DINARRECAPS8 10/25/24 DINARRECAPS8 10/25/24

Seeds of Wisdom RV and Economic Updates Friday Morning 10-25-24

Good Morning Dinar Recaps,

RIPPLE SUBMITS FORM C IN SEC CASE, HIGHLIGHTING 4 KEY ISSUES: DETAILS

The appeal focuses on specific legal questions rather than a sweeping examination of the regulatory classification of cryptocurrencies.

Ripple Labs has stepped up its legal battle with the U.S. Securities and Exchange Commission (SEC) after filing its Civil Appeal Pre-Argument Statement, also known as Form C.

Good Morning Dinar Recaps,

RIPPLE SUBMITS FORM C IN SEC CASE, HIGHLIGHTING 4 KEY ISSUES: DETAILS

The appeal focuses on specific legal questions rather than a sweeping examination of the regulatory classification of cryptocurrencies.

Ripple Labs has stepped up its legal battle with the U.S. Securities and Exchange Commission (SEC) after filing its Civil Appeal Pre-Argument Statement, also known as Form C.

The filing comes only days after the SEC entered a last-minute appeal against several parts of a 2023 judgment which found that Ripple’s programmatic sales of its native XRP token to retail investors did not break U.S. securities laws.

Major Points of Contention
In its statement shared on X by lawyer James K. Filan, the crypto payments company outlined four fundamental questions for the Second Circuit Court of Appeal to consider.

▪️The first concerns whether an “investment contract” under the Securities Act of 1933 must include a formal agreement, post-sale obligations, and the right for buyers to receive profit from sellers. This definition could potentially reshape the understanding of digital asset transactions.

▪️Ripple’s second point is challenging the lower court’s ruling that its XRP transfers met the criteria established in SEC vs. W.J. Howey Co. This case, which gave rise to the Howey Test, defined the conditions under which something is considered an investment contract.

Ripple is arguing that its transactions did not represent an investment of money in a common enterprise with profits expected solely from the company’s efforts.

▪️The San Francisco-based firm also raised a third important issue regarding “fair notice.” It claims it gave ample evidence to potential XRP buyers showing the uncertainty surrounding cryptocurrencies in as far as federal laws apply to them.

This point is key to Ripple’s defense because it suggests that the SEC and other concerned agencies failed in their mandate to give clear guidance on the legality of the crypto company’s actions.

▪️Ripple’s final question in the filing contests the clarity required for issuing injunctions under the Federal Rules of Civil Procedure. It argues that the injunction issued to it by Judge Analisa Torres in a ruling where she also imposed a $125 million fine on the company merely instructs it to obey the law and lacks the necessary specificity and clarity.

Ripple’s Strategic Outlook
Speaking after the filing, Ripple’s Chief Legal Officer Stuart Alderoty insisted that the ongoing case is not about the broader classification of XRP as a security. He pointed out that, like Bitcoin (BTC), XRP currently enjoys a non-security status, which wasn’t challenged by the SEC in its Form C submission last week.

The lawyer believes this perspective allowed Ripple to focus its appeal on specific legal nuances rather than crypto’s overarching regulatory classification.

With both parties in the case having submitted their briefings, experts say it is now up to the Second Circuit to issue a scheduling order that will streamline them.

According to Alderoty, the court will only look at the existing record, meaning it will not allow the introduction of new evidence into the process, a point the attorney believes could minimize disruptions and hasten the final judgment.

@ Newshounds News™

Source: CryptoPotato

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WHAT WILL JIM SPILL TONIGHT? MORE INTEL? ARE YOU A CITIZEN? HUMM | Youtube

📣LIVE CALL TONIGHT ON THE CONSTITUTION

Ever wonder why sometimes it looks as though our government is focusing more on other countries than us? or not really working for us? or even adhering to the Constitution at times? Join us tonight for a live call and listen, ask questions, and learn..

Join us in the Constitution room Link

TONIGHT AT 8 PM ET, 7 PM CT, 5PM PT

@ Newshounds News™

Source: Seeds of Wisdom Team RV Currency Facts

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Dinar Recaps 20 10/25/24 Dinar Recaps 20 10/25/24

“Tidbits From TNT” Friday Morning 10-25-2024

TNT:

Tishwash: Waiting to be sent.. Oil and Gas Law on the Government Discussion Table

Member of the Parliamentary Oil, Gas and Resources Committee, Kazem Al-Tawki, confirmed today, Thursday, that the draft oil and gas law is awaiting approval within the Council of Ministers, indicating that the joint committees between the federal government and the regional government are continuing their work to decide on the law.

Al-Tawki told Al-Maalouma Agency, “There are controversial articles that hinder sending the draft oil and gas law to the House of Representatives,” noting that “the draft is still in the government’s possession.”

He added that "the oil and gas law is still on the government's discussion table," noting that "the relevant committees are continuing their meetings in the hope of reaching an agreement on the controversial articles."

TNT:

Tishwash: Waiting to be sent.. Oil and Gas Law on the Government Discussion Table

He stressed that "there is a common vision between the governments of Baghdad and the region to complete the oil and gas law file and send it to the House of Representatives." link

Tishwash: China's Rise in Iraq's Energy Sector: From Newcomer to Dominant Player

While Iraqi leaders consistently emphasize the importance of Western investment in their energy sector, their actions instead are increasing Iraq’s dependence on Chinese markets and oil firms.

Executive Summary

Chinese energy companies emerged as dominant players in the Iraqi Oil Ministry’s May licensing rounds to auction 29 oil and gas blocks, securing 10 out of 13 oil and gas blocks. Shell was the only Western international oil company to participate, and it did not win any bids. Other Western and U.S. international oil companies showed no interest in bidding, despite improved fiscal terms of the contracts.

The resounding success of Chinese firms underscores a significant shift, solidifying Beijing’s already strong position in Iraq’s energy landscape and presenting a substantial challenge to Washington’s strategic position in the region.

The increasing Chinese dominance comes amid a seemingly contradictory development: In April, Iraqi Prime Minister Mohammed al-Sudani signed numerous memorandums of understanding with U.S. energy companies, particularly focusing on gas development and power generation. This focus aligns with Washington’s strategic goals of diminishing Iran’s political influence in Iraq and, by extension, blunting China’s push to dominate Iraq’s hydrocarbon sector.

