Seeds of Wisdom RV and Economic Updates Friday Afternoon 5-2-25

Good Afternoon Dinar Recaps,

BITCOIN IS A MATTER OF NATIONAL SECURITY — DEPUTY CIA DIRECTOR

Deputy CIA director Michael Ellis' comments reflect Bitcoin's maturation as an asset but conflict with the cypherpunk philosophy.

The US Central Intelligence Agency is increasingly incorporating Bitcoin as a tool in its operations, and working with the cryptocurrency is a matter of national security, Michael Ellis, the agency’s deputy director, told podcast host Anthony Pompliano.

In an appearance on the market analyst and investor’s show, Ellis told Pompliano that the intelligence agency works with law enforcement to track BTC, and it is a point of data collection in counter-intelligence operations. Ellis added:

"Bitcoin is here to stay — cryptocurrency is here to stay. As you know, more and more institutions are adopting it, and I think that is a great trend. One that this administration has obviously been leaning forward into."

"It's another area of competition where we need to ensure the United States is well-positioned against China and other adversaries," Ellis said.

Although Ellis's comments point to Bitcoin maturing as an asset, they also reflect the increased involvement of governments and institutions, which runs contrary to the libertarian and cypherpunk ethos originally inherent in crypto.

Bitcoin: from cypherpunk experiment to state reserve asset

US President Donald Trump signed an executive order establishing a Bitcoin Strategic Reserve on March 7, to mixed reactions from the Bitcoin community.

Bitcoin Magazine CEO David Bailey celebrated the move, while Venice AI founder and BTC advocate Erik Vorhees warned against government ownership of Bitcoin but added that if the US government is to adopt any crypto reserve, it should be Bitcoin-only.

Concerns that cryptocurrencies have lost their cypherpunk roots predate the current market cycle and any strategic reserve legislation or comprehensive regulatory frameworks for digital assets.

In March 2020, Therese Chambers, the former director of retail and regulatory investigations at the UK’s Financial Conduct Authority (FCA), argued that cryptocurrencies had become increasingly financialized and institutionalized.

Chambers added that digital assets were behaving far more like traditional financial instruments than the privacy-preserving tools they were initially billed as.

@ Newshounds News™
Source:  CoinTelegraph

~~~~~~~~~

CAPITOL CRYPTO: CONGRESSMAN PROPOSES BITCOIN ATMS IN GOVERNMENT FACILITIES

A Texas Republican congressman has proposed installing cryptocurrency ATMs in United States federal buildings. Rep. Lance Gooden wrote a May 1 letter to Stephen Ehikian, who is presently acting administrator for the General Services Administration (GSA), news reports said.

Trump Ally Frames Proposal As “Educational Resource”

Gooden, one of the president’s well-known Republican allies, recommended in his letter that installing crypto ATMs in government buildings would be an “educational resource” for the public.

He requested that the GSA start exploring guidelines and regulations necessary for installing such machines on federally owned properties across the country.

Public documents filed with the House of Representatives indicate Gooden has not declared any cryptocurrency investment or ATM firms since being elected in 2019. There are no reported financial disclosures in public records available for the Texas representative as of 2025.

Authority Questions Unanswered

The GSA regulates and manages government-owned properties. Although its website states that it can offer space for federal credit union ATMs, it is not certain if Ehikian can extend these regulations to digital asset ATMs provided by private companies.

Reports suggest Ehikian, who was sworn in by US President Donald Trump, may not have a mandate to introduce these types of ATMs without consent from Congress. Reports also disclose that the finances for such an endeavor may demand an act of Congress.

President’s Crypto Connections Raise Questions

Meanwhile, Trump has extensive engagement with digital coins and asset firms across multiple avenues. These range from his individual investments, presidential campaign accounts, family-backed enterprises, and the TRUMP meme coin.

Trump reportedly hosted a dinner in Washington, DC in April for the leading holders of his meme coin. This link creates questions regarding potential policy influences related to cryptocurrency infrastructure in government buildings.

 Senate Considers Tougher Crypto ATM Regulations

Gooden’s bill comes as legislators in the Senate are considering bills to combat fraud using digital currency ATMs. Last February, Illinois Senator Dick Durbin introduced the Crypto ATM Fraud Prevention Act with the goal of establishing “common sense guardrails” against scams that have hurt many elderly Americans.

The timing provides a telling contrast between Gooden’s initiative to expand access to crypto technology and Durbin’s push for more protection from possible abuse of the same systems.

This brings to the fore the debate surrounding how to achieve a balance between innovation and consumer protection in the world of cryptocurrencies.

@ Newshounds News™
Source:  Bitcoinist

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Friday Morning 5-2-25

Good Morning Dinar Recaps,

US CONGRESS SEEKS TO END THE PENNY BY INTRODUCING THE COMMON CENTS ACT

The ‘Common Cents’ Act, which has bipartisan support, seeks to end the production of the $0.01 coin, commonly known as the cent, as its production and distribution costs exceed its face value. Representatives Lisa McClain and Robert Garcia, along with Senators Cynthia Lummis and Kirsten Gillibrand, are behind this proposal.

Common Cents Act Gets Introduced to Stop Penny Production

The U.S. Congress will consider ending the production of the $0.01 coin, commonly known as the penny, to combat government inefficiency. A proposal called the ‘Common Cents Act’ seeks to eliminate the production of the cent coin to reduce government spending on a coin that is no longer widely used.

Introduced by a bipartisan group of lawmakers, including Representatives Lisa McClain and Robert Garcia, as well as Senators Cynthia Lummis and Kirsten Gillibrand, the act would direct the Secretary of the Treasury to cease production of one-cent coins for regular use.

However, special issuances for coin collectors would still be allowed, provided the sale price of the coin ‘equals or exceeds the total cost of production, including variable costs and the appropriate share of fixed costs.’

Additionally, the bill proposes rounding prices to the nearest five cents, a resolution adopted by several countries implementing similar reforms. This would enable people to complete all cash payments without issue.

Senator Cynthia Lummis highlighted the wasteful spending that the U.S. Mint executes with the issuance of each penny. Lummis stated:

The fiscal reality is undeniable: the U.S. Mint spends three cents to produce each one-cent coin. With a $36 trillion national debt, we have to implement meaningful opportunities to reduce costs, update our currency system, and codify the elimination of government inefficiencies. It just makes cents!

In February, President Donald Trump decided to end the production of the penny, assessing that the whole operation was “wasteful.” Nonetheless, experts stated that this decision was not his to make, as Congress is the institution that dictates the specifics of coin production.

Analysts expect Trump to tackle nickel production in the future, as it is also produced at a loss.

@ Newshounds News™
Source:  Bitcoin News

~~~~~~~~~

COULD XRP ETF APPROVAL BE NEAR? RIPPLE TO MEET SEC CHAIR PAUL ATKINS ON MAY 2

As positive shifts in cryptocurrency regulation unfold under President Donald Trump’s second administration, speculation is mounting regarding the potential approval of spot XRP ETF applications.

