Iraq News Highlights and Points To Ponder Tuesday AM 10-22-24

Parliamentary Finance: 2025 Budget Expected To Reach Parliament Early Next Year

Economy  - 2024-10-21  The head of the Parliamentary Finance Committee, Atwan Al-Atwani, confirmed today, Monday, that the government has begun meetings to restructure the items of the 2025 budget, while he expected it to reach the House of Representatives early next year.

He pointed out that the Finance Committee discussed the public financial management project with a delegation from the Adam Smith International Foundation.

The media office of the head of the committee stated in a statement that "the head of the Finance Committee, Atwan Al-Atwani, received a delegation from the Adam Smith International Foundation at the headquarters of the Finance Committee, to discuss the public financial management project prepared by the international institution to help reform the tax and customs sectors, public debt management and the Development Fund."

He added that "Al-Atwani reviewed before the delegation, in the presence of the economic advisor to the British Embassy, ​​the most important challenges facing the financial system in Iraq, as well as the steps and priorities of the Finance Committee within the framework of finding a correct philosophy and rational management of public money and the economy by diversifying sources of income and not relying excessively on oil to feed the state budget."

Al-Atwani said, according to the statement, that "the parliamentary finance committee, as part of its ongoing efforts and continuous efforts to maximize non-oil revenues, is currently working on amending the law of the General Authority for Monitoring the Allocation of Federal Revenues, so that it can play its role in evaluating, monitoring and collecting these revenues in a sound and regular manner, in addition to including a new task in the law related to evaluating the performance of the budget and expenditures."

He added that "the committee is conducting an in-depth study of the Stock and Commodities Market Law, which it intends to legislate during the coming period, and is holding specialized workshops in order to encourage Islamic banks to enter into banking and financial activity."

He pointed out that "the finance committee is working on a number of proposed laws that aim to regulate financial management, including the proposed law on investment in Islamic bonds, and the proposed law on the Center for Banking Studies."

Regarding the 2025 budget, Al-Atwani estimated that it would reach the House of Representatives early next year, indicating that "the government has begun meetings to restructure the budget items."

He noted that "the oil dispute with the Kurdistan Region is one of the most prominent problems facing the preparation of next year's budget," referring to "the committee's efforts and efforts to resolve the dispute between Baghdad and Erbil, through meetings with representatives of the regional government and the federal government.

The points of contention have been identified and diagnosed by the committee, and the legal and constitutional path to overcome them has been determined; as we hope to reach a final agreement in the next stage, in order to resume the export of the region's oil, in a way that ensures the enhancement of the state's resources." In

 turn, the institution's delegation confirmed its interest and keenness to support the financial system in Iraq, through a long-term strategy, specialized training and consultations to develop Iraqi systems and legislation.   https://kirkuktv.net/AR/Details/22785

Western Report: Iraq's Financial Situation Is Strong And It Is Working According To A Transitional Development Approach

 Politics  Baghdad-Mil    A Western report praised the developments taking place in Iraq, noting that it is in a strong financial position and its government is working according to a transitional approach that links humanitarian work with development.

According to the report, which was published by the "Really Vibe" website and translated by "Mill", "Iraq is largely going through a transitional phase from a humanitarian response to a more development-oriented approach."

He added, "The Iraqi government has developed a national plan on internal displacement and launched a sustainable development programme in cooperation with the United Nations.

The report confirms that "the Iraqi government is now in a much stronger financial position, given its ability to generate capital from its oil reserves, and the country has a transitional document linking humanitarian work and development programmes."  https://miliq.news/political/37518--.html#hathalyoum

Parliamentary Finance Committee Talks About Non-Oil Revenues In The Budget And Directs An Invitation To The Government

 Policy  2024-10-22 | Sumerian News – Politics  The Finance Committee in the House of Representatives called on the government to expedite the preparation of next year's budget according to the specified timetable. While discussing Chairman of the Committee Atwan Al-Atwani with the delegation of the Adam Smith International Foundation group Of the laws related to the development of the financial and banking system.

Member of the Finance Committee, Mustafa Al-Karawi, stated that “the current year’s budget stipulated the necessity of providing Parliament In the financial schedule before the end of the fiscal year, and any delay in that will cause a delay in the start of implementing the budget and its schedules,” noting that “the non-oil revenues targeted in the budget are estimated at 27 trillion dinars, while what has been achieved so far does not exceed 8 trillion dinars only,” he said.

Al-Karawi added that "the Ministry of Finance indicated the possibility of collecting 3 trillion dinars per month during the coming period, and that the Finance Committee called on the government to enhance non-oil revenues and ensure the achievement of financial targets to avoid any economic imbalances."

The MP stressed that "the committee is closely following up on how the budget funds are distributed, to ensure that they are used effectively to serve citizens and enhance the national economy."Pointing“It discusses from time to time ways to increase government revenues by developing the tax and customs system,” the MP noted.

“There is a government plan that relies on automating and modernizing the work systems in these institutions, and it is expected that its implementation will be completed by the end of this year, which will contribute to enhancing revenues and ensuring better efficiency in collecting them,” according to the official Al-Sabah newspaper.

In addition, he reviewedChairman of the CommitteeFinance, Atwan Al-Atwani, yesterday, Monday, with a delegation from the Adam Smith International Foundation, projectslawsThe mission includes the Securities and Commodities Law, the Banking Studies Center Law, and the Islamic Sukuk Investment Law, with the necessary amendments, noting that these laws will be read in the upcoming sessions.

 Al-Atwani also reviewed before the delegation the most important challenges facing the financial system in Iraq, as well as the steps and priorities of the Finance Committee within the framework of finding a correct philosophy and rational management of public money and the economy through diversifying sources of income and not relying excessively on oil to feed the state budget,

stressing that the Parliamentary Finance Committee, within the framework of its permanent movement and continuous efforts to maximize non-oil revenues, is currently working on amending the law of the General Authority for Monitoring the Allocation of Federal Revenues.  LINK

Seeds of Wisdom RV and Economic Updates Tuesday Morning 10-22-24

Good Morning Dinar Recaps,

G20 REPORT ON TOKENIZATION OUTLINES HOW CENTRAL BANKS LIKELY TO ENGAGE

The Bank for International Settlements (BIS) has been pretty supportive of tokenization, promoting the idea of the Unified Ledger where tokenized assets can be settled with tokenized money. 

Today the BIS and Committee on Payments and Market Infrastructures (CPMI) released a report for the G20 which takes an upbeat but sober view on tokenization, highlighting both the opportunities and the risks, as well as the role of central banks.

On the opportunity front, the stand out benefit is seen as the ability for a single platform to support functions that have been traditionally split (such as pre and post trade) as well as multiple types of assets and different parties.

