Seeds of Wisdom RV and Economic Updates Sunday Morning 8-10-25

Good Morning Dinar Recaps,

Bo Hines Steps Down from White House Crypto Council, Moves to Private Sector

Washington, D.C. – The U.S. crypto policy landscape is losing one of its most visible leaders. Bo Hines, who rose to head the Presidential Council of Advisers for Digital Assets in late 2024, has announced his departure after less than a year in the role. The move marks a shift for the Trump administration’s push to position the United States as a global blockchain hub, raising questions about whether its momentum can be sustained.

Key Points

• Hines was appointed in December 2024 by President Donald Trump and worked closely with David Sacks to advance U.S. crypto leadership.

• His departure, effective August 9, 2025, is driven by a return to the private sector, though he plans to remain active in supporting the digital asset industry.

• Patrick Witt, the current deputy director, is widely expected to take over, though no official confirmation has been made.

A Short but Impactful Tenure

Hines’ exit comes just weeks after the release of the council’s flagship regulatory report on digital assets. In a statement, he called his time in the role “the honor of a lifetime” and expressed gratitude to the crypto community for its support.

During his tenure, Hines spearheaded several initiatives, including close coordination with the White House’s AI & Crypto Czar, David Sacks. His work was central to the administration’s broader pro-innovation agenda.

Policy Legacy: Ambition Meets Constraints

One of Hines’ hallmark projects was the Strategic Bitcoin Reserve Initiative. Signed into policy by President Trump in January 2025, the plan created a national BTC reserve and crypto stockpile, prohibiting state sales and requiring budget-neutral acquisitions.

To expand reserves, Hines proposed a novel approach: revaluing U.S. gold reserves (currently recorded at $42.22 per ounce versus a spot price around $3,400) and converting part of the updated value into bitcoin. While potentially transformative, the recommendation has yet to be implemented. Critics have also noted the slow pace of BTC accumulation under the plan.

Looking Ahead

Hines leaves behind a mixed legacy—political momentum bolstered by the passage of the Genius Act, but several strategic initiatives remain incomplete. His successor will face the challenge of advancing these policies while navigating regulatory, fiscal, and political hurdles.

Whether under Patrick Witt or another appointee, the future of America’s ambition to lead the global crypto industry will hinge on converting bold proposals into measurable outcomes.

@ Newshounds News™
Source: CoinTribune

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Crypto Debanking Persists Despite Trump’s Pro-Crypto Push

Washington, D.C. – Despite President Donald Trump’s pro-crypto policies and campaign promises, U.S. banks continue to close accounts for crypto firms, a practice widely associated with “Operation Chokepoint.” Industry leaders say the debanking trend remains deeply entrenched, creating significant challenges for the sector.

Key Points

• Ongoing Debanking: U.S. banks are still cutting off crypto companies, often without explanation, despite federal pro-crypto rhetoric.

• Unicoin Impact: Unicoin CEO Alex Konanykhin reports that his company and subsidiaries have been debanked by multiple major banks.

• Potential Policy Shift: President Trump is preparing an executive order to identify and penalize banks engaged in debanking.

• Regulatory Uncertainty: Experts warn that meaningful reform will depend on the final wording of regulations and laws.

A Practice That Won’t Go Away

After Trump’s election, many in the crypto community expected an end to restrictive banking practices. However, recent warnings from industry figures suggest otherwise. Andreessen Horowitz partner Alex Rampell recently described the latest wave of restrictions as “Operation Chokepoint 3.0,” targeting fintech and crypto apps through higher fees and barriers to fund transfers.

Konanykhin confirmed that Unicoin has been impacted first-hand, losing accounts with Citibank, Chase, Wells Fargo, City National Bank of Florida, and TD Bank over the years—four of them in 2025 alone. “This suggests that Chokepoint is a large-scale nationwide operation,” he said, noting that Unicoin is a publicly reporting company with six years of audited financials and over 4,000 shareholders.

Economic Impact on U.S. Crypto

Konanykhin described the debanking campaign as “highly disruptive and damaging,” depriving crypto firms of essential banking services and suppressing U.S. competitiveness in the global digital asset market.

On Thursday, Bloomberg reported that President Trump plans to sign an executive order directing federal banking regulators to identify and penalize institutions engaged in debanking. The order would also require certain banks to reinstate unlawfully denied clients.

Konanykhin expressed optimism:

“The President knows the pain of de-banking first-hand and seems determined to stop this form of economic warfare against American businesses.”

He added that ending the practice could help U.S. crypto achieve global prominence, likening its potential influence to Hollywood in entertainment or Silicon Valley in technology.

The Role of Regulation

While political intent is clear, regulatory outcomes remain uncertain. Elizabeth Blickley, a partner at Fox Rothschild’s Tax Controversy & Litigation Practice, stressed that change will hinge on the final language of rules and laws.

She cited the Genius Act, recently signed into law, which gives the Federal Reserve’s Stablecoin Certification Review Committee 180 days to design a regulatory framework. However, she cautioned that many bills never progress in Congress and that resulting regulations could face legal challenges from multiple fronts.

“A regulation may facially comply with the President’s request or a law passed, yet have little application or disproportionate impacts based solely on word-choice,” Blickley said.

For now, she believes banks will maintain a risk-averse approach toward crypto until new regulations clearly reduce perceived risks:

“It’s all about making risk-averse entities and people feel like crypto is less of a risk.”

@ Newshounds News™
Source: Cointelegraph

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Tether & Circle Now Hold More U.S. Debt Than Several Nations

Two of the world’s largest stablecoin issuers, Tether (USDT) and Circle (USDC), have quietly emerged as major players in the U.S. Treasury market — now holding more U.S. government debt than Germany, South Korea, and the UAE combined.

Fueled by rising global adoption and the recent GENIUS Act, which legitimized stablecoin use, the sector’s total market cap of $270 billion could soar to $2 trillion by 2028. Tether currently holds over $100 billion in Treasury bills, ranking as the 18th-largest holder worldwide, while Circle’s $45–$55 billion portfolio pushes the combined total beyond those of several advanced economies.

Stablecoins, once niche crypto tools, are increasingly integrated into cross-border payments and institutional finance, with transaction volumes already rivaling Visa. Industry experts say their growing demand for U.S. debt could help stabilize Treasury markets and reinforce dollar dominance.

However, skeptics warn of potential financial stability risks if confidence in issuers falters, and banking lobbyists caution about possible impacts on deposits and lending. Still, the emergence of stablecoin issuers as heavyweight U.S. debt buyers marks a pivotal shift — with liquidity power now partly concentrated in the hands of crypto-native institutions.

@ Newshounds News™
Source: BeInCrypto

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MilitiaMan and Crew: Iraq Dinar News- Oil Exports-Government Reforms

MilitiaMan and Crew:  Iraq Dinar News- Oil Exports-Government Reforms

8-9-2025

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

Welcome back to our channel! In today’s video, we dive deep into the current economic landscape of Iraq, focusing on several key developments that are shaping the nation’s future.

Topics Covered:

The Iraqi Dinar: Understanding its value and the implications of recent fluctuations on both local and international markets. Iraq has value to impact them!

Ministry of Planning's New Project: We explore the Ministry of Planning's initiative to link electronic fingerprints, enhancing security and efficiency in public services.

 Fighting corruption inclusive! Oil Exports from the Kurdistan Region: The impact of oil flow through the Ceyhan Pipeline will benefit Iraq, regional partners and most of all the people of Iraq!

Prime Minister Sudani's Commitment: An analysis of Sudani's emphasis on reform and his pledge to combat corruption within government sectors.

Minister of Finance's Salary Resettlement Initiative: Insight into the Minister of Finance's plans to streamline and ensure timely salary payments for public employees. Think Rafidain and Rasheed Banks.

Tensions Over Oil Agreements: We discuss the regional government's accusations of violating oil agreements with Baghdad and the implications for national unity and economic stability.

https://www.youtube.com/watch?v=6Lq2ef4-MGs

Iraq Economic News and Points To Ponder Saturday Afternoon 8-9-25

Ministry Of Planning: More Than 700 Trillion Dinars Is The Expected Revenue In The Development Plan.

Buratha News Agency  25-08-09  The Ministry of Planning announced, today, Saturday, that the total revenues expected to be achieved during the five-year development plan period 2024-2028 will amount to about (710) trillion dinars, as the official spokesman for the Ministry, Abdul Zahra Al-Hindawi, stated to the official agency, that “the largest proportion of these revenues will come from the oil sector, as it is expected that oil revenues will amount to about (631) trillion dinars, while non-oil revenues are estimated at about (79) trillion dinars.”

Al-Hindawi added, "The five-year plan estimated the investments required to achieve the targeted economic growth rate, which amounts to (4.24%) during its implementation period, at more than (241) trillion dinars," indicating that "the plan will see government sectors contribute about (157) trillion dinars of these investments, compared to (84) trillion dinars representing the contribution of the private sector."

He also explained that "the largest proportion of capital formation will be in the oil sector at 27.4%, followed by the housing ownership sector at 22.5%, then social development services at 20.8%. In contrast, the water and electricity sector will constitute 8.6%, while the share of the manufacturing sector will reach approximately 7.8% of the total planned capital formation."

https://burathanews.com/arabic/economic/463843

Central Bank Governor: We Are Working To Stabilize Prices

August 9, 2025  Central Bank Governor Ali Mohsen Al-Alaq: We are working to stabilize prices and eliminate inflation.

Baghdad - Hakim Al-Shammari  Amid the profound economic transformations Iraq is undergoing, the Central Bank of Iraq is leading the way with major reform initiatives that touch the core of the financial and monetary system. From electronic payments to regulating monetary policy, expanding financial inclusion, and setting new standards for banking governance—all issues are now under the microscope of public opinion and those interested in economic affairs.

As the government begins taking serious steps to reduce reliance on paper money and promote a culture of digital payments, attention is turning to the institution leading this change: the Central Bank of Iraq.

In this extensive interview, the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, opens his office and his vision to discuss the challenges facing the financial system, digitization plans, the fight against monetary corruption, and Iraq's position on the regional and international financial map.

What has changed? Where do the banks stand? How is the fight against speculation and fraud being fought? And what is the future of the Iraqi dinar? We are asking many questions today, awaiting answers as profound as the anticipated transformation.

□ What are the Central Bank of Iraq's priorities in the next phase to maintain the stability of the Iraqi dinar?

The primary objective of central banks is to maintain the stability of the general price level by targeting inflation. This is what the Central Bank of Iraq seeks to achieve through the use of available monetary policy tools, including liquidity sterilization tools to control liquidity levels in the markets.

The most important tool is the process of strengthening banks’ foreign currency balances with their senders abroad to finance foreign trade needs, in addition to meeting other customer requests in various foreign currencies.

This bank has sought to make a qualitative leap in terms of technological construction, governance, and control of transfer operations, in addition to establishing a cash sales system to control sales operations.

It also provides electronic payment tools, including credit and debit cards, through banks and electronic payment companies in Iraq, to facilitate payment transactions inside and outside Iraq.

The Central Bank issued other tools that contribute to controlling liquidity to maintain the stability of inflation rates, namely the securities it issues with maturities of (14, 182) days and interest rates of (4 percent and 5.5 percent) respectively.

The Central Bank of Iraq is also focusing on improving the banking system and encouraging citizens to use cards and banking services instead of cash, thus easing pressure on the informal market. It is also working to strengthen money transfer systems and monitor financial transactions to prevent money laundering and currency smuggling.

In this context, the Central Bank of Iraq is placing increasing importance on developing the banking sector's infrastructure and encouraging citizens and institutions to transact through formal banking channels with the aim of reducing the size of the informal economy and promoting financial inclusion.

 Furthermore, coordination between the Central Bank and the government is underway to ensure that inflationary pressures are not created that would negatively impact monetary stability.

 Finally, in the coming period, the Central Bank is moving towards maintaining the stability of the local currency through a combination of technical measures, effective oversight, and structural reforms in the financial sector.

□ How does the central bank assess the impact of current monetary policies on inflation and unemployment?

The Central Bank of Iraq seeks to achieve economic stability through monetary policy tools, such as interest rate control, liquidity management, and exchange rate controls. To assess the effectiveness of these policies, the Bank conducts regular analysis of their impact on inflation and unemployment rates.

Inflation data indicates that it declined to 2.6 percent in 2024, compared to 4.4 percent in 2023.

The unemployment rate decreased by 3 percent, reaching 14 percent in 2024, compared to 16.5 percent in 2022. This is due to the Central Bank of Iraq's adoption of monetary policies that led to trade financing at the official exchange rate to control imported inflation and raised the policy interest rate to control liquidity levels, which directly impacts inflation.

□ What measures is the Central Bank taking to promote financial inclusion in Iraq?

The Central Bank of Iraq has established a new administrative structure in all operating banks under the name of the “Financial Inclusion Department” pursuant to our circular No. 2025, which includes the operating regulations for the Financial Inclusion Department in banks.

 The Central Bank is in the process of establishing an administrative structure under the name of Financial Inclusion in all non-banking financial institutions and preparing operating regulations for these structures.

The first national strategy for financial inclusion in Iraq (2025-2029) was prepared in cooperation with a number of international organizations. The strategy was launched on May 25, 2025. Work will be done to achieve the objectives of this strategy by forming diverse working groups to achieve the expected results.

The Central Bank of Iraq organizes periodic events and awareness workshops, such as the Arab Week for Financial Inclusion, which includes financial awareness campaigns and workshops in coordination with all banking and non-banking financial institutions.

It also sponsors and participates in international exhibitions, as well as in specialized exhibitions in the financial sector and digital financial transformation. It also cooperates with educational institutions to raise the level of financial inclusion.

Targeting financially deprived, rural, and remote areas by establishing teams to measure the extent of financial services access to these areas.

□ How would you describe the current relationship between the Central Bank of Iraq and the US Treasury?

The relationship between the Central Bank of Iraq and the US Treasury Department is characterized by ongoing cooperation and coordination to ensure Iraq's compliance with international standards for combating money laundering and terrorist financing.

The bank recently held several meetings with the US Treasury Department and the Federal Reserve to discuss financial reforms and enhancing transparency in the banking system. US authorities praised Iraq's steps in this direction, particularly with regard to developing financial transfer mechanisms and strengthening oversight of dollar movements.

□ What is Iraq's position on the recent restrictions imposed on dollar transfers? Are there steps being taken to reduce reliance on the dollar?

There are no restrictions on dollar transfers, as evidenced by the steady increase in bank balances in US dollars.

For the first time, in other currencies such as the Euro, Jordanian Dinar, Indian Rupee, Chinese Yuan, Saudi Riyal, and others.

In addition to the expanding network of foreign correspondents for banks operating in Iraq, this has contributed to increasing the options and channels available to all transfer requesters.

*- How do you respond to criticisms directed at the currency auction mechanism as a means of money laundering or currency smuggling?

The Central Bank has faced these criticisms for years, without any evidence. Therefore, it has taken serious steps to regulate foreign exchange transactions, including establishing an electronic platform and auditing transfers by international companies specializing in this field. Furthermore, the bank recently ended the foreign currency buying and selling window, transferring responsibility for transfers directly to banks and their senders.

There is a great demand from Iraqi banks and branches of foreign banks to participate in the strengthening operations, as the number of banks has increased to 22 banks, and the number of participating companies has reached 5923 companies by the end of the first quarter of this year, 2025, with a number of transfer operations amounting to 46,762 transfers.

*- What are the recent reforms to the dollar sales system to ensure transparency and prevent exploitation?

The electronic platform for verifying transfers was created by international companies specialized in this field.

*- Are you thinking of canceling the currency auction or replacing it with a more modern mechanism and linking it to the banking system?

The foreign exchange buying and selling window was discontinued, and responsibility for remittances was transferred directly to banks and their senders. This was completed in early 2024.

*- What is your assessment of the resilience of the Iraqi banking system in light of the recurring economic and political crises?

The Iraqi banking system has faced recurring challenges stemming from the economic and political crises that have plagued the country in recent years. These challenges include its reliance on a rentier economy, as the banking system remains heavily dependent on state funding, making it vulnerable to fluctuations in oil prices.

Furthermore, private banks are weak, lacking the capacity to play an effective developmental role in the economy.

Furthermore, there is a lack of public trust, reflected in low levels of financial inclusion. Furthermore, political and geopolitical unrest has impacted remittances and international transactions.

Despite all these challenges, there are strengths in favor of the banking system, represented by the regulatory reforms witnessed in recent years, represented by the development of banking oversight systems and the gradual implementation of international compliance standards for combating money laundering and terrorist financing. In addition, government support, as state-owned banks dominate the banking sector, provides it with relative stability during times of crisis. In addition, the digital transformation, the adoption of electronic payment systems, and the improvement of digital infrastructure have contributed to reducing the use of cash and increasing transparency.

Based on the above, the resilience of the Iraqi banking system can be classified as moderate. The sector has some resilience against crises, but it faces structural challenges that require deep and sustained reforms. Reforming the banking sector is a cornerstone of Iraq's economic development path.

This requires an integrated strategic vision and close cooperation between the Central Bank and other financial institutions, as well as the public and private sectors.

*- How can the central bank contribute to stimulating the real economy, not just the monetary aspect?

The Central Bank of Iraq has contributed significantly to promoting economic development, creating job opportunities, and achieving prosperity in Iraq by providing basic financial support to small, medium, and large enterprises in various sectors (such as agriculture, industry, housing, trade, healthcare, education, tourism, and transportation) through its initiatives that amounted to more than (13) trillion dinars with the aim of financing various economic activities and supporting all segments of society.

*- What is the bank's plan regarding the digital transformation of the banking sector over the next five years?

The Central Bank of Iraq is working to implement its strategic plans for digital transformation in the banking sector, which aim to develop the digital infrastructure and enhance the efficiency and security of financial services.

The plan includes several projects and initiatives, most notably the Instant Payment Project to enhance the efficiency of financial transfers effectively and instantly, and the establishment of a regulatory sandbox at the bank to encourage secure experimentation with financial technologies and meet the requirements for launching services safely and quickly.

The plan also includes the National Payment Network Project to enhance the national digital payments infrastructure, and the National Unified Electronic Payment Gateway to enhance the digital transformation of government collection processes.

The plan also includes working with relevant entities and in cooperation with relevant international organizations and bodies to study the preparation of a draft law regulating virtual assets, digital currencies, and cryptocurrencies within a legislative oversight framework.

*- Is there any intention to issue an Iraqi digital currency or join international initiatives in this field?

The Central Bank of Iraq is monitoring international and regional developments related to central bank digital currencies (CBDCs) and is currently preparing a specialized study to assess various dimensions related to them, including the impact on monetary policy, the efficiency of electronic payment systems, financial inclusion, and technical and legislative infrastructure requirements. It also prioritizes monitoring global experiences and leveraging best practices, while maintaining a gradual and systematic approach.  LINK

 

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

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

Good Afternoon Dinar Recaps,

BRICS Members vs Partners: 2025 Expansion & Power Shift

The BRICS bloc now operates under a two-tier system designed to manage its rapid growth, distinguishing between full members with decision-making power and partner nations with limited participation. This framework, introduced after the October 2024 Kazan summit, reflects the organization’s push to expand influence while maintaining operational control.

Two-Tier Membership Structure

• Full BRICS Members: Possess complete decision-making authority, equal stakes in the New Development Bank ($100 billion authorized capital), and participation in all key meetings, including the annual summit and Foreign Ministers’ sessions.

• Partner Countries: Engage in specific projects and collaborative initiatives but lack voting rights and formal decision-making powers. Their role serves as a probationary phase toward possible full membership.

Current BRICS Membership

The bloc now includes eleven full members:

• The original five: Brazil, Russia, India, China, South Africa.

• New members: Egypt, Ethiopia, Iran, United Arab Emirates, Saudi Arabia, Indonesia (joined January 2025).

This expansion sets a precedent for the BRICS Partnership Pathway, allowing prospective members to first engage as partners before full integration.

Full Members Hold Veto Power

• Unanimous approval is required for major decisions, including admitting new members.

• Any single full member can block policy changes or expansion, making consensus both a strategic strength and a potential obstacle.

BRICS Partner Countries

The current partner list includes:
Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, Uzbekistan.

• These nations can attend certain BRICS meetings.

• They may endorse bloc declarations when aligned with BRICS’ positions.

• Their status allows evaluation by full members on political alignment, economic compatibility, and strategic benefit before possible membership.

Geopolitical Drivers Behind Expansion

• Russia and China: Advocate aggressive enlargement, positioning BRICS as a counterweight to Western-led institutions.

• Russia’s 2022 invasion of Ukraine and resulting sanctions have driven Moscow toward building new alliances.

• China views BRICS as a platform to expand global influence across emerging markets.

• India and Brazil: Favor a measured approach, leveraging BRICS as a neutrality tool rather than an explicitly anti-Western bloc.

• Concerns persist over China’s growing dominance within the organization.

The Strategic Balancing Act

The future of BRICS’ expansion hinges on:

• Maintaining cohesion among ideologically diverse members.

• Ensuring the partnership model remains an effective gateway for integration without diluting decision-making efficiency.

If managed well, the member-partner distinction could enable BRICS to grow its global footprint while preserving internal stability in an increasingly competitive geopolitical landscape.

@ Newshounds News™
Source: Watcher.Guru   

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Iraq Economic News and Points To Ponder Saturday Morning 8-9-25

The New Reform Document Puts The Banking Sector On The Brink Of Collapse.

August 8, 2025  Baghdad - Nada Shawkat 
Banking experts have criticized the recent decisions of the Central Bank of Iraq, describing them as lacking in national spirit and aimed at serving the interests of foreign banks and Oliver Wyman at the expense of national banks.

The experts said yesterday that "the private sector supports financial and banking reform, but not at the expense of the local banking system, which has long suffered from a lack of opportunities in global markets due to Iraq's unique circumstances."

 They pointed out that "the second banking reform document issued by the bank directly threatens the existence of the national banking system," stressing that "the document's contents put the Iraqi financial system on the brink of collapse, and no one clearly knows who will truly benefit from it.

" The experts explained that "these decisions contradict the bank's mission to protect monetary and financial stability," stressing that "their implementation may be impossible and could lead to a significant deterioration in the Iraqi banking sector."

The experts called for "the need to immediately review the provisions of the document to preserve the vast human capital of more than 24,000 specialists working in national banks," warning that "the continuation of these policies could widen the gap between citizens and banking institutions and lead to long-term negative impacts on the national economy."

The Central Bank laid the foundation for a comprehensive transformation in the digital payments sector, with advanced measures and strategic visions aimed at achieving sustainable development.

Al-Alaq said during the Comprehensive Transformation of Electronic Payments Conference yesterday that “digital transformation has become a strategic choice in building a modern state, a diversified economy, and transparent government services, as international experiences have proven that digitization is not a luxury, but rather a fundamental 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 launch a clear vision towards an economy capable of facing challenges, fighting corruption, and creating an attractive environment for investment.

” Al-Alaq explained that “the Central Bank has worked to develop electronic payment in an integrated and secure manner, including payment and settlement in accordance with the highest international standards and practices.”

He went on to say 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 immunization, and development financing programs.”

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

Al-Alaq stressed that “the most prominent of these projects is the instant payments system that allows “The second project is the unified gateway for payments and government entities, which facilitates payment procedures, reduces manipulation, and increases trust,” he continued, adding that “the third project is the national card scheme, which builds an independent national system that preserves digital sovereignty, reduces dependence 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 establishing partnerships with regional and international institutions and deepening cooperation with global payment networks to benefit from their advanced tools .”  LINK

Digital Currency Legislation Is On The Table For Discussion By Al-Mashhadani And A Delegation Of Experts

Friday, August 8, 2025, | Economic Number of reads: 346  Baghdad / NINA / Parliament Speaker Mahmoud Al-Mashhadani discussed with a delegation of Iraqi and international experts and academics supporting legislation related to digital currency and strengthening the financial market.

The meeting, according to a statement from the Parliament Speaker's Office, discussed successful experiences in the United States and the UAE in the field of financial technology, while discussing the results of the delegation's discussions with the Governor of the Central Bank of Iraq.

Al-Mashhadani affirmed the Parliament's support for any legislative steps that keep pace with global developments and open the doors to investment, stressing the importance of creating a modern financial environment that strengthens Iraq's position in the digital economy.

The delegation included Dr. Oz, a member of the New York City Council, Bryar Rashid, a member of the Parliamentary Economic Committee, Judge Salar Abdul Satar, the former Minister of Justice, and Haider Ali, an economic expert residing in Australia. https://ninanews.com/Website/News/Details?key=1245348

Work Will Begin After The Fortieth Day.. Al-Sudani's Office Announces The Launch Of A Package Of 36 Projects

Money and Business

Director of the Prime Minister's Office, Ihsan Al-Awadi, announced today, Friday, the launch of a package of 36 projects.

In a speech during the second conference of the Permanent Supreme Committee for Millions of Pilgrims, Al-Awadi said, "A package of 36 projects has been launched, and work will begin on them after the conclusion of the Arbaeen pilgrimage."  https://economy-news.net/content.php?id=58544

Gold Is Heading For Gains For The Second Consecutive Week

economy | 08:56 - 08/08/2025  Mawazine News - Follow-up  Gold futures jumped to a new high in early Friday trading following a report that the United States had imposed tariffs on one-kilogram gold bullion imports.

Spot gold is on track for a second consecutive week of gains, benefiting from market turmoil due to tariffs and hopes of a US interest rate cut.

By 0104 GMT, spot gold was down 0.2 percent at $3,389.37 per ounce, after hitting its highest level since July 23 earlier in the session. The precious metal has gained 0.8 percent so far this week, according to Reuters data.

US gold futures for December delivery rose 1.6 percent to $3,509.10, after hitting an all-time high of $3,534.10.   https://www.mawazin.net/Details.aspx?jimare=264734

Oil Prices Fall Due To US Tariffs

Economy | 09:04 - 08/08/2025  Mawazine News - Follow-up:  Oil prices are heading for their biggest weekly loss since late June, as investors fret about the impact of tariffs that took effect yesterday on the global economy.

Brent crude futures fell 3 cents to $66.40 a barrel, heading for a weekly decline of more than 4%, while U.S. West Texas Intermediate (WTI) crude futures fell 6 cents, or 0.1%, to $63.82 a barrel, on track for a weekly loss of more than 5%, according to Reuters.

The higher U.S. tariffs against a group of trading partners took effect on Thursday, and ANZ analysts said in a note that these tariffs raised concerns about weak economic activity, which would affect global demand for crude.

Oil prices have been under pressure since OPEC+ decided this week to completely cancel the largest portion of its production cuts in September, months ahead of schedule. West Texas Intermediate crude settled lower on Thursday for the sixth consecutive session, and if it closes lower today, it would be its longest losing streak since August 2021.  https://www.mawazin.net/Details.aspx?jimare=264736

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

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

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

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

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

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