This anticipation is fueled by significant changes at the US Securities and Exchange Commission (SEC), particularly the appointment of Paul Atkins as the new chair. Known for his pro-crypto stance, Atkins represents a departure from the stringent regulatory environment established by former chair Gary Gensler.

Speculation Rises Around XRP ETF Applications

The timing of a possible XRP ETF approval is further ignited by reports of a potential meeting between Ripple Labs’ executive chairman and co-founder Chris Larsen and SEC Chair Paul Atkins. Such discussions could pave the way for expedited decisions on XRP ETF applications.

Earlier this week, Bitcoinist highlighted that the SEC has set a new deadline of June 17, 2025, for either approving or disapproving the XRP ETF application submitted by asset manager Franklin Templeton or initiating further proceedings to assess the proposal.

Bloomberg ETF expert James Seyffart has indicated that while the June deadline is crucial, market participants should prepare for a series of decisions expected in the fourth quarter of 2025.

However, Bloomberg’s ETF expert specifically pointed to mid-October—around the 18th of this year—as a pivotal date for a potential spot XRP ETF decision by the regulatory body.

Ripple Labs Sees Renewed Hope

Adding to the excitement, crypto investor Steph Is Crypto recently shared on social media site X (formerly Twitter), that insiders suggest the meeting between Larsen and Atkins, reportedly scheduled for May 2, could bring the approval of XRP ETF applications closer to reality. However, as of Thursday, no official confirmation or statements have been released by either party, leaving this scenario uncertain.

The ongoing speculation for XRP ETF applications come amid a more favorable environment for Ripple Labs, which has long advocated for regulatory changes in the US.

The previous administration faced criticism for its enforcement actions and lawsuits targeting major players in the crypto sector, including Ripple Labs itself.

Since Gensler’s resignation on January 20, 2025, several lawsuits against prominent companies like Coinbase, Robinhood, Uniswap Labs, and Kraken have been dropped, further easing regulatory pressures.

This renewed optimism not only fuels hopes for XRP ETF approval but also raises expectations for other crypto ETFs, including those for Litecoin (LTC), Solana (SOL), Dogecoin (DOGE), and Cardano (ADA), which may also receive approvals later this year.

At the time of writing, XRP, currently the fifth largest cryptocurrency on the market in terms of capitalization, is trading at $2.21, up 8% in fourteen days amid renewed optimism in the market after a challenging few months.