That reduces many frictions and costs, enabling transactions that previously weren’t possible. Plus the support for delivery versus payment (simultaneous exchange of the asset and money) helps with risk reduction.

It also steps through many potential risks beyond the conventional ones. In the early stages, as tokenization matures, there is some legal uncertainty as regulations get clarified.

The paper raised an interesting legal risk: In the United States, if a company goes bankrupt, its assets are frozen. However, that’s not the case regarding repurchase agreements (repos), which usually involve a company providing collateral in exchange for cash. The BIS notes that this advantage “may not extend to tokenised versions of repo transactions.”

Meanwhile, the authors highlight that more complex platforms which support multiple issuers and assets are likely to be more expensive to build. On the other hand, it’s less expensive to develop a single issuer or asset platform, but more likely to create siloed data which defeats the object of tokenization.

The role of central bankers
This potential proliferation of siloed systems and fragmentation highlights the need for central banks. Central banks can step in to coordinate efforts.

Plus, given the propensity for payments and network effects, there’s a risk that a lack of competition between tokens could result in a “winner takes most” situation. That could mean the benefits of tokenization translate to higher profits rather than lower costs for end users. Central banks want end users to benefit from the potential economies of scale that a large platform could enable.

A second consideration is the role of the central bank in providing central bank money for the settlement of tokenized assets. The paper considers various options, including integrating existing payment systems and providing tokenized central bank money (wholesale CBDC) on a central bank platform or third party platforms. While tokenized deposits are moving forward, the BIS is concerned about the potential proliferation of stablecoins for settlement.

Third, is the potential need to monitor these new platforms. They want to assess which ones fall into similar a classification to traditional Financial Market Infrastructures (FMIs).

Finally, there’s the impact on monetary policy. For example, the use of tokenized deposits or a wholesale CBDC could change the balance between public and private money. If tokenization ends up fragmenting money, then this could affect the implementation of monetary policy.

The road ahead
“Tokenisation has significant potential to improve the safety and efficiency of the financial system,” Agustín Carstens, General Manager of the BIS.

”Central banks along with the private sector must continue to explore novel technologies and develop solutions that are fit for purpose for the future financial system.

However, tokenisation also poses economic, legal and technical challenges that must be addressed if it is to fulfil its potential.  The BIS is committed to exploring aspects of these challenges through its analysis and Innovation Hub projects in the years ahead.”

@ Newshounds News™

Source:  Ledger Insights

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JAPAN'S DPP LEADER PLEDGES 20% TAX CAP ON CRYPTO GAINS IN POLICY PITCH FOR UPCOMING ELECTION

▪️The leader of Japan’s Democratic Party for the People has included the reduction of taxes on crypto gains as part of the party’s policy statement.

▪️Japan currently imposes taxes of up to 55% on crypto gains as cryptocurrency is classified as miscellaneous income.

Yuichiro Tamaki, the leader of Japan’s Democratic Party for the People (DPP), has proposed a plan to reduce the tax on crypto gains to 20% as part of his policy statement for the upcoming general election.

“If you believe that cryptocurrency should be taxed at a flat 20% rate, instead of being treated as miscellaneous income, please vote for the Democratic Party for the People. We also propose no taxes on cryptocurrency-to-cryptocurrency exchanges,” Tamaki wrote on X on Sunday.

In a policy statement, the party suggests a 20% separate self-assessed tax and proposes exempting taxes on cryptocurrency exchanges, raising the leverage limit from 2x to 10x, and introducing crypto ETFs. Tamaki also wrote in an X post in July that Japan should “aim to become a major cryptocurrency nation through deregulation and tax reform.”

“With the leverage ratio for retail investors limited to 2x, there is little incentive for speculators to enter the market,” Daiki Moriyama, director of Japan- and Singapore-based gaming blockchain builder Oasys, told The Block.

Japan currently imposes taxes of up to 55% on crypto gains, as cryptocurrency is classified as miscellaneous income. In December, the government approved a tax regime revision that seeks to exclude corporations from paying tax on unrealized crypto gains if they hold the assets longer-term.

“Cryptocurrency trading volumes in Japan remain extremely low,” Moriyama said. “Consequently, Japanese cryptocurrency exchanges, which rely mainly on trading fees as their primary source of revenue, are struggling to generate profits.”

Tamaki’s ambition to reform crypto taxes may still be far from becoming a reality. DPP currently holds seven seats in the House of Representatives, and Japan is set to hold a general election on Oct. 27 to fill its 465 lower house seats.

A survey conducted by the Asahi Shimbun, a major Japanese newspaper, showed that, in single-seat areas, the DPP may double its pre-election total of four seats. In the proportional representation category, DPP may increase its seats.

@ Newshounds News™

Source:  The Block  

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MM&C News Reporting-Iraq Dinar Update-Banking Reforms-Completion Development-Digital Infrastructure

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MilitiaMan:  10-21-2024

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

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

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Iraq News Highlights and Points To Ponder Monday Evening 10-21-24

"Serious Repercussions" .. Iraq's Internal Debts Rise At A Rate Of One Trillion Dinars Per Month

Published on: October 21, 2024: Exclusive/Al-Mada  Iraq has recently witnessed a significant increase in its internal debts, recording an increase of one trillion dinars per month, which raises widespread concern among citizens and economic analysts.

This increase comes at a time when the country is suffering from multiple economic challenges, including weak economic growth and increasing unemployment rates.

As the financial crisis worsens, economists expect the growing public debt to have negative effects on citizens’ standard of living, including a decline in public services and higher prices.

Under these circumstances, there is an urgent need to develop effective strategies to manage debt and ensure financial stability in the country.

The economic expert, Nabil Al-Marsoumi, announced in a post on his personal accounts, followed by (Al-Mada), that "according to the data published on the website of the Central Bank of Iraq, the total domestic public debt in Iraq increased from 70 trillion dinars in January 2024 to 80 trillion dinars in October 2024. The rate of increase in the debt reached 1 trillion dinars per month, representing a growth rate of up to 14%."

He added, "This growth in the domestic debt reflects the existence of an actual deficit in the 2024 budget, as part of this deficit was covered through domestic borrowing, deducting remittances, and issuing bonds," noting that "the government's three-year budget law in 2024 has provided the possibility of obtaining 5 trillion dinars through remittances deducted from the legal reserve of government banks, in addition to borrowing 3 trillion dinars from these banks."

The government's measures also included issuing national bonds worth 5 trillion dinars and deducting treasury transfers at the Central Bank of Iraq worth 20 trillion dinars.

The economic expert continues, "This increase in domestic debt in light of the economic challenges facing Iraq requires effective strategies to manage public debt and achieve sustainable financial stability."

