Iraq Economic News and Points To Ponder Monday Afternoon 7-22-24

Al-Sudani's Advisor: Auditing Foreign Transfers Enhances Dollar Stability And Strengthens Monetary Policy

Economy |07/22/2024  Mawazine News – Baghdad  The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Monday, that the approval of an auditing company for foreign transfers is an important step to enhance the stability of the dollar and achieve the objectives of monetary policy.

Saleh explained, in a statement to the official agency, that "the accreditation of an auditing company for foreign transfers will provide additional guarantees for the integrity of compliance processes and the speed of functional performance in market transactions, especially foreign transfers."

He added that this will enhance the efficiency of the money market thanks to the clear information it provides, which contributes to the stability of transactions and raises the level of certainty in the market.

Saleh pointed out that this step will achieve two main objectives of monetary policy: first, improving control over local liquidity and controlling money supply growth rates; and second, stabilizing the exchange market by strengthening the role of the official market and outweighing its positive effects on the parallel market.

He added that the two objectives are linked to the role of monetary policy in stabilizing prices and containing inflationary expectations, which ensures stable real flows through the stability of the external value of money and its compatibility with the stability of the velocity of money circulation internally and the general function of the demand for money in the national economy.

https://www.mawazin.net/Details.aspx?jimare=251709

Al-Nusairi: Implementing Banking Reform Strategies Is The Main Pillar For Reforming The National Economy

Banks  Economy News – Baghdad  The advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, confirmed today, Monday, that the banking reform and development strategy is the main pillar for reforming the comprehensive national economy.

Al-Nusairi said in a special interview with “Al-Eqtisad News” that “the strategy of banking reform and development is the basic pillar for comprehensive and radical reform of the national economy in line with what is stated in Article Twelve, Paragraph (7) of the government program, which clearly and accurately stated that (banking reform, with what it provides of a real and effective basis for the advancement of the Iraqi economy and the activation of investment through the restructuring and mechanization of government banks, reviewing their work, and stimulating and enabling private banks to be able to support investment and development in a real way).”

Al-Nusairi touched on the "importance of the banking sector, as it occupies a vital position within the financial structure of the economy in mobilizing savings and financing development through its ability to flow money between the categories of the national economy, which is the basic step for economic reform."

He pointed out "the measures currently taken by the Central Bank with the support of the government to launch its new third strategy for reforming and developing the banking sector for the years 2024-2026 according to seven main objectives, 24 sub-objectives and 75 initiatives to implement the objectives focusing on achieving monetary and financial stability, strengthening the banking sector, enhancing digital transformation, activating electronic payment, enhancing financial inclusion, maintaining a sound financial system, developing the organizational structure and human resources, strengthening the internal and external relations of the Central Bank, and the banking sector's compliance with international standards."

Al-Nusairi pointed out that "a national strategy for bank lending in Iraq for the years 2024-2029 was launched, aiming to increase credit granted to the private sector by 4% of the non-oil GDP, which is equivalent to approximately 7 trillion dinars, and the second goal is to increase credit to small and medium enterprises by 3% of the non-oil GDP, which is equivalent to approximately 5 trillion dinars."

He stressed that "the new mechanisms depend on organizing the granting of loans to develop small, medium and micro enterprises by relying on and relying on a new approach to determine the basic objectives of economic development, evaluating the current situation of private sector financing, and benefiting from international experiences in this field, as well as continuing the procedures and using monetary policy applications to control the exchange rate and reduce the gap between the official rate and the parallel rate towards reaching the targeted and balanced exchange rate."

Al-Nusairi explained that, "If it were not for the many services provided by the banking system in developed countries, these countries would not have been able to achieve the progress and economic growth they have achieved."

He explained that "the strength of the banking structure has become a necessity for building a prosperous economy that adopts modern systems and sound sustainable development. The development of banking habits and awareness of the importance of developing banking institutions in a way that ensures the building of a national savings base and develops the financial resources necessary to build the economy have become priorities for decision-makers."

The advisor to the Private Banks Association continued: “The soundness of the banking system and the mobilization of sound decisions in the field of economic policies towards developing and modernizing banking systems ensures the achievement of momentum in the world of real and financial investment, which stimulates financial and monetary markets, which leads to attracting foreign capital seeking profit.

Therefore, the decision-maker should take the necessary measures to fortify and strengthen local banking systems in a way that makes them capable of facing the challenges of transferring capital to and from abroad without causing money laundering or smuggling foreign currency, and then increasing the profitability of financial and banking institutions and strengthening the structure of the gross domestic product, which is what the government and the Central Bank are currently active in.”

254 views 07/22/2024 https://economy-news.net/content.php?id=45452

Iraq, US Discuss Future Of International Coalition Mission In Washington

July 22, 2024  Baghdad - Al-Zaman  US Ambassador to Baghdad Alina Romanowski announced on Monday the start of discussions between Iraq and America regarding the future of the international coalition mission.

“Today, the US-Iraq Joint Security Dialogue begins in Washington, DC,” Romanowski wrote in a post on the X platform.

She added, "Security officials from the United States and Iraq will discuss the future of the international coalition mission and strengthening security cooperation between our two countries."  LINK

Prices Have Risen 95% In The Past 16 Years.. Iraq Rethinks The “Poverty Line” Standard

Economy  2024-07-22 | 2,090 views  Alsumaria News – Economy  The Ministry of Planning is looking into reconsidering the poverty line in Iraq, based on the poverty line survey that began a year ago and is supposed to end at the end of this month, at a time when the prices of all types of goods, services and real estate in Iraq have differed from 2007 until now by about 95%.

The spokesman for the Ministry of Planning, Abdul Zahra Al-Hindawi, said, "The survey that the ministry began in July of last year is expected to end by the end of this month, so that we will have new results to update the poverty line annually in light of inflation indicators and the results of the ongoing annual surveys of the social and economic status of the family."

He pointed to "preparing a national map that highlights the geographical pockets of poverty at the level of the smallest administrative unit and updating it," noting that "the ministry is preparing to prepare a new five-year strategy 2024-2028, in addition to awaiting the results of the survey to be a vision based on realistic principles," according to Al-Sabah newspaper.

Data and annual reports indicate that overall prices in Iraq have increased by about 95% from 2007 to 2023, as food prices increased by about 84%, and rents by 78%, according to the Iraq Future Foundation for Strategic Studies.  LINK

More Than $279 Million.. Central Bank Sales Today

Monday 22 July 2024 | Economic Number of readings: 172 Baghdad / NINA / The Central Bank of Iraq announced, on Monday, the total sales of foreign currency through the electronic window.

The window recorded the total amounts of transfers abroad (remittances, credits) of $ 266,511,934, while the total cash sales amounted to $ 13,300,000, and the total sales amounted to $ 279,811,934.

The sale was assigned to transfers and cash at a price of 1310 dinars per dollar, while the price for bond credits and international settlements for the electronic card was 1305 dinars. https://ninanews.com/Website/News/Details?key=1142838

Stock Exchange: 341 Million Shares Traded In Monday's Session0

Market  Economy News – Baghdad Monday's session at the stock exchange witnessed the trading of 341.7 million shares, worth 773.3 million dinars.

The stock exchange index decreased by 0.65% after the shares of 19 traded companies decreased.

On the other hand, the shares of 5 companies rose and 647 deals were executed.