The stark contrast between the memorandums of understanding signed by U.S. companies and the contracts awarded to China demonstrates a significant mismatch between the aspirations of Washington and the realities of the investment environment in Iraq. link

Read full paper

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

Tishwash: MP: The 2025 budget cannot be passed without sending the final accounts for the past two years

The Parliamentary Finance Committee announced the date for the arrival of the 2025 budget tables to the House of Representatives, which will be at the beginning of next year.

In turn, 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.

In the same context, member of the Economy, Industry and Trade Committee Yasser Al-Husseini confirmed that it is not possible to approve the 2025 budget without obtaining final accounts for the previous budgets.

Al-Husseini told Iraq Observer that “it is not possible for the Council to approve any measure coming from the government,” noting that “the current government differs from previous governments because one of its most prominent goals is to improve the current economic reality by fighting corruption in any form and under any circumstances.”

He added that "Parliament is waiting for the final accounts of the 2023 and 2024 budgets to be sent, after which the 2025 budget will be considered for approval," noting that "if a budget is submitted to the House of Representatives without the final accounts, this is considered an aspect of corruption, so the House of Representatives refuses to receive a budget without the final accounts tables for the past two years."

He continued 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, and ways to increase government revenues by developing the tax and customs system will be discussed from time to time." link

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

Tishwash: Establishment of the “Iraqi Money Changers Syndicate” in Baghdad.. and Al-Taie as its President

In a move that is the first of its kind in Iraq, the establishment of the “Iraqi Money Changers Syndicate” was announced today, Wednesday, and the election of Diaa Al-Taie as its president, to lift the injustice against the owners of money exchange offices and companies and secure their rights.

The “Jarida” platform attended the founding conference of the union at the “Mansour Melia” Hotel in central Baghdad, which was held by a group of owners of exchange offices and financial companies, and attended by a number of parliamentarians, including the head of the Parliament’s Investment Committee, Hassan Al-Khafaji, and a member of the Finance Committee, Hussein Mounes, in addition to businessmen.

The election of Diaa Al-Taie as the head of the Iraqi Money Changers Syndicate took place in a clear and fair manner in front of those present, in a step that is the first of its kind to bring together most of the companies and money changers in a syndicate to present ideas, communicate with each other, and crystallize their positions with the Iraqi government.

This is what Al-Taie emphasized, that the establishment step had been under study for some time, and today this idea has matured and crystallized with the establishment of the “Iraqi Money Changers Syndicate.”

The attending representatives, most notably Hassan Al-Khafaji and Hussein Mounes, supported the idea of establishing it in a speech they delivered during the conference, indicating that the parliamentary committees support this legal regulatory path, stressing that this step is important for direct communication through legal paths with the Central Bank of Iraq, Iraqi banks, and those concerned from exchange companies to deal with each other regarding the local market.

The representatives promised to communicate and support this idea, which will open broad horizons between the Iraqi government and the private sector, which includes exchange companies represented by the “Iraqi Exchange Union.” link

Mot: In Case ur Ever Wondering

Mot: Ah Hah !!!! Found Out What Happened to Frosty................

DINARRECAPS8 10/24/24 DINARRECAPS8 10/24/24

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

Good Evening Dinar Recaps,

SEC OUTLINES CRITERIA FOR SAB 121 DIGITAL ASSET CUSTODY EXEMPTIONS

After both the House and Senate voted to overturn SAB 121, President Biden used his veto so that SAB 121 still stands. However, there has been some softening in the SEC’s stance, with the world’s largest custodian BNY receiving a specific exemption to custody assets for a crypto ETF. However, BNY and other banks have to apply for exemptions on a case by case basis.

Good Evening Dinar Recaps,

SEC OUTLINES CRITERIA FOR SAB 121 DIGITAL ASSET CUSTODY EXEMPTIONS

More than two years ago, the SEC published accounting guidance, SAB 121, regarding how listed companies should disclose crypto-assets held on behalf of clients, requiring the assets to be counted on the balance sheet. This particularly affects banks because regulations on capital requirements are based on the contents of the balance sheet.

After both the House and Senate voted to overturn SAB 121, President Biden used his veto so that SAB 121 still stands. However, there has been some softening in the SEC’s stance, with the world’s largest custodian BNY receiving a specific exemption to custody assets for a crypto ETF. However, BNY and other banks have to apply for exemptions on a case by case basis.

A September speech by SEC Chief Accountant Paul Minter reveals the significant work required in order to achieve such exemptions. Ideally custodians should build crypto experience slowly with low volumes. But the processes required for the SAB 121 exemption means that only the largest opportunities will be worthwhile pursuing.

The rationale behind SAB 121 was that if the custodian lost control of the private keys, the assets they control might be hard to recover and could result in a claim on the custodian.

How banks, broker-dealers get SAB 121 exemptions
Mr Minter gave the example of a bank that had engaged on the topic both with the prudential regulator at the state level and its primary federal prudential regulator. Since 2022, banks are required to notify their regulator in advance of engaging with crypto-assets.

The bank had systems in place to safeguard private keys. Additionally, it ensured that its custody structure is bankruptcy remote, as confirmed by a lawyer, and its contracts with client institutions preclude re-hypothecation of the crypto-assets.

The same contracts explicitly excluded liability for blockchain-specific risks. Finally, the bank had risk management processes in place for each specific crypto-asset that it safeguards.

The Chief Accountant also gave the example of broker-dealers, where a third party provides transaction execution and custody. An exemption to SAB 121 is likely to apply where the broker-dealer is just the introducer, doesn’t have the private keys, and the custodian third party is clearly the agent of the customer, rather than the broker-dealer.

He provided a list of points he’d want to see as confirmation, including contracts and evidence of the client having a direct relationship with the third party. The broker-dealer would also have to get a legal opinion reinforcing that the broker-dealer is not the customer’s agent.

SAB 121 remains questionable

Meanwhile, apart from the unorthodox accounting treatment required by SAB 121, and blocking banks from engaging with crypto-assets until now, in some ways SAB 121 has made it less safe for crypto-asset clients.