For his part, economic affairs expert Taha Al-Janabi said in an interview with Al-Mada that “the increase in Iraq’s internal debts by a rate of one trillion dinars per month could have major negative effects on citizens and the economy in general.”

He added, "With the rise in public debt, the government may have to impose new taxes or increase existing taxes to compensate for the deficit, which will reduce the disposable income of citizens."

He explained that "focusing on debt repayment could lead to reduced spending on basic services such as health, education and infrastructure, which negatively affects the quality of life."

Al-Janabi explained that, "to finance the debt, the government may have to print more money, which may lead to higher inflation rates and higher prices, and thus a loss of purchasing power for citizens."

He stressed that "if public debt continues to rise without a clear plan to manage it, this could lead to a loss of confidence in the government and economic systems, which could lead to social unrest."

He explained that "the increasing debt may lead to future generations being burdened with paying off these debts, which will affect their economic future."

The economic expert continued, "Addressing these issues requires effective economic strategies from the government, including improving the management of public funds, increasing spending efficiency, and developing various economic sectors."

https://almadapaper.net/381682/#hathalyoum

Economist Reveals Actual Deficit In 2024 Budget

Money and business   Economy News – Baghdad Economic expert Nabil Al-Marsoumi confirmed that there is an actual deficit in the 2024 budget, part of which was covered through domestic borrowing, deducting remittances, and issuing bonds.

According to the Central Bank data, the total domestic public debt in Iraq increased from 70 trillion dinars in January 2024 to 80 trillion dinars in October 2024, at a rate of one trillion dinars per month and a growth rate of 14%, which means that there is an actual deficit in the 2024 budget.

The government’s three-year budget in 2024 allowed for obtaining 5 trillion dinars through transfers deducted from the legal reserve of government banks and borrowing 3 trillion dinars from government banks, in addition to issuing national bonds worth 5 trillion dinars and deducting treasury transfers at the Central Bank of Iraq worth 20 trillion dinars. https://economy-news.net/content.php?id=48964

Parliament Reveals The Secrets Of 6 Qualitative Strikes Against Currency Counterfeiting Networks In Iraq - Urgent

Economy / Security |Today,  Baghdad Today - Baghdad    The Parliamentary Security and Defense Committee revealed, today, Monday (October 21, 2024), the secrets of 6 qualitative strikes against currency counterfeiting networks in Iraq.

Committee member MP Yasser Iskandar said in an interview with Baghdad Today, "Counterfeiting currencies, whether foreign or local, has serious repercussions on the economy. It drains people's savings and creates a state of mistrust, especially since counterfeiting operations have taken on a dimension of precision and professionalism because the networks involved in them cross borders, meaning that there are international mafias with multiple addresses."

He added, "The Ministry of Interior succeeded, through exceptional efforts, in directing 6 qualitative strikes against currency counterfeiting networks in Iraq during 2024, and contributed to the arrest of many of its leaders and the seizure of large sums of money that were on their way to marketing."

Iskandar pointed out that "counterfeiting crimes are low compared to previous years, in addition to awareness messages, which have begun to bear fruit through checking currencies and reporting counterfeit ones directly by stakeholders, whether banking or companies, reaching the ordinary citizen, and this reflects important awareness."

On Saturday (October 19, 2024), financial and economic expert Alaa Al-Fahd revealed the authorities responsible for protecting the Iraqi currency from counterfeiting and its spread in the markets.

Al-Fahd told Baghdad Today, "The mission of the Central Bank of Iraq is to issue currency and maintain monetary policy and coordination in this field. As for the issue of counterfeit currency, this is the responsibility of the specialized executive government agencies. The bank's goal when it issues its currency is to work on finding ways to protect this currency from counterfeiting, and this matter exists in all countries of the world."

He added that "the issue of gangs and currency counterfeiting mafias is not within the tasks and duties of the Central Bank to confront, even the issue of currency smuggling is not within the Bank's tasks," indicating that "these issues are the responsibility of the specialized executive government agencies, including the security agencies, and for this reason the Central Bank of Iraq always works to coordinate with those government agencies in order to preserve the Iraqi economy and currency."

The expert confirmed that "even the dollar is a counterfeit currency, not only in Iraq but in most countries of the world, and this is not the responsibility of the Central Bank of Iraq, but rather the responsibility of the specialized executive government agencies."   LINK

The Dollar Rises Again In The Iraqi Stock Exchanges

Economy  2024-10-21 | 2,224 views   SumerianNews – Economy  

Baghdad:  Selling price: 154,000   Buying price: 152,000

Erbil:  Selling price: 152,950   Buying price: 152,850

The Council of Ministers announced on February 7, 2022, the approval of amending the exchange rate DollarTo 1320 dinars per dollar.  LINK

Seeds of Wisdom RV and Economic Updates Monday Evening 10-21-24

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XRP NEWS: WHO IS THE SEC PROTECTING IN THE RIPPLE LAWSUIT?

In a recent interview, James Murphy, known as Metalawman, discussed the ongoing lawsuit involving the SEC and Ripple. He answered an important question: who exactly is the SEC defending in this case?

On The Good Morning Crypto Show, he was questioned whether the SEC is claiming to protect regular retail investors by targeting Ripple or if they are actually looking out for the institutional investors who got in early and profited significantly since 2014.

The SEC’s True Motives: Protecting Whom?
Murphy pointed out that while the SEC’s mission is to protect investors and promote orderly financial markets, the reality is different. 

The agency isn’t acting on behalf of retail XRP holders or the institutions that bought XRP at a discount. In fact, none of the institutions have ever sued Ripple for alleged securities violations because their investments have been profitable.

The legal expert argued that the SEC’s lawsuit should never have been initiated. He explained that the SEC has limited resources and should focus on cases with clear violations.

In the crypto space, where scams and fraudulent schemes abound, the SEC chose to pursue a case with no real damages or losses involved.

He also compared this situation to the case against Coinbase, a publicly traded company with transparent financial reporting, suggesting that the SEC is not helping anyone with these actions.

Murphy concluded that, without any losses suffered by victims, it would be impossible to return any funds, which raises questions about the validity of the case itself.

The Ripple Effect: Implications for XRP Holders
The legal battle between Ripple and the SEC continues, with both sides preparing for appeals. The SEC plans to challenge the district court’s findings, while Ripple intends to file a cross-appeal regarding the SEC’s claims. Despite ongoing regulatory challenges, XRP’s price has remained stable at around 54 cents.

@ Newshounds News™

Source:  CoinPedia

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STRIPE BUYS STABLECOIN PLATFORM BRIDGE IN RECORD-BREAKING $1.1B DEAL: REPORT

The deal highlights Stripe’s growing focus on crypto, following its recent integration of USDC and partnership with Coinbase’s Base network.

