP annually to achieve development goals, a huge challenge given their structural problems and the conflicts that impede control of their territories.

The report indicated that these countries can improve their conditions by increasing tax revenues and improving the effectiveness of public spending, but structural economic conditions and debts constitute a major obstacle.

In the Iraqi case, in terms of the impact of debt and corruption on the country’s economy, Iraq suffers from large debts and a financial system that relies heavily on oil revenues, with low international support and reduced foreign investment.

There are also structural problems such as corruption and political insecurity that hinder necessary economic reforms.

With regional tensions and internal conflicts escalating, Iraq needs massive investments to achieve sustainable development, but without strong international support, Iraq may face a similar path to these poor countries.https://almasalah.com/archives/103288

Government Advisor Prefers Maximizing Non-Oil Revenues By 2024

Information/Baghdad…   The Prime Minister's Economic Advisor, Mazhar Muhammad Salih, preferred, on Tuesday, to maximize non-oil revenues for the year 2024 compared to previous years.

Mazhar said in a statement to Al-Maalouma Agency, "Maximizing non-oil revenues stipulated in the government's program for financial reform, which calls for raising the contribution of non-oil revenues to 20% of total annual revenues compared to the previous low rates."

He added, "The development of oil and non-oil revenues (at the semi-annual level) between 2023 and 2024 showed a distinctive growth in revenues in general and non-oil revenues in particular."

He added, "The main objective of this conservative financial planning is to secure spending priorities in the country's general budget, most notably government salaries and wages, retirement pensions, social care, and development projects that are a priority in sustainable development." LINK

Al-Shammari: 757 Billion Dinars In The Ministry Of Interior’s Revenues In 2023

Posted On 2024-10-15 By Sotaliraq    Interior Minister Abdul Amir Al-Shammari confirmed that the total revenues for 2023 amounted to 757 billion dinars, which were returned to the state treasury, while he issued strict directives to the Explosives Control Directorate regarding external checkpoints and airports.

The Parliamentary Finance Committee said in a statement: “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 relying 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 state assets and studying their financial statements. The issue of those whose contracts were terminated and transferring beneficiaries of social protection salaries to the ministry to benefit from their services was also addressed.”

For his part, the Minister of Interior praised the efforts of the Finance Committee and 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 “the 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, revenues from 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.”

In addition, the Minister of Interior, Abdul Amir Al-Shammari, issued directives regarding the Explosives Control Directorate related to external checkpoints and airports.

The ministry said in a statement received by “Al-Zawraa” that “Minister of Interior, Abdul Amir Al-Shammari, visited the Explosives Control Directorate and was briefed on the most important duties and tasks carried out by this directorate.”

According to the statement, the minister stressed “the continuation of training the Explosives Control Directorate’s staff and developing their capabilities,” directing “cooperation with organizations supporting training.” He stressed “the intensification of efforts at external checkpoints and airports, and the rapid response to all calls and work on immediate presence and rapid movement in the event of any emergency, God forbid.”

On the sidelines of this visit, Al-Shammari opened two new buildings in the directorate, and provided support to it by directing the provision of the directorate with juvenile officers and contract police and providing it with various vehicles, including specialized ones, while praising “the work of this directorate and the achievements made by its cadres.”  LINK

Seeds of Wisdom RV and Economic Updates Tuesday Morning 10-15-24

Good Morning Dinar Recaps,

SMART CONTRACTS ACHIEVE LEGAL BREAKTHROUGH IN ARGENTINA

Smart contracts, the blockchain-automated programs, are now legal in Argentina after local jurisdiction recognized the enforceability of the first one.

They can now be used to execute rental agreements, purchase payments, and other legal contracts, as cryptocurrency is now approved for use as payment in commercial contracts in the country.

Smart Contracts Reach Legally Enforceable Status in Argentina
Smart contracts, the automatically executed blockchain-based equivalent of paper contracts, have reached a milestone in Argentina.

According to local reports, the first Cardano-based smart contract was approved to be legally binding by Argentine jurisdiction, which might be the first time this has happened in the country and even the world.

The contract specifies a four-month loan repaid with a 10% interest between Mauro Andreoli and Lucas Macchia, two Cardano ambassadors in Argentina.

