Seeds of Wisdom RV and Economic Updates Saturday Morning 8-9-25

Good Morning Dinar Recaps,

Trump Removes Billy Long as IRS Commissioner — Shortest-Ever Tenure in Role

WASHINGTON (AP) — President Donald Trump has removed former U.S. Rep. Billy Long as IRS commissioner less than two months after his Senate confirmation, marking the shortest-tenured IRS commissioner since the position’s creation in 1862.

Sudden Exit, New Appointment

It is not immediately clear why Long was dismissed.
In a post on X, Long announced Trump had nominated him for an ambassadorship:

“It is a honor to serve my friend President Trump and I am excited to take on my new role as the ambassador to Iceland. I am thrilled to answer his call to service and deeply committed to advancing his bold agenda. Exciting times ahead!”

Treasury Secretary Scott Bessent will serve as acting IRS commissioner, according to a White House official.

Turmoil at the IRS

Long’s departure comes amid ongoing instability at the nation’s tax agency:

• The IRS has gone through four acting leaders since the start of Trump’s second term.

• The agency has lost a quarter of its workforce since the Department of Government Efficiency (DOGE) began its cost-cutting initiatives.

• Staff reductions have brought headcount from 103,000 in January to 77,000 by May 2025.

A Short-Lived Plan for Reform

In his first message to employees after confirmation, Long emphasized creating a new culture:

“In my first 90 days I plan to ask you, my employee partners, to help me develop a new culture here... one that makes your lives and the taxpayers’ lives better.”

Long never reached that 90-day milestone.

An Unusual Pick

• While serving in Congress (2011–2023), Long sponsored legislation to eliminate the IRS.

• A former auctioneer, Long had no prior tax administration experience.

• The Senate confirmed him 53–44 despite concerns about:

• His past work for a firm involved in a fraud-ridden pandemic-era tax credit.

• Campaign contributions received after his nomination.

Controversies and Investigations

• Long worked with a firm promoting the employee retention tax credit, later shut down as fraudulent.

• Democrats have called for a criminal investigation into his connections with other alleged tax credit schemes.

• Allegations claim that firms linked to Long sold fake tax credits, duping investors out of millions.

Acting Leaders Before Long

Long’s predecessors in an acting capacity included:

• One who resigned after an IRS–DHS deal to share immigrant tax data with ICE.

• Another whose appointment sparked a public clash between Elon Musk and Scott Bessent.

@ Newshounds News™
Source:   AP News

Best Of Billy Long: Trump IRS Chief—Fired After 2 Months—Goes Through The Wringer In Senate Hearing | Youtube

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Ripple’s RLUSD Stablecoin Surges Past $600M Supply in July

Market share expansion and record transaction volumes mark a strong summer for Ripple’s dollar-pegged asset.

Ripple’s RLUSD stablecoin experienced a 32.3% supply growth between June and July, pushing its circulating supply above $600 million. This marks RLUSD as the second-fastest-growing stablecoin among those with over $500 million in supply, trailing only Ethena Labs’ USDe, which surged 63.4% in the same period.

Since May, RLUSD has nearly doubled its total supply, growing from a $309 million market cap in May to $455.3 million in June — a 47% month-over-month increase. As of August 1, supply had already increased another 3%.

Record-Breaking Transaction Volumes

In July 2025, RLUSD’s cumulative transfer volume crossed $11 billion.

• July posted a record monthly high of $3.3 billion in transaction volume — a 27% jump from June.

• RLUSD has never dipped below $1 billion in monthly volume since April, when it first hit $1.8 billion.

Ripple’s Push for Market Share

July’s growth coincided with Ripple’s strategic moves to expand RLUSD’s footprint:

1. National Banking Charter

• CEO Brad Garlinghouse announced plans to secure a national banking charter, in addition to existing New York Department of Financial Services registration.

• If approved, RLUSD would be the first stablecoin under both state and federal oversight in the U.S.

2. Custody Partnership

• On July 9, Ripple named BNY Mellon as RLUSD’s custodian partner.

3. Global Expansion Strategy

• U.S. Positioning: Leveraging the Federal Reserve’s adoption of ISO 20022, where Ripple was the first blockchain company to join the Standards Body in 2020.

• Europe Entry: Pursuing MiCA compliance with a planned base in Luxembourg for EU market penetration.

Skepticism and Criticism

Despite the surge, questions about organic growth remain:

• Blockchain investigator ZachXBT questioned RLUSD’s user base authenticity before deleting his social media post.

• He later stated he trusted other issuers — Circle, Paxos, and Tether — “infinitely more than Ripple.”

@ Newshounds News™
Source: CryptoSlate

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Beijing and Moscow Boost Trade Amid U.S. Tariff Threats

July trade between China and Russia has surged to $19.14 billion — the highest monthly figure this year — signaling renewed momentum in bilateral exchanges despite escalating U.S. tariff threats.

Key Points

• July trade volume: $19.14 billion — an annual record and an 8.7% increase from June.

• Imports vs. exports: Chinese imports from Russia rose to $10.1 billion (+4.02% YoY), while exports to Russia fell to $9.1 billion (–8.91% YoY).

• Trade surplus: Russia posted a $13.34 billion surplus with China from January to July, matching 2024 levels.

• Historical context: Trade hit $240.11 billion in 2023 (+26.3%) and over $244 billion in 2024, both records.

• U.S. pressure: Former President Donald Trump has threatened 25% tariffs on Chinese imports over Russian oil purchases — similar to sanctions placed on India.

Bilateral Trade Rebounds After Early-Year Decline

The July surge ends a seven-month slump that saw trade between the BRICS partners fall 8.1% compared to the first half of 2024. While the rebound is a positive signal, it has yet to offset earlier declines — a reflection of shifting market conditions, seasonal trade cycles, logistical constraints, and geopolitical uncertainty.

Energy Cooperation at the Core

China remains firm in defending its energy ties with Russia. The Ministry of Foreign Affairs reiterated that economic, trade, and energy cooperation with Russia is both “legitimate and legal” and aligned with national interests.

Russia remains a key energy supplier to China:

• Oil: 108.5 million tons shipped in 2024 — about 20% of China’s total crude imports.

• First seven months of 2025: 32 million tons — 4 million tons less than last year.

• Other commodities: Coal, natural gas, copper, and timber.

In return, China exports manufactured goods to Russia, including automobiles, electronics, and smartphones.

Geopolitical Implications

The firm stance from Beijing underscores a dual strategy:

1. Safeguarding energy security against potential supply disruptions.

2. Deepening BRICS economic integration in defiance of U.S.-led trade restrictions.

If July’s record signals renewed trade momentum, the months ahead will test how resilient this partnership remains under the weight of possible new tariffs and fluctuating energy flows.

@ Newshounds News™
Source: CoinTribune

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Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

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“Tidbits From TNT” Saturday Morning 8-9-2025

TNT:

Tishwash:  The first commercial shipment from Türkiye to Jordan via Iraq arrives via the TIR system.

Thursday, the General Company for Land Transport announced the success of the first commercial shipment from Turkey to Jordan via Iraqi territory, as part of the new land transport corridor project linking Istanbul to Amman via Iraq using the International Road Transport System (TIR).

A statement from the Ministry of Transport received by Today, Al-Akhbariya, stated that “Director General of Land Transport, Murtadha Karim Al-Shahmani, expressed his pride in Iraq’s pivotal role in this new trade corridor, which reflects the confidence of international partners in the efficiency of Iraq’s infrastructure and logistics,” stressing that “this corridor makes the country an economic bridge between Asia and the Arab world.”

He added, “This step came in cooperation between logistics companies from Turkey and Jordan, as the first cargo trip was successfully implemented in only (5) days, compared to (4) to (5) weeks that shipments used to take via traditional sea routes.

This land corridor is an important step towards enhancing trade integration between Turkey, Iraq and Jordan and providing fast, safe and reliable transportation solutions, opening the way for broader opportunities for trade exchange and developing the economies of the region.”

The Director General affirmed that "the General Company for Land Transport continues to support regional connectivity projects, in accordance with the directives of the Minister of Transport, Razzaq Muhaibis Al-Saadawi, and to facilitate the movement of goods by developing transit transport services and improving the efficiency of logistics corridors within Iraq."  link

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Tishwash:  Iraqi-Chinese talks to prepare for the Beijing summit

Iraqi Foreign Minister Fuad Hussein discussed with the Chinese Ambassador to Baghdad, Cui Wei, the ongoing preparations for the second Arab-Chinese summit scheduled to be held in Beijing next year, in addition to discussing ways to enhance bilateral cooperation between the two countries.

A statement by the Iraqi Foreign Ministry stated that the Chinese ambassador conveyed a message from the Chinese Foreign Ministry regarding the ongoing preparations for the summit, expressing his country's appreciation for the pivotal role played by Iraq in the preparations, especially in light of its current presidency of the Arab Summit. He stressed the importance of coordination and cooperation with the Iraqi side to ensure the success of this important event.

For his part, the Iraqi minister stressed the importance of holding the summit in Beijing, noting Iraq's aspiration to play an active role in preparing for it and coordinating positions between Arab countries and the Arab League, which would contribute to achieving the summit's goals and ensuring its success.

According to the statement, it was agreed to establish a joint coordination mechanism between Iraq and China to monitor preparations for the summit and determine the dates of its meetings in the near future.

The statement indicated that the two sides discussed bilateral relations between the two countries and looked forward to preparing for an upcoming visit by a high-level Chinese delegation to Baghdad, with the aim of continuing efforts to develop and strengthen bilateral cooperation in various fields.  link

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Tishwash:  KRG Expands Solar-Powered ATM Network to Boost Cash Accessibility Across Kurdistan

Ahmad stated that the KRG’s investment in solar-powered ATMs aims to provide “24-hour access to cash” for both citizens and visitors. The initiative is part of the KRG’s broader effort to modernize financial infrastructure and promote sustainable energy solutions

The Kurdistan Regional Government (KRG) has significantly expanded access to cash across the region through the deployment of solar-powered ATM hubs, according to a statement by Aziz Ahmad, Deputy Chief of Staff to the Prime Minister.

In a post published on X on Thursday, Ahmad stated that the KRG’s investment in solar-powered ATMs aims to provide “24-hour access to cash” for both citizens and visitors.

“This has paid off — with over 430 new ATMs now deployed across the Kurdistan Region,” he stated. "The number is expected to grow to nearly 1,000 by the end of the program."

The initiative is part of the KRG’s broader effort to modernize financial infrastructure and promote sustainable energy solutions, particularly in areas with unreliable access to electricity.

The use of solar energy to power ATM systems is gaining traction globally as governments and financial institutions seek eco-friendly and cost-effective solutions to banking challenges. In the Kurdistan Region, the initiative embodies a dual strategy of expanding financial inclusion and enhancing public services, particularly in rural and underserved areas.

The move also comes as part of ongoing KRG reforms in digital governance, infrastructure development, and economic resilience in the face of regional instability. link

Mot:  Finally - The correct way to fold a fitted sheet.

Mot:   Remember When She Was Sooo Upset - the ""Wee One"" was going to Kindergarden.

Record $100 Billion in T-Bills Issued as US Debt Crisis Turns Desperate

Record $100 Billion in T-Bills Issued as US Debt Crisis Turns Desperate

Taylor Kenny:  8-8-2025

The United States government recently executed an unprecedented financial maneuver, selling a staggering $100 billion in short-term debt—the largest such sale in history.

This colossal issuance of four-week Treasury bills, as highlighted in a recent analysis by ITM Trading’s Taylor Kenney, is far from a sign of economic strength. Instead, it serves as a stark warning of growing financial stress, rapidly increasing borrowing needs, and the accelerating erosion of the US dollar’s global standing.

The core issue stems from the government’s struggle to manage its ballooning debt and deficit. Unable to cover its obligations through sustainable means, Washington is increasingly relying on short-term debt instruments.

 While convenient in the immediate term, this strategy is inherently unsustainable. It exposes the economy to significant volatility and liquidity risks, as these short-term bills must be continually refinanced, creating a precarious cycle of dependency.

Historically, the US has benefited immensely from robust global demand for its debt, primarily due to the dollar’s undisputed role as the world’s reserve currency. However, this bedrock of financial stability is showing cracks.

 The ITM Trading video underscores that international demand for US debt is declining. Factors such as the perceived “weaponization” of the dollar in geopolitical conflicts, the exportation of inflation to other economies, and an overall erosion of US credibility on the global stage are prompting other nations to diversify away from dollar-denominated assets.

This waning demand directly translates to higher borrowing costs for the US government, forcing it deeper into the trap of short-term financing. While money market funds currently absorb much of this short-term debt, this reliance brings its own set of liquidity concerns.

The situation is further complicated by the Federal Reserve’s anticipated move to lower interest rates. Such a shift could diminish the attractiveness of short-term bills, exacerbating demand issues and potentially creating a difficult environment for future debt sales.

A key indicator of systemic liquidity and financial health, the Fed’s overnight reverse repo facility (RRP), also merits attention. A decline in its usage, as observed recently, signals tighter liquidity within the financial system, pointing to potential stress beneath the surface.

Ultimately, the unprecedented $100 billion debt sale, coupled with the weakening global demand for the dollar, paints a clear picture of an accelerating currency decline and increasing financial instability. This trajectory, as warned by the ITM Trading analysis, is poised to significantly impact the standard of living for ordinary citizens.

 In response to these profound shifts, central banks and financial elites are increasingly turning to gold, recognizing its enduring value as a reliable store of wealth amidst turbulent economic waters.

This comprehensive analysis from ITM Trading serves as a critical call to awareness. It highlights that the current US debt issuance trend is not merely an economic footnote, but a significant warning sign of deeper financial vulnerabilities and ongoing geopolitical reconfigurations.

For both institutional investors and individual citizens, understanding these dynamics and strategically planning for the evolving economic landscape is no longer optional, but essential.

https://youtu.be/vmqrrGDXhHY

Houston, we have a Problem-Iraq in a Compromising Position

Houston, we have a Problem Iraq in a Compromising Position

Edu Matrix:   8-7-2025

Iraq is currently navigating a period of intense political deliberation, as proposed legislation aimed at formally integrating the Popular Mobilization Forces (PMF) into the nation’s security framework stirs significant controversy both domestically and internationally.

 This escalating political tension, as highlighted in a recent video from Edu Matrix, centers on radical changes that could redefine Iraq’s security landscape and its delicate diplomatic balance.

At the heart of this unfolding drama is the Popular Mobilization Forces, a coalition predominantly composed of Shiite militias that rose to prominence for their crucial role in the defeat of ISIS.

The new laws seek to legitimize and expand the PMF’s role in national defense, providing retirement benefits to its fighters and effectively institutionalizing the group as a permanent component of Iraq’s armed forces, operating directly under the Prime Minister’s authority.

Supporters of the legislation assert that these measures are a necessary and honorable recognition of the immense sacrifices made by the PMF in combating terrorism. They argue that formalizing the PMF’s status is crucial for fully integrating these forces into the state’s official security apparatus, thereby enhancing national stability and cohesion.

However, the proposed laws have drawn sharp criticism, particularly from the United States and a faction of Iraqi lawmakers. Critics warn that such measures could dangerously entrench Iranian influence within Iraq’s political and military spheres, thereby undermining the nation’s sovereignty and independence.

U.S. officials have explicitly expressed concern that legitimizing the PMF as a permanent entity could significantly alter Iraq’s internal power dynamics, potentially weakening the state’s independence and shifting the balance of power in the region.

The contentious nature of the bills has already manifested in Iraq’s parliament, where Kurdish and Sunni lawmakers staged walkouts in protest. Their opposition stems from procedural concerns and a perceived lack of proper debate surrounding such a monumental piece of legislation.

 Despite these protests, the legislation has successfully passed a second reading, and proponents are now pushing for a final vote.

The impending decision is poised to be a watershed moment for Iraq. Its outcome will not only impact the country’s internal security dynamics and the future of its armed forces but also its intricate diplomatic relations with both Washington and Tehran.

Iraq finds itself at a critical crossroads, facing a choice that will undoubtedly have profound and lasting implications for the nation’s stability, its relationship with key global powers, and its very definition of sovereignty.

https://youtu.be/K1U9zQs1ckc

Seeds of Wisdom RV and Economic Updates Friday Afternoon 8-8-25

Good Afternoon Dinar Recaps,

India’s US Lobby Fights to Block Full BRICS Pivot

India’s growing ties with BRICS are being quietly but aggressively counterbalanced by entrenched lobbying forces aligned with U.S. interests. Despite official participation in the BRICS bloc—and its upcoming BRICS presidency in 2026—India remains hesitant to commit fully to the economic realignment, due in large part to domestic political pressure and powerful U.S.-aligned networks.

How U.S. Lobbying Shapes India’s BRICS Role and Foreign Policy Shift

While India makes diplomatic moves toward BRICS, American lobbying efforts continue to influence key economic decisions behind the scenes—especially when it comes to trade policy, multilateral agreements, and long-term strategic partnerships.

Trade Numbers Reveal Strategic Contradictions

Although public narratives suggest rising trade tensions between the U.S. and India—particularly around tariff threats—the trade data tells a different story:

• India–U.S. goods trade reached $129.2 billion in 2024

• U.S. exports to India rose by 3.4% to $41.8 billion

• Indian exports to the U.S. hit $87.4 billion, up 4.5% from 2023

• The trade deficit widened to $45.7 billion (a 5.4% increase)

Despite these strong figures, U.S. lobbying groups use them to argue against deeper BRICS economic integration, especially in key sectors like manufacturing, services, and digital infrastructure. This misalignment between trade performance and political rhetoric is part of a broader campaign to stall India’s pivot toward a multipolar economic framework.

RCEP Exit Highlights Washington’s Influence

India’s 2020 decision to walk away from the Regional Comprehensive Economic Partnership (RCEP)—a major multilateral trade agreement—has become a pivotal example of U.S. lobbying power.

• The Peterson Institute estimated India lost $60 billion annually by not joining RCEP

• Officials claimed the decision protected domestic industries

• In reality, the logic broke down when compared with India’s participation in BRICS

Many of China’s regional competitors—including Japan and Vietnam—joined RCEP, while India bowed out under U.S.-aligned pressure. One analyst criticized the move by quipping:

“Being in BRICS and not joining RCEP would not get Modi’s advisers admission to the mohalla kindergarten.”

The Malleable Lobby’s Unshakeable Faith in the West

Since the collapse of the Soviet Union, India’s pro-U.S. lobbying ecosystem has exerted outsize influence over national strategy. This network operates with almost religious loyalty to U.S. interests, consistently favoring Western alignment over BRICS-led alternatives.

Even under Trump’s administration, where Indian citizens and policies were frequently criticized or sidelined, the lobby held firm. The explanation lies in vested interests: many stakeholders—especially in business and finance—stand to lose if global trade shifts away from the U.S. dollar.

This creates a powerful incentive to resist BRICS integration, regardless of the economic benefits on offer.

Stalled Foreign Policy Transformation

India is set to lead BRICS in 2026, and its official rhetoric increasingly emphasizes multipolarity. Yet in practice, its foreign policy transformation remains incomplete. The U.S. lobby continues to:

• Delay institutional reforms that would deepen BRICS alignment

• Influence public narratives around trade, tariffs, and global alliances

• Protect Western-dominated financial structures from disruption

As a result, India risks missing out on billions in potential gains from the BRICS economic pivot. The lobbying influence has managed to subordinate India’s BRICS participation to existing U.S.-centric policy frameworks.

Conclusion: Lobbyists Blocking a Geoeconomic Realignment

India’s U.S. lobby has effectively become a gatekeeper to foreign policy change, leveraging institutional power to stall the country’s full integration into BRICS. While India’s participation continues on paper, real economic shifts remain constrained, ensuring the country’s destiny remains tied to Western financial dominance—at least for now.

@ Newshounds News™
Source:  Watcher.Guru

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Iraq Economic News and Points To Ponder Friday Morning 8-8-25

Al-Alaq: Electronic Payments In Iraq Are Witnessing Rapid Growth After The Ban On Cash Transactions.
 
August 7, 2025   Baghdad/Iraq Observer  Central Bank Governor Ali Al-Alaq confirmed that
electronic payment transactions in Iraq have witnessed rapid growth,  both in the private sector and within government agencies,  following the implementation of the decision to ban cash transactions in government institutions at the beginning of July.

Al-Alaq said in a televised statement, followed by the Iraq Observer, that "the bank is cooperating with the Iraqi government to implement the decision issued by the Council of Ministers requiring all state institutions to use electronic payment methods and  halt cash transactions, as well as to localize salaries."
 
Earlier this year, the Iraqi government set July 2025 as the start date for all government payments to be implemented electronically,  prohibiting cash payments through government agencies. 

The governor added that the Central Bank of Iraq has completed the development of legislative frameworks, instructions, and controls regulating operations in line with international standards and regulations. He also noted that the digital infrastructure is now ready, noting that payment companies operating in Iraq and civil society organizations are conducting public awareness campaigns.
 
As a result of these efforts, the number of electronic cards in Iraq has surpassed 25 million, and the
number of point-of-sale (POS) devices has exceeded 5 million, distributed across all Iraqi governorates,
     most of them in government departments, according to Haider Al-Omran,
Chairman of the Baghdad Council for Digital Transformation and Electronic Payment. 
 
He urged the private sector to  encourage electronic payments and  rely more heavily on digital transformation to keep pace with this rapidly evolving trend.   https://observeriraq.net/العلاق-الدفع-الإلكتروني-في-العراق-يشه/  

Iraq Seeks To Consolidate Its Electronic Payment Infrastructure Through Five Projects.
 
August 7, 2025  Baghdad / Iraq Observer  Central Bank Governor Ali Al-Alaq announced on Thursday the
 development of rules and guidelines supporting electronic payments, while also noting  efforts to consolidate the electronic payments infrastructure through five projects.
 
Al-Alaq said at the Comprehensive E-Payment Transformation Conference:
 
“Digital transformation has become a strategic choice for building  a modern state,  a diversified economy, and   transparent government services.
 
International experience has proven that  digitization is not a luxury, but rather a key driver for
     sustainable development,
     improving the work environment,
     empowering youth, and
     developing vital sectors.” 

He added, "We are facing a historic opportunity to     make up for lost time and    embark on a clear vision toward an economy capable of   confronting challenges,   combating corruption, and   creating an environment conducive to investment."
 
As part of the drive towards digital transformation and electronic payments, Al-Alaq explained that 
"the Central Bank has worked to develop electronic payments in an integrated and secure manner,
including payment and settlement  in accordance with the highest international standards and practices."

He emphasized that "these systems   have contributed to enhancing the efficiency and reliability of financial operations and  supported the implementation of strategic initiatives in partnership with the government,   including   salary localization,    electronic fortification, and   development financing programs."

He pointed out that "the Central Bank, based on its role in    managing monetary policy and
     regulating the financial and banking sector, is working within its plan to consolidate the electronic payment infrastructure     by implementing a number of national projects."

  He continued, "The most prominent of these projects are:
First, the instant payments system, which
     allows for 24-hour financial transfers,
     provides users with a seamless experience, and
     provides financial institutions with advanced services.
 
The second project is the unified gateway for payments and government entities,  which
          facilitates payment procedures,  reduces manipulation, and   increases trust." 

He continued, "The third project is the National Card Scheme, which builds an independent national system that
     preserves digital sovereignty,
     reduces reliance on external systems, and
     opens the door to products that suit the local market.
 
The fourth project is developing the national department to
     support the significant increase in transaction volume and
     ensure the speed and stability of operations within a secure environment." 

 He pointed out that  "the fifth project is to
     establish partnerships with regional and international institutions and
     deepen cooperation with global payment networks to benefit from their advanced tools."

Al-Alaq explained that  "these steps are part of a comprehensive national strategy to
     reshape the relationship between the state and society,
     enhance transparency in service provision, and
     achieve a balance between
          technological development and
          financial stability."

 He pointed out that "work is underway on an in-depth study to regulate trading in crypto assets,
taking into account the   challenges,   risks, and   opportunities,  ensuring financial stability requirements, and   strengthening systems to  combat fraud,  money laundering, and   terrorist financing."

 He noted that "every 10 % increase in digital payments can contribute to the GDP, 
     underscoring the importance of transformation in supporting economic growth."

He emphasized  "supporting banks and payment companies in accelerating infrastructure development,
     providing reliable communication networks,
     encouraging young developers to create applications that comply with security standards, and
     supporting technology companies specializing in cybersecurity."
 
The Central Bank Governor called on the media and educational institutions to
"launch awareness programs explaining the
     benefits of electronic payments and the
     risks of dealing outside the official framework, to
     build an integrated system characterized by efficiency and transparency, 
placing Iraq among the ranks of advanced countries."

 He added, "The success of the digital transformation is not achieved solely through infrastructure, but rather  requires a genuine partnership between various stakeholders, including   government agencies, the      banking sector,     technology companies, and     civil society organizations.
 
Raising community awareness of digital payments and alleviating concerns is a crucial element in building trust." He concluded by saying,  "The Central Bank affirms its full commitment to continuing its efforts to promote a secure environment, as  we believe that government   payments,  collection, and     electronic fortification  are essential gateways to reforming      financial management,      enhancing transparency,     stimulating investment, and     expanding the tax base."     
https://observeriraq.net/العراق-يسعى-لترسيخ-البنية-التحتية-للد/

Iraq’s Central Bank Accelerates Digital Financial Reform
 
 Business Iraq Iraqi News August 7, 2025 Iraq’s Central Bank Governor Ali Mohsen Al-Allaq at the E-Payment Transformation Summit in Baghdad.   Baghdad (IraqiNews.com) – At the Comprehensive E-Payment Transformation Summit in Baghdad,
 
Iraq’s Central Bank Governor, Ali Mohsen Al-Allaq,
   emphasized the country’s transition to a modern, transparent economy based on digital innovation.
 
The Central Bank of Iraq has rolled out   secure,     globally-aligned     lectronic payment systems   that support initiatives like    salary localization,     digital ID programs, and   development financing.
 
Key projects underway include   an instant payments platform, a  unified government payment gateway, and a   national card scheme to   safeguard digital sovereignty and   reduce reliance on foreign systems.
 
Building on earlier efforts to strengthen cybersecurity across banks,
Al-Allaq also spotlighted a broader reform strategy launched in collaboration with international partners such as the  World Bank,     Arab Monetary Fund,     AFI, and     GIZ.
 
The strategy, covering 2025 to 2029, is aimed at     improving Iraq’s financial inclusion,     consumer protection, and     infrastructure, all rooted in global best practices.
 
Al‑Allaq revealed  plans for a future digital currency,   intended to replace central bank note ransactions, alongside   growing adoption of electronic wallets,   now at 1.2 million, and   over 17 million bank cards in use across Iraq.
 
The Central Bank of Iraq is also establishing a dedicated data center as part of its digital transformation roadmap.
 
To further enhance fraud prevention,  Al‑Allaq reaffirmed cooperation with global partners to combat   money laundering and  terrorist financing,   bolstered by  digital identification tools and   stronger legislative safeguards.     
https://www.iraqinews.com/iraq/iraqs-central-bank-accelerates-digital-financial-reform/ 

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

Seeds of Wisdom RV and Economic Updates Friday Morning 8-8-25

Good morning Dinar Recaps,

Trump Appoints Pro-Bitcoin Fed Economist, Boosts Crypto & Bitcoin Hyper Sentiment

• Stephen Miran appointed to Fed board through 2026

• Bitcoin rallies past $117K following the announcement

• Bitcoin Hyper Layer 2 launch to address network scaling issues

Bitcoin Surges on Trump’s Fed Appointment

Bitcoin’s momentum surged as U.S. President Donald Trump announced the appointment of Stephen Miran, a known Bitcoin advocate, to the Federal Reserve Board. The flagship cryptocurrency rallied to $117K, gaining nearly 3% in 24 hours, following what many see as a pro-crypto policy shift from the Trump administration.

Miran, previously a Treasury official and current Chairman of the Council of Economic Advisors, is known for his skepticism of traditional inflation models and for favoring looser monetary policy. His presence on the Fed board could pave the way for slower rate hikes and growth-oriented strategies—a tailwind for Bitcoin, which tends to perform well in inflationary or dollar-weakening environments.

“Miran questioned the accuracy of current inflation models and hinted at a more cautious approach to rate hikes—an outlook that could favor $BTC.”

Crypto Market Reacts Quickly

Following Trump’s Truth Social post:

• Bitcoin jumped from $114K to $117.5K, settling back at $117K.

• All top 10 Bitcoin ETFs closed in the green.

• ProShares’ BITO ETF led in activity, recording a 9.31% turnover rate.

This movement reflects renewed confidence among institutional and retail investors as sentiment shifts toward a pro-crypto monetary environment.

But Bitcoin’s Network Still Faces Scalability Issues

Despite the bullish momentum, Bitcoin’s base layer continues to grapple with limitations:

• Slow transaction speeds

• High gas fees

• Network congestion during high demand

During the April 2024 halving, fees soared above $128 per transaction, a scenario worsened by the launch of the Runes protocol, which increased demand for block space.

Enter Bitcoin Hyper: The Layer 2 Scaling Solution

Set to launch this quarter, Bitcoin Hyper is designed to solve Bitcoin’s scalability problem without compromising its core Layer 1 principles.

Key features of Bitcoin Hyper include:

• Faster transactions and significantly lower fees

• Solana Virtual Machine (SVM) integration to enable smart contracts

• A Canonical Bridge that wraps and unwraps $BTC for use on Layer 2

• Zero-Knowledge Proofs (ZKPs) for secure, trustless validation

By batching transactions off-chain and settling them efficiently, Bitcoin Hyper enables a smoother user experience for DeFi protocols, dApps, and mainstream payments.

$HYPER Token: Fueling the Ecosystem

The native token $HYPER powers the Bitcoin Hyper network. Holders benefit from:

• Lower gas fees

• Governance voting rights

• Staking rewards up to 139% APY

Since launching its presale on May 16, 2025, the token has already raised over $7.7 million, indicating strong investor interest.

• Current Presale Price: $0.012575

• Projected Mainnet Launch Price: $0.32

• Potential ROI: Over 2,445%

Verdict: Bitcoin Hyper Arrives at the Perfect Time

Trump’s move to place Stephen Miran on the Federal Reserve Board signals a turning point for crypto monetary policy, with implications for both Bitcoin and the broader market.

But as Bitcoin adoption increases, so too do the technical challenges. With the launch of Bitcoin Hyper on the horizon, the timing couldn’t be better for a Layer 2 solution focused on scalability, usability, and economic inclusion.

Investors looking to capitalize on this shift are eyeing $HYPER as a promising opportunity—though as always, conduct your own due diligence.

@ Newshounds News™
Source:  Bitcoinist

~~~~~~~~~

SEC Staff Liquid-Staking Guidance Leaves Regulatory Questions, Could Be Contested

• Nonbinding guidance may benefit institutions

• Key legal questions remain unresolved

• Tax and ETF-related challenges still outstanding

New SEC Guidance Raises as Many Questions as It Answers

The U.S. Securities and Exchange Commission (SEC) has issued new staff-level guidance on liquid staking, one of crypto’s fastest-growing innovations. The response from the industry has been a mix of cautious optimism and regulatory concern.

While some see the move as a potential catalyst for institutional adoption, others warn that the guidance remains nonbinding, not enforceable, and open to legal contestation.

“First, these guidelines are not law… and they could be contested at some point,” said Scott Gralnick, head of institutional staking at Marinade.

Not the Commission’s Official Position

A key detail buried in the SEC’s language is that this guidance:

• Represents only the views of a division, not the full Commission

• Is not a rule, regulation, or formal agency statement

• Did not go through a Commission vote

A source close to the process confirmed to Cointelegraph that while this kind of guidance is not unusual, it still lacks legal binding authority, leaving the door open for challenge or reinterpretation.

What Is Liquid Staking—and Why It’s Complex

Liquid staking allows users to earn staking rewards while retaining access to their tokens—unlike traditional staking which locks assets. This is particularly attractive for DeFi users, hedge funds, and retail investors who want flexibility without sacrificing yield.

However, the complexity lies in how:

• Different protocols handle staking and token issuance

• Models range from purely administrative to highly abstracted

• Advanced structures such as restaking and cross-chain staking introduce further layers of difficulty

“This guidance confirms that liquid staking activities are not considered a securities offering,” said Sam Kim, Chief Legal Officer at Lido Labs.
“That said, there are still open questions around restaking, cross-chain staking, and complex financial products built on staking.”

Narrow Scope, Conditional Clarity

According to Michael Hubbard, Chief Strategy Officer at SOL Strategies, staking protocols that:

• Issue 1:1 receipt tokens

• Don’t control timing or returns

• Keep operations administrative in nature

…may find a degree of regulatory clarity under this framework.

However, Hubbard adds that:

“The guidance is highly specific in its parameters and emphasizes that any deviation from the described structure could result in different regulatory treatment.”

Taxation Still a Major Gray Area

Perhaps the most consequential omission from the SEC’s guidance is the issue of taxation on staking rewards.

According to Evan Weiss, Chief Operating Officer of Alluvial, there are still unresolved questions:

• When are staking rewards taxed—at receipt or upon sale?

• How are staking assets treated under grantor trust rules?

• Can staking rewards be effectively integrated into ETFs and retirement portfolios?

“There is significant ongoing advocacy at the congressional level seeking fair staking taxation treatment to support the industry’s continued development,” Weiss noted.

He also emphasized that the grantor trust rules—which affect inheritance taxation—are a major barrier to ETF integration for staking-related products.

Conclusion: Guidance, Not Green Light

While the SEC staff guidance may offer a tentative green light for some liquid staking models, it does not resolve the foundational legal and tax uncertainties plaguing the space.

• Nonbinding status means it could be challenged

• ETF integration still hampered by tax rules

• Complex staking products remain in regulatory limbo

• Congressional action and advocacy are still needed

Until more formal guidance—or legislation—is passed, liquid staking will continue to operate in a high-risk, high-reward regulatory zone.

This guidance may nudge the market forward, but it’s not yet a signal of regulatory clarity.

@ Newshounds News™
Source:  Cointelegraph    

~~~~~~~~~

Ripple-SEC Lawsuit Ends, But XRP Drama Erupts Over “Security” Claims

• Five-year legal battle ends with Ripple's partial victory

• Ex-SEC lawyer reignites dispute over XRP’s status

• XRP surges 12% amid legal closure and acquisition rumors

Ripple-SEC Case Officially Closed

The long-running battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has come to an end. A joint stipulation of dismissal has been filed, closing all remaining appeals and finalizing a historic crypto legal case after five years.

• The dismissal leaves intact the 2023 court ruling that found XRP is not a security in secondary market sales.

• However, Ripple remains liable for its institutional sales, which were deemed securities offerings.

• Both parties agreed to bear their own legal costs, ending further escalation.

Former SEC Lawyer's Comments Stir Backlash

Despite the legal conclusion, controversy has reignited following statements from Amanda Fischer, a former SEC attorney. Fischer denied that the SEC had ever directly claimed XRP itself was a security—a position that prompted immediate backlash from pro-XRP lawyer John E. Deaton.

“I would never have intervened if the SEC didn’t argue XRP was a security,” Deaton said.

Deaton cited page 24 of the SEC’s response to his motion to intervene, in which lead SEC prosecutor Jorge Tenreiro argued that secondary sales of XRP still represented securities transactions:

“The XRP traded, even in the secondary market, is the embodiment of those facts, circumstances, promises, and expectations, and today represents that investment contract.”

Deaton labeled this the “embodiment theory”, a term credited to attorney Lewis Cohen, suggesting that the SEC was arguing the token itself was inseparable from the investment contract—an interpretation with no legal precedent.

Judge Pushes Back Against SEC Overreach

Deaton also recalled that even Judge Analisa Torres appeared skeptical of the SEC’s position. She challenged the implication that under the SEC’s view, “every individual in the world who is selling XRP” could be violating securities laws.

“That argument reflected a massive overreach by the agency,” Deaton said.

He further supported his case by citing SEC Commissioner Hester Peirce, who told Thinking Crypto that the SEC was indeed targeting the XRP token itself, not just the method of sale—contradicting Fischer’s claims.

Deaton Challenges Fischer’s Credibility

Deaton closed his response by questioning Fischer’s credibility outright, citing past court findings and ethical concerns:

• Judge Sarah Netburn accused SEC lawyers (including Fischer) of lacking “faithful allegiance to the law”.

• The SEC’s legal team was previously sanctioned by a federal judge for “perpetuating a fraud upon the court.”

Deaton argued these incidents make Fischer’s reinterpretation of the SEC’s XRP position “misleading and revisionist.”

Markets React: XRP Volatility on Legal Win and Rumors

The XRP market reacted strongly to the finality of the case and the swirling controversy:

• XRP surged over 12% on the news of the lawsuit’s conclusion and renewed investor confidence.

• Whale activity has increased, with large XRP holders reportedly selling into the rally.

• Rumors also emerged that Ripple may be acquiring Fortress Trust, sparking speculation of institutional expansion.

• XRP briefly dropped over 6% on the Fortress rumor, but then rebounded as markets digested the news.

Another surprise: Ripple may have paused this month’s escrow release—a rare move that led to an additional 4% price spike.

Conclusion: Legal Closure, But No End to Controversy

The Ripple-SEC lawsuit may be over in the courts, but the debate over XRP’s legal identity is far from resolved. As former regulators, crypto attorneys, and retail investors clash over what the SEC really claimed, the larger fight for regulatory clarity in the U.S. continues.

For now, XRP’s secondary market classification remains non-security, but the controversy over intent, precedent, and interpretation is alive and well.

@ Newshounds News™
Source:  Coinpedia

~~~~~~~~~

Ripple to Acquire Stablecoin Payments Firm Rail for $200 Million

• Ripple to acquire Rail for $200 million, targeting stablecoin payment dominance

• Deal combines advanced automation and always-on digital asset settlement capabilities

• If approved, partnership positions Ripple and Rail as global leaders in B2B stablecoin payments

Strategic Acquisition to Expand Ripple’s Stablecoin Capabilities

Ripple has announced an agreement to acquire Rail, a global payments platform specializing in stablecoin infrastructure, in a deal valued at $200 million. The acquisition, expected to close in Q4 2025, remains subject to regulatory approval.

This bold move is designed to accelerate Ripple’s leadership in stablecoin-based payments by combining the companies’ complementary technologies.

Ripple and Rail: Transforming Stablecoin Transactions

According to the official press release, the integration of Rail’s automated back-office tools and virtual account infrastructure with Ripple’s blockchain settlement technology will significantly enhance the global utility of stablecoins—particularly RLUSD and XRP.

• Financial institutions will gain 24/7 access to seamless, on-demand stablecoin payments.

• The platform will allow banks and fintechs to adopt digital asset settlements without direct exposure to cryptocurrency.

• Ripple aims to remove friction for traditional finance participants seeking to integrate real-time settlement.

This capability is vital in the evolving digital economy, where always-on financial infrastructure is quickly becoming a baseline expectation.

Ripple Responds to Rising Demand

Ripple confirmed that the acquisition reflects the growing demand for fast, secure, and regulatory-compliant stablecoin payments.

“No such thing as the August doldrums at @Ripple… very excited to share that we’re acquiring @RailFinancial! Ripple + Rail together will be THE go-to provider of stablecoin payments infrastructure for global financial institutions around the world,”
— Ripple CEO Brad Garlinghouse, via X (formerly Twitter)

The announcement underscores Ripple’s confidence in its vision to lead enterprise-grade digital asset solutions, even as competitors scramble to catch up.

Rail Brings Automation, Efficiency, and Scale

Industry analysts highlight how Rail’s platform enhances Ripple’s value proposition:

• Virtual account features simplify onboarding for institutions.

• Automated treasury tools reduce operational costs for cross-border settlements.

• The combined system offers regulatory-grade security while maintaining high throughput and real-time clearing.

With these features, Ripple and Rail are poised to become the dominant player in global B2B stablecoin infrastructure, rivaling the likes of Circle, PayPal, and emerging tokenized banking platforms.

Competitive Ripple Effects Across the Industry

The Ripple-Rail deal has sparked industry-wide discussions about strategic positioning in the stablecoin sector. As Ripple expands its influence, other players in digital payments and fintech may accelerate partnerships, acquisitions, or integrations to stay competitive.

Pending regulatory approval, this acquisition marks another step in Ripple’s push to deliver the backbone infrastructure for global stablecoin settlement.

@ Newshounds News™
Source:  BeInCrypto

~~~~~~~~~

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MilitiaMan and Crew: Iraq Dinar News-Iraq’s Economic Transformation

MilitiaMan and Crew:  Iraq Dinar News-Iraq’s Economic Transformation

8-7-2025

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

In today’s video, we explore the dynamic economic landscape of Iraq as the nation embarks on a transformative journey towards modernization and growth.

Iraqi Dinar & Electronic Payments: We’ll discuss the significance of the Iraqi dinar in the current economic climate and how the government is committed to establishing a secure and integrated electronic payment structure. Check out r how this shift is promoting financial inclusivity and facilitating smoother transactions for businesses and consumers alike.Cashless is key.

Revolutionizing Electricity Production: Iraq has achieved unprecedented records in electricity production! A very big deal! Join us as we delve into the strategies that have led to this remarkable progress and how it’s impacting daily life and economic activities across the country, regionally and internationally!

Kirkuk Gas Investment: The video also highlights the exciting developments in the Kirkuk gas sector. International names are involved and more to come! Learn about the investments being made to harness this vital resource and how it’s set to play a pivotal role in Iraq’s energy diversification strategy.

 Maximizing Non-Oil Revenues: As part of its vision for sustainable economic growth, the Iraqi government is actively working to maximize non-oil revenues. We’ll explore the initiatives and policies being implemented to reduce reliance on oil and foster a more diversified economy.

Join us on this informative journey as we uncover the steps Iraq is taking towards economic resilience and stability.

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

Iraq Economic News and Points To Ponder Thursday Afternoon 8-7-25

Central Bank Governor: Developing the electronic payment system is a strategic option in building a diversified economy.

August 07, 2025  In his speech at the Comprehensive Transformation to Electronic Payments Conference held in Baghdad,   His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, emphasized that the bank has worked to develop  electronic payment systems in an integrated and secure manner, including   payment and  settlement  in accordance with the highest international standards and practices.

He explained that  these systems have contributed to enhancing the
     efficiency and reliability of financial operations and supported the
     implementation of strategic initiatives
 
in partnership with the government to
     localize salaries,
     electronic fortification, and
     development financing programs. 

His Excellency the Governor explained that  digital transformation has become a strategic choice for building       a modern state,     a diversified economy, and     transparent government services.
 
International experience has also proven that digitization is not a luxury, but rather
     a key driver for
          sustainable development,
          improving the work environment,
          empowering youth, and
          developing vital sectors. 

His Excellency the Governor emphasized that Iraq faces a historic opportunity to embark on a clear vision
for an economy capable of
     confronting challenges,
     combating corruption, and
     creating an attractive investment environment.
 
These systems have contributed to
     enhancing the efficiency and reliability of financial operations and supported the
     implementation of strategic initiatives in partnership with the government
to     localize salaries,     electronic fortification, and     development financing programs.  

The governor indicated that   the Central Bank is working, as part of its plan,
     to consolidate the electronic payment infrastructure by implementing several national projects,
  such as the instant payments system, which   allows for 24/7 financial transfers and
 provides a   smoother user experience, and the unified payments portal for government entities, which facilitates    payment procedures,  reduces manipulation, and  increases trust.

The National Card Scheme, which builds an independent national system that
          preserves digital sovereignty,
          reduces reliance on external systems, and
          opens the door to products that suit the local market.
 
* Fourth: Developing the national switchboard to support the
     significant increase in transaction volume and
     ensure the speed and stability of operations within a secure environment, in addition to
     establishing partnerships with regional and international institutions and
     deepening cooperation with global payment networks to benefit from their advanced tools.
 
His Excellency added that  an in-depth study is underway to regulate crypto-asset trading,
  taking into account the  challenges, risks, and opportunities, ensuring financial stability requirements, and  strengthening fraud prevention, anti-money laundering, and countering the financing of terrorism systems.
 
The Governor called on the media and educational institutions to launch awareness programs that highlight the advantages of electronic payments and the risks of dealing outside the official framework,
in order to build an integrated system characterized by efficiency and transparency,
placing Iraq among the ranks of developed countries.

He pointed out that the  success of this transformation is not achieved through infrastructure alone,
but rather requires a real partnership between various relevant parties, including
 government agencies, the     banking sector,     technology companies, and  civil society organizations.

He also noted that  raising community awareness of electronic payments and overcoming fears  constitutes an essential element in building trust among the beneficiary parties.   https://cbi.iq/news/view/2950 

 Joint Cooperation Between The Central Bank And Al-Hadbaa University
 
August 07, 2025     The Director General of the Central Bank of Iraq's Mosul branch, Dr. Hussein Lazem,
received a delegation from Al-Hadbaa University headed by the Dean of the College of Administration and Economics, Dr. Musab Abdul Salam Taha.
 
During the meeting, the two parties discussed  training and development programmes   that could be adopted within the framework of exchanging expertise.
 
The two parties also agreed to explore opportunities for joint cooperation in the areas of
     enabling banking operations and  promoting the concept of financial inclusion.
    
    Central Bank of Iraq    Media Office    July 7, 2025    https://cbi.iq/news/view/2949   

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

Billion-Dollar Meltdown Ignites Banking Panic, Major Cities Face Total Collapse

Billion-Dollar Meltdown Ignites Banking Panic, Major Cities Face Total Collapse

Steven Van Metre:   8-6-2025

A brewing storm in the commercial real estate (CRE) sector is sending ripple effects through the financial world, raising concerns about a potential banking panic and even a broader global financial crisis. At the heart of this unfolding crisis is a dramatic devaluation of prime properties, exemplified by a major Denver office tower.

The Wells Fargo Center, a prominent office tower in Denver, has seen its value plummet by an astonishing 76% since 2019. This precipitous decline has already triggered significant losses for investors holding Commercial Mortgage-Backed Securities (CMBS) tied to the property, even impacting high-rated tranches previously considered low-risk.

The real concern, however, lies with small and midsize regional banks, which are heavily exposed to CRE debt. These institutions hold substantial amounts of such loans on their balance sheets, making them acutely vulnerable to the cascading losses. Experts fear that this exposure could ignite a liquidity crisis, eerily reminiscent of the Silicon Valley Bank collapse, as properties continue to be reappraised at vastly lower values.

The fundamental cause of this crisis is the profound shift in work habits brought on by the pandemic. The widespread adoption of remote and hybrid work models has drastically reduced the demand for traditional office spaces, particularly older buildings. This structural change has led to a surge in delinquency rates and defaults across the CRE sector, a trend expected to accelerate as more properties face reappraisals, wiping out investor equity and forcing banks to absorb unforeseen losses.

This isn’t just a U.S. problem. Similar patterns of economic contraction and insolvency are emerging in major economies like Germany and China, further exacerbating global financial instability. Complicating matters, central banks, including the Federal Reserve, appear to be grappling with the limitations of traditional monetary policy.

Rate cuts or other tweaks are unlikely to reverse the fundamental decline in CRE demand or address deeper issues in industrial production. Figures like Jerome Powell and Janet Yellen are perceived by some as potentially “behind the curve” in anticipating and managing the full fallout.

For investors, the evolving situation demands vigilance. Widespread exposure to CRE debt across various portfolios could lead to significant losses. However, amid this turbulence, innovative opportunities are emerging. One such example highlighted is Upexi, a company building a crypto treasury around the Solana blockchain.

Upexi’s stock has reportedly doubled since its last feature, positioning itself as an intriguing option for those seeking to bridge traditional finance and cryptocurrency exposure, potentially offering alternative growth avenues away from traditional market vulnerabilities.

The unfolding crisis in commercial real estate poses a formidable challenge to the global financial system. As further CRE defaults and revaluations occur, the implications for banking stability, investor portfolios, and the broader economy will be profound. Close monitoring of this evolving situation is paramount.

https://youtu.be/YIarkEuoUM8

Thursday “Tidbits From TNT” 8-7-2025

TNT:

Tishwash:  Central Bank Governor: We are working to consolidate the electronic payment infrastructure through five strategic projects.

The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced today, Thursday, the development of rules and guidelines supporting the electronic payment system, revealing five major national projects aimed at consolidating the infrastructure for this system, as part of the move towards comprehensive digital transformation.

Al-Alaq said, during the "Comprehensive Transformation of Electronic Payment" conference, that "digitalization is no longer a luxury option, but rather a strategic necessity for building a modern state and a diversified economy, and achieving transparency in service provision."

He stressed that "Iraq has a historic opportunity to make up for lost time and launch a new vision to combat corruption and stimulate investment."

He explained that the Central Bank is working to develop an integrated and secure payment system that meets the highest international standards and enhances the efficiency of financial transactions, in cooperation with the government and within national initiatives that include salary localization, electronic immunization, and development financing programs.

Al-Alaq explained that the five main projects are:

The Instant Payments System: enables money transfers around the clock and provides a smooth and secure user experience.

The Unified Government Payments Portal: contributes to facilitating payment procedures and enhancing transparency.

The National Card Scheme: establishes an independent national system that preserves digital sovereignty and serves the local market.

Developing the National Operations Department: Enhances the ability to efficiently manage the increasing volume of transactions.

Regional and international partnerships: Aim to leverage the advanced tools of global payment networks.   link

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

Tishwash:  Iraq's Bank Restructuring Project: Commit, Merge, or Liquidate!

The Iraqi banking sector is witnessing an unprecedented transformation with the launch of a comprehensive reform project led by the Central Bank of Iraq (CBI), in collaboration with the global firm Oliver Wyman.

 The project aims to restructure the banking system and raise its efficiency in line with international best practices. The plan, which extends until 2028, seeks to reorganize the status of private banks and determine their future within the market through clear and well-defined paths.

Economic expert Abdul Rahman Al-Shaikhly said, "The Iraqi banking system is currently witnessing a broad reform movement aimed at restructuring and organizing it in accordance with international best practices, under the direct supervision and strict oversight of the CBI."

Al-Shaikhly explained in a statement to Al-Mada that "the CBI is adopting a comprehensive reform roadmap extending until early 2028. It is being implemented in semi-annual phases, in cooperation with the global financial consulting firm Oliver Wyman, which has been contracted to undertake the reform and restructuring task."

According to the approved plan, the private banking sector, both commercial and Islamic, is given three basic options to determine its future path within the Iraqi financial system. These are: continuing to operate within the banking system, provided it fully complies with the required regulatory and technical standards; merging with another existing bank; or forming a new banking entity through a union between two or more institutions.

 In addition, the Central Bank imposes non-refundable fees on banks that choose either the continuation or merger options, in exchange for monitoring and implementing reform requirements. The continuation option fee is estimated at $2.4 million annually, while the merger option fee is $1.2 million. Banks that decide to voluntarily withdraw and liquidate are fully exempt from paying any fees.

The new reform project comes amid growing local and international calls to restructure the banking system in Iraq, which has for decades suffered from chronic problems related to weak governance, low financial inclusion rates, and the majority of citizens' reliance on cash transactions outside the formal banking framework.

Iraq has more than 70 banks, including government, private, and Islamic banks. However, a large number of them lack the foundations of modern banking operations and face difficulties in adhering to international standards, particularly those related to combating money laundering and terrorist financing.

This has exposed the country to pressure from international regulatory bodies, such as the Financial Action Task Force (FATF) and the International Monetary Fund. The Central Bank of Iraq (CBI) has launched several initiatives in recent years to stimulate the banking sector, but these have not achieved the desired impact. This prompted it to adopt a comprehensive reform plan in cooperation with the global firm Oliver Wyman, which has experience in reforming banking systems in numerous countries, including Jordan, Egypt, and Greece.

This step is viewed as a serious attempt to break with traditional banking practices that are no longer viable, especially in light of the economic and financial challenges facing the country and the increasing pressure to provide a transparent and efficient financial environment capable of attracting investment and enhancing monetary stability.

In light of these challenges, the Central Bank seeks, through the new project, to redraw the map of the banking sector by granting private banks specific options to continue operating, merge, or voluntarily exit the market. This step aims to liquidate weak entities and strengthen those capable of adhering to the required technical and regulatory standards.  link

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

Tishwash:  Digital Transformation in Iraq: Confident Steps Towards E-Governance and Combating Corruption

As Iraq began its serious steps toward e-governance, it emerged as a strong competitor in various fields, including tracking dinar movements and combating corruption. These steps reflect a clear government will to bring about a digital transformation that strengthens the economy and serves citizens.

Tasnim International News Agency - As Iraq has taken steps toward e-governance, it has become a strong competitor in several areas, including tracking the movement of the Iraqi dinar and combating corruption.

inancial and economic expert Dr. Safwan Qusay told Tasnim: It is clear that Al-Sudani's government has moved towards investing in technology to track the movement of the Iraqi dinar and transactions. A platform has been launched, the "Our Platform," which works to ensure that all government units provide their services through an integrated system of the internet and intranet.

This allows us to provide these services without any friction between citizens and employees using technology. This contributes to improving performance and, consequently, the possibility of establishing responsibility centers, whether internally or at the level of units in the private sector. This will contribute to accelerating the globalization of the Iraqi economy, especially as we face a set of challenges in transferring the Iraqi economy to the international environment.

Dr. Mohammed Al-Khazai, Director of the Union Center for Media Training, told Tasnim: The Iraqi government has made relative progress in some aspects of e-government, such as digital tax collection, such as the e-passport, and facilitating citizen transactions. However, it remains below the desired level due to the lack of an integrated infrastructure and the multiplicity of implementing agencies. This has hindered the comprehensive transformation of the digital project, not to mention the large amount of red tape and bureaucracy in paper transactions that continue to burden citizens.

Citizens interviewed by Tasnim News Agency in Baghdad expressed their hope that the culture of electronic payment would spread, contributing to the government's efforts to strengthen the Iraqi economy. They also expressed their support for any progress the government makes in serving citizens. Some said that electronic transactions have achieved a qualitative leap forward, contributing to the reduction of bribery.

The government, through the Ministry of Planning, indicated that these steps toward digitization, e-governance, and e-payment, which have become widespread in Iraq, mark the beginning of an era in which Iraq will compete with countries in the region, and even the world.

Abdul Zahra Al-Hindawi, the official spokesperson for the Ministry of Planning, told Tasnim: “The Iraqi government has a comprehensive approach to digital transformation within its development plans. This issue has been a significant component of the targets of the five-year development plan 2024-2028, as well as within Iraq’s Vision for Sustainable Development 2030. This is in addition to the focus of the current government’s program and the important measures taken by the state’s various institutions, sectors, and activities in this area.”

Thus, Iraq is advancing in the global rankings of countries operating in the field of electronic systems and electronic payments, in steps that have strengthened the government's capabilities and benefited citizens.  link

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