The largest custodians are each responsible for trillions in conventional assets, and have the headcount, experience and processes that are more likely to provide safeguards against hackers.

Yet startups are currently the primary providers of crypto custody, particularly Coinbase for ETFs. That sort of concentration is usually something regulators are not keen on.

Plus, depending on agreements, assets under custody are conventionally treated as belonging to the client. By including them on the balance sheet, this implies the assets belong to the company, which could be bad news for clients if the custodian goes bankrupt.

We’re also reminded of a thought provoking paper by Duke University’s Steven Schwarcz on fintech regulation. He made an interesting observation that one regulatory option is to have the financial equivalent of the FDA in which all fintech innovations would need approval in advance.

He dismisses this as an innovation killer. If you look at U.S. banks in the context of crypto-assets and crypto custody, they effectively have several FDAs – their own prudential regulators (plural) plus the SEC for SAB 121.

@ Newshounds News™

Source: Ledger Insights

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🌱SWIFT & MBRIDGE: THE FUTURE OF CROSS-BORDER PAYMENTS? | Youtube

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Source: Seeds of Wisdom Team RV Currency Facts

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DINARRECAPS8 10/24/24 DINARRECAPS8 10/24/24

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

Why Is The Dollar Exchange Rate Continuing To Rise? An Economist Explains

Time: 2024/10/24 Read: 2,392 times {Economic: Al Furat News} An economic expert explained the reasons for the continued rise in the dollar exchange rate against the dinar.

Abdul Rahman Al-Mashhadani told Al-Furat News Agency that "the rise in the dollar exchange rate is due to the general instability of the situation, and in such cases citizens try to switch to a future currency in anticipation of any decline, migration, or other."

He added, "There are obligations for Iraqi traders with suppliers from various countries, which pushes them to pay to avoid the losses that accompany the rise of the dollar."

Why Is The Dollar Exchange Rate Continuing To Rise? An Economist Explains

Time: 2024/10/24 Read: 2,392 times {Economic: Al Furat News} An economic expert explained the reasons for the continued rise in the dollar exchange rate against the dinar.

He added, "There are obligations for Iraqi traders with suppliers from various countries, which pushes them to pay to avoid the losses that accompany the rise of the dollar."

Al-Mashhadani continued, "So far, there is no mechanism to solve the problem of trade with the sanctioned countries and Iran in particular, especially since the volume of trade with Iran is large and all of it is financed from the markets."

He explained, "There are no problems regarding money transfers in the Central Bank, as it sells more than 260 million dollars daily." LINK

Calls To Accelerate 2025 Budget And Boost Non-Oil Revenues

Posted on 2024-10-24 by sotaliraq A number of MPs called on the government to expedite the submission of the 2025 budget, warning of the delay that could affect the implementation of development projects and economic reform programmes.

They stressed the importance of enhancing non-oil revenues, calling for the adoption of financial and economic policies that contribute to diversifying sources of income and improving resource management.

The representatives stressed the need to develop clear plans for investment in the oil sector, with the aim of increasing productivity and achieving additional revenues to support the budget, in light of the ongoing fluctuations in global oil prices and the economic pressures facing the country.

This comes amid emphasis on the need to enhance non-oil revenues and ensure the achievement of financial targets to avoid any economic imbalances.

The head of the Parliamentary Finance Committee, Atwan Al-Atwani, said: “We expect the 2025 budget to reach the House of Representatives early next year,” indicating that “the government has begun meetings to restructure the budget items.”

For his part, the member of the Finance Committee, Mustafa Al-Karawi, stated that “the current year’s budget stipulated the necessity of providing Parliament with the financial schedule before the end of the fiscal year, and any delay in this 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.”

Al-Karawi added, “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,” noting that “it discusses from time to time ways to increase government revenues by developing the tax and customs system.”

The MP noted that “there is a government plan that depends 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.”

The head of the Parliamentary Finance Committee, Atwan Al-Atwani, discussed with the delegation of the Adam Smith International Foundation a set of laws related to developing the financial and banking system.

The two sides discussed important draft laws, including the Securities and Commodities Law, the Banking Studies Center Law, and the Islamic Sukuk Investment Law, with the necessary amendments.

Al-Atwani also reviewed with 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 by diversifying sources of income and not relying excessively on oil to feed the state budget.

He stressed 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

Waiting For It To Be Sent.. The Oil And Gas Law Is On The Government Discussion Table

    Today 17:56 Information / Baghdad.. Member of the Parliamentary Oil, Gas and Resources Committee, Kazem Al-Touki, confirmed today, Thursday, that the

draft oil and gas law is awaiting approval within the Council of Ministers, indicating that the

joint committees between the federal government and the regional government are continuing their work to resolve the law. Al-Touki told Al-Maalouma Agency,

“There are controversial articles that hinder sending the draft oil and gas law to the House of Representatives,” pointing out that

“the draft is still in the custody of the government.” He added,

"The oil and gas law is still on the table for government discussions," noting that

"the relevant committees are continuing their meetings in the hope that they will reach an agreement on the controversial issues." He stressed that

"there is a common vision between the governments of Baghdad and the region to finalize the oil and gas law file and send it to the House of Representatives." Ended / 25 hours

https://almaalomah.me/news/80545/politics/بانتظار-إرساله-قانون-النفط-والغاز-على-طاولة-النقاشات-الحكومي

Ministry Of Oil: Crude Oil Exports Last September Amounted To (99) Million, (311) Thousand, And (107) Barrels

Thursday 24 October 2024 | Economic Number of readings: 157 Baghdad / NINA / The Ministry of Oil announced the total oil exports achieved for last September.

The ministry stated in a statement: "According to the final statistics issued by the Iraqi Oil Marketing Company (SOMO), the total exports of crude oil amounted to (99) million and (311) thousand and (107) barrels.

The statistics indicated that the total quantities of crude oil exported for last September from the oil fields in central and southern Iraq amounted to (99) million and (4) thousand and (320) barrels, while exports to Jordan amounted to (306) thousand and (787) barrels. / End7 https://ninanews.com/Website/News/Details?key=1164061

The Iraqi Stock Exchange Decides To Launch Trading On The Shares Of Al-Sinam Islamic Bank Next Sunday

Stock Exchange Economy News – Baghdad The Iraq Stock Exchange announced the launch of trading in the shares of Al-Sanam Islamic Bank next Sunday.

