Economics, Gold and Silver, News DINARRECAPS8 Economics, Gold and Silver, News DINARRECAPS8
Good Afternoon Dinar Recaps,
BITCOIN ADOPTION IN THE US: Billion-Dollar Bank NCR Atleos Partners with LibertyX for BTC Cashouts at ATMs
▪️NCR Atleos has launched the LibertyX Bitcoin Cashout feature, allowing users to convert Bitcoin into cash.
▪️The feature is designed to simplify Bitcoin-to-cash transactions by letting users pre-stage their transactions via an app.
NCR Atleos has launched the LibertyX Bitcoin Cashout feature, allowing users across the United States to convert Bitcoin into cash through select ATMs. This new service aims to simplify the process of withdrawing cash from Bitcoin sales, addressing a significant hurdle in the wider adoption of cryptocurrency.
Good Afternoon Dinar Recaps,
BITCOIN ADOPTION IN THE US: Billion-Dollar Bank NCR Atleos Partners with LibertyX for BTC Cashouts at ATMs
▪️NCR Atleos has launched the LibertyX Bitcoin Cashout feature, allowing users to convert Bitcoin into cash. ▪️The feature is designed to simplify Bitcoin-to-cash transactions by letting users pre-stage their transactions via an app.
NCR Atleos has launched the LibertyX Bitcoin Cashout feature, allowing users across the United States to convert Bitcoin into cash through select ATMs. This new service aims to simplify the process of withdrawing cash from Bitcoin sales, addressing a significant hurdle in the wider adoption of cryptocurrency.
Simplified Bitcoin-to-Cash Transactions
The LibertyX Bitcoin Cashout featureis a service intended to enable buyers to get cash after selling Bitcoin.To purchase cryptocurrency,users have to choose a LibertyX-affiliated ATM in their region first.The user then enters a Bitcoin address, generates a code, and withdraws U.S. dollars from an ATM. This process removes the need for traditional banking transfers, which can often be slow and cumbersome.
Currently, the feature is available across 30 states,which is only a part of the over 280,000 ATMs managed by Atleos in the United States. The current rollout is limited, but the service could be made available to more people if the trial is successful.
According to Chris Yim, the General Manager of LibertyX, this solves a major problem that hinders Bitcoin uptake because it becomes easier to cash out the digital currency.
This feature is implemented by Atleos’s ReadyCode API, which facilitates the process of making Bitcoin-to-cash transactions at ATMs. However, the service has some disadvantages. For instance, the maximum one can sell in a transaction using the Bitcoin sale access code is $400. However, the users can make several transactions to withdraw higher amounts.
LibertyX, a licensed BitLicense holder in New York, has been active in the cryptocurrency ATM business, providing Bitcoin purchasing options at over 30,000 ATMs across the country.
The implementation of the Bitcoin Cashout feature is viewed as a logical addition to its services since it connects the digital and physical worlds.
US Cryptocurrency Adoption Grows Rapidly
The LibertyX Bitcoin Cashout feature is in line with developments in the US, where the uptake of cryptocurrencies is rising.
Security. org’s 2024Cryptocurrency Adoption and Sentiment Report revealed that 40% of the adults in America own cryptocurrency, an increase from 30% in 2023. Out of these crypto owners, 63 percent intend to invest in more digital currencies in the next year.
Furthermore,the report reveals that the number of women investors in cryptocurrencies has grown from 18% in 2023 to 29% in the first quarter of 2024. This increase in interest can be attributed to the increasing popularity of cryptocurrencies in the US financial market.
Currently,the United States dominates the market, with 82% of the total number of Bitcoin ATMs installed worldwide. However, there has been a decline in the number of functioning Bitcoin ATMs in the U. S. due to a crackdown on the machines associated with extortion and scams.
The number of Bitcoin ATMs in the United States declined by more than 400 between May and July 2024, bringing the total to 31,273.
@ Newshounds News™
Source:CrypyoNews Flash
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US partners with Nigeria for responsible AI use in military
The U.S. State Department has teamed up with Nigeria to further the responsible use of artificial intelligence (AI) in the military.
Mallory Stewart, whose role at the State Department focuses on arms control and stability, recently discussed AI use in military operations with Nigeria’s Ministry of Foreign Affairs, the Ministry of Defence, the national security advisor, civil society, and other officials from the regional bloc ECOWAS.
The U.S. has been on a global tour drumming up support for its initiative to have guardrails for AI use in the military.This initiative, which has garnered the support of 55 countries, advocates using AI “in a manner consistent with international laws and recognising inherent human bias,” Stewart told journalists in Abuja.
“We’ve learned the hard way [about the] inherent human bias built into the AI system … leading to maybe misinformation being provided to the decisionmaker,” she added.
It’s not the first time the U.S. government has partnered with Nigeria on AI.Earlier this year, the American government reiterated its support for Nigeria’s AI strategy, pledging to support the development of the West African nation’s infrastructure to boost research and innovation.
A few months later, the two governments signed an MoU to increase AI engagements between their respective national AI institutes.
The U.S. Department of Commerce has also pledged to collaborate with Nigeria on its approaches to critical areas such as “data, trusted digital infrastructure, power/green energy, AI governance policies, computing resources, digital skills relevant to AI and more.”
The controversy of AI in the military
As with virtually every other sector, AI is gaining rising adoption in the military.For some, like Japan,the technology presents a solution to a rapidly aging and declining population that has left the country short of a military workforce. Others are using it to collect and analyze data and assist in decision-making.
According to former Google (NASDAQ: GOOGL) CEO Eric Schmidt,global wars are “no longer about who can mass the most people or field the best jets, ships, and tanks.” It’s now about autonomous weapon systems and powerful algorithms.
Regulations and guardrails are critical for the technology’s deployment in the sector. However, global political alignments have overshadowed the need for policy frameworks.
One major movement led by the U.S. brought together 31 nations, including France, Germany, Canada, and Australia, to sign a declaration setting guardrails on military AI. However, China and Russia, the other two most powerful militaries after the U.S., were conspicuously missing.
As regulators slack off, AI developers are increasingly voicing their concerns and opposition to the military deployment of AI. Earlier this year, nearly 200 employees at Google DeepMind signed a letter demanding the company terminate its contracts with military organizations.
“Any involvement with military and weapon manufacturing impacts our position as leaders in ethical and responsible AI, and goes against our mission statement and stated AI Principles,” the developers say.
Industry leader OpenAI has also been dragged into military applications. Earlier this year, the company quietly removed its ban on using its AI models “for military and warfare” and has been working with the Pentagon since.
@ Newshounds News™
Source:CoinGeek
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BANKS USING PERMISSIONLESS BLOCKCHAINS FOR TRANSACTIONS FACE MULTIPLE RISKS: BIS
Risks include operations and security, governance, legal, settlement finality and compliance, the report said.
▪️Banks transacting on permissionless blockchains face multiple risks including settlement finality, the Bank for International Settlements said in a working paper. ▪️The paper also said technology to address some of the risks, particularly privacy, is being developed. naming zero-knowledge proofs as a potential solution.
Banks that transact on permissionless blockchains face multiple risks, including money laundering and terrorism financing, the Basel Committee on Banking Supervision concluded in a new paper.The committee is part of the Bank for International Settlements (BIS), the primary global standard setter for prudential banks. Other risks include operations and security, governance, legal, settlement finality and compliance,
"Certain risks stem from the blockchains’ reliance on unknown third parties, which makes it difficult for banks to conduct due diligence and oversight. These risks require new risk management strategies and safeguards. Current practices for mitigating these risks remain in various stages of development and have not been tested under stress," according to the paper.
Banks are also exposed to political uncertainty as a new legislation could "change validator behaviour," making the "blockchains themselves operationally unstable.
" A ban for instance could "reduce the amount of computing power or staked native tokens available to secure the blockchain, temporarily increasing the risk of a 51% attack," in which ”a coordinated effort is put forward to control greater than 50% of the validation nodes."