The loan was issued for 10,000 ADA (close to $3,430). Andreoli stated that, in practice, this contract formalization means that “any breach can be enforced in court for the performance of the obligation in ADA.”

However, due to the digital nature of smart contracts, the duo had to sign a legal document as a complement. This document specifies the details of the smart contract subscribed loan, the blockchain in which it was built, and the wallet addresses involved with the transaction ID. 

As this is the first time this has happened, this kind of document might also be required in other instances to legalize smart contracts.

Andreoli stressed the relevance of the event. He stated:

We did it, we just signed the first legally and judicially binding contract on the Cardano network, in full compliance with the laws of the Argentine Republic.

Andreoli believes the crypto community has to work on educating national judges to be accustomed to this new kind of contract, highlighting this event marked “the initial phase of creating favorable jurisprudence in the country and facilitating commercial transactions.”

Smart contracts are supported by President Milei’s Omnibus Bill, which legalized the use of bitcoin and other cryptocurrencies as part of commercial contracts in Argentina.

Andreoli concluded that smart contracts can now be used to formalize rent or purchase agreements and other legal contracts.

@ Newshounds News™

Source:  Bitcoin News 

~~~~~~~~~

IOTA HOLDERS BRACE FOR 100% PUMP WITH POTENTIAL RWA REVEAL ON OCTOBER 15

▪️IOTA has teased an announcement on Tuesday, October 15, and the entire ecosystem is holding its breath, waiting for what could be a landmark pivot or partnership.

▪️Many believe that it’s related to the tokenization of real-world assets, which IOTA has been focusing on in recent years, and that the result could be a 100% rally in the token price.

October 15 is a landmark day for the IOTA ecosystem, but few can say with certainty why. IOTA has teased a mega announcement for tomorrow, and the entire space is speculating on how massive it will be and what it will be on.

IOTA teased the announcement two weeks ago, and since then, speculation has been rife over what’s next for the project.

Some believe that it’s most likely related to the tokenization of real-world assets (RWA), a sector that the network has been heavily focused on in recent years.

In an exclusive interview with CNF, founder Dominik Schiener revealed that he believes tokenization “is the silver bullet of cryptocurrencies” and that it’s “what’s missing in our current, highly digitized life.”

This has led some to speculate that the Tuesday announcement will most likely be about tokenization. If this announcement strikes the right chords with investors, the rally that will ensue will be massive, says Bit Whale, a crypto analyst on X.

IOTA: something is brewing and could see a 100% pump out of silence IF their announcement is RWA based on October 15 2024.

The analyst noted that it wouldn’t be the first time that IOTA had recorded a massive surge towards the end of the year. On November 23rd last year, it recorded a 130% rally, a fete that it could repeat tomorrow.

Additionally, the European Blockchain Services Infrastructure is set to make an announcement tomorrow about its verifiable credential service, which could be related to IOTA. After all, IOTA was one of the finalists in the European Blockchain Pre-Commercial Procurement, funded by the European Commission, as we reported.

IOTA’s Big Announcement
And yet, there are others who believe that the announcement will just be a start and that it will be a building block for future success.

This group has called on the community to manage its expectations, with one noting, “I’ve been thinking a lot about what the significance of October 15th might be. My gut feeling tells me that we shouldn’t expect anything major at first.”

He added:

Rather, I believe IOTA will undergo a nearly complete marketing overhaul. New website, new logo, etc. Once this rebranding process is completed, one thing will follow after another…We need traction, and then one thing must follow after another.

IOTA trades at $0.1289, gaining 3.6% in the past day for a $445.8 million market cap as trading volume saw a 20% uptick to start the week.

@ Newshounds News™

Source:  Crypto News Flash  

  ~~~~~~~~~

BOB LOCK CALL WED. NOON CENTRAL - PODCAST CALL TELEGRAM ROOM.  |  Youtube

LIVE CALL WITH BOB LOCK WEDNESDAY, OCTOBER 16TH AT NOON CT

Join Call: https://t.me/+VAm-AlWWqWPzyK8G Bob Mug: https://t.me/c/1522565332/4802

