Seeds of Wisdom RV and Economic Updates Tuesday Evening 11-5-24

Good Evening Dinar Recaps,

COINBASE DERIVATIVES TO LAUNCH SILVER AND STELLAR FUTURES

Coinbase Derivatives is expanding its portfolio of CFTC-regulated products with the introduction of futures contracts for silver (SLR) and stellar (XLM) in retail sizes on November 11.

More Options for Retail Traders With Silver (SLR) and Stellar (XLM) Futures

The latest addition to Coinbase Derivatives which already includes bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH), litecoin (LTC), DOGE, SHIB, AVAX, DOT, LINK, Gold, and Oil will expand the company’s offering for retail traders.

Coinbase’s primary goal in launching new futures contracts is to create diversified markets that support risk management and price discovery. 

This informed the offering of the contracts in retail sizes, 50 troy ounces of silver and 5,000 stellar, removing obstacles for traders of all skill levels and enabling more participation in the futures markets.

In the blog post, Coinbase shared that adding traditional commodities such as silver along with a top cryptocurrency in stellar will create a more holistic trading environment.

Along with gold, silver has long been seen as a strategic asset that can provide some protection from market volatility and inflation. Stellar is well-known for providing quick and affordable cross-border payment solutions, adding a unique element to Coinbase’s offerings in digital asset derivatives.

CFTC-regulated derivatives are financial contracts whose value is derived from an underlying asset. These contracts are overseen by the Commodity Futures Trading Commission (CFTC) to ensure market integrity, investor protection, and systemic risk mitigation.

@ Newshounds News™

Source:  Bitcoin News

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EUROCLEAR, HSBC JOIN SINGAPORE’S GL1 PUBLIC PERMISSIONED BLOCKCHAIN INITIATIVE

Five banks have been working with the Monetary Authority of Singapore (MAS) to flesh out its vision of the Global Layer One (GL1) blockchain, a public permissioned blockchain network that could form the foundation of numerous applications. 

The five institutions are BNY, Citi, J.P. Morgan, MUFG and Societe Generale-FORGE. They will now be joined by HSBC and Euroclear. Some of the project’s scope has also been expanded.

There’s some crossover between the GL1 concept and the BIS’s unified ledger. Both aim to create a single infrastructure that will support multiple applications and asset classes. GL1 aims to enable trading, settlement, payments, collateral, corporate actions and more on a shared network.

When the group published the report on the first phase of work in June, we noted a willingness to embrace disruption by eliminating the need for key roles performed by central securities depositories (CSD). However, now a CSD (Euroclear) is one of the architects.

A major contribution that Euroclear brings is the digital asset securities control framework it developed with the DTCC and Clearstream.

That framework outlines six high level principles below and them maps each to risks and the specific controls to address those risks.

The six principles are:

▪️Legal certainty
▪️Regulatory compliance
▪️Resilience and security
▪️Safeguarding customer assets
▪️Connectivity and interoperability
▪️Operational scalability

Hence, MAS has created a new financial market infrastructure (FMI) working group to focus on these control principles, which will involve other FMIs.

Expanded GL1 scope
These principles will be applied to settlement arrangements for cross border transactions on FMIs and collateral management, amongst other applications.

Perhaps the most challenging new task is to develop a business model that doesn’t just work for banks but other ecosystem players as well.

The group will also develop specifications for tokenized asset lifecycles and programmable compliance.

We’d observe that as the group gets larger, it might require compromises as different participants may have worked on separate standards, which may not always be compatible. Developing common ground is a key path to interoperability.

Meanwhile, yesterday MAS outlined its vision for transitioning tokenization from experimentation to commercialization. GL1 is one of four pillars in that process.

@ Newshounds News™

Source: Ledger Insights

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🌱GAME CHANGER - LITHIUM  |  Youtube

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@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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Iraq Economic News and Points To Ponder Tuesday Afternoon 11-5-24

Al-Sudani Directs Quickly To Abandon Paper Transactions At Customs And Adopt Electronic Transformation

 Politics | Yesterday, |  Baghdad Today – Baghdad  Today, Monday (November 4, 2024), Prime Minister Muhammad Shiaa Al-Sudani directed the immediate departure of paper transactions at customs and the adoption of electronic transformation.

 The Prime Minister's Media Office said in a statement received by "Baghdad Today", "Al-Sudani chaired a meeting to follow up on the procedures for automating work in customs, during which the detailed plan for implementing the second phase of the automation process was reviewed."

He added,  "The meeting witnessed a discussion of the mechanisms by which the process of transformation and automation takes place at border ports and crossings, where 11 crossings were completed, targeting the ports with the highest revenues and the most prepared to switch from paper to electronic transactions."

Al-Sudani directed, according to the statement, “to complete the laying of the optical cable and deliver it to all remaining crossings, in a way that contributes to the transfer of information and its availability at all ports,”

 reiterating his “emphasis on the importance of abandoning paper transactions at customs, and adopting automated electronic dealings, for the success of this program, which The government adopted it, as

 it is one of the most important axes of economic and administrative reform, and achieves efficiency, transparency, and simplification of procedures, as well as maximizing the state’s financial revenues.”  

https://baghdadtoday.news/261405-السوداني-يوجّه-بسرعة-مغادرة-التعاملات-الورقية-في-الكمارك-واعتماد-التحول-الإلكتروني.html    

The Council Of Ministers Decides To Compensate The Region For The Costs Of Producing And Transporting Oil, With Immediate Delivery To SOMO

 Politics |  Baghdad Today – Baghdad   Today, Tuesday (November 5, 2024), the Council of Ministers approved a proposal to amend Article (12/Second/C) of the Tripartite Budget Law No. (13 of 2023) regarding the oil of the Kurdistan Region.

 The amendment to the proposal, according to what was stated in the Council’s decision, according to a statement from the Prime Minister’s Office, received by “Baghdad Today”, included the following:

 1- The Federal Ministry of Finance undertakes to compensate the Iraqi Kurdistan Regional Government from sovereign expenditures for production and transportation costs, for the quantities of oil produced in the region that are received by the Oil Marketing Company (SOMO), or the Federal Ministry of Oil in accordance with paragraphs (a) and (b). of this clause, provided that the fair estimated costs of production and transportation for each field are calculated separately, by a specialized international technical advisory body, determined by the Federal Ministry of Oil in agreement with the Ministry of Natural Resources in the region, within (60) days from the entry into force of this law, and in the event of disagreement During the aforementioned period, the Federal Council of Ministers shall determine the aforementioned advisory body.

 2- The consultant mentioned in the previous paragraph submits the estimated production and transportation cost to the Ministries of Oil, the Federal Ministry of Finance, and the Kurdistan Regional Government of Iraq, and

 it is approved for the purposes of this law, and the calculation of the aforementioned compensation is based on the mentioned cost per barrel multiplied by the number of barrels received in accordance with paragraphs (a) and (B), of this clause, and the Federal Ministry of Finance shall pay the amounts to the regional government.

