Seeds of Wisdom RV and Economic Updates Friday Afternoon 10-4-24

Good afternoon Dinar Recaps,

XRP ADOPTION BY BRICS AND JAPAN CONTINUES, SEC APPEAL FAILS TO DETER

▪️PDespite the SEC lawsuit, the BRICS nations and Japan have continued to show interest in XRP.

▪️PThe coin has recovered from the losses triggered by the Appeal filed earlier this week.

Despite the uncertainty in the Ripple ecosystem, the XRP coin is gaining traction from prominent stakeholders and organizations. Earlier this week, the US Securities and Exchange Commission (SEC) filed an appeal in its Ripple lawsuit, potentially extending the legal battle it initiated in 2020.

As CNF mentioned earlier, the regulator’s move quickly reverberated across the community, resulting in price drops for XRP. Despite this shift, XRP is still attractive to users.

BRICS and Japan Pushes for XRP Adoption
Amid these challenges, the BRICS Alliance, an intergovernmental organization, and Japan continue to push for XRP adoption. In an X post, renowned analyst Crypto Tank said the SEC’s appeal filing had not deterred the BRICS and Japan from embracing XRP.

“SEC appeal won’t matter. BRICS and Japan are still adopting XRP, and they don’t care about the lawsuit one bit,” says Crypto Tank. The analyst’s comments reinforced opinions that XRP is crucial to the emerging financial system.

SEC appeal won’t matter. BRICS and Japan are still adopting XRP and they don’t care about the lawsuit one bit. Brad has even stated this before. XRP is the Heart of the New Financial System no matter what. Don’t get FUDded out…

— CryptoTank (@Tank2033js) October 2, 2024

He further highlighted a previous statement from Ripple’s CEO Brad Garlinghouse, describing XRP as the heart of the new financial system. Indeed, XRP’s characteristics as a bridge asset make it a popular choice amongst businesses and financial institutions.

Unlike other traditional payment networks, XRP is easily accessible, cheap, and has low to zero friction. These characteristics make the coin a more viable option for the BRICS alliance, which was created by countries seeking freedom from the US Dollar.

The BRICS nations initially comprise Brazil, Russia, India, China, and South Africa. In 2024, five new nations, including Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates, joined the alliance. The alliance has promoted the use of local currency, thus reducing reliance on the US dollar.

Developing countries view this initiative as beneficial to their financial systems. Recently, the BRICS announced the development of its blockchain-based payment system. In a previous CNF article, Russian President Vladimir Putin says the system will enable BRICS nations to conduct international trade without interference from the Western financial systems.

Intriguingly, XRP adoption is also spreading across Japan. As revealed in a previous report by CNF, 80% of Japanese banks use Ripple for blockchain payments. This highlights the growing prominence of Ripple and XRP in the traditional financial sector.

Legal Battle Surrounding XRP
The SEC recently filed a notice of appeal against Judge Analisa Torres’s July 2023 ruling in the Ripple lawsuit. The ruling stated at the time that XRP sales to retail investors do not constitute securities transactions, giving Ripple a partial victory.

However, the court ruled recently that Ripple should pay a $125 million fine for violating securities laws through institutional sales. This amount is far less than the $2 billion the SEC had initially requested from Ripple.

With the appeal, most experts and community members expect the SEC to challenge XRP’s security classification when traded on exchanges. Notably, the regulator once filed an interlocutory appeal, which the court denied. Many community members hope the regulator will encounter a similar outcome this time.

@ Newshounds News™

Source:  Crypto News Flash

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WILL SWIFT NETWORK’S UPCOMING TRIALS BOOST CRYPTO ADOPTION?

Here’s a look at banking network SWIFT’s upcoming trials for digital asset and currency transactions.

▪️SWIFT will conduct live trials for digital asset transactions in 2025, enhancing global finance.
The initiative aims to integrate various currency platforms for seamless cross-border transactions.

▪️The year 2024 has witnessed a surge in cryptocurrency adoption, largely driven by the launch and expansion of the ETF market.

In light of this trend, SWIFT, the global bank messaging network based in Belgium, is set to launch live trials of digital asset and currency transactions.

What benefits will SWIFT’s live trails offer?
This initiative will involve banks in North America, Europe, and Asia, connecting over 11,500 financial institutions worldwide.

Although SWIFT itself does not manage funds, its network facilitates secure communications and transactions among banks. This allows for the exchange of various financial messages.

Scheduled for 2025, these trials will mark a significant step in demonstrating how SWIFT can support the transfer of both digital and traditional assets across over four billion accounts globally.

This would showcase an advanced version of its infrastructure designed for real-world applications.

Remarking on the same, Swift Chief Innovation Officer Tom Zschach said,

“As new forms of value emerge, our intention is to continue offering our community the ability to seamlessly make and track transactions of all kinds of assets — using the same secure and resilient infrastructure that is integral to their operations today.”

For those unaware, the upcoming live trials will utilize SWIFT’s extensive global network to integrate various digital and traditional currency platforms seamlessly.

What’s more to it?
The trials will showcase how financial institutions can interchangeably transact across existing and emerging asset types.

This demonstration highlights the potential for banks to leverage their current SWIFT connections, thereby enhancing efficiency and accessibility in global finance.

Providing further insights on the matter, the firm added,

“Global financial institutions will have the ability to use Swift’s global platform to conduct pilot transactions for the settlement of digital assets and currencies.”

Additionally, SWIFT will transition from experimental trials to real-world applications of digital asset and currency transactions, beginning in 2025.

This initiative allows global financial institutions to utilize SWIFT’s infrastructure for seamless transactions across traditional and digital assets.

By enabling interoperability among currencies and networks, SWIFT seeks to simplify and secure cross-border financial exchanges.

This advancement reinforces SWIFT’s commitment to evolving in digital finance and positions it as a key facilitator of modern transactions.

Will CBDCs play a role?
That being said, SWIFT, which plays a crucial role in global banking, has been engaged in trials of both CBDCs and tokenized assets.

In March, the firm said that it would launch a new platform to connect CBDCs currently in development to the existing financial system.

As of the latest update, the SWIFT initiative involves different types of digital assets in combination across different platforms.

Therefore, Nick Kerigan, SWIFT’s head of innovation, put it best when he said,

“To successfully trade and settle a tokenised bond transaction, you need the cash and that’s where a tokenised deposit or wholesale CBDC comes in. It’s not good enough if you just have delivery or just payment, you need both.”

@ Newshounds News™

Source:  AMB Crypto

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US CONGRESS WILL BE KEY IN DEFINING CRYPTO REGULATIONS POST-2024 ELECTION, EXPERT SAYS

With the 2024 presidential election just around the corner, crypto has gained significant momentum as a key issue in the race to the White House, especially with candidates Vice President Kamala Harris and former President Donald Trump expressing support for the digital asset industry.

However, law experts assert that it is not the US President who will ultimately determine the future of digital assets in the United States, but Congress.

Focus On Congressional Action As The Key
A recent report by Dr Tonya Evans, a professor at Penn State Dickinson Law, highlights that Vice President Harris has moved away from President Biden’s previously antagonistic approach to cryptocurrencies, largely driven by the Securities and Exchange Commission (SEC) and other regulators.

As reported by Bitcoinist, Harris now emphasizes a pro-innovation narrative, suggesting that blockchain and digital assets are crucial components of her vision for an “Opportunity Economy” to empower middle-class families and small businesses.

On the other hand, Trump has made headlines by promising to transform the US into the “crypto capital of the planet” and pledging to remove SEC Chair Gary Gensler from his position on his first day in office.

Despite these eye-catching promises, Evans believes that the President’s ability to enact meaningful change in the crypto landscape is limited.

Evans notes that the Congress, as the legislative branch of government, wields the real power to shape the regulatory framework governing digital assets. Under Article II of the Constitution, the President cannot unilaterally create laws or alter regulations.

Instead, the President’s role is primarily to enforce the laws that Congress passes and oversee regulatory agencies like the SEC and the Commodity Futures Trading Commission (CFTC).

Evans further explains that Congress must take decisive legislative action for sustainable progress in the digital asset industry. Yet, she has noted that many observers and advocates for cryptocurrency often focus their attention on presidential races, neglecting Congress’s vital role in regulation.

