Seeds of Wisdom RV and Economic Updates Saturday Morning 10-26-24

Good Morning Dinar Recaps,

CROSS BORDER PAYMENTS: CITI SPOTLIGHTS DLT. FSB REPORTS ON G20 PROGRESS

During the past week Citi and the Financial Stability Board (FSB) have published separate reports on cross border payments. 

Both papers explore G20 targets for improving cross border payments. Unfortunately, 2024 speed figures were worse than 2023 for wholesale, retail and remittance payments, largely reflecting more accurate data.

Citi’s report highlights that fintechs expect to gain 10% in market share from banks in the next two to five years. Its survey shows that DLT is one tool to address the pain points, but more in the medium term.

G20 cross border payment speed bumps
The G20’s targets for 2027 are multifaceted, including improving speed, cost, transparency and access. After improvements last year, the speed statistics have gone backwards in 2024. For wholesale payments, this has more to do with some calculation changes by Swift. The others seem to boil down to more accurate data in 2024.

For example, 99.6% of North American B2P payments settled in one day in 2023, but the figure collapsed to 46.3% in 2024. Similarly, in South Asia, the one day figure went from close to 100% in 2023 to just over 20% in 2024. The explanation for the American figure was that far more payment providers shared speed data compared to 2023. However, the data reported comes from less than a quarter of payment providers. That could mean as more providers share data, the statistics might get worse.

Given stablecoins are becoming more user friendly, we’d observe that retail figures like those in the table could drive greater adoption of stablecoins, unless banks and payment service providers move faster.

The role of blockchain and tokenization
Numerous blockchain initiatives are in progress to address some of the challenges highlighted by the FSB report. Examples include the BIS Project Agorá with seven central banks and 40 institutions which aims to re-engineer correspondent banking using tokenization. 

In Asia, mBridge involves five central banks and is already at the minimum viable product stage. It links to banks, but aims to remove the need for correspondent banks.

In the private sector there’s Partior, a joint venture involving DBS, JP Morgan, Standard Chartered and Temasek with similar goals to Agorá. Plus there’s the Regulated Liability Network, which was originally conceived by Citi. Several more of these solutions are explored in our report on tokenized deposits and bank stablecoins.

Citi aims to make a direct contribution on the wholesale front with the launch of its Citi Token Services. However, the solution is not particularly promoted in the report, which briefly covers stablecoins, tokenized deposits and CBDCs.

The authors state, “We believe, efficiency features such as always on operability, atomic settlement and programmability could be embedded into tokenized forms of money to address pain-points of cross-border payments.”

However, it acknowledges that because today’s infrastructure works at scale, building new rails is not a priority and is also disruptive. It requires ‘deep commitment’ from institutions to lean into something like tokenization. However, future requirements will require substantial changes.

DLT can help liquidity demands
One of the requirements explored in the report is the liquidity demands of 24/7 payments. Before the advent of real time payments, liquidity management could be more passive. Now liquidity and credit availability need more attention to prevent failed payments.

“Blockchain or tokenization is also a key solution for liquidity management in enabling the pooling of a client’s or bank’s liquidity buffers, leading to optimized allocation of capital, reduced counterparty risk, and faster settlement times.” In fact, that’s precisely the goal of Citi Token Services for Cash which enables institutions to move money between Citi branches 24/7.

While the wholesale segment dominates cross border payments, the Citi report also highlights the growth potential in the non-wholesale segment, which could grow by almost 50% between now and 2030. However, if banks don’t move fast, a large part of that could go to fintechs, perhaps even stablecoins.

@ Newshounds News™

Source:  Ledger Insights

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CARDANO TO LAUNCH FIRST PERMISSIONLESS LAYER 2, OUTPACING ETHEREUM

Cardano is set to unveil its first permissionless Layer 2 (L2) solution, positioning itself ahead of other blockchains like Ethereum. The announcement was made during the Cardano Summit 2024 in Argentina, where Philip DiSarro, CEO and founder of Anastasia Labs, detailed the forthcoming launch of Midgard, an optimistic rollup designed to enhance ADA’s scalability and functionality.