 3- Immediately proceed to deliver the oil produced in the region to the Oil Marketing Company (SOMO), or the Federal Ministry of Oil in accordance with paragraphs (a) and (b) of this clause, and the costs of production and transportation will be compensated by the Federal Ministry of Finance as an advance, at a rate of (16) Dollars per barrel, to be settled later after the completion of the specialized technical consultant mentioned above, and retroactively from the date of commencement of delivery in accordance with this amendment. https://baghdadtoday.news/261494-مجلس-الوزراء-يقرر-تعويض-الإقليم-من-كلف-انتاج-ونقل-النفط-مع-تسليمه-فوراً-لسومو.html    

Hawraa Al-Qassab: Sovereign Guarantees Boost The Iraqi Labor Market
 
November 3, 2024 Last updated: November 3, 2024  Independent/- The economic affairs specialist, Hawraa Nouri Al-Qassab, confirmed that the
 
sovereign guarantees that the government announced to provide to the private sector will work to activate the reality of work within the Iraqi economy. Al-Qassab said:
 
The sectors of the Iraqi economy are thirsty for work and to revive their joints through major projects implemented in all of Iraq. She added that
 
sovereign guarantees will provide capital and advanced technology that will facilitate the reality of business in Iraq and reduce time and effort. She indicated that
 
this step is the most important at the present time, as it will reduce the burden on the federal budget and the Ministry of Finance.   https://mustaqila.com/حوراء-القصاب-الضمانات-السيادية-تنهض-ي/     

Sovereign Guarantees...A Trend That Promotes National Industries

 Economical 11/04/2024  Baghdad: Hussein Thaghab   Economic circles described the provision of sovereign guarantees, which was presented during the Iraq Economic Forum, and was held under the patronage of the Prime Minister, as an important and necessary matter in attracting major investments to Iraq with its capital and advanced technology.

The forum focused on the issue of providing sovereign guarantees to private sector companies, which aim to Obtaining financing from international institutions, knowledge of the Central Bank, and working to develop the industrial sector and reduce imports.

 Head of the Sovereign Loans Initiative, Muhammad Sahib Al-Daraji, reviewed the reality of the Sovereign Guarantees Initiative, which was included in the three-year budget law, and includes selecting priorities through a specialized committee that determines the industries included in the initiative.

 He focused on the mechanism for Iraqi businessmen to obtain financing for their industrial projects from foreign institutions, with a total value of the projects amounting to 750 million dollars annually, and 85% of the value of the project is financed through the initiative of international institutions from countries with which memorandums of understanding have been signed, including five European countries and Japan.

 Provided that the Iraqi investor has 15% of the cost, has international trade relations, and guarantees 25% of the project facilities, and the Iraqi government is the guarantor of payment after two years of project implementation, at a rate of Reduced interest not exceeding 1.5% annually, and the amount is paid via TBI and in Iraqi dinars.

 Head of the National Investment Authority, Haider Makiya, said:

Iraq is about to implement a large workload of projects, and this approach will ease the burden of the Ministry of Finance, and will provide financing for these projects with a mechanism that can be described as acceptable by international financial institutions known by the Central Bank of Iraq.

 He pointed out that the large volume of work makes us welcome such funding, which brings great benefit to Iraq.

 Member of the Iraqi Businessmen Union, Ahmed Maklaf, said:

 The government issued, in accordance with the Federal Budget Law 2023-2024-2025, the sovereign guarantees initiative to support the private sector to finance industrial projects.

85% of the value of the equipment, which enters production factories, provided that this equipment is modern with international specifications, intentionally preserves the environment and increases local production to avoid imports and preserve hard currency, which leaves Iraq to import various consumer products and Iraq’s promises to self-sufficiency for all basic industries.

 The government issued this important project, which industrialists consider to be a golden initiative that will develop the industrial field quickly and regularly.

 Economist Dr. Salwan Al-Nouri described sovereign guarantees as an important factor in bringing quality investments to the national labor market. He added that

Iraq represents an important interface for specialized international companies, which have come to realize that the volume of work in Iraq is large and broad and accommodates major local and international efforts.

He pointed out that  guarantees are one of the most important requirements that bring capital and advanced technology to the national labor market, which can achieve a major shift within the field of the national economy searching for real quality investments.

 In turn, the specialist in economic affairs, Qasim Al-Maliki, stated:

 Guarantees can achieve integration in the investment sector between the Iraqi field of work and the qualitative investment effort wishing to work in Iraq. He cautioned that

 if guarantees are available for investments, we must choose companies that have

     weight in the global economy,

     have a name in the labor market, and most importantly, that they

     specialize in the field of implementation, within which they intend to work. He stressed

the importance of organizing the investment process in the country, pointing to the importance of forming a specialized body that facilitates executive procedures and keeps them away from complexity.

 In return, investment companies are required to implement them within the times specified in the referral decision and within the required specifications.   https://alsabaah.iq/105286-.html    

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

Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 11-5-24

Good Afternoon Dinar Recaps,

BLOCKCHAIN AFRICA CONFERENCE 2024: SET TO SHOWCASE LATEST DEVELOPMENTS IN AFRICAN BLOCKCHAIN AND CRYPTO INNOVATION

South Africa – Blockchain Africa Conference 2024 is set to unite blockchain developers, influencers, investors, entrepreneurs, and business leaders worldwide at the CSIR International Convention Centre in Pretoria (Tshwane) on 20 November 2024.

This premier event, marking the 10th edition and organized by Bitcoin Events, will foster collaboration and provide participants with insights into Africa’s dynamic and rapidly evolving blockchain and cryptocurrency ecosystem.

The conference offers a platform for networking, knowledge sharing, and collaboration, bringing together local and international experts to discuss the most significant trends in cryptocurrencies and blockchain technology.

Key Highlights of Blockchain Africa Conference 2024:

Engaging Keynote Speakers:

Charles Hoskinson (Virtual Keynote Speaker) – Founder of Cardano and IOHK. In his session titled “Empowering Africa’s Digital Future,” Hoskinson will share Cardano’s initiatives in Africa, focusing on their traction over the last six years in South Africa, Ethiopia, Kenya and Tanzania, amongst others.

Cardano has been instrumental in driving blockchain adoption in these regions through partnerships and projects aimed at improving digital identity, financial inclusion, and education systems.

Notably, in Ethiopia, Cardano collaborated with the Ministry of Education to implement a blockchain-based system to track the educational progress of 5 million students.

In South Africa, Cardano continues to engage with local developers and stakeholders to support blockchain education and develop sustainable solutions for economic growth. Hoskinson will outline these efforts and discuss future plans for expanding blockchain’s positive impact across the continent.

Ernest Mbenkum – Founder and CEO of Interstellar Inc. His keynote, “Pan-African Payment and Settlement System (PAPSS) and the Africa Currency Marketplace,” will delve into how PAPSS is transforming cross-border trade in Africa.

By facilitating transactions across 42 African currencies without relying on intermediary currencies like the U.S. dollar, PAPSS significantly reduces transaction costs, potentially saving up to $5 billion annually.

Developed in partnership with the African Union, the system already includes 115 commercial banks and 15 central banks, enhancing economic integration and streamlining payments across the continent.

Stafford Masie, Ex-CEO of Google Africa and current board member at Discovery Bank, will present on “The Power of Bitcoin: Exploring the Ingenious Mechanism of Proof of Work”. His keynote will highlight how Bitcoin mining in Africa offers unique opportunities for both individuals and organizations.

Panel Sessions Featuring Industry Giants:

The Role of Crypto Exchanges in Africa and Beyond: Featuring Chris Maurice (CEO and Co-Founder of Yellow Card), Badi Sudhakaran (Co-Founder and Chief Product Officer of VALR), and Marius Reitz (General Manager for Africa at Luno).

This session will delve into the role of crypto exchanges, the adoption of stablecoins, and how they are transforming cross-border payments and remittances in Africa.

Digital Assets: Navigating the Regulatory Landscape in South Africa: This panel will include a representative from one of South Africa’s regulatory bodies, Anne Njoroge (Chief Legal Officer at BankservAfrica) and Michail Le Roux (Senior Legal Counsel at Hanekom Attorneys Inc.) who will discuss recent developments like the issuance of CASP licenses and regulatory clarity for stablecoins in South Africa.