@ Newshounds News™
Source:  Bitcoinist

~~~~~~~~~

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“Tidbits From TNT” Friday Morning 5-2-2025

TNT:

Tishwash:  Planning: Memoranda of Understanding with advanced countries to train employees outside Iraq

The Ministry of Planning affirmed that training government employees is a priority for enhancing institutional performance, while noting the signing of memoranda of understanding with advanced countries to train employees outside Iraq.

Ministry spokesperson Abdul Zahra Al-Hindawi said that the ministry places a direct emphasis on training and developing the capabilities of employees in all state institutions through the National Center for Administrative Development and Information Technology.

He explained that the National Center organizes, as part of its annual program, numerous training courses in various fields, including management, law, protocol, computers, electronic and financial aspects, and others. Some of these courses are held at the request of government institutions based on their needs. link

Tishwash:  Clarification of the Cabinet's decision regarding the withdrawal of tax deposits

 A responsible source commented on Thursday (May 1, 2025) on what was circulated on social media and some media outlets regarding a government decision to withdraw tax deposits, stressing that the procedure is legal, announced, and aims to cover basic expenses, most notably salaries.

The source told Baghdad Today, "The sums referred to in the decision were not recorded in a final account within the public treasury, but were used to cover expenses, a practice followed by previous governments and implemented in accordance with a decision announced by the Council of Ministers."

He explained that "the decision included reversing the amounts of trusts from the revenues collected during tax accounting," noting that "the Ministry of Finance, as the competent authority, studied the decision before making it."

The source added, "What happened in the previous government regarding tax deposits could have been avoided if the current procedure had been adopted at the time," considering that "the deliberate distortion and fraud by some parties for electoral purposes not only targets the government, but harms all of Iraq."

He concluded by stressing that "the government is proceeding with its reforms despite attempts to disrupt them, in a manner that ensures the best possible service to the Iraqi citizen."

Decision details: Temporary withdrawal and subsequent settlement.
The Cabinet voted last April to authorize the Minister of Finance to withdraw more than 3 trillion dinars from tax deposits less than five years old to cover salary expenses for the coming months. These amounts will be subsequently settled from monthly tax revenues.

According to observers, this measure is a temporary means of financing to overcome delays in transferring oil revenues from the US Federal Reserve into local currency, without the need for borrowing or delayed salaries.

Despite the technical
nature of the decision, the withdrawal of tax deposits sparked widespread political controversy, with some forces viewing it as a reflection of the fragility of the financial situation and the government's weak ability to manage expenditures without compromising temporary and legally allocated funds.

For its part, the Parliamentary Finance Committee believes that addressing this crisis requires a comprehensive review of fiscal policy, reducing reliance on oil, and enhancing non-rent resources, to avoid the repeated resort to exceptional solutions that could be legally considered controversial. link

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

Tishwash:  Al-Sudani explains the reason for inviting the Syrian president to the Baghdad summit and Iraq's ambition to host the Iran-US talks.

Prime Minister Mohammed Shia al-Sudani affirmed that Syrian President Ahmed al-Shara's invitation to attend the Arab League summit in Baghdad was within the established protocol of the Arab League system, noting the importance of his attendance in clarifying his vision for Syria's future to Arab countries.

In press statements monitored by Al Furat News Agency, Al-Sudani stressed Iraq's commitment to Syria's security and stability, considering it a part of Iraqi national security. He expressed his hope that Syria would witness a comprehensive political process that guarantees the rights of all citizens.

In the context of regional relations, Al-Sudani explained that Iraq maintains good relations with both Iran and the United States, affirming Baghdad's support and encouragement for the current negotiations between them. He added that the success of these negotiations will have positive repercussions for the region as a whole, including Iraq.

Regarding relations with Washington, Al-Sudani noted Iraq's efforts to shift toward bilateral relations with the United States, a focus of two rounds of dialogue in Washington. He expressed hope that the third round would be held in Baghdad.

Regarding the Palestinian issue, the Prime Minister emphasized that it is "the root of the problem in the Middle East," expressing his belief that US President Donald Trump is capable of leading global efforts to resolve it.

Al-Sudani explained that "Iraq is experiencing its best situation since the founding of the modern state," adding, "Iraq is not what is often viewed as a war zone. Indicators on the ground are different. Residents of the capital are out and about until late at night, and more than $88 billion in investments have entered the country."

He stressed that "the challenge facing my government is to restore citizens' confidence in state institutions, due to the many setbacks that have occurred over the past two decades."

The Prime Minister stated that "corruption is one of the challenges facing my government, and I have initiated practical, not media-based, measures to combat it."  link

Mot:  “Excuse me… could you walk with me for a couple of minutes?”

A man is walking through the supermarket, holding a basket and looking a bit lost. He notices a very attractive, beautiful, and fit young woman nearby. He walks up to her with a friendly smile:

“Excuse me… could you walk with me for a couple of minutes?”

The woman looks confused and asks,

“Why?”

He replies,

“I’ve lost my wife… and every time I talk to a pretty woman, she magically appears out of nowhere!”

The woman chuckles and says,

“That’s… oddly specific.”

He points behind her and says,

“See? Told you — there she is!”

Iraq Economic News And Points To Ponder Thursday Evening 5-1-25

Oil Prices Stabilize, Brent At $61

Time: 2025/05/01 07:52:31 Read: 2,235 times  {Economic: Al Furat News} Oil prices stabilized with little change after recording their largest monthly decline since 2021, amid indications that the OPEC+ alliance may be entering an extended phase of increased production.

West Texas Intermediate crude traded around $58 a barrel after falling 3.7% on Wednesday, while Brent crude held near $61.

Reuters reported that Saudi officials have told their allies and industry experts that the kingdom can withstand lower prices for an extended period.

At its meeting earlier this month, the OPEC+ alliance decided to raise oil production by more than previously estimated starting in May, by about 411,000 barrels per day, equivalent to three months of planned increases.

This report comes as the market awaits OPEC+'s next move, given the recent decline in oil prices. JPMorgan analysts led by Natasha Kaneva see in a note a "growing likelihood" that OPEC+ will accelerate the return of crude supplies to the market at its next meeting on May 5.

Meanwhile, hopes for a quick breakthrough in US-led trade negotiations are fading, negatively impacting the outlook for energy demand.

US economic contraction: Oil prices have been under pressure since US President Donald Trump announced on April 2 that he would impose high tariffs, heralding a broader trade war that could lead to a global economic slowdown.

Data on Wednesday showed that the US economy contracted for the first time since 2022, while manufacturing activity in China fell to its worst level since December 2023. This decline overshadowed more positive data showing a decline in US oil and gasoline inventories last week.

According to Morgan Stanley, global oil demand in April remained unchanged from last year's level, at 102 million barrels per day, although the bank had expected an increase of 500,000 barrels per day over the previous month.  LINK

The Central Bank Of Iraq Has Decided To Sell $2,000 To Each Pilgrim At The Official Exchange Rate.
 
Thursday, May 1, 2025 17:25 | Economic     Number of readings: 143
  https://ninanews.com/Uploads/Images/2025/5/1224130-1e78f8df-f682-48ba-bc0c-f316aec7bc8b.jpg
 
Baghdad/ NINA / The Central Bank of Iraq decided, on Thursday, to sell $2,000 to each pilgrim at the official exchange rate of 1,320 per dollar.
 
The text of the document issued by the Central Bank stated that it was decided to grant each pilgrim $2,000 at the official rate,
as part of the facilities provided to pilgrims to the House of God https://ninanews.com/Website/News/Details?key=1224130    

Terms And Conditions

April 30, 2025   Anti-Money Laundering and Counter-Terrorism Financing Controls for Electronic Payment Service Providers.  For more information, click here   https://cbi.iq/static/uploads/up/file-174600330029591.pdf   

[48 page pdf file in Arabic]    https://cbi.iq/news/view/2878    

A UN Assessment Of Iraq's Position On Regional Crises And Its Dissociation From Them

Time: 2025/05/01 22:01:51 Reading: 765 times  {Local: Al Furat News} The United Nations praised Iraq's stance on regional crises and its dissociation from them on Thursday.

The Special Representative of the Secretary-General for Iraq, Mohammed Al-Hassan, said in a press statement that: "The Iraqi government's handling of the region's crises has been extremely successful."

He added, "The government has kept many disputes and conflicts away from Iraq," noting that "Baghdad and Erbil have dealt calmly and professionally with the region's challenges to protect Iraq from any negative impacts."

Al-Hassan explained that "the Iraqi authorities and decision-makers have dealt in an optimal and rational manner, keeping the country away from many problems."  LINK

Parliamentary Finance: Budget Tables Will Reach Parliament After The Legislative Recess.

Thursday, May 1, 2025, 4:03 PM | Economics Number of reads: 316    Baghdad / NINA / The head of the Parliamentary Finance Committee, Atwan Al-Atwani, announced that the budget tables will reach the parliament after the legislative recess.

Al-Atwani said, "Voting on the budget tables within the parliament will not exceed the ninth of next June due to the legislative recess," noting that "the budget is approximately 210 trillion, divided into an operating budget of approximately 155 trillion and a 55 trillion investment budget with a deficit of 66 trillion dinars."

He added, "Our planned path for discussing the budget and studying these tables is to review their contents and study them in detail," noting that "the first ministers to attend to discuss the budget will be the Minister of Finance, followed by the Minister of Planning."

Al-Atwani continued, "The approved mechanism for distributing the investment budget amounts, whether between ministries or governorates, is studied and analyzed, after which the report is written and submitted to the House of Representatives, and then the budget tables are presented with the report to the House for voting on them.

" He stressed "the committee's keenness to complete the task as soon as possible, considering that we voted on a three-year budget for the government to operate comfortably and not to disrupt the tables." https://ninanews.com/Website/News/Details?key=1224120

The Iraqi Banking Sector Between Support Flexibility And The Risk Of Reserve Depletion: A Reading Of The Fitch Report And Central Bank Figures

Economy News – Baghdad   Bassam Raad / Economic Researcher  At a time when Fitch Ratings confirms the flexibility of the Iraqi banking sector in the face of oil price fluctuations (1), the Central Bank’s figures reveal a decline in foreign reserves during the first quarter of 2025 (Al-Marsoumi) (2).

These two reports present a multifaceted picture of the Iraqi economy, highlighting short-term resilience thanks to liquidity support policies and long-term risks associated with reliance on oil, price volatility, and declining foreign reserves.

The Fitch report indicated that the Iraqi banking sector, despite its low credit rating (CCC)(3), is not directly affected by the decline in oil prices.

This is due to the Central Bank's ability to support government spending through proactive monetary policies. One of the most prominent of these policies is known as monetary sterilization(4), through which the exchange rate is maintained stable and inflation is curbed.  

Central Bank figures also revealed that Iraq's foreign exchange reserves declined by more than $7 billion during the first quarter of 2025, reaching 127.198 trillion dinars in March 2025, compared to 136.877 trillion dinars in December 2024. This means that the Central Bank sacrificed a portion of its reserves to achieve domestic financial stability, reinforcing Fitch's claim about the resilience of the banking sector.

Overall, the Fitch report cannot be separated from the decline in oil prices, which fell from around $77.3 to $72 per barrel during the first quarter of this year, a source of approximately 90% of Iraq's revenues.

While the agency saw that the direct impact on banks is limited, we can sense the indirect impact through the Central Bank’s figures and through

The Following Comparison:

Government revenues declined, increasing pressure on the central bank.  

Foreign exchange reserves: decreased by approximately 9.679 trillion dinars by the end of the first quarter of this year.

Here, the data shows that support policies may achieve temporary stability, but they rely on limited resources (foreign reserves), which portends risks if oil prices continue to decline or government spending expands unplanned.

Despite the Central Bank’s assurances that reserves are still good by international standards (their ratio to the money supply is above 20%) (5), in an oil-dependent country like Iraq, the decline in oil revenues negatively affects foreign currency flows. The continued decline in oil prices for a long period may weaken the ability to compensate for depleted foreign reserves.

The most important message conveyed by Fitch's reports and the central bank's figures is that "temporary stability is no substitute for radical reform."

While monetary support policies demonstrate short-term resilience, depleting reserves and rising public debt portend future crises if the Iraqi government does not rapidly diversify its economy and adopt radical reforms.

Iraq is at a crossroads: either diversify its sources of revenue and move toward a productive economy based on industry, technology, and agriculture, or remain hostage to the volatility of oil prices and the fragility of credit ratings.    https://economy-news.net/content.php?id=55007

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

Seeds of Wisdom RV and Economic Updates Thursday Evening 5-1-25

Good Evening Dinar Recaps,

HOUSE REPUBLICANS TO UNVEIL LANDMARK DRAFT DIGITAL ASSET BILL AHEAD OF KEY CRYPTO HEARING NEXT WEEK

▪️Top Republicans of the House Financial Services Committee alongside their counterparts in the House Agriculture Committee will be releasing a draft ahead of a May 6 hearing on the future of digital assets, sources told The Block
.
▪️The incoming version is set to be similar to one that passed out of the House last year called the Financial Innovation and Technology for the 21st Century Act

Key lawmakers are set to release a new discussion draft in the coming days that outlines a significant regulatory framework for digital assets, ahead of a major congressional hearing next week.

Top Republicans on the House Financial Services Committee — Reps. French Hill and Bryan Steil — along with their counterparts on the House Agriculture Committee — Reps. Glenn "GT" Thompson and Libertarian Dusty Johnson — will release the draft before a May 6 joint hearing on digital assets, a source familiar with the matter confirmed to The Block.

The hearing, titled “American Innovation and the Future of Digital Assets: A Blueprint for the 21st Century,” will be held at 10 a.m. ET and is expected to focus on long-awaited legislation to define crypto market structure in the United States.

The draft is expected to resemble last year’s Financial Innovation and Technology for the 21st Century Act (FIT 21), which passed the House. A staffer for the House Agriculture Committee also confirmed that the text would be released prior to the hearing.

Committees in the House and Senate have advanced bills focused on stablecoins, and legislation to regulate the crypto industry as a whole has been viewed as the next step. President Donald Trump has said that he wants to see a stablecoin bill on his desk by August, but some say the bills could be linked.  

Republicans have been mostly leading efforts on both bills and would need Democratic support to pass. Some Democrats, including crypto critic Rep. Brad Sherman of California, have said that "good crypto regulation" is needed, but Trump-backed crypto ventures could threaten any hope of bipartisanship.

Moving Onwards

The process for a market structure bill is moving quickly, said Ron Hammond, senior director of government relations at the Blockchain Association, as lawmakers could decide to hold another hearing or could go straight away to a markup — the process where lawmakers openly debate, amend, and vote on a bill.

Hammond said he had not seen a version of the discussion draft, but said he had been told it was 90% similar to FIT 21.

"Overall, it's still kind of a black box until we see the text of what actually got changed and what they intend to change after the discussion draft," Hammond said in an interview.

FIT 21 sets out to clarify when a digital asset would be regulated by the Securities and Exchange Commission, the Commodity Futures Trading Commission, or both. It would have ultimately granted more power and funding to the CFTC to oversee crypto spot markets and "digital commodities," particularly bitcoin, and set parameters for the Securities and Exchange Commission.

Meanwhile, the Senate is working on its version of a crypto market structure bill, Hammond said.

Stablecoins - market structure

Combining the two bills has been floated, but there are concerns of partisan divides as the midterms near in November 2026, Hammond said, while others say they should be separated and get stablecoin legislation signed into law first. Work on a stablecoin bill is seen as less complicated than trying to regulate the industry as a whole.

Hill told reporters in March that he views the bills as "linked," and Steil said he viewed the two as peanut butter and jelly.

However, Trump's foray into crypto could complicate crypto legislative efforts. Hill was asked in March about the Trump family's involvement in crypto, which includes a DeFi protocol under development as well as live and tradable memecoins and NFTs. World Liberty Financial, backed by Trump, also recently launched its own stablecoin.

Hill had said that Trump's memecoin and stablecoin involvement has complicated their work.

During congressional hearings over the past several weeks, Democrats have raised alarm bells over Trump's involvement. Top Democrat of the House Financial Services Committee, Maxine Waters of California, accused Trump of making himself richer through his crypto ventures during a hearing last month.

"The more the Trump family gets involved in the crypto realm, and World Liberty Financial gets involved, it just presents another angle of attack for Democrats to attack Trump," Hammond said. "So there is a concern that this will only worsen over time and sour a potential good bipartisan vote in the Senate."

@ Newshounds News™
Source:  The Block

~~~~~~~~~

AUSTRALIAN ELECTION WILL BRING PRO-CRYPTO LAWS EITHER WAY

No matter who wins Saturday's election in Australia, crypto legislation developed with the industry is set to finally happen this year.

Despite reports in February suggesting that 2 million pro-crypto voters could decide the outcome of this week’s Australian Federal Election, crypto has barely rated a mention during the campaign.

“I think it’s a missed opportunity,” Independent Reserve founder Adrian Przelozny told Cointelegraph. “Neither side has made crypto a headline issue because they’re wary of polarizing voters or sounding too niche.”

But the good news is that after more than a decade of inaction, both the ruling Australian Labor Party (ALP) and the opposition Liberal Party are promising to enact crypto regulations developed in consultation with the industry.

In April, Shadow Treasurer Angus Taylor promised to release draft crypto regulations within the first 100 days after taking office, while the Treasury itself has draft bills on “regulating digital asset platforms” and “payments system modernization” scheduled for release this quarter.

Amy-Rose Goodey, CEO of the Digital Economy Council of Australia, said that both parties “are equally invested in getting this draft legislation across the line.”

“Irrespective of who gets in, we’re in a better position than we were about a year ago.” Pro-crypto voters have choices in the Senate, too, with the Libertarian Party issuing a 23-page Bitcoin policy in March — calling for the creation of a national Bitcoin Reserve and the acceptance of Bitcoin as legal tender.

The minor party is fielding five Senate candidates in different states, including former Liberal MP Craig Kelly, but doesn’t currently have anyone in the Senate.

The progressive left-wing Greens party has not outlined a position on crypto, while the conservative right-wing One Nation party has campaigned against debanking and CBDCs.

More Than A Decade Of Inaction On Crypto

Australia’s first parliamentary inquiry into digital assets was held back in 2014, but there’s been more than a decade of regulatory inaction since. The industry says this has led to stagnation and a brain drain of talent to jurisdictions like Singapore and the UAE.

The former Liberal Government was considering the landmark Digital Services Act, based on the 2021 Senate Committee’s crypto recommendations, when it lost office in 2022. Despite ongoing consultations since, the ALP government, led by Prime Minister Anthony Albanese, hasn’t put forward any legislation to parliament.

But there has definitely been a vibe shift from the ALP recently, with Treasurer Jim Chalmers telling Cointelegraph that digital assets “represent big opportunities for our economy.”

”We want to seize these opportunities and encourage innovation at the same time as making sure Australians can use and invest in digital assets safely and securely with appropriate regulation.”

His office said exposure draft legislation would be released “in 2025” for consultation, introduced into Parliament “once that feedback has been considered” with the subsequent reforms “phased in over time to minimize disruptions to existing businesses.”

The shadow assistant treasurer, Luke Howarth, said the ALP has been slow to act because it didn’t have a blockchain policy when it was elected.

“It wasn’t until the FTX collapse that they acknowledged the need for regulation,” he told Cointelegraph. “The Albanese government initially promised it would put in place regulation by 2023 but have failed to draft legislation or give a clear time-frame for action. After three years, all that was offered to industry was a six-page placeholder document.”

He’s referring to Treasury’s March statement “on developing an innovative Australian digital asset industry.” It provides for the licensing of Digital Asset Platforms (DAPS), a framework for payment stablecoins and a review of Australia’s Enhanced Regulatory Sandbox.

While short on detail, those aims are broadly similar to the crypto regulation priorities that Howarth outlines to Cointelegraph — the big difference being that the opposition has committed to a faster time frame.

Przelozny praised the 100-day promise as “exactly the kind of urgency we need.”

If elected, the Liberal Party’s legislation is expected to take some of its cues from Senator Andrew Bragg’s private members bill in 2023 and some from the more recent work done by the Treasury.

The government steps up efforts

The Treasury has been quietly drafting legislation this year, which Goodey understands is “almost complete.”

“There’s been prioritization within Treasury, and I know that their team has almost doubled — the digital asset team — for writing that draft legislation. So, there has been an investment in that over the past six months.”

Przelozny characterizes the ALP’s approach as “cautious and methodical, but it’s been slow,” prioritizing consumer protection and risk management.

BTC Markets CEO Caroline Bowler said the election of a pro-crypto Trump administration and the UK’s draft regulations (released this week) likely forced both sides of politics to finally get serious.

”Australia has ground to make up, and I would anticipate this also being a factor in the savvy move by both parties,” she said.

Stand With Crypto campaign and ASIC

The Stand With Crypto campaign is active in Australia but has been fairly low-key during the campaign, with a focus on debanking.

Coinbase managing director for APAC John O’Loghlen called on whoever wins the election to launch a “Crypto-Asset Taskforce (CATF) within the first 100 days.” This would include industry and consumer representatives to finally get crypto regulations over the line.

“If Australia doesn’t move now, we risk falling even further behind,” he told Cointelegraph.

“The next government must move beyond consultation and into legislation.”

The Australian Securities and Investments Commission (ASIC) is the local equivalent of the US Securities Exchange Commission (SEC). It released its own crypto regulatory proposals in December.

Joy Lam, Binance’s head of global regulatory and APAC legal, told Cointelegraph she doesn’t expect ASIC to suddenly change direction if a new government comes in, as the SEC did.

“ASIC doesn’t make the law,” she said. “I don’t expect a complete kind of 180 because ASIC, it is independent, and it does have its own mandate, but it obviously operates within the legislative framework that the government is going to be setting.”

Who should single-issue crypto voters back?

In February, a poll by YouGov and Swyftx found that 59% of crypto users would vote for a pro-crypto candidate in the federal election above all other issues. That equates to around 2 million Australians and would be enough to determine the outcome of the election one way.

But the similarities between the major parties on crypto regulation are much greater than the differences. Goodey said both sides of politics have genuinely engaged with the industry about its concerns and priorities.

“You can see in some of the language with their media releases that they both released in March, April this year, that they are in agreement on what the industry issues are,” she said.

Owing to Senator Bragg’s campaigning on crypto, the industry sees the Liberal Party as more enthusiastic about digital assets, but after three years in government, the ALP looks to have arrived at roughly the same place.

Recent YouGov and Resolve polls suggest the government is likely to be reelected.

While internal Liberal polling suggests an ALP minority government is a genuine possibility, the major parties would have enough votes between them to pass bipartisan crypto legislation.

Whatever happens, 2025 looks like the year Australia will finally provide the crypto industry with the certainty it needs.

“For industry, the timing is really quite critical now because obviously it’s something that has been discussed and kicked around for quite a few years,” Lam said.

“I would say that we are cautiously optimistic.”

@ Newshounds News™
Source:  CoinTelegraph

~~~~~~~~~

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BREAKING: Vietnam China Russia Loas Cambodia Vietnam's End of War Celebration w/U.S.

BREAKING: Vietnam China Russia Loas Cambodia Vietnam's End of War Celebration w/U.S.

Edu Matrix:  5-1-2025

BREAKING: Vietnam, China, Russia, Laos, Cambodia in Vietnam's End of War Celebration with U.S. VND Rate - It’s been 50 years since the Vietnam War ended, and Vietnam is commemorating this historic milestone with massive celebrations in Ho Chi Minh City.

This video takes a closer look at the country’s evolution since the war, from reunification to rapid economic reform, and what it means for today’s VND (Vietnamese đồng) investors.

 Explore how the VND has depreciated from under 1 per USD in 1983 to over 23,000 in 2023, and what experts say about its outlook in 2025.

 With analysts forecasting a potential slide to 26,000 VND per USD, many still see opportunity in holding the VND, especially as Vietnam attracts major foreign manufacturers fleeing China.

https://www.youtube.com/watch?v=5fYMjf67S4E

Seeds of Wisdom RV and Economic Updates Thursday Afternoon 5-1-25

Good Afternoon Dinar Recaps,

US BLOCKCHAIN FIRMS URGE SEC TO CLARIFY CRYPTO STAKING RULES

The Council warns that overly strict staking rules could stymie innovation and impede market growth.

A coalition of US blockchain firms has urged the Securities and Exchange Commission (SEC) to provide clear regulatory guidance on crypto staking.

The coalition, led by the Crypto Council for Innovation, requested in an April 30 open letter that the agency treat staking with the same clarity it recently applied to proof-of-work mining.

Staked tokens are not a security

The Council argued that staking is a core technical process for maintaining blockchain networks, not an investment contract.

It stated:

“The benefits of staking to a PoS network and its participants are clear: base layer actors are incentivized to contribute to the security of the network, minimize the risk of manipulative activity, ensure data integrity, and bolster community trust in the network.”

It stressed that staking allows users to validate transactions, secure the network, and help produce new blocks. In return, participants receive token-based rewards. These rewards are determined by each network’s protocol, not by a centralized authority or profit-sharing agreement.

The Council also pointed to the SEC Division of Corporation Finance’s March 2025 statement on PoW mining. In that statement, the SEC clarified that mining on decentralized networks is not a securities transaction.

The Council asserted that this reasoning should also apply to staking, as miners and stakers engage in administrative functions to support blockchain infrastructure and receive protocol-defined rewards.

Meanwhile, the letter acknowledged that some risks exist, such as the possibility of slashing, where stakers lose tokens for violating protocol rules.

However, it noted that slashing is uncommon and not a defining feature of staking’s economic model. Therefore, the Council maintains that staking should not be classified under securities laws.

Why is clarity needed?

The Crypto Council believes that formal guidance from the SEC would benefit many stakeholders, including developers, service providers, and end-users.

They argued that such clarity would remove uncertainties for platforms that offer staking, especially those connected to crypto exchange-traded funds (ETFs).

The Council further stressed that regulatory clarity would help the US stay competitive with other global jurisdictions, which are moving faster to support innovation in the digital asset space.

However, they cautioned against overly rigid rules that could limit innovation or reinforce outdated market practices.

@ Newshounds News™
Read more:  CryptoSlate

~~~~~~~~~

BRICS DRIVING A NEW US DOLLAR DOWN CYCLE OR PUSHING IT TO COLLAPSE?

The United States’ global relations have been at the forefront of geopolitical affairs throughout this month. Amid an influx of America-first trade policies, several global collectives have warned over the protectionist approach. Now, the BRICS bloc is positioning itself, alongside US policy, to either drive a new dollar down cycle or push the currency closer to collapse.

At the start of his return to the White House, US President Donald Trump had assured the importance of the greenback’s global status. Indeed, he said that the dollar’s loss of status as a global reserve currency would be akin to “losing a war.” Now, his administration is being confronted with a weakening currency and an influx of global policies to help facilitate its struggle.

US Dollar in Concerning Predicament as BRICS & United States Policy Drive It Down

Just one week ago, Goldman Sachs gave a gloomy prediction for the future of the US dollar. Indeed, the bank aligned with the prevailing belief that the global reserve asset could be on its way toward a concerning position. Not only has it faced pressure from growing de-dollarization efforts, but it has now felt the ire of nations challenged by US tariff plans.

That has provided a key question for both the Western nation and its global south opposition. Is BRICS driving the US dollar to a notable down cycle or pushing it closer to collapse? The economic alliance has, for the last several years, remained at the forefront of alternative currency promotion and development. That could only fast-track this year.

The US dollar DXY Index has recently fallen to a three-year low. Moreover, the greenback has struggled amid a concerning first 100 days for US President Trump. Additionally, a report from The Hill notes that “foreign investors appear to be reappraising the role of US Treasury securities as a global haven asset” amid the administration’s actions in recent months.

So What’s Next?

With US fiscal net interest payments on its debt reaching $949 billion and surpassing its defense spending, there is even more reason to worry. Historian Barry Eichenberg told the publication that Trump “should be promoting financial stability, limiting the use of tariffs, and strengthening America’s geopolitical alliances.”

That has not taken place. In fact, the opposite has. Subsequently, there is reason to believe the BRICS bloc is playing a key role in helping the US decimate the value of its dollar. Since 2024, it has sought to limit its exposure to the currency. A key reason has been its weaponization.

Moreover, it shifted its attention to gold. Indeed, many nations in the alliance have ramped up their purchasing of the metal with eye on a continued de-dollarization approach. With gold surging, there should be a reason for the United States to emphasize a shift in philosophy. That is, before a US dollar downcycle becomes a full-blown collapse.

@ Newshounds News™
Source:  Watcher Guru

~~~~~~~~~

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MilitiaMan & Crew: Iraq Dinar News-Global ASYCUDA System & International Company-Linking National Banks-USA Banks

MilitiaMan & Crew: Iraq Dinar News-Global ASYCUDA System & International Company-Linking National Banks-USA Banks

4-30-2025

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=QYaRcBuhvBY

Iraq Economic News And Points To Ponder Thursday Morning 5-1-25

The Rise In The Value Of The National Currency Has Local And International Causes
 
Economic 04/27/2025  Baghdad: Hussein Thaghab   The Iraqi dinar's exchange rate against the US dollar has witnessed a  significant improvement over the current period, supported by a number of internal and external factors.
 

Most notably, the
 
     country's large financial reserves, the
     prudent monetary policies pursued by the Central Bank of Iraq, and
     signs of a thaw in US-Iranian relations have
 
combined to boost the value of the national currency.
 
Deputy Governor of the Central Bank of Iraq, Dr. Ammar Hamad, said that the
improvement in the Iraqi dinar's exchange rate against the dollar in local markets
is due to the central bank's recent policy. He added that
 
Financial Reserves
 
the country's massive financial reserves are one of the main reasons
behind the improvement in the value of the dinar against the dollar, and
 
we expect the dinar's value to continue to improve in the coming period. He pointed out that
 
the Central Bank of Iraq is working to consolidate the national currency
by adopting policies that are consistent with Iraq's
 
     financial capabilities and the
     requirements of the national economy.
 
Dollar Flow
 
Dr. Nabil Al-Abadi said:
 
“The past few days have witnessed a significant improvement in the exchange rate of the dinar against the dollar,
which is the result of a combination of internal and external factors.
 
On the monetary policy side, the Central Bank has taken strict measures, including
 
     restricting the flow of dollars through auction platforms and
     imposing strict oversight on banks. It has also
     raised the interest rate on dinar deposits,
     which has stimulated the transfer of some cash liquidity.
 

External Factors, such as the
 
     improvement in oil prices and the
     accompanying increase in foreign reserves,
 
have also contributed to this improvement.”  He added that
 
Stabilization
 
these measures, while effective in achieving short-term stability, remain subject to several risks.
 
The Iraqi economy's dependence on oil revenues makes it hostage to global market fluctuations.
 
Furthermore, some austerity measures, such as
import restrictions,
could negatively impact citizens' purchasing power
if they are not accompanied by policies that support local production. He stated that
 
Productive Sectors
 
ensuring the sustainability of this improvement requires structural reforms,
starting with
     diversifying the economic base and
     reducing dependence on oil, through
     developing productive sectors such as agriculture and industry.
 
This also requires
 
     a comprehensive overhaul of the banking system and
     simplifying customs procedures to boost non-oil exports, as well as
     enhancing investment confidence through stabilizing legislative policies. He stated that
 
improving the exchange rate is not an end in itself,
but rather must be a starting point for deeper economic reform.
 
International experience demonstrates that
sustainable monetary stability can only be achieved
through a productive economy capable of confronting external shocks.

Global Pressure
 
Financial expert Dr. Mustafa Akram emphasized that
 
while there is a reason for the
gap between the official exchange rate and the parallel exchange rate of the dinar against the dollar,
the gap has its causes. He pointed out that the
 
opening up between the United States and the Islamic Republic has eased global pressure on remittances to Iran,
 
     reducing demand for the dollar in local markets and
     strengthening the value of the national currency.
 
This coincides with ample supply from the Central Bank in the form of remittances and
other forms of financing, which necessitates strengthening this phase. He pointed out the
 
Electronic Card
 
importance of the Central Bank of Iraq taking action to
 
     reach an agreement with the United States and
     establish an official platform for transactions by
     creating an electronic payment card for use in Iran, Russia, and other sanctioned countries.
 
This would reduce demand for dollars, he noted, noting that
 
this would
 
     serve small traders and travelers,
     address many problems,
     reduce smuggling and illegal trade, and
     increase the value of the local currency.    
  
https://alsabaah.iq/113508-.html    

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

Seeds of Wisdom RV and Economic Updates Thursday Morning 5-1-25

Good Morning Dinar Recaps,

COULD THE SEC SETTLE WITH RIPPLE LAWSUIT USING XRP?

▪️John Squire suggests SEC might settle Ripple case by accepting XRP instead of cash.

▪️Delaying XRP ETF approval could help SEC avoid rising prices before settlement deal.

▪️June 17 ETF delay might be part of SEC’s calculated move, says Squire.

A surprising idea is gaining attention in the crypto world as social media influencer John Squire suggests that the U.S. Securities and Exchange Commission (SEC) could be planning to settle its lawsuit with Ripple by accepting XRP tokens instead of cash.

Will the SEC truly accept XRP as a payment? Let’s find out!

Delaying ETF Could Be a Strategic Move

In a recent tweet that’s now widely shared, John Squire suggests that the SEC could be delaying the approval of XRP spot ETFs on purpose. Because if they plan to settle the Ripple lawsuit using XRP, they wouldn’t want the price of XRP to shoot up too early.

And that’s exactly what could happen if a spot ETF is approved right now. Unlike a futures ETF, a spot ETF buys XRP directly. That demand would send the price soaring, possibly making XRP too expensive for a favorable government settlement.

Therefore, to keep XRP’s price lower, there has been a delay in the settlement process.

If XRP Is Used as Payment

The theory comes after journalist Eleanor Terrett confirmed that the SEC had delayed its decision on Franklin Templeton’s XRP spot ETF until June 17. Squire argues that this delay is not a coincidence but part of a broader strategy.

Squire says that if the SEC accepts XRP as payment, it would show they no longer see it as illegal. He also points out it wouldn’t make sense for the U.S. government to take payment in something they say is not allowed.

Such a settlement could also lead to regulatory clarity for XRP, encourage institutional investment, and possibly mark the beginning of a new bull run for the token.

XRP Price Outlook

As of now, XRP is trading around $2.20, reflecting a drop of 0.63%, with a market cap hitting $129.13 billion.  However, the 1-day chart suggests that if XRP goes above $2.40, it could start a strong upward trend toward $2.60 or even $2.90. But if it falls below $2, it might trigger more big sell-offs.

@ Newshounds News™
Source:  Coinpedia

~~~~~~~~~

NORTH CAROLINA HOUSE PASSES STATE CRYPTO INVESTMENT BILL

North Carolina’s House passed a bill to allow the state treasurer to invest government funds in approved cryptocurrencies with a 71 to 44 vote.

North Carolina’s House of Representatives has passed a bill allowing the state’s treasurer to invest public funds in approved cryptocurrencies, which will now head to the Senate.

The House passed the Digital Assets Investment Act, or House Bill 92, on its third reading on April 30 by a vote of 71 to 44.

Republican House Speaker Destin Hall introduced the bill in February, which would allow the treasurer to allocate 5% of the state’s investments into designated digital assets.

The investments can only be made after obtaining an independent third-party assessment confirming that the crypto holdings are maintained with a secure custody solution and risk oversight and regulatory compliance standards are met.

New amendments allow the treasurer to examine the feasibility of allowing members of retirement and deferred compensation plans to elect to invest in digital assets held as exchange-traded products (ETPs).

The House also passed a related bill, the State Investment Modernization Act, or HB 506, with little discussion on April 30, in a 110 to 3 vote.

The bill aims to create the North Carolina Investment Authority (NCIA) to take over investment management from the treasurer.

If passed into law, the authority to invest in digital assets would transfer from the treasurer to NICA, and approval would be required from its board of directors based on third-party assessments to make crypto investments.

Local news outlet NC Newsline reported that Treasurer Brad Briner supports both bills.

Arizona leads the crypto bill race

North Carolina is second to Arizona in the state-level race to approve legislation allowing local governments to invest in cryptocurrencies.

On April 28, Arizona’s House approved two bills, SB 1025 and SB 1373, proposing different methods for the state to establish a crypto reserve.

Arizona is the only state whose House and Senate have passed crypto-related bills, which are both awaiting Governor Katie Hobbs’ decision.