The paper also said technology to address some of the risks, particularly privacy, is being developed, naming zero-knowledge proofs as a potential solution.
Last month, the committee approved a disclosure framework for banks' exposure to crypto that must be implemented by the start of 2026.
@ Newshounds News™
Source:CoinDesk
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Clare: The Central Bank announces the participation of Iraqi banks in external transfers in multiple currencies
August 30, 2024
The delegation of the Central Bank of Iraq in New York announced the start of the new phase of foreign transfer operations with the participation of (13) Iraqi banks, in an important step aimed at enhancing the diversity of currencies and facilitating international transfer operations.
This announcement came after reaching an agreement on the mechanisms for regulating these operations, as it will include dealing in the euro, Chinese yuan, Indian rupee, and UAE dirham.
KTFA:
Clare: The Central Bank announces the participation of Iraqi banks in external transfers in multiple currencies
August 30, 2024
The delegation of the Central Bank of Iraq in New York announced the start of the new phase of foreign transfer operations with the participation of (13) Iraqi banks, in an important step aimed at enhancing the diversity of currencies and facilitating international transfer operations.
This announcement came after reaching an agreement on the mechanisms for regulating these operations, as it will include dealing in the euro, Chinese yuan, Indian rupee, and UAE dirham.
The delegation confirmed the definition of the scope of work of the international auditing company E&Y, which will review the transfer operations to ensure their safety and compliance with international standards. This step is a reflection of the Central Bank of Iraq's commitment to achieving the highest levels of transparency and security in all foreign transfer operations, and enhancing confidence in the Iraqi financial system.
This initiative came within the framework of the Central Bank of Iraq's ongoing efforts to support economic growth and expand the horizons of international cooperation with global markets.
Central Bank of Iraq
Media Office
August 30, 2024
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Clare: Central Bank announces results of New York meetings
8/30/2024 Baghdad - WAA
The Central Bank of Iraq announced, today, Friday, the results of the visit of the delegation headed by the Governor of the Central Bank, Ali Mohsen Al-Alaq, to the United States of America, which lasted from August 26 to 29, 2024.
The Central Bank of Iraq confirmed in a statement received by the Iraqi News Agency (INA) that "a high-level negotiating delegation headed by Governor Ali Mohsen Al-Alaq held a series of intensive meetings in New York City, USA, which included discussions with the US Treasury Department and the Federal Reserve Bank, in addition to meetings with a group of companies (Visa, Mastercard and MoneyGram) as well as banks (Citi Bank and JP Morgan) as well as international auditing firms (KPMG, E&Y, K2i and Oliver Wyman)."
He added that "the participants in the meetings praised the major transformations achieved by the Central Bank of Iraq, which represent an unprecedented achievement at the country level, as the bank has achieved remarkable progress in monitoring procedures for foreign transfers and cash sales of the US dollar, which has led to improving systems, policies and procedures in accordance with international and local standards, enhancing transparency in covering foreign trade and providing protection for the banking and financial sector from the risks of money laundering, terrorist financing and financial crimes."
He announced, "A meeting will be held between officials of the Central Bank of Iraq and its international partners by the end of this year regarding the major shift in ending the work of the electronic platform for foreign transfers and replacing it with direct banking relations between Iraqi banks and the network of international correspondent banks, according to the plan set by this bank, and implemented internationally
Which will allow the Central Bank of Iraq and the Federal Reserve Bank to exercise their supervisory roles away from executive procedures, as this shift will have important repercussions on the stability, fluidity and transparency of the country's foreign trade financing operations," noting that "it aims to achieve the required stability in exchange rates, which in turn will lead to enhancing the efficiency of the financial system in Iraq."
He pointed out that "the meetings in New York City also addressed the mechanisms for expanding the network of international correspondent banks and qualifying Iraqi banks to meet the necessary requirements to open their accounts with international correspondent banks; with the aim of enabling them to complete their financial transactions, whether through external transfers in US dollars or other foreign currencies." LINK
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Clare: Turkish-Iraqi-Qatari-Emirati ministerial meeting on the development road project
8/30/2024
Istanbul hosted the first ministerial meeting between Turkey, Iraq, Qatar and the United Arab Emirates on Thursday to discuss the Development Road Project.
The meeting, which was held at Dolmabahce Palace, was attended by Turkish Minister of Transport and Infrastructure Abdulkadir Oraloğlu and his Iraqi counterpart Razzaq Muhibs Al-Saadawi, while Qatar and the UAE participated via video conference.
In his speech after the meeting, the Turkish Minister of Transport said: The project will directly contribute to strengthening the global trade system and the development of the participating countries.
Oraloğlu stressed that the main feature of the modern economy is that multinational production, international financial flows and international trade volume have reached very high levels.
Commenting on the Quadrilateral Ministerial Meeting, Oraloğlu said: "Our meeting today is not only for the future of the transportation and logistics sectors but also for the economic, social and cultural future of our countries."
He added: "It is very important for all of us to have safe and fast transportation facilities to establish the economic cooperation that is indispensable for our countries." He stressed that the existing cooperation between the four countries will be stronger thanks to the Development Road Project.
The Turkish minister explained that the development road project is important in terms of gains and supply chains, and that it will benefit the countries of the region as a whole.
For his part, Minister of Transport Razzaq Muhaibis Al-Saadawi said that the project will contribute positively to the global economy as a whole.
He added: "Today's meeting was fruitful and good in terms of standards, and we discussed many issues related to project management and its stages. We are working to remove the obstacles that prevent the implementation of this project."
He continued by saying: "We must know that the development road project will make a great contribution to all participating countries, to the region and to the global economy as well."
On April 22, Turkey, Iraq, Qatar and the UAE signed a quadripartite memorandum of understanding for cooperation on the "Development Road" project in Baghdad, under the auspices of Turkish President Recep Tayyip Erdogan and Prime Minister Mohammed Shia Al-Sudani.
The "Development Road" project is a land and railway road extending from Iraq to Turkey and its ports, with a length of 1,200 kilometers inside Iraq, and aims to transport goods between Europe and the Gulf countries. LINK
Clare: Text of Cabinet session decisions including setting date for start of new school year
8/30/2024
Prime Minister Mohammed Shia Al-Sudani chaired the thirty-fifth regular session of the Council of Ministers today, Thursday, which witnessed the discussion of the overall situation in the country, the progress of implementing the government program, in addition to the files on the agenda for which the necessary decisions were taken.
At the beginning of the session, Al-Sudani reviewed the outcome of his official visit to Egypt and Tunisia, and the discussions he held on bilateral cooperation files, and the preparations for holding the next meeting of the Iraqi-Egyptian Joint Committee, which will be held in Baghdad. Al-Sudani directed the ministers to prepare the files required to activate all areas of cooperation, especially in the fields of oil and transportation.
Regarding Iraqi-Tunisian relations, the Prime Minister spoke about the convergence of positions between the two countries, the availability of opportunities for cooperation and the activation and revitalization of relations, in addition to the necessity for all ministries to follow up on the outcomes of this official visit and communicate with counterpart ministries in Tunisia and Egypt for more fruitful partnerships.
Al-Sudani renewed his appreciation and gratitude for the efforts of all ministries, institutions, governorates and security forces, most notably the Supreme Security Committee headed by the Minister of Interior, the Supreme Committee for Million-Pilgrimage headed by the Director of the Prime Minister's Office, and the Ministers of Health, Electricity, and Transportation, the governors and holy shrines, for their efforts in managing and making the million-pilgrimage a success to commemorate the Arbaeen of Imam Hussein, peace be upon him.
He pointed out that this success in managing and accommodating more than 21 million visitors, in addition to the projects and infrastructure that have been diagnosed and monitored, are now in the process of being implemented to serve visitors, the roads and stations they use, and all service facilities.