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

MilitiaMan: Iraq Dinar Update-#iqd news update-#iraqi currency-Attention to Valuation-Revaluation of Currency-IMF

Iraq Dinar Update-#iqd news update-#iraqi currency-Attention to Valuation-Revaluation of Currency-IMF

MilitiaMan and Crew:  10-14-2024

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

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

https://www.youtube.com/watch?v=8tr3f9NU3nw

Iraq News Highlights and Points To Ponder Monday Evening 10-14-24

Currency Auction Likely To Be Cancelled In Response To International Pressure To Combat Financial Smuggling

October 14, 2024  Baghdad/Al-Masala: As part of the efforts made to reform the financial and economic system in Iraq, the Central Bank is moving towards canceling the currency auction, in response to international pressures aimed at regulating the circulation of the dollar and reducing illicit flows.

At the same time, the digital banking sector faces challenges related to the lack of legal legislation regulating its work, in light of the growth of this financial technology. In addition, there is increasing oversight of the real estate and gold markets to prevent money laundering operations, with the imposition of new mechanisms that limit suspicious transactions in this field.

Financial analyst Safaa Al-Shammari said that the Central Bank of Iraq is moving towards implementing a decision to cancel the currency auction, noting that these measures come in response to international pressure and strict negotiations. Al-Shammari also highlighted the need to develop the legislative framework for digital banks, which have begun to emerge without sufficient legal oversight.

Speaking on a TV show, Al-Shammari explained that “the Central Bank of Iraq will work to stop the currency auction as part of its commitment to the conditions imposed at the New York meeting,” adding that “the United States refuses for the dollar to reach entities subject to sanctions, which affects unofficial import operations, especially from Iran and Syria.”

Regarding digital banks, Al-Shammari stressed the urgent need for legal legislation to regulate the work of these new financial institutions, pointing out that there is a digital bank in the Kurdistan Region that has not obtained a license from the Central Bank. He also pointed to tightening control over the real estate market to combat money laundering, adding that “the gold trade has also come under strict control to prevent any violations.”

Tightening control over the real estate market to prevent money laundering requires a set of regulatory and supervisory measures in coordination between financial and banking bodies and legal entities.

These measures include imposing financial limits on real estate transactions that require additional monitoring, such that any purchase or sale exceeding a certain amount is subject to intensive financial investigations to ensure the legitimacy of the source of the funds.

Buyers and sellers must also be required to provide documents proving the source of funds used in transactions, and here banks play an important role in examining financial accounts and detecting suspicious transfers.

Analysts say it is essential to create a national database for all major real estate transactions to track financial movements related to real estate, making it easier to detect unusual patterns that may indicate money laundering. Cooperation between banks and regulatory bodies should also be enhanced, with banks monitoring accounts and financial transactions related to real estate transactions and reporting any suspicious activity to the relevant authorities.

In addition, strict laws are required to require parties involved in the real estate market to disclose the identity of the beneficial owner of a real estate transaction to track down parties that may seek to hide illicit funds.

The analysis indicated that international asset auditing is also important to ensure transparency of foreign investors’ investments and cross-border transactions. Banks play a pivotal role in combating money laundering by examining financial transactions related to real estate deals and verifying the sources of large amounts of money used in purchases.  https://almasalah.com/archives/103271

Ministry Of Oil: We Export 1000 Tons Of Jet Fuel Daily

Monday,10-14-2024,PM 12:16  Taisir Al-Asadi  The Ministry of Oil announced the production of 2,500 tons of jet fuel daily, while indicating the export of 1,000 tons of it.

The Undersecretary of the Ministry for Refining Affairs, Hamid Younis, said, “The production quantities of jet fuel reached 2,500 tons per day, indicating that the surplus of local needs is exported through the Iraqi Oil Marketing Company (SOMO).”

He added that the export quantities amount to 1000 tons, noting that this achievement is part of a series of achievements in the refining sector.

He stated that “the process of exporting jet fuel is an achievement added to the achievements of the refining sector, and its importance lies in two cases: the first is maximizing financial revenues to the state treasury, which is part of the Prime Minister’s government program, and raising production capacities and exporting products in excess of consumer needs.” https://non14.net/public/171058

Iraq's Oil Exports To America Rise

Monday,10-14-2024,  Taisir Al-Asadi  The US Energy Information Administration announced yesterday, 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."