Bipartisan Support For Crypto Grows In Congress
Despite what has been seen as a lack of congressional action in recent years, Evans is championing a notable advancement in the legislative landscape with the passage of the Financial Innovation and Technology for the 21st Century Act (FIT21), which incorporates Rep. Tom Emmer’s Securities Clarity Act.

This law aims to provide much-needed clarity in the digital asset space by distinguishing between an asset and the securities contract to which it may be linked, which would be key in potential future cases such as one of the most notorious between blockchain payments company Ripple and the SEC.

In addition, support for crypto innovation is gaining traction in Congress. Figures like Rep. Maxine Waters (D-CA), once a critic of cryptocurrencies, now recognize the importance of engaging with emerging technologies.

At a recent town hall event, pro-crypto lawmakers urged Harris to adopt a more favorable stance toward digital assets. At the same time, Senate Majority Leader Chuck Schumer (D-NY) expressed optimism about passing bipartisan legislation.

Moreover, the StandWithCrypto.com database indicates that over 50 Democratic lawmakers, including prominent figures like Rep. Ro Khanna (D-CA), is now supportive of pro-crypto legislation.

Unlike the executive branch, the law professor said, Congress has the power to create tailored laws to meet the needs of the crypto industry. Evans concluded, “Now is the time to focus where the real power lies – on Congress.

@ Newshounds News™

Source:   Bitcoinist

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🌍 El Salvador doubles down on Bitcoin, defies IMF concerns  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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Thank you Dinar Recap

Bruce’s Big Call Dinar Intel Thursday Night 10-3-24

Bruce’s Big Call Dinar Intel Thursday Night 10-3-24  

Transcribed By WiserNow Emailed To Recaps

Music. Welcome everybody to the big call tonight  - it is Thursday, October 3rd  and you're listening to the big call. Thanks everybody for tuning in all over the globe. Thank you satellite team,  or SAT Team - as I call them, for getting the signal out to many, many, many countries, maybe not all 209 but many countries around the globe. Thank you guys for doing that and getting that out, and we just look forward to getting out here on another Tuesday or Thursday night -  tonight is Thursday, and so we'll, we'll bring you the best information that we have at this time. So before we get started, let's pray the call in,

Thank you, Bob. I guess we're about 12 or 13 after the hour now and Okay, well, let's go ahead and and talk about where in the world we are with this thing.

I can tell you that  the information that came in yesterday and last night, is pointing toward today for our notifications for not only us but bond holders, both within a 24 hour period, hence a true shotgun start for bondholders in tier three and those of us in tier 4  tier 4A and tier 4B,  the Adniral’s  groups plural - and tier 4b for us on the Internet Group.

Well, so far today, we have not received any notifications. It's a little bit surprising, because the info came in yesterday. Was very definitive about us getting ready to go. And everything being ready, everything done, and now we're just waiting for the result of that. And this could turn into a weekend event.

It could be that we get tomorrow and we start exchanges tomorrow or over the weekend. So I'm not giving up on the fact that everything was just absolutely  lit up  to come in today, but for some reason, we did not get it today. I'm not quite sure. I'm really not sure at all. So we're going to try to stay on it.

And you know what happens on a Tuesday or Thursday night after the big call is over, I tend to get more information later, an hour, two hours after the big call ends - something will come in and I’ll say, Where was that at seven or eight o'clock, where was that when I could have brought it onto the call, right? And that's been the case. But regardless of that, the Ask the prospects of this going tomorrow, Saturday through the weekend, is they're very strong, very strong.

So I would say we continue to lift up the idea of everything coming in. We understand that as far as R and R goes, those are exchanging and redeeming zim, for example, that the RNR accounts are already deposited into our quantum financial account and that we will have a queue a quantum card that we will access that account with, and then we'll be able To deposit those funds from our quantum account directly into our Wells Fargo primary or Master – and then we will go from that point on with moving funds in –

Aalso, here's a point that was brought up to me yesterday that maybe I wasn't clear 0n the quantum access card - That card that I've described is three times the thickness of a normal credit card. It is / has three chips in it, computer chips, and it is designed to only move funds from our quantum account into one or two or three bank accounts, and that's it. You don't buy anything with it. You don't charge anything with it only move funds.

Now, when you get in to your redemption center appointment, and they get to the point where they're going through they've set up your Wells account, quantity in your information to get access to it, your biometric finger or thumbprint, your username and password to get into the account, your five digit PIN code tied to you, and then a new brand new email, different email, brand new email, and it's it's password to get into that. Those things all need to be set up to get into the quantum account.

What else will you get when you set up your account, your master account, or I call it, primary account, you'll receive a debit/ credit card for the Wells Fargo Bank, a debit credit card that side to your brand new account that you've just moved into - That's how you gain access to that those funds

Now you'll also have, obviously, if you're a check writing person, you can get checks, but primarily you'll wire funds from that account. You can Zell funds from that account. You can move funds. You know that are they're using your credit debit card.

My case, I think what I'm going to do is set up anything that I have that I'm using the card for. I'll make sure that whenever that card is due, allow that card to be directly debited from my primary account to pay for everything that's due that I charge or that I you know that I charge for the month, probably do it a day or two before the due date.

Make it automatic every month. Make sure it's up to go automatically. So that's paid every month. And I don't have to be in the country to do it . I don't have to just be at all. It's automatic and automatic debit from my account to pay it off. Okay, do that every month, so there won't be anything, anything late coming, no late charges or late fees or any of that noise. It's just all going to be automatic from the master account.

Okay, so just keep that in mind if that's something you might want to do. So you're going to have the two cards right away, the quantum account , you must keep it in a very safe place.  I would not put it in a safe deposit box  althou gh seems like a good option  but let's keep it if you have the ability to keep it safe with you, not on your person, too dangerous with you, but in a safe place, at home, or wherever you feel is your safest possible place to keep the quantum account. Call it that quantum account, or quantum access card

Your credit debit card - They'll print these out stamp these when you're in the redemption center. they'll make those cards for you while you're there. You should not do those to come out. Those should be stamped and printed immediately for you. And in some cases, what I'm going to try to do is make, well, the name of my trust, for example, make it, make the primary account, the Trust Bank account, if you will  - I think we can do that, and just make sure that you know you're the signatory on it, so that your signature can go when you make a charge on that card.

 Okay, so we’ll see what they let us do with that. Should be doable, and let's see. Is there anything else to bring up tonight?  I don’t think there's a whole lot else. You guys have heard it in past calls, but I did have a question about that credit debit card yesterday, and glad I was able to answer that, speaking of what's been happening in the Carolinas and what's been happening in Maui  Gosh. That was a year ago -Gosh, cannot believe what happened in Maui was a year ago, but it was actually a year ago,

So  what I’m thinking  - we're staying on top of it  - we’re doing a call, not a big call – but a private call with with Trish, and James - he was running point on on Maui. He's got additional contacts that we're going to keep in touch with over there and try to just find out exactly what the heck is going on still, even in Maui, we're gonna stay on top of what's happening in these hurricane affected zones in the Carolinas - Virginia, Tennessee, Georgia and Florida.

I think that covers the area that was the most hit. Believe so  - we're going to continue to pray for people to be recovered, to be found, and hopefully alive, and then we'll just take it one day at a time with that,

 I am hoping that the information I got yesterday that was pointing to today for notifications was just a day behind, and that all that information is still good, but not today, but maybe tomorrow.

So I think that's quite possible, like I said, I can't verify that, but I'm glad everybody is here listening tonight, and we look forward to everything going through by the weekend. So let's go ahead and pray the call out, keeping in mind that we're still lifting up Tom and Pastor Scott for full recovery from strokes.