According to a document issued by the Iraqi Stock Exchange, “the shares of Al-Sanam Islamic Bank deposited will be available for trading starting from next Sunday’s session.” She pointed out that "the company's capital amounts to 300 billion dinars." https://economy-news.net/content.php?id=49099

Central Bank Of Iraq's Dollar Sales Rise To More Than $266 Million

economy | 10/24/2024 Mawazine News – Economy The Central Bank of Iraq's dollar sales rose on Thursday to more than $266 million in a currency auction, compared to the previous day.

The bank reported that it sold $266,872,747 in its auction today, at basic exchange rates of 1,310 dinars per dollar for documentary credits and international settlements for electronic cards, 1,310 dinars per dollar for foreign transfers, and 1,305 dinars per dollar in cash.

The bank explained that most of the dollar sales went to boost balances abroad in the form of transfers and credits, amounting to $258,972,747, up 97% from cash sales of $7,900,000.

He pointed out that 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 9 companies. https://www.mawazin.net/Details.aspx?jimare=256173

Open Branches

October 24, 2024 :diamonds: Opening branches of exchange companies for category (A) ... For more, click here https://cbi.iq/static/uploads/up/file-172977092862454.pdf

https://cbi.iq/news/view/2698

~~~~~~~~~~~~~~~~

approximate and incomplete translation of : https://cbi.iq/static/uploads/up/file-172977092862454.pdf

DATE: 2024/10/24 (Population Census... the Pillar of Development)

Exchange Companies for the Art (A) M/ Opening Branches

Based on the decision of the Board of Directors of this bank No. (225) of 2024, the following has been decided: -

1- Cancel the decision of the Board of Directors of this bank No. (192) of 2023, addressed to you pursuant to our circular No. (19/3/33) on 12/25/2023,

2- Allow your companies that have not exceeded 10 branches (including the main office) to open new branches for them, not exceeding that.

3- Request your companies that have reached 10 branches, including the main office, to increase their capital by an amount of (250) million dinars

When they wish to open a new branch, regardless of the period of granting them the license.

With appreciation. https://cbi.iq/news/view/2698

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

Dinar Recaps 20 10/24/24 Dinar Recaps 20 10/24/24

MilitiaMan & Crew News Reporting-Iraqi Dinar Recovery being Strong-World Bank Group-IFC-Major Projects Activated

MilitiaMan & Crew News Reporting-Iraqi Dinar Recovery being Strong-World Bank Group-IFC-Major Projects Activated

10-24-2024

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

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

MilitiaMan & Crew News Reporting-Iraqi Dinar Recovery being Strong-World Bank Group-IFC-Major Projects Activated

10-24-2024

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=Gl7y3LVyMTw

DINARRECAPS8 10/24/24 DINARRECAPS8 10/24/24

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

Good afternoon Dinar Recaps,

INTERVIEW WITH CARDANO’S CHARLES HOSKINSON: FOUNDER DISCUSSES RECENT ETHEREUM REMARKS AND INVOLVEMENT WITH ARGENTINA

▪️Cardano co-founder Charles Hoskinson has clarified his earlier remark on Ethereum and Vitalik Buterin as he projects Bitcoin to reach between $200k and $300k by next year.

▪️According to him, Argentina’s attraction to several crypto projects stems from the desire to find an alternative to the local currency.

Good Afternoon Dinar Recaps,

INTERVIEW WITH CARDANO’S CHARLES HOSKINSON: FOUNDER DISCUSSES RECENT ETHEREUM REMARKS AND INVOLVEMENT WITH ARGENTINA

▪️Cardano co-founder Charles Hoskinson has clarified his earlier remark on Ethereum and Vitalik Buterin as he projects Bitcoin to reach between $200k and $300k by next year.

▪️According to him, Argentina’s attraction to several crypto projects stems from the desire to find an alternative to the local currency.

CNF recently reported that Cardano (ADA) co-founder Charles Hoskinson has labeled Ethereum as a “dictator” that solely relies on its co-founder Vitalik Buterin for direction.

In his presentation at the Token2049 event in Singapore, Hoskinson explained that the entire roadmap of Ethereum is within the control of Buterin. In this case, the project would be vague and visionless if the 30-year-old is removed from the bracket.

The Dictatorship Nature of Ethereum
During an interview with news outlet Ámbito, Hoskinson was asked if he is on bad terms with Buterin or if his statement only referred to the direction of Ethereum.

Responding to this, the Cardano co-founder explained that his expression of “dictator” in his previous presentation was just to put a complex discussion or word into a simple phrase.

According to him, his use of that word was just to imply that Buterin runs Ethereum in an authoritarian manner. In other words, holders of Ethereum and Bitcoin have no say in the direction of the protocol. Per his observation, disagreement with Buterin’s decision would likely arise once the governance model becomes unsustainable.

Ethereum could end up like Bitcoin, where innovation stagnates, or it will need to adopt a more inclusive governance model. Although Vitalik has shown resistance to on-chain governance, he seems to be acknowledging that this stance can be problematic. Most modern blockchain projects, like Cardano, are exploring on-chain governance models.

Why Argentina Attracts Several Crypto Big Players

In the interview, Hoskinson pointed out the growing distrust in the local currencies, forcing individuals to seek alternatives to hedge against inflation. According to him, Argentina is embracing crypto and aggressively learning yield farming, metaverse, and GameFi. Per his observation, this trend would continue as long as the local currency faces higher inflation, capital control, and trade barriers.

In addition to that, he explained that Argentina has emerged as a favorable market to test its products like wallet software, identity software, and microfinance platforms.

On top of that, he believes that Argentina is the best place to hire people as the first developers working on Cardano in 2016 were from Buenos Aires.

Difference Between Blockchain and Liberalism

According to Hoskinson, the vision of Argentina’s president Javier Milei, such as the concept of private and sound currencies, aligns with that of the industry. However, liberalism has a challenge of implementation. Meanwhile, blockchain presents itself as a third way that belongs to neither government nor private industry.

Sometimes it behaves like a government entity, and other times, like a private actor. This makes it an ideal solution for issues such as voting systems, national identification, or the functions of a central bank. I believe that as Milei deepens his knowledge in that field, he will recognize three key points:

first, that Blockchain is highly compatible with his philosophy;

second, that Argentina is already a global leader in cryptocurrencies; and

third, that the country has enormous local talent to drive and execute these initiatives.

Concluding the interview with a Bitcoin projection, Hoskinson estimated that the involvement of BlackRock in the asset could push BTC to between $200,000 and $300,000 next year.

@ Newshounds News™

Source: Crypto News Flash