DiSarro highlighted the unique advancements of Midgard via X, stating, “Not a single blockchain has managed to achieve true permissionless general purpose rollups. At the end of the day, the top ‘L2s’ in the blockchain space right now are all custodial multisigs.” 

He emphasized that existing L2 solutions predominantly rely on custodial multisignature schemes, which introduce centralized elements into the otherwise decentralized blockchain environment.

Cardano Is Ahead Of Ethereum, Solana And Sui
Midgard distinguishes itself by inheriting the full security of Cardano’s Layer 1 (L1) through several innovative features. In contrast to Ethereum’s L2 like Arbitrum, Optimism and Base, Midgard operates without a centralized sequencer, challenge response proofs, multisignatures, or custodians.

 Instead, it utilizes a permissionless operator set, trustless fraud proofs, and trustless deposits and withdrawals, ensuring that the inbox and outbox mechanisms remain fully censorship-resistant.

Via X, DiSarro highlighted Cardano’s unique local state Extended Unspent Transaction Output (EUTxO) architecture. “This is all made possible by Cardano’s unique local state EUTxO architecture. UTxO contention, small block size, local state, transaction determinism— all of these ‘problems’ may have led you to question why these design choices were made. Midgard aims to show you that these are actually not problems at all.”

The founder Anastasia Labs also further argued: “In fact, quite the opposite; they are extremely powerful properties that, together, provide unique value that simply does not exist in any other ecosystem. These are, in actuality, the core pillars that make Midgard even possible in the first place,” DiSarro explained.

Midgard’s architecture purportedly leverages the inherent strengths of ADA’s design, making it unfeasible to replicate on other blockchain platforms such as Ethereum, Solana, or Sui. DiSarro asserted, “You cannot build Midgard on Ethereum, Solana or Sui. It is a protocol that is only possible on Cardano.”

The impending launch of Midgard is anticipated within the next few months, with DiSarro confidently predicting its impact: “True rollups, L2 protocols that inherit the full security of the L1, are coming in the next few months. Our optimistic rollup, Midgard, is a first of its kind permissionless rollup.”
The announcement garnered attention from within the ADA community and beyond. Danogo, operating the first decentralized exchange (DEX) trading Optim Bond tokens on Cardano, referenced DiSarro’s presentation on the Cardano Summit: 

“Only on Cardano you can have a new generation of Rollup that is permissionless! There is no multi sig that controls the Layer-2 like on Ethereum! Even Vitalik recognizes that now. […] That inherits full security from L1. And Cardano will have the first L2 that is fully permissionless in a few months!!!!”

Furthermore, Charles Hoskinson, the founder of Cardano, responded to the discourse with a meme on X stating, “This guy gets it,” signaling endorsement of DiSarro’s vision and the potential of Midgard.

@ Newshounds News™

Source:  Bitcoinist

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🌱 THE CONSTITUTION CALL WITH SILVER 57 JIM. LOWTIDE, R JAX AND MASON GREAT INFO - DID YOU KNOW?  |  Youtube

Replay of the Constitution Live Call from last night October 25, 2024 with guest speaker Mason.

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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MilitiaMan & Crew News Reporting-Iraqi Dinar-Article 140-Budget Tables- Final Accounts-An Exchange Rate Component

MilitiaMan & Crew News Reporting-Iraqi Dinar-Article 140-Budget Tables- Final Accounts-An Exchange Rate Component

10-25-2024

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=edDeZfgTAHI

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

Good Afternoon Dinar Recaps,

BRICS+ EXPANDS PLANS FROM DLT PAYMENTS TO DLT CLEARING AND DEPOSITARY
Following this week’s BRICS+ meetings in Kazan, Russia, the group published a 136-page statement, with a small part of it touching on payments (see below). Plans for a new cross border payment system, BRICS Bridge, have been discussed for some time. Additionally, Russia is now pushing for a BRICS-based securities system to provide clearing and a depositary, reportedly also DLT-based.

In January BRICS expanded its membership from the original five members — Brazil, Russia, India, China, and South Africa — with the addition of Iran, the UAE, Ethiopia and Egypt. While Saudi Arabia was expected to be one of the new joiners, it has not officially signed up. Instead, it is a BRICS ‘partner’.