Fintech giant Stripe has finalized a deal to acquire stablecoin platform Bridge for $1.1 billion.

.

This purchase marks the largest acquisition in the crypto industry to date.

Record $1.1 Billion Deal
TechCrunch founder Michael Arrington revealed the news in a post on X, stating, “This deal is done. $1.1b.”

Bridge, co-founded by Sean Yu and Zach Abrams, provides software tools enabling businesses to accept payments in stablecoins. The platform allows companies to create, store, send, and receive such assets.

Zach Abrams previously served as Head of Consumer at Coinbase and founded the peer-to-peer payments company Evenly, which was later acquired by Square. Before co-founding Bridge, Sean Yu held key engineering roles at major companies such as Coinbase, Square, DoorDash, and Airbnb.

Earlier this year, the startup received $58 million in funding from prominent investors, including Sequoia, Haun Ventures, Ribbit, and Index Ventures. According to Forbes, this included a $40 million Series A funding round that valued the company at $200 million. It means that Stripe’s $1.1 billion acquisition is a major bump from Bridge’s previous worth.

Launched in August, the firm said in a statement that its mission is to address the financial challenges posed by local currencies in an interconnected global economy. Bridge aims to overcome these obstacles by leveraging stablecoins, which offer faster, more affordable, and accessible payment solutions.

Stripe’s Growing Crypto Focus
Stripe, a payment processing platform that enables businesses to accept credit, debit, and other online payments, has been aggressively expanding its presence in the cryptocurrency space.

Just six months ago, the co-founder John Collison announced that the company would start supporting global stablecoin payments. This materialized when it integrated Circle’s USD Coin (USDC) into its payment interface two weeks ago.

In June, the payment processing firm also partnered with Coinbase. This introduced three new features, including the integration of the exchange’s Base Layer 2 network into its crypto payment products.

Stripe has also integrated USDC on Base into its fiat-to-crypto onramp, allowing faster conversion of fiat funds to crypto for its U.S. customers. Coinbase also agreed to include Stripe as a payment option for customers buying digital assets through its Coinbase Wallet.

In March 2024, the company reported passing $1 trillion in total payment volume for the year, with businesses using the platform accounting for roughly 1% of global GDP.

@ Newshounds News™

Source:  CryptoPotato

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Some “Iraq News” Posted by Clare at KTFA 10-21-2024

KTFA:

Clare:  Iraqi Credit Bank achieves a profit of 20.4 billion dinars 

10/20/2024 Baghdad

The Iraqi Credit Bank achieved a net profit of 20.4 billion dinars since the beginning of the year until the third quarter. 

According to the bank's financial statements, revenues amounted to 26.4 billion dinars, achieving a growth of 38%, as they amounted to 19.1 billion dinars during the same period last year. 

The bank's assets increased to 524.8 billion dinars, but deposits decreased to 137.5 billion dinars after they were 150.6 billion dinars. 

The bank has retained earnings of 38.7 billion dinars, which have been accumulating for many years. LINK

Clare:  Al-Sari: The population census guarantees fair distribution of wealth and parliamentary representation of the governorates

10/21/2024

The head of the State Powers Bloc, MP Faleh Al Sari, stressed the importance of the census and population census in ensuring the fair distribution of wealth.

Al-Sari, accompanied by the Minister of Planning, Mohammed Tamim, visited the Population Census Operations Room to review the preparations for the general population census scheduled for November 20-21.

The workers in the operations room gave a detailed presentation of the work mechanisms and the achievement rates achieved in the numbering and enumeration operations at the level of each governorate, in addition to explaining how to conduct field follow-up for researchers throughout Iraq via geographic information systems, and mechanisms for sending data immediately.

For his part, Representative Faleh Al-Sari expressed his deep appreciation for the efforts made by the Ministry of Planning and the Statistics Authority to conduct the population census electronically and in record time, stressing the importance of this project in ensuring fair distribution of wealth and ensuring fair parliamentary representation for all governorates, in addition to its developmental importance in understanding the Iraqi reality in all its details and drawing up future policies in all fields.    LINK

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Clare: Al-Sudani: $100 billion is the size of investment opportunities in Iraq

10/21/2024

Iraqi Prime Minister Mohammed Shia al-Sudani confirmed that the investment opportunities available in Iraq exceeded $100 billion in value, pointing to the expansion of economic cooperation between Iraq and Egypt. 

This came during a meeting held today, Monday, with the Chairman of the Egyptian El-Sewedy Group of Companies, Ahmed El-Sewedy, and a group of Egyptian company managers, in the presence of a number of his advisors, according to a statement issued by his office and received by Shafak News Agency.

During the meeting, Al-Sudani explained that these investment opportunities were received from Arab and foreign companies, which reflects the potential for economic growth in various fields.

They also discussed ways of cooperation in various sectors, including industry, energy and infrastructure, in addition to developing petroleum resources. It was agreed to study the establishment of industrial cities in Baghdad, as Al-Suwaidi Group presented a map of projects that will be studied by the Advisory Board and relevant authorities.   LINK

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Clare:  Al-Atwani: The government is working on preparing the basics of the 2025 budget to present it to the House of Representatives

10/21/2024

The head of the Parliamentary Finance Committee, Atwan Al Atwani, confirmed that the government is working on preparing the basics of the 2025 budget to present it to the House of Representatives for study and voting.

A statement from his office, received by {Al Furat News}, stated that: “Al Atwani discussed with a delegation from the Adam Smith International Foundation a set of laws related to the development of the financial and banking system, today, Monday, at the headquarters of the Finance Committee in the Council building, where he reviewed important draft laws including the Securities and Commodities Law, the Banking Studies Center Law, and the Islamic Sukuk Investment Law, with the necessary amendments being made, indicating that these laws will be read in the upcoming sessions.

Al-Atwani stressed that "the aim of the amendments is to involve the concerned parties to ensure increased productivity and listen to various opinions to ensure their effective implementation."

The statement added, "The organization of workshops in cooperation with the Law, Economy, and Investment Committees was also discussed to develop laws comprehensively, while hosting specialists to benefit from previous experiences. The mechanism for drafting federal budget texts, analyzing revenues and expenditures, and planning budget items and general programs were also addressed."

Al-Atwani pointed out that "the government is working on preparing the basics of the 2025 budget to present it to the House of Representatives for study and voting."   LINK

Iraq Economic News and Points To Ponder Monday Afternoon 10-21-24

Economic Contradictions: Argentina As An Example

 Economical 10/17/2024   Yasser Al-Metwally   What is the wisdom behind exposure to global economic experiences?