Fireside Chat: “OGs Unplugged – Insights from Crypto and Blockchain Trailblazers, 10 Years Later”: In celebration of the 10th edition of the Blockchain Africa Conference, this special fireside chat, will feature early pioneers like Elizabeth Rossiello, CEO of AZA Finance, and Ernest Mbenkum, Founder of Interstellar Inc. and the Bantu Blockchain Foundation.

 Both Elizabeth and Ernest have been instrumental in the development of Africa’s blockchain landscape, with Elizabeth having spoken at the inaugural conference back in 2015.

This session will not only reflect on their decade-long journeys but also explore how the industry has transformed over the years. Attendees can expect an engaging discussion on the evolution of blockchain technology in Africa, the impact of regulatory changes, and insights into future opportunities as we commemorate a decade of innovation and growth in the African crypto and blockchain space.

Stablecoins in Africa: Understanding Their Adoption and Impact: Panelists will explore the adoption and use of stablecoins across Africa, emphasizing their role in mitigating currency volatility and offering solutions for cross-border trade.

With nearly 70% of African countries facing foreign exchange shortages, stablecoins have emerged as a powerful tool for businesses and institutions to manage liquidity and stabilize their operations.

Connecting Cape Town’s Vibrant Web3 Community
Following the main event in Pretoria, the conference will move to Cape Town for a dedicated networking event with the local Web3 community.

 This exclusive gathering will allow international delegates to connect with Cape Town’s dynamic blockchain innovators, further expanding their networks and deepening their understanding of Africa’s thriving blockchain ecosystem.

@ Newshounds News™

Source:  CoinPedia

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CHAINLINK POWERS PILOT WITH SBI AND UBS FOR TOKENIZED FUND OPERATIONS ACROSS CHAINS

▪️An SBI and UBS pilot program that uses Chainlink’s Cross-Chain Interoperability Protocol (CCIP) has been completed.

▪️Chainlink recently announced its CCIP Private Transactions to promote the privacy of data among financial institutions.

Chainlink (LINK) has announced that SBI Digital Markets & UBS Asset Management have successfully completed a pilot program using Chainlink’s industry-standard Cross-Chain Interoperability Protocol (CCIP). According to an attached release, the CCIP was used to create a digital transfer agent smart contract to facilitate cross-chain communication with the tokenized fund contract.

Using the Chainlink platform and the feasibility of smart contracts, the pilot demonstrated the feasibility of streamlining fund operations across different blockchains and financial systems to force a shift in operational efficiency and transparency for the mutual fund industry worth around $63 trillion.

We’re excited to announce that SBI Digital Markets & UBS Asset Management successfully completed a pilot using Chainlink CCIP to streamline tokenized fund operations across different chains & financial systems.

More About the Pilot Program
According to our research, the Project Guardian pilots led by the Monetary Authority of Singapore and participated by the SBI Digital Markets (SBIDM) are focused on driving commercial adoption.

Meanwhile, SBIDM is also creating an end-to-end primary and secondary market distribution of tokenized securities. This is done through the connection of regulated digital asset exchanges across different regions in addition to collaboration with leaders in blockchain technology.

According to the Chief Executive Officer of SBI Digital Markets, Winston Quek, the team has adopted an “open and interoperable architecture in both operational structuring and tech engineering” to enable institutional investors to join the quest to unlock efficiencies via blockchain technology.

This year, SBI Digital Markets has focused its efforts on building regulated frameworks to facilitate the end-to-end flow of tokenized securities. From origination, tokenization, distribution, digital custody, listing on digital asset exchanges and building secondary trading – we have put in place workflows for efficient cross-border distribution networks whilst allowing for dual issuances in traditional and tokenized formats.

Delving deeper into the report, we uncovered that SBIDM has built on the success of its 2023 Project Guardian technical pilot with UBS Asset Management to achieve further operational efficiencies with smart contracts which are based on “automation of fund subscription and redemption workflows.”

Chainlink’s CCIP Private Transaction
Chainlink recently announced the launch of its CCIP Private Transactions to enable financial institutions to maintain data confidentiality. According to our report, Australia and New Zealand Banking Group (ANZ) was among the first to pilot its capabilities under the “Monetary Authority of Singapore (MAS) Project Guardian initiative.”

These new privacy capabilities allow institutional users to define privacy conditions in a manner that would privatize on-chain data from third parties.

Commenting on this, Chainlink co-founder Sergey Nazarov explained that the blockchain industry has not provided sufficient privacy for financial institutions to integrate them successfully as far as institutional transactions are concerned.

Now that private transactions across chains are possible, we expect an even greater influx of institutional adoption of blockchains, CCIP, and the Chainlink standard in general.

We are excited to continue our collaboration with ANZ and explore how to make large transactions across multiple chains in a way that helps meet their compliance and legal requirements, enabling their entry into the market and the growth of the entire blockchain industry through their exciting participation.

@ Newshounds News™

Source:   Crypto News Flash 

Read more:  MAS Project Guardian

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🌱 TREASURY - CBDCS OVER STABLECOINS | Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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“Tidbits From TNT” Tuesday 11-5-2024

TNT:

Tishwash:  Launch of the International Chamber of Commerce in Iraq

The activities of the International Chamber of Commerce were launched in Baghdad on the sidelines of the International Arbitration Forum, with the aim of bringing the Iraqi economy closer to the world and achieving beneficial integration that changes the shape of the national economy and makes it occupy its true place among the world’s economies.

Chairman of the Parliamentary Investment Committee, Hassan Al-Khafaji, stressed that “the launch of the International Chamber of Commerce in Iraq contributes to discussing challenges at the local and international levels and works to stimulate international investments in the country in a way that enhances sustainable development trends.”

He added that “this step works to integrate Iraq with the world and its various markets with all their specializations,” and pointed out that “his committee supports all initiatives that advance the national economy and bring it closer to global economies.”

Global Economy

The representative of the President of the Federation of Chambers of Commerce, President of the Najaf Chamber, Haider Al-Athari, stated that “the opening of the chamber came to activate integration between the public and private sectors, as the Ministries of Trade and Foreign Affairs played an important role in this achievement, in addition to the role of the Federation of Chambers of Commerce and the private sector, which made a great effort in order for Iraq to take its real role in the global economic arena and be an important part of it.”

Business environment

The Director General of the Private Sector Development Department at the Ministry of Commerce, Malik Al-Durai’i, said: “The opening of the chamber represents an important step to enhance the business and investment environment in Iraq and came with the government’s support for the private sector, which will work to create global economic partnerships.”

He pointed out that “this step reflects the extent of Iraq’s commitment to openness to the global economy,” and pointed out that “the presence of international commercial arbitration in the country constitutes an important incentive for investments to enter the local labor market.”

Government vision

Deputy Chairman of the National Investment Commission, Salar Mohammed Amin, stressed that this step is “important for the Iraqi economy and brings Iraq closer to global economies, especially after the national economy witnessed openness to the international economic system, which is part of the Iraqi government’s vision.”

He pointed out that "international expectations indicate that the Iraqi economy will be the fastest growing in the coming years and will achieve a doubling of economic growth, and these are signs that encourage international efforts to enter the Iraqi field of work."  link

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

Tishwash:  Parliamentary consensus to pass controversial laws soon - Urgent

 Member of the House of Representatives, Muhammad Al-Ziyadi, confirmed today, Tuesday (November 5, 2024), that the politically disputed laws will soon be passed during the next stage.

