Iraq Economic News and Points to Ponder Saturday AM 3-8-25

Central Bank: Enhancing Financial Inclusion Through Three Main Pillars
 
Economy   Yesterday, 18:16  Baghdad - WAA - Wissam Al-Mulla  The Central Bank of Iraq confirmed, today, Friday, its   continued work to enhance financial inclusion through three main pillars, while indicating the launch of  initiatives to enhance financial awareness and increase the integration of individuals into the banking sector.
 
The Director of the Financial Inclusion Department at the Central Bank, Hussein Abdul Amir, said in a statement to the Iraqi News Agency (INA): "The Central Bank seeks to achieve financial inclusion by increasing those involved in the banking sector through three main pillars, including  ease  of access, use, and cost," indicating that  "the Financial Inclusion Department will support any project that is consistent with these three pillars."

He pointed out that "the Central Bank has launched many initiatives and activities at the level of all Iraqi governorates, the aim of which is to increase    awareness,   knowledge and   financial capacity 
of individuals, whether individuals or companies," noting that
 
"efforts are being made to  
     accelerate the integration of individuals or the public with the financial sector and
     obtain great benefit for both parties, whether individuals or financial institutions."

He added that "the integration of individuals and financial institutions achieves great value in terms of providing

 liquidity to financial institutions in addition to providing
 lending means to the public, as well as
 developing projects, thus  achieving a significant increase in economic growth in Iraq." 
  
https://www.ina.iq/229516--.html

Parliamentary Oil Committee Rules Out Passing Oil And Gas Law During Current Session

energy  Economy News – Baghdad  The Parliamentary Oil and Gas Committee confirmed today, Friday, that there are disagreements over the management of resources, which led to the obstruction of passing the Oil and Gas Law, while it ruled out passing it in the current electoral cycle.

"The oil and gas law has been a demand since 2007, but attempts to legislate it have failed due to political differences and lack of agreement with the Kurdistan Region," said Bassem Naghmish Al-Gharibawi, a member of the parliamentary oil and gas committee, in an interview with the Iraqi News Agency, followed by "Al-Eqtisad News."

He explained that "the law was part of the current ministerial program, and it was supposed to be legislated during this parliamentary session, as committees were formed since 2023 to discuss it, and two drafts were presented: the first from the federal government and the second from the region, and joint committees were formed to hold meetings between the two parties."

He pointed out that "most of the technical issues were agreed upon, but the differences focused on administrative aspects, powers, and representation of the region and governorates in the Federal Oil Council, in addition to how to manage and distribute resources, as well as previous and current rights."

He explained that "the parliamentary oil committee has made intensive efforts with the leaders of the political blocs to clarify the importance of enacting the law, as it regulates the oil wealth that fully funds the state, and contributes to resolving the disputes between the federal government and the region, which contributes to achieving political and economic stability."

He added that "the most prominent point of disagreement between Baghdad and Erbil is related to oil resources and the region's commitment to the decisions issued by the Federal Court and the International Court," noting that "this law is one of the laws that complement the constitution."

Despite all the attempts, Al-Gharibawi stressed that "the committees that were formed were unable to reach a political consensus, which makes passing the law during this electoral cycle an unexpected matter."   https://economy-news.net/content.php?id=53206

Oil Prices Set For Biggest Weekly Loss In Months

energy  Economy News – Baghdad  Oil prices were little changed in early trading on Friday, but were set for their biggest weekly decline since October, as uncertainty over U.S. tariff policy raised concerns about demand growth at a time when major producers are preparing to boost output.

Brent crude futures rose 13 cents, or 0.19 percent, to $69.59 a barrel by 0217 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 8 cents, or 0.08 percent, to $66.44 a barrel.

However, Brent crude is down 4.9 percent so far this week and is on track for its biggest weekly decline since October 14.

West Texas Intermediate crude is also heading for a 4.8 percent decline, also its biggest weekly drop since that period, according to Reuters.

Markets, including oil, have been volatile due to the volatile trade policy in the United States, the world's largest oil consumer.

US President Donald Trump on Thursday suspended 25 percent tariffs on most goods from Canada and Mexico until April 2, while tariffs on steel and aluminum will go into effect on March 12 as scheduled.

The amended order does not include all Canadian energy products, which are subject to a separate 10 percent tax.

Tariffs themselves are a drag on economic growth and hence on oil demand growth. Policy uncertainty slows investment decisions, which also weighs on the economy.

Brent prices fell on Wednesday to their lowest levels since December 2021 after US crude inventories rose and following a decision by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, in the OPEC+ alliance, to increase production quotas.

The alliance said it had decided to go ahead with a planned production increase in April, adding 138,000 barrels per day to the market.   https://economy-news.net/content.php?id=53200

Oil Prices Rise Slightly After 4 Sessions Of Decline

Thursday 06 March 2025 11:24 | Economic Number of readings: 140  Baghdad / NINA / Oil prices recorded a slight rise today, Thursday, after falling during the past four sessions.

Brent crude futures rose 42 cents, or 0.61 percent, to $69.72 a barrel, and US West Texas Intermediate crude rose 40 cents, or 0.6 percent, to $66.71 a barrel.

Brent crude fell 6.5 percent in the previous four sessions to reach its lowest levels since December 2021 on Wednesday, while West Texas Intermediate crude fell 5.8 percent during the same period to its lowest levels since May 2023. / End  https://ninanews.com/Website/News/Details?key=1190275

New Decline In Basra Oil Prices

Friday 07 March 2025 13:58 | Economic Number of readings: 168  Baghdad / NINA / The prices of Basra Heavy and Medium crude oil recorded a new decline during morning trading in the global market.