 Here at Al-Sabah Economy, we are accustomed to reviewing global economic experiences and researching the reasons and ways for the success of some of them and the failure of others, with the aim of benefiting from the successful experiences and avoiding the reasons behind the failed ones.

 In this article, the choice fell on the Argentine experience, which is considered unique in terms of failure and failures over the course of 200 years, according to international studies.

 Here, it is necessary to trace the reasons that led to this failure with the aim of overcoming them in the experience of the Iraqi economy, which is what such topics aim for.

 Argentina

      is the third largest economy in Latin America and

     enjoys huge wealth, in addition to its

     strategic location on a large coast of the Pacific Ocean,

     fertile arable land, and

     large areas, with a

     small population size compared to its area. Official reports indicate that it has

     defaulted nine times on its foreign debts and

     is almost bankrupt in 2022.

 Economists attribute the reason for its annual decline to economic mismanagement and not to a lack of economic resources.

Argentina exports wheat, soy, meat, and fish, and agriculture constitutes 7% of the gross domestic product, and agricultural manufacturing constitutes 25% of it, and

it depends on the agricultural economy.

 However, the Argentine economy has been subject to fluctuations for years between growth and contraction, which has resulted in a decline in income and opportunities. Work and the monetary value of goods and services.

This fluctuation led to a lack of confidence in the economy.

 This is because it - that is, the economy - suffers from a twin deficit.

The twin deficit is defined as a deficit in the state budget and another in the external balance, and financing this deficit is the reason for the decline of the economy..

How?

The state resorts to external borrowing, and

 this borrowing is accompanied by an increase in government spending and an increase in foreign imports, followed by an increase in inflation over the years.

 Economists attribute the reason for this deficit to the increased and false government spending for electoral purposes, which has made the citizen dependent on the state for everything and has become a continuing habit, and

 this continuous spending has continued to be at the expense of the people’s wealth in the medium and long term.

 To address this permanent deficit, Argentina resorts to printing money or inflation financing, which causes price inflation to rise and Argentine goods to lose their global competitiveness.

 To compare the Argentine economy and the economy of South Korea, the ratio of exports to GDP in Korea is 80%, which is equivalent to two trillion dollars, including one trillion and 600 billion dollars, the volume of its exports, while Argentina’s exports amount to 100 billion dollars.

With the great difference in the wealth that Argentina possesses, its area, and its bodies of water, as you find them only equal in population size between the two countries,

 from here the importance of good management of the South Korean economy and bad management in Argentina appears despite the difference in Argentina’s distance from the bloody events, its stability, the status of South Korea, and the threats of neighboring North Korea..

 Therefore, one of the reasons for overcoming wrong policies is to always look at global experiences.  

 https://alsabaah.iq/104320-.html    

Demands For “Backup Alternatives” For Databases In Banks

Economical 10/21/2024  Baghdad: Shukran Al-Fatlawi   A fire that broke out in an Iraqi bank branch caused all electronic systems and banking applications to stop, which confused the bank’s customers.

This prompted banking experts to stress the importance of having backup alternatives for all databases and data centers in accordance with international standards and instructions issued by the Central Bank and relevant authorities. To protect customers and avoid downtime that could cause customers huge losses.

 The head of the Information and Communications Technology Committee, in the Digital Transformation and Electronic Payment Council, Badr Riad, said in an interview with “Al-Sabah”:

 “It is necessary to provide alternative systems related to the communications and information technology sector that are tested monthly or semi-annually to ensure the continuity of service.”

It is an important and fundamental matter in the banking sector and information technology, and it is one of the “A’s” of banking, as he put it.

While he called for dealing with these technologies with some seriousness,

 he expressed his hope that the mistakes that the bank made would not be repeated and that affected the citizen’s confidence in the banking sector. He stressed the

 need for “the bank to speed up in revealing the truth of what happened to enhance the citizen’s confidence in the banking sector.”

 On a related level, the head of the Osool Foundation for Economic Development and Sustainable Development, Engineer Khaled Al-Jabri, stated to “Al-Sabah” that

 “the complete cessation witnessed by the ATM systems, electronic payment and mobile applications of one of the banks operating in Iraq recently caused direct financial losses to customers, which requires... “The need to compensate them for the damages they have suffered.” Noting that

 "the outage greatly affected daily financial transactions and exposed customers to unexpected financial problems." Al-Jabri stressed

 the importance of “all banking entities’ adherence to the instructions of the Central Bank of Iraq,” stressing

“the necessity of ensuring the efficiency of the financial systems and technology used through periodic examination and proactive review to avoid such interruptions in the future.” Al-Jabri called for

  “the necessity of giving the competent institutions an opportunity to investigate the reasons for the stoppage, and to find out all the technical and technical details that led to this problem,” noting

 “the importance of announcing the results with complete transparency, so that the incident will be a lesson from which other parties working in the financial and technological sector will benefit.” He pointed out that,

  “Despite the passage of days since the incident, there has not yet been an official statement issued by the bank explaining what happened. He said,

 “The delay in issuing a statement raises questions and requires opening a thorough investigation by the supervisory authorities to find out the reasons that led to this interruption, and why.” Customers are exposed to these damages,” pointing out that

 “delay in clarification could cause indirect harm to all those dealing with electronic systems, and reflect negatively on the reputation of the banking sector as a whole.”

 The Iraqi Digital Transformation and Electronic Payment Council had stressed the importance of having backup alternatives for all databases and data centers in accordance with international standards and instructions issued by the Central Bank and relevant authorities, to ensure business continuity in the event that the basic systems are exposed to any damage, as happened with this bank, to avoid a recurrence.

 Such incidents negatively affect consumers and threaten confidence in the banking system and electronic systems.    https://alsabaah.iq/104477-.html    

Guide To The Iraqi Balance Of Payments

October 20, 2024   :diamonds: Guide to the Iraqi Balance of Payments..For more, click here

https://cbi.iq/static/uploads/up/file-172942322386407.pdf

 https://cbi.iq/news/view/2694     

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

Seeds of Wisdom RV and Economic Updates Monday Afternoon 10-21-24

Good Afternoon Dinar Recaps,

INDONESIAN REGULATORS EXTEND LICENSE APPLICATION DEADLINE FOR CRYPTO EXCHANGES

The Indonesian Commodity Futures Trading Regulatory Agency has extended the deadline for crypto exchanges to meet the necessary requirements to get their Physical Crypto Asset Traders license as part of a revised government bill.

In an Oct. 20 press release, the Indonesian Commodity Futures Trading Regulatory Agency — known locally as Bappebti — announced that the deadline for crypto exchanges to meet the requirements needed for a Physical Crypto Asset Traders license.

Crypto exchanges have until the last week of Nov. 2024 to fulfill the registration requirements. The regulatory agency clarified that the extension only applies to crypto exchanges that are already listed under Prospective Crypto Asset Physical Traders.