Al-Ziyadi said in an interview with Baghdad Today, "There is a parliamentary consensus on passing the controversial laws that were postponed for more than one session due to political differences, especially since those laws were postponed by some parties under the pretext of the absence of a parliament speaker who represents a major component of the Iraqi people."

He said, "The upcoming sessions will witness the passing of these laws, and there is a parliamentary consensus on this. There is also the possibility of extending the legislative session for one month in order to decide on these laws."

Al-Zaydi explained that "these laws require dialogues and consultations to put the final touches on them at the legal and political levels."

Last Thursday, the House of Representatives settled the issue of the position of the Speaker of the House, granting confidence to Mahmoud Al-Mashhadani after two rounds of voting.

According to observers, the Iraqi parliament, in its current session and the last three sessions, is facing accusations of repeated negligence in completing the voting on dozens of important laws that affect the lives of citizens.

Some of these laws relate to important economic issues, the distribution of wealth, and freedom of expression, by postponing these laws to later sessions, for reasons that can be summed up as disagreements between parties on the one hand, and the repeated absences of representatives on the other hand, in addition to the fact that some of these laws do not conform to the interests of different political parties and factions.  link

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

Tishwash:  The Private Banks Association announces its support for Al-Sudani’s approach to localizing private sector employees’ salaries

The Iraqi Private Banks Association announced today, Tuesday, its full support for the directives of the Prime Minister, Mohammed Shia Al-Sudani, regarding the localization of salaries of private sector employees.

The Executive Director of the Iraqi Private Banks Association, Ali Tariq, said in a statement received by / Today's News / that "we appreciate the Prime Minister's directives to localize the salaries of private sector employees, and move from the use of cash to electronic payment in government institutions in the middle of next year completely, which are directives that reflect the government's commitment to implementing its approach to financial and economic reform."

He added, "Localizing the salaries of private sector employees, similar to public sector employees, and activating electronic collection, has great economic importance represented in increasing the rate of financial inclusion, improving transparency, supporting the digital economy, and increasing credit granted to the public, in addition to improving administrative efficiency and implementing automation in most public and private institutions, and increasing financial security.
" Tariq pointed out that "the Iraqi Private Banks Association is committed to full cooperation with government agencies and financial institutions in the country to achieve these goals." 

The Executive Director of the Iraqi Private Banks Association confirmed "the association's readiness to support all initiatives aimed at modernizing and developing the infrastructure of the financial sector." 
Tariq concluded his speech by saying, “We believe that these steps will enhance the stability of the financial system and push economic growth towards better levels, which will benefit individuals and institutions alike.”  link

Mot: I Did It! .. Finally managed to adjust the clock on the stove.

Mot:  ................ the ""Day After""  

Seeds of Wisdom RV and Economic Updates Tuesday Morning 11-5-24

Good Morning Dinar Recaps,

COINBASE’S L2 BASE WELCOMES FRANKLIN TEMPLETON’S TOKENIZED FUND

Coinbase’s Ethereum scaling solution has onboarded its first large wealth manager, Franklin Templeton, the $1.5 trillion Wall Street firm.

Franklin Templeton announced that users can trade shares of its OnChain U.S. Government Money Market Fund, FOBXX, on the layer-2 network Base.

FOBXX, with $410 million in assets, has already launched on five other blockchains, including Arbitrum, Polygon, Avalanche, Aptos, and Stellar, making Base the sixth blockchain to support Franklin Templeton’s tokenized Treasury fund.

The announcement represents another crossover between traditional and decentralized finance markets. Fellow asset manager BlackRock recently launched its USD Institutional Digital Liquidity Fund, also known as BUIDL, on Ethereum’s mainnet partnered with ETH-native protocols like Ethena Labs.

While BlackRock launched on a layer-1 network and maintains the largest on-chain money market, Franklin Templeton has focused on layer-2 networks for its FOBXX fund.

L2’s run off layer-1 blockchains but provide cheaper and quicker transactions. As such, they offer optimized environments for on-chain money markets and tokenized treasuries.

Franklin Templeton’s FOBXX was the first money market fund to employ decentralized technology for trading, and the firm picked L2 Arbitrum as its first home.

Launching on Coinbase’s layer-2 may further boost Base’s growth. Since going live in 2022, the network has attracted over $2.6 billion in user deposits and was the fifth-largest decentralized finance blockchain at the time of writing, according to DeFiLlama.

Base, launched by the largest U.S.-based crypto exchange, also ranks as Ethereum’s top scaling solution based on active addresses, total value locked, and 24-hour volume.

@ Newshounds News™

Source:  Crypto News

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HKEX TO USE SMART CONTRACTS, DLT TO AUTOMATE ETP ISSUANCE, REDEMPTION

Today the Hong Kong Exchanges and Clearing (HKEX) announced plans to automate the creation and redemption of some exchange traded products (ETPs) in 2025. The new web based platform will use distributed ledger technology and smart contracts and is subject to regulatory approval.

The aim is to boost efficiency and encourage more secondary market activity.

“Speed and efficiency are critical in an increasingly dynamic market environment,” said Jean-Francois Mesnard-Sense. “HKEX is pleased to introduce this new digital enhancement.

It will not only streamline operations for our market participants, but also drive more liquidity in the product ecosystem, supporting the vibrancy of our ETP marketplace and strengthening Hong Kong’s role as an international financial centre.”

While HKEX did not use the term real time, in theory an automated platform could support this. Given stock exchanges are not retail facing, it’s usually market makers that would trigger the creation and redemption process.

HKEX didn’t disclose the technology used, and hasn’t responded to our query by publication time. However, HKEX’s previous DLT activity for its HKEX Synapse settlement platform launched in 2023 uses Digital Asset’s DAML and Canton.

ETPs in Hong Kong are growing at a rate of 29 percent a year since 2020. Average daily turnover this year has been HK$17.9 billion (US$2.3 billion).

In Europe Deutsche Börse, which also uses DAML technology, developed its D7 issuance platform. It also automates workflow and has proven popular for structured products with tens of thousands of issuances per month.

@ Newshounds News™

Source:  Ledger Insights

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THE DAO DILEMMA: STRIVING FOR DECENTRALIZATION  |  Youtube

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Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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Iraq News Highlights and Points To Ponder Tuesday AM 11-5-24

Foreign Minister Warns Of Major And Dangerous Economic Repercussions

November 4, 2024  Baghdad/Al-Masala: Deputy Prime Minister, Minister of Foreign Affairs, and Chairman of the Ministerial Council for the Economy, Fuad Hussein, confirmed that the political and security situations facing the region directly affect the Iraqi economy, while he pointed out that any security tension will have major repercussions in the fluctuation of oil prices and the instability of local and global markets.

A statement by the Foreign Ministry stated that Hussein, “on Monday, November 4, 2024, chaired the thirty-third session of the Ministerial Council for the Economy, which was held in the Council building in the presence of the Deputy Prime Minister and Minister of Planning, the Ministers of Finance, Agriculture and Industry, the Secretary-General of the Council of Ministers, the Governor of the Central Bank of Iraq, the Chairman of the Securities Commission, and the Prime Minister’s advisors for economic and legal affairs. The Council also hosted the Undersecretary of the Ministry of Planning for Technical Affairs.”

The session was devoted, according to the statement, to “discussing the financial and economic reality in Iraq in light of internal and external challenges, especially regional conflicts and their impact on the Iraqi economy. The Council reviewed a presentation by the Undersecretary of the Ministry of Planning on the reality of investment projects in Iraq, whether completed or under construction, and the financial obligations associated with them.”

The Council also listened to “working papers presented by the ministers that included the main challenges facing the Iraqi economy in its financial and economic aspects. The Council discussed the rates of the state’s general revenues from oil and non-oil sources, and the rates of spending and financial obligations incurred by the government.”