Basra Medium crude oil recorded $ 70.84 per barrel, while Heavy crude recorded $ 67.79 per barrel, with a change rate of -0.86 for both, for May 2025 delivery.

The data also showed a decrease in global crude prices, as British Brent crude recorded $ 69.57, while US West Texas Intermediate crude recorded $ 66.42 per barrel, with a change rate of -0.11, respectively. / End   https://ninanews.com/Website/News/Details?key=1190488

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

Seeds of Wisdom RV and Economic Updates Saturday Morning 3-08-25

Good Morning Dinar Recaps,

THE EMERGENCE OF LAYER-TWO SOLUTIONS – HOW THEY’RE TRANSFORMING BLOCKCHAIN SCALABILITY AND USHERING IN A NEW ERA OF CRYPTO INNOVATION

In the ever-evolving world of blockchain technology, scalability has been one of the most significant challenges.

As blockchain networks like Ethereum (ETH) continue to see exponential growth, layer-two solutions are emerging as a vital component in addressing issues of network congestion and high transaction fees.

In this post, we’ll dive into the latest developments in layer-two technology, its impact on blockchain scalability and how it’s paving the way for a more efficient and sustainable future for DeFi (decentralized finance) and beyond.

Understanding layer-two solutions

Blockchain networks like Bitcoin (BTC) and Ethereum have often been criticized for their limited transaction throughput and scalability.

Layer-two solutions aim to solve this problem by providing a secondary framework that operates on top of the main blockchain (layer one), allowing for faster, cheaper and more scalable transactions.

There are different types of layer-two solutions, including the following.

▪State channels – These allow two parties to transact off-chain and only settle the final state on the blockchain, reducing congestion.
▪Rollups – Rollups bundle multiple transactions into one, significantly improving transaction speed and lowering fees.
▪Plasma and optimistic rollups – Plasma offers a framework for building scalable applications, while optimistic rollups enable faster execution by assuming transactions are valid until proven otherwise.

Layer-two in action – Ethereum’s road to scalability

Ethereum – one of the most popular blockchain networks – has been at the forefront of layer-two innovation.

The Ethereum network has struggled with high gas fees and slow transaction times due to its PoW (proof-of-work) consensus mechanism.

However, Ethereum 2.0 and the integration of layer-two solutions, such as Optimism (OP) and Arbitrum (ARB), have shown tremendous promise in scaling Ethereum without compromising security.

These layer-two solutions are helping to reduce Ethereum’s gas fees by processing transactions off-chain and only committing essential data to the Ethereum mainnet, making Ethereum more accessible to users across the globe.

In fact, as Ethereum embraces a hybrid model of layer-one and layer-two, it’s enabling DApps (decentralized applications) to run more efficiently and cost-effectively.

Recent updates – Layer-two adoption in the real world

▪Polygon’s expanding ecosystem – Polygon (MATIC), one of the most notable layer-two platforms on Ethereum, has recently seen explosive growth. With major projects like Aave (AAVE), Decentraland (MANA) and even Starbucks utilizing Polygon to enhance scalability and reduce fees, it’s clear that layer-two solutions are becoming an integral part of the DeFi and non-fungible token (NFT) ecosystem.

▪Arbitrum’s airdrop and rise in popularity – Arbitrum’s recent airdrop was one of the most highly anticipated events in the crypto space. This optimistic rollup solution has gained substantial traction for its low-cost transactions and high throughput, making it a go-to choice for developers and users in the Ethereum ecosystem.

▪Solana’s layer-two integration – While Solana (SOL) is a layer-one blockchain known for its high-speed and low-cost transactions, it has also been exploring layer-two solutions to enhance its ecosystem further. With the introduction of layer-two protocols like zk-Rollups, Solana is continuing its push to become a global blockchain platform.

Why layer-two is the key to unlocking crypto’s potential

Layer-two solutions are set to play a critical role in driving the mass adoption of blockchain technology.

By reducing transaction costs, improving transaction speed and minimizing network congestion, layer-two platforms are making DeFi, gaming and NFTs more accessible to the broader population.

In addition to scalability, layer-two solutions offer enhanced privacy and security.

As blockchain adoption grows, and more people enter the world of DeFi and crypto, layer-two will continue to bridge the gap between traditional financial systems and the decentralized world, ensuring that blockchain technology can scale for years to come.

The road ahead – A fully scalable blockchain ecosystem

As blockchain technology continues to evolve, it’s clear that layer-two solutions are not just a temporary fix but a long-term solution for scalability.

The next phase of blockchain innovation will involve further integration of layer-two solutions across multiple blockchain ecosystems, leading to faster, cheaper and more efficient DApps.

In the coming years, we can expect even more innovative layer-two protocols to emerge, offering a range of functionalities from secure cross-chain interoperability to privacy-preserving technologies.

These developments will play a pivotal role in shaping the future of DeFi, NFTs and beyond.

Conclusion

Layer-two solutions are a game changer for the blockchain industry. As Ethereum, Polygon and other layer-one blockchains integrate these technologies, we’re seeing real-world applications for DeFi, NFTs and DApps thrive.

By tackling scalability and reducing transaction costs, layer-two is helping bring blockchain into the mainstream.

For investors, developers and blockchain enthusiasts, keeping an eye on layer-two’s development is crucial to understanding where the future of crypto and blockchain innovation is headed.

@ Newshounds News™

Source:  DailyHodl

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U.S. BANKS CAN NOW OFFER CRYPTO SERVICES WITHOUT OCC APPROVAL

▪The OCC now allows federally regulated banks to engage in crypto activities (custody, stablecoins, nodes) without prior approval.