BRICS Pay
Before the main meetings, BRICS Pay cards loaded with 500 Rubles ($5.20) were distributed to visitors at the BRICS Business Forum in Moscow. Egyptian and South African news outlets describe the cards as a symbolic promotional gesture rather than suggesting that a live system exists.

However, this is a reminder of another initiative – to interconnect domestic payment systems – which has not gained traction, according to a recent Forbes Russia report.

Discussions about a BRICS common basket currency have also faded, mainly because that’s viewed as extremely difficult. However, the BRICS+ statement referenced exploring ‘payment instruments and platforms’, which could include either a basket or more likely local currency CBDCs.

BRICS Bridge
In recent times the main focus has been on the DLT-based BRICS Bridge as a way to enable local currency transactions, potentially with CBDCs.

The use of the word Bridge is a nod to mBridge the cross border payment system co-developed by some of the BRICS members, that has reached the minimum viable product stage.

Notably, the group is in the process of open sourcing the mBridge code, which might make it easier for BRICS members to adopt. Unlike BRICS Pay, mBridge is more of a backend payment infrastructure that links to existing banking systems.

However, in the short term the aim is to use local currency settlement as part of the existing correspondent banking network. That’s emphasized in the official joint BRICS+ statement (see below).

Meanwhile, IMF managing director Kristalina Georgieva wants to know more about the plans for the payment system.

“The idea of having a payments system of a group of countries is not new,” she said, according to Reuters.

“What we need to see is more details,” she added. “What is it in this idea? How that may translate into reality? And then we will be able to assess it.”

BRICS Clear
The statement also included a paragraph on the study of a “BRICS Securities Depository and Settlement Infrastructure” which would be an alternative to Western infrastructures like the DTCC, Euroclear and Clearstream. 

This was previously floated as an idea in a Russian paper circulated before the meetings. Bloomberg reported that some view this as an initiative from Russia and Iran, while other BRICS members might have less appetite for it.

BRICS statement
Below are the relevant excerpts from the joint BRICS statement:

We reaffirm our commitment to strengthening BRICS financial cooperation. We recognize that a fast, low-cost, efficient, transparent, secure and inclusive cross-border payment system based on the principle of minimization of trade barriers and non-discriminatory access has broad benefits.

 We welcome the use of local currencies by BRICS countries and their trading partners in financial transactions.

We encourage the strengthening of the BRICS correspondent banking network and the promotion of local currency settlement under the voluntary and non-binding BRICS Cross-Border Payments Initiative, and look forward to further discussions on this under the BRICS Payments Working Group and other mechanisms.

We authorize the BRICS Finance Ministers and Central Bank Governors to continue their study on local currency cooperation, payment instruments and platforms as appropriate and to submit a report during the next BRICS Presidency.

We recognize the importance of exploring the feasibility of interconnecting the financial market infrastructure of BRICS countries, and agree to discuss and study the feasibility of establishing a “BRICS Securities Depository and Settlement Infrastructure” on a voluntary basis to supplement the existing financial market infrastructure.

In addition, we will explore the establishment of BRICS (re)insurance companies on a voluntary basis to enhance the independent reinsurance capacity of BRICS countries.

@ Newshounds News™

Source:  Ledger Insights

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REGULATORY UNCERTAINTY IS A BARRIER TO THE INSTITUTIONAL ADOPTION OF TOKENIZED MONEY MARKET FUNDS: ANALYST

▪️According to an analyst, the potential for adverse regulatory intervention remains a major obstacle to the broader adoption of tokenized money market funds among institutional investors.

▪️The analyst added that while there is growing institutional interest in using tokenized assets like BlackRock’s BUIDL as collateral in crypto derivatives trading, adoption hinges on regulatory clarity and developing foundational infrastructure.

The risk of adverse regulatory intervention remains a major obstacle to the broader adoption of tokenized money market funds among institutional players, an analyst said.

"Tokenized money market funds are under constant threat of adverse regulatory action, curbing investors’ appetite," Rho Labs founder Alex Ryvkin told The Block. 

"And, as someone with first-hand experience implementing blockchain-compatible infrastructure for the incumbents, I can confirm that widespread tokenized RWA-readiness is, although inevitable, still a couple of years away."

Ryvkin explained that while awareness and interest in tokenized real-world assets have grown, progress on regulatory clarity and infrastructure development will be necessary before these products achieve mass adoption.

He noted that the current adoption stage remains in the "experimentation phase," with the usage of tokenized money market products still lagging far behind their traditional finance counterparts.

"While we’ve seen some impressive shifts in RWA adoption, we’re still in that early experimentation phase. The outstanding interest in RWA products is dwarfed by similar trades in the tradfi space, and the adoption is mostly limited to institutional or qualified investor participation," Ryvkin added.

Tokenized MMFs used as collateral on crypto-derivative exchanges
Ryvkin highlighted some recent institutional moves in the space — including interest in using tokenized assets such as BlackRosk's BUIDL token as collateral on crypto derivatives exchanges, such as Deribit. "That’s good news and not just for BlackRock, as the development of crypto-liquidity backed by traditional securities as collateral, once the rails are widely established, would not stop," he said.

However, Ryvkin noted that although developments are promising, true adoption requires a foundational infrastructure that is still being built. Ryvkin then pointed to critical steps needed for products like BlackRock’s tokenized BUIDL fund to move beyond proof of concept and integrate broadly into capital markets.

@ Newshounds News™

Source:  The Block

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PENNSYLVANIA HOUSE PASSES CRYPTO PROTECTION BILL IN BIPARTISAN VOTE

The Pennsylvania House of Representatives passed a bill protecting residents' rights to use and store cryptocurrency on October 22, 2024. The Digital Assets Authorization Act secured an overwhelming majority of 176-26 votes, backed by all 100 Republican members and 76 Democrats, according to the official Pennsylvania General Assembly voting record.

The strong bipartisan support for the bill reflects a broader trend in U.S. politics, where cryptocurrency regulation represents a rare unifying issue. Among crypto owners, 35% identify as Democrats, 33% as Republicans and 32% as independents or other according to a Grayscale report.

However, the House's voting pattern shows that some resistance remains among Democrats, with 26 voting against the bill while Republicans showed unanimous support.

Voters are paying close attention to crypto policy, with 51% of crypto-positive voters monitoring candidates' positions, while 48% of all voters express distrust towards politicians who interfere with crypto development, rising to 63% among crypto-positive voters, according to a recent DCG and Harris Poll survey of swing states, including Pennsylvania. 

"This data shows crypto is top of mind for voters in swing Senate states and that a pro-crypto position is a net positive for policymakers and candidates," said Julie Stitzel, Senior Vice President of Policy at DCG in a press release statement.

Bill Specifics And Enforcement Plan
If enacted, this crypto legislation would establish clear protections for digital asset usage and custody rights across Pennsylvania, while maintaining existing regulatory frameworks.

@ Newshounds News™

Source:  Forbes  

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TETHER PROPOSES BOLD PLAN: BORON-BACKED TOKENS FOR TURKEY’S MARKET—HERE’S WHY

Tether Holdings Ltd., the issuer behind the world’s largest stablecoin USDT, has proposed an ambitious plan to Turkey’s government. The plan aims to “modernize” the country’s boron market using blockchain technology.

The proposal involves creating digital tokens backed by borate minerals, a key resource where Turkey controls over 70% of the global supply.

Further Details On The Proposal
As Bloomberg reported earlier today, citing individuals familiar with the matter, Tether pitched the idea to Turkish officials to tokenize boron, used in various industries such as ceramics, fertilizers, and glass production.

In addition to the tokenization proposal, the company has also raised the possibility of establishing a digital asset exchange in Istanbul, Turkey’s financial hub.

Tokenization is a growing trend within the digital asset space, where real-world commodities or assets are represented by digital tokens on a blockchain.

Bloomberg revealed that proponents argue that tokenization can improve market efficiency, liquidity, and transparency.

With Turkey projected to generate $1.3 billion in boron sales by 2024, the government may view Tether’s proposal as an opportunity to tap into innovative technologies and boost economic growth.

Turkey’s Growing Crypto Market And Tether’s Interest in Boron
Although the specific benefits of Tether’s proposal remain unclear, the company’s interest in Turkey is not entirely unexpected.

So far, Turkey has emerged as an attractive market for digital assets, particularly due to “high inflation and the declining value of the Turkish lira,” which has led to increased crypto adoption. Boron, a naturally abundant resource in Turkey, presents an intriguing choice for Tether’s tokenization efforts.

Turkey’s state-owned mining company Eti Maden Isletmeleri Genel Mudurlugu manages the country’s boron reserves, and the government’s control over this valuable resource could make it an ideal candidate for blockchain-based solutions.

While the Turkish government has not yet committed to the proposal, discussions are ongoing, with key meetings between Tether officials and senior Turkish figures, including Vice President Cevdet Yilmaz and Energy Minister Alparslan Bayraktar.

A Turkish government official has noted that the idea is still in its early stages and may not be implemented immediately. Additionally, a Turkey’s Energy Ministry representative confirmed that the discussions with Tether are ongoing, though no concrete plans have been confirmed yet.

Meanwhile, in a statement, Tether’s CEO Paolo Ardoino reaffirmed the company’s commitment to supporting innovation in Turkey’s digital-asset ecosystem. Ardoino noted:

Tether is] deeply committed to fostering innovation in Turkey’s digital-asset landscape and keen to continue exploring new opportunities for growth.

@ Newshounds News™

Source:  Bitcoinist

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Economist’s “News and Views” Friday 10-25-2024

Vince Lanci Recaps The BRICS Summit To End Dollar Dominance

Arcadia Economics:   10-25-2024

The 2024 BRICS Summit is now complete, where one of the primary topics for discussion was ending the dominance of the dollar system.

To find out more about what happened, what didn't occur, and where it goes from here, Vince Lanci has a recap of the Summit.

https://www.youtube.com/watch?v=GJAgsd4O4XI

Looming Market Realignment! Feat Michael Oliver - LFTV Ep 196

Kinesis Money:  10-25-2024

In this week’s Live from the Vault, Andrew Maguire welcomes back Michael Oliver to examine the instability gripping the US stock market and the looming realignment that could prompt asset reallocations towards safe havens such as physical gold.

The founder of Momentum Structural Analysis underscores the ongoing devaluation of fiat currencies and stresses the importance of tangible assets, forecasting a surge in silver prices driven by rising demand in emerging markets.

https://www.youtube.com/watch?v=RqgIL6AgN5M

LIVE! What JP Morgan Bank CEO Jamie Dimon Just Said IS FRIGHTENING! (And Its The TRUTH).

Greg  Mannarino:  10-24-2024

https://www.youtube.com/watch?v=dUoXgrtcjk8

Iraq News Highlights and Points To Ponder Friday AM 10-25-24

Economist Warns Of The Danger Of Currency Counterfeiting Mafias

Posted on 2024-10-25 by sotaliraq   2024/10/23  Mustafa Fleih   Economic expert Safwan Qusay warned of the danger of currency counterfeiting mafias, and while explaining the mechanism to confront them, he stressed the need to move to financial inclusion to protect the Iraqi economy from these mafias, whether internal or external.

Qusay said in an interview that the process of investigating the source of the counterfeit dinar is backed by parties trying to harm the reputation of the Iraqi dinar and trying to launder dirty money and obtain goods in exchange for this money.

He pointed out that the Central Bank is keen to track such networks, and the security services are trying to reconsider any source that could enter Iraq from abroad or to print such counterfeit money inside it.

He stressed that the issue is related to the ability to develop a device to track the movement of the Iraqi dinar in the market and there is a “Serial Number” for each category of the currency and the process of transitioning to financial inclusion and introducing money into the banking system and Iraqis dealing with credit cards will prevent counterfeiters and counterfeiters of this currency from pumping the counterfeit category into the market.

He explained that the more quickly and immediately we switch to dealing with credit cards at the private sector level, given that the government apparatus in many ministries has begun to apply such technologies in credit cards, ATMs and revenue receipt cards, it can deprive anyone who thinks of counterfeiting or forgery from entering the Iraqi market.

He explained that when the value of the currency increases, the process of counterfeiting and forgery becomes economically fragmented, and the Iraqi dinar is now fully covered, and certainly a large part of the countries in the region have been harmed, and the fluctuations in their currency prices may lead to the emergence of such mafias that print this counterfeit currency outside Iraq and pump it into the local market. In addition to educating those who receive the dinar about its type, we need to have an investigation system linked to the Internet to detect counterfeit currency.

He stressed that the seller should not only refuse to receive the counterfeit currency, but also ask the holder of this counterfeit currency to know where he got it from so that the security services can investigate the source of this counterfeit currency mass, whether it is locally printed or internationally.

He pointed out that the Central Bank is keen to compensate the holder of the counterfeit dinar if he is unaware of such distinction, and the more we encourage citizens to report with financial rewards, the more we can reach the party behind the counterfeiting.

 He added that counterfeiting tends towards the higher value, i.e. at the level of large denominations such as the large currency denominations of 50 thousand and 25 thousand, and we must encourage those who receive the Iraqi dinar to examine it and not only reject the counterfeit currency but also report the holder of this counterfeit currency to reach the perpetrator.

He noted that the dollar is counterfeited by international mafias and can be pumped into the informal market, so it is not detected by dealers, and dealers in the informal market may exploit it because they are unaware that there is a counterfeit dollar from countries that carry out counterfeiting at the international level.

He stressed the need to move towards financial inclusion to protect the Iraqi economy from these mafias, whether internal or external.  LINK

IMF: BRICS Economies Will Contribute More To Global Growth Than G7

Arabic and international   Economy News - Follow-up  The BRICS group of nations is expected to play a bigger role in boosting global economic growth than the richer Western economies, according to the International Monetary Fund's latest forecast.

Compared with forecasts made six months ago, the fund now sees a larger share of growth over the next five years coming from the powerful BRICS economies of China, India, Russia and Brazil, based on forecasts released this week that are based on purchasing power parity.

On the other hand, expectations have been lowered regarding the contribution of the Group of Seven major countries, such as the United States, Germany and Japan, to future economic growth. https://economy-news.net/content.php?id=49135

World Economic Growth... Is It Heading Towards Greater Dependence On BRICS?

Arabic and international  Economy News - Follow-up  The global economy is increasingly dependent on the economic performance of the BRICS group of emerging economies rather than wealthier Western economies, according to the International Monetary Fund's latest forecasts.

According to a report published by Bloomberg and reviewed by Sky News Arabia, the International Monetary Fund now expects that the strong BRICS economies such as China, India, Russia and Brazil will contribute a greater share of growth over the next five years compared to previous expectations six months ago.

In contrast, expectations for G7 members such as the United States, Germany and Japan to contribute have been revised downward.    https://economy-news.net/content.php?id=49134

Iraq Development Fund: We Succeeded In Attracting Investments Worth $100 Billion

2024-10-25 by sotaliraq   2024/10/23   Baghdad:   The Prime Minister's Advisor for Investment Affairs, Mohammed Al-Najjar, confirmed the government's success in attracting investments worth $100 billion.

While explaining the most important features of the contract with Elsewedy Electric Company, which was recently signed, he confirmed that it includes investments worth $5 billion and the establishment of 3 industrial cities. Al-Najjar, who also holds the position of Director of the Iraq Development Fund, said in a press statement that Iraq has attracted more than $100 billion in direct investments during the past two years, and we are at the beginning of the road, and there are other projects with large sums and in various sectors.

He added that the recent contract with Elsewedy Electric Company is promising, and we expect its investments in Iraq to reach $5 billion spread across Iraq, and the contract with it includes opening a joint Iraqi-global fund specialized in introducing industry and advanced education to the country within projects to establish an industrial and economic city to attract investors in addition to other various projects.

He continued that the contract is pioneering in its kind and the main idea in it indicates that the fund enters as a representative of the Iraqi government and we open investment opportunities for Iraqi investors, Iraqi citizens and Gulf funds to prepare another fund to localize smart industry in Iraq.

He explained that there are three possibilities for the location of the economic city because we took into consideration that the city serves the workers and the cities and governorates surrounding the city and we are currently studying 3 regions in central and southern Iraq.