I don't have it tonight, but we should be able to find out something. If we have a call on Tuesday, we'll see it's possible. I'm hoping this our last call, but we'll see if it is or not. Okay. Let's pray out the call now

That's everything we wanted to say thank you

Bruce’s Big Call Dinar Intel Thursday Night 9-26--24  REPLAY LINK  Intel Begins   1:08:08

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Bruce’s Big Call Dinar Intel Tuesday Night 10-1-24  REPLAY LINK  Intel Begins

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Bruce’s Big Call Dinar Intel Thursday Night 9-26--24  REPLAY LINK  Intel Begins   1:00:40

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Bruce’s Big Call Dinar Intel Tuesday Night 9-24-24  REPLAY LINK  Intel Begins 56:36

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Bruce’s Big Call Dinar Intel Thursday Night 9-19--24  REPLAY LINK  Intel Begins   1:11:30

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Bruce’s Big Call Dinar Intel Tuesday Night 9-17-24  REPLAY LINK  Intel Begins 1:02:20

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Bruce’s Big Call Dinar Intel Thursday Night 9-12-24   REPLAY LINK   Intel Begins   1:13:30

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Bruce’s Big Call Dinar Intel Tuesday Night 9-10--24  REPLAY LINK  Intel Begins 1:07:27

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More News, Rumors and Opinions Friday Afternoon 10-4-2024

TNT:

Tishwash:  Iraqi economist expects oil price to rise to $200 if war extends to Gulf

Economist Nabil Al-Marsoumi expected on Friday that the price of a barrel of oil would rise to nearly $200 if the war in the region expanded to include the Gulf states, and Iran closed the Strait of Hormuz and cut off the flow of about 20 million barrels of oil to global markets daily.

The expert spoke in an analysis published today about the two expected possibilities regarding what he called the coming oil war. He said that the first of them is that Israel will target the Iranian oil export outlets, especially Kharg Island, through which 90% of Iranian oil exports pass. This means eliminating 1.5 million barrels of Iranian oil from the market, which will raise prices by about $5 per barrel to $82.

He added: But it will lead to cutting off the most important sources of Iranian funding, and in this case we will face several scenarios. The first is that OPEC Plus will intervene and cancel voluntary and mandatory production restrictions, which will provide sufficient oil supplies to compensate for the loss of Iranian oil, indicating that this will lead to a decrease in prices and their return to the $70 mark.

He addressed the second possibility, saying: The war may extend to include oil pumping and export stations in the Gulf, which may negatively affect Gulf oil exports, especially Saudi oil exports, which will push oil prices above $100 per barrel.

Al-Marsoumi also pointed out that Iran had previously confirmed that preventing it from exporting its oil to the world also means preventing the exit of oil from the Strait of Hormuz. If Iran closes the Strait of Hormuz, this means cutting off about 20 million barrels per day of global oil supplies, which will push prices to $200 levels, in addition to negatively impacting Gulf gas shipments that pass through the strait.

The Iraqi economic expert continued by saying that the Israeli strike will be limited to hitting oil facilities, especially Iranian refineries, which means taking out 300 to 400 thousand barrels per day of Iranian exports, noting that in this case it will have no significant impact on global oil prices, especially after Libyan oil returns to its previous levels.  link

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

yada  Article:  "- The Central Bank of Iraq launched its financial transfers to Turkey in the euro currency." This means the business with Turkey, primarily the pipeline that was halted in March of 23 due to illegal usage is now opening back up with transfers in Euros.  Add this to the Iraqis receiving their salaries from Jan 24 to Aug 24, we are in for great celebration with the rate release. IMO

Militia Man  Article:  "Central Bank Governor: New mechanism for financial transfers to Türkiye in euros launched" The amount of coordination that must be on going behind the scenes must be intense now.

**********

KTFA:

Clare:  Rafidain Bank announces the collection of more than four trillion dinars electronically for the benefit of 700 government departments

10/4/2024

The government-owned Rafidain Bank announced on Friday that it has collected more than four trillion dinars electronically for the benefit of 700 government departments.

A statement by the bank's media office, received by Shafaq News Agency, stated that "the number of government departments that have activated the electronic collection system until October 1st has reached more than 700 government departments."

He explained that "the total amounts that were settled and collected for the benefit of those government departments and deposited in their accounts at Rafidain Bank amounted to more than four trillion dinars."

He pointed out that "the rate of reliance on payment systems is constantly increasing and new departments will be included soon."  LINK

ANOTHER Major Pattern Shift Has Happened...(DELINQUENCIES HAVE SPIKED!)

Lynette Zang:  10-3-2024

In today's video we are talking about a major pattern shift in spending amongst the younger generations and how delinquencies have spiked. What does this all mean?

https://www.youtube.com/watch?v=B1jvU4jGIrQ

BRICS & BANKS: 2024 Gold Rush (Bullion Bulletin - 10/4/24)

Andy Schectman:  10-4-2024

Welcome to our compilation of videos from the previous week! We are dedicated to bringing you the latest insights and updates in the precious metals industry. In this compilation, you'll find a variety of engaging and informative content featuring expert analysis and discussions.

https://www.youtube.com/watch?v=s_t76N-opi0

Economist’s “News and Views” 10-4-2024

BRICS Dump Dollars for Gold - LFTV Ep 193

Kinesis Money:  10-4-2024

In this week’s episode of Live from the Vault, Andrew Maguire delivers a chart-driven analysis of the gold and silver price action for the first week of this year’s fourth quarter, before answering pressing community questions.

The London precious metals expert then turns his attention to the remainder of the year 2024, highlighting Indian and Chinese central bank buying, and providing an overview of the latest BRICS activity.

Timestamps

 00:00 Start

01:45 The first week of Q4

17:30 What to expect in the rest of 2024

20:45 The upcoming BRICS meeting

25:30 The gold revaluation timeline

31:00 Dedollarisation

https://www.youtube.com/watch?v=edab3Njpyog

Major Report PROVES That An Economic Crisis Is Coming!

Atlantis Report:  10-3-2024

The rising number of layoffs across various industries is a worrying trend. Despite the supposed economic growth, many people are losing their jobs.

Even industries that were believed to be safe are not immune. This is causing concern as it hasn't been seen in recent years.

Moreover, the level of consumer debt is another alarming issue. The fact that around one-third of Americans are struggling to pay their bills indicates that not everyone is benefiting from the so-called economic boom.

With the possibility of inflation and interest rate hikes, people already burdened by debt face an uncertain future.

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

George Gammon: What if the US Debt Hits $50 TRILLION Tomorrow?

Daniela Cambone:  10-3-2024

The real issue with U.S. debt isn't paying it off—it's the economic distortions fueled by government spending, says George Gammon, real estate investor and host of The Rebel Capitalist Show.

 In this insightful interview with Daniela Cambone, Gammon explains how the global monetary system allows the U.S. to pile on debt without immediate repercussions, driving a dangerous cycle of overspending.

He dives into the role of the Eurodollar system in propping up demand for U.S. Treasuries, which keeps interest rates lower than expected, even as debt levels soar.

CHAPTERS:

0:00 Economic Distortion

3:15 U.S. Debt Crisis

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

Coffee With MarkZ and Mr. Cottrell 10-4-2024

Thank you MarkZ for all your time, and encouragement daily….. PDK

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

GM MarkZ and mods. Thanks for all you do for us!

Member: Hoping for good news today……Are we close to the RV?

Member: Was hoping Mark would be wearing the golden egg shirt

MZ: I’m hoping I get to wear it early next week.

MZ:  Here’s and interesting one out of Iraq:  “Al Rafidain : More the 4 Trillion dinars electronic collection amounts for government departments"  this is a marked improvement to the government..a big increase in revenue from getting rid of graft and inefficiency by using electronic systems. They are very much streamlining their government.  This has made a massive difference in stability in Iraq.

Member: That needs to happen in the US….

MZ: “Congress unveils new program that converts the unified card into rations”  this is a bad translation – but it means their new national ID card will know their status …and is a government services card. Also a new program to help the under privileged.

Member: Today is the day Iraq pays the salaries of the Kurdish region. Yesterday was the New Year. Will tomorrow have the missing Gazette with the rate published? One can hope!

MZ: On the bond side there are more confirmations that they are expecting payments early next week…most are focused on Tuesday.

MZ: One bond trader swears that we should expect our announcements around Tuesday or Wednesday next week. We have to wait and see if this is accurate or not.

MZ: Seems to be a black out or brown out on the group side.

MZ: I now have 2 bankers/redemption folks who say they will be working this weekend. One of them said they are making new system software updates….while the other one says they are preparing for an influx of new wealth management clients this month.

Member: I'm new to the RV info. I have Dinar and Dong. My question is once the RV happens, do we exchange back to USD? Or would we hold the foreign currency until after the USD collapses?

Member: Supposedly when the Fiat system collapses…..the new system and new USN notes that are asset backed are ready to step in….I sure hope it’s true.