The extension is part of the newly revised government bill, Bappebti Regulation Number 9 of 2024.

The new bill requires crypto exchanges to sign a partnership deal with a local government body and implement Know Your Transaction standards as well as grants trading opportunities for institutional entities.

Oscar Darmawan, CEO of major Indonesian crypto exchange INDODAX, expressed his gratitude to Bappebti for giving crypto exchanges more time to adjust to the regulations set by the government.

“This will also help strengthen the crypto industry as a whole by ensuring that every crypto exchange complies with the standards that have been set,” Oscar said in his statement to local media outlets on Oct. 20.

He explained that INDODAX is currently going through the validation process and is awaiting approval from Bappebti in order to get the license. Darmawan also assured that the exchange company will comply to the latest regulations.

Head of the Bureau of Legislation and Enforcement at Bappebti, Aldison stated that Regulation Number 9 2024 will act as a roadmap to regulating the crypto ecosystem in Indonesia. Among the changes made, Aldison highlighted how it accommodates institutions looking to trade in digital assets. Previously, only individual entities were mentioned in the bill.

“Legal entities and business entities can also become digital asset traders,” added Aldison.

He explained that licensed crypto exchanges are still required to sign a partnership agreement with the Indonesian Directorate General of Population and Civil Registration of the Ministry of Home Affairs, as per the new regulations.

In addition, crypto exchanges are obligated to list on the National Crypto Asset Futures Exchange and become a member of the Crypto Asset Clearing House. If not, they risk having their applications for the license revoked.

In an Oct. 18 press release about the new regulations, Bappebti aims to build a modern, adaptable and transparent crypto ecosystem.

“Bappebti will adjust existing regulations in accordance with the Commodity Futures Trading Law. The crypto industry is very fast and dynamic, so it requires an ecosystem that is strong and able to meet market needs,” said Ir. Kasan, Head of Bappebti.

@ Newshounds News™

Source:  Crypto News

~~~~~~~~~

GOLD SURGES TO RECORD HIGH AMID SAFE-HAVEN DEMAND

Gold prices surged to a new record high of $2,729.30 per ounce on October 21, bringing their gains for 2024 to over 30%. The commodity’s latest increase is attributed to increased safe-haven demand amid escalating tensions in the Middle East and the closely contested U.S. election.

This sentiment also fueled a rise in silver prices, which reached their highest level since 2012.

Rising geopolitical risks and the anticipation of U.S. interest rate cuts have boosted gold prices, making it a sought-after asset for investors. Vivek Dhar, an analyst at the Commonwealth Bank of Australia, predicts gold futures will rise to an average of $3,000 per ounce by the fourth quarter of 2025.

@ Newshounds News™

Source:  Bitcoin News 

~~~~~~~~~

GOLD PRICE MEANS NOTHING COMPARED TO SILVER PRICE AT SPOT TODAY!  - The Economic Ninja | Youtube

@ Newshounds News™

~~~~~~~~~

XRP HOLDERS THE FINANCIAL FREEZE IS COMING - BIS BIG PLANS REVEALED - Common Sense Crypto | Youtube

@ Newshounds News™

~~~~~~~~~

🌱 WHY IS GOLD ON THE RISE? WHAT ABOUT OTHER METALS?  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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“Tidbits From TNT” Monday 10-21-2024

TNT:

Tishwash:  For a strong economic partnership..Iraq intends to sign 11 memoranda of understanding with Spain

Minister of Transport Razzaq Al-Saadawi announced today, Monday, 11 memoranda of understanding that will be signed with Spain, while calling on Spanish companies to participate effectively in the next session of the Baghdad and Iraq Reconstruction Exhibition.

Al-Saadawi said in a speech during the launch of the 13th session of the Iraqi-Spanish Joint Committee, “It is appropriate for me to begin my speech with the major shift in Iraq’s new economic and trade policy to deepen the bonds of trade, economic and international cooperation to restore Iraq’s leading role as an important and major axis regionally and internationally.”

He added, “The Iraqi government, headed by Prime Minister Mohammed Shia al-Sudani, has begun working to adopt a policy of economic openness to the countries of the world, in addition to maximizing the role of the private sector in the economic development process,” indicating that “Iraq is witnessing a qualitative shift today through investing in its geographical location, as it will be a cornerstone for the sustainable economy through the land railway link project from Iraq through Turkey and from there to Europe, to transport goods and link the Middle East to the European continent.”

He continued: “Iraq has been linked with friendly Spain by historical relations dating back to the seventies of the last century, perfumed by the bilateral agreement for cooperation in various economic, commercial, scientific and technical fields, signed between the governments of the two countries in 1972, which had a great impact on the contribution of Spanish companies to many economic activities in Iraq, in implementation of the paragraphs that were agreed upon in the last minutes of the previous session held in Madrid in 2013.”

He pointed out that “through the continuation of the committee’s sessions, there will be a number of opportunities available to greatly enhance the level of bilateral cooperation in many commercial, economic and technical fields,” stressing “the need to enhance joint work to increase and diversify the volume of trade exchange between our two countries, as this cooperation will play a major role in strengthening the economy to serve both parties.”

He stated that "Iraq is looking forward to being a strong economic partner for Spain, in addition to the participation of Spanish companies in Iraqi infrastructure projects."

He added: “Today we meet again in the meetings of the 13th session of the Iraqi-Spanish Joint Committee for Economic, Technical and Commercial Cooperation, and we hope that this meeting will have fruitful results. I would also like to take this opportunity to invite Spanish companies to participate in the reconstruction projects of Iraq, and take its place in the investment map launched by the National Investment Commission in Iraq and achieve effective participation in the next session of the Baghdad International Fair,” noting “the importance of the Spanish government’s support and assistance to complete all the obligations required for Iraq to obtain full membership in the World Trade Organization.”

Al-Saadawi expressed his “deep thanks and gratitude to the Spanish government and people, and their efforts to develop economic and trade relations between Iraq and Spain,” expressing his hope that “these efforts will be successful for both sides to reach common goals that serve the interests of the two friendly countries, which the Spanish side requested to be signed during the Prime Minister’s visit to Spain.”

He pointed out that "the agreement included:

 First: A memorandum of understanding proposed by the Federation of Iraqi Chambers of Commerce sent to the Spanish side.

Second: A memorandum of understanding proposed by the Iraqi Federation of Industries sent to the Spanish side.

Third: A memorandum of understanding proposed by the Iraqi Contractors Union sent to the Spanish side.

Fourth: A memorandum of understanding proposed by the Iraqi Ministry of Water Resources sent to the Spanish side.