It added that "Iraq's oil exports to America amounted to 241 thousand barrels per day last week, up by 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 to 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 crude oil imports from Ecuador was 228,000 barrels per day, from Colombia it was 149,000 barrels per day, from Brazil it was 134,000 barrels per day, from Nigeria it was 44,000 barrels per day, and from Libya it was 28,000 barrels per day. https://non14.net/public/171055

Parliamentary Committee Reveals Reasons For Reducing The Region's Oil Production By Half

Posted On2024-10-14 By Sotaliraq  Member of the Parliamentary Oil and Gas Committee, Dhurgham Al-Maliki, revealed the reasons for reducing the Kurdistan Region’s oil production by half.

Al-Maliki said, "Iraq's export percentage has already been reduced by OPEC."

He added, "The Minister of Oil, Hayan Abdul Ghani, before he suffered a health problem, decided to reduce oil from the provinces of Basra and Maysan only, and the region remained at its percentage."

Al-Maliki pointed out that “keeping the region’s share of oil exports at its current level and reducing the share of the rest of the governorates is incorrect, and the share must be distributed equally among everyone.”

He added, "The reduction in oil exports cannot be limited to the southern governorates only, as it will cause problems for the income of the southern governorates."

Two days ago, the acting Minister of Natural Resources in the Kurdistan Regional Government, Kamal Mohammed, announced that the region had reduced its oil production by half, at the request of Baghdad and as part of its commitment to the OPEC+ agreement.

During his participation in an energy conference in Istanbul, Mohammed explained that the Kurdistan Region has been producing 140,000 barrels of oil per day since September 2, 2024.[/size]

Iraq has consistently produced more than OPEC+ has set, and has promised to make up for the previous overshoot.

On September 26, 2024, the Iraqi Ministry of Oil announced the export of 105 million and 845 thousand barrels of oil during the month of August, a decrease of 2 million and 207 thousand barrels compared to July.

In turn, the OPEC+ Joint Ministerial Committee for Monitoring Production confirmed that Russia, Iraq and Kazakhstan fulfilled their obligations to compensate for the previous increase in production.

The Kurdistan Region’s oil exports stopped on March 25, 2023, after the International Chamber of Commerce in Paris ruled in Iraq’s favor in the lawsuit it filed against Turkey over the pipeline. Before that, the Kurdistan Region was exporting 450,000 barrels per day to global markets via Türkiye.

Mohammed pointed out that the Kurdistan Region lost billions of dollars in revenues due to the halt in oil exports, while Iraq itself lost more than 16 billion dollars, adding that “this is a situation in which everyone loses and no one benefits.”

Disagreements over contracts, the cost of producing a barrel, and the dues of international companies continue to hinder reaching an agreement between Erbil, Baghdad, and the companies to resume exports.  LINK

Taif Sami: The Regional Government Has Not Handed Over Its Oil Revenues To The State Treasury

Local | 10/13/2024  Mawazine News - Baghdad  The Ministry of Finance announced on Sunday that it will release 400 billion dinars from the governorates’ allocations, while indicating that the fluctuations in oil prices caused a problem in achieving revenues.

The ministry said in a statement received by Mawazine News, that “Minister of Finance Taif Sami appreciated the support of the parliamentary finance committee, its chairman and members, for the ministry’s work, while she presented a detailed presentation on the ministry’s steps to address the budget deficit and the problem of lack of funding.”

Minister Sami said, according to the statements, that “the fluctuations in oil prices caused us a problem in achieving revenues,” calling on “the finance committee to help the ministry with regard to the problem of non-oil revenues with the regional government, as it has not handed over its oil revenues to the state treasury since the Federal Court’s decision to pay the salaries of Kurdistan employees.”

She added, “The salaries of the region’s employees are estimated at 13 trillion dinars, as all that the Kurdistan Regional Government has paid is 320 billion dinars from its non-oil revenues.”