Member: I will admit, I’m in a state of frustration, even though I know we should be close to the finish line

Member: Mnt goat is positive no RV until after elections. I guess that makes sense…..Maybe next administration will push RV through.

Member: Another 3.8 earthquake on Vancouver Island British Columbia, this morning. Everyone felt it.

Member: Another hurricane forming to take same path as the last one.

Member:  If there was ever a time to have our humanitarian funds... this is the time!!

Member: Rumor is 150 Bankers have been arrested that were trying to stop it.

Member: Wish I believed it.  Been hearing the boy who cried wolf for years….nothing is ever true.

Member: Seriously…how bad does it have to get before the white hats step in?

Member: “I Want The Truth!!”…..“You Can’t Handle The Truth!!” – A Few Good Men

​​Member: I sure hope October is our month...

Member: I had a dream last night that I was telling people about the RV... and that it was going to happen... and it happened in the dream

Member: May your dreams come true….lol

Member: Let us pray for comfort, peace, safety and grace for all those affected from that horrific storm. Also that the RV appears soon to help everyone

Mr. Cottrell and CBD Gurus join the stream today. Please listen to replay for their information and opinions

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

FOLLOW MARKZ : TWITTER . https://twitter.com/originalmarkz?s=21. TRUTH SOCIAL . https://truthsocial.com/@theoriginalm...

Mod:  MarkZ "Back To Basics" Pre-Recorded Call" for Newbies 10-19-2022 ) https://www.youtube.com/watch?v=37oILmAlptM

MARKZ DAILY LINKS: https://theoriginalmarkz.com/home/

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.

 ZESTER'S LINK TREE: https://linktr.ee/CrazyCryptonaut

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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Youtube:   https://www.youtube.com/watch?v=Tk1B3BuuO7Q

Iraq Economic News and Points To Ponder Friday AM 10-4-24

Economists Determine The Reasons For The Rise In The Dollar In Iraq And Expect It To Exceed 160,000

Economy     Iraq     Dollar prices     Dinar to rise    2024-10-03 01:23  Shafaq News/ The “Future Iraq” Foundation for Economic Studies and Consultations, on Thursday, attributed the reasons for the rise in the price of the dollar against the dinar in Iraq to the  decline in transfers of other currencies and the  inability to cover the demand for foreign currency for the purpose of import,  expecting the rise to continue, bringing the price of one dollar to 1,600. dinar in the coming period.
 
The head of the institution, Manar Al-Obaidi, said in a statement received by Shafaq News Agency, that the prices of the dollar against the dinar during the past days reached the range of 1,550 dinars per US dollar.

Al-Obaidi attributed  the reason for the rise to the decline in transfers of other currencies, specifically the UAE dirham and the Chinese yuan, as a result of the large restrictions set by correspondent banks that are in the process of enhancing the balances of these currencies,  
in addition to the reservation of the banks under the Citi-Pilot project in opening accounts for operating companies and limiting them to working with companies. She had previously been treated differently than others.

Among the reasons that the head of the institution spoke about is “the inability of all transfer mechanisms to cover the demand for external currency for the purpose of importing some goods, specifically mobile phones and gold, which are considered the highest value goods for import, which prompts importers to resort to the parallel market for the purpose of importing.”.

He added,  "It is expected that the dinar will continue to decline against the dollar, and it may reach rates of 1,600 dinars per dollar in the coming months if the problems are not addressed through practical solutions."
 
1- Increasing the network of correspondent banks around the world, especially in the UAE and China.
 
2- Controlling financial policy by limiting the entry of some types of goods in order to reduce demand for them versus supply.
 
3- Pressure on the banks under the Citi-Pilot project to be more open to accepting a wide range of clients.
 
4- It may be necessary to temporarily prevent the import of some goods to reduce the demand for foreign currencies until more organized and smooth solutions are found for the external transfer process. Al-Obaidi said,
 
 “Without adopting these solutions, the dinar will continue to decline against the dollar and may exceed the 1,600 barrier soon.”
 In turn, economic and financial expert Abdul Rahman Al-Mashhadani attributed the rise in the dollar exchange rates in Iraq to political rather than economic reasons..

Al-Mashhadani said in a statement to Shafaq News Agency,   “The dollar has stabilized for a long period in the past few days at 149 to 150 thousand Iraqi dinars for a $100 bill, especially after transferring the dollars of real travelers to the airport, organizing the sales process in a smooth manner, and resolving the crisis of bottlenecks on exchange companies and payment companies available inside.”

"Airport." He added,  "There are no economic reasons or justifications behind the rise because the central bank is still financing large amounts of foreign trade, and this is the important element that covers the volume of orders for merchants."

The expert expected that  "the rise in exchange rates is due to the  
     unrest witnessed in the region and the
     fear that Iraq is one of the stations that could be targeted,
 
which prompted merchants to liquidate the accounts of debtors and creditors, especially those who have obligations to merchants abroad.
 
Fear of instability may cause a rise and thus will be affected."
 
The merchant must pay what he owes. He noted that the second matter “is the fear and panic that afflicts people in such crises.
 
They turn to converting dollars for fear that things will get worse and they will be forced to travel or emigrate, even if they are inside Iraq,” adding that “the dollar is the safest means at hand because it is needed in "Markets."
 
The price of the dollar rose in local markets to reach approximately 155 thousand dinars compared to 100 dollars after the events that the region witnessed, including military operations in Lebanon and Iran on the one hand and Israel on the other hand.   
 https://shafaq.com/ar/اقتصـاد/م-سسة-اقتصادية-تحدد-اسباب-ارتفاع-اسعار-الدولار-بالعراق-وتتوقع-وصوله-لـ1600-دينار   

Government Advisor: There Is No Concern About Iraq’s Financial Situation And Our Foreign Reserves Are Diverse
 
Time: 10/02/2024 14:02:16 Read: 2,834 times  {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, reassured about the country’s financial and economic situation.

Saleh told {Al-Furat News} agency:  “We should not worry about the ongoing fluctuations, whether in monetary gold or the various foreign currencies that make up the country’s foreign reserve portfolio, which varies from major foreign currencies and monetary gold and in accordance with the international standard investment guides that it adopts.”

The monetary authority has high-level technical cooperation with multilateral international financial organizations, specifically the International Monetary Fund and the World Bank.”’

 He stated,  “Usually, the Central Bank of Iraq hedges in managing its sovereign investment portfolio with a well-studied and highly sensitive diversification, with standard ratios and precise weights for each foreign currency, in addition to the cash gold from which the foreign reserves are composed.
 
This is within the scope of what is called hedging against the risks of fluctuations in currency and gold exchange rates, which is a policy that expresses efficiency.” Managing the country's investment portfolio according to diversification in various foreign currencies and gold. Saleh explained,
 
“A fall in the market value of gold, for example, must be offset by a rise in the value of the dollar or other foreign currencies through managing the components of the foreign reserves portfolio itself, as
 
diversification is an important pillar of the hedging policy in managing investments in foreign assets from currency exchange rate fluctuations.” foreign currencies and gold by diversifying the country’s sovereign investment portfolio.” ‘

He pointed out that  "the sovereign investment portfolio avoids what is called in the literature of the accounting policy of central banks (unrealized losses), by immediately realizing (unrealized profits), 

which are the same unrealized profits that correspond to the unrealized losses resulting from the fluctuation of gold or foreign exchange prices at the time." same". 

 He pointed out that  "a good diversification policy, in the assets or holdings of the investment portfolio,
provides sufficient neutrality in      preserving the total market value of the country's foreign asset reserves and     always stabilizing their value."    https://alforatnews.iq/news/مستشار-حكومي-لا-قلق-في-الوضع-المالي-للعراق-واحتياطنا-الأجنبي-متنوع   

Banking Advisor: The Government Is Committed To Opening New Horizons For Partnership With Investors
 
Economy     1-10-2024, 17:39  Baghdad - IA - Wissam Al-Mulla  Today, Tuesday, the representative of the Prime Minister and his advisor for banking affairs, Saleh Mahood, affirmed the government’s commitment to supporting the Securities Commission and opening new horizons for partnership with investors,
 
calling on the legislative authority to accelerate the issuance of the necessary legislation to meet the requirements of the modern market and enhance the investment environment in Iraq.