@ Newshounds News™
Source:  CoinTelegraph

~~~~~~~~~

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“Tidbits From TNT” Thursday Morning 5-1-2025

TNT:

Tishwash:  Fuad Hussein arrives in Oman to exchange views on "current challenges"

Fuad Hussein arrives in Oman to exchange views on "current challenges"
The Iraqi Ministry of Foreign Affairs announced the arrival of its Minister, Fuad Hussein, to the Omani capital, Muscat, on an official visit aimed at strengthening bilateral cooperation between the two countries.

The ministry said in a statement that "Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein is scheduled to hold meetings during the visit with a number of Omani officials, most notably the Omani Minister of Foreign Affairs, Badr bin Hamad Al Busaidi, to exchange views on regional and international developments and current challenges."

The statement indicated that the Iraqi Ambassador to Muscat, Qais Al Ameri, and embassy staff attended the reception ceremony.  link

Tishwash:  The majority of Iraq's financial assets are in US dollars. Al-Sudani's advisor discusses linking Iraqi banks to US banks.

On Wednesday, April 30, 2025, Mazhar Mohammed Salih, advisor to the Prime Minister for Financial Affairs, spoke about the repercussions of linking Iraqi banks to American banks.

As long as Iraq is within the dollar zone like other OPEC countries, with the US dollar constituting the majority of its financial assets from oil revenues, it is in our country’s interest to deal equally with the US commercial banking system as a global correspondent power for national banks, especially when dealing with more than one US bank operating globally (Global Bank) that has major global branches and arms, ” Saleh said in a press statement followed by Al-Jabal.

He pointed out that "the Central Bank of Iraq's efforts to link national banks with major banks and financial institutions in the United States, with more than one bank that enjoys international standing, is an important means of providing economic stability and improving the investment, trade, and development climate in our country through integration with the dollar trade, banking, and investment zone, which remains one of the strongest and most important monetary zones in the world."

He stressed  that "reducing the costs of foreign banking transactions requires direct banking cooperation with more than one American (Global) bank, and that the Central Bank of Iraq is moving in the right, open, and rapid direction in assessing its priorities to serve the stability of the national economy at the level of foreign banking transactions and implementing them with the required speed and high guarantees ."

He pointed out that "the second American bank is responsible for providing opportunities for Iraqi banks as a global correspondent bank with multiple branches and operations to quickly implement banking operations, whether in transfers or financing foreign trade for our country's markets, without obstacles and with transparency and high governance. In addition, it provides financing and credit lines for trade and investment in Iraq, as well as benefiting from digital banking services and highly advanced international standards, which will bring our national banks to the required global level.

These are factors that encourage the investment and business climate in our country at the same time, in the midst of integration and cooperation with the international banking system."  link

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

Tishwash:  KRG official publicly criticizes Iraq’s Trade Bank over delays to ATM rollout and bank cards

 A senior official in the Kurdistan Regional Government publicly criticized Iraq’s Trade Bank on Wednesday, citing significant delays and insufficient cooperation in the rollout of a high-profile digital banking initiative intended to modernize public salary payments.

The initiative, known as My Account, launched in September 2023, aiming to allow government employees in the Kurdistan Region to receive salaries digitally via bank-issued cards, reducing dependency on cash and increasing financial transparency. TBI was among several banks selected for participation.

“We are pleased to announce that the Trade Bank of Iraq is now part of the My Account project to digitize salary payments in the Kurdistan Region,” the ministry had said in a statement last year. Although welcomed in May 2024 by the Kurdistan Ministry of Finance, TBI’s participation has become a source of concern.

Nearly a year later, officials say the bank has fallen short of its commitments.

Aziz Ahmed, deputy chief of staff to KRG Prime Minister Masrour Barzani and the official leading the My Account team, spoke candidly to 964media. “It’s true, this is the first time we are publicly expressing our concerns about one of the banks in the My Account project, which is TBI,” he said. “But the scale of the issues with this bank can no longer be overlooked.”

Ahmed explained that the KRG has been waiting for over a year for TBI to fulfill a pledge to install 100 ATMs. “Despite over 40,000 requests from public employees in the Kurdistan Region to open accounts with the bank, the ATM installation process hasn’t moved forward, and the issuance of My Account cards has also been delayed,” he said.

The delay, according to Ahmed, is not just administrative but has practical consequences. “The delay in delivering ATMs and distributing bank cards has affected the speed of the banking rollout and has harmed public employees in the region,” he said.

Other banks participating in the program have also experienced occasional technical setbacks, but those were typically resolved without long-term disruption. “The level of difficulty we’ve had with TBI is different and ongoing,” Ahmed said. “Issues faced by other banks, such as temporary ATM outages, were addressed and solved. That has not been the case with TBI.”

According to the latest data obtained by 964media from the My Account project, there are approximately 650 ATMs available across the Kurdistan Region—many newly installed as part of the initiative. The project aims to expand this network to over 1,200 ATMs, reaching beyond major cities to include towns and remote areas.

This expansion is intended to ease salary access for the Kurdistan Regional Government’s 1.2 million public sector employees—roughly one ATM for every 1000 workers.

Eight banks are currently participating: BBAC, Cihan Bank, RT Bank, Bank of Baghdad, Iraqi Islamic Bank, National Bank of Iraq, Trade Bank of Iraq, and the International Development Bank.

964media has learned that the project has registered around 750,000 employees so far, with more than 450,000 having received their bank cards, enabling them to withdraw salaries from ATMs after being paid directly to their individual bank accounts.

The project has vowed to register all public sector employees for digital banking accounts by the end of this year.

Ahmed said the KRG has formally raised the issue with both the Central Bank of Iraq and the office of Iraqi Prime Minister Mohammed Shia al-Sudani. “Despite our repeated official communications and efforts to resolve the problems with the bank at the highest levels, the response and cooperation have not met expectations.”

Frustrated by the lack of progress, the KRG has opted to go public. “The lack of a satisfactory outcome from those efforts has left us no choice but to make our concerns public in the spirit of transparency,” Ahmed said.

My Account functions as an alternative to Baghdad’s Tawtin (localization) program. In February 2024, Iraq’s Federal Supreme Court ruled that salaries for public employees in the Kurdistan Region must be paid directly by the federal government, rather than through the KRG’s allocated share of the national budget.

In September 2024, public sector workers in Erbil and Sulaymaniyah expressed growing frustration as some ATMs ran out of cash, leaving many unable to access their delayed wages. However, officials overseeing the My Account project say those problems have since been addressed and that the system is now operating more smoothly. There have been no reports of widespread issues since.  link

Mot:  'Footloose' - Dancing In The Movies  https://www.youtube.com/watch?v=0rLhJZTHYo4

Mot: 40 FINGERS - Sound Of Silence & The Last Of The Mohicans

https://www.youtube.com/watch?v=vOd6QAuK2YE