She pointed out that "financial allocations for the ration card and the food basket were secured, sufficient for the next six months, and that the improvement in oil prices was naturally reflected in the financing, as we will release today more than 400 billion dinars from the governorates' allocations." https://www.mawazin.net/Details.aspx?jimare=255947

In Numbers.. The 2024 Budget And The Rate Of Iraqi Oil Sales

Time: 2024/10/14 08:02:11  Read: 1,326 times  {Economic: Al Furat News} The Prime Minister’s advisor for financial affairs, Mazhar Muhammad Salih, stated that the 2024 budget, which entered into force, had a “precautionary deficit” of about 64 trillion dinars.

Saleh said in a press statement that the average Iraqi oil sales for 2024 are 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 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.  LINK

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

Good Evening Dinar Recaps,

RIPPLE EYES $16 TRILLION CUSTODY MARKET – PAVING THE WAY FOR XRP ADOPTION BY MAJOR BANKS

▪️Ripple’s enhanced custody services position XRP for adoption by major banks as the $16 trillion market expands.

▪️Ripple’s strong compliance and security standards, along with key partnerships, pave the way for widespread integration of XRP in the tokenized economy.

After Ripple expanded as Taiwan prepares for crypto custody trials in 2025, as recently reported by CNF, its presence in Asia strengthens with a major payment license from Singapore’s financial regulator. Ripple has taken a strategic step forward in the digital asset space by enhancing its custody services with new, bank-grade features.

Recently unveiled, these updates aim to serve fintech companies and crypto-native businesses with a secure and compliant platform. Ripple’s custody technology integrates with the XRP Ledger (XRPL), enabling the tokenization of real-world assets and facilitating low-fee trading on XRPL’s decentralized exchange (DEX).

Team Ripple highlighted in a recent press release, stating:

“Custody is a key entry point into the digital asset economy, and it’s only growing. The amount of crypto assets custodied is expected to reach at least $16T by 2030, and moreover, 10% of the world’s GDP is expected to be tokenized by 2030. As such, companies need secure, compliant, and flexible options to store their crypto.”

Additionally, Ripple introduced hardware security module (HSM) options and pre-configured policy frameworks to meet the growing demands of the digital asset economy.

This expansion aligns with the increased integration of blockchain in traditional finance, following a major announcement by Swift, which has sparked discussions around the inclusion of digital assets in global payments. Although Swift did not mention XRP directly, Ripple’s recent developments position it to benefit from this broader trend.

Growing Market Adoption and Regulatory Compliance
Ripple’s custody service has already gained significant traction, reporting a 250% increase in new customers year-over-year. The platform now serves leading financial institutions and crypto businesses across major markets, including the U.S., U.K., and Singapore.

Aaron Slettehaugh, SVP of Product at Ripple, emphasized the platform’s security and compliance standards, stating in the announcement,

“Ripple’s custody technology offers a single platform for safeguarding and managing digital assets, designed with the security and compliance standards that top global banks and financial institutions have come to rely on.”

To further strengthen regulatory compliance, Ripple has partnered with Elliptic to offer transaction screening services, enabling real-time monitoring and risk assessment.

Monica Long, Ripple’s CEO, emphasized the company’s enterprise-grade capabilities, highlighting partnerships with major banks like DBS, SocGen-FORGE, and BBVA. As the global custody market is expected to reach $16 trillion by 2030, Ripple’s enhanced offerings are poised to provide the secure and flexible solutions required for the rapidly expanding tokenized economy.