The Council members presented “a presentation on the reality of the work of their ministries and agencies, and put forward proposals to maximize revenues to support the general budget, which would contribute significantly to driving the economy and development towards growth.”

The Council Chairman pointed out that “the political and security situations facing the region directly affect the Iraqi economy, and that any security tension will have major repercussions in the fluctuation of oil prices and the instability of local and global markets.”

The Council agreed to “take the necessary measures and important economic decisions that contribute to the stability of the Iraqi market after completing the discussions and exchanging opinions and working papers submitted by the Council members.”  https://almasalah.com/archives/105068

IMF: Foreign Investment Outperforms Sovereign Funds In Generating Growth In Gulf

 Money and business   Economy News - Follow-up  A study under preparation by the International Monetary Fund has found that foreign direct investment in Gulf countries has a greater impact on non-oil GDP growth than domestic investments by their sovereign wealth funds.

The study, which has not yet been published, examined private equity investments and mergers and acquisitions linked to sovereign funds in the Gulf countries, excluding the financial sector from the analysis.

The study aims to provide a model through which the amount of capital required to achieve a certain level of growth in the non-oil sectors and GDP can be estimated. According to statements made to Asharq by researchers Wenning Chen and Evgenia Koronaka, increasing foreign investment by 1% of GDP leads to an increase of more than 1% in non-hydrocarbon GDP growth over a five-year period. https://economy-news.net/content.php?id=49479

Iraq Exports More Than 6 Million Barrels Of Oil To America In A Month

Energy   Economy News – Baghdad  The US Energy Information Administration announced today, Tuesday, that Iraq's oil exports to America amounted to more than 6 million barrels during last October.

The administration said in a table seen by "Al-Eqtisad News" that "Iraq exported 6 million and 161 thousand barrels of crude oil to America during the month of October, up from 5 million and 970 thousand barrels in September."

She added that "the average exported by Iraq amounted to 241 thousand barrels per day of crude oil to America during the first week of October, while an average of 70 thousand barrels per day was exported in the second week, and an average of 237 thousand barrels per day was exported in the third week," noting that "the exports of the fourth week amounted to an average of 216 thousand barrels per day."

The US Energy Information Administration stated that "Iraq came in fifth place in its exports to America during the past month, after Canada, which came in first place as the largest oil exporter to America, followed by Mexico, Colombia, and Venezuela."  https://economy-news.net/content.php?id=49493

MP: Oil Derivatives Smuggling Has Decreased By 80% In Iraq

Information/Baghdad…   Member of the Parliamentary Security Committee, MP Yasser Iskandar, acknowledged on Monday that the smuggling of oil derivatives has decreased by 80% in Iraq.

Iskandar said in an interview with Al-Maalouma, "The security services are adopting a comprehensive strategy in the file of ending the smuggling of oil derivatives in the country through 3 main axes, the most prominent of which is controlling the movements of tankers on the land roads between the governorates, ending the file of the breeze roads, and tightening procedures at the checkpoints."

He added, "The smuggling of oil derivatives in Iraq has decreased by 80%, which is an important positive indicator, especially with the dismantling of a series of networks and the arrest of dozens with the tankers used in smuggling between the provinces."

He pointed out that "the smuggling process has become more difficult in light of the ongoing security pressure and coordination between the governorates, which has yielded positive results in the past months."

It is noteworthy that the smuggling of oil reservoirs is one of the phenomena that emerged in recent years and caused crises in several governorates. LINK

l-Sistani’s “Seven Commandments” Occupy Iraqi Politics.. A Reading Of The Position Of The Authority

Posted on 2024-11-04 by sotaliraq  The statement of the highest Shiite authority in Iraq, Sayyid Ali al-Sistani, which was issued today after his meeting with Mohammed al-Hassan, the representative of the Secretary-General of the United Nations and head of its mission in Iraq (UNAMI) and the accompanying delegation, sparked various political analyses, including “returning Iraq to the square of 2004 and the constitutional revolution that he supported,” “the failure of the political experiment in Iraq,” and his warning to the government of Mohammed Shia al-Sudani, and “its inability to manage the country and the spread of weapons and chaos in the administration of the state,” in addition to warning of the possibility of the region heading towards a “major crisis.”

The head of the Center for Political Thought, Dr. Ihsan Al-Shammari, says, “Al-Sistani’s meeting with the representative of the Secretary-General of the United Nations and his talk about the humanitarian conditions in Gaza and Lebanon, as well as his warning to the Sudanese government and its inability to manage the country, the spread of weapons and the chaos of state administration, this shows that there is deep concern that will affect the region, so he is sending messages in several directions.”

Al-Shammari explained during his speech, “Among those messages are to the international community on the necessity of maintaining stability and taking into account the humanitarian aspect, and a message to the national elites who were excluded by the Coordination Framework and the Sudanese that what will happen should be taken into account, and then the national forces must work to address the upcoming crisis in the region in a way that spares Iraq its repercussions.”

For his part, political analyst Abbas Ghadir says, “It is well known that His Eminence Sayyid al-Sistani has an influence on the Iraqi and regional situation in general, and all the meetings that everyone has with al-Sistani have an impact on the Iraqi political and social situation, and al-Sistani’s meeting today with the representative of the Secretary-General of the United Nations launched a set of messages and recommendations to the Iraqi interior and exterior.”

Ghadir explains, “Al-Sistani asked the elites to benefit from past experiences and invest in them and find solutions in building the state and confining weapons. He also spoke about what is happening in the region and the Zionist aggression against the Palestinian and Lebanese peoples.”

He points out that “what was issued in this statement affected the political situation, and therefore the Coordination Framework expressed in its statement its commitment to Sistani’s directives and everything he issued, and they will be taken seriously for implementation.”

In turn, political analyst Ahmed Al-Yasiri believes that “the statement of the authority related to the new arrival of the United Nations after Plasschaert is the confirmation of the UN mission of Al-Sistani’s role that there is an important spiritual centrality that affects the joints of life in Iraq, whether on the political or social level, which is the leadership of Mr. Al-Sistani.”

Al-Yasiri added during his speech, “Also, Mr. Sistani’s statement reinforces the idea of ​​spiritual centrality, because the events in the Middle East and the humanitarian stances launched by the authority based on its spiritual centrality have been attempted to be exploited, especially by the factions, to link them to the authority’s fatwa in 2014, i.e. militarizing the spiritual path of the authority.”

He explains that “the Iraqi factions exploited the speeches of the general authority and its spiritual centrality and attempted to militarize its discourse and invest it in its activities and security and political projects. Therefore, the authority, in its statement, lifted the cover from everyone who carries weapons and tries to find an address for this burden outside the scope of the state.”

He points out that “the authority in its statement separated its value and spiritual discourse from political investments by drawing a general vision of solutions in Iraq, which is reflected in the spiritual leadership represented by the authority supporting the centrality of the state. It is a central discourse and can be called the statement of the central authority that supports the centrality of the Iraqi state, the centrality of the spiritual authority, and also the centrality of international support.”

He explains, “Because Mr. Sistani’s statement indicated the failure of the international umbrella to contain the humanitarian situation, and that the statements put forward by the authority in the context of humanitarian aid or making room for supporting the displaced is a humanitarian path that has nothing to do with politics. Sistani also rejected foreign interventions in their general framework, or that the path of Iraqi national security should turn into a path linked to the national security of other countries.”