His Excellency explained the most important security steps taken recently, which contributed to thwarting any threat, and within qualitative preemptive operations that resulted in the arrest of 46 wanted terrorists, and within all operational sectors.
The Council considered the issues and files on the agenda and took the necessary decisions regarding them.
In the oil field, and within the framework of the government’s approach to developing investment in oil wealth, the Council approved the contracts for the fifth and sixth supplementary licensing rounds, totaling (14) projects for final signing, and the commencement of activating the contracts under discussion, based on the provisions of Article (39/1) of the contract for the two aforementioned rounds.
In the field of energy, the Council approved the addition of (1,463) billion dinars, within the import of fuel, Iranian gas, and (619.68) billion dinars, within the import of electrical energy, to the Ministry of Electricity’s budget for the year 2024, based on the provisions of the Federal General Budget Law for the fiscal years (2023 - 2024 - 2025).
As part of the follow-up of service efforts, the Prime Minister directed the Ministry of Finance to transfer an amount of (14.6) billion dinars to the Baghdad Municipality for the direct implementation of the joint sewer network to serve the district (859, District 3/10), within the Rashid Municipality sector, south of Baghdad, and the transmission line towards the (Al-Dawanem/2) station to serve the district (488) of the Al-Salamyat area within the Al-Shaala Municipality sector.
In the context of determining the calendar for the academic year in the Ministry of Education, the Council of Ministers decided that Sunday, September 15, 2024, would be the date for the commencement of teaching and educational staff for all Iraqi schools, and that Sunday, September 22, 2024, would be the date for the start of the new academic year, 2024-2025.
The Council approved the exemption of the project to build a number of schools within the (Aidopa) program, which will be contracted for design, construction and maintenance according to a contract concluded between the Iraq Development Fund and the Ministry of Education, and any annexes to that contract in the various Iraqi governorates not organized into a region, from the contracting methods stipulated in the instructions for implementing government contracts (2 of 2014) and the conditions of the specialized standard documents issued by the Ministry of Planning.
The Council also authorized the Ministry of Education to purchase the property of the Iraqi school in Tunisia, as an exception to the instructions and regulations of the Central Education Fund, and its ownership would be owned by the Ministry of Education, with its financing and the authority to pay its debts from the Central Education Fund, as well as to form a joint committee from the Ministries of Foreign Affairs and Education regarding Iraqi schools abroad, and to submit its recommendations to the Council of Ministers.
Within the framework of developing educational staff, the Council approved amending Paragraph (5) of Cabinet Resolution (319 of 2022) regarding study leaves outside Iraq to include support for a scholarship program concerned with developing the staff of the Ministry of Higher Education and Scientific Research and ministries and entities not affiliated with a ministry, to fill the shortage in the number of teaching and functional staff who are referred to retirement, by allocating the necessary funds in the next budget, in a way that guarantees the Higher Committee for Education Development in Iraq (Educational Initiative) in the Office of the Prime Minister, sending study missions based on the provisions of the Scholarships, Fellowships and Financial Aid System (3 of 2018), in coordination with the Ministry of Higher Education and Scientific Research.
As part of the Cabinet’s follow-up to develop agricultural activity, the non-oil economy, and employ modern irrigation methods, the Council approved authorizing the Ministry of Agriculture to negotiate prices, technical specifications, and quantities, through the coordination committee formed with the Ministry of Industry and Minerals, to contract with the General Company for the Manufacture of Cars and Equipment, to equip modern irrigation systems of various types, from the support amounts amounting to (147 billion dinars), and at a support rate of (30%), as an exception to the contracting methods stipulated in the instructions for implementing government contracts (2 of 2014) and the instructions for facilitating the implementation of the Federal General Budget Law for the fiscal years (2023-2024-2025).
In the context of encouraging national industries and protecting local products, the Council approved that the customs duties imposed on chicken cuts and products be (25%), which were previously not included in the local product protection procedures, based on Cabinet Resolution (23154 of 2023), while maintaining the customs duties on frozen whole chicken at (25%) based on Cabinet Resolution (183 of 2022). This decision shall be implemented after (60) working days from the date of its issuance, by all border crossings, including those in the Kurdistan Region of Iraq.
The Council approved the authorization of the Minister of Finance to sign the financing loan agreement for the irrigation technology project for the benefit of the Ministry of Agriculture, received from ERST BANK, with a guarantee from the Austrian Export Guarantee Agency (OeKB), based on the Federal General Budget Law for the fiscal years (2023 - 2024 - 2025), and to approve the financing terms.
In the field of the Cabinet’s follow-up of efforts to develop agricultural aviation capabilities, the Council approved the cancellation of Cabinet Resolution (50 of 2020) and Paragraph 2 of Cabinet Resolution (23327 of 2023), and that the Ministry of Agriculture take the necessary measures to implement the following:
1- Direct invitations to no less than 3 international companies or centers specialized in aircraft maintenance; in order to conduct maintenance inside Iraq and prepare the required materials for the stopped agricultural aircraft and return them to work, as an exception to the instructions for implementing government contracts (2 of 2014), and the controls attached thereto, and the instructions for facilitating the implementation of the effective budget, in coordination with the Iraqi Civil Aviation Authority.
2- Qualifying pilots and technicians who are still in service to enable them to work on these aircraft, in accordance with the applicable aviation instructions.
3- Obtaining the required operating licenses for aircraft and their personnel from the Iraqi Civil Aviation Authority.
4- Completing the procedures of the lawsuits filed by the Ministry of Agriculture against the companies that supplied the French Eurocopter aircraft.
In continuation of the government’s approach to completing stalled and suspended projects, and removing the causes of procrastination, the Council of Ministers approved the following:
1. Increase the total cost and reserve amount for the contract (implementation of the bridged intersections and the surface layer of the approaches to the Hindiya Bridge).
2. Increase the total cost of my two projects (improving and developing electricity networks with equipping and installing transformers for different areas in the Tar area, equipping a specialized and service mechanism (lighting crane), equipping and installing transformers with a capacity of (400 and 250) kVA and specialized mechanisms with the construction of a D.W network/Karmat Bani Saeed District).
3. Increase the total cost and reserve amount for the contract (establishing the digital library for the contract (6/2012).
4. Creating a component (remaining work for the project to establish the Drug Research and Control Center).
5. Increase the cost of the main project (establishing and rehabilitating health centers and hospitals in Karbala Governorate/Center District, Hindiyah, Al-Hussainiya District, and Ain Al-Tamr).
The Council approved the donation of (10) Rafidain Bank explosives detection devices (RapScan type) to the Holy Shrine of Imam Ali (peace be upon him) (which had previously been delivered to the Holy Shrine of Imam Ali (peace be upon him) in a useable form), based on the instructions to facilitate the implementation of the Federal General Budget Law for the fiscal years (2023 - 2024 - 2025).
The Council also considered a number of topics on its agenda and took the following decisions:
First: Authorizing the Minister of Construction, Housing, Municipalities and Public Works to sign the exchanged letters for the Chinese grant provided to the Iraqi government in the amount of (53,650) million Chinese Yuan, in the form of specialized mechanisms and as stated in the exchanged letters between the Iraqi and Chinese sides, taking into account changing the signature formula to be in the name of the Ministry of Construction, Housing, Municipalities and Public Works, and not in the name of the Iraqi government, so that these exchanged letters are not considered an international agreement, and coordination with the Ministries of (Planning and Finance) in accordance with the provisions of the Federal General Budget Law of the Republic of Iraq for the fiscal years (2023-2024-2025).
Second: Cancel Cabinet Resolutions (581 of 2013) and (326 of 2014), due to the long period of time that has passed since they were not implemented and the lack of need for them due to the financial circ*mstances that surrounded the treasury at the time, and cancel Cabinet Resolution (24032 of 2024).
Third: Increasing the capital of the Real Estate Bank (500 billion dinars) to become (550 billion dinars), based on the provisions of the Public Companies Law (22 of 1997) amended, and the Ministry of Finance taking the necessary measures for implementation.
Fourth: Exempting the Civil Aviation Authority from the contracting methods in the instructions for implementing government contracts, with regard to programs and computers only, for the purpose of purchasing the authority’s management systems and air safety directly from specialized companies that produce these programs, purchasing licenses, computers and servers from authorized agents of the global company (Microsoft).
Fifth: The Ministry of Finance sold an area of (1750) square meters of the plot of land numbered (23 m9/Kurka Jal) belonging to it, to the Diwan of Endowments of the Christian, Yazidi and Mandaean Religions, based on the Law for the Sale and Lease of State Property (21 of 2013) as amended after estimating its value by the committee formed pursuant to the aforementioned law, and extinguishing a percentage of (50%) of the actual consideration in accordance with the provisions of the Federal Financial Administration Law (6 of 2019) as amended and Cabinet Resolution (23447 of 2023). LINK
Game of Patience: Clare thanks for sharing! This information reveals amendments being made to the 2024 budget!
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Economics, News Dinar Recaps 20 Economics, News Dinar Recaps 20
BRICS 2024: 126 Nations Eyeing US Dollar Exit
Arcadia Economics: 8-30-2024
The October BRICS meeting is suddenly not that far away.
And now as Vince Lanci reports in today's show, we're up to 126 nations that are set to attend the BRICS Municipal Conference. Showing increasing interest in joining the bloc and moving away from reliance on the US dollar.
Vince also talks JP Morgan's gold comments, Nvidia's earnings, and the rest of the precious metals news this morning. To find out more, click to watch the video now!
BRICS 2024: 126 Nations Eyeing US Dollar Exit
Arcadia Economics: 8-30-2024
The October BRICS meeting is suddenly not that far away.
And now as Vince Lanci reports in today's show, we're up to 126 nations that are set to attend the BRICS Municipal Conference. Showing increasing interest in joining the bloc and moving away from reliance on the US dollar.
Vince also talks JP Morgan's gold comments, Nvidia's earnings, and the rest of the precious metals news this morning. To find out more, click to watch the video now!
Debt Crisis Spiraling Out Of Control | Alasdair Macleod
Liberty and Finance: 8-29-2024
Alasdair Macleod discusses the imminent financial crisis stemming from the Western world's escalating government debt, which now exceeds levels seen during World War II.
He highlights the dangerous debt trap where debt growth outpaces income growth, exacerbated by a lack of foreign investment and rising inflation.
Macleod warns that the U.S. dollar is in a precarious position, with rising interest rates and a potential recession contributing to economic instability.
He critiques the government's policies, particularly the approach to unrealized capital gains taxes, as a manifestation of the broader problem of currency devaluation.
Macleod underscores that gold is maintaining its value amidst this turmoil, driven by global shifts away from fiat currencies and central banks' increasing gold reserves.
INTERVIEW TIMELINE:
0:00 Intro
1:35 Topic outline
3:08 Debt trap
22:53 Stocks vs gold
33:15 Russia/Ukraine conflict
42:02 Macleod Finance
‘Middle-Class Squeeze’: U.S. Government Spending and Real Wages Are Under Pressure - E.J. Antoni
Kitco News: 8-29-2024
Jeremy Szafron, Anchor at Kitco News, interviews E.J. Antoni, a public finance economist from the Heritage Foundation and senior fellow at Unleash Prosperity.
In this discussion, Antoni dives into the U.S. economy’s current state, exploring whether recent GDP growth is sustainable or merely borrowing from the future.
Antoni provides his analysis on the real impact of inflation, the federal debt crisis, and the accuracy of government-reported job data.
The conversation covers the underlying vulnerabilities in the economy, from consumer debt at record levels to the challenges facing the labor market.
00:00 – Introduction
01:16 - Is GDP Growth Sustainable or Borrowing from the Future?
03:41 - Consumer Spending: Resilience or Credit Dependency?
06:32 - Inflation Driven by Government Spending
09:54 - The Growing Threat of National Debt
12:47 - Can We Trust Government Job Data?
15:33 - Small Businesses and Regulatory Burdens
18:23 - Middle-Class Erosion and Real Wages
21:48 - Recession Indicators: Are We Already There?
24:35 - Long-Term Stagnation: Lessons from Japan
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Economics, Gold and Silver, News DINARRECAPS8 Economics, Gold and Silver, News DINARRECAPS8
Good Morning Dinar Recaps,
HONG KONG launches PROJECT ENSEMBLE SANDBOX for wCBDC, tokenization
Today the Hong Kong Monetary Authority (HKMA) launched the Project Ensemble Sandbox to support institutional experimentation with tokenization, both traditional securities and real world assets (RWA). The initiative also involves an experimental wholesale CBDC (wCBDC) to enable interbank settlement between the tokenized deposits of banks.
Four banks are providing the tokenized deposits:
▪️HSBC, ▪️Standard Chartered (Hong Kong),
▪️Bank of China (Hong Kong) and ▪️Hang Seng Bank.
Good Morning Dinar Recaps,
HONG KONG launches PROJECT ENSEMBLE SANDBOX for wCBDC, tokenization
Today the Hong Kong Monetary Authority (HKMA) launched the Project Ensemble Sandbox to support institutional experimentation with tokenization, both traditional securities and real world assets (RWA). The initiative also involves an experimental wholesale CBDC (wCBDC) to enable interbank settlement between the tokenized deposits of banks.
Four banks are providing the tokenized deposits:
▪️HSBC, ▪️Standard Chartered (Hong Kong),
▪️Bank of China (Hong Kong) and ▪️Hang Seng Bank.
Other direct participants are Microsoft Hong Kong, Ant Digital Technologies (ADT) and Hashkey Group.
The Securities and Futures Commission (SFC)is partnering with HKMA for one of the four trial categories relating to fixed income and funds, where BlackRock and Franklin Templeton are amongst the ‘non community’ participants.
Julia Leung, SFC CEO saidthe Sandbox is an “example of how innovation and regulation can go hand in hand to blaze a new path for our financial markets.
As two major architects of Hong Kong’s financial markets, the SFC and the HKMA share the same vision and dedication to future-proofing the city’s financial system through innovative market infrastructure.”
Unlike stablecoins where payments involve a single token transfer, a tokenized deposit is a digital twin. Hence,a token transfer from the client of one bank to another also requires the banks to settle with each other in their off-chain books. That can be done with a payment using the conventional RTGS system, or ideally with a wholesale CBDC.
Liquidity, supply chain and green finance use cases
Meanwhile,another Sandbox application categoryis for liquidity management, including repo and treasury management. Ant International (not ADT), iscollaborating with StanChart and HSBC to develop a global liquidity management solution.
The goal is to use Ant’s Whale platform for treasury management to help the banks to exchange their tokens. Ultimately,this aims to support+ real-time 24/7 cross border payments.
Supply chain finance is an area to be explored in the Sandbox.One use caseinvolvesissuing electronic bills of lading (eBL) on the Global Shipping Business Network (GSBN) blockchain infrastructure.
These eBLs are tokenized by Ant Digital Technologies to support money movements for trade finance using tokenized deposits,with interbank settlement usingwCBDC.The ICC Digital Standards Initiativeis a participant in another trade related use case.
The fourth application area is for green finance,which attracted the most external participants (8) including local stock exchange HKEX.
Apart from these four areas, theHKMA said it would continue to engage with the community to potentially add more. Plus, it’s exploring collaborating with the BIS Innovation Hub on one or more themes.
The HKMA is also taking part in the European Central Bank wholesale DLT settlement trials.They aim to test the interoperability between the Project Ensemble platform and the Banque de France DL3S blockchain for wCBDC.
@ Newshounds News™
Source:Ledger Insights
~~~~~~~~~
JUST IN: Elon Musk wins dismissal of lawsuit claiming he rigged Dogecoin and conducted insider trading.
JUST IN: Elon Musk wins dismissal of lawsuit claiming he rigged Dogecoin and conducted insider trading.
Source:@WatcherGuru
~~~~~~~~~
Governments are scrambling to secure and safeguard their critical minerals.
Meanwhile, the majority of investors remain sleeping. Billions of dollars worth of minerals in the ground are trading at a fraction of their true value. This eventually will change.
Source:Gold Telegraph on X
~~~~~~~~~
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TNT:
Tishwash: What are the challenges of selling Iraqi oil in “petro dinars” and will the dollar falter?
After 2003, Iraq was able to significantly increase its oil production level thanks to its openness to international companies specializing in energy, through the new contracting system called licensing rounds. Production increased from three million barrels per day in 2003 to more than 4.22 million barrels in the last quarter of 2023.
Iraq's oil and gas sector is the country's lifeblood, contributing more than 95% of GDP.
Caution Caution
In addition, warnings are escalating about the impact of the decline in oil on the general budget in Iraq and the extent of its impact on increasing the budget deficit, which is estimated at the time of approving the budget at about (47) billion dollars, especially since the budget depends primarily on oil prices, at a rate exceeding (95%) as its source.
TNT:
Tishwash: What are the challenges of selling Iraqi oil in “petro dinars” and will the dollar falter?
After 2003, Iraq was able to significantly increase its oil production level thanks to its openness to international companies specializing in energy, through the new contracting system called licensing rounds. Production increased from three million barrels per day in 2003 to more than 4.22 million barrels in the last quarter of 2023.
Iraq's oil and gas sector is the country's lifeblood, contributing more than 95% of GDP.
Caution Caution
In addition, warnings are escalating about the impact of the decline in oil on the general budget in Iraq and the extent of its impact on increasing the budget deficit, which is estimated at the time of approving the budget at about (47) billion dollars, especially since the budget depends primarily on oil prices, at a rate exceeding (95%) as its source.
And to Basra, where its crude oil is witnessing weekly losses of $5, or 2%, as a result of the global decline in oil prices, while observers see: “The interesting thing about the latest confusing matter is the acceleration of oil prices, which have witnessed some declines, but as long as oil prices are above (70) dollars, Iraq is safe and the planned deficit is (47) billion dollars, but they confirmed that if it falls below (70) dollars, even by one dollar, this will increase the deficit by a large percentage of up to $1.2 billion if the decline continues for one year, and this will put great pressure on the budget.
The data also indicates that prices will remain at $70 and will rise again to around $80 based on the OPEC and OPEC Plus action plan, and Iraq will benefit. As for Iraq’s current weekly losses, they are due to fluctuations or declines in Asian demand, especially in India and China.
Strategic expert Alaa Al-Azzawi said: “This measure will enhance the value of the local currency, which is suffering from confusion due to the fluctuation of the dollar exchange rate in the Iraqi markets.
Al-Azzawi told the “Iraq Observer” agency that the most important thing in this procedure is selling oil in dinars. “The petro-dinar will enable the Iraqi currency to enter the global markets, as Russia did before and sold its oil in local currency.”
The strategic expert pointed out that the most important thing is that the Iraqi dinar will enter a new phase in global trade relations, and the position of the dollar may weaken within Iraq.
Where is the series of losses going?
Basra Heavy and Medium crude recorded weekly losses, with global oil prices recording losses of more than 2%. Basra Heavy crude closed in its last session up $1.8 to reach $72.47.
It recorded weekly losses of $3.25, while Basra Medium crude closed in its last session with an increase of $1.8 to reach $75.47, and it also recorded weekly losses of $3.39, or the equivalent of 3.92%, while Brent crude recorded weekly losses of 1.2%, and West Texas Intermediate crude recorded weekly losses of 2.1%.
Both crudes hit their lowest levels since early January this week, after the U.S. government sharply cut its estimate of jobs added by employers in the country this year through next March.
For his part, Al-Sudani’s financial advisor, Mazhar Muhammad Salih, said: “Any deviation between oil prices (petrodollars) and the exchange rate (petrodinars) according to international market data will be considered a cost that requires compensation by paying fewer dinars or collecting a higher dinar in the opposite case,” indicating that “international reserve currencies are foreign currencies held by central banks and global financial institutions as part of their monetary reserves.”
These currencies are used in international transactions and debt settlement between countries, and are a standard for international payments and facilitating global trade.”
“Russia suffered a lot when it priced its exported oil in rubles (petrorubles), and the ruble is a non-reserve currency, and committed to a value for the ruble that was initially denominated in gold to ensure the stability of oil revenues. Here, the petroruble underwent two asset cycles at the same time (which complicated the scene of selling oil in local currency and stabilizing the value of the petroruble),” Saleh said.
According to Saleh, international market data indicate that “the first cycle: is the result of the impact of what is called the gold asset cycle and its impact on the value of the (petroruble) or the local currency denominated in exported oil.
The second, and the talk is in favor of: it is the oil assets cycle, and its effect on the value of a barrel of oil outside the global price and the reflection of that on oil revenues priced in that currency, and that “the two cycles are asset cycles that are linked and contradict each other at the same time on the value (of the currency priced in the exported oil, such as the petroruble), which made pricing Russian oil in rubles as a local currency and according to the data of the global oil market a very complex issue.”
He pointed out that “the principle of using the dinar as a local currency in international oil exchanges (petrodinar) is not without many challenges, which is why those potential challenges must be carefully considered, especially the issue of the flexibility or stability of the value of the (petrodinar) itself to change and fluctuation, especially since we in the oil market are not price makers in it, but rather price takers.”
He noted that “the global oil market will control the fluctuation of the local currency (petrodinar), in addition to the importance of international recognition of it, and the financial infrastructure necessary to support such operations from (petrodinar).
“In other words, the strategy of basing the value of the currency on oil exports directly may make the value of the local currency vulnerable to fluctuations in the global market,” he continued. “The proposal to sell oil in dinars as a local currency must take into account an important theory in global trade called the Law of One Price, which is an economic concept that assumes that the same commodity should be sold at the same prices in all markets when the price is expressed in the same currency.”
Explaining: “This is on condition that there are no transportation costs or trade barriers such as customs tariffs and others, as the single price theory here is the basis for many economic and commercial models and the theory is based on the assumption that markets operate efficiently, according to the official agency.”
A new collapse
and oil prices fell by about 2 percent today, due to fears of the impact of the slowdown in economic growth in the United States and China on energy demand, especially after prices rose by more than 7 percent during the previous three days.
Brent crude futures fell 1.6 percent, or $1.31, to $80.12 a barrel, while U.S. West Texas Intermediate crude fell 1.7 percent, or $1.30, to $76.12.
Prices have risen sharply in the past few days as analysts point to a potential shutdown of Libya's Nagat fields, which could limit the OPEC member's output of around 1.2 million barrels per day.
Analysts pointed to tensions in the Middle East following a large-scale exchange of fire between Israel and Iran-allied Hezbollah in Lebanon in recent days, according to Reuters.
Crude oil prices have recently been affected by growing expectations that the Federal Reserve will cut interest rates next month, which could boost economic growth and thus demand for oil.
U.S. data is expected to show that energy companies last week pulled crude oil from inventories for the eighth week out of nine.
Analysts expected US energy companies to withdraw about three million barrels of crude from inventories during the week ending August 23.
The American Petroleum Institute is scheduled to release weekly U.S. oil inventory data today, as is the U.S. Energy Information Administration. link
************
Tishwash: Al-Sudani to OPEC Secretary General: Iraq is committed to the organization's production policies
Prime Minister Mohammed Shia Al-Sudani received today, Thursday, the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais.
According to a statement by the Prime Minister's Office, a copy of which was received by {Euphrates News}, the meeting addressed "issues related to the oil market, with what the region is witnessing, which represents the main source of oil to the world, and the importance of coordinating joint efforts between all member states of the organization, in a way that maintains the sustainability and stability of oil prices, and does not harm exporters and consumers."
The Prime Minister stressed that "Iraq, as one of the largest oil exporting countries in the organization, always declares its commitment to the general policies of the plans adopted by OPEC countries regarding production, or what is determined within the framework of the OPEC Plus agreement."link
************
Tishwash: Why doesn't Iraq rely on the World Bank to overcome the "dollar crisis"? An expert answers
Today, Friday (August 30, 2024), the expert in economic and financial affairs, Nabil Jabbar Al-Tamimi, commented on the possibility of the World Bank helping Iraq develop its economic and financial situation and solve the remittance crisis.
Al-Tamimi said in an interview with Baghdad Today, "The World Bank is an international banking financial institution affiliated with the United Nations, but it is subject to special management related to the influence of some countries according to their banking contributions, as its tasks are limited to investment financing for countries, providing international loans, and managing projects according to its international banking conditions."
He pointed out that "Iraq is currently working extensively with one of the World Bank institutions with the International Finance Corporation (IFC) to develop a group of sectors, including the transportation and airports sectors," explaining that "the World Bank, as an important international and financial institution and a UN institution at the same time, works with Iraq and other countries in the fields of lending and providing technical consultations, as well as providing Iraq with economic data and analyses within the limits of its work."
The expert in economic and financial affairs stressed that "it is not within the World Bank's jurisdiction to intervene in the issues facing Iraq, especially with regard to the remittance crisis, local banking failures, or weak procedures to protect funds from suspicions of money laundering and financing terrorism."
According to specialists, Iraq has more than (70) banks, approximately five of which are governmental and the remaining number are private banks, but Iraq relies heavily on financial transfers, especially with regard to the dollar, to various foreign banks, due to the failure of Iraqi private banks to arrange their legal and technical situations in the issue of financial correspondence.
Earlier, Alia Nassif, a member of the Parliamentary Integrity Committee, revealed that the Iraqi-Jordanian National Bank had obtained $3.6 billion from the currency auction during the first three months of the current year, which enabled it to obtain a profit of about 40 billion dinars. link
Mot: . Happy Friday everyone
Mot: Do You Have any Idea what a ""Jabberwalky"" Is!!!???
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BRICS News: 126 Nations Discuss Moving Away from US Dollar, Explore Crypto Payments
BRICS hosted its sixth International Municipal Forum this week, with over 5,000 participants representing 126 countries attending the event in Moscow, Russia.
De-dollarisation will be high on the priority list for the countries as more countries beyond North America and Europe seek to break the US stranglehold on global finance.
Good Evening Dinar Recaps,
BRICS News: 126 Nations Discuss Moving Away from US Dollar, Explore Crypto Payments BRICS hosted its sixth International Municipal Forum this week, with over 5,000 participants representing 126 countries attending the event in Moscow, Russia.
BRICS is becoming stronger by the day and continues to attract more developing nations who are fed up with the continued dominance of a few economies at the expense of the majority. This made this week’s summit in Moscow even more significant, with de-dollarisation topping the list of priorities.The sixth BRICS International Municipal Forum was held on August 27-28 this week in Moscow, Russia. According to local media,leaders from 80 Russian regions were joined by over 5,000 leaders from 120 countries globally. Commenting on the event, “This forum will allow us to strengthen relations not only between the BRICS capitals and Moscow but also between our partners on all continents. Today, more than 60 official delegations are represented at the event. <…> For us, this presence is evidence of our colleagues’ interest in the technologies that Moscow is implementing in the municipal sphere,” he stated. The forum allowed the attendees to discuss some of the challenges they face in their home countries and figure out solutions and synergies together. It touched on healthcare, transport, science and technology, education and more.
The attendees also discussed emerging trends such as AI, smart cities, IoT, climate change, and more. However, the global movement of money was one of the biggest themes.BRICS De-dollarisation—Is Crypto Next?
As we’ve reported, BRICS has been the biggest critic of the US dollar-based global financial systems. The bloc’s founding members, especially Russia and China, have been at odds with the US for decades, competing on the tech, military, and economic front. America has continued to rely on the position of its currency to suppress these countries, and they are now fighting back.Russia is the prime driver of the BRICS de-dollarisation movement. The Eastern European nation has been kicked out of most global funds transfer systems, including SWIFT, through the 5,000+ sanctions imposed by the US and its allies. As we recently reported, it’s working on a crypto-based system to circumvent this blockade. When it started,
Another thing BRICS nations have in common is their affinity for crypto.Russia is set to fully legalize crypto for cross-border payments and open two new state-owned exchanges, and reports say China could follow suit.
@ Newshounds News™
Source:Crypto News Flash
~~~~~~~~~
HOUSE COMMITTEE PLANS for Heap of Crypto Hearings in September
The House Financial Services Committee is expected to look at DeFi, U.S. enforcement and "pig butchering" in a series of hearings the panel is set to schedule for next month.
▪️The U.S. House of Representatives' financial-services committee is said to be tackling a ton of crypto issues next month, including DeFi and Securities and Exchange Commission matters. ▪️Digital assets will likely be a hot topic for SEC Chair Gary Gensler, who is said to be scheduled to face the entire committee later in September.
The U.S. House Financial Services Committee is poised to launch a series of crypto hearings digging into several aspects of the industry, according to a person briefed on the planning, including decentralized finance (DeFi), the Securities and Exchange Commission's oversight of digital assets businesses and the implications of "pig butchering" scams.
The congressional panel, which has oversight over U.S. securities and most financial products, will set a September hearing calendar jammed with crypto-relevant topics, the person said. The committee chairman,Rep. Patrick McHenry (R-N.C.), is retiring at the end of the year and has said one of his top remaining priorities is finishing one of the bills to begin establishing tailored federal rules for crypto.
The first of the hearings on Sept. 10 will be a long-awaited subcommittee examination of DeFi,an aspect of the crypto industry that's received mostly negative attention from regulators to date.
A number of proposed rules at various federal agencies could have existential consequences for DeFi projects, including at the SEC and Internal Revenue Service.
A busy day on Sept. 18will feature two hearings –onein the morning on theenforcement practices of the SECandone later onthe implications of so-calledpig butchering, the practice of posing as a romantic partner to scam people out of their assets.
But a full-committee hearing on Sept. 23 could carry the most crypto weight, with the SEC set to testify. The House panel is said to be seeking testimony from Chair Gary Gensler and the rest of the five-member commission in the same hearing – a highly unusual approach.
They'd appear just as the lawmakers are also negotiating legislation that could seek to hem in the agency's digital assets jurisdiction in favor of casting theCommodity Futures Trading Commissionin a more prominent role.
The possibility of crypto legislation remains dicey this year, though the calendar includes time for work on bills, and prominent lawmakers – including Senate Majority Leader Chuck Schumer (D-N.Y.) – keep saying they intend to get something done.
A spokesperson for the committee chairman didn't immediately respond to a request for comment on the schedule planning.
@ Newshounds News™
Source:CoinDesk
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KTFA:
Frank26: "BIT'S & PIECES OF THE MONETARY REFORM ARE NOT THE TRUTH"...........F26
Clare: FRANK WILL TALK ABOUT THIS ARTICLE ON FRIDAY'S YOUTUBE.
"Two conditions to achieve it" .. Al-Sudani's advisor rules out removing 3 zeros from the currency
8/29/2024
The Iraqi Prime Minister's advisor for economic affairs, Mazhar Mohammed Salih, ruled out the government removing three zeros from the Iraqi currency at present, noting that achieving this requires two basic conditions.
KTFA:
Frank26: "BIT'S & PIECES OF THE MONETARY REFORM ARE NOT THE TRUTH"...........F26
Clare: FRANK WILL TALK ABOUT THIS ARTICLE ON FRIDAY'S YOUTUBE.
"Two conditions to achieve it" .. Al-Sudani's advisor rules out removing 3 zeros from the currency
8/29/2024
The Iraqi Prime Minister's advisor for economic affairs, Mazhar Mohammed Salih, ruled out the government removing three zeros from the Iraqi currency at present, noting that achieving this requires two basic conditions.
Mazhar Mohammed Saleh told Rudaw Media Network: "I rule out that the government will remove zeros now," indicating that "removing three zeros from the currency has nothing to do with the value of the currency, but rather improving cash payment systems."
The Iraqi Prime Minister's advisor for economic affairs explained that "the three zeros added price and monetary inflation to the currency, starting with the Iran-Iraq war and passing through the time of the economic blockade (the nineties of the last century), and the conflicts generated inflation in the value of the currency."
He pointed out that "when prices rise, we need larger denominations of money to maintain the equivalence between price and money. For example, due to price inflation, 25 Iraqi dinars have become 25,000 dinars."
Mazhar Mohammed Saleh pointed out the importance of "reducing the calculations that have reached trillions in recent years, and this has become a tiring matter," adding that "the process of raising three zeros does not only mean the value of the currency, but also the calculations and statistics, and in order for the method of managing it to be easy."
The Iraqi Prime Minister's advisor for economic affairs also said, "The process of issuing large denominations reduces the currency in terms of quantities, and is a process of reforming the cash payments system, especially since this modern and advanced time requires smaller numbers."
Mazhar Muhammad Salih believed that removing three zeros from the currency, globally, requires two conditions: “political stability and economic stability. When these two factors are available, countries resort to removing zeros from their currency,” adding that “the value is fixed and not affected. Rather, it is a relative change.”
He stated that the project to remove three zeros “we worked on between 2011 and 2012, but there was a delay in the matter, because it requires a change in the accounts of the Republic of Iraq and statistics, and requires cooperation between monetary policy and all government policies.”
It is noteworthy that a number of economists and experts recently called for deleting three zeros from the Iraqi currency, considering that this would reduce monetary inflation in Iraq and strengthen the dinar currency. LINK
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TNT:
Tishwash: Industrial Bank warns citizens against carrying amounts exceeding the permitted limit
The Industrial Bank warned citizens, today, Thursday, against carrying amounts exceeding the permitted limit.
The bank's media office said in a statement received by the Iraqi News Agency (INA): "Citizens should be careful not to carry amounts exceeding the permitted limit," indicating that "they can use official methods to transfer large sums of money."
He added, "Citizens should avoid carrying cash to avoid legal accountability in the event that the permitted limits for bringing in and taking out money to and from Iraq are exceeded." link
TNT:
Tishwash: Industrial Bank warns citizens against carrying amounts exceeding the permitted limit
The Industrial Bank warned citizens, today, Thursday, against carrying amounts exceeding the permitted limit.
The bank's media office said in a statement received by the Iraqi News Agency (INA): "Citizens should be careful not to carry amounts exceeding the permitted limit," indicating that "they can use official methods to transfer large sums of money."
He added, "Citizens should avoid carrying cash to avoid legal accountability in the event that the permitted limits for bringing in and taking out money to and from Iraq are exceeded." link
Rafidain announces the implementation of the comprehensive banking system in three new branches
Rafidain Bank announced, today, Thursday, the implementation of the comprehensive banking system in the branches of Al-Amel neighborhood in Baghdad, Al-Farouq in Diyala, and Al-Khalidiya in Anbar.
The media office of Rafidain Bank said in a statement received by "Al-Eqtisad News", "In implementation of the government program to move from paper transactions to electronic transactions to provide the best services to citizens, Rafidain Bank announces the implementation of the comprehensive banking system in the branches of Al-Amel neighborhood in Baghdad, Al-Farouq in Diyala, and Al-Khalidiya in Anbar to join the branches that have activated the comprehensive system in Baghdad and the governorates in addition to the branches of the border crossings (Zurbatiya - Safwan - Arar - Trebil) so that the number of branches that have implemented and completed the system becomes (40) branches," indicating that "this came in an important step to strengthen the banking system and achieve its requirements and leave paper work and move completely to electronic systems."
The two banks confirmed that "the digital transformation plan and the adoption of the comprehensive banking system are proceeding according to the set timetables to include all bank branches in the implementation of the system, especially since the priorities and adoptions of the government program include electronic transformation in financial transactions, reducing the circles of routine for citizens, shortening time, simplifying procedures, overcoming obstacles, and intensifying efforts to improve the level of services provided to customers and completing their transactions link
************
Tishwash: Taif Sami and the World Bank discuss supporting the economic and financial reform program
On Thursday, Minister of Finance, Ms. Taif Sami, received the World Bank’s Regional Director for the Middle East, Jean-Christophe Carret, and the Bank’s Special Representative in Iraq, Richard Abdelnour.
During the meeting, the World Bank's loans and grants, development project priorities, and ways of supporting the World Bank to enhance the financial and business sectors and improve the investment environment were followed up. The meeting emphasized the continuation of bilateral coordination to enhance sustainable development, in addition to discussing the bank's support for the government program regarding economic reform in Iraq.
Minister Sami pointed out the government's interest in strengthening partnership with international financial institutions, within the framework of accelerating the pace of financial and banking reforms in line with the Iraqi government's vision aimed at consolidating the foundations of the national economy, achieving economic balance, and correcting the course of financial policy in Iraq. link
************
Tishwash: Parliamentary satisfaction" on managing the investment file: Al-Sudani's foreign visits will attract international companies - Urgent
The Parliamentary Investment Committee confirmed, today, Thursday (August 29, 2024), the success of Prime Minister Mohammed Shia Al-Sudani in attracting investments during his various foreign visits.
Committee member Mohammed Al-Ziyadi said in an interview with Baghdad Today, "There is certainly a clear success for Prime Minister Mohammed Shia Al-Sudani in attracting various foreign investments, especially during his various foreign visits as well as during his meetings with foreign officials in the capital, Baghdad. There is great government interest in the investment file."
He pointed out that "Iraq will be a large and important field of work for various foreign investments during the coming period, and there will be a competition for international companies to work in Iraq, and this is certainly due to the political and security stability, as well as the government's interest in this file, due to its great economic and urban importance for the country."
Last Tuesday, Prime Minister Mohammed Shia Al-Sudani began an official visit to the Arab Republic of Egypt and the Republic of Tunisia, to discuss overall bilateral relations and the latest international developments in the region. He will also hold extensive discussions on enhancing joint cooperation in various fields and sectors. link
Mot: . more ""Marital Insight"" frum the ole Net
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Nigeria’s SEC issues first license to local crypto exchange
As the regulatory environment continues to evolve, other local exchanges will likely follow Quidax’s lead and seek to meet the SEC’s requirements.
The Nigerian Securities and Exchange Commission has issued Quidax, an Africa-based crypto exchange, its first provisional operating license.
The development signals the beginning of formal recognition and regulatory oversight for the country’s digital asset industry.
Good Morning Dinar Recaps,
Nigeria’s SEC issues first license to local crypto exchange
As the regulatory environment continues to evolve, other local exchanges will likely follow Quidax’s lead and seek to meet the SEC’s requirements.
The Nigerian Securities and Exchange Commission has issued Quidax, an Africa-based crypto exchange, its first provisional operating license.
The development signals the beginning of formal recognition and regulatory oversight for the country’s digital asset industry.
According to a press release shared with Cointelegraph,the SEC’s license permits Quidax to operate as a registered crypto exchange in Nigeria.
Quidax saidthe SEC’s approval is a “shot of adrenaline” for the Nigerian crypto community, encouraging further innovation and expansion.
Regulatory milestone
Buchi Okoro, the co-founder and CEO of Quidax,praised the SEC — particularly under the new leadership of Emomotimi Agama — for its decisive action to bring order, confidence and investor protection to the Nigerian crypto industry.
The regulatory approval now enables Quidax to collaborate with banks and other financial institutions, pending the Central Bank of Nigeria’s approval. The SEC’s licensing follows a comprehensive amendment to its rules on June 21, which covered digital asset issuance, offering platforms, exchange and custody.