~~~~~~~~~

VISA SEES THE ‘STABLECOIN SANDWICH’ AS PATH TO STABLECOINS GOING MAINSTREAM

While stablecoins offer cheap and fast cross border payments, their usability drawbacks have prevented them from going mainstream, until now. Visa’s Cuy Sheffield said it’s no longer always obvious to the user when stablecoins are being used for payments.

He referred to the so-called ‘stablecoin sandwich’ where someone makes a conventional payment, and the payment service provider sends stablecoins to the destination. The stablecoin is then converted to the local currency with the last mile sent via the local real time payment system.

“If you used a stablecoin a year ago, it was very explicit,” said Mr Sheffield, during a DC Fintech Week panel. “You knew you were using a stablecoin. You usually had to seek out a crypto wallet, you had to figure out how to manage your private key. We’re starting to see both major fintechs, existing wallets like PayPal and others put frontend interfaces on it that just look like another fiat wallet. And so they use stablecoins on the backend.”

PayPal’s Jose Fernandez da Ponte noted that with cross border payments today, most bank customers don’t know much about correspondent banking or Swift. Stablecoins will evolve in a similar manner.

Mr Sheffield highlighted that for non-crypto users, the concept of making a payment in dollars then having to pay gas fees using the blockchain’s native token doesn’t make sense, and means the user has to get involved in crypto. Some of the new payment apps are starting to abstract away these gas fees.

With a move into mainstream, there’s a need for consumer protection.

Stablecoin risks and consumer protection

Mr Sheffield raised the need for standards to reduce consumer risk. Where tokens don’t comply with the standards, they shouldn’t be allowed to be called stablecoins.

“If you can compare two products that are marketed to consumers as stablecoins, they could be entirely different around: is there a fiat asset behind it? If so, where are those reserves held? What audits or attestations are done?

So I think it’s a really challenging environment for consumers if you’re being offered a stablecoin to have to go under the hood and do due diligence,” said Mr Sheffield.

Anna Yuan, formerly with Solana and now the founder of Perena, believes the crypto world now distinguishes between stablecoins as narrow banking-style tokens, versus asset referenced tokens that peg to a currency with reserves in assets such as crypto, trade finance or something else.

“Those should not be considered for daily average consumer use cases. Those are for the crypto bros,” she said. That would include mutli billion dollar coins such as the DAI and Ethena.

Stablecoin sandwiches and the current regulatory status carry risks. Today, many stablecoin holders are choosing to custody their own stablecoins, particularly in emerging markets. To abstract away blockchain gas costs, most apps take on the role of custodian. The users also don’t know which stablecoins they own and not all stablecoins are equal. Many of these app providers are not licensed.

“That means your assets are no longer yours. And why would you use that when you could use a trusted entity like PayPal to custody your assets,” she said. She’s concerned that bad experiences “could really hurt people’s perceptions of stablecoin sandwiches in the long run.” Ms Yuan also emphasized that it’s important not to do away with self custody for those that want it.

Banks and stablecoins
Meanwhile, Mr Sheffield said Visa spends a lot of time exploring what role banks are going to play. Until now stablecoins were not issued by banks, but a number of large banks are now getting involved. He referred to Societe Generale Forge and its EURCV stablecoin. Plus, Visa recently announced its helping BBVA explore stablecoins.

@ Newshounds News™

Source: Ledger Insights

~~~~~~~~~

Key points of the Putin's speech at the plenary session of the 16th #BRICS2024 Summit in the outreach format:

🔹Ukraine

🟠Ukraine is being used to create critical security threats to Russia;

🟠Those who want to inflict strategic defeat on Russia do not know the history of the country; these are illusory calculations.

🔹The Middle East

🟠The situation in the Middle East is worrying, as it involves the exacerbation of a long-standing conflict;

🟠Russia consistently opposes any form of terrorist actions;

🟠The escalation of the conflict in the Middle East brings the region to the brink of full-scale war;

🟠Russia seeks to contribute to the stabilization of the situation in the Middle East;

🟠Putin called for an end to violence in the Middle East;

🟠A settlement in the Middle East must be achieved based on universally recognized global principles;

🟠It is impossible to restore peace in the region without rectifying the historical injustice in the Palestinian territories;

🟠The launch of a comprehensive political process is necessary for a settlement in the Middle East;

🟠All BRICS countries are concerned about the situation in Gaza and hope that all options will be used to reduce tensions.

🔹BRICS Plus outreach

🟠The BRICS Plus outreach format has proven itself well, allowing for direct and open dialogue;

🟠As chair, Russia invited the leaders of neighboring countries and partners wanting to join BRICS to the BRICS Plus meeting;

🟠At the BRICS Plus session, Putin invited all interested countries to develop the "North-South" corridor and the Northern Sea Route.

🔹Global politics, UN, and financial mechanisms

🟠The transition to a fair world order is challenging, and some are trying to hinder this process;

🟠The UN is called upon to continue playing a central role in ensuring peace and security;

🟠The representation of African countries, whose leaders gathered at the BRICS summit, should be expanded in the UN Security Council;

🟠Reforming UN development institutions and global financial structures has long been overdue;

🟠The next wave of global economic growth is emerging in the countries of the global majority;

🟠It is necessary to build alternative financial mechanisms free from any diktat;

🟠Putin called for ensuring access for countries in the Global South and East to technologies and helping them adapt to climate change;

🟠Russia is making a significant contribution to ensuring global food and energy security.

@ Newshounds News™

Source: Gipper's News Reader

~~~~~~~~~

🌱WHY BRICS IS SHAPING THE FUTURE | Youtube

@ Newshounds News™

Source: Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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Dinar Recaps 20 10/24/24 Dinar Recaps 20 10/24/24

Some BRICS News 10-24-2024

BRICS Summit 2024 Coverage of the main event: 30 New Members, Currency, and De-dollarization

Fastepo: 10-24-2024

Welcome to our coverage of the BRICS Summit 2024, day 2, taking place in the vibrant city of Kazan, Russia.