“This is an implicit response to some reports that the religious authority is on the list of targets, and the UN representative confirmed this meaning in his speech after leaving the meeting when he said (We condemn any process of mentioning or mentioning the name of the authority in the political or security conflicts occurring in the region) in reference to the emphasis that Sistani’s presence in Iraq is not political,” says Al-Yasiri.

He confirms that “Sistani has not received any Iraqi politician since 2015, and he is still insisting on this position, so today Sistani has returned Iraq to the square of 2004 and the constitutional revolution that he supported, and he confirmed the failure of the political experiment in Iraq and did not refer to the failure of democracy, but rather the political actors were not up to the level of responsibility, and this is what the authority has also indicated on previous occasions, but today was a confirmation of this meaning.”

The highest Shiite authority in Iraq, Sayyid Ali al-Sistani, identified seven factors for “the stability of the country,” stressing that the Iraqis have a “long path” ahead of them to achieve this.

This came according to a statement issued by his office in Najaf, after he received this morning Mohammed Al-Hassan, the representative of the Secretary-General of the United Nations and head of its mission in Iraq (UNAMI) and the accompanying delegation.

The statement explained that Al-Hassan gave Al-Sistani a brief explanation of the tasks of the international mission and the role it aims to play in the coming period.

In return, the reference Sistani welcomed the presence of the United Nations in Iraq and wished its mission success in carrying out its tasks.

Al-Sistani pointed to the major challenges facing Iraq at the present time and what its people are suffering on more than one level.

“Iraqis, especially the conscious elites, should learn from the experiences they have gone through and do their utmost to overcome their failures and work hard to achieve a better future for their country in which everyone enjoys security, stability, progress and prosperity,” said the Grand Ayatollah Sistani, stressing that “this cannot be achieved without preparing scientific and practical plans to manage the country based on the principle of competence and integrity in assuming positions of responsibility, preventing foreign interference in all its forms, enforcing the rule of law, restricting arms to the state, and combating corruption at all levels.”

Al-Sistani added: “But it seems that the Iraqis have a long way to go before they achieve this, may God help them.”

Regarding the volatile situation in the region, the reference expressed his “deep sorrow over the ongoing tragedy in Lebanon and Gaza and his deep regret over the inability of the international community and its institutions to impose effective solutions to stop it or at the very least to neutralize civilians from the tragedies of the fierce aggression practiced by the Israeli entity.”  LINK

MilitiaMan & Crew News Report-ICC-Investors-RIYADA BANK-Port of Faw-3 Presidents Seated-Removing Cash-Al-Sistani

MilitiaMan & Crew  News Report-ICC-Investors-RIYADA BANK-Port of Faw-3 Presidents Seated-Removing Cash-Al-Sistani

11-4-2024

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=fSAk1TiBlds

Seeds of Wisdom RV and Economic Updates Monday Evening 11-4-24

Good Evening Dinar Recaps,

SINGAPORE ADVANCES ASSET TOKENIZATION WITH NEW MAS FRAMEWORKS

The Monetary Authority of Singapore is pulling together the projects and participants needed for the next step in its asset tokenization trials.

The Monetary Authority of Singapore (MAS) has announced a multipronged effort to advance the commercialization of asset tokenization. To achieve its goals, the MAS has drawn from various projects and produced new frameworks to provide guidance.

Scaling up successful tokenization tests
Speaking at the first MAS Layer One Summit, deputy managing director Leong Sing Chiong reviewed the successes of the large financial institutions participating in Project Guardian in demonstrating the potential for tokenization in foreign exchange and funds. More than 40 institutions have carried out more than 15 trials across seven jurisdictions using six currencies.

The central banker also identified the limitations of those trials:

“No one has really succeeded in achieving scale.  Many promising use cases have not yet gained industry wide traction.  Further, there is a need for supporting infrastructure to enable good use cases to scale beyond individual networks.”

To deploy tokenized assets at scale, liquidity, infrastructure, standardized frameworks and common settlement assets are needed, he said. The MAS is addressing each of those issues.

A masterplan for commercialization
Launched in 2022, Project Guardian already facilitates deepening liquidity through capital raising, secondary trading and asset servicing and settlement, the MAS said in a statement.

To address infrastructure needs, the MAS’s Global Layer One, launched in 2023 and developed by BNY, Citi, JPMorgan, MUFG and Societe Generale-FORGE, will expand its scope in the coming year. Euroclear and HSBC will join the initiative as it develops principles for use and its ecosystem.

The Project Guardian industry group created two frameworks for the implementation of tokenization that were also published on Nov. 4. 

The Guardian Fixed Income Framework integrates international organizations’ standards and principles into a guide to implementing tokenization in debt capital markets.

The Guardian Funds Framework recommends best practices for fund tokenization. This includes the Guardian Composable Token Taxonomy.

Finally, the SGD Testnet will be made available to facilitate access to mutually agreeable tokenized money for payments and securities settlements. Participants in Project Guardian and Project Orchid will participate using Singapore dollar wholesale central bank digital currency (CBDC).

Project Orchid developed use cases for retail CBDC and introduced the concept of purpose-bound money — a form of programmability — which will be implemented on the testnet.

Commercialization is the logical next step when a project achieves its goals. mBridge announced its launch as a minimum viable product in October 2023.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

THE DAO DILEMMA: STRIVING FOR DECENTRALIZATION

The idea of a decentralized autonomous organization (DAO) is kind of incredible, when you really think about it.

What is a DAO?

A DAO is like a private company that is perfectly okay with hundreds of token (equity) holders debating publicly on an open forum about product and organizational strategy.

A private company where the core security underlying the company’s product (smart contracts) are fully viewable, where all the data you need to write a scathing data analysis on a company you don’t like is readily available.

In the non-Web3 world, markets would kill to have any clue as to what their competitors are thinking of launching, let alone detailed forum discussions of how that conversation is taking shape.

Having all that information out in the open would invite endless media and regulatory scrutiny, taking precious time away from actually building to fend off annoying lines of inquiry.

These are handicaps that no startup wants. And yet in Web3, $21.4 billion of value rests on these norms. In Web3, it’s par for the course.

Of course, most DAOs are actually only partially decentralized.

When Uniswap announced its plans around Unichain last month, Stanford Blockchain Club’s head of governance Billy Gao said the announcement left most DAO delegates “in the dark,” and excluded them via their lack of “a voice at any stage of the process — whether through forums, private discussions or any other means.”

It’s not just Uniswap either. Optimism DAO’s governance contracts are not controlled by its tokenholders, so voting with OP largely serves as an informal signal to the Optimism Foundation (for now).

And it’s widely known that most DAO treasuries or smart contracts are still controlled by a few trusted stakeholders via a multisig wallet.

So when we tout DAOs as decentralized autonomous organizations, in truth, there are many shades of gray within that spectrum of decentralization. The devil’s in the details.

When I asked Tally founder and CEO Dennison Bertram about it, he begrudgingly agreed that DAOs have a ways to go regarding decentralization, but also that partial transparency is still better than complete opaqueness, which would be “much more dangerous.”

Bertram pointed to how Twitter/X under Elon Musk could unilaterally turn off its API, or how Facebook choked off the wildly popular FarmVille game by Zynga from its platform.

Yet, despite the many shortcomings around DAOs, the real silver lining — I think — is the industry’s overarching commitment to the values of decentralization, which to me seems wildly underrated.

DAOs can hand-wave and virtue signal about decentralizing all they like, but the fact that they operate in an industry where “decentralization” is still held up as a beloved virtue is what allows the crypto industry to call out and question the centralization vectors that DAOs are still riddled with.

That informal institution has slowly been eroded and will only continue to do so as crypto continues to go “mainstream.” Cherish it while it still lasts.

@ Newshounds News™

Source: Blockworks 

~~~~~~~~~

🌱 KEY CHANGES FOR TAXPAYERS IN 2025  |  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

Economist’s “News and Views” 11-4-2024

West Panic: China Takes Over mBridge, Saudi Oil For RMB Next, Gold Is Leaving London

Sean Foo:  11-4-2024

The Bank of International Settlements has officially dumped the Bridge project. This leaves China with near total control of the payments system opening up a ton of scary possibilities.

 Oil trade in the Yuan could be next.

 Meanwhile, central banks like India are escalating their gold repatriation. Here's what you must know.

Timestamps & Chapters:

0:00 West Dumps mBridge On China

 2:41 The Petroyuan Risk Escalates

 5:45 BRICS Giant Pulls Out Its London Gold

 6:54 Sponsor: Indigo Precious Metals

8:18 Central Banks Want Their Gold Back

9:31 mBridge Dump Will Hurt US Assets

12:00 Exit Dollars, Enter Gold

https://www.youtube.com/watch?v=yx7Ci-jZono

THE STOCK MARKET. We Have TWO MAJOR PROBLEMS. And Either One Can Cause A MELTDOWN.

Greg Mannarino:   11-4-2024

https://www.youtube.com/watch?v=Ww-MV-ahFLw

World's Most Powerful & Secretive Financial Institution: What It's Done & Planning Next – Adam LeBor

Kitco News:  11-4-2024

Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, interviews Adam LeBor, Author of 'Tower of Basel,' who dives into the history of the world's most influential and secretive financial institution.

The interview pulls back the curtain on the mysteries of the Bank for International Settlements (BIS) – the central bank of central banks. LeBor explains the BIS's controversial history from its inception to its role in global financial crises and its influence on modern banking regulations.

He also outlines the role gold plays. LeBor explains BIS's project mBridge, and its significance going forward, shedding light on the elusive bank's operations and the potential future shifts in the financial world.

00:00 Introduction: the BIS

04:38 History of the BIS & Its Role in Global Finance

09:42 The BIS's Headquarters & Immunities

 21:26 The BIS's Controversial Past

37:06 The London Gold Pool & Gold Manipulation

 42:17 The BIS & the Euro

45:24 Post-War European Economy & the BIS

 46:21 Formation of the European Central Bank

48:01 The Euro and National Sovereignty

 54:18 BIS's Role in Financial Crises

55:58 Gold and the Basel Accords

 57:27 Project mBridge & CBDCs

01:09:24 Concerns Over CBDCs & Financial Control

https://www.youtube.com/watch?v=bfivIBK9cm4

Taboola the same on the Bottom of Posts

Seeds of Wisdom RV and Economic Updates Monday Afternoon 11-4-24

Good Afternoon Dinar Recaps,

THE DAO DILEMMA: STRIVING FOR DECENTRALIZATION
The idea of a decentralized autonomous organization (DAO) is kind of incredible, when you really think about it.
What is a DAO?
A DAO is like a private company that is perfectly okay with hundreds of token (equity) holders debating publicly on an open forum about product and organizational strategy.

A private company where the core security underlying the company’s product (smart contracts) are fully viewable, where all the data you need to write a scathing data analysis on a company you don’t like is readily available.

In the non-Web3 world, markets would kill to have any clue as to what their competitors are thinking of launching, let alone detailed forum discussions of how that conversation is taking shape.

Having all that information out in the open would invite endless media and regulatory scrutiny, taking precious time away from actually building to fend off annoying lines of inquiry.

These are handicaps that no startup wants. And yet in Web3, $21.4 billion of value rests on these norms. In Web3, it’s par for the course.

Of course, most DAOs are actually only partially decentralized.

When Uniswap announced its plans around Unichain last month, Stanford Blockchain Club’s head of governance Billy Gao said the announcement left most DAO delegates “in the dark,” and excluded them via their lack of “a voice at any stage of the process — whether through forums, private discussions or any other means.”

It’s not just Uniswap either. Optimism DAO’s governance contracts are not controlled by its tokenholders, so voting with OP largely serves as an informal signal to the Optimism Foundation (for now).

And it’s widely known that most DAO treasuries or smart contracts are still controlled by a few trusted stakeholders via a multisig wallet.

So when we tout DAOs as decentralized autonomous organizations, in truth, there are many shades of gray within that spectrum of decentralization. The devil’s in the details.

When I asked Tally founder and CEO Dennison Bertram about it, he begrudgingly agreed that DAOs have a ways to go regarding decentralization, but also that partial transparency is still better than complete opaqueness, which would be “much more dangerous.”

Bertram pointed to how Twitter/X under Elon Musk could unilaterally turn off its API, or how Facebook choked off the wildly popular FarmVille game by Zynga from its platform.

Yet, despite the many shortcomings around DAOs, the real silver lining — I think — is the industry’s overarching commitment to the values of decentralization, which to me seems wildly underrated.

DAOs can hand-wave and virtue signal about decentralizing all they like, but the fact that they operate in an industry where “decentralization” is still held up as a beloved virtue is what allows the crypto industry to call out and question the centralization vectors that DAOs are still riddled with.

That informal institution has slowly been eroded and will only continue to do so as crypto continues to go “mainstream.” Cherish it while it still lasts.

@ Newshounds News™

Source:  Blockworks

~~~~~~~~~

SINGAPORE ADVANCES ASSET TOKENIZATION WITH NEW MAS FRAMEWORKS

The Monetary Authority of Singapore is pulling together the projects and participants needed for the next step in its asset tokenization trials.

The Monetary Authority of Singapore (MAS) has announced a multipronged effort to advance the commercialization of asset tokenization. To achieve its goals, the MAS has drawn from various projects and produced new frameworks to provide guidance.

Scaling up successful tokenization tests
Speaking at the first MAS Layer One Summit, deputy managing director Leong Sing Chiong reviewed the successes of the large financial institutions participating in Project Guardian in demonstrating the potential for tokenization in foreign exchange and funds. More than 40 institutions have carried out more than 15 trials across seven jurisdictions using six currencies.

The central banker also identified the limitations of those trials:

“No one has really succeeded in achieving scale.  Many promising use cases have not yet gained industry wide traction.  Further, there is a need for supporting infrastructure to enable good use cases to scale beyond individual networks.”

To deploy tokenized assets at scale, liquidity, infrastructure, standardized frameworks and common settlement assets are needed, he said. The MAS is addressing each of those issues.

A masterplan for commercialization
Launched in 2022, Project Guardian already facilitates deepening liquidity through capital raising, secondary trading and asset servicing and settlement, the MAS said in a statement.

To address infrastructure needs, the MAS’s Global Layer One, launched in 2023 and developed by BNY, Citi, JPMorgan, MUFG and Societe Generale-FORGE, will expand its scope in the coming year. Euroclear and HSBC will join the initiative as it develops principles for use and its ecosystem.

The Project Guardian industry group created two frameworks for the implementation of tokenization that were also published on Nov. 4. The Guardian Fixed Income Framework integrates international organizations’ standards and principles into a guide to implementing tokenization in debt capital markets.

The Guardian Funds Framework recommends best practices for fund tokenization. This includes the Guardian Composable Token Taxonomy.

Finally, the SGD Testnet will be made available to facilitate access to mutually agreeable tokenized money for payments and securities settlements. Participants in Project Guardian and Project Orchid will participate using Singapore dollar wholesale central bank digital currency (CBDC).

Project Orchid developed use cases for retail CBDC and introduced the concept of purpose-bound money — a form of programmability — which will be implemented on the testnet.

Commercialization is the logical next step when a project achieves its goals. mBridge announced its launch as a minimum viable product in October 2023.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

🌱 10 CRUCIAL QUESTIONS TO ASK WHEN VETTING A BANK FOR WEALTH MANAGEMENT  |  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

Iraq Economic News and Points To Ponder Monday Afternoon 11-4-24

Imports And Dependence On Oil Are Two Obstacles To Iraq's Accession To The World Trade Organization
 
Economical 11/03/2024  Baghdad: the mainstay of the emirate   Membership in the World Trade Organization allows access to international trade policies, and despite the economic policies that Iraq has pursued during the last two decades in terms of international openness and the pursuit of establishing modern economic and legislative rules, attempts for the country to obtain a seat in the World Trade Organization have not succeeded so far, noting that Iraq became an observer member of the organization in 2004.

Financial Advisor to the Prime Minister, Dr. Mazhar Muhammad Salih, said:
 
The Iraqi economy lacks supervisory and regulatory regulations within the scope of trade relations and international requirements in accordance with internationally approved standards.
 
Supporters of joining the World Trade Organization believe that this path allows the organization’s member states to have wider access to global markets, while Membership in the World Trade Organization ensures access to international trade policies. Saleh stated that
 
there is a lack of some important economic legislation, especially related to the rights of workers in the private sector, and the field of social security and union organization. He touched on the presence of
 
two restrictions that weaken Iraq’s role in the international institution.

The  first is that Iraq is an importing country and does not have the competitive ability to export, and the
 
     second is semi-reliance. Total on oil.
 
For his part, academic Dr. Amr Hisham explained: 
Supporters of joining the World Trade Organization have a number of reasons that encourage joining, including that international trade agreements give broader vital access to global markets in the fields of goods and services, and the agreements and their rules create a trade climate that allows a reasonable amount of trade. Commercial forecasting, to achieve the goal of preparing marketing and export plans.

He explained that  trade agreements include obligations and rights, and the exercise of the rights contained in the agreements is limited to member states in the region alone, and resorting to the Trade Dispute Settlement Authority imposes seriousness in applying the rules to all parties, with the presence of a special mechanism to take punitive measures in the event of non-implementation.
 
Hisham cautioned that membership in the World Trade Organization guarantees access to other trade policies and the measures they contain that would affect access to markets, the extent of their consistency with international agreements, and participation in future negotiations to ensure the defense of commercial interests that concern those countries, and the formulation of agreements.

New measures approved by ministerial meetings.
 
The World Trade Organization (WTO): An intergovernmental organization that regulates and facilitates international trade between nations.
 
Governments use the organization to establish, review and implement the rules governing international trade.
 

The organization officially began its operations on January 1, 1995 in accordance with the Marrakesh Agreement, thus replacing the GATT Agreement concluded in 1948.
 
The World Trade Organization is the largest international economic organization in the world.
 
It has 164 member states that account for more than 98 percent of global trade and global commercial GDP.

https://alsabaah.iq/105164-.html   

How Did Reducing Inflation Help Stabilize Commodity Prices In Iraq?
 
November 2, 2024  Baghdad/Iraq Observer    The Association of Private Banks confirmed on Saturday that the government's success in reducing the inflation rate to 3.8% helped stabilize commodity prices.
 
The Executive Director of the Association of Private Banks, Ali Tariq, told the official agency, followed by “Iraq Observer,” that
 
“the Association of Private Banks and the Central Bank of Iraq held a symposium entitled
(The Statistics Cycle in Drawing up Monetary Policy),” indicating that
 
“the use of statistical data and information is a methodology adopted by the Bank.” The Central Bank of Iraq, especially in the recent period in making decisions, whether at the level of
     monetary policy or
     decisions that affect the economy in general.” He added,
 
 “The aim of the symposium is to
 
     clarify economic, financial and banking data to the public by specialists. To view the data published on the Central Bank of Iraq website: To
     clarify progress and shortcomings regarding the financial sector or monetary policy.” Tariq stressed that
 
 “one of the important indicators is related to the banking sector, the
     size of deposits, or the
     size of the monetary mass, and the
     distribution of deposits between the government and private banking sectors, in addition to the
     impact of credit and loans and on the gross domestic product,” explaining,

“On the other hand, as economic indicators, the most important of them was the inflation rates that It decreased significantly in the recent period to reach 3.8 percent,” noting,
 
“This is considered an excellent percentage that maintains the stability of commodity prices and
     thus the price increase is less for the citizen.”   https://observeriraq.net/كيف-ساعد-تخفيض-التضخم-باستقرار-أسعار-ا/   

Al-Sudani Directs Taking A Number Of Steps To Enhance And Develop Electronic Payment Systems And Services

Monday 04 , November 2024  | General Number of readings: 129  Baghdad / NINA / Prime Minister Mohammed Shia Al-Sudani directed to take a number of steps to enhance and develop electronic payment systems and services.

The Prime Minister's Media Office stated in a statement: "In implementation of the financial and economic reform approach, which represents one of the most important priorities of the government, the Prime Minister directed to take a number of steps to enhance and develop electronic payment systems and services:

First: Work to localize the salaries of private sector employees, similar to the government sector, and assign both the Ministry of Labor and Social Affairs and the Central Bank of Iraq, with the participation of a number of private sector institutions, to prepare an appropriate mechanism for this purpose.

Second: Ministries and all government institutions to leave cash payments and use electronic payments in collection and other related transactions, through an integrated plan submitted by each ministry or government institution before December 31, 2024, with actual implementation to begin no later than July 1, 2025." / End7  https://ninanews.com/Website/News/Details?Key=1166212

The Governor Of The Central Bank Of Iraq Meets With Employees Of The Erbil Branch
 
November 03, 2024   His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, visited the bank’s branch in Erbil.
 
    His Excellency the Governor inspected some departments in the branch building, where he was briefed on the progress of their work and the achievements achieved by the branch.
 
His Excellency the Governor directed to the necessity of  cooperation and work on stimulating financial policies, to    improve the banking sector and the services that banks provide to citizens, in addition to making observations about the need to  intensify efforts to enhance the capabilities of banking work.

His Excellency urged the branch’s employees to   provide the best banking services to the residents of the geographical area supervised by the branch, directing the need to    strengthen the Central Bank’s supervisory and supervisory position over banks operating in the Kurdistan region of Iraq.  Central Bank of Iraq    Media office   November 3, 2024     https://cbi.iq/news/view/2705  

The Central Bank Organizes A Symposium On The Role Of Statistics In Formulating Monetary Policy
 
November 03, 2024      The Central Bank of Iraq and the Iraqi Private Banks Association organized a symposium entitled “The Role of Statistics in Drawing Monetary Policy,”
 
in the presence of the Deputy Governor of the Central Bank of Iraq, Dr. Ammar Hamad Khalaf, and the President of the Iraqi Private Banks Association, Mr. Wadih Al-Handal, along with a number of bank representatives and professors. Universities and economists.
 
    The symposium witnessed Dr. Samir Fakhri, Director General of the Department of Statistics and Research at the Central Bank of Iraq, giving a detailed presentation that included a set of data related to monetary policy, indicating that
 
monetary and banking indicators are witnessing remarkable growth, thanks to the policies of the Central Bank.
 
    It is noteworthy that this symposium comes within the framework of the Central Bank of Iraq’s keenness to enhance awareness of the role of statistics and data in supporting monetary and economic policies, in a way that serves the sustainable economic development of Iraq.
      
    Central Bank of Iraq   Media office  November 3, 2024    https://cbi.iq/news/view/2704   

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