Mahood said at the World Investor Day Conference - attended by the Iraqi News Agency (INA) correspondent:
 
“It is a great honor to represent Prime Minister Muhammad Shiaa Al-Sudani in this event organized by the Securities Commission,” indicating that
 
“this conference represents a vital platform for strengthening ties.” between the government and investors and highlights the investment opportunities available in Iraq.” 

He added,  "The world lives today in an era characterized by rapid economic changes, which requires activating the role of the securities sector as a main tool for stimulating economic growth," adding,
 
"The Iraqi government headed by Muhammad Shiaa Al-Sudani is fully aware of the importance of this sector as a lever for growth and attracting local and international investments."". 

 He pointed out that “global experiences have proven that investments are not only an engine for growth, but rather a
 
 means of developing infrastructure,
 creating job opportunities, and
 enhancing transparency and
 efficiency in resource management,” considering that
 
“the Securities Commission is a vital partner in achieving these goals, as it works to regulate markets and enhancing their protection. 

Mahood emphasized "the importance of cooperation between the public and private sectors," stressing that  "the success of investments depends on investment partnerships that contribute to mitigating risks and increasing confidence." 

 He explained, "There is an urgent need to accelerate the issuance of the necessary legislation to modernize the legal system to suit the requirements of the modern market, as
 
there must be clear mechanisms to protect investors and facilitate investment procedures, which contributes to improving the business climate in the country." 

He pointed out, "The importance of strengthening corporate governance, as building a strong governance system is vital to ensuring transparency," stressing: "Investors must feel that their money is protected and that there are effective mechanisms to monitor performance." 

 Mahood called for "focusing on education and awareness, as building human capabilities and developing skills in the financial sector contribute to creating an attractive investment environment," stressing "the importance of establishing training programs and workshops targeting investors, bankers, and government agencies." 

He stressed, "The commitment of the Iraqi government and Prime Minister Muhammad Shiaa Al-Sudani to provide support to the Securities Commission and open new horizons for cooperation and partnership with investors," considering, "This conference is an important step towards building a prosperous and sustainable Iraqi economy."    https://www.ina.iq/218206--.html   

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

Seeds of Wisdom RV and Economic Updates Friday Morning 10-4-24

Good Morning Dinar Recaps,

CFTC REPORTEDLY MULLING ACCEPTING DIGITAL ASSETS AS TRADING COLLATERAL

The proposal faces multiple steps before approval, but its passage could ultimately be a boon for the digital assets market.

The use of digital assets as trading collateral could be approved by the United States Commodity Futures Trading Commission (CFTC) by the end of the year.

According to a report from Bloomberg, a subcommittee of the Commodity Futures Trading Commission’s Global Markets Advisory Committee recently voted affirmatively to recommend a proposal allowing digital ledger technology-based collateral in commodities and derivatives trading.

In effect, were the proposal to be accepted by the CFTC, traders could settle transactions using digital assets as collateral with the same speed and ease as similar digital ledger and blockchain based transactions.

Brokers would be able to accept blockchain-based tokenized assets, such as BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), via market-embedded systems.

Tokens as collateral
The use of blockchain-based assets as collateral in trading is already fairly common throughout the participating marketplace. However, those participants are limited to large firms such as BlackRock and JP Morgan. The CFTC’s general approval could serve as a catalyst for mainstream adoption.

However, it’s unclear at this time what exactly the Global Markets Advisory Committee has recommended or what’s even in the aforementioned proposal. According to Bloomberg, the main committee still has to approve the subcommittee’s recommendation before the proposal can be formally submitted to the CFTC for approval.

There’s no guarantee that the CFTC will approve the proposal or that it will pass without potential restrictions concerning which institutes and blockchains can participate.

As Cointelegraph recently reported, spot Bitcoin exchange-traded funds (ETFs) demonstrated banner performance throughout the month of September.

BlackRock's Bitcoin ETF in particular outperformed its peers. It saw the highest daily inflow of any fund during the month on Sept. 25, during a five-day inflow streak across all spot Bitcoin ETFs in the United States.

This demonstrates the growing popularity and prospective value of digital assets in the traditional finance markets. It could also serve as a bullish indicator for digital asset adoption overall and play some role in the CFTC’s decision-making process.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

IMF PRESSURES EL SALVADOR TO OVERHAUL BITCOIN REGULATIONS

According to the International Monetary Fund (IMF), El Salvador has an annual GDP growth rate of 3% and roughly $144 million in outstanding loans.

During an Oct. 3 press conference, the International Monetary Fund (IMF) renewed calls pressuring El Salvador to scale back its Bitcoin policies and overhaul its regulatory framework surrounding the digital asset.

Julie Kozack,  director of the IMF’s communications department, did not specify the exact details behind the proposed regulatory shift but instead provided this statement:

"What we have recommended is a narrowing of the scope of the Bitcoin Law, strengthening the regulatory framework and oversight of the Bitcoin ecosystem, and limiting public sector exposure to Bitcoin."

Since El Salvador legalized Bitcoin as a form of legal tender in 2021, the IMF has pressured the Central American country to step away from Bitcoin and embrace traditional financial infrastructure.

In August 2024, the IMF voiced the same demands but admitted that many of the purported risks of Bitcoin adoption “have not yet materialized.”

IMF attitude to Bitcoin and crypto
The IMF has expressed concerns regarding Bitcoin. As some fiat currencies experience devaluation, certain individuals and a few nation-states have begun exploring alternatives, including Bitcoin, which is often viewed as offering a different monetary framework compared to traditional fiat systems.

In 2023, the IMF provided technical consulting to help Andorra record and monitor Bitcoin transactions. Later, in March 2024, it suggested Pakistan institute a capital gains tax on crypto to qualify for a $3 billion loan.

More recently, IMF executives floated the idea of taxing energy used for crypto mining to reduce carbon emissions. This added tax could drive up energy costs for miners by 85%, a potentially devastating blow for an industry already struggling with post-halving economics and increased mining difficulty.

IMF pushes central bank digital currencies
While the IMF continues to oppose Bitcoin and non-state-controlled cryptocurrencies, it is simultaneously pushing for central bank digital currencies (CBDC) globally.

This past September, the IMF released its ”REDI” framework for CBDC development. REDI stands for regulation, education, design, and incentives — geared toward helping central banks make CBDC adoption more palatable to prospective populations.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

The BRICS economic bloc will add around 10 new members during its upcoming summit.

The world continues to change in big ways.

I will be covering this event live in real-time.

@ Newshounds News™

Source:   Gold Telegraph X  

~~~~~~~~~

️BREAKING NEWS:  El Salvador doubles down on Bitcoin, defies IMF concerns

Crypto community members have advised the Central American country's to reject the IMF recommendations.

El Salvador has doubled down on its Bitcoin moves despite ongoing pressure from the International Monetary Fund (IMF) regarding the country’s use of the digital asset.

On Oct. 4, Juan Carlos Reyes, President of the National Commission on Digital Assets (CNAD), announced that the Central American country’s lawmakers had passed “important amendments to the CNAD law.”

Bitcoin moves
According to him, these changes grant the CNAD authority to regulate Bitcoin companies in the country.

Further, the CNAD will now be the primary regulatory body overseeing the nation’s Bitcoin industry. It will also implement a risk-based regulatory framework to position El Salvador as a global digital asset adoption and regulation leader.

Reyes added:

“Our team [will] combine regulatory knowledge with practical Bitcoin experience, ensuring a balanced and effective approach.”

Reyes also mentioned that more information on the proposed regulatory framework will be shared in the coming weeks.

In a parallel development, the National Bitcoin Office (ONBTC) of the Office of the President of El Salvador stated that the country was building new capital markets on the bellwether digital asset.

According to ONBTC:

“Only on bitcoin can an individual ever self-custody their wealth and property. Capital will never form upon chains designed for velocity rather than sovereignty.”

These moves came after the IMF once again expressed concerns about El Salvador’s Bitcoin initiatives.

Julie Kozack, Director of the IMF Communications Department, stated that the country’s stance on Bitcoin remains an ongoing topic of discussion. She said:

“What [IMF] has recommended is a narrowing of the scope of the bitcoin law, strengthening the regulatory framework and oversight of the bitcoin ecosystem, and limiting the public sector exposure to bitcoin.”

Interestingly, this recommendation follows the IMF’s earlier acknowledgment that some risks associated with El Salvador’s Bitcoin involvement have not yet materialized.

Despite the IMF’s caution, many in the crypto community have advised the country to ignore this advice. Mathew Sigel, head of digital assets at VanEck, accused the IMF of holding El Salvador “hostage” over its pro-Bitcoin stance despite the nation’s economic and societal progress.

Instead, Sigel encouraged President Nayib Bukele to “stand firm” as his “vision is driving a remarkable transformation.”

@ Newshounds News™

Source:  CryptoSlate

~~~~~~~~~

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News, Rumors and Opinions Friday AM 10-4-2024

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 Fri. 4 Oct. 2024

Compiled Fri. 4 Oct. 2024 12:01 am EST by Judy Byington

Global Currency Reset: (Opinions/Rumors)

Thurs. 3 Oct. 2024 Wolverine: “I know people who have had appointments at banks, but they are under NDAs and not talking. We know private contractors are being paid.”

Thurs. 3 Oct. 2024 Bruce: “The information last night was pointing toward today in a 24 hour period for the shotgun start. Well so far we have not received the notifications but the intel was really good  – it’s all done and now prospects of this going over the weekend are really strong.”

Thurs. 3 Oct. 2024 Central Bank of Iraq Governor Ali Al-Alak announced on Thursday the launch of financial transfers to Turkey according to a new mechanism carried out in the euro currency. A statement from his office, a copy of which was received by Euphrates News, said: “Al-Alak received the Ambassador of the Republic of Turkey to Iraq, Anil Bora Inan, along with a delegation of representatives of Turkish banks operating in Iraq.

Thurs. 3 Oct. 2024: DINAR REVALUATION: In the currency of the euro.. Al-Alak announces the launch of a new mechanism for financial transfers to Turkey,, 3 OCT (dinarevaluation.blogspot.com)

Thurs. 3 Oct. 2024: Military Mobilized to Defend QFS: Global Wealth Redistribution Underway with Troops on the Ground – The Elites Are in Full Panic Mode! – Gazetteller

~~~~~~~~~~

Global Financial Crisis:

The Federal Reserve took out Bankruptcy in 2008 and has been functioning on the fiat US Dollar ever since.

On Thurs. 3 Oct. 2024 the Federal Reserve posted a record loss of $114 Billion in 2023: https://x.com/barchart/status/1841334686489915511?s=46

Thurs. 3 Oct. 2024 FED Dollar Vs USA Treasury Dollar: The U.S. Federal Reserve note has lost 99.7% of its purchasing power since its inception and is essentially at zero. But we’re about to enter a rebound phase with the introduction of the new U.S. Treasury Dollar, which will pay us dividends because we’ll hold the real-world assets backing it. This shift is set to increase our purchasing power dramatically, potentially 20X. Can you imagine what the price of silver will be 100 years from now with that kind of growth? . … https://t.me/DebtClockUs

~~~~~~~~~~~~

Thurs. 3 Oct. 2024 The Longshoreman Strike has ended, so there will be no halt to the Supply Chain.

Nearly a quarter of the world’s seaborne oil trade is carried through the Straight of Hormuz. If Iran’s oil facilities are attacked this could launch a regional war, which would have a huge affect on shipping in the straight. In fact it could come to a grinding halt. The U.S currently has at least 1 Aircraft Carrier Battle group in the straight in case war breaks out. CHINA receives a large portion of their oil from the Mid East which goes through the straight.

The US Sea Ports along the East and Gulf Coasts that are on strike are responsible for over 50% of goods and services. On Thurs. 3 Oct. 2024 Biden announced he would not step in and force the hand of the Federal Government on negotiations. If the strike lasts for a month there would be roughly 150 billion in loss. To get through the backlog would take nearly six months.

What STOPS when ports close: Ports handle many types of goods and services, including: Some of the most common commodities shipped through U.S. ports include crude petroleum, coal, iron and steel, food and farm products, forest products, and soil, sand, gravel, rock, and stone. Dry bulk goods include coal, other minerals, scrap metal, fertilizers, rice, corn, and sulfur. Dry bulk goods are often transported by train to a port, where they are then loaded onto a ship. Containerized goods include electronics, clothes, furniture, and sports equipment. Emergency services: Ports can accommodate emergency vessels and personnel, such as the hospital ship USNS Comfort that docked at Port 90 in Manhattan during the C***D-19 crisis. Ports are also vitally important commercial centers that connect water and land transportation. They play a key role in global supply chains and international trade.

Thurs. 3 Oct. 2024 With Port Strike there is panic toilet paper buying: The Normies will need to add Depends to that list. https://www.independent.co.uk/news/world/americas/us-politics/toilet-paper-panic-buying-port-strike-b2622820.html

Read full post here: https://dinarchronicles.com/2024/10/04/restored-republic-via-a-gcr-update-as-of-october-4-2024/

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

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

Militia Man  If you're going to create value, you're going to have to have smaller denomination and you likely will have to have  coins.  There's no need for coins if you do a lop.  There's none.  They will not ever do that and the reason why is because how in  the world could you get by with a one note and the value of it at .0007.  Come on.   

10-3-2024   Intel Guru Frank26  The security and stability of the monetary reform of Iraq is at its pinnacle and its is going to protect this new exchange rate and the new lower notes.

Mirage banks of Iraq

Nader:  10-3-2024

https://www.youtube.com/watch?v=9XwOdibD1FQ

How We Know the IQD & VND Currency Value Will Increase in Value

Edu Matrix:  10-3-2024

How We Know the IQD & VND Currency Value Will Increase in Value. HSBC Economic Outlook for Vietnam 2024/2025.

https://www.youtube.com/watch?v=9XGa_xtNWHw

“Tidbits From TNT” Friday Morning 10-4-2024

TNT:

Tishwash:  The Governor of the Central Bank receives the Turkish Ambassador and representatives of Turkish bank branches in Iraq

His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received the Ambassador of the Republic of Turkey to Iraq, His Excellency Mr. Anil Bora Inan, with a delegation of representatives of Turkish banks operating in Iraq.

The meeting coincides with the launch of financial transfers to Turkey, according to a new mechanism in euros and implemented within Turkey through its banks. This mechanism, which is being implemented for the first time, will simplify trade coverage operations with high fluidity and speed.

The attendees discussed ways to provide the requirements of the new mechanism; in order to make it a success and accommodate the large number of remittances from merchants and the business sector.

The bank representatives expressed their readiness to implement the new mechanism and provide the regulatory and supervisory requirements in coordination with the international auditing company. They also highlighted their efforts in expanding their channels with approved correspondent banks.

His Excellency the Ambassador praised the efforts of the Central Bank in managing the process of transformation in external transfers, and the measures taken by the bank to organize and facilitate transformation operations, praising his meeting with the Governor of the Central Bank of Iraq and the continuous and direct coordination between the Central Bank's management and authorized banks.

Central Bank of Iraq 
Media Office 
October 3, 2024  link

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

Tishwash:  Iraq Rethinks Bank Merger Plans

Iraq's Cabinet has revised an earlier decision to merge its Agricultural, Industrial and Real Estate Banks.

At the start of 2024, the Cabinet approved a contract with UK-based professional services firm Ernst & Young (EY) to study the merger of Industrial Bank, Real Estate Bank, and Agricultural Bank [Agricultural Cooperative Bank?] into a single entity, with Ernst & Young providing expertise and recommendations, and determining the time period required for the merger and the mechanism for transferring balances to the new bank.

The decision this week means that only the Agricultural Bank and the Real Estate Bank will be merged, while the Ministry of Finance has been tasked with converting the Industrial Bank into a joint-stock company.

A statement from the Prime Minister's Office confirmed that Ernst & Young will assess the Industrial Bank's assets, and the existing contract with EY will be amended to include these changes.

Additionally, the Cabinet approved a 500 billion dinar [$382 million] capital increase for the Trade Bank of Iraq (TBI), sourced from its profits. link

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

Tishwash:  World Bank: Iraq has made progress in improving the business environment, making it globally competitive

The World Bank confirmed, today, Thursday, that Iraq is witnessing a major transformation in improving the business environment and public services, which has made it competitive globally.

The Ministry of Finance said in a statement received by the Iraqi News Agency (INA): "The World Bank issued the Business Ready 2024 (B-READY) report, which showed that Iraq is witnessing a major transformation in improving the business environment, and clarified the progress made by Iraq in vital areas such as regulatory frameworks, public services, and operational efficiency."

She added, "The report showed some positive developments and achievements that Iraq has made in making the business environment more attractive and efficient for local and international companies, including:

1- Stability of the regulatory framework, as Iraq has made significant progress in creating a more stable and business-friendly regulatory framework, and has succeeded in improving the ease of doing business by simplifying company registration processes and eliminating minimum capital requirements. This improvement contributes to making Iraq more attractive to entrepreneurs, especially small and medium enterprises (SMEs), which play a key role in creating job opportunities and diversifying the economy. Positive impact: Aligning Iraqi commercial regulations with international standards has facilitated cross-border transactions and created a more stable and predictable environment for investors.

2- Improving access to public facilities and infrastructure, as Iraq has made tangible progress in the public utilities sector, which is essential for business operations. The government has reduced the time required to access basic services such as electricity and water, and infrastructure investments are currently underway to improve the reliability of service delivery in the future. Positive impact: These reforms have already contributed to reducing operational disruptions and increasing investor confidence in the market, despite the need Further improvements are underway.

3- Strengthening labor market regulations, as Iraq introduced new labor market regulations aimed at protecting workers and promoting market inclusiveness. Achievements include equal pay policies, anti-discrimination regulations, and support for collective bargaining rights. The government also expanded public employment services and training programs to meet the needs of the private sector. Positive impact: These reforms have helped create a more flexible and inclusive labor market, making Iraq more globally competitive.

She pointed out that, “Despite the positive points documented in the report, it was based on outdated data collected in 2023 by the Business Ready team from the private sector, and the data reflects the stage that preceded its collection before the current government’s reform initiatives and the stimulus general budget were fully implemented.”

She continued, “Because the government has given great attention to the private sector, the business environment has developed significantly over the past two years and will continue to develop at an accelerated pace in the coming months and years when the fruits of the reforms are fully reflected, including what has been achieved, such as: reforming a significant number of laws and regulations, tax and customs reforms, electronic payment, e-commerce, digital transformation, reforming state-owned companies, guarantees granted to the private sector, and others.

Therefore, the report did not fairly show Iraq’s journey towards reform and the progress made in many areas, including establishing a more stable regulatory framework.”

The ministry stressed that "the Iraqi government is committed to continuing economic reforms, and the impact of the general budget and reform initiatives will appear in future reports based on updated data, which is what the World Bank should have done originally in the report issued today."  link

Mot: ..... Poor Little Guy!!! ~~~~~

Mot: .... good ole ""Earl"" is Always there fer ""Opal"" 

Iraq Economic News and Points To Ponder Thursday Evening 10-3-24

World Bank: Iraq Has Made Progress In Improving The Business Environment

Economy  | 03/10/2024  Mawazine News – Economy  The Ministry of Finance announced today, Thursday, that Iraq has made progress in improving the business environment that will make it competitive globally.

A statement by the Ministry of Finance received by Mawazine News stated that "the World Bank issued today, Thursday, the Business Ready 2024 (B-READY) report, which showed that Iraq is witnessing a major transformation in improving the business environment, and clarified the progress made by Iraq in vital areas such as regulatory frameworks, public services, and operational efficiency."

The report showed some positive developments and achievements that Iraq has achieved in making the business environment more attractive and effective for local and international companies, including:

1. "Stability of the regulatory framework" as Iraq has made significant progress in creating a more stable and business-friendly regulatory framework. It has succeeded in improving the ease of doing business by simplifying company registration processes and eliminating minimum capital requirements.

 This improvement contributes to making Iraq more attractive to entrepreneurs, especially small and medium-sized enterprises (SMEs) that play a key role in creating job opportunities and diversifying the economy. (Positive Impact):

Aligning Iraq’s trade regulations with international standards has facilitated cross-border transactions and created a more stable and predictable environment for investors.

2. “Improving Access to Utilities and Infrastructure” Iraq has made significant progress in the utilities sector, which is essential for businesses to operate.

The government has reduced the time it takes to access basic services such as electricity and water. Infrastructure investments are underway to improve the reliability of service delivery in the future.

(Positive Impact): These reforms have already reduced operational disruptions and increased investor confidence in the market, although further improvements are needed.

3. “Strengthening Labor Market Regulations” Iraq has introduced new labor market regulations aimed at protecting workers and promoting market inclusiveness. Achievements include equal pay policies, anti-discrimination regulations, and support for collective bargaining rights.

The government has also expanded public employment services and training programs to meet the needs of the private sector. (Positive Impact): These reforms have helped create a more flexible and inclusive labor market, making Iraq more globally competitive.

The statement of the Ministry of Finance continued, “Despite the positive points documented in the report, it was based on outdated data collected in 2023 by the Business Ready team from the private sector - and the data reflects the stage that preceded its collection before the current government’s reform initiatives and the general stimulus budget came into effect in full.

Given that the government has given great attention to the private sector, the business environment has developed significantly over the past two years and will continue to develop at an accelerated pace in the coming months and years when the fruits of the reforms are fully reflected, including what has been achieved, such as: reforming a significant number of laws and instructions, tax and customs reforms, electronic payment, e-commerce, digital transformation, reforming state-owned companies, guarantees granted to the private sector, and others.

Therefore, the report did not fairly show Iraq’s journey towards reform and the progress achieved in many areas, including establishing a more stable regulatory framework.”

He concluded: “The Iraqi government is committed to continuing economic reforms, and the impact of the general budget and reform initiatives will appear in future reports based on updated data, which is what the World Bank should have done originally in the report issued today.” https://www.mawazin.net/Details.aspx?jimare=255574

Customs: Our Revenues During 7 Months Of The Current Year Exceeded One Trillion Dinars

Money and business  Economy News – Baghdad  The General Authority of Customs announced, on Thursday, that customs revenues exceeded one trillion dinars during 7 months of the current year 2024, indicating that it is about to implement real reform measures that will positively affect the level of revenues.

The head of the authority, Hassan Al-Akeili, said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "customs revenues during the year 2022 were 807 billion dinars, and in the year 2023, revenues rose to one trillion and 33 billion, an increase of 28%, while the current year 2024 and until last July, revenues reached one trillion and 145 billion dinars."

He pointed out that "the Authority hopes that revenues will reach 2 trillion dinars by the end of this year, although the current rate is still below the level of ambition," stressing that "the Authority is about to implement real customs reform measures that will positively affect the level of revenues."

Al-Akeili added, "The estimated amount of the authority's revenues in the budget is 2 trillion dinars, and we are on track to reach it by the end of the year." 141 views   2024/10/03 https://economy-news.net/content.php?id=48308

Oil Jumps Nearly 2% On Middle East Supply Concerns

03 October 2024 | Economic Baghdad / NINA / Oil prices rose on Thursday evening, amid investor concerns that the expansion of the war in the Middle East could disrupt crude supplies from the region.

Brent crude futures rose $1.41, or 1.91 percent, to $75.31 a barrel, while West Texas Intermediate crude futures rose $1.45, or 2.07 percent, to $71.55 a barrel.

Market concerns are growing about the possibility of Israel targeting Iranian oil infrastructure, raising the specter of retaliation from Iran.

Analyst Ashley Kelty, of Panmure Gordon, told Reuters that there are concerns that such an escalation could prompt Iran to close the Strait of Hormuz or attack Saudi infrastructure, as it did in 2019.

The strait is a major logistics point through which a fifth of daily oil supplies pass. / End9

https://ninanews.com/Website/News/Details?key=1159557

Central Bank Governor: New Mechanism For Financial Transfers To Türkiye In Euros Launched

Banks  Economy News – Baghdad  The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, confirmed on Thursday the launch of a new mechanism for financial transfers to Türkiye, implemented in the euro.

A statement by the Central Bank, received by "Al-Eqtisad News", stated that "the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, received the Ambassador of the Republic of Turkey to Iraq, Anil Bora Inan, with a delegation of representatives of Turkish banks operating in Iraq."

The statement added, quoting Al-Alaq, that "the meeting coincides with the launch of financial transfers to Turkey, according to a new mechanism carried out in euros and implemented within Turkey through its banks," stressing that "this mechanism, which is being applied for the first time, will simplify trade coverage operations with high fluidity and speed."

The statement explained that "the attendees discussed ways to provide the requirements of the new mechanism; in order to make it a success and accommodate the large number of transfers from merchants and the business sector."

The statement continued, "the representatives of the banks expressed their readiness to implement the new mechanism and provide the regulatory and supervisory requirements, in coordination with the international auditing company," and they also indicated "their efforts in the context of expanding their channels with approved correspondent banks."

The statement indicated that "the Turkish ambassador praised the efforts of the Central Bank in managing the process of transformation in external transfers, and the measures taken by the bank to organize and facilitate the transformation processes," praising "his meeting with the Governor of the Central Bank and the continuous and direct coordination between the Central Bank's management and authorized banks."  - https://economy-news.net/content.php?id=48312

In Iraqi Dinars.. The Iraqi Government Opens Accounts To Deposit Donors’ Money

Local | 03/10/2024  Mawazine News – Baghdad  The Iraqi government announced, on Thursday, the opening of accounts in the Trade Bank of Iraq (TBI) to receive donations from citizens, institutions and businessmen.

A statement by the Prime Minister's Office, received by Mawazine News, added that "within the framework of Iraq's continued support for the people of Gaza and Lebanon, the Iraqi government has decided to open accounts in the Trade Bank of Iraq (TBI) to receive donations from citizens, institutions and businessmen, in response to the directives of the supreme authority and the desire of the Iraqi people to strengthen the steadfastness of our brothers in the face of the Israeli aggression."

Opened bank accounts:

- Account for the relief of the people of Gaza:

Name: Office of the Prime Minister - Relief of the people of Gaza

Number: IBAN IQ07 TRIQ 9890 1101 4345 001

Account for the relief of the people of Lebanon:

Name: Office of the Prime Minister - Relief of the people of Lebanon

Number: IBAN IQ07 TRIQ 9890 1101 4346 001

The Prime Minister and members of the Council of Ministers donated a month's salary each to support these two accounts.

An electronic application will also be announced later, allowing citizens, public service employees and businessmen to donate easily without having to visit the bank. The Federal Supreme Audit Bureau will have to conduct continuous audits of these accounts to ensure transparency and integrity in the management of donations.

This approach reflects the spirit of solidarity and cooperation among peoples in the face of humanitarian crises.   https://www.mawazin.net/Details.aspx?jimare=255567

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

Seeds of Wisdom RV and Economic Updates Thursday Evening 10-3-24

Good Evening Dinar Recaps,

BRICS UNIFIED EXCHANGE TO LEVERAGE BLOCKCHAIN AND VIRTUAL CURRENCY FOR SETTLEMENTS

Deputy Chairman of the State Duma Alexander Babakov proposed creating a unified BRICS exchange using blockchain and virtual currency for inter-bloc settlements.

 Babakov stated that such an organization “will be the key to the economic sovereignty and independence of our countries,” while sidestepping the use of third-party payment networks.

Newly Proposed BRICS Unified Exchange May Use ‘Blockchain and Virtual Currency’
BRICS, the international organization, is eyeing digital solutions to reduce its dependence on third-party payment systems. 

Deputy Chairman of the State Duma Alexander Babakov proposed creating a single BRICS exchange, where countries of the block would conduct trade and settlements of their products, including raw materials and goods.

Babakov told Ria Novosti that such an organization would bring benefits to the member states, allowing them to stop relying on currencies of adversary countries like the U.S. dollar. 

Babakov stated that the exchange might allow member states to make payments in national currencies and “even develop their own settlement mechanism based on blockchain and a single virtual currency” and “strengthen the financial sovereignty of our countries.”

Talks of a single, BRICS-wide currency spurred last year. However, the organization pivoted to increase the use of national currencies instead. The move has already reported positive results, with national currency settlements exceeding U.S. dollar payments.

The BRICS bloc, integrated by Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE), accounts for a fourth of all the trade conducted, and more than one-third of the world’s gross domestic product (GDP). This means the hypothetical exchange would move a relevant part of the world’s trade, disrupting the use of the U.S. dollar.

President Vladimir Putin disclosed that BRICS was already designing and implementing an independent payment system to create “conditions for efficient and independent servicing of the entire foreign trade.” This system could be part of the proposed exchange.

@ Newshounds News™

Source:  Bitcoin News

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PAYPAL SETTLES INVOICE WITH EY IN PYUSD FIRST BUSINESS PAYMENT

PayPal’s senior vice president for blockchain, cryptocurrency, and digital currency stated that stablecoins are well-suited for enterprises.

PayPal completed its first business payment on Sept. 23, using its stablecoin PYUSD to settle an invoice with Ernst & Young LLP, Bloomberg News reported on Oct. 3.

The transaction was facilitated using software company SAP’s digital currency hub, a platform that allows businesses to send and receive digital payments instantly. The amount was not disclosed.

Stablecoin payments suitable for business
Notably, stablecoins are usually tied to retail users, especially in regions with volatile fiat currencies.

According to the “2023 Geography of Cryptocurrency Report” by Chainalysis, countries such as Argentina, Venezuela, and Mexico display high usage of stablecoins as protection against inflation and a cheaper alternative to make cross-border transactions.

Jose Fernandez da Ponte, PayPal’s senior vice president for blockchain, cryptocurrency, and digital currency, stated that the enterprise environment is also well-suited to the usage of stablecoins.

He added that business-to-business payments, especially cross-border, are often slow and costly due to third-party intermediaries. Thus, the adoption of stablecoins in these cases offers faster settlement and is increasingly favored by businesses.

PayPal introduced services on Sept. 25 that allow US merchants to buy, hold, and sell crypto via their business accounts.

An Ernst & Young survey published in July highlighted that PYUSD is the most used stablecoin for payments, with 47% of respondents using the PayPal dollar-pegged token in their payments. The survey included accredited and non-accredited investors.

Moreover, the payments infrastructure BVNK started swapping US dollars sent to its platform through Swift for stablecoins, including PYUSD, and then sending the funds to clients around the globe.

The vice president of crypto-related business at PayPal also addressed concerns in the industry following the collapse of FTX. He explained that the partnership with such traditional giants is to demonstrate the stability and utility of PYUSD for business transactions.

@ Newshounds News™

Source:  CryptoSlate

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PAUL GREWAL HIGHLIGHTS INCONSISTENCIES IN SEC LEGAL CLAIMS

▪️Paul Grewal highlights inconsistencies in the SEC's legal strategies.
▪️Coinbase and Ripple face significant challenges from the SEC.
▪️Regulatory clarity is crucial for the healthy development of the crypto economy.

Paul Grewal, the Chief Legal Officer of Coinbase, has identified inconsistencies in the U.S. Securities and Exchange Commission’s (SEC) legal claims. He expressed this view based on the SEC’s response filed in the Lejilex case.

Lejilex Case
In the Lejilex case, the SEC argues that whether digital asset transactions qualify as securities is determined not by the nature of the asset. However, Grewal pointed out that the SEC has stated the opposite to Judge Failla.

Grewal claims that the SEC shares different opinions with one judge compared to another. He stated that he does not expect such inconsistencies from U.S. authorities. Coinbase has been supporting Lejilex against the SEC for the past few months.

“We will do everything we can to provide regulatory clarity for cryptocurrency investors.” – Grewal

SEC and Ripple Battle
In the case between Coinbase and the SEC, the SEC sought to extend the discovery period from October 18 to February 18. During this postponement, Coinbase filed a motion requesting the Commodity Futures Trading Commission (CFTC) to communicate with the issuers of 12 tokens mentioned in the related case. This move will aid the lawsuit in the Southern District of New York.

Ripple Labs, a blockchain-based payment infrastructure firm, is also under pressure from the SEC. The SEC has been pursuing its case against Ripple for nearly four years and has recently appealed regarding the securities status of XRP.

Lawyers supporting Ripple believe the SEC will likely face a negative outcome this time as well. The SEC’s inconsistencies have become a central discussion point in many cryptocurrency cases. Similar to the Lejilex example, the regulatory body has defined these as personnel errors in numerous instances.

It remains uncertain how these inconsistencies will impact the authorities’ decisions in the appeals process. If the SEC can provide clearer evidence proving the business relationship between Ripple and XRP, we might see a reversal of the decision.

@ Newshounds News™

Source:   Coin Turk  

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@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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