@ Newshounds News™

Source: Crypto News Flash 

~~~~~~~~~

CENTRAL BANK OF BRAZIL INVITES APPLICATIONS FOR CBDC PILOT

The Central Bank of Brazil invites applications for its CBDC pilot, Drex, aiming to enhance the financial system through tokenization and exploring complex use cases from October 14 to November 29.

The Central Bank of Brazil opened applications on October 14 for companies to participate in the second phase of its digital currency (CBDC) pilot, Drex.

From October 14 to November 29, firms can submit proposals to contribute to the project to enhance Brazil’s financial system through tokenization.

Brazil Central Bank announced that the next phase will expand beyond the initial consortiums, as 13 complex use cases have already been approved. The new phase introduces more complex use cases, such as loans backed by custodial assets, carbon credits, agribusiness bonds, and foreign trade transactions.

Is Tokenization the Future of Finance? Brazil’s Bold Move Amidst Global CBDC Trends
According to a Valor report, this expansion follows the initial phase, during which 16 consortiums, most of them bank-led, tested the registration of the Brazilian real in a decentralized digital network. The project also explored tokenized federal government bonds.

The Central Bank has expressed interest in adding more participants and exploring advanced technology applications. Applicants will also continue testing privacy solutions, as previous efforts have yet to resolve the challenge of securely hiding transactions between participants on a scalable level.

In the previous phase, no company—among Zether, Starlight, Rayls, and ZKP Nova—resolved the issue of scalable transaction privacy.

At a recent event in Rio de Janeiro, João Pedro Nascimento, president of the Brazilian Securities and Exchange Commission (CVM), emphasized that tokenization is a permanent business model and that the crypto industry must operate in a “regulatory-complniat” manner.

He believes integrating blockchain into traditional financial assets can improve the distribution of investment products.

However, experts cautioned that blockchain technology is not a one-size-fits-all solution. George Marcel Smetana from Bradesco questioned whether disintermediation in blockchain actually results in tangible benefits.

Similarly, Jochen Mielke de Lima, CEO of B3 Digitas, also shared a similar sentiment and stressed the importance of governance in distributed systems.

He warned that removing central depositories could pose risks, particularly in managing liens and asset ownership.

Brazil Accelerates CBDC Development and Open Finance Initiative
Brazil is pushing forward with its Central Bank Digital Currency (CBDC) initiative, Drex, while also accelerating tokenization through an Open Finance platform.

As part of a global trend, Brazil is among 65 countries in the advanced stages of CBDC development. China’s digital renminbi (e-CNY) has already recorded 180 million personal wallets and over 7.3 trillion Yuan ($1.02 trillion) in transactions as of October 11.

In addition to its CBDC efforts, Brazil is set to enhance its nationwide tokenization initiatives through an Open Finance platform. The central bank envisions this platform as a marketplace that offers users various banking and payment options, including CBDCs.

According to the central bank’s vision, the marketplace will promote “competition by channel and for principality” and greatly foster innovation in the financial sector.

Amid these government initiatives, private crypto firms are also working to expand digital asset payment options for Brazilians.

Notably, on October 3, Ripple announced a partnership with Mercado Bitcoin, a leading Brazilian cryptocurrency exchange.

This collaboration seeks to launch cross-border crypto payments, enabling businesses in Brazil to execute “faster, cheaper, more efficient” transactions globally.

Ripple stated that the new payment tool will allow for payment settlements in just minutes, providing a 24/7 solution for cross-border transactions.

@ Newshounds News™

Source: Crypto News 

~~~~~~~~~

TETHER LOOKING TO DIVERSIFY INTO COMMODITIES TRADING, OTHER TRADFI VENTURES

After reporting a record-breaking profit of $5.2 billion in the first half, Tether explores inefficiencies in credit for the commodity market.

Tether Holdings, the issuer of the USDT stablecoin, is looking to expand beyond the crypto industry and explore new ventures in traditional finance (TradFi), including potentially lending to commodities trading firms, Bloomberg News reported on Oct. 14, citing CEO Paolo Ardoino.

People familiar with the matter told Bloomberg News that Tether is already in discussions focused on lending US dollars to commodity traders, a sector where access to credit is critical to sustaining the flow of multimillion-dollar shipments of oil, metals, and agricultural products.

Ardoino confirmed the rumors during an interview with Bloomberg but did not disclose further details about the plans or the amount the firm intends to invest in them. However, he clarified that these explorations will remain distinct from the firm’s core stablecoin business

While major players like Trafigura Group enjoy extensive access to credit lines — reportedly $77 billion from 150 institutions — smaller traders often struggle to secure funding. Tether’s alternative approach could prove attractive, as its loans are not subject to the regulatory conditions traditional lenders face, potentially speeding up transactions.

According to the sources, the company is looking at ways to expand USDT’s use in mainstream commodity trades globally, leveraging the liquidity and stability it offers, the report said.