A notable part of the regulatory overhaul is the introduction of the Accelerated Regulatory Incubation Programme designed to help virtual assets service providers align with new regulatory requirements.
Despite these advancements, there was initial concern that the stringent licensing requirementsmight significantly reduce the number of local crypto exchanges.
The Nigerian SEC mandates a minimum upfront capital requirement of 500 million naira($556,620) anda current Fidelity Insurance Bond covering at least 25% of the stipulated minimum paid-up capital for both digital asset exchanges and digital assets offering platforms.
Nigeria’s crypto landscape
Nigeria —Africa’s largest economy—has consistently ranked high in global cryptocurrency adoption. According to a recent survey of 15 countries, Nigeria boasts the world’s most cryptocurrency-aware population.
Chainalysis’ “2023 Cryptocurrency Geography Report” placed Nigeria second in crypto adoption among 154 countries, underscoring its critical role in the global digital asset ecosystem.
However, despite the high adoption rate, the anticipated influx of foreign crypto investment has not materialized as expected. The new regulatory framework and Quidax’s licensing could potentially alter this trajectory by providing a more stable and secure environment for both local and international investors.
@Newshounds
Source :Coin Telegraph
~~~~~~~~~
Hong Kong announces sandbox to accelerate RWA tokenization adoption
Hong Kong’s financial regulator launched a new sandbox initiative at testing tokenization use cases across asset classes and real-world applications in the financial sector.
The Hong Kong Monetary Authority has launched its new initiative dubbed “Project Ensemble Sandbox” in a bid to double down on its tokenization efforts of real-world assets.
In an Aug. 28 press release,the HKMA said the initiative aims to test and refine the use of tokenized money for interbank settlements and transactions involving tokenized assets.
The sandbox is said to focus on four main themes for its initial round of experimentation: fixed income and investment funds, liquidity management, green and sustainable finance, and trade and supply chain finance.
The HKMA saysbanks have already connected their tokenized deposit platforms to the sandbox, allowing for real-time testing of payment-versus-payment and delivery-versus-payment settlement mechanisms.
The initiative includes Standard Chartered (Hong Kong), HSBC, Bank of China (Hong Kong), Hang Seng Bank, and HashKey Group, among others.
In a separate development,Ant International, a tech firm headquartered in Singapore, revealed its participation in the sandbox with a focus on liquidity management.The company will work with Hong Kong branches ofStandard Chartered Bank and HSBC to develop a global liquidity management solution that supports real-time, cross-border payments.
HKMA Chief Executive Eddie Yue commenting on the initiative saidthe sandbox marks a “significant step forward for the HKMA and the industry to explore the application of tokenization in real-life business scenarios,” adding thatwith the latest development it wants to further drive innovation and progress in the Hong Kong tokenization market.
@Newshounds
Source:Crypto News
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Iraq Dinar-#Iraqidinar-Iraq-International Water-No Disclosure of Costs-to World-MoF-Ernst & Young
MilitiaMan and Crew: 8-28-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Iraq Dinar-#Iraqidinar-Iraq-International Water-No Disclosure of Costs-to World-MoF-Ernst & Young
MilitiaMan and Crew: 8-28-2024
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NASDAQ UNVEILS PLANS FOR SPOT BITCOIN OPTIONS
Today Nasdaq announced it has filed an application with the Securities and Exchange Commission to launch Nasdaq Bitcoin Index Options (XBTX). Its partner is CF Benchmarks, the creator of the CME CF Bitcoin Real-Time Index (BRTI). The offering is subject to SEC approval.
The index represents current trades on cryptocurrency exchanges and these will be spot options.This complements the existing CME Options which are linked to bitcoin futures.
Good Evening Dinar Recaps,
NASDAQ UNVEILS PLANS FOR SPOT BITCOIN OPTIONS
Today Nasdaq announced it has filed an application with the Securities and Exchange Commission to launch Nasdaq Bitcoin Index Options (XBTX). Its partner is CF Benchmarks, the creator of the CME CF Bitcoin Real-Time Index (BRTI). The offering is subject to SEC approval.
The index represents current trades on cryptocurrency exchanges and these will be spot options.This complements the existing CME Options which are linked to bitcoin futures.
“Spot options settling to BRRNY (CME CF Bitcoin Reference Rate – New York Variant) will build upon the hugely successful BTC futures and options contracts offered by CME,” said aid Sui Chung, CEO of CF Benchmarks.
“Together these regulated crypto derivatives will give investors the confidence to deploy more nuanced ways to gain exposure to the largest digital asset and will complement the spot ETFs that have already proved so popular with investors.”
On that point,there have been several filings for the approval of options linked to the Spot Bitcoin ETFs.This month four proposals were withdrawn by Cboe, NYSE, Nasdaq and BOX. A Bloomberg commentator expects to see re-filings and approval for ETF options in Q4.
Meanwhile, the New York Stock Exchange (NYSE) made a filing in May for spot Bitcoin options similar to the Nadaq’s,although those are based on the Coindesk index.
@Newshounds
SOURCE:LEDGER INSIGHTS
~~~~~~~~~
IOTA’s EVM, REAL WORL ASSETS, and DUBAI’s CRYPTO BOOM: Shaping the Future of DeFi
IOTA’s EVM, RWAs, and Dubai’s thriving crypto nature are poised to revolutionize decentralized finance.
Additionally, Dubai’s friendly regulatory framework and forward-thinking approach could transform Dubai into a key player in the crypto economy.
The growth of the blockchain ecosystem is fueling the development of cutting-edge technologies that have the potential to revolutionize decentralized finance.
In particular, IOTA’sEthereum Virtual Machine (EVM), Real World Assets, and the thriving crypto environment in Dubai. By converging these three elements, the future of Decentralized Finance is poised to flourish.
The launch of IOTA’s EVM, which happened mid-May this year, was a significant milestone in bridging the gap between its unique Tangle technology ( an innovative type of distributed ledger technology) and the Ethereum ecosystem- the king of smart contracts.
This integration means that developers can leverage Ethereum’s off-the-edge tools and Dapps, also making IOTA a force to be reckoned with in the smart contract landscape. Making this a dynamic duo, the IOTA network is acclaimed for feeless transactions and scalable network.
Going unheeded is the growing trend inthe tokenizing of real-world assets such as real estate, commodities, and more.Bringing assets like this onto the Blockchain means easy trading, transparency, and security. As this real-world asset digitization, regions like Dubai, where the real estate market is blooming and has a strong appetite for innovation, could be a step in the right direction.
IOTA’s EVM and RWA lead the way in Dubai’s Blockchain Revolution
Since 2021, Dubai has emerged as a dubayy for blockchain and cryptocurrency innovation.Dubai boasts a crypto-friendly regulatory frameworkthat has often attracted blockchains from across the globe.
Its forward-thinking approach has made the city the leader in real estate business, technology and innovation, Finance and banking, and the E-commerce sector.
Dubai’s ambition to become a leading crypto-friendly city aligns perfectly with the developments surrounding IOTA’s EVM and RWAs. The city dreads to integrate the thriving blockchain technology into various sectors from finance to real estate.
By amalgamating the finest attributes of both realms: IOTA’s secure data, feeless transactions, and minimal resource demands This, is a perfect recipe to foster innovative business models in Dubai.
Additionally, In doing so, Dubai requires a platform that will offer security, transparency, and efficiency especially when it comes to RWAs.
The synergy between these elements could unlock new opportunities for asset tokenization in Dubai.This would see real estate in the city being tokenized on IOTA, allowing fractional ownership and easier access to international investors.
This would not only boost Dubai’s real estate market but also contribute to the growth of the local crypto ecosystem.
Meanwhile, IOTA is swapping hands for $0.1353, marking a 3.70% and 20.04% decline in the last 24 hours and past month, respectively.
@Newshounds
SOURCE:Crypto News Flash
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