This summit brings together leaders from Brazil, Russia, India, China, South Africa, Iran, UAE, Egypt and Ethiopia as well as many non-members leaders to discuss key issues facing emerging economies and explore ways to enhance cooperation among member nations.

BRICS Summit 2024 Coverage of the main event: 30 New Members, Currency, and De-dollarization

Fastepo: 10-24-2024

Welcome to our coverage of the BRICS Summit 2024, day 2, taking place in the vibrant city of Kazan, Russia.

With a focus on sustainable development, economic collaboration, and addressing global challenges, the summit serves as a crucial platform for shaping the future of the BRICS alliance. In this video, we highlight the main events and key statements made by BRICS leaders up until the time of this publication.

Stay tuned as we summarize the latest developments and insights from this important gathering! Due to the ongoing event and limited editing time, please note that all footage in the video is random. Our primary focus has been on the content.

We will begin with the statement from the Russian President, followed by the Chinese President, the Indian Prime Minister, the representative from Brazil, the South African President, the Egyptian President, and finally, the Iranian President and the Prime Minister of Ethiopia.

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

U.S. economist: BRICS to form true multilateral world

CGTN: 10-24-2024

The first BRICS summit since the group expanded from five to 10 members is underway in Russia's Kazan, with the entire world watching how these nations embrace diversity while reaching consensus in the newly-expanded bloc.

In an exclusive interview with World Insight's Tian Wei, Columbia University Professor Jeffrey Sachs noted that BRICS is not only committed to deepening internal relations, but also to building strong ties with emerging economies, leading the way to the formation of a truly multipolar and multilateral world, though many challenges still remain.

https://www.youtube.com/watch?v=ZOL22qpYd7w

As BRICS Confirms Anti-SWIFT Financial System, Major Bank Declares US Stocks Are Done

Sean Foo: 10-24-2024

As the BRICS summit concludes, we get more information on the BRICS plan to set up a competing financial system to challenge SWIFT. Here's what this will entail.

Meanwhile, US giant Goldman Sachs just declared US stocks would underperform for the next decade

. Timestamps & Chapters:

0:00 The De-Dollarization Plan

2:51 Anti-SWIFT Platform

5:40 Banking Giant Slams U.S. Stocks

8:11 Black Swan Collapse Risk

11:42 Global US Bond Sell-Off

https://www.youtube.com/watch?v=ZJKRadOjB00

Dinar Recaps 20 10/24/24 Dinar Recaps 20 10/24/24

“Tidbits From TNT” Thursday 10-24-2024

TNT:

Tishwash: Parliamentary Legal: Parliament will extend its legislative term to complete important laws

The Parliamentary Legal Committee confirmed that the work on the general amnesty law is proceeding to formulate it in its final form, noting that Parliament will extend its legislative term to complete important laws.

Committee member Raed Al-Maliki said, "Next week, the committee will focus on legislating the Personal Status Law, and work is ongoing in the committee on the general amnesty law to formulate it in a final form, and we are working to have it passed during the current legislative session."

TNT:

Tishwash: Parliamentary Legal: Parliament will extend its legislative term to complete important laws

He added, "The House of Representatives will extend its legislative session for a month, and thus the legislative holiday will be only one month to complete some important laws. A letter was sent to the House Presidency to include some laws on the agenda during the coming weeks."

Al-Maliki said, "Among the laws that we demand to be included on the agenda are the laws (the right to obtain information, and the regulation of the right to demonstrate and peaceful assembly), as well as reading the proposals of some laws for a first and second reading, such as (the proposed law of human rights activists, and the law of the House of Representatives, its formations and amendments) link

Tishwash: Al-Araji: Iraq today is free of terrorism

Today, Wednesday, October 23, 2024, the National Security Advisor, Qasim Al-Araji, announced that Iraq is "free of terrorism."

Today, the National Security Advisory held a conference to evaluate and update the Iraqi strategy for combating terrorism for the years (2012-2025), in coordination with the Counter-Terrorism Service and in cooperation with the European Union Mission in Iraq.

Al-Araji opened the conference with a speech in which he stressed that “Iraq today is free of terrorism and we are working to sustain security and ensure its success. We must work according to the principle of citizenship, far from nationalism and sectarianism, because Iraq unites everyone and we must abandon the feeling of marginalization and work according to the law and not escape punishment. The citizen must trust the state and its judicial institutions.”

He also pointed out that "there are no first-class or second-class Iraqis, etc., as all Iraqis are equal, and the government is strong and state institutions are strong and work to strengthen societal cohesion."

Al-Araji said, "The government is working on the largest social integration process for those who came from Al-Hol camp, where they were subjected to psychological rehabilitation in Al-Jadaa camp under the supervision of the Ministry of Migration and Displacement and all other agencies. More than 2,000 families have been returned to their original areas so far, and what remains are 600 families undergoing rehabilitation, in preparation for their return and giving them a chance at life again."

He also stressed "the importance of monitoring social media sites that spread division and poison among Iraqis and not allowing any party or entity to divide Iraqi society, as security was achieved by the pure blood of Iraqis and must be preserved." link

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

Tishwash: Calls to accelerate 2025 budget and boost non-oil revenues

A number of representatives called on the government to expedite the submission of the 2025 budget, warning of the delay that could affect the implementation of development projects and economic reform programs.

This comes amidst an emphasis on the need to boost non-oil revenues and ensure the achievement of financial targets to avoid any economic imbalances.

The head of the parliamentary finance committee, Atwan Al-Atwani, said: “We expect the 2025 budget to reach the House of Representatives early next year,” indicating that “the government has begun meetings to restructure the budget items.”