45 views  07/22/2024 -https://economy-news.net/content.php?id=45468

Al-Sudani Directs To Focus On Supporting The Iraqi Olympic Mission In The Paris Olympics

Local | 07/22/2024  Mawazine News – Baghdad  Prime Minister Mohammed Shia al-Sudani directed, on Monday, to follow up on the needs of the Iraqi mission to the Paris Olympics and support the national team in the World Cup qualifiers.

His media office stated in a statement received by / Mawazine News /, that "al-Sudani followed up on the procedures related to the three sports initiatives that he launched last June, during his reception of his advisors for sports affairs, Khaled Abdul Wahid Kabyan and Iyad Binian."

He stressed "continuing to follow up on the needs of the Iraqi Olympic mission participating in the Paris Olympics, and providing all facilities and care for it, especially the Olympic football team. As well as supporting the national team in its upcoming entitlements, related to the decisive qualifiers for the World Cup."

Last June, Al-Sudani launched three foundational projects in the sports sector, in order to develop the sports reality. These are the (Olympic Champion) project, which includes preparing champion players qualified to participate in the 2028 and 2032 Olympics, to achieve the goal of obtaining Olympic medals. The second project is to support hosting the (West Asian Youth Olympics for individual games).

 The third project includes allocating a budget to the Olympic federations to complete the infrastructure facilities within the current investment plan for the coming year. https://www.mawazin.net/Details.aspx?jimare=251698

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

US Pressure on Latin America to Avoid BRICS: Lost America's Backyard?

US Pressure on Latin America to Avoid BRICS: Lost America's Backyard?

Fastepo:  7-22-2024

Despite the BRICS group's recent pause on accepting new full members, particularly emphasized by the Russian Foreign Minister, Brazil has actively advocated for the bloc's continued expansion.

Brazilian Ambassador to Russia, Rodrigo de Lima Baena Soares, revealed Brazil's proposal of Colombia as a potential new BRICS member, as reported by the Russian News Agency TASS.

This strategic recommendation was underscored by Brazilian President Luiz Inacio Lula da Silva during discussions with Colombian President Gustavo Petro, highlighting Colombia's significance in the expansion plan.

In addition, Bolivia, under the leadership of President Luis Arce, has formally sought BRICS membership. Bolivia's vast lithium reserves, essential for sustainable energy solutions, make it an attractive candidate for the bloc.

Similarly, Venezuela, led by President Nicolás Maduro, has expressed a strong desire to join BRICS, emphasizing its substantial oil reserves. Venezuela's application has garnered support from China, Russia, and Brazil, underscoring its strategic importance.

The expansion of BRICS into Latin America represents a significant geopolitical shift, diminishing the influence of the United States, which has traditionally viewed the region as its geopolitical "backyard."

By incorporating more Latin American countries, BRICS aims to create a counterbalance to U.S. economic and political dominance. This move is expected to enhance regional integration, reduce dependence on U.S. markets, and promote a more diversified economic base.

In this video, we analyze the significance of Colombia, Bolivia, and Venezuela's potential inclusion in BRICS and its implications for both BRICS and the United States.

This development could potentially reshape the global order, altering economic alliances and geopolitical strategies.

We will explore how this move could challenge U.S. dominance in Latin America and enhance BRICS' influence on the world stage, thereby creating a new dynamic in international relations.

https://www.youtube.com/watch?v=KgF9vnlykU4&t=14s

“Coffee With Markz” Monday Morning Chat 7-22-2024

PDK Note:  I only transcribe RV/Financial news and intel. Not political opinions or most guests on this podcast.    If a podcast is mostly political…I may not post at all. Thank you

MarkZ  Update- Some highlights by PDK-Not verbatim

MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context.  Be sure to consult a professional for any financial decisions

Member: Good morning everyone!

Member: Good morning, fellow dreamers! *sigh* Can we finally cross the finish line, please?

Member: Hopefully some positive news this week

Member: Hopefully an RV this week!!

MZ: There is so much going on this morning.

MZ: There are all these rumors that they have the rate- but we can’t go to the bank yet. So take them with a bit of salt this morning.

MZ: Some bond folks have a couple important meetings today. Hope to later hear something positive on what/s really going on.

Member: Did your redemption center folks work on the weekend?

MZ: I know they were at work…but don’t know what they did.

Member: Judy Byington reports today that the stockmarket is crashing

Member: Mark do you feel that Iraq will use all 30 days to make their decision on their ascension into the WTO??? Thanks

Member: Frank says they don’t need the WTO to do the rate change…..it could happen at any time.

Member: (From Dinar Guru) Guru Nader From The Mid East  You heard them talking about corruption.  They're going to clean it up but it's going to always be there.  It's everywhere.  It's in America.  It's everywhere in the world.  It's in Europe.  It's here.  Corruption is  corruption, the biggest corrupt people you cannot clean them cuz they have powers...You can't do anything against them.  

Member: Mark Z, how long can Iraq keep going without a new rate and how long can the investors go without getting upset for all the projects they want to make money on?

Member: I went to chase Saturday, they will buy my dong but would not sell me any. The teller looked surprised because he hadn’t seen this before. Very interesting.

Member: Bank story from Australia: Sunday morning I saw a bunch of employees leaving one of the branches of Suncorp bank (one of our big 4 banks in Australia). Very odd- banks are shut on Sundays.

MZ” I know of a lot of banks with meetings…Are they preparing for a banking crash? Are they preparing for a Re-valuation? What are they preparing for??? I don’t think it’s a banking crash because they keep opening up wealth management offices?  To me it makes more sense that they are preparing for a revaluation.

Member: Sure seems like right now- something big is happening every day

MZ: Right…with all the diversions this is a great time - They could reset the banking system …change the values….and nobody would notice except for us . Distractions are thick.

Member: Kim Clement prophesied strange July strange July ten years ago for now .

Member: Looks like all the pieces of the puzzle are finally coming together. I am finally getting excited.

Member: A SMILE IS CONTAGIOUS, HELP SPREAD A SMILE TODAY!!

Member: See you all tonight

THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY&NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY

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Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, medical opinions or many guests on this stream……just RV/currency related topics.

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THANKS FOR JOINING. HAVE A BLESSED DAY! SEE YOU ALL THIS EVENING FOR NEWS @ 7:00 PM EST ~ UNLESS BREAKING NEWS HAPPENS!

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The Rise of the Shanghai Cooperation Organization: A New Geopolitical and Military Force

The Rise of the Shanghai Cooperation Organization: A New Geopolitical and Military Force

On July 20, 2024 By Awake-In-3D

The SCO is reshaping global geopolitics and will independently protect the new GOLD-BACKED Currency and Financial System

In This Article:

• Introduction to the SCO’s growing influence

• The recent SCO summit in Astana and Western media’s oversight

• BRICS’ new financial system and the SCO’s role in securing it

• The future of Eurasian alliances and the concept of Rimland

The geopolitical landscape is undergoing a significant transformation with the rise of the Shanghai Cooperation Organization (SCO).

Formed initially to combat terrorism and extremism, the SCO has evolved into a formidable economic and geopolitical entity. Its growing influence, alongside BRICS+, signals a shift that Western alliances like NATO and the G7 must acknowledge and adapt to.

Understanding the Shanghai Cooperation Organization Transformation

The Shanghai Cooperation Organization was established just months before the events of 9/11.

Initially known as the Shanghai Five, it included Russia, China, and three Central Asian states. Its primary focus was anti-terrorism, anti-separatism, and anti-extremism. Over the years, the SCO has expanded its scope, now including major Eurasian nations such as India, Pakistan, and Iran, making it a significant player on the global stage.

The recent SCO summit in Astana, Kazakhstan, highlighted this transformation. Despite the event’s importance, Western media largely overlooked it.

This lack of coverage reflects a broader misunderstanding of the SCO’s growing geopolitical influence. The summit underscored the SCO’s role as a key node in a multipolar world, interconnected with various global players.

BRICS’ New Financial System and the SCO’s Role

One of the most significant developments in global finance is BRICS’ move towards a new financial system based on gold-backed currencies.

This initiative aims to create an alternative to the Western-controlled economic mechanisms, providing stability and reducing dependence on the US dollar. However, establishing such a system requires robust geopolitical and military support to ensure its security and legality.

Enter the SCO. With its expanding membership and strategic influence, the SCO is poised to play a crucial role in protecting the integrity of BRICS’ new financial system. The collaboration between these two organizations could ensure the enforcement of economic agreements, protect member states from external threats, and maintain the stability of the new financial system.

The presence of powerful nations like Russia, China, India, and Iran within the SCO enhances its capability to support BRICS in this endeavor.

Potential Impacts on NATO and U.S. Geopolitical Strategies

The strategic significance of Europe and the Mediterranean remains crucial. However, the rise of the SCO and BRICS+ poses a challenge to Western dominance.

If the U.S. and NATO do not recognize and adapt to these shifting alliances, they risk losing influence over Eurasia and the Rimland.

The Rimland, a geopolitical concept introduced by American political scientist Nicholas Spykman, refers to the coastal fringes of Eurasia. This region is strategically vital, serving as a buffer zone between the central Heartland of Eurasia and the world’s oceans.

Controlling the Rimland is essential for global dominance, providing access to crucial maritime routes and Eurasia’s vast resources and markets.

The Future of Eurasian Alliances

The potential unification of the SCO and BRICS+ into a more strategic and possibly military organization could further diminish Western hegemony.

The increasing cooperation among these entities suggests a move towards a unified Eurasian geopolitical landscape. Such a development could redefine global power dynamics, with significant implications for the West.

The SCO’s evolution from an anti-terrorism organization to a geopolitical force underscores the importance of understanding and engaging with emerging multipolar structures. As the SCO and BRICS+ continue to grow, their influence will shape the future of global geopolitics, challenging traditional Western dominance.

The Bottom Line

The Shanghai Cooperation Organization is rapidly becoming a geopolitical force to be reckoned with.

Its growing influence, alongside BRICS+, highlights the need for the U.S. and NATO to recognize and adapt to the shifting global landscape. The recent SCO summit in Astana underscores the organization’s strategic importance in reshaping global geopolitics.

As Eurasian alliances strengthen, the concept of Rimland and its strategic significance will play a crucial role in determining the future of global power dynamics. With BRICS forming a new financial system based on gold-backed currencies, the SCO’s role in securing this system becomes paramount.

The potential unification of the SCO and BRICS+ poses a significant challenge to Western hegemony, signaling the rise of a new, multipolar world order.

Supporting Article: https://strategic-culture.su/news/2024/07/18/the-sco-can-change-the-rules-of-rimland/

=======================================

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Iraq News Highlights and Points To Ponder Monday AM 7-22-24

Iraq And The US Elections... Limited Impact

Iraq  07/22/2024  The world is awaiting the results of the US elections scheduled for next November, which seem to be the most exciting in recent decades, after being dominated by personal touches and the conflict between the current president (Biden) and the previous one (Trump). Iraq is not excluded from the American spotlight, as it is a link between a number of international and regional parties.

Academic and researcher in political affairs, Dr. Abdul Aziz Al-Issawi, warned that Iraq's political situation is different from its previous situation, indicating that the Iraqi government is proceeding to zero diplomatic relations with the United States.

Al-Issawi told Al-Sabah: "We are not in 2006 or 2010 or 2014 when Iraq needed the international coalition, so the impact of the US elections is less than before." He added that "Iraq will not be affected by America and vice versa, as Iraq is no longer a major file to influence the US elections, as it has been preoccupied with the war in Gaza and Ukraine."

He continued, "There is talk that US policy is different with the arrival of Trump, and this is not true, because it is a state of institutions." He stated that "when Trump lost the previous elections and refused to hand over power, it was legally taken from him,

" stressing that "some link the elections in Iraq to the elections in America, while there is no impact, because the current government has drawn the course of foreign relations and is proceeding to zero out relations with everyone, so that the relationship with Washington will be more diplomatic."

Al-Issawi pointed out that "the time of the expansion of American influence is over, and therefore the American elections will have less impact on Iraqi politics."

For his part, political analyst Dr. Majash' Al-Tamimi stressed the importance of the upcoming American presidential elections.

Al-Tamimi told Al-Sabah: "The United States and Iraq are allies according to a security agreement and another strategic agreement that includes non-military and security matters," adding that "the United States considers Iraq part of its national security, while Iraq considers the United States an important ally with its strength in the economy, security and other matters, as its foreign trade is in US dollars and its money is deposited in the US Federal Reserve," stressing that "Iraq is affected by what is happening in America."

Al-Tamimi continued: "Accordingly, I do not think that the Republicans' victory in the elections will greatly affect Washington's policy towards Iraq, because Iraq wants this relationship to continue."

 He stressed that "the American presence is important for Iraqi national security, as American forces provide protection for the largest ISIS camp in Syrian territory, and in the absence of American support there will be negative effects on Iraqi internal security." Editing: Mohammed Al-Ansari   https://alsabaah.iq/99726-.html

With A Difference Of 18 Thousand Dinars From The Official Price.. Exchange Rates Continue To Rise "Crazily"

Baghdad Today – Baghdad  The dollar exchange rate continues to rise in the main stock exchanges in Baghdad, reaching nearly 150,000 dinars for every 100 dollars this morning, Monday (July 22, 2024).

Al-Kifah and Al-Harithiya stock exchanges recorded the sale of $100 at 149,250 dinars, after it recorded 148,900 dinars yesterday, against a fixed purchase price of 148,250 dinars.

While local markets and exchange shops recorded the sale of 100 dollars for 150,250 dinars, which means that the difference between the official price (132,000) and the parallel price is still more than 18,000 dinars for unknown reasons and without the slightest government action except for statements, declarations and promises that do not contribute to its decrease.   LINK

Sand: The Dollar Will Rise Due To US Policies And Its Price Cannot Be Determined Accurately

Economy | 07/21/2024  Mawazine News - Baghdad   Member of the Parliamentary Finance Committee, Mustafa Sand, said in an interview followed by Mawazine News, that Iraq's foreign reserves have increased due to the reduction of dollar sales in the auction. He added that the policies adopted by the US Treasury and the Federal Reserve have restricted the sale of the dollar.

Sand pointed out that the expected rise in the dollar is due to the US policies imposed on Iraq. He stressed that the dollar exchange rate cannot be determined accurately, as it changes according to fluctuations in supply and demand.  https://www.mawazin.net/Details.aspx?jimare=251660

The Parallel Is 12% Higher Than The Official.. Latest Update On The Dollar Exchange Rates In Iraq

Baghdad Today - Baghdad    The dollar exchange rate rose relatively in the stock exchanges, by about 150 dinars compared to the prices recorded this afternoon.

In Baghdad, the exchange rate reached 149,050 dinars per 100 dollars, after recording 148,900 dinars per 100 dollars this afternoon, while the difference between the official price and the parallel price is still 17,000 dinars per 100 dollars, which means the difference is 12%.   LINK

The exchange rate list according to the latest update is as follows:  

$100=149,050  Baghdad

$100=149,200  Erbil

$100=149,200  Basra

$100=149,250  Sulaymaniyah

$100=149,250   Duhok

100$=149,300   Kirkuk

$100=149,300   Halabja

$100=149,250   Connector

$100=149,250   Najaf

$100=149,300   Gray

$100=149,300   Samawah

$100=149,250   Nasiriyah

$100=149,300   Karbala

$100=149,300   Baqubah

$100=149,250   suit

$100=149,250  KWD

$100=149,300  Diwaniyah

$100=149,300  Tikrit

$100=149,300  Building

Slight Rise In Dollar Prices Against The Dinar In Iraqi Stock Exchanges

Economy  2024-07-22 | 1,515 views  Alsumaria News – Economy  Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in the Iraqi local markets for Monday, July 22, 2024.

The dollar prices rose slightly with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 149,250 dinars for every 100 dollars, while the selling prices in exchange shops in the local markets inBaghdadIt also rose, as the selling price reached 150,250 dinars, while the purchase price reached 148,250 dinars per 100 dollars.

And it was Council of Ministers  On February 7, 2022, it was announced that the dollar exchange rate had been amended to 1,320 dinars per dollar.

About a year ago, specifically since the Central Bank began operating the electronic platform and the international financial transfer system,Swift(SWIFT), the dollar exchange rates did not witness Iraq Stability despite the government and the Central Bank's attempts to control the exchange rate in parallel markets.  LINK

Al-Nusairi: Implementing Banking Reform Strategies Is The Main Pillar For Reforming The National Economy 

Banks   Economy News – Baghdad  The advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, confirmed today, Monday, that the banking reform and development strategy is the main pillar for reforming the comprehensive national economy.

Al-Nusairi said in a special interview with “Al-Eqtisad News” that “the strategy of banking reform and development is the basic pillar for comprehensive and radical reform of the national economy in line with what is stated in Article Twelve, Paragraph (7) of the government program,

which clearly and accurately stated that (banking reform, with what it provides of a real and effective basis for the advancement of the Iraqi economy and the activation of investment through the restructuring and mechanization of government banks, reviewing their work, and stimulating and enabling private banks to be able to support investment and development in a real way).”

Al-Nusairi touched on the "importance of the banking sector, as it occupies a vital position within the financial structure of the economy in mobilizing savings and financing development through its ability to flow money between the categories of the national economy, which is the basic step for economic reform."

He pointed out "the measures currently taken by the Central Bank with the support of the government to launch its new third strategy for reforming and developing the banking sector for the years 2024-2026 according to seven main objectives, 24 sub-objectives and 75 initiatives to implement the objectives focusing on

 achieving monetary and financial stability,

strengthening the banking sector,

enhancing digital transformation,

activating electronic payment,

enhancing financial inclusion,

maintaining a sound financial system,

developing the organizational structure and human resources,

strengthening the internal and external relations of the Central Bank, and the banking sector's compliance with international standards."

Al-Nusairi pointed out that "a national strategy for bank lending in Iraq for the years 2024-2029 was launched, aiming to increase credit granted to the private sector by 4% of the non-oil GDP, which is equivalent to approximately 7 trillion dinars, and the second goal is to increase credit to small and medium enterprises by 3% of the non-oil GDP, which is equivalent to approximately 5 trillion dinars."

He stressed that "the new mechanisms depend on organizing the granting of loans to develop small, medium and micro enterprises by relying on and relying on a new approach to determine the basic objectives of economic development, evaluating the current situation of private sector financing, and benefiting from international experiences in this field, as well as continuing the procedures and using monetary policy applications to control the exchange rate and reduce the gap between the official rate and the parallel rate towards reaching the targeted and balanced exchange rate."

Al-Nusairi explained that, "If it were not for the many services provided by the banking system in developed countries, these countries would not have been able to achieve the progress and economic growth they have achieved."

He explained that "the strength of the banking structure has become a necessity for building a prosperous economy that adopts modern systems and sound sustainable development.

The development of banking habits and awareness of the importance of developing banking institutions in a way that ensures the building of a national savings base and develops the financial resources necessary to build the economy have become priorities for decision-makers."

The advisor to the Private Banks Association continued: “The soundness of the banking system and the mobilization of sound decisions in the field of economic policies towards developing and modernizing banking systems ensures the achievement of momentum in the world of real and financial investment, which stimulates financial and monetary markets, which leads to attracting foreign capital seeking profit.

Therefore, the decision-maker should take the necessary measures to fortify and strengthen local banking systems in a way that makes them capable of facing the challenges of transferring capital to and from abroad without causing money laundering or smuggling foreign currency, and then increasing the profitability of financial and banking institutions and strengthening the structure of the gross domestic product, which is what the government and the Central Bank are currently active in.”   53 views 07/22/2024 - https://economy-news.net/content.php?id=45452

12 Entitled Kids Of Millionaires Who Got Humbled Really, Really, REALLY Quickly By The Real World

12 Entitled Kids Of Millionaires Who Got Humbled Really, Really, REALLY Quickly By The Real World

BuzzFeed  Sun, July 21, 2024

A while ago, Reddit user u/GhostRxm asked, "What was the best moment you've seen where the real world hit a spoiled rich kid?"

A handful of the submissions in the thread were about kids who had (or whose family) had millions. The stories ranged from funny to straight-up scandalous, so here are the best ones:

1.  "A kid I knew won a cool million off a scratch ticket when he was 19. He acted like a big shot, arrogantly buying rounds of drinks for entire bars. He didn’t do anything productive for 20 years.

Then he got the last check — an alcoholic with no savings, no assets, and no skills. He is now in and out of hospitals for alcohol poisoning. He lost his paper-hat job, his girlfriend, and everything else." —u/wastingtoomuchthyme

2.  "A guy from my robotics group had his entire life handed to him. His dad was stupidly rich because his own father had bought shares in an oil field that turned out to have 40 times the expected yield, turning a $100,000 investment into around $3 million. He then invested that money into real estate rentals.

The guy decided it would be fun to go on a school trip to Philadelphia, acting rich as ever. He drove his lifted, modified SUV to a school in North Philly where we were doing a robotics event, talking to younger kids about how fun it was and how their school had started offering it.

After that, we were supposed to go to the Franklin Institute from 10 a.m. to 3 p.m., followed by a Phantoms hockey game. Well, at 9:30, we left the school to see our bus driver talking to cops. Five kids had driven themselves down, and guess which car was stolen? His $90,000 monstrosity was missing."

"After two months, all that was ever recovered was his stereo from a pawn shop and his laptop. The best part? He didn't have insurance on it yet because he said, 'I can just buy the other person’s car if there's an accident. Anyway, I'd win the fight.' His dad flipped out over it, cut his allowance to $200 a month, and forced him to drive a beater."   —u/suitology

3.  "A friend of mine from college, whose parents were rich enough to own multimillion-dollar homes in America and Europe, used to belittle me for being happy to go to whatever medical school I could get into. I ended up getting into my state school, and she responded by saying she could get into that school in a second because her mom had connections in the admissions department.

 She added that she would never bother applying there because it wasn't a good school. She also claimed that her mom could get her into a top 20 ranked school.

Throughout college, she had this attitude towards me, implying that even though I was doing better than her in classes, I would end up at whatever school would take me while she would go to her dream school because that's just how the world works. I checked up on her on Facebook this year, and it turns out she’s not exactly at her dream school."

"She is at her state medical school, which is actually significantly lower ranked than the one she mocked me for attending. I don't want to say I was hoping she wouldn't get in anywhere because that’s a little harsh, but I was happy to see her get put in her place a little bit."   —u/houdilini

4.  "There was this one kid, about 13 or 14 years old, who was talking online about how her family wouldn’t take her on holiday for the second time that year. We called her out for being a spoiled brat, and she responded with, 'I’m not rich, my family only makes a million a year. My summer camp isn’t even $3,000,' and other reasons why she couldn’t possibly be rich.

To Read More:  https://www.yahoo.com/entertainment/people-sharing-moments-where-saw-151602814.html

News, Rumors and Opinions Monday AM 7-22-2024

Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.

RV Excerpts from the Restored Republic via a GCR: Update as of Mon. 22 July 2024

Compiled Mon. 22 July 2024 12:01 am EST by Judy Byington

Black Swan Events Imminent

Greatest Financial Bubble in Human History About To Pop:

Stocks To Lose Their Value

It’s only wise to have at least a month’s supply of food, water, cash, medicine and essential items on hand for your family and to share with others in case of emergency.

Judy Note: The greatest Financial Bubble in Human History was about to pop: Stocks to lose over 50% of their value – that would bring in a Global Financial Collapse – something both the Black and White Hats wanted.

With a collapse of the Global Financial System the Deep State Black Hats would bring in their non asset-backed digital currency that could control everyone’s bank accounts, and lives.

The White Hats appeared to have one up on the Cabal as they have already involved over 50% of the World population in their Global Currency Reset to gold/asset-backed currencies that would trade at a 1:1 with each other.

40 Countries Express Interest To Join BRICS Before 2024 Summit: https://watcher.guru/news/40-countries-express-interest-to-join-brics-before-2024-summit

What is Quantum Banking? Quantum Banking is a new type of banking system that makes use of quantum technologies. This system has the potential to revolutionize the banking sector by providing more secure and efficient banking services as it can handle large amounts of data quickly and accurately.  https://thequantuminsider.com/2021/06/23/11-global-banks-probing-the-wonderful-world-of-quantum-technologies/

Sun. 21 July 2024: BQQQM!!! Behind the Scenes: Q-Phones by QFS & StarLink QG! The Ultimate Game-Changer in Communication, Finance, GESARA Applications, and Universal Basic Income Distribution (video) – amg-news.com – American Media Group

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Global Financial Crisis:

Black Swan’ investor warns the ‘greatest bubble in human history’ is about to pop and stocks could lose more than half their value. https://fortune.com/2024/07/20/black-swan-investor-mark-spitznagel-greatest-bubble-human-history-stock-market-crash-recession/

Boots to close down 300 stores by the end of summer – full list of axed shops: https://www.mirror.co.uk/news/uk-news/boots-pharmacy-store-closures-list-33286696?utm_source=linkCopy&utm_medium=social&utm_campaign=sharebar

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Executive Order 1221 involves:

Economic Collapse and Transition to the Quantum Financial System: A planned economic collapse is a central aspect of Executive Order 1221. This controlled demolition of the current financial system aims to eliminate debt and corruption, paving the way for the introduction of the Quantum Financial System (QFS). The QFS promises unprecedented security, transparency, and efficiency, leveraging advanced technologies to manage financial transactions. The transition to the QFS will involve a Global Currency Reset, reverting to 1950s price levels. This reset will stabilize economies, restore purchasing power, and eliminate the disparities created by inflation and market manipulation. While the immediate impact will be disruptive, the long-term benefits are expected to be transformative.

The removal of Bitcoin (BTC), Ethereum (ETH), and China Coin (CCP) from circulation to stabilize the global economy and prevent the misuse of these digital assets by malicious actors. The eradication of these cryptocurrencies will require coordinated global action, including the seizure of mining operations and the shutdown of trading platforms. This move is expected to cause significant disruption in the financial markets, but it is seen as a necessary step to pave the way for a more secure and regulated financial system.

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Sun. 21 July 2024 NESARA/GESARA Update, David Wilcock

NESARA implements the following changes:

Zeros out all credit card, mortgage, and other bank debt due to illegal banking and government activities. This is the Federal Reserve’s worst nightmare: a “jubilee” or a forgiveness of debt.

Abolishes the income tax.

Abolishes the IRS. Employees of the IRS will be transferred into the US Treasury national sales tax area.

Creates a 14% flat rate non-essential ‘new items only’ sales tax revenue for the government. In other words, food and medicine will not be taxed; nor will used items such as old homes.

Increases benefits to senior citizens

Creates a new U.S. Treasury, ‘rainbow currency,’ backed by gold, silver, and platinum precious metals, ending the bankruptcy of the United States initiated by Franklin Roosevelt in 1933.

Initiates new U.S. Treasury Bank System in alignment with Constitutional Law

Eliminates the Federal Reserve System. During the transition period the Federal Reserve will be allowed to operate side by side of the U.S. Treasury for one year in order to remove all Federal Reserve notes from the money supply.

Restores financial privacy.

Releases enormous sums of money for humanitarian purposes

Read full post here:  https://dinarchronicles.com/2024/07/22/restored-republic-via-a-gcr-update-as-of-july-22-2024/

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Courtesy of Dinar Guru:  https://www.dinarguru.com/

Walkingstick  Iraq never said they were coming out at 1 to 1...It was actually established during the Paris Club Agreement.  That was said to Iraq, Shabibi, at least 1 to 1 with the American dollar.

Frank26  Do they need to have value to their currency in order to join the WTO?  No.  That's coming...I don't care if they going into the WTO now, tomorrow, next week, whenever.  They're probably moving it to the beginning of next year.  It's not important.  But the evidence of being in the WTO screams what?  Monetary reform float.

BREAKING US Okays Iraq Purchase of Electricity from Iran in 120 Degree Temperatures

Edu Matrix:  7-21-2024

BREAKING US Okays Iraq Purchase of Electricity from Iran in 120 Degree Temperatures. The US authorizes the sale of electricity from Iran to Iraq.

https://www.youtube.com/watch?v=pv9Ii0jRXUk

 PROOF That They are LYING about the Economy!

Atlantis Report:  7-21-2024

There is a common narrative about the state of the economy that's often promoted by mainstream media and political figures, particularly those supporting this current administration.

 According to this narrative, everything is going great - the economy is booming, inflation is under control, and the labor market is thriving.

 However, many Americans find it hard to believe these optimistic reports because their daily experiences don't align with them.

The stark disparity between official economic accounts and personal experiences has prompted many to doubt the honesty of economic reports. Here's PROOF That They are LYING about the Economy.

https://www.youtube.com/watch?v=Boq-3RRdoJg

“Tidbits From TNT” Monday Morning 7-22-2024

TNT:

Tishwash:  US-Iraq Joint Security Dialogue Begins in Washington

 US Ambassador to Baghdad Alina Romanowski announced today, Monday (July 22, 2024), the beginning of discussions between Iraq and America regarding the future of the international coalition mission.

Romanowski wrote in a post on the "X" platform, followed by "Mawazine News", saying, "Today, the joint security dialogue between the United States and Iraq begins in Washington, DC."

She added, "Security officials from the United States and Iraq will discuss the future of the international coalition mission and strengthening security cooperation between our two countries."

 The US Ambassador to Baghdad, Alina Romanowski, announced the start of the joint security dialogue between the United States of America and Iraq in Washington, today, Monday.

Romanowski said on her account on the "X" platform, "Security officials from the United States and Iraq will discuss the future of the international coalition mission and strengthening security cooperation between our two countries."

Negotiations between Baghdad and Washington resumed last February, with the adoption of a deliberate and gradual reduction, leading to the end of the mission of the international coalition forces to combat ISIS, according to official Iraqi statements, to be followed by two other rounds in March and April.

There are about 2,500 American soldiers in Iraq, as part of the international coalition led by Washington since September 2014. The soldiers are distributed across three main sites in Iraq: Ain al-Assad base in Anbar, Harir base in Erbil, and Camp Victoria adjacent to Baghdad International Airport. In addition to the American forces, there are French, Australian, and British forces operating within the coalition forces, and others within NATO in Iraq. link

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Tishwash:  Al-Nusairi: Implementing banking reform strategies is the main pillar for reforming the national economy 

The advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, confirmed today, Monday, that the banking reform and development strategy is the main pillar for reforming the comprehensive national economy.

Al-Nusairi said in a special interview with “Al-Eqtisad News” that “the strategy of banking reform and development is the basic pillar for comprehensive and radical reform of the national economy in line with what is stated in Article Twelve, Paragraph (7) of the government program, which clearly and accurately stated that (banking reform, with what it provides of a real and effective basis for the advancement of the Iraqi economy and the activation of investment through the restructuring and mechanization of government banks, reviewing their work, and stimulating and enabling private banks to be able to support investment and development in a real way).”

Al-Nusairi touched on the "importance of the banking sector, as it occupies a vital position within the financial structure of the economy in mobilizing savings and financing development through its ability to flow money between the categories of the national economy, which is the basic step for economic reform."

He pointed out "the measures currently taken by the Central Bank with the support of the government to launch its new third strategy for reforming and developing the banking sector for the years 2024-2026 according to seven main objectives, 24 sub-objectives and 75 initiatives to implement the objectives focusing on achieving monetary and financial stability, strengthening the banking sector, enhancing digital transformation, activating electronic payment, enhancing financial inclusion, maintaining a sound financial system, developing the organizational structure and human resources, strengthening the internal and external relations of the Central Bank, and the banking sector's compliance with international standards."

Al-Nusairi pointed out that "a national strategy for bank lending in Iraq for the years 2024-2029 was launched, aiming to increase credit granted to the private sector by 4% of the non-oil GDP, which is equivalent to approximately 7 trillion dinars, and the second goal is to increase credit to small and medium enterprises by 3% of the non-oil GDP, which is equivalent to approximately 5 trillion dinars."

He stressed that "the new mechanisms depend on organizing the granting of loans to develop small, medium and micro enterprises by relying on and relying on a new approach to determine the basic objectives of economic development, evaluating the current situation of private sector financing, and benefiting from international experiences in this field, as well as continuing the procedures and using monetary policy applications to control the exchange rate and reduce the gap between the official rate and the parallel rate towards reaching the targeted and balanced exchange rate."

 Al-Nusairi explained that, "If it were not for the many services provided by the banking system in developed countries, these countries would not have been able to achieve the progress and economic growth they have achieved."

He explained that "the strength of the banking structure has become a necessity for building a prosperous economy that adopts modern systems and sound sustainable development. The development of banking habits and awareness of the importance of developing banking institutions in a way that ensures the building of a national savings base and develops the financial resources necessary to build the economy have become priorities for decision-makers."

The advisor to the Private Banks Association continued: “The soundness of the banking system and the mobilization of sound decisions in the field of economic policies towards developing and modernizing banking systems ensures the achievement of momentum in the world of real and financial investment, which stimulates financial and monetary markets, which leads to attracting foreign capital seeking profit.

Therefore, the decision-maker should take the necessary measures to fortify and strengthen local banking systems in a way that makes them capable of facing the challenges of transferring capital to and from abroad without causing money laundering or smuggling foreign currency, and then increasing the profitability of financial and banking institutions and strengthening the structure of the gross domestic product, which is what the government and the Central Bank are currently active in.”  link

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Tishwash:  The sudden rise of the dollar in Iraq: Does it threaten the stability of the national economy?

Dollar prices exceed their limits: Are we facing an unprecedented cash crisis in Iraq?

 Currency exchange markets in Iraq witnessed a significant increase in the exchange rate of the US dollar against the Iraqi dinar this Monday morning. Prices in the markets of Baghdad and Erbil, the capital of the Kurdistan Region, recorded a significant increase, which raises questions about the possible causes and economic impacts of these changes.

Price hike details

t the opening of the two main stock exchanges in Baghdad, Al-Kifah and Al-Harithiya, the dollar rose to 149,250 dinars for every 100 dollars, compared to 149,000 dinars recorded yesterday. In local markets, the selling price of the dollar reached 150,250 dinars, while the buying price recorded 148,250 dinars for every 100 dollars. In Erbil, the dollar also recorded an increase in exchange shops, where the selling price reached 149,400 dinars and the buying price 149,300 dinars for every 100 dollars.

Possible reasons

The rise in the dollar exchange rate is due to several possible factors, including:

Changes in supply and demand: There may be an increase in demand for the US dollar by businesses or individuals, causing the price to rise.

Global economic shifts: Changes in global economic policies and oil prices can affect currency exchange rates.

Local economic conditions: Local economic challenges, such as fiscal deficits or political tensions, may lead to exchange rate fluctuations.

Economic impacts

This increase comes at a sensitive time for the Iraqi economy, as it may lead to several noticeable economic impacts:

Increased import costs: As the dollar rises, the cost of imports will become higher, which may affect domestic prices of goods and services.

Impact on citizens: Citizens who depend on importing goods and products in dollars may be affected by an increase in the cost of living.

Impact on investment: A rise in exchange rates can have negative effects on foreign and domestic investment, as investors may look for more stable markets.

The rise in the US dollar exchange rate against the Iraqi dinar is an important issue that requires close monitoring. It is important for investors and economic decision makers to monitor developments and take the necessary steps to mitigate the potential negative effects on the national economy.  link

Mot: . WHAT Happened !!!!???? 

Mot: Important Notice !!!! 

Awake-In-3D: New Podcast: Gold-Backed Currency Exchange Rates Revealed

New Podcast: Gold-Backed Currency Exchange Rates Revealed

On July 21, 2024 By Awake-In-3D

In Podcasts

In this unique episode of the Endgame GCR Podcast, Marie G and I break down the details of the new gold-backed financial and currency system soon to be unleashed on the world.

We also discover a very exciting result that fulfills one of the primary goals of the RV/GCR.

https://ai3d.blog/new-podcast-gold-backed-currency-exchange-rates-revealed/

More News, Rumors and Opinions Sunday PM 7-21-2024

KTFA:

Clare: The Central Bank of Iraq imposes financial penalties on banks and exchange companies amounting to 43 billion dinars

7/21/2024

The Central Bank of Iraq announced on Sunday that fines imposed on banks and non-banking institutions (exchange companies) amounted to more than 43 billion Iraqi dinars during the past three months.

A table of the bank, which Shafaq News Agency reviewed, showed that the fines imposed on banks and financial companies during the past three months, starting from last April until the end of last June, amounted to 43 billion, 465 million, 532 thousand, and 931 dinars.

The table showed that “the fines also included 102 administrative penalties for these banks and non-banking institutions, distributed between warnings, alerts, and grace periods.”

The table showed that "May witnessed the highest fines on banks and non-financial institutions, as these fines reached 34 billion, 2 million, 141 thousand, and 100 dinars, with 42 administrative penalties, while June witnessed the lowest fines, reaching 2 billion, 829 million, 157 thousand, and 288 dinars, with 30 administrative penalties."

The table did not show the names of the banks that were fined and subjected to administrative penalties.

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

Clare:  Iraq intends to connect its electricity with Kuwait and the Gulf at the end of the year, and then with Saudi Arabia

7/21/2024

Prime Minister Mohammed Shia al-Sudani confirmed on Sunday that his government intends to link Iraq's electricity with Kuwait and the Gulf Interconnection Authority at the end of 2024, and then move to link with Saudi Arabia to diversify energy sources when demand increases during peak times in the country.

Al-Sudani said in a speech during the opening of the Iraqi-Turkish electricity linkage project, "The value and importance of this project is that it had been suspended since 2004, and it had been planned since the nineties of the last century, and today it has been completed in coordination with the Turkish Ministry of Energy."

He added, "The value of this project is that for the first time we have an international connection with neighboring Turkey and then to the European Union, and this is an important and strategic factor for energy at the future level."

Al-Sudani added, "After we were able to connect with the Jordanian side, and today with Turkey, and hopefully at the end of this year with Kuwait and the Gulf Interconnection Authority, then we will head to complete our important project with Saudi Arabia so that Iraq can complete its communication with the regional energy system in a way that allows for diversity and exchange in various conditions of peak electrical loads."   LINK

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Courtesy of Dinar Guru:  https://www.dinarguru.com/

Militia Man  Article:  "Removing the zeros from the Iraqi currency talks returns and possibility of implementation"  How is that possible...without having value?  ...When they talk about removing zeros from the Iraqi currency they're talking about returning to a previous era.  They're talking about the glory days.  I think everybody...knows in the country too, I just can't say we can prove it from a link in print.  But the expectation is Iraq is going to bring value to their currency.  We know that by Al-Sudan's comments...that the Iraq dinar would be 1 dollar...equal 1.32 dinar.

Frank26   [Iraq boots-on-the-ground report]   FIREFLY:
My bank guy said when the zeros come off the exchange rate it's going to change the value of our currency and then your brother who is in the Untied States of America, they can exchange their notes with the 3-zeros after the RI takes action.

"There's Nowhere Else To Kick The Can" | Lyn Alden

Liberty and Finance: 7-20-2024

Lyn Alden explores the diminishing impact of interest rate cuts on the U.S. economy

With interest rates now higher than in recent decades, Alden argues that the economy's insensitivity to rate changes stems from the high level of fixed-rate debt held by both consumers and businesses. She explains that, unlike past cycles, current rate cuts may have limited effects on economic activity and housing market dynamics.

She also touches on the broader implications for asset markets, including the potential impact on housing inventory and the comparative experience of Japan's long-term economic challenges.

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

Rick Rule: $100 Trillion Dollars in Liability; Why This is Far Worse Than Post Vietnam Dollar Crisis

Daniela Cambone:  7-20-2024

"The U.S. dollar will lose substantial purchasing power in the next 10 years," warns Rick Rule, founder and CEO of Rule Investment Media.

During this year's Rule Symposium in Florida, he explained to Daniela Cambone that exploding liabilities, including $100 billion in entitlements such as Medicare, Medicaid, and Social Security, are likely to greatly devalue the U.S. dollar. Rule also emphasized the importance of owning gold to hedge against future uncertainties.

“I own gold because I'm afraid it's going to go to $8,000 or $9,000 or $10,000. I really want to be wrong. And you own gold hoping you'll never have to sell it,” he concludes. Watch the powerful video to learn more about his thoughts.

https://www.youtube.com/watch?v=REwHj0nI3xE

Seeds of Wisdom RV and Economics Updates Sunday Afternoon 7-21-24

Good Afternoon Dinar Recaps,

SOUTH KOREA'S STRICT LAWS ON CRYPTO EXCHANGES COME INTO FORCE

The new regulations issued by South Korea’s watchdog to protect user assets on crypto exchanges went into effect on July 19.

The much-talked-about new regulations from South Korea’s financial security regulator, designed to protect users buying and storing crypto assets with virtual asset service providers (VASPs), came into force on July 19.

Titled the “Virtual Asset User Protection Act,” VASPs must take several steps to ensure the protection of user’s crypto, according to a July 17 statement from South Korea’s Financial Services Commission (FSC).

These include:  
1. taking out insurance against hacking and malicious attacks against the user’s crypto assets,
2.  keeping the customer’s crypto assets separate from the exchange’s assets, and
3.  a requirement to keep customer deposits “safely kept in banks.”

VASPs are also required to maintain a certain level of due diligence to prevent money laundering on their platforms and must report any suspicious transactions to the regulator.

“VASPs should maintain a surveillance system for suspicious transactions at all times and immediately report suspicious trading activities to the Financial Supervisory Service (FSS),” it stated.

“After going through investigations by the financial and investigative authorities, those who are found to have engaged in unfair trading activities may be subject to criminal punishment or penalty surcharge,” it added.

Concerns among South Korean crypto exchanges
Crypto exchanges in South Korea have recently voiced concerns that the rules would result in them simultaneously delisting a mass of tokens.

On July 3, Cointelegraph reported that a group of 20 South Korean crypto exchanges will review a total of 1,333 cryptocurrencies over the next six months as part of the new crypto user protection laws, meaning “the possibility of mass delisting occurring all at once is unlikely,” according to the Digital Asset Exchange Alliance (DAXA).

Meanwhile, South Korea’s ruling party, the People’s Power Party, officially proposed delaying the implementation of the country’s tax on crypto trading profits.

On July 12, the party submitted the proposal and noted that current sentiment toward crypto assets was deteriorating. The description stated that rapidly imposing taxes on virtual assets is “not advisable at this time.”

@ Newshounds News™

Read more:  Crypto Telegraph

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CDP  ISSUES DIGITAL BOND ON POLYGON BLOCKCHAIN USING NEW ITALIAN LAW 

Italy’s Cassa Depositi e Prestiti Spa (CDP) issued a €25 million digital bond on the Polygon public blockchain, which was underwritten by Intesa Sanpaolo as the sole investor. 

The issuance is part of the European Central Bank’s (ECB’s) wholesale DLT settlement trials. 

Hence, the payment was made in central bank money using the Bank of Italy’s TIPS Hash Link solution, which provides connectivity between a DLT and the TARGET2 system for wholesale payments.

CDP is a development bank majority owned by the Ministry of Economy and Finance.

The settlement of a public blockchain bond issuance with central bank money wasn’t the only novel aspect of the digital bond. It is also the first to use Italy’s ‘Fintech decree’ law. 

This was Italy’s enactment of the DLT Pilot Regime, but also applies to DLT issuances that are not part of the Pilot Regime (like this one), provided they take some extra steps.

There must be a Digital Register maintained by a Digital Register Manager which is authorized by Consob, Italy’s securities regulator. The Register is a log of the real names and details of the owners of the securities.

“This transaction represents a significant step for CDP in capital market innovation through the pioneering adoption of blockchain technology for bond issues,” said Fabio Massoli, CDP’s Director of Administration, Finance, Control and Sustainability.

“The promotion of a new market ecosystem and the implementation of an innovative, efficient and secure market infrastructure will provide added value to issuers and investors alike, opening up new opportunities for other players, including SMEs.”

Fintech Decree Digital Registers
The Digital Register is similar to Germany’s eWpG law. In both cases they support direct securities issuances and transactions without requiring central securities depositories (CSDs) or bank intermediaries. However, we believe Italy may have gone a step further because it allows issuers to be the Digital Register Manager for their own securities. 