▪This reverses previous stricter guidance and removes regulatory warnings against bank involvement in crypto.

▪The move, coinciding with a White House crypto summit and Trump's executive order, signals a shift towards less restrictive crypto regulation.

For years, U.S. banks wanting to engage with cryptocurrency faced regulatory roadblocks. But that’s changing. In a major shift, the regulator overseeing national banks has now made it clear: federally regulated banks can offer crypto services without needing prior approval.

This decision could open the doors for more banks to enter the crypto space, making digital assets more accessible than ever. But what led to this policy change?

Let’s break it down.

Crypto Custody and Stablecoins Get the Greenlight

The OCC clarified in a new interpretive letter that national banks and federal savings associations are allowed to offer crypto custody services, manage stablecoin activities, and even operate blockchain nodes.

“The OCC expects banks to have the same strong risk management controls in place to support novel bank activities as they do for traditional ones,” said Acting Comptroller of the Currency Rodney E. Hood.

This move is expected to ease pressure on banks involved in crypto, ensuring that these activities are treated consistently, regardless of the technology used.

OCC Reverses Biden-Era Crypto Restrictions

Alongside this decision, the OCC withdrew previous guidance from President Joe Biden’s administration that had imposed extra steps for banks wanting to engage in crypto. Earlier rules required banks to notify regulators, explain their risk management plans, and obtain approval before offering crypto services.

The OCC also revoked past warnings from U.S. regulators that had discouraged banks from dealing with crypto. A 2023 statement did not ban crypto activities outright but cautioned that the sector is highly volatile and would face strict oversight.

While the crypto industry welcomed the OCC’s new stance, some remain cautious. Custodia Bank CEO Caitlin Long tweeted on March 7 that “Operation Chokepoint 2.0 isn’t over” until the U.S. Federal Reserve and the FDIC also lift their anti-crypto policies.

It’s the Crypto Era Now

The announcement came on the same day as a major development from the White House. President Donald Trump signed an executive order creating a strategic reserve for Bitcoin and other cryptocurrencies.

At the White House Crypto Summit, Trump declared he was “ending Operation Chokepoint 2.0,” accusing the program of unfairly pressuring banks to cut off crypto businesses and block transfers to exchanges. He claimed the crackdown was politically motivated and was being lifted for votes rather than the right reasons.

With the OCC easing restrictions and the White House showing support for crypto, U.S. regulations on digital assets are shifting. However, with the Federal Reserve and FDIC still maintaining their policies, the fight over crypto banking is far from over.

@ Newshounds News™

Source:  Coinpedia

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“Tidbits From TNT” Saturday Morning 3—8-2025

TNT:

Tishwash:  Sudanese advisor: The upcoming digital currency is easy to trade and does not differ in exchange rate

The Iraqi Prime Minister's Advisor for Economic Affairs, Mazhar Muhammad Salih, reassured that the digital currency intended to be launched in the future in Iraq is easy to trade and does not differ in exchange rate.

Mazhar Mohammed Saleh told Rudaw Media Network, "The digital currency that is intended to be introduced in the future is consistent with the general trends of central banks in the world, not just in Iraq," indicating that "the idea started with the Bank for International Settlements, which is the international bank of banks in Basel."

 He explained that "there is a project called (M. Bridge) that deals with settling financial transactions between central banks with this digital currency, so this external reflection must also be reflected internally," believing that "the central bank is more in need of entering (M. Bridge) in its settlements with the major global oil trade areas in China, India, Southeast Asia and some European countries."

 It is noteworthy that the "M Bridge" project was launched in 2021 at the initiative of the Bank for International Settlements in cooperation with China and a number of central banks, with the aim of accelerating international payments using digital currencies, reducing transaction costs and ensuring their security.

 Mazhar Muhammad Salih pointed out that “the importance of this currency is that it is generally easy to trade for banks, and it does not require what is called liquidity risks,” adding: “Theoretically, if all the currency within banks is digital, there are no risks in bank credit, no risks in money laundering, and so on.”

Al-Sudani's advisor pointed out that "90% of the monetary mass is outside the banking system, so Iraqi society deals with paper money, and it is unreasonable to immediately switch to digital currency overnight," adding that "it is the project of hope for Iraq, and is directly proportional to the progress and development of the uses of digital currency in the world, and it is equivalent and proportional in terms of value to the issued paper currency."

 Mazhar Muhammad Salih confirmed that the digital currency "does not differ from the paper currency at all, and the exchange rate does not differ with it, and there is no difference except that its efficiency is higher, and it comes in line with the development of the world, and I believe that Iraq is keeping pace with the world in this matter."  link

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Tishwash:  Iraq, Finland Discuss Strengthening Economic and Investment Ties

Ambassador Mohammed Hussein Bahr Aluloom, Undersecretary of the Iraqi Foreign Ministry for Bilateral Relations, met in Helsinki with Jarno Syrjälä, Under-Secretary of State for International Trade of Finland, to discuss ways to enhance economic, trade, and investment cooperation between the two countries.

Ambassador Bahr Aluloom highlighted Iraq's economic progress, emphasizing security stability and an improved business environment, which have made Iraq an attractive destination for foreign investments. He cited the United Kingdom's decision to lower travel warnings to Iraq as an example of international confidence in Iraq's progress. The Ambassador also encouraged Finnish companies to invest in strategic projects, particularly the Development Road and the energy sector.