Fifth: A memorandum of understanding proposed by the Iraqi Ministry of Youth and Sports, also sent to the Spanish side.

Sixth: An executive program proposed by the Tourism Authority to activate the agreement signed between the two countries in 1979, also sent to the Spanish side.

He pointed out that “the position of the memoranda of understanding proposed by the Iraqi side, which the Spanish side requested to be followed up outside the scope of the joint committee, through the Ministry of Foreign Affairs with the relevant authorities, in coordination with their representatives directly, considering that they are outside the scope of economic and trade cooperation, and according to the opinion of the Spanish side, are:

1- A memorandum of understanding proposed by the Iraqi Ministry of Foreign Affairs sent to the Spanish side.

2- A memorandum of understanding proposed by the Iraqi Ministry of Education sent to the Spanish side.

3- A memorandum of understanding proposed by the Ministry of Higher Education and Scientific Research sent to the Spanish side.

4- A memorandum of understanding proposed by the Iraqi Ministry of Culture, also sent to the Spanish side.

5- A memorandum of understanding proposed by the Iraqi Ministry of Justice to the Spanish side.link

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

Tishwash:  Rafidain Bank organizes a workshop on cyber security

Rafidain Bank organized a workshop on cyber security today, Sunday, in cooperation with the American University in Baghdad.

The bank said in a statement received by the Iraqi News Agency (INA): "Under the patronage of the General Manager of Rafidain Bank, Ali Karim, and in cooperation with the Continuing Education Center at the American University in Baghdad, the Bank's Preparation and Training Division organized a workshop to train the bank's employees on cybersecurity techniques."

He added that "the workshop witnessed a high-level presence represented by the General Manager of Rafidain Bank, the Vice President of the American University, and the Director of the Continuing Education Center, in addition to a number of managers of the bank's departments and divisions.

" He continued that "the workshop addressed the most prominent challenges facing the Iraqi banking system in the field of cybersecurity, and discussed how to address these challenges to ensure the protection of data and financial systems."

In a meeting with officials at the American University, the General Manager of Rafidain Bank confirmed - according to the statement - that "the bank's management vision is based on developing and empowering human resources in various specializations, with a focus on the field of cybersecurity." 

He stressed "the importance of intensifying efforts to train employees and applying quality standards to ensure the provision of accurate and fast banking services that meet customer needs and enhance their satisfaction and confidence." link

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

Tishwash Head of Parliament's Finance Committee talks about "dollar smuggling" and "investor privileges" in Iraq

New bank after merging "Rafidain and Rashid"

The head of the Finance Committee in Parliament, Atwan Al-Atwani, admitted that "dollar smuggling" continues, while revealing privileges for investors in the real estate market in Iraq.

 Al-Atwani, a leader in the State of Law Coalition led by Nouri al-Maliki, spoke on Saturday, in a television talk show followed by the “Al-Jabal” platform, hesitantly about “forging import invoices,” but he confirmed, in contrast, the continuation of “dollar smuggling through the purchase of goods that are not audited at the ports.”

He said, "Dollar sales through the Central Bank, which are around $300 million per day, are not all returning to the country in the form of goods," explaining that "there is tax evasion, a defect in the ports, and goods going to other countries."

On the other hand, he denied his knowledge of the existence of "statistics on currency evasion", while calling for monitoring the work of traders and investors who obtain dollars at the "official price".

Last year, Prime Minister Mohammed al-Sudani revealed that currency smuggling abroad was done through “forged invoices, and the money was going out and being smuggled, and this is a reality, otherwise what were we importing for $300 million a day? ”

"Certainly this money was leaving Iraq and this has been a chronic problem for years," he added.

The official exchange rate is 1,320 dinars to the dollar. But at the money changers, the dollar is worth 1,500 dinars.

Banking restructuring

Regarding the banking situation in Iraq, the head of the Finance Committee revealed the existence of an international company called “K2” that “tracks financial transfers” in Iraqi banks.

He said that there is a "decision to merge some banks, and a new bank will be formed through Rafidain and Rashid, and it will operate in a modern way . "

He revealed that Rafidain Bank has been subject to "sanctions since the time of the former regime."

The United States banned some banks in Iraq from dealing in dollars, as the number of those banks reached 31 banks, due to suspicion of smuggling dollars to Iran and other countries.

There are about 72 banks in Iraq, including 29 private Islamic banks, 25 private commercial bank-         

Real estate market

Regarding the rise in real estate prices in Iraq, and Baghdad in particular, Al-Atwani attributed this to “the increase in demand in the housing market and the lack of supply,” stressing that “Iraq needs 3 million housing units.”

The head of the Finance Committee said, " The residential complexes are not sufficient, and have solved only 20% of the housing crisis in Iraq."

Al-Atwani revealed what he described as a “flaw in the investment laws,” stating that Iraq “gives free land to the investor, loans, and offers him customs exemptions, and we need someone who comes and has money.”

The head of the parliament's finance committee also criticised "granting investors land in city centres", but praised the government's now building entire residential cities "outside the centres".

 Political opinions

In other political and economic issues, Al-Atwani said that “the Minister of Finance promised to provide 3.5 trillion dinars in 2024 through taxes,” while denying the existence of political wills preventing “interrogating the government’s financial officials.”

He also confirmed the decline in the presence of what are known as “economic offices” affiliated with the parties, despite his confirmation of the existence of “partisan interests” in the economic file.

Al-Atwani hoped that Iraq would not be exposed to "economic blows" due to the crisis in the region.

The leader of the State of Law considered that Iraq "is part of the axis of resistance, but it does not want war."

He added, "Iraq has an Islamic commitment to countries that are being killed," stressing that "Iraq will defend itself by all means if it is subjected to strikes."  link

Mot: ....... Almost!!!! 

Mot: Chopping wood…..

America Is Entering A New 'Economic Supercycle'

America Is Entering A New 'Economic Supercycle'

Linette Lopez  Sun, October 20, 2024  Business Insider

No one's going to sound an alarm, blast out a text message, or shoot you an email about it, but the US economy is undergoing a historic shift. We are leaving one long period of expansion — what economists refer to as a "supercycle" — and entering a very different one.

Over the past 15 years, the economy has been characterized by weak demand and low interest rates — a decade-and-a-half hangover from the Great Recession. Now, experts tell me, that is coming to an end.

The world has changed, and we are entering an era of higher growth, creeping inflation, and geopolitical instability that will reroute the flow of money around the world. A new era has arrived, but it's going to be bumpy.

The good news is that this new era looks as if it will be unencumbered by some of the problems that put a ceiling on growth during the previous era. The most salient feature of the old period, economists say, was the risk of deflation — the possibility that a lack of demand would cause wages and prices to spiral downward, a trap that is extremely difficult to escape.