Exploring new fronts
Tether reported $5.2 billion in profits for the first half of 2024, most of it related to the firm’s investments in traditional assets, such as US Treasuries, totaling $97.6 billion. The firm’s exposure to US Treasuries surpasses major nation-states, including Germany, the UAE, and Australia.

The firm has seen remarkable growth and maintains a dominant position in the stablecoin sector, with USDT approaching a $120 billion market capitalization, which will be a new all-time high for the stablecoin.

The recent foray is the latest in Tether’s efforts to channel its significant growth into new ventures.

Tether has been working on expanding to new sectors for several months now, starting with an expanded focus on artificial intelligence (AI) announced in March.

A month later, in April, Tether created four new business divisions focused on data, finance, power, and education. Following that, the firm made its first investment in neuroscience less than two weeks later by acquiring a stake in the brain-computer-interface company Blackrock Neurotech.

@ Newshounds News™

Source:  CryptoSlate

~~~~~~~~~

🌍 WHEN WILL THE GLOBAL CURRENCY RESET HAPPEN? | Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Beyond the Illusion - Exposing the Lies Created by the Financial System

Feargus O'Conner Greenwood: Beyond the Illusion - Exposing the Lies Created by the Financial System

Palisades gold Radio:  10-14-2024

Tom Bodrovics welcomes Feargus O'Connor Greenwood, author of "180 Degrees: Unlearn the Lies That You've Been Taught to Believe." This conversation centers around understanding the financial system and changing perspectives.

Feargus wrote his book due to widespread deception and manipulation in society, aiming to expose deceit, break the hold of authority, and equip readers with effective communication tools. He believes that the financial system exists not for individual prosperity but as a tool to create money from nothing and exert control.

Money has functions and attributes, and Feargus stresses the importance of understanding its origins and creation.

Feargus discusses the historical manipulation of currencies by entities like the Bank of England and the Federal Reserve, arguing these institutions have caused economic depressions and perpetuated corruption.

He believes fixing the monetary system is essential for solving global issues and restoring free market incentives.

 He sees gold, silver, and crypto as safe havens against potential hyperinflation and anticipates a significant price move in silver due to increasing demand. Feargus discusses the potential for physical demand of metals to potentially break markets.

Technological advancements are also discussed as having potential impacts on the markets. Feargus believes Bitcoin will have a role as both a decentralized currency bringing freedom and like any tool has potential for tyrannical applications.

 The importance of truth, and understanding situations through a lens of proving what didn't happen rather than what did is explored. Feargus also discusses the concept of empire collapse and symptoms of decay.

False flags are defined as covert operations designed to deceive and identified by broken emergency protocols, hidden evidence, and perpetrators linked with intelligence services.

 Feargus discusses effective communication strategies to deploy when explaining non-mainstream topics. These include starting small, avoiding arguments, using analogies, and practicing active listening.

Feargus' book provides further insights into these strategies. The conversation concludes by discussing the importance of morality and ethics as essential elements for the survival of any society.

Time Stamp References:

 0:00 - Introduction

0:56 - Systemic Lies & His Book

4:03 - Financial System

ney Supply Booms/Busts

19:04 - Central Bank Origins

22:30 - Savings Vs. Inflation

25:15 - Silver & Manipulation

29:29 - Purpose of the B.I.S.

32:25 - Possible Solutions

 38:24 - Origin of Bitcoin?

40:48 - Describing Reality

45:47 - Empire Collapse Cycles

48:37 - Broken Protocols

54:17 - Facing Truth & Reality

 57:43 - Elections & Fraud

1:01:08 - Ten Solutions

 1:20:00 - Wrap Up

Talking Points From This Episode

Feargus Greenwood exposes financial system manipulation by entities like the Bank of England and Federal Reserve, advocating for understanding money's functions and considering gold, silver, or crypto as safe havens against potential inflation.

Historical currency manipulations by institutions have led to economic instability; fixing the monetary system is crucial for global issues with Feargus predicting a significant price move in silver.

Effective communication strategies including starting small, avoiding arguments, using analogies, and active listening.

https://www.youtube.com/watch?v=ECV5pQPi6Ss

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

Good Afternoon Dinar Recaps,

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

~~~~~~~~~

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

~~~~~~~~~

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

 ~~~~~~~~~

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

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Sees of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps