Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 10-29-24

Good Afternoon Dinar Recaps,

JUST IN: BINANCE LAUNCHES FIRST-EVER CRYPTO EXCHANGE SERVICE FOR WEALTH MANAGERS

Binance has launched the a first-of-its-kind crypto solution which will cater to the crypto needs of wealth managers.

▪️Binance has launched 'Binance Wealth' which will cater to wealth managers and further boost crypto adoption.

▪️This initiative will provide easy access for high net-worth individuals seeking digital asset exposure.

▪️The exchange will provide exposure to a wide range of crypto assets beyond Bitcoin and Ethereum.

Binance, the world’s largest crypto exchange by trading volume, has launched the first-ever crypto exchange solution for wealth managers. According to the exchange, this initiative will be similar to traditional wealth management. This move could also help further assert the exchange’s dominance in the crypto space.

Binance Launches ‘Binance Wealth’
The crypto exchange announced in a press release the launch of Binance Wealth, the first crypto exchange technological solution catering to wealth managers. 

This service will allow wealth managers to oversee their clients’ onboarding and make investment recommendations, ensuring that these clients enjoy strong support throughout the onboarding process.

Wealth managers will also retain full discretionary control, similar to traditional wealth management services. Wealth managers seeking the Binance Wealth program must apply to gain access. After their application has been approved, they can support their clients with the onboarding process into the crypto space.

These clients will have to submit the necessary KYC/KYB documentation for verification. Once boarded, these clients can manage their investments and gain guidance from their wealth managers on the best investment decisions for them.

This move comes just over a month after Binance CEO Richard Teng mentioned that their institutional investors grew 40% this year. With this first-of-its-kind offering, the top crypto exchange will attract high-net-worth individuals looking to gain exposure to cryptocurrencies.  This could also help boost the crypto exchange’s dominance as it looks to wade off its competitors.

Advantage Of This Initiative For Investors
Binance mentioned in the press release that this initiative will significantly reduce the entry barrier for wealth managers and their clients seeking digital asset exposure. These investors will enjoy an experience similar to the traditional financial advisory framework they are accustomed to.

These investors will gain exposure beyond Bitcoin and Ethereum as the top exchange will offer a wide range of supported tokens beyond the top two cryptocurrencies by market cap.

Wealth managers’ clients will have access to trading and earn/staking products, which cater to the needs of all clients, whether they are looking for active or passive investment opportunities.

Lastly, the crypto exchange mentioned that Binance Wealth will provide a ‘White-glove VIP service’ as wealth managers will receive high-touch VIP services and support from the exchange’s VIP key account client managers.

@ Newshounds News™

Source:  CoinGape

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FIVE THINGS TO EXPECT IN CARDANO'S UPCOMING CHANG 2 UPGRADE

The Cardano blockchain's two-part Chang Hard Fork represents a major upgrade that will enhance network functionality and decentralized governance. On Sept. 1, Chang 1, the first phase of the Chang Hard Fork, was activated, bringing crucial improvements such as empowering the Interim Constitutional Committee.

In November 2024, the process to enact the second phase of the Chang upgrade is expected to kick off in full swing, ushering in a critical phase for Cardano’s governance evolution. Chang 2 will require five governance actions to be successfully enacted on-chain.

The current roadmap anticipates a prerelease of Cardano node v10 for testing in mid-October. This crucial phase will initiate thorough testing across multiple environments, starting with the preview and preprod testnets. This second controlled Chang hard fork will complete the metamorphosis of Cardano to the age of Voltaire. 

This culmination of the Chang upgrade will mark a watershed moment for Cardano’s governance, marking a pivotal shift that will have far-reaching and long-term consequences for the whole ecosystem. What to expect The second phase of the Chang Hard Fork is expected to bring even more advancements. In a recent tweet, Emurgo, a founding entity of Cardano, outlined five updates to potentially expect.

First is Delegate Representative (DRep) Voting. Introducing Delegate Representative (DRep) Voting aims to strengthen the community's voice. DReps will be one of the key governing bodies in Cardano's governance framework, able to vote on ideas and governance actions on behalf of the whole community. SPO (Stake Pool Operator) voting will also be a key upgrade in the Chang phase 2.

 Through this update, SPOs will gain voting power by leveraging the stakes delegated to their pools, altering their role in Cardano's future decentralized governance to one of greater participation.

The Cardano Chang 2 upgrade will also usher in governing actions; here, community members will be encouraged to propose governance actions. Anybody in the community will be able to initiate a proposal with a small ADA deposit, which will be refunded after voting ends. 

The proposal will go through a voting procedure with DReps and SPOs to verify that the results match the Cardano community's vision. 

Another update to be expected is Treasury Withdrawal. To carry out the approved governance actions, a treasury withdrawal system will be deployed. Approved governance actions will receive funding allocated directly from Cardano’s treasury.

 This system will allow community members to shape treasury funds, promoting the Cardano network's long-term growth.

@ Newshounds News™

Source:  U Today

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🌱PETER SCHIFF EXPLAINS WHY AMERICA IS ENTERING A HORRIFIC FINANCIAL CRISIS  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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Economist’s “News and Views” 10-29-2024

BIS Threatens To Shut Down BRICS Project mBridge

Arcadia Economics:  10-29-2024

Just days after the BRICS Summit was completed, Bloomberg now reports that the BIS is threatening to shut down the mBridge cross-border payment platform.

 Or at least attempt to.

Vince Lanci explains why they're doing that now, and whether they'll be able to succeed. As well as the implications for what the move implies.

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

https://www.youtube.com/watch?v=5gYv2GYhbYY

LIVE! WE ARE IN A FULL-ON DEBT CRISIS... THE "LINE IN THE SAND" HAS ALREADY BEEN CROSSED.

Greg Mannarino:  10-29-2024

https://www.youtube.com/watch?v=m3ePgFg_a1M

Jim Rogers: We’re Staring at History’s Greatest Recession; Numbers Are Staggering

Daniela Carbone:  10-29-2024

“America has gone the longest in our history without a recession. History would say we're getting closer to a problem,” warns legendary investor Jim Rogers, chairman of Beeland Interests and co-founder of the Quantum Fund and Soros Fund Management.

Speaking with Daniela Cambone, Rogers highlights the mounting U.S. debt as a path to financial danger, predicting that “the next bear market has to be very serious… and printing money is not going to solve the problem.”

He warns that persistent banking sector issues could trigger a domino effect across currency, investment, bond, and stock markets, calling it potentially “the worst in my lifetime because the debt is so much higher compared to 2008.”

CHAPTERS:

00:00 US economy overview

2:57 Fed

5:30 Stock market

6:31 Trump’s income tax rhetoric

 8:06 US debt

10:09 US default on its debt

10:53 BRICS

13:16 BRICS currency

14:21 US banking sector

16:01 Gold and silver

17:40 North American investors’ appetite for gold

 19:05 Bitcoin

19:55 How should investors prepare

 21:58 US dollar

23:09 Gold confiscation

24:10 Jim’s advice

https://www.youtube.com/watch?v=wKSwR-R2mro

“Tidbits From TNT” Tuesday 10-29-2024

TNT:

Tishwash:  Government advisor explains details of 2025 budget deficit: “We are counting on oil prices”

The Prime Minister's Advisor for Financial Affairs, Mazhar Muhammad Salih, confirmed today, Tuesday, that the financial deficit in the 2025 budget amounted to 64 trillion dinars, amid expectations of an increase in oil prices in the global market.

Saleh said, in a statement followed by "Al-Eqtisad News", that "next year's budget 2025 will not deviate from the constants approved in the Federal General Budget Law, the three-year budget submitted by the government and approved by the House of Representatives for the years 2023-2024-2025."

Regarding the budget deficit, he explained that “the 2025 budget will have a hypothetical deficit of 64 trillion dinars, which is a (precautionary) deficit that has been established by law to avoid fluctuations in the general budget revenues for the coming year, especially oil revenues, which are subject to fluctuations in the oil asset cycle and the conditions of energy markets in the world.”

Saleh added, "The price of a barrel of oil in the three-year budget, to which the 2025 budget is subject, was set at $70, and any annual increase in oil prices exceeding $70 per barrel of exported oil will reduce the hypothetical deficit in the budget  link

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Tishwash:  The President of the Republic calls for enhancing cooperation with the countries of the world in order to extradite wanted persons and recover Iraq's funds abroad

 President of the Republic Abdul Latif Jamal Rashid called for enhancing cooperation and coordination with countries of the world in order to extradite wanted persons and recover Iraq's funds abroad.

A presidential statement stated that the President of the Republic received, today, Tuesday, at the Baghdad Palace, the Chairman of the Integrity Commission, Mohammed Ali Al-Lami.

According to the statement, Rashid congratulated the Chairman of the Commission on his assignment to the position, stressing that everyone expects effective and correct steps from the Commission to preserve public money through legal and constitutional procedures, adding that diagnosing the waste of public money is a noble national task that requires a serious and firm stance from all regulatory agencies and bodies, foremost of which is the Integrity Commission, calling for the adoption of integrated and comprehensive national plans and programs in which all official and societal activities have an active role. "

The President of the Republic called, according to the statement, to enhance cooperation and coordination with countries of the world in order to extradite wanted persons and recover Iraq's funds abroad."

For his part, Mohammed Al-Lami reviewed the Commission's future plans and programs, appreciating the support of His Excellency the President of the Republic for the Commission's work and its efforts to achieve transparency.

He stressed the importance of the Presidency of the Republic's support for the Integrity Commission in its efforts to combat the corrupt, recover Iraq's money, and preserve national wealth. link

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Tishwash:  The Future of Relations with Washington: Iraq Wants Partnership, Not Hegemony

The relationship between Iraq and the United States faces major challenges in light of regional developments and internal political changes in both countries.

There is an Iraqi trend to present its relationship with Washington in a different way than it was in the past, as Iraq seeks to diversify this relationship away from the military and security dimension that has long dominated bilateral cooperation. Iraq recently submitted an official memorandum of protest to the UN Security Council against Israel, stressing the need to clarify positions and highlight Iraqi grievances before international forums, a step aimed at reformulating Iraq's foreign policies in a way that enhances its sovereignty and independence.

In this context, the Iraqi government formed a special committee to review the relationship with Washington, based on the Strategic Framework Agreement signed in 2008, which sought to establish a partnership based on cooperation in various fields, not just security affairs.

Sources told Al-Masala that Iraq seeks to achieve a balanced partnership that will allow it to build a strong and sustainable economy, by benefiting from Washington’s expertise in the economic, educational, and health fields, instead of relying excessively on the military aspect. This trend reflects a strong desire to achieve the aspirations of the Iraqi people away from the effects of regional conflicts.

Moreover, Iraq announced earlier this year the end of the international coalition formed in 2014 to fight ISIS, a move aimed at reducing foreign military presence and restoring national control over sovereign decisions.

This announcement comes as part of a plan aimed at changing the pattern of relations with the United States, while seeking to develop new mechanisms for cooperation through a tripartite military committee that includes representatives from both parties.

Analyses indicate that “this committee must establish strong foundations for a real partnership that is far from hegemony and based on mutual interest, so that Iraqis feel the impact of this partnership in their daily lives.”

The shift towards economic partnership has become an increasing demand, as some voices within the Iraqi government stress the need to move from reliance on military support to enhancing cooperation in the areas of infrastructure, technology and energy, which contributes to developing Iraq’s economic capabilities and providing job opportunities for young people.

The Iraqi-American relationship is one of the most complex issues in the Iraqi political scene, and it is a source of disagreement between political forces, as visions differ on how to deal with this relationship and direct it towards a path that serves the country’s interests, far from foreign interference.

Political movements see Washington as a key partner whose cooperation must be maintained, especially in the economic, health and educational fields in which Iraq lacks long-term institutional support.

These forces call for expanding areas of cooperation outside the security framework, noting that the United States can be a strategic ally for Iraq's development through massive investments, especially in the areas of infrastructure and energy.

Perhaps this trend is expressed by representatives in parliament and officials who believe that building a comprehensive economic partnership with Washington can achieve economic stability away from oil revenues.

On the other hand, there are forces that consider the relationship with the United States to be fraught with sovereignty risks. These parties, which often tend to adopt a nationalist discourse that rejects the American military presence, see American policy in the region as conflicting with Iraq’s interests and regional orientations.

Given the vast regional influence of these powers, the political arena has witnessed calls to re-evaluate the relationship and determine the extent of its need.

This division is clearly evident in the decisions of the Iraqi government, which seeks, on the one hand, to calm internal fears by forming committees to review the strategic framework agreement with the United States, and on the other hand faces pressure to confirm the trend towards new partnerships that are not subject to external pressures.

The joint committee held three meetings in Washington and Baghdad, during which it reached a new mechanism to regulate the relationship between the two parties, which stipulates the withdrawal of the remaining American combat forces in Iraq, and the retention of a number of advisors for the purposes of advice and logistical support, according to the strategic framework agreement signed in 2008 and ratified by the Iraqi parliament. link

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Mot: ......... figured out Why da RV is soooooo Slow!!!! 

Iraq News Highlights and Points To Ponder Tuesday AM 10-29-24

Reassuring Citizens.. Economist: The Dollar Exchange Rate Will Return To Stability

Economy |Baghdad Today – Baghdad  Economic expert Mustafa Akram Hantoush commented, today, Tuesday (October 29, 2024), on the return of stability of the dollar exchange rate in local markets.

Hantoush said in an interview with Baghdad Today, "The rise in the dollar exchange rate has several reasons, including trade with Iran and Syria and travelers, the absence of the platform and the presence of small traders, and the presence of the parallel market."

He added, "As for the recent increase, it was due to fears of the expansion of the war in the region," indicating that "as a result of the absence of a major war and with the increasing news about stability in the coming period, the demand for the dollar will decrease and thus the dollar exchange rate will return to stability at 150 thousand dinars."

It is noteworthy that the dollar exchange rate has recorded a continuous decline over the past two days after it rose during the past period to more than 153 thousand for every 100 dollars.  LINK

Currency Smuggling Mafias Seize Crises To Undermine The Economy And Deplete Reserves!

Posted on 2024-10-29 by sotaliraq   In light of the economic and political crises witnessed by Iraq and the region, there are increasing reports of the increasing activity of currency smuggling mafias that exploit these conditions to their advantage.

These networks transfer money abroad illegally, posing a growing threat to economic and security stability in Iraq.

Reports indicate that these operations take advantage of the fragility of government institutions and the spread of corruption, which opens the door to huge losses in terms of cash reserves and the ability to finance basic needs, in addition to the exacerbation of inflation and the deterioration of the value of the Iraqi dinar.

Economic expert, Mohammed Al-Kubaisi, revealed that “the currency smuggling mafias in Iraq and the region are exploiting the economic and political crises to increase money smuggling operations abroad, which results in serious damage to the Iraqi economy.”

He explained that "these mafias are working to transfer huge sums of money illegally, which directly affects the value of the dinar and increases the severity of inflation in the country."

He pointed out that "smuggling operations lead to a shortage in foreign currency reserves, which weakens Iraq's ability to finance its basic import needs and further deteriorates the balance of payments."

He added that "the illegal exit of these funds contributes to the decline in domestic investment and the creation of an unstable economic environment, as smuggling relies on corrupt channels that undermine the effectiveness of government institutions and increase the spread of corruption."

The expert stressed that “currency smuggling does not only affect the economic aspect, but also extends to constitute a serious security threat, as this money is used to finance illegal activities including drug trafficking and financing armed groups, which exacerbates the security challenges in the country and the region as a whole.”

Al-Kubaisi concluded his speech by “warning of the danger of these practices that weaken Iraq’s financial sovereignty, stressing the need to take firm measures to stop smuggling operations and enhance oversight of financial transfers, with the aim of protecting the national economy and restoring confidence in financial institutions.”

For his part, Nasser Al-Kanani, an economic expert, said, “As soon as the war in Lebanon and Gaza escalated and security tensions in the region as a whole, specialized mafias emerged that work to exploit such security conditions in order to increase the process of smuggling currency from Iraq. There are different methods for this smuggling, some of which are done through foreign imports, which take place outside the platform.”

He added, “Iraq is working to strengthen its national currency, but there are those who are working to weaken this currency by making the dollar very high against the national currency, and some are working to limit large commercial transactions to the dollar exclusively, and the sale of real estate, cars, etc., and this also weakens the national currency, despite all the campaigns to prevent internal transactions in dollars.”

The economic expert continued, “Iraq cannot exploit conflicts and wars to strengthen its national currency, especially since it is working hard, internally and externally, to stay away from these wars. Iraq realizes the great economic danger if it enters the circle of conflict and wars.”  LINK

Al-Atwani Confirms To The Tunisian Minister Of Finance The Serious Desire To Benefit From The Wealth Management Experience In Tunisia

Monday 28 October 2024 | Economic Number of readings: 309 Baghdad/ NINA /The head of the Parliamentary Finance Committee, Atwan Al-Atwani, confirmed today, Monday, to the Tunisian Minister of Finance, Sihem Boughdiri, the serious desire to benefit from the Tunisian experience in managing financial and monetary wealth, and its steps in achieving sustainable development.

A statement issued by his media office stated that "the head of the parliamentary finance committee, Atwan Al-Atwani, and the accompanying delegation, met with the Tunisian Minister of Finance, Sihem Al-Boughdiri, in the presence of the Chargé d'Affairs of the Iraqi Embassy in Tunisia, and the senior staff of the Tunisian Ministry of Finance, to discuss ways to enhance cooperation and joint coordination between Iraq and Tunisia, with regard to developing the financial, monetary and economic system, in a way that achieves the aspirations of the two brotherly peoples

 Al-Atwani stressed, according to the statement, "the serious desire to benefit from the Tunisian experience in managing financial and monetary wealth, and its steps in achieving sustainable development, especially since it has a pioneering experience in relying on non-oil revenues to finance the state's general budget."

The statement added that "the meeting came within the framework of Iraq's orientation towards maximizing its non-oil resources, so we aspire to positive integration with Tunisia in this regard, in order to achieve sustainable development that requires economic stability," explaining: "This cannot be achieved for a country that depends entirely on oil, and we cannot accept that our economy remains subject to fluctuations in oil prices."

The statement continued, "The meeting reviewed the most important challenges facing the financial and monetary sector, and how to build The general budget of the two brotherly countries, ways to diversify sources of income and address the deficit, and mechanisms for expanding the tax base and estimating revenues, referring to "the Iraqi government's adoption of automation and digital transformation, as a fundamental step in fighting corruption and improving services." / https://ninanews.com/Website/News/Details?key=1164832

Tuesday's Newspapers Are Interested In Iraq Submitting A Memorandum Of Protest To The United Nations Regarding The Use Of Its Airspace By Israeli Aircraft In Its Recent Aggression Against Iran And In Today's Parliament Session.

Tuesday 29 October 2024 06:26 | Press Number of readings: 268 Baghdad / NINA / The newspapers issued on Tuesday were interested in Iraq submitting a memorandum of protest to the United Nations for the use of its airspace by Israeli aircraft in its recent aggression against Iran and in today's parliament session.

Al-Zawraa newspaper, issued by the Journalists Syndicate, said that Iraq submitted an official memorandum of protest for the use of its airspace by the Zionist entity's aircraft in its recent aggression against Iran, considering it a violation of sovereignty.

The spokesman for the Iraqi government, Bassem Al-Awadi, announced

that Iraq submitted an official memorandum of protest to the Secretary-General of the United Nations and to the UN Security Council, which included condemnation of the blatant violation committed by the Zionist entity by violating Iraq's airspace and sovereignty. Al-Awadi said in a statement:

 "Iraq officially submitted a memorandum of protest to the Secretary-General of the United Nations and to the UN Security Council, which included condemnation of the blatant violation committed by the Zionist entity by violating Iraq's airspace and sovereignty with its aggressor aircraft, and using Iraqi airspace to carry out the attack on the Islamic Republic of Iran, on October 26."

According to the statement, the Prime Minister directed the Ministry of Foreign Affairs to “communicate with the American side regarding this violation, in accordance with the terms of the bilateral strategic framework agreement and the United States’ commitment to Iraq’s security and sovereignty.”

The statement added that “the Iraqi government affirms its firm commitment to Iraq’s sovereignty, independence and the sanctity of its territories, and that it is working at various levels to confront these violations, and stresses that it will not allow the use of Iraqi airspace or territory to attack other countries, especially neighboring countries that have relations of respect and common interests with Iraq.”

He continued: “This position reflects Iraq’s keenness to follow a policy of preserving regional stability by preventing any exploitation of its territories in regional conflicts, and supporting the resolution of disputes through dialogue and mutual understanding.”

Al-Sabah newspaper was interested in the directive of the Speaker of the House of Representatives, Mohsen Al-Mandalawi, to resolve the controversial articles in the general amnesty law, which is expected to be presented during the parliamentary session scheduled for today, which is expected to witness a vote on a number of other laws, including “the Personal Status Law and the Return of Real Estate to Their Owners Law.”

The newspaper quoted a statement from the media office of the acting Speaker of the House of Representatives, "that "Al-Mandlawi chaired a new and expanded meeting of the Parliamentary Legal Committee yesterday, Monday, in the presence of its chairman and members, and a number of representatives, to discuss all the laws submitted for voting and on the agenda of the Council's session today, Tuesday."

The statement added that "the meeting focused on discussing the controversial articles in the draft law amending the second amendment to the General Amnesty Law No. (27) of 2016," indicating that "Al-Mandlawi directed the chairmanship and members of the Parliamentary Legal Committee to expedite their resolution for the purpose of voting on the law in today's session, in addition to voting on the laws (personal status, service and retirement for the Mujahideen of the Popular Mobilization Authority, and returning real estate to its owners covered by some decisions of the dissolved Revolutionary Command Council)."

The House of Representatives is scheduled to hold its fifteenth session of the second legislative term today, Tuesday, which will witness voting on a number of important laws.

A press release issued by the media department of the House of Representatives stated that “among the laws that will be voted on in today’s session is the law on returning properties to their owners covered by some decisions of the “dissolved” Revolutionary Command Council, submitted by the Legal Committee, in addition to voting on the proposed Personal Status Law No. 188 of 1959, Articles 2 and 10, submitted by the Legal Committee and the Women, Family and Childhood Committees.

The statement indicated that the session will also witness voting on the draft law amending the second general amnesty law No. 27 of 2016, submitted by the Legal, Security and Defense, and Human Rights Committees, in addition to voting on the draft law on service and retirement for the Mujahideen of the Popular Mobilization Authority, which was submitted by the Security and Defense, Legal, Finance, Martyrs, Victims and Political Prisoners Committees, which consists of 83 articles.

The statement added that the first reading of the draft law on intellectual property protection submitted by the Culture, Tourism and Antiquities, Media, Legal, Strategic Planning and Federal Service, Education and Scientific Research Committees, which contains 167 Article.

Al-Zaman newspaper focused on the relationship between Baghdad and Washington and said that Baghdad renewed its desire to change the nature of its relationship with Washington, and move from the traditional focus on military cooperation to building a strong economic alliance, reflecting the common desire to strengthen economic ties and deepen the strategic partnership between the two countries.

The statement said that (the Higher Coordination Committee for the Strategic Framework Agreement for Friendship and Cooperation with the United States of America stressed the need to move the relationship with Washington to an economic partnership and not to focus on military affairs), and

Foreign Minister Fuad Hussein, who chaired the committee's periodic meeting in the presence of all representatives of the subcommittees within the Higher Committee, confirmed that (the latest developments in bilateral relations between Iraq and the United States of America were discussed, in addition to reviewing the achievements approved during the recent meetings between the two parties in mid-April in the capital, Washington),

adding that (the meeting touched on future working papers that will be discussed during the upcoming meetings of the committee, scheduled to be held in February of next year, within the agreed upon axes, which include cooperation in the political, diplomatic, security, defense, energy, economic, education, health and environment fields), and

Hussein stressed (the importance of strengthening relations with the United States of America by implementing the provisions of the agreement, and moving the relationship to a solid economic partnership), stressing (the need not to focus only on military and security aspects, but rather to expand cooperation to include economic, health, educational and other fields). / https://ninanews.com/Website/News/Details?Key=1164893

Seeds of Wisdom RV and Economic Updates Tuesday Morning 10-29-24

Good Morning Dinar Recaps,

CARDANO WILL RUN A NATION STATE: HOSKINSON SHARES WHEN AND HOW

In a keynote titled “After Voltaire: The Next Evolution of Cardano,” Charles Hoskinson, the founder of Cardano, unveiled an ambitious roadmap that could see the blockchain ecosystem running a nation-state by 2030. Hoskinson envisions this nation-state as a substantial entity, potentially serving tens of millions of people.

We as an ecosystem have to make a decision. Do we want to be timid and just chase our tales and focus on small concerns or do we want to be bold and change the world? There’s no reason we can’t for the first time in human history.

We have to decide what we’re going to do with it and how far we want to take it. I believe we can run a nation state on Cardano by 2030 and not a small one, one with tens of millions of people,” the Cardano founder claimed.

How Cardano Can Run A Nation State
Hoskinson reflected on the journey of Cardano over the past seven years, emphasizing the project’s transformative impact. “We have gone from a whiteboard like this to something that has changed the lives of countless thousands of people,” he stated. 

Having traveled to 74 countries and interacted with tens of thousands of individuals, he noted that many have expressed how their lives have been changed by being part of the Cardano community.

A central theme of Hoskinson’s speech was the power of on-chain governance and community collaboration. He highlighted that the upcoming on-chain governance system is “not just some [mechanism] to make a decision; it’s a thing to bring people together to make the right decisions.” This system aims to engage the community in shaping the future of Cardano, with hundreds of workshops planned for next year to discuss marketing, branding, and system growth.

Hoskinson also highlighted the central role of the Cardano Constitution, crafted “by and for the people,” which embedded human rights at its core. “We have to have some protections for our data and our privacy, our freedom of association, commerce, and expression,” he asserted.

 The constitution seeks to guarantee that the original intentions of the ecosystem are preserved, especially in a landscape where trust in unelected entities is dwindling.

The roadmap includes the launch of major projects like Midnight, which is expected to attract millions of new users to the ecosystem. Hoskinson believes that such initiatives will catalyze the development of dozens of other significant projects across various domains, further expanding the Cardano community.

Addressing the broader implications of Cardano’s evolution, Hoskinson drew parallels with historical revolutions that have reshaped societal structures. 

“Just like the American Revolution fundamentally changed the social contract of the world […] we can hold another revolution to take back our digital lives,” he proclaimed.

 He criticized the dominance of multi-trillion-dollar corporations that exert significant control over individual lives, advocating for a future where power is decentralized and returned to the people.

Hoskinson also emphasized the unity within the blockchain industry against centralization. “Everybody in the blockchain industry is the same in that we’re all trying to fight the same thing: centralization,” he said. He called for an end to divisive narratives, urging collaboration to prevent a “terrible future of 2030” dominated by centralized control.

Concluding his keynote, Hoskinson expressed optimism about the Cardano ecosystem’s future. “We built a group of people who can do pretty much everything and we now have the resources as an ecosystem to do that. And we also have an engine that keeps speeding up and getting faster.

We just have to have the will to coordinate and prove that we are the ones to do this and we also have to realize that.”

@ Newshounds News™

Source:  Bitcoinist

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BIS AND BIG BANKS INTRODUCE PROJECT MANDALA FOR IMPROVED CROSS-BORDER TRANSACTIONS

The Bank for International Settlements and central banks from Australia, South Korea, Malaysia, and Singapore have introduced Project Mandala, a system that embeds regulatory compliance directly into cross-border financial transactions.

This initiative addresses common hurdles in international transactions, such as varying regulations that often increase costs and slow transaction speeds. According to the BIS, hopes to streamline cross-border payments without sacrificing privacy or the quality of regulatory checks by using a “compliance-by-design” approach.

Project Mandala can also integrate with both modern digital asset systems, like central bank digital currencies, and established systems, such as SWIFT, making it flexible for traditional financial institutions and emerging digital financial systems.

The Bank for International Settlements and central banks from Australia, South Korea, Malaysia, and Singapore have introduced Project Mandala, a system that embeds regulatory compliance directly into cross-border financial transactions.

This initiative addresses common hurdles in international transactions, such as varying regulations that often increase costs and slow transaction speeds. 

According to the BIS, hopes to streamline cross-border payments without sacrificing privacy or the quality of regulatory checks by using a “compliance-by-design” approach.

Project Mandala can also integrate with both modern digital asset systems, like central bank digital currencies, and established systems, such as SWIFT, making it flexible for traditional financial institutions and emerging digital financial systems.

@ Newshounds News™

Source:  Crypto News

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🌱AI CREATES PEOPLE WHO DON'T EXIST!   |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

MilitiaMan & Crew News Report on Iraq Dinar-2024 Budget Focus-Oil & Gas Export Ceyhan Port-Integrity-Central Bank

MilitiaMan & Crew News Report on Iraq Dinar-2024 Budget Focus-Oil & Gas Export Ceyhan Port-Integrity-Central Bank

10-28-2024

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=-1zQiwnXiko

Iraq Economic News and Points To Ponder Monday Evening 10-28-24

Baghdad Renews Desire To Transform Security Relationship With Washington Into Economic Alliance

October 28, 2024   Baghdad - Qusay Munther   Baghdad has renewed its desire to transform the nature of its relationship with Washington, and move from the traditional focus on military cooperation to building a strong economic alliance, reflecting the common desire to strengthen economic ties and deepen the strategic partnership between the two countries.

A statement received by Al-Zaman yesterday said that (the Higher Coordination Committee for the Strategic Framework Agreement for Friendship and Cooperation with the United States of America stressed the need to move the relationship with Washington to an economic partnership and not to focus on military affairs),

and Foreign Minister Fuad Hassan, who chaired the committee’s regular meeting in the presence of all representatives of the subcommittees within the Higher Committee, confirmed that (the latest developments in bilateral relations between Iraq and the United States of America were discussed,

in addition to reviewing the achievements approved during the recent meetings between the two parties in mid-April in the capital, Washington), adding that (the meeting touched on future working papers that will be discussed during the upcoming meetings of the committee, scheduled to be held in February of next year, within the agreed upon axes, which include cooperation in the political, diplomatic, security, defense, energy, economic, education, health and environment fields),

and Hussein stressed (the importance of strengthening relations with the United States of America by implementing the provisions of the agreement, and moving the relationship to a solid economic partnership), stressing (the need not to focus only on military and security aspects, but rather to expand cooperation to include economic, health, educational and other fields).

In Erbil, the Prime Minister of the Kurdistan Regional Government, Masrour Barzani, received the new Ambassador of the Kingdom of Spain to Iraq, Alicia Rico Perez del Pulgar.

A statement received by (Al-Zaman) yesterday said that (Barzani congratulated the ambassador on her new mission at the beginning of the meeting, wishing her success), and expressed (his thanks to Spain for its support and cooperation within the framework of the international coalition against ISIS).

The statement indicated that (the two sides stressed the importance of resolving the contentious issues between the region and the federal government on the basis of the constitution, and respecting the federal system and the constitutional entity of Kurdistan).

For her part, Pulgar stressed (the importance of strengthening her country's relations with Iraq and the region in various fields, and congratulated the Prime Minister on the success of the Kurdistan Parliament elections). In addition, the Undersecretary of the Federal Ministry of Finance, Masoud Haider, confirmed the absence of direct dealings between the federal institutions and the departments of the region regarding the disbursement of salaries.

Haider said in a statement yesterday that (no federal institution can deal directly with the departments of the regional government, and that dealing with the region is only done through the Kurdistan government itself), and he pointed out that (salaries are paid exclusively by the Ministry of Finance in the regional government), stressing (the necessity of not exploiting these sensitive issues for political purposes that may increase tensions).  LINK

Parliamentary Finance To Nina: We Are Discussing With The Government The Preparation Of The 2025 General Budget...And These Are Our Observations

Monday 28 October 2024 17:16 | Economic Number of readings: 170  Baghdad / NINA / The Parliamentary Finance Committee disclosed part of the joint meetings with government agencies to prepare the new general budget law 2025 and its tables related to revenues and expenditures.

Committee member, MP Moeen Al-Kazemi, stated in a statement to the National Iraqi News Agency / NINA /, that "the Finance Committee has ongoing discussions and meetings with the Minister of Finance on the implementation of the 2024 budget items, especially those related to revenues and expenditures, as we found that there is a reduction in spending and complaints from governorates and ministries about the weak actual funding of spending units."

He added, "The Parliamentary Finance Committee is working on formulating the new general budget tables for next year 2025 in a realistic manner, away from the increases that cannot be guaranteed to be secured, as happened in the current year's budget 2024."

He explained, "We seek to have a general budget of 150 trillion dinars, distributed as oil revenues of 120 trillion dinars, and non-oil revenues of 30 trillion dinars, so that the budget tables are realistic in which revenues can be collected and spent."

He continued, "During the joint meetings with the Minister of Finance and ministry officials, the need to activate the revenues of government departments, including electricity, the Baghdad Municipality, municipal departments and other services provided by all ministries, in addition to taxes, border crossing revenues and customs, as well as supporting the private sector in the fields of agriculture, industry, trade, services and investment, was emphasized.

This would also contribute to increasing the country's revenues in general, and stabilizing hundreds of thousands of unemployed workers." / https://ninanews.com/Website/News/Details?Key=1164808

The Integrity, Accountability And Justice Commissions Affirm The Concerted Efforts Of State Institutions To Combat The Scourge Of Corruption

Money and business  Economy News – Baghdad  The Chairman of the Federal Integrity Commission, Mohammed Ali Al-Lami, and the Chairman of the Accountability and Justice Commission, Bassem Al-Badri, confirmed, on Monday, the combined efforts of state institutions to combat the scourge of corruption.

A statement by the Integrity Commission, seen by Al-Eqtisad News, said, "The Chairman of the Federal Integrity Commission (Mohammed Ali Al-Lami) called on state institutions to adopt a comprehensive reform policy that is consistent with the government program; to achieve the aspirations of the people in combating corruption and providing the best services to citizens."

The Chairman of the Federal Integrity Commission confirmed, according to the statement, that "the oversight agencies work in partnership with various state institutions and enjoy the support of the three legislative, judicial and executive authorities," noting "close cooperation with the heads of the courts of appeal in Baghdad and the governorates in confronting corruption and striking the hands of the corrupt."

He continued, "The Commission strives to maintain the independence of the oversight agencies and work with complete neutrality, and to stay away from any purposes or goals other than adhering to the tasks stipulated in its effective law No. (30 of 2011) as amended and other effective laws."

For his part, the head of the Accountability and Justice Commission, Bassem Al-Badri, said, according to the statement, that “Al-Lami’s assumption of the presidency of the commission represents a moral boost for the commission’s members, whom he described as soldiers of integrity on the battlefields of combating corruption, and who deserve support and assistance to carry out their arduous and serious tasks to eradicate corruption and strike the hands of anyone who dares to encroach on public funds.” 84 views  Added 10/28/2024 - 4:17 PM   https://economy-news.net/content.php?id=49238

Al-Sudani: The Government Relies On The Projects Of The Iraq Development Fund

Prime Minister Mohammed Shia al-Sudani confirmed on Monday that the government relies on the projects of the Iraq Development Fund and its subsidiary funds.

The Prime Minister's media office said in a statement that al-Sudani chaired the periodic meeting of the Board of Directors of the Iraq Development Fund, where the steps for implementing the (EDOPA) project for school buildings were followed up, and the final qualification of the companies that submitted their offers to participate and begin implementation was followed up.

Al-Sudani pointed out that the government relies on the projects of the Iraq Development Fund and its subsidiary funds to involve the private sector and expand its contribution to the national product, provide job opportunities, meet infrastructure needs and shorten the necessary time.

The meeting also discussed proceeding with the partnership with the Al-Suwaidi Group of Companies, based on the memorandum of understanding signed with it, and determining the location of the industrial city that will be established in partnership between the Fund and the Egyptian group. https://www.radionawa.com/all-detail.aspx?jimare=39969

Oil Falls More Than 4% As Geopolitical Risks Recede

Monday 28 October 2024 09:10 | Economic Number of readings: 195 Baghdad / NINA / Oil prices fell more than $ 3 a barrel in Asian trading on Monday, after the Israeli strike on Iran at the weekend avoided hitting oil and nuclear facilities in Tehran and did not disrupt energy supplies, which eased geopolitical tensions in the Middle East.

Brent crude futures and US West Texas Intermediate crude hit their lowest levels since October 1 at the opening.

This morning, Brent crude was at $ 72.66, down $ 3.39, or 4.5 percent, a barrel, while WTI crude fell $ 3.28, or 4.6 percent, to $ 68.50 a barrel, according to Reuters data. Both crudes rose four percent last week in volatile trading as markets digested uncertainty about the extent of Israel's response to Iran's missile attack on October 1 and the US elections next month.

Dozens of Israeli warplanes carried out three waves of strikes before dawn on Saturday against missile factories and other sites near Tehran and in western Iran, in the latest exchange of fire in the escalating conflict between the two Middle East rivals.

Analysts said the geopolitical risk premium that had built into oil prices in anticipation of an Israeli attack had eased.

In October, the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, left their oil production policy unchanged, including a plan to start increasing output from December. The group’s joint ministerial committee will meet on Dec. 1 ahead of a full OPEC+ meeting./End9   https://ninanews.com/Website/News/Details?key=1164683

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

Seeds of Wisdom RV and Economic Updates Monday Evening 10-28-24

Good Evening Dinar Recaps,

IF TOKENIZED DEPOSITS DON’T PROGRESS, BANK OF ENGLAND LIKELY TO LAUNCH CBDC

During a speech on Saturday, Andrew Bailey the Governor of the Bank of England, discussed the importance of central bank money for both wholesale and retail payments. 

He argued that the role of central bank money is particularly important for wholesale high value payments and the settlement of payment systems. Hence, the Bank wants to enable digital innovation in the wholesale sector.

In July the Bank published a discussion paper on wholesale money, highlighting likely trials for both wholesale CBDC and an RTGS synchronization solution.

However, for retail payments, Governor Bailey thinks the Bank of England should be indifferent to whether payments use central bank money such as a retail CBDC or commercial bank money.

He’s quite keen to maintain the status quo in that most retail payments are in commercial bank money. Doing so doesn’t interfere with fractional reserve banking and the availability of credit in the economy. Regarding digital innovation such as tokenized deposits, he thinks commercial banks are where this should happen.

However, he added, “If for some reason innovation is unlikely to happen, then the central banks have to decide whether they are the only game in town. For me, this justifies why we must continue to prepare for retail CBDC. We have not yet seen enough evidence that the innovation will happen in commercial banks.”

Governor Bailey noted that on occasion, infrastructures and technologies have failed to incentivize innovation. Sometimes that relates to the concentration of market power. Hence the ongoing exploration of CBDC. “That is not my preferred outcome, but not one that we should rule out.”

Tokenized deposits trials
Meanwhile, the UK banking sector has been exploring tokenized deposits as part of the Regulated Liability Network. In September it said the next step was to engage with regulators.

The speech comes across as a ‘giddy up’, and is not the first time the Bank has made such comments. In April Deputy Governor Sarah Breeden outlined a potential scenario where bank innovation is slow, unsuccessful or fragmented.

Fragmentation has been a feature of digital securities, but for tokenized deposits, slightly less so. Some banks purely support tokenized deposits for their own clients. But there are many multi-bank projects.

Ledger Insights Research mapped more than 70 tokenized deposit, stablecoin and other DLT payment initiatives. At least 18 are multi-bank, without counting cross border payment initiatives.

@ Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

HBAR ADOPTION EXPANDS AS DUBAI LAUNCHES DIGITAL WILL SOLUTION ON HEDERA

▪️Unlike traditional wills that manage physical assets, the DIFC Courts have chosen Hedera for its reliability, security, speed, and trust, ensuring a transparent process.

▪️This initiative underscores Dubai’s strategic approach to establishing a sustainable digital asset infrastructure and regulatory framework.

The Dubai International Financial Centre (DIFC) announced its integration of Hedera’s Hashgraph technology which will power a new Digital Asset Will inheritance solution.

This initiative is distinct from the traditional FinTech focuses like tokenized assets and payments.

Thus, it marks a unique application of distributed ledger technology (DLT) in estate planning, especially for digital asset inheritance.

Managing digital assets in inheritance is a new challenge, unlike conventional wills that distribute stocks, cash, and gold. As a result, the DIFC Courts have chosen Hedera’s technology for its reliability, security, speed, and, most importantly, trust.

 Moreover, the governing council of Hedera provides the DIFC and beneficiaries a complete peace of mind via a trusted, transparent process.

Some of the key features of Hedera like the Hedera Consensus Service (HCS), have played a crucial role in offering audit trails at every step along with accuracy. This helps to ensure the correct management of inheritances. For example, HCS’s real-time audit logs prevent mistakes in transferring assets, safeguarding beneficiaries from potential delays or errors.

The DIFC’s move highlights Dubai’s forward-thinking strategy in building sustainable digital asset infrastructure and regulation, setting a standard for digital asset planning. This collaboration is a win for both Hedera as a DLT leader and Dubai’s vision for long-term, responsible digital asset growth.

Key Developments in the Hedera Ecosystem
The Hedera ecosystem is currently seeing strong growth as several industry players are willing to transition to blockchain tech and prefer Hedera for its transparent governance and trust.

Earlier this month, investment firm Canary Capital announced the launch of the first HBAR Trust in the United States, reported CNF. This fueled further speculation around the potential introduction of a Hedera-focused Exchange-Traded Fund (ETF).

The Canary HBAR Trust will provide safe access for investors to cryptocurrency HBAR while opening the gates for institutional participation in the crypto.

 Steven McClurg, CEO of Canary Capital, highlighted that the HBAR Trust is designed to provide U.S. institutional investors with new opportunities to tap into the growing demand for crypto-related products.

On the other hand, Prove AI recently launched its artificial intelligence product on the Hedera blockchain allowing businesses to securely manage their AI training data while ensuring compliance by using Hedera’s secure and scalable infrastructure. 

Furthermore, Hedera will also provide governance solutions for businesses interacting with AI regulations and development, reported CNF.

In other news, Karate Combat, the world’s premier professional strike league, has announced the upcoming launch of its Layer-2 platform on the Hedera blockchain.

Named “UP,” this Layer-2 blockchain and crypto-native software licensing platform is set to go live in Q1 2025, aiming to propel Web3 adoption across esports, sports, and entertainment sectors, reported CNF.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

The President of China says:

“At present, the world is going through changes unseen in a hundred years, the international situation is intertwined with chaos.”

The big word here…

Change.

Read: https://x.com/goldtelegraph_/status/1848901796821168254?s=46

 @ Newshounds News™

Source:   Gold Telegraph  

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Monday Afternoon 10-28-24

Good Afternoon Dinar Recaps,

IOTA NEARS MAINNET SMART CONTRACTS RELEASE, PAVING PATH FOR POTENTIAL ATH IN 2024

▪️IOTA is set to launch smart contracts on its Layer 1 network this year, with the transition from testnet to the mainnet expected to be swift.

▪️This would enable the L1 network to anchor decentralized applications and support tokenization, which founder Dominik Schiener says is the network’s key target market.

IOTA has been working towards being an all-encompassing network that can anchor decentralized applications, NFTs, tokenization, decentralized exchanges, and every other blockchain application. While most of these developments have been on the Shimmer staging network, the IOTA Layer 1 could catch up before the end of the year, starting with the debut of smart contracts.

According to discussions from the IOTA’s developers forum, the smart contracts could launch later this year. As noted by one community member on X, they would initially launch in a testnet environment but quickly transition to the main network.

Known as IOTA Academy, he noted:

If this is true and major RWA (real-worl assets) liquidity starts flowing in, we might easily approach IOTA‘s ATH next year.

According to the quoted forum conversation, IOTA developers have been working in private repos on big tech upgrades, but they are bound by non-disclosure agreements against speaking out about these developments.

It also claims that the smart contracts upgrade might include the introduction of MoveVM, a virtual machine designed to run smart contracts written in the Move programming language.

MoveVM enhances flexibility and security while also promoting speed through parallel transaction processing; it has been credited with allowing Web3 apps on networks like Aptos to process up to 150,000 transactions per second.

Earlier this year, IOTA announced the integration of Supra Oracles for IOTA EVM to enhance the data accuracy of its smart contracts.

IOTA Prepares for a Revolution
This year, IOTA has made significant advancements. While every development has been important to the growth of the ecosystem, none has been as significant as the launch of IOTA 2.0. It launched in May this year on a testnet and signals the network’s most radical development in years.

The testnet allows the entire ecosystem of developers, users, and the Foundation to experiment with the new decentralized framework. It comes with features such as feeless transactions and permissionless voting.

IOTA has already been recognized as the best infrastructure for the Internet of Things ecosystem, with Tangle being singled out as the best implementation of decentralized ledger technology for the rapidly growing sector by a recent study.

As we reported recently, a separate study showed that smart contracts on IOTA 2.0 can enhance and secure software-defined networking (SDN), which makes networks more flexible by separating the components of a data network.

IOTA trades at $0.1097 at press time, dipping 2% in the past day despite a 24% rise in the trading volume and a broader uptick in the overall market cap.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

XRP LAWSUIT: LEGAL EXPERT SAYS THE SEC IS ‘NOT DELAYING’ THE RIPPLE APPEAL TO 2025

Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC) continues, with the SEC requesting yet another extension for its main brief submission, now pushing the deadline to January 2025. According to legal analyst Fred Rispoli, this request hints at more than just logistical issues; it shows that the SEC is struggling with its resources in handling cryptocurrency cases, adding to an already packed agenda.

During his appearance on the “Good Morning Crypto Show,” Rispoli said that Ripple’s appeal will focus exclusively on written submissions, characterizing the situation as a “battle of briefs” rather than live courtroom confrontations. Oral arguments are expected to take place in late 2025, providing both parties an opportunity to strengthen their positions.

However, former SEC attorney Marc Fagel countered Rispoli’s assessment, asserting that the SEC merely selected a date to file its briefs within the established timeline and that there are no delays occurring.

Taking to his X handle, Rispoli wrote,

“False. The SEC simply picked a day to file their briefs within the allocated time period. Nothing is being delayed.”

Gary Gensler, New Laws and More
On the show, Fred also discussed how a new law could affect Ripple. If a law were passed stating it would start on January 1, 2026, it might make the current legal arguments irrelevant, as long as it clearly includes Ripple. If the law is unclear about Ripple’s status, the appellate court might send the case back to the trial court for more clarification.

Fred said that new SEC leadership could greatly impact Ripple’s lawsuit.  Regarding Gary Gensler, the current SEC chairman, Fred predicted there’s a “0% chance” he’ll still be in that role by 2026.

@ Newshounds News™

Source:  CoinPedia

~~~~~~~~~

🌱ZIMBABWE DITCHES U.S. DOLLAR FOR GOLD-BACKED CURRENCY. WHAT DOES IT MEAN?   |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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Some Iraq News Posted by Clare at KTFA 10-28-2024

KTFA:

Clare:  Opening of 7 new outlets for supplying liquefied gas in Iraq

10/28/2024

The Oil Products Distribution Company, affiliated with the Ministry of Oil, announced today, Monday, the opening of 7 new outlets to supply liquefied gas (LPG) to vehicles, as about 29 million and 500 thousand liters of gas were supplied to vehicles through the outlets spread across various governorates.

The company's general manager, Hussein Talib, said in a statement that the new outlets were distributed across a number of governorates, as three outlets were opened in Nineveh, two in Muthanna, and one outlet in each of Baghdad and Maysan, stressing that work is ongoing to open more outlets to meet the needs of citizens.

For his part, the Director of the Equipment Authority, Falah Hashem, explained that the distribution company currently manages 70 outlets for vehicle gas, while the gas filling company manages 53 outlets, bringing the total number of outlets to 123 outlets, stressing the continuation of efforts to expand the number of outlets to cover all governorates with liquefied gas services for vehicles.

The General Company for Gas Filling and Services indicated that more than 10% of cars in the country have converted to the gas system, considering that this system is safer than gasoline, with the increasing demand of citizens to convert their cars to operate on gas due to the high prices of improved and premium gasoline.  LINK

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Clare:  Al-Lami and Al-Alaq stress the need to combine efforts to prevent corruption and recover its proceeds

10/28/2024  Baghdad

The Chairman of the Federal Integrity Commission, Mohammed Ali Al-Lami, stressed the need for concerted efforts by state institutions to prevent and combat corruption, and to strive diligently to recover smuggled corruption proceeds, in addition to focusing on preventive, awareness-raising and educational methods to prevent corruption and spread and consolidate the culture of integrity among society. 

Al-Lami, during his reception of the Governor of the Central Bank, Ali Al-Alaq, at the Authority’s headquarters, noted “the Authority’s determination to continue efforts to combat corruption and pursue its perpetrators, noting that corruption hinders reconstruction, development and investment operations and contributes to the decline in services provided to citizens.”

For his part, the Governor of the Central Bank offered his "congratulations to Mohammed Ali Al-Lami on assuming his duties as Chairman of the Federal Integrity Commission," wishing him "success in carrying out the great national mission of combating corruption and cleansing state institutions of its filth."

The two parties agreed to "intensify levels of cooperation and coordination between the Authority and the Central Bank, especially in the file of money laundering and smuggling, noting the sanctity and inviolability of public money, and the importance of doubling efforts to preserve it, and recovering what was stolen, embezzled and smuggled out of the country."  LINK

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

Clare:  Rafidain Bank explains the mechanism of selling dollars to travelers

10/28/2024

Rafidain Bank explained, today, Monday, the mechanism for selling dollars to travelers.

A statement by the bank received by the Iraqi News Agency (INA) stated that "the traveler makes an electronic reservation through the bank's website, and the reservation form is filled out 72 hours before the date stated on the travel ticket after completing the reservation procedures and confirming the date," indicating that "the traveler then goes to one of the branches for the purpose of depositing cash in dinars in the branch exclusively."

The statement added that "the dollar will be received at the bank's outlet inside the Babylon Hall at Baghdad International Airport exclusively, and the dollar will not be delivered to the traveler until after completing the travel procedures and after finishing the passport stamping."

He added, "The branches designated for depositing the Iraqi dinar are the Karkh branches (Al-Mansour, Al-Rafei, Al-Ma'rifah, Al-Muheet), the Rusafa branches (Al-Senak, Al-Firdaws, the main branch, Palestine Street, the officers' houses, Al-Waziriyah)."

He pointed out that "the requirements for selling the dollar are a valid Iraqi passport with a valid visa or residency, a civil status ID, a nationality certificate or a unified national card, a residence card, and a valid travel ticket."   LINK

Clare:  Iraqi-US Negotiating Committee Stresses Transition from Military to Economic Relations

The Higher Coordination Committee for the Strategic Framework Agreement for Friendship and Cooperation with the United States of America stressed the need to move the relationship with Washington to an economic partnership and not to focus on military affairs.

This came during the committee's periodic meeting headed by Foreign Minister Fuad Hussein, in the presence of all representatives of the subcommittees within the Higher Committee, according to a statement by the committee.

The statement stated that "the meeting discussed the latest developments in bilateral relations between Iraq and the United States of America, in addition to reviewing the achievements approved during the recent meetings between the two parties in mid-April in the capital, Washington. Future working papers were also discussed during the upcoming meetings of the committee, scheduled to be held in February of next year, within the agreed upon axes, which include cooperation in the political and diplomatic fields, security and defense, energy, economy, education, health, and the environment."

The Foreign Minister stressed the importance of strengthening relations with the United States of America by implementing the provisions of the agreement, and moving the relationship to a solid economic partnership. He also stressed the need not to focus only on military and security aspects, but rather to expand cooperation to include economic, health, educational, and other fields. link

Iraq Economic News and Points To Ponder Monday AM 10-28-24

An Expert Comments On The Iraqi Central Bank’s Decision To Reduce Interest Rates: It Is Incomprehensible
 
October 27, 2024  Baghdad/Iraq Observer  Economist Ziad Al-Hashemi commented today, Sunday, on the measures of the Central Bank of Iraq to reduce interest rates.
 
Al-Hashemi said in a tweet on his account on the X platform, which was followed by “Iraq Observer”, that “the Central Bank of Iraq is following in the footsteps of the Federal Reserve and Western central banks, and reducing interest rates from 7.5% to 5.5% despite its failure to achieve its monetary goals.

He added:  “The major central banks around the world have reduced interest rates after inflation rates fell from 10% to below 2%, confirming the success of the high interest rates followed by the major central banks over the past two years in curbing inflation.”  He continued:
 
 “As for (in Iraq), the previous interest rates of 7.5% did not succeed in (withdrawing the hoarded cash liquidity) outside the banking system, which exceeds 80% of the mass of the dinar exported, and
 
it also did not help in reducing (high inflation) which the citizen feels with The continued high prices of goods (which the Ministry of Planning is trying to cover up by issuing illogical data indicating low inflation rates).”  Al-Hashemi pointed out that
 
 “despite the failure to achieve the required goals of high interest, and the absence of an urgent and necessary economic need to reduce interest, and the absence of fears that the Iraqi economy will fall into recession, and
 
there is no need to encourage (already high) spending, the Iraqi Central Bank decided suddenly and without Obvious reasons for lowering interest rates.”  He stated that
 
 “such incomprehensible decisions remind and confirm that there is clear randomness in the decision-making process of the Central Bank’s management, as
 
its decisions depend in many of them on the method of trial and error, reactions, or imitation and imitation of the decisions of others without study, and this is a clear and diagnosed weakness.” In the way this institution works.”  He continued by saying:  “The decision to reduce interest rates taken by the Iraqi Central Bank is just a (formal measure) for no reason.
 
It came to create an (illusory impression) among the public of the success of the Central Bank’s measures, just as the measures of the Federal Reserve and the Bank of England succeeded in reducing inflation, and this is far from the truth".    
https://observeriraq.net/خبير-اقتصادي-يعلق-حول-إجراءات-البنك-ال/   

The Iraqi Central Bank Fined Banks And Exchange Companies About 250 Billion Dinars

 Economy     Central Bank of Iraq      Exchange companies     Administrative and financial penalties     Iraqi banks  2024-10-27 01:03   Shafaq News/ The Central Bank of Iraq announced on Sunday that the fines imposed on banks and non-banking institutions (exchange companies) amounted to more than 249 billion Iraqi dinars during the past nine months.

A table of the bank, viewed by Shafaq News Agency, showed that the fines imposed on banks and financial companies during the past 9 months, starting from January and until the end of last September, amounted to 249 billion, 889 million, 756 thousand and 16 dinars, indicating that “the fines also included 221 dinars.” Administrative punishment for these banks and non-banking institutions varied between a warning, a warning, and a grace period.”

 The table showed that “the month of January witnessed the highest fines on banks and non-financial institutions, as these fines amounted to 98 billion, 277 million, 722 thousand and 62 dinars, with administrative penalties amounting to 17 penalties, while the month of September witnessed the lowest fines, as they amounted to 2 billion, 331 million, 465 thousand and 48 dinars.” With administrative penalties amounting to 13 penalties.

The table did not show the names of the banks on which fines and administrative penalties were imposed.

 The Association of Investors in the Iraqi Stock Exchange criticized the Central Bank of Iraq's increase in fines on banks, noting that it would affect the profitability of investors in the shares of these banks.  

 https://shafaq.com/ar/اقتصـاد/المركزي-العراقي-يغر-م-مصارف-وشركات-صرافة-نحو-250-مليار-دينار    

The Era Of Mafias Prosperity In Iraq"... People's Crises Strengthen The Positions Of Currency Smuggling Gangs - Urgent

 Politics | Yesterday, 16:32 |Baghdad today – Baghdad   Today, Sunday (October 27, 2024), economic affairs specialist Nasser Al-Kanani confirmed the existence of mafias that exploit the crises in Iraq and the region in order to increase currency smuggling operations. 

Al-Kanani told “Baghdad Today” that    “as soon as the war in Lebanon and Gaza escalated and security tensions throughout the region, specialized mafias emerged working to exploit such security conditions in order to increase the process of smuggling currency from Iraq, and

 there are different methods for this smuggling, some of which are carried out.” Through foreign imports, which take place outside the platform.” 

He added,   “Iraq is working to strengthen its national currency,  but there are those who are working to weaken this currency by making the dollar very high against the national currency, and

 some are working to limit large commercial transactions exclusively to the dollar, and sell real estate, cars, etc., and this also weakens the national currency.” Despite all the campaigns to prevent internal transactions in dollars.” 

The specialist in economic affairs continued,  "Iraq cannot take advantage of conflicts and wars to strengthen its national currency, especially as it works hard, internally and externally, to stay away from those wars.

Iraq is aware of the great economic danger if it enters the circle of conflict and wars.".

 The war on Gaza and its repercussions, which included multiple regions of the Middle East, dealt a blow to the global economy, especially the economy of Israel, where government spending exceeded $140 billion, and it also lost nearly $15 billion from the attack on Lebanon, according to economic experts.

 Speaking about the repercussions of the ongoing conflict in the region on Iraq, Fares Al-Jawari, a researcher and specialist in aviation affairs, reveals that there are significant material losses in Iraq as a result of the recent Israeli bombing of Iran.

 Al-Jawari told “Baghdad Today” yesterday, Saturday, that

 “there are losses and material damage to the Iraqi air transport sector in particular and the airport sector as a result of the recent Israeli aggression against Iran, and

 this impact is clear and tangible during the recent period, but the recent aggression is the most dangerous because it was the cause of a complete cessation of aviation.” "The Iraqi."  He stated,

 "The cessation means the interruption of the financial revenues that come to the Iraqi government through the passage of aircraft over Iraqi airspace, and this is worth ($450) per aircraft.

 According to the latest report of the Iraqi Airports Company, approximately (600) aircraft pass over Iraq monthly, and this means Iraq." He loses 270 thousand dollars in one day.”

 He added,  "There are other material losses as a result of the planes not arriving at the airports, and their failure to arrive there means providing ground services to them, and this provision is in exchange for a sum of money, and  this matter is estimated at around ($2000), and

 this means that there are major economic damages and losses as a result of the aggression." "Israel's influence on Iran and the general security situation in the region." 

The specialist in aviation affairs confirmed that  “Iraqi aircraft are the ones that are directly affected, since most companies were refraining from landing at Iraqi airports, and this means that the major losses fall on the Iraqi Airways Company, and there is a service impact at the airports on travelers through the cessation of flights.”

 “This disrupts the work of many travelers, and it has definite economic impacts as well.”

 Israel launched a series of air strikes on Iran early on Saturday morning, and four hours after the beginning of the operation, which Tel Aviv called “Days of Response,” the Israeli army announced that it had completed the attack on military targets in Iran, and that all of its aircraft that carried out the attack Iran must return to its bases safely, and that the operation achieved all its objectives.  https://baghdadtoday.news/260830-عصر-ازدهار-المافيات-في-العراق.-أزمات-الشعوب-تعزز-مواقع-عصابات-تهريب-العملة-عاجل.html

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