For his part, member of the finance committee, Mustafa Al-Karaawi, stated that “the current year’s budget stipulated the need to provide parliament with the financial schedule before the end of the fiscal year, and any delay in this 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.”

Al-Karaawi 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 boost non-oil revenues and ensure the achievement of financial targets to avoid any economic imbalances.”

The MP stressed that "the committee closely monitors the distribution of budget funds to ensure their effective use in serving citizens and strengthening the national economy," noting that "it discusses from time to time ways to increase government revenues by developing the tax and customs system."

The MP noted that "there is a government plan that relies on automating and modernizing the work systems in these institutions, and it is expected to be completed by the end of this year, which will contribute to enhancing revenues and ensuring better efficiency in collecting them."

The two sides discussed important draft laws, including the Securities and Commodities Law, the Banking Studies Center Law, and the Islamic Sukuk Investment Law, with the necessary amendments.

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 by diversifying sources of income and not relying excessively on oil to feed the state budget.

He stressed 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." link

Mot: .. Danger Danger Danger Kittens

Mot: A day without laughter (and dirt) is a day wasted…

DINARRECAPS8 10/24/24 DINARRECAPS8 10/24/24

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

MP Reveals Strategy To Achieve Self-Sufficiency In Petroleum Derivatives

Information/ Baghdad.. Member of the Parliamentary Oil Committee, MP Ali Saadoun, revealed on Thursday a strategy to achieve self-sufficiency in oil derivatives in a southern governorate.

Saadoun said in an interview with Al-Maalouma, "Maysan Governorate comes after Basra in crude oil production, which reaches 600 thousand barrels per day, and despite the presence of a refinery, it does not cover its needs for oil derivatives."

MP Reveals Strategy To Achieve Self-Sufficiency In Petroleum Derivatives

Information/ Baghdad.. Member of the Parliamentary Oil Committee, MP Ali Saadoun, revealed on Thursday a strategy to achieve self-sufficiency in oil derivatives in a southern governorate.

He added, "The Ministry of Oil has begun adopting a strategy, the first stage of which is to add a unit with a capacity of 70,000 barrels per day to the Maysan refinery in order to produce larger quantities of petroleum derivatives, especially gasoline and kerosene."

He pointed out that "achieving self-sufficiency in petroleum derivatives will create high flexibility in providing needs throughout the year without any difficulties, especially with the growing rates of demand for various types of fuel."

It is noteworthy that the Maysan refinery consists of 4 production units with different capacities, which provide the largest part of the governorate’s needs for petroleum derivatives.” LINK

Parliamentary Integrity Commission Reveals Government Move To Recover Looted Funds

Information / Baghdad.. Member of the Parliamentary Integrity Committee, Hamid Al-Shiblawi, revealed today, Thursday, a government move to recover the corrupt and the stolen money outside the country.

Al-Shablawi told Al-Maalouma Agency, "There is coordination between the oversight institutions and Parliament to uncover major corruption files."

He added that "his committee is in the process of legislating a number of laws that will help the government's oversight body combat corruption and recover stolen funds."

He pointed out that "his committee had previously begun opening numerous files by the Parliamentary Integrity Committee concerning all state institutions and ministries."

Al-Shablawi pointed out that "there is a government move to recover the corrupt and the looted money inside and outside the country." LINK

Parliamentary Economy: Iraq Loses 7 Billion Dinars Annually Due To This Company’s Fraud

Information Baghdad.. Deputy Chairman of the Parliamentary Economy and Trade Committee, Yasser Al-Hussaini, confirmed today, Thursday, that Iraq loses 7 billion dinars annually due to fraud by a foreign company.

Al-Hussaini told Al-Maalouma Agency, "The Ministry of Industry has concluded a joint operating contract with the foreign private company Smart Cloud."

He added, "Iraq loses more than 7 billion dinars annually without the foreign private company providing any service to Iraq since 2020 until today," noting that "Smart Cloud continues to contract with other ministries with false priorities."

He explained that "there is a drain on the country's resources, and therefore we call for a bold decision to terminate the contract, fine the company all the amounts it received, and blacklist it." LINK

IMF Expects Iraq's Inflation Rate To Rise In 2025

Money and business Economy News - Follow-up The International Monetary Fund predicted in a report issued this October on the inflation index for Arab countries, indicating that the inflation index in Iraq will rise slightly in the year 2025.

According to the table reviewed by "Al-Eqtisad News", "the annual inflation index in Iraq recorded 3.2% in 2024, compared to 4.4% in 2023 and 5% in 2022."

The International Monetary Fund expects that "the inflation index in Iraq will rise slightly next year, 2025, to reach 3.5%, and the inflation index will decline in 2029 to reach 3%."

The table indicated that "Oman will witness the lowest inflation among Arab countries in 2025, reaching 1.3%, while the highest inflation will be in Sudan, at 200.1%." https://economy-news.net/content.php?id=49105

Uncertainty Over The 2025 Budget.. Parliament: We Don't Know Anything About It Yet - Urgent

Politics / Economy |Today Baghdad Today - Baghdad The Parliamentary Finance Committee confirmed, today, Thursday (October 24, 2024), that the House of Representatives does not know anything about the details of the 2025 budget schedules.

Committee member Jamal Kojer said in an interview with Baghdad Today, "The House of Representatives has not yet reviewed any of the details of the 2025 budget schedules, and we do not know the size of the budget, the percentage of the deficit in it, what projects it includes, and other financial issues."

Koger said, "We do not expect there to be a major or fundamental change in the 2025 budget schedules compared to the past two years, and we believe that the deficit will exist virtually or in reality, and this is what the budget schedules will determine when they reach us and we review them, as there is no official date for their arrival yet."

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed on Tuesday (October 8, 2024) that the Ministry of Finance is preparing the general budget tables for the year 2025, while pointing out the most important pillars that will be adopted in the budget for next year.

Saleh said in a statement carried by the official news agency, "Article 77/Second of the Federal General Budget Law No. 13 of 2023, which regulates the preparation of the three-year budget, stipulates that the government sends the budget tables for the years 2024 and 2025 to the House of Representatives for approval before the end of the previous fiscal year."