Earlier, the Iraq Development Fund announced last Monday the signing of a memorandum of understanding with the Egyptian global company Elsewedy Electric, which aims, according to the fund, to establish an Iraqi investment fund under the name (the Settlement Fund) to attract local and international investments to develop strategic projects in various sectors, and also to develop economic alternatives in various fields such as agriculture, industry, and services to reduce dependence on oil. LINK

The United Nations funds Iraq with $30 million to confront the effects of climate change

Posted on 2024-10-25 by sotaliraq   The Ministry of Environment announced an environmental achievement that includes funding of (30) million dollars from the Green Climate Fund of the United Nations to support climate change-resistant agriculture in Iraq.

The ministry said in a statement that it “achieved an environmental achievement that includes funding of (30) million dollars from the United Nations Green Climate Fund to support climate change-resistant agriculture in Iraq.”

She added: “This came through the latest deliberations between the Iraqi technical team headed by the Technical Undersecretary of the Ministry of Environment, Jassim Abdul Aziz Hammadi, and the United Nations, which was able to approve and announce the signing of funding worth (30) million US dollars from the Green Climate Fund (GCF) to implement the project “Enhancing Climate Resilience for Vulnerable Agricultural Livelihoods” in cooperation with the Food and Agriculture Organization of the United Nations (FAO).”

She stressed that “this achievement was made with the distinguished support of the Prime Minister and based on the directives of the Minister of Environment, Nizar Amedi, through continuous efforts with the Green Climate Fund, which is one of the compensatory mechanisms approved by the Paris Climate Agreement to help countries affected by climate change, including Iraq,”

noting that “this project will focus on promoting sustainable agriculture in the governorates of (Karbala, Najaf, and Muthanna) that are witnessing environmental fragility represented by land degradation, desertification, and shrinking agricultural area.”

She explained that “the signing meeting for the funding was held today online with the Board of Directors of the Green Climate Fund in Seoul, Korea, in the presence of representatives of the FAO, and in the presence of the Director General of the Technical Department, Najla Mohsen Al-Waili, the Director of the Climate Change Directorate, Youssef Mu’ayyad, and the Director of the Urban Environment Directorate, Muthanna Saloumi,”

 noting that “this funding is one of the largest international projects that aim to enhance the resilience of agricultural communities and prepare to confront the effects of climate change.”

She pointed out that “this project embodies Iraq’s commitment to implementing the government program in the areas of environment, climate, and renewable energy,” adding that “the Ministry of Environment, through the National Authority for the Green Climate Fund and the Directorate of Climate Change, is the coordinating and organizing body for these projects according to internationally approved forms.”   LINK

Report: Russia's BRICS Grain Exchange Proposal Will Take Years

Wheat ears in a field in Russia. "Reuters"   Arabic and international  Economy News - Follow-up BRICS members welcomed a proposal by Moscow at the group's summit in Kazan, Russia, this week to establish a new international grain exchange, but turning that proposal into reality could take years.

According to a report published by Reuters and reviewed by Sky News Arabia, Russia seeks to establish a grain exchange as part of a broader plan to launch new financial instruments, separate its trade from the dollar, and help Moscow avoid Western sanctions.

President Vladimir Putin said at the summit that the BRICS countries, which are among the world's largest producers of grains, legumes and oilseeds, could establish this exchange and later expand it to include trade in other major commodities.

Leaders of the BRICS group, which includes Brazil, Russia, India, China and South Africa, approved the plan to establish the exchange.

Eduard Zernin, head of the Grain Exporters Union, whose members export 80 percent of Russia's grain, said that based on the experience of creating the BRICS New Development Bank, launching the joint exchange would require years of preparatory work.

He pointed out that the proposed new stock exchange must have an international character to protect it from possible Western sanctions.

He added: "The main stage of the process has been completed, and the initiative to establish the stock exchange has been approved at the level of BRICS leaders."

Russia, the world's largest wheat exporter, has been seeking for years to develop its own mechanisms for pricing basic commodities to counter the dominance of Western exchanges, especially after global grain prices fell this year.   https://economy-news.net/content.php?id=4913

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.

.

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

~~~~~~~~~

 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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“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."

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................

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

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

~~~~~~~~~

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

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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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."

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/

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……..

https://www.youtube.com/watch?v=Gl7y3LVyMTw

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. 

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

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

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