That’s the case here – CDP had the role of the Market DLT Operator and also the Consob authorized Digital Register Manager. But we believe this also applies where the issuer/manager is not a bank.

“We are particularly pleased to have been the first in Italy, together with CDP, to carry out an operation that is intended to be the point of reference for future issuers in a totally new legal and regulatory framework,” said Massimo Mocio, Deputy Chief and Head of Global Banking & Markets, IMI CIB Division of Intesa Sanpaolo.

A key goal of the ECB wholesale settlement trials is to test the interoperability between DLT networks and central bank money, both conventional and CBDC. Hence, the transactions involve delivery versus payment in most cases. However, CDP said the settlement for its digital bond was ‘same day’.

Meanwhile, the digital bond has a four month term. It was rated A-2 by S&P, F-2 by Fitch and S-2 by Scope.

@ Newshounds News™

Read more:  Ledger Insights

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Silver (XAG) Forecast: Gold Divergence Widens; Is Silver Undervalued or Overextended?

Key Points:
—Silver prices struggle as gold reaches new heights. The widening gold-silver ratio suggests potential undervaluation of the white metal or gold overvaluation.

—Silver's break below the 50-day moving average at $30.19 signals a technical breakdown. Sellers target $28.57, with further decline possible to $27.22-$26.60 zone.

—Weak Chinese manufacturing data raises concerns about silver's industrial demand. This aspect contributes to silver's underperformance compared to gold.

—Fed rate cut expectations drive precious metals. A 98% probability of a September cut may create a buy the rumor, sell the fact scenario for silver and gold.

—Asian physical demand for silver remains sluggish. Customers capitalize on high prices by selling existing holdings rather than making new purchases.

@ Newshounds News™

Read more:  FX Empire

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NIGERIA EMBRACES BLOCKCHAIN NATIONAL INFRASTRUCTURE INITIATIVE GAINS MOMENTUM  
Government Pushes for Data Security and Privacy

The Nigerian Federal Government’s initiative to develop an indigenous blockchain infrastructure has garnered substantial support from the National Blockchain Policy Implementation Steering Committee. Two weeks prior, the government revealed its plans to establish a homegrown blockchain, emphasizing the importance of data security and privacy in this endeavor.

Endorsement from Key Stakeholders
Chimezie Chuta, Chairman of the Committee, expressed strong approval of the initiative during a discussion with The PUNCH. He regarded the concept of a national blockchain infrastructure as a significant and positive step forward. 

Chuta highlighted that other countries, including India, China, the UAE, South Korea, and Singapore, have already established their blockchain infrastructures, suggesting that Africa’s third-largest economy should not lag behind.

Comparative Analysis and Future Prospects
In comparing Nigeria’s blockchain aspirations to those of other nations, Chuta underscored the potential for significant advancements in data security, economic efficiency, and technological innovation. By establishing a national blockchain, Nigeria aims to join the ranks of countries that have successfully integrated this technology into their national frameworks.

Broader Implications for the Nigerian Economy
The push for a national blockchain infrastructure is a move that could bring benefits to the Nigerian economy. The implementation of such technology promises to streamline various sectors, improve transparency, and foster a more secure and efficient data management system. This could potentially attract foreign investment and bolster confidence in Nigeria’s technological capabilities.

Moreover, the development of a national blockchain could provide a platform for various industries to innovate and collaborate more effectively. By supporting smart contracts and offering a scalable and efficient infrastructure, the blockchain could facilitate new business models and drive economic growth.

Addressing Regulatory and Compliance Challenges
A consortium-based blockchain model, as advocated by Chuta, would also address regulatory and compliance challenges more effectively. By involving multiple stakeholders in governance, this model ensures that the blockchain operates within a framework that supports regulatory oversight and compliance, thereby enhancing its credibility and reliability.

Conclusion: A Strategic Move Towards Technological Advancement
The Nigerian government’s initiative to establish a national blockchain infrastructure represents a strategic move towards embracing advanced technology for national development. With strong backing from key stakeholders and the potential for significant economic and technological benefits, this initiative is poised to position Nigeria as a leader in blockchain technology within Africa and beyond.

As the country moves forward with this ambitious project, the focus will be on ensuring that the infrastructure is robust, secure, and capable of meeting the demands of a modern digital economy.

@ Newshounds News™

Read more:  Coin Trust

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PHYSICAL CARDS: The Unexpected Frontier in Digital Security

Dr. Adam Lowe, chief product and innovation officer at CompoSecure, hears it all the time from banking executives when the topic is securing payments: “We cannot introduce friction.” But the balancing act is a tough one. Challenge a user too much and they’ll switch to a competitor. Challenge them too little, and the customer’s financial injury may be calamitous.

In this age of digital attacks and global hacks, banks, FinTechs and platforms face a dilemma. One need only look at the size and scope of the AT&T breach to see that hackers have been able to access, co-opt and use all manner of data to power their scams, and perhaps, cobble together synthetic identities. SMS texts are not as secure as they once were, given the fact that imposters can be the ones behind the SMS missive that seeks user confirmation to complete a transaction.

Among the best lines of defense and security, he said, is something that just about everyone has in their possession: a tangible, physical card. And the card, he said, ticks all the boxes of a robust and usable form of identity protection, as the technology has proven simple enough that even his mother feels comfortable using it, and as tap-to-pay has become a feature ingrained in daily financial life.

CompoSecure’s digital security platform, Arculus, streamlines digital authentication processes and secures digital assets, underpinned by the blockchain. CompoSecure, he said as part of the “What’s Next in Payments” halftime report, “essentially invented the metal card,” and now, with the digital Arculus platform, has extended the capabilities of a payment card.

“We’re seeing more customers rolling out our Arculus technology,” he said, “whether it be the wallet technology, and having digital assets alongside a payment card … or whether it’s the authenticate technology, which is for more traditional banks and for FinTechs.”

A Pocket-Sized Cryptography Engine
With enhanced digital security features, he said, the card “essentially becomes a cryptography engine in your pocket.”

The chip that’s embedded in the card, he said, serves as that aforementioned engine. To enhance the digital experience, he said, the company debuted the Arculus Cold Storage Wallet, which is the digital asset hardware wallet, which puts “keys” on the card for any user to store and use those keys for security to support and pay with crypto assets.

In addition, leveraging similar key technology, Arculus Authenticate allows users to tap their cards to authenticate themselves via a passkey that’s stored on those cards. These cards with Arculus Authenticate can also accept payments, so consumers can login, sign and approve payments.

“Instead of being synched to the cloud,” he said, of the data, “where it can be ‘ripped’ out of the cloud by bad actors, your passkeys are safe in your pocket the same way your keys to the front door of your house are safe in your pocket.”

And, he added, “whether it’s signing Visa transactions, or MasterCard, FIDO 2, or whether it’s signing Bitcoin and Ethereum transactions, that cryptography engine is happy … we can serve whatever market segment needs to be served by design, and we can make it all interoperable.”

That interoperability, he said, is a bit like bridging all the railroads back in the 1890s, as a range of different track gauges knit together to make everything work, east to west and vice versa. In this case, the various parties in a transaction using zero trust architecture standards as transactions move along various conduits. 

According to the U.S. Department of Commerce, zero trust architecture is the term for “an evolving set of cybersecurity paradigms that move defenses from static, network-based perimeters to focus on users, assets and resources.” It assumes no implicit trust based on physical or network location.

@ Newshounds News™

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