Under-Secretary Syrjälä welcomed Iraq's economic reforms, acknowledging their role in enhancing the investment climate. He expressed Finnish companies' interest in returning to the Iraqi market.

The two sides agreed to develop practical mechanisms to strengthen cooperation, including a delegation of Finnish companies visiting Iraq to explore investment opportunities in renewable energy, electricity, digital transformation, and artificial intelligence.   link

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Tishwash:  Economist warns: Oil prices falling below $70 only cover salaries

Economic expert Nabil Al Marsomi warned of the repercussions of the decline in oil prices on the government’s financial situation, stressing that Iraq is facing an escalating financial crisis with the start of the decline in oil revenues since last February.

Al-Marsoumi told Al-Furat News Agency that "expectations of the financial crisis have begun to materialize on the ground, as the government has imposed strict restrictions on investment spending, and decided not to include new projects in the 2025 budget and to suffice with completing the current projects included in the current budget."

He pointed out that the current price of an Iraqi barrel, which is about $67, is only enough to cover about two-thirds of the general budget, explaining that "current oil revenues are allocated entirely to paying salaries and social welfare programs, while vital governing and sovereign paragraphs related to the lives of citizens and the national economy are marginalized.

Al-Marsoumi pointed out that the situation requires proactive measures to avoid the exacerbation of the crisis, calling for rationalizing public spending and strengthening non-oil sources of income to ensure the stability of public finances. link

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

Mot:  . Here Weeeeeeeeeeeee Go Again!!!! 

motL .... dont know why!!!! - But!!! 

Seeds of Wisdom RV and Economic Updates Friday Afternoon 3-07-25

Good Afternoon Dinar Recaps,

U.S. GOVERNMENT CONFIRMS IT WON’T BUY XRP, ETHEREUM, OR SOLANA – BITCOIN TAKES PRIORITY!

▪The U.S. government's Strategic Bitcoin Reserve (SBR) will exclusively hold seized Bitcoin, solidifying its primary status.

▪Other seized cryptocurrencies (ETH, XRP, ADA, SOL) will be placed in a separate "Digital Asset Stockpile".

▪The government's crypto holdings are primarily derived from seizures, with Bitcoin prioritized and altcoins managed differently.

Peter Schiff has confirmed that the U.S. government will not be purchasing Ethereum (ETH), XRP, Cardano (ADA), or Solana (SOL) for its crypto holdings. Instead, the newly established Strategic Bitcoin Reserve (SBR) will hold only seized Bitcoin (BTC), reinforcing its position as the dominant digital asset. While the executive order signed today allows room for potential Bitcoin purchases, these would likely require approval from Congress.

No Crypto Reserve for Altcoins

Earlier reports had suggested that a government-backed crypto reserve might include XRP, ADA, SOL, and ETH, leading to a surge in their prices. However, the latest update clarifies that the U.S. government has created a separate Digital Asset Stockpile for these altcoins, but it will not be making any additional purchases. This stockpile will only contain assets seized through legal actions and will be managed by the Treasury.

Depending on regulations, these tokens may either be held or sold, but the government will not actively add to them.

Bitcoin Gets a Dedicated Strategic Reserve

Bitcoin, in contrast, will have its own Strategic Bitcoin Reserve (SBR), further reinforcing its importance in government holdings. An audit set to take place within 30 days will disclose the total amount of cryptocurrency the government owns and how these assets will be categorized. The move highlights Bitcoin’s priority over other digital assets.

No New Acquisitions!

Schiff clarified that the government will not be buying additional cryptocurrencies. Any XRP, ADA, SOL, or ETH in the Digital Asset Stockpile will come solely from past forfeitures. This means no new assets will be added unless they are seized in future legal cases.

Meanwhile, blockchain data from Arkham Intelligence confirms that the U.S. government currently owns zero XRP, SOL, or ADA. This contradicts earlier speculation that a broader crypto reserve was being established.

However, some analysts, including Moon Lambo, believe the government might hold small amounts of these assets from lesser-known seizures, but if so, the holdings are likely insignificant.

What Does the Government Currently Hold?

Right now, the U.S. government holds around 200,000 BTC, obtained through various legal seizures. While Bitcoin remains the primary focus, the government also has approximately $176 million worth of ETH and $27 million worth of BNB. However, no XRP, ADA, or SOL have been confiscated, raising questions about why they were included in the stockpile designation.

So, Where Does This Leave Bitcoin?

The crypto community, particularly Bitcoin supporters, has welcomed the government’s decision, as it further separates BTC from other cryptocurrencies. This move strengthens Bitcoin’s reputation as “digital gold” and solidifies its role as a strategic asset. However, investors who had speculated that major altcoins would be included have been left disappointed.

The government’s stance on cryptocurrency is still a major topic of interest. The market will be watching closely to see if Bitcoin purchases receive approval and how the Digital Asset Stockpile will be handled.

While Bitcoin’s dominance in government holdings is clear, the future of seized altcoins remains uncertain.

@ Newshounds News™

Source:  Coinpedia ,  Twitter

~~~~~~~~~

DAVID SACKS EXPLAINS WHY TRUMP MENTIONED XRP, SOL, ADA: 'PEOPLE ARE READING INTO THIS A LITTLE BIT TOO MUCH'

▪David Sacks downplayed speculation, stating that President Trump simply named the top five cryptocurrencies by market cap, causing major price spikes before a pullback.

▪An executive order mandates an audit of federal digital asset reserves while also opening the door to staking and portfolio management strategies.

White House AI and Crypto Czar David Sacks shed light on why President Donald Trump included XRP, Solana and Cardano in his posted comments about a U.S. crypto strategic reserve last Sunday.

Many in the industry questioned the inclusion of these particular altcoins, arguing that they lack the developer activity and decentralization seen in Bitcoin and Ethereum. Sacks' comments came after Thursday night’s executive order establishing a Strategic Bitcoin Reserve.

"Well, the president just mentioned the top five cryptocurrencies by market cap, so I think people are reading into this a little bit too much," Sacks said Friday on Bloomberg TV. "He just mentioned the top five."

Just mentioning those coins caused spikes nearing 70% last weekend before a pullback. Sacks said Friday that "we're not sure" whether the federal government owns any of those alternative cryptocurrencies, doubling down on the executive order's call for a full audit of its current reserves.

"In terms of what we'll actually have, we have to do the accounting," Sacks said. "We know it owns Bitcoin. I believe it owns some Ethereum. I'm not sure about the other ones. No one's been able to give us a straight answer yet."

The executive order directs a full accounting of the federal government’s digital asset holdings. The U.S. government possesses 198,109 BTC, worth about $17 billion at the current market price, according to the website Bitcoin Treasuries. 

The order also establishes a U.S. Digital Asset Stockpile, consisting of assets other than bitcoin forfeited in criminal or civil proceedings. The government will not acquire additional assets for the stockpile beyond those obtained through forfeiture proceedings.

Sacks also said the federal government could explore lending or staking on the cryptocurrencies it owns.

"The idea of this executive order is to create the mandate," Sacks said Friday. "We're going to do the audit, then we're going to move them into a separate account for safekeeping. And then the secretary of treasury and his team will be able to exercise portfolio management and long-term or responsible stewardship. And yes, that could include staking, it could include rebalancing [and] it could include sales. These are all options they can pursue if the secretary of treasury believes these are in the long-term interest of the American people."

Several leading crypto executives are set to attend a crypto summit hosted by President Trump in Washington, D.C. on Friday afternoon.

The prices of both XRP and ADA are down about 7% over the past 24 hours, according to The Block's crypto price data. SOL is holding up relatively well, down about 1.3%. Bitcoin and ether are down 2% and 2.7%, respectively, over the same timeframe.

@ Newshounds News™

Source:  The Block

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MORE COUNTRIES READY TO JOIN BRICS ALLIANCE

India’s Foreign Minister S. Jaishankar revealed that the number of countries ready to join the BRICS alliance is growing. Speaking at a session titled ‘India’s Rise and Role in the World’ in London, Jaishankar confirmed that the bloc is encouraging developing countries to break the norm and enter a new financial territory without having to depend on the US dollar for survival.

The BRICS alliance is spearheading the de-dollarization agenda in a goal of making local currencies the world’s reserve status. The move could realign the global financial sector tilting the power from the West to the East.

Number of Countries Wanting to Join BRICS Alliance Increasing

Jaishankar emphasized that the BRICS alliance is “a very diverse group” and emerging economies find the bloc to be attractive. The unity in diversity is what’s pulling other countries towards it in a common agenda of de-dollarization. “I think clearly they must be doing something right. If so many countries want to join BRICS and so many countries actually have joined,” he said.

“South Africa joined, then it has become a double-digit membership. And in 2024, last year in Kazan, we also added dialogue partners, the concept of dialogue partners,” Jaishankar said. He explained that countries even without geographical closeness want to join the BRICS alliance.

“We are an exception to the normal rules on which groups are formed. Normally countries who approximate geographically to each other or have some particular shared history or some kind of ethnic or linguistic commonality, this is normally the basis to create a group. Now, BRICS alliance defies all those assumptions. So it’s not like the Commonwealth, it’s not like the NATO, it’s not like the G7. It’s not like anything which had been conceptualized early,” he said.

@ Newshounds News™

Source:  Watcher Guru

~~~~~~~~~

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Iraq Economic News and Points to Ponder Friday AM 3-6-25

Prime Minister's Advisor Explains Details Of "Bridge Borrowing"
 
Economy     Yesterday, 13:19  Baghdad- WAA- Amna Al-Salami   The Prime Minister's Advisor, Mazhar Muhammad Salih, explained today, Thursday, the details of "bridge borrowing", while indicating that
 
more than 50% of the domestic debt is concentrated in the investment portfolio of the Central Bank. Saleh told the Iraqi News Agency (INA):
 
"Historically, government borrowing through treasury transfers is a type of short-term borrowing from the banking market that British public finance has adopted since the reign of Queen Victoria."

He added that "this type of borrowing was done for limited periods not exceeding weeks or financial quarters, and is known as (bridge borrowing), as
 
it aims to bridge the temporary deficit gap resulting from the slowdown in revenues compared to actual expenditures." He pointed out that
 
"due to the monthly financial obligations, public finance may resort to issuing treasury transfers as a financing tool to bridge the temporary deficit in the budget until cash flow stabilizes in the next period of the fiscal year." He added that
 
"in light of the fluctuations in the oil revenue cycle on the general budget over the past ten years, the government was forced to borrow multiple and accumulated,
 
which led to an increase in expenditures in three stages: the
 
     first during the war on ISIS terrorism, the
     second due to the economic closure caused by the pandemic, and
     finally the increase in expenditures in the areas of reconstruction and implementation of suspended projects." He added that
 
"these circumstances resulted in the accumulation of domestic public debt, part of which was borne by government banks, as more than half of it was deducted from the Central Bank of Iraq through open market operations." He stressed that
 
"this necessitated a complementary monetary issuance that led to a significant increase in the monetary mass,
 
especially since the domestic public debt, amounting to 82 trillion dinars, is still mostly within the government financial and banking system, more than 50% of this debt is concentrated in the investment portfolio of the Central Bank." He added,
 
"On the positive side, this debt is covered by foreign currency by more than 100%, which reflects a high level of monetary stability, as the annual inflation growth rate did not exceed 3%."

He added that "despite these challenges, both the monetary and fiscal authorities seek continuous consultation in order to gradually extinguish the domestic debt," stressing that
 
"the government relies on enhancing financial sustainability by reducing the public debt balance annually and
 
reducing the annual budget deficit to a percentage not exceeding 3% of the gross domestic product." He concluded that
 
"this approach is part of a fiscal policy aimed at providing financing and protecting economic activity, which contributes to achieving stability and sustainable economic growth through coordination between fiscal and monetary policies."    
  
https://www.ina.iq/229426--.html 

In Numbers ... The Banking Sector During 2024 Is Witnessing A Decrease In Total Deposits
  
Economics   2025-03-06 |Source:  Alsumaria News     616 Viewed  Alsumaria News -banking sector witnessed During the year 2024, the Iraqi a noticeable decrease in total deposits, as
 
it decreased by 9%, to decrease from 133.5 trillion Iraqi Iraq Future Foundation dinars at the end of 2023 to 123.5 trillion Iraqi dinars, registering a loss of 10 trillion dinars, according to a report published by the independent concerned with economic affairs.
 
The head of the Foundation, Manar Al-Ubaidi, said in a post that Alsumaria News followed,
 
this decline is mainly due to a decrease in government sector deposits by 14%, as it decreased from 47.3 trillion dinars to 42.8 trillion dinars.
 
The deposits of public institutions decreased by 7.4%, declining from 29.6 trillion dinars to 27.4 trillion dinars.  As for the
 
deposits of the private sector, it witnessed a decrease of 6.52%, as it decreased from 56.5 trillion dinars to 53.2 trillion dinars. At the level of the types of deposits, the
 
current deposits recorded the largest decline by 11.6%, to decrease from 107.5 trillion dinars at the end of 2023 to 97.4 trillion dinars. As for
 
fixed deposits, it declined slightly, from 9.67 trillion dinars to 9.62 trillion dinars, in return, the
 
savings deposits witnessed a marginal increase of 0.7%, up from 16.3 trillion dinars to 16.43 trillion dinars, according to Al-Ubaidi.

Al-Ubaidi added that this decline raises important questions about the impact of the trend towards electronic payment and the use of modern payment techniques on the banking sector. As
 
it was expected that the spread of these technologies will contribute to increasing the volume of deposits, especially the ongoing ones, by stimulating banking transactions and reducing dependence on criticism. However, the
 
current data reflects a different reality, which requires reviewing electronic payment mechanisms and assessing the extent of their effectiveness in achieving the desired financial and banking goals. He added that
 
electronic payment is a means, not an end, as
 
it is supposed to contribute to enhancing financial inclusion and increasing dependence on banks by raising deposit rates.
 
As bank deposits continue to decline in this large percentage, it becomes necessary to review the electronic payment policies and its application mechanisms. The
 
expansion of this system must be accompanied by motivational and encouraging measures that enhance the confidence of individuals and companies in banking transactions,
 
instead of being a technical transformation that does not achieve the required impact on the financial sector.    
  
https://www.alsumaria.tv/news/economy/518581/بالأرقام-القطاع-المصرفي-خلال-2024-يشهد-انخفاضًا-في-إجمالي-الودائع   

 Digital Currency .. And An Advanced Financial Future
 
Economic 2025/03/05   D. Nabil Al -ordinary
 
In line with the framework of rapid global developments in financial and technological systems, the
 
Central Bank of Iraq, in the context of keeping pace with development, is heading towards launching an alternative digital currency for paper cash.
 
This step, which is not just a transformation in the method of financial transactions,
is a fundamental shift in seeing the Iraqi financial system.

Digital currencies are a new innovation that the world has witnessed, and
 
it reflects the rapid shift towards the digital age. The
 
digital currency allows the possibility of
 
     making transactions faster and more safely compared to paper criticism, through the use of this currency, as well as
     reducing the costs of transactions, which contributes to
     enhancing economic efficiency.
 
As for the potential benefits of the digital currency in Iraq, they are summarized in
 
     improving the efficiency of the financial system, and then will help
     accelerate transactions and
     reduce the time required to accomplish them,
 
which reflects positively on the movement of internal and external trade.
 
It is also an effective means of
 
     enhancing transparency and
     fighting corruption, and that its use and intended digital currencies may contribute to
     reducing informal monetary transactions, which
     reduces the chances of financial corruption as well as job evasion.
 
Perhaps the most prominent advantage of this type of currency is that
 
it will contribute to
 
     increasing the amount of financial inclusion: the prospects for
     access to financial services for new groups of society may open, especially for those who do not deal with banks directly. In my estimation, the
 
digital currency can contribute to encouraging innovation in the financial market, giving many startups to provide new services that depend on financial technology. Although
 
this type of currency has these advantages and despite the great benefits,
 
it is not without challenges, and
 
it must be paid attention to, foremost of which is concerns related to cybersecurity and data protection, and
 
citizens must be educated about how to use this currency and
 
this requires a clear legal and organizational framework that guarantees the protection of the rights of users. The
 
launch of the digital currency in Iraq represents a new and important stage in the development of the financial system,
 
this initiative
 
     reflects Iraq's commitment to move forward towards an advanced technological age, and
     will have positive effects in the economy and society, however, the
 
success of this step depends on
 
     addressing the challenges associated with it, which we pointed to some of them in the context of this article, and the
     need to provide adequate support to achieve its goals.     https://alsabaah.iq/111170-.html 

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

Seeds of Wisdom RV and Economic Updates Friday Morning 3-07-25

Good Morning Dinar Recaps,

TRUMP’S BITCOIN RESERVE PLAN: FUNDED BY CONFISCATED CRYPTO, NOT TAXPAYER’S WALLET

Trump orders U.S. Bitcoin reserve using seized assets, securing crypto holdings without taxpayer funds & reshaping digital finance.

U.S. Bitcoin stockpile signals global shift as other nations may race to establish their own reserves, boosting crypto adoption.

In a historic move this evening, President Donald Trump signed an executive order creating the United States’ first-ever strategic Bitcoin reserve. This major step in cryptocurrency policy is set to solidify the U.S.’s position in the growing digital asset space.

Bitcoin Reserve Without Taxpayer Funds

The executive order establishes a reserve for Bitcoin, which will be held exclusively in a digital stockpile. However, Trump’s plan does not rely on taxpayer funding. Instead, the reserve will be exclusively capitalized with Bitcoin that the federal government has confiscated through criminal and civil forfeiture cases. According to David Sacks, the White House crypto czar, this means no taxpayer dollars will be used to fund the reserve.

“The reserve will be capitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings,” Sacks said.

Digital Fort Knox: Long-Term Bitcoin Safeguarding

Trump said that the reserve will act as a digital equivalent of Fort Knox, safeguarding the nation’s Bitcoin holdings for the long term. In his remarks, Sacks explained the importance of this reserve, stating that previous premature sales of Bitcoin by the U.S. government have resulted in over $17 billion in lost value. This new initiative aims to prevent such losses by establishing a strategic, long-term holding strategy.

Expanding Beyond Bitcoin: U.S. Digital Asset Stockpile

In addition to the Bitcoin reserve, the executive order also includes a broader U.S. digital asset stockpile, which will include other cryptocurrencies, such as Ethereum, XRP, and Solana, all of which have been seized through forfeiture proceedings. However, the government will not seek to purchase more of these digital assets unless it can do so without additional cost to taxpayers.

Global Impact: The U.S. Leads the Way

This move marks a milestone not only for the U.S. but for the entire cryptocurrency market. With the federal government committing to hold Bitcoin as a store of value, the likelihood of Bitcoin being banned by the government has dramatically decreased. Additionally, this sets the stage for other countries to establish similar Bitcoin reserves, as global competition for Bitcoin intensifies.

Strategic Reserve: Preserving and Maximizing Value

The strategic reserve will not involve any immediate sales or purchases of Bitcoin, as it focuses on preserving and maximizing the value of assets already acquired by the government. The executive order also directs a full audit of the U.S. government’s existing digital asset holdings, with a focus on ensuring responsible stewardship under the Treasury Department.

Industry insiders have reacted positively to the news, with many viewing this move as a precursor to future institutional and state-level adoption of Bitcoin. As this strategy unfolds, experts predict that other nations will closely monitor the U.S.’s approach and may follow suit in creating their own strategic Bitcoin reserves.

The announcement comes just ahead of the White House Crypto Summit, where policymakers and industry leaders will discuss the future of digital assets and the regulatory framework surrounding them. With the U.S. leading the way in government-held Bitcoin reserves, the global crypto landscape is poised for a major transformation.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

CARDANO’S CHARLES HOSKINSON REACTS TO WHITE HOUSE CRYPTO SUMMIT SNUB

Hoskinson focuses on legislative progress, unfazed by his absence from Trump's crypto summit.

Cardano founder Charles Hoskinson has revealed that he was not invited to the upcoming White House Crypto Summit on March 7.

His exclusion has sparked discussions, especially since the blockchain network’s ADA token is included in US President Donald Trump’s proposed crypto reserve.

No White House invite

In a March 6 broadcast, Hoskinson revealed that he had not received an invitation to the highly anticipated crypto event.

According to him:

“We did not get an invitation on Monday. We did not get an invitation on Tuesday. We did not get an invitation today on Wednesday. So I’m going to operate under the assumption I have not been invited to go to this gathering.”

Hoskinson downplayed the event’s significance, suggesting it might not involve meaningful policy discussions. He argued that real policy work happens within the legislative branch, where he has collaborated with lawmakers over the years.

He reaffirmed his commitment to pushing for regulatory clarity through legislative engagement, particularly on key bills related to stablecoins and market structure.

Despite his absence, several key figures in the crypto industry have confirmed their attendance. Among them are Michael Saylor, Chairman of Strategy—the largest corporate holder of Bitcoin—along with Brian Armstrong of Coinbase, Arjun Sethi of Kraken, and Vlad Tenev of Robinhood.

ADA in crypto reserve

Meanwhile, Hoskinson’s exclusion is particularly striking given that ADA has been listed as part of Trump’s proposed crypto reserve.

The president recently announced plans to create a reserve featuring Bitcoin, Ethereum, XRP, Solana, and Cardano. He is expected to outline his strategy for this initiative at the event.

The Cardano founder admitted that he was unaware of ADA’s inclusion until the news broke.

According to him:

“We knew nothing of ADA being selected for the reserve. It was news to me. I woke up on Sunday, looked at my phone, and I had over one hundred fifty messages saying congratulations, great job, and I had no idea what the heck was going on.”

@ Newshounds News™

Source:  CryptoSlate

~~~~~~~~~

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“Tidbits From TNT” Friday Morning 3-7-2025

TNT:

Tishwash:  Reconstruction: Iraq receives international offers to invest in new residential cities 

The New Cities Implementation Authority, affiliated with the Ministry of Construction and Housing, confirmed the referral of residential cities in 5 governorates with “integrated” designs, and also confirmed the arrival of international offers to invest in the new residential cities.

The head of the authority, Hamid Abdul Hamad, said in a statement followed by "Ultra Iraq", that "the first phase included the establishment of 5 new cities that were announced, referred, and started, and reached different stages. There are also other cities that were announced, which are 6 cities, and the announcement period will end during the current month, including the city of Mutanabbi in Wasit, the new city of Balad, the city of Salam in the new Najaf, Ur in Nasiriyah, Warka in Samawah, and another city in Al-Majar Al-Kabir, south of Maysan."

Hamad added, "A number of countries have come forward to invest in the new cities through joint companies, including Iraqi, foreign and Arab companies, such as Al-Jawahiri City, which is being implemented in partnership between an Iraqi and Chinese investor, and Al-Ghazlani City in Mosul, which is being implemented in partnership with an Iraqi-Chinese partnership, and on the banks of Karbala in partnership with a Malaysian entity and various Iraqi companies with Arab and foreign banks, in addition to Ali Al-Wardi City for a global investor and Aura Company." 

Hamad stressed that “these cities were designed in a way that makes them integrated in all activities, whether housing or other economic activities,” indicating that “the Nahrawan residential city will be implemented on an area of ​​80,000 dunums, and in several models. The first is to establish different cities with different areas, and develop infrastructure through investment while guaranteeing a share for the state, and this is one of the facilities if the citizen thinks of buying land that is served in all aspects.”  link

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

Tishwash:  Washington demands that Iraq dispense with Iranian energy "as soon as possible"

The US State Department called on Iraq to end its dependence on Iranian energy sources "as soon as possible," hours after Washington announced its intention to tighten sanctions on Tehran.

In response to a question about the exemptions granted to Iraq, and whether they would be renewed, the Foreign Ministry indicated that it is reviewing all exemptions granted, according to Reuters.

Iraq currently produces 27,000 megawatts of electricity through stations, most of which operate on gas, but the production capacity sometimes drops to 17,000 megawatts.

This amount, at its maximum, does not meet the country's electricity needs, as Iraq needs to increase production to reach 40,000 megawatts in order to ensure the provision of energy around the clock.

To solve this crisis, Iraq resorted to importing quantities of Iranian gas, which threatened to expose it to US sanctions, before the United States granted it an exemption that is renewed periodically.

With US President Donald Trump returning to power, he pledged to pursue a policy of "maximum pressure" against Iran. As a result, the Iraqi government asked the new US administration to extend the waiver granted by the previous administration, according to previous statements by Al-Sudani in an interview with the Saudi Al-Sharq channel.

Al-Sudani had touched on the issue of ending dependence on Iranian supplies during the interview, noting that the country plans to completely end gas imports by 2028, adding: “There will be clear energy independence.”

He continued: "Ultimately, we need this exception to continue throughout this period. At the same time, we have started the process of linking energy with neighboring countries in order to cover our needs, and this is part of the concept of integration that we seek with our brothers."

This is not the first statement of its kind, but rather comes just days after US Secretary of State Marco Rubio called Iraqi Prime Minister Mohammed Shia al-Sudani, where they discussed Iranian influence in the region, and Rubio urged Iraq to "achieve energy independence."

The new US statement may not mean that Washington will not renew the exemption granted to Iraq, but it indicates increased pressure on Baghdad to get rid of these supplies.

The comments come hours after US Treasury Secretary Scott Besant confirmed that the US would tighten sanctions on Iran, adding that the US would “shut down” the country’s oil sector using “pre-determined criteria and timelines.” He hinted that “making Iran bankrupt again would be the beginning of our updated sanctions policy.”

The Treasury secretary suggested that the United States could work with “regional actors” to help Iran get its oil to market. One of those countries is likely to be Russia, which earlier this week signaled its willingness to help the United States in talks with Iran over ending its nuclear program and its support for anti-American regional proxies.

“Treasury is prepared to engage in frank discussions with these countries,” Bessent said. “We will work to shut down Iran’s oil sector and drone manufacturing capabilities.” link

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

Tishwash:  Parliamentary Committee Calls on Government to Refer Oil and Gas Law to Parliament Immediately

The Deputy Chairman of the Parliamentary Oil and Gas Committee, Adnan Al-Jaberi, called on the government today, Thursday, to expedite the referral of the Oil and Gas Law to the Council of Representatives, stressing that its legislation is an essential step to regulate the management of oil wealth and ensure the fair distribution of revenues between the federal government and the producing regions and governorates.

Al-Jaberi said in a statement to / Al-Maalouma / agency, that "the legislation of the Oil and Gas Law is a necessary step to regulate the management of oil and gas wealth in Iraq," noting that "this law will contribute to guaranteeing the rights of the producing regions and governorates, in addition to developing a clear strategy for investing these resources in the long term."

He explained, "The law will protect oil wealth from different interpretations and interpretations, whether in the Kurdistan Region or in the producing governorates, and will work to resolve the existing differences between the federal government and the regional government, and control the relationship between the producing governorates and the center."

He pointed out that "Article 112 of the Iraqi Constitution stipulates the necessity of regulating the oil and gas sector through the enactment of a special law, but the lack of a common vision and agreement between the federal government and the Kurdistan Region, as well as between the producing provinces and Baghdad, has prevented its approval so far.

" He