In an effort to avoid that fate, policymakers in Washington pushed interest rates down to zero and encouraged all kinds of risky behavior among investors, businesses, and everyday consumers.

Investors trying to reach their benchmarks "had to creep out on the risk spectrum," Josh Hirt, a senior economist at Vanguard, tells me. "Supercheap debt," he says, made it easy for businesses to "overexpand and overhire."

The pro-risk environment had some earth-shifting consequences. Silicon Valley put the internet on our phones, China blew a massive bubble in its property market, and the world started investing in renewable energy.

But low interest rates did little to boost demand, and the economy consistently grew slower than it did before the crash, never notching above 3% GDP growth. It was only after the massive government stimulus, spurred by the pandemic, that the economy reached escape velocity, pushing up wages and starting to grow at a healthy clip.

Now, economists say, we're entering a supercycle that will be characterized by three sweeping forces. First, higher interest rates will reward savers, making it more expensive to take risks. Second, geopolitical and economic volatility will generate inflationary effects, reintroducing the specter of soaring prices.

And third, industrial planning will be increasingly influenced by national-security concerns, altering supply chains across industries. How low interest rates wind up settling will establish a new gravitational pull in global markets, recalibrating the forces that determine where the economy is most likely to grow — and where investment is most likely to flow.

The new supercycle "puts the economy in a completely new era," says Silas Myers, the CEO of Mar Vista Investments, which oversees $4 billion in assets. He warns that an entire generation of investors, lenders, and entrepreneurs have failed to embrace the "profound impact" that the new economic era will have on their businesses.

"We were in a time that was less demanding and more forgiving," Myers says. "But that time is ending."

One of the clearest signs that a new economic supercycle has arrived is when the financial rules go topsy-turvy. The previous supercycle was ushered in when the Federal Reserve, in response to the destruction caused by the financial crisis, cut its benchmark interest rate to 0% — the first time the central bank went all the way to the bottom.

The structural shift sent shockwaves throughout the world. Yields on Treasury bonds tanked, meaning investors had to start taking some serious risks if they wanted to make money. This new adventurism pushed stocks higher and higher.

TO READ MORE:  https://www.yahoo.com/news/america-entering-economic-supercycle-094602486.html

Seeds of Wisdom RV and Economic Updates Monday Morning 10-21-24

Good Morning Dinar Recaps,

STABLECOINS CAN BENEFIT FINANCIAL SYSTEM, FED GOVERNOR SAYS

The United States national debt has crossed $35 trillion, with $500 billion added to the government debt in the last two weeks alone.

On Oct. 18, Federal Reserve Bank Governor Christopher Waller told an audience at the Institute of Advanced Studies that well-regulated stablecoins could benefit the current financial system.

.

“Stablecoins can reduce the need for payment intermediaries and thereby reduce costs of payments globally,” Waller stated, but immediately qualified his remarks by saying that stablecoin “safety is not assured.” The Fed official explained:

“If appropriate guardrails can be erected to minimize run risk and mitigate other risks, such as their potential use in illicit finance, then stablecoins may have benefits in payments and by serving as a safe asset on a variety of new trading platforms.”

Waller also argued that decentralized finance can achieve a symbiotic relationship with traditional finance instead of supplanting it altogether. This viewpoint has been previously pitched by some US lawmakers, who argue that decentralized finance and dollar-denominated stablecoins can extend dollar dominance by decades.

Stablecoins as a way to extend US dollar hegemony
On June 14, an article was published in The Wall Street Journal, written by former United States Speaker of the House Paul Ryan, making a case for how stablecoins could mitigate the looming debt crisis.  

Ryan pointed out that stablecoins create demand for US Treasurys and US dollars, which will keep the dollar competitive against the Chinese yuan and preserve its current status as the global reserve currency.

More recently, in October, US Senator Bill Hagerty introduced the Clarity for Payment Stablecoins Act building upon Representative Patrick McHenry’s 2023 stablecoin bill.

The most notable changes to the bill were provisions to regulate stablecoins at the state level and removing a clause in the 2023 version of the bill that identified stablecoins as securities.

Despite these efforts, a recent report from Chainalysis revealed that the US is lagging in stablecoin adoption. According to Chainalysis, the market share of stablecoin transactions on US-regulated exchanges dropped below 40% in 2024. Comparatively, the share of stablecoin transactions via offshore exchanges rose to 60% this year.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

BRICS SAUDI ARABIA: OFFICIAL ANNOUNCEMENT ON MEMBERSHIP

Despite accepting an invitation to join the alliance in 2023, the BRICS bloc has yet to fully welcome Saudi Arabia into the alliance.

That could be set to change at the BRICS 2024 Summit, according to an official announcement. Specifically, Russian Spokesperson Dmitry Peskov noted Riyadh’s participation within the alliance will be made clear after the upcoming event.

The ongoing saga has seen different responses from both sides throughout the year. Saudi Arabia has continuously said that it is carefully observing the risks and benefits of joining the bloc. However, the alliance has continued to affirm that the country is the 10th member of the growing collective. That distinction is likely to be verified after the event takes place.

BRICS & Saudi Arabia to Clarify Position After 2024 Summit
Last year, the BRICS bloc announced its first expansion effort since 2001. Indeed, the bloc had announced that five nations had accepted invitations to join the bloc. Specifically, these countries included the United Arab Emirates (UAE), Egypt, Iran, Ethiopia, and Saudi Arabia.

However, one of those nations had not officially accepted the invitation. Saudi Arabia clarified that it had yet to join the bloc and was still considering the strategic benefits of joining the group. A year later, the situation is yet to be resolved. However, it does appear as though an answer is coming.

According to a Russian spokesperson, the BRICS group will clarify Saudi Arabia’s membership within the alliance after the 2024 Summit. The event, taking place next week in Kazan, is the biggest of the calendar year for the alliance. With questions surrounding Saudi Arabia’s attendance, the questions of its membership began to resurface.

“The summit will be held very soon,” Dmitry Peskov told Russian state media. “We will inform you additionally who will represent Saudi Arabia or if it will be represented at the summit at all. Based on this, we will make conclusions.”

In 2023, Saudi Arabia’s position in the bloc was considered a game changer. The oil and gas powerhouse would’ve brought forth unprecedented geopolitical benefits to the group. Yet, it also would have only magnified tensions with the West. These relationships are likely the basis for the country’s reluctance to join the Global South’s opposition. Yet, the answers to its membership question should be obvious after the summit concludes.

@ Newshounds News™

Source:  Watcher Guru

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🌱 GOLD DEBT CLOCK WOW WOW WOW SOWT  |  Youtube

This is so IMPORTANT for the GCR!  Listen Up!

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

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