He added, "The Ministry of Finance has announced that it is in the process of preparing the general budget schedules for the year 2025, in accordance with the constitutional mechanisms adopted by the aforementioned three-year budget law."

He pointed out that "based on the indicators of budget implementation over the first two years of Law No. 13 mentioned above, the financial authority has the necessary administrative and financial capabilities to submit the 2025 budget tables to take their legislative path through discussion and approval in the Council of Ministers and refer them to the House of Representatives before the end of this year."

Saleh noted that "the federal general budget tables for the year 2025 will be based on the constants of Federal Budget Law No. 13 of 2024, taking into account international and regional economic conditions and their changes, in a way that ensures the adaptation of the provisions of the budget tables for the year 2025 within the available legal texts, in addition to relying on the performance of the indicators of the general budget tables for the year 2024."

He stressed that "major construction projects will continue to progress in accordance with the vision of the government programme to ensure the continuity of growth rates in the gross domestic product in general and the gross domestic product (non-oil) in particular." LINK

DINARRECAPS8 10/24/24 DINARRECAPS8 10/24/24

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

Good Morning Dinar Recaps,

TOKENIZATION: BIS INNOVATION HEAD SAYS PRIVATE SECTOR NEEDS TO EMBRACE CHANGE

The BIS Innovation Hub lead, Cecilia Skingsley spoke about the need for the current financial industry to embrace change. It’s one thing if there’s a department exploring the possibilities of tokenization, but if the C-suite is happy with the way things currently work because they’re making money, that inhibits progress.

“Because the financial infrastructures of today, they are not going to be fit for tomorrow,” she said, talking during the Institute of International Finance (IIF) annual meeting.

Good Morning Dinar Recaps,

TOKENIZATION: BIS INNOVATION HEAD SAYS PRIVATE SECTOR NEEDS TO EMBRACE CHANGE

The BIS Innovation Hub lead, Cecilia Skingsley spoke about the need for the current financial industry to embrace change. It’s one thing if there’s a department exploring the possibilities of tokenization, but if the C-suite is happy with the way things currently work because they’re making money, that inhibits progress.

“Because the financial infrastructures of today, they are not going to be fit for tomorrow,” she said, talking during the Institute of International Finance (IIF) annual meeting.

She believes there are two key requirements for tokenization to work at a global scale. One is digital identity and the other is around regulation. Different jurisdictions are creating their own rules, but there’s a need for mutual regulatory recognition, which will take time. Otherwise tokenization might just take off in certain regions, without the potential global benefit.

While some are disappointed with the slow speed of progress of tokenization, Ms Skingsley said she would have been surprised if it had moved faster. The financial sector needs to be humble.

“The last time the financial industry got really excited about new technology, it was during the securitization era,” she said, noting its contribution to the Global Financial Crisis. Hence, it’s good to be deliberate.

Talking about today’s Financial Stability Board (FSB) report on tokenization, she noted that the FSB’s job is to highlight risks. While everyone wants safety, the public sector wants “safe, safe, safe”, whereas the private sector wants flexibility.

She also shed light on the tradeoffs that central banks consider.

In order to encourage inclusion and competition, the public sector tends to embrace low barriers to entry. That’s until that triggers financial stability risks, at which point the questions is whether they want many participants or a few, and it’s easier to supervise a few.

Another trade off relates to liquidity. On the one hand, fragmented liquidity is not good for efficient markets. But at the other extreme, the public sector doesn’t want to see dependence on one particular marketplace.

In terms of solving liquidity issues, Ms Skingsley doesn’t currently see tokenization as addressing it, although that could change. Most market observers describe the current tokenization sector as fragmented. However, it could swing from one extreme to the other.

Ms Skingsley also noted that a few central banks are adapting their real time gross settlement (RTGS) to accommodate DLT-based financial market infrastructures (FMIs). The Bank of England is one of them.

“An increasing number of central banks are wanting to allow for a DLT-based FMI. And then you will see the beginnings of bridges from the current to what could be future tech.”

@ Newshounds News™

Source: Ledger Insights

~~~~~~~~~

BRICS CURRENCY OFFICIALLY UNVEILED

A mock-up of the upcoming BRICS currency has finally been unveiled at the alliance’s ongoing summit in Kazan, Russia. Indeed, Russian president Vladimir Putin was seen with a mock-up up “BRICS bill” at the summit, the first time the new currency has been put on display.

The BRICS bill in question features the five BRICS nations’ flags (Brazil; Russia; India; China; and South Africa) connected together to form a circle. The displayed currency appeared to be a note with a value of 100. On the flip side of the note appears to be multiple additonal flags, likely of new interested countries that may join BRICS. These include Mexico; Egypt, Nigeria, and Bahrain.

The BRICS bloc has yet to formally announce the launch of the new BRICS currency, however, it has been at the front and center of conversations within the bloc for years. Earlier today, Chinese President Xi Jinping made a historical announcement regarding the bloc’s new payment system.

Speaking to those in attendance, the president discussed why the system is so important to groups that continued seeking a multipolar world. “There is an urgent need to reform the international financial architecture,” Jinping said. “BRICS must play a leading role in promoting a new system that better reflects the profound changes in the international economic balance of power,” he added.

BRICS Currency Launch To Be Revealed Soon?
The blockchain-based BRICS pay system has always been viewed as a key de-dollarization development. For the bloc, it presents a chance to circumvent Western financial infrastructure like the SWIFT payment platform. Therefore, presents a key opportunity for nations within the group to promote the use of their currencies for trade.

The BRICS bloc has enjoyed unprecedented growth over the last two years. It has sought to increase its presence on a global scale and disrupt the West’s dominant run. Throughout the last year, it has increased its de-dollarization efforts to lessen overall reliance on the US dollar. The new BRICS currency will be the next key step in establishing a world where USD isn’t the supreme leader.

The BRICS currency is expected to be backed by gold, the precious metal currently establishing new highs in value. According to reports, the new currency will consist of a backing of 40% gold and 60% tied to local currencies. The regional currencies could involve the Chinese yuan, Russian ruble, and Indian rupee, among other member’s legal tenders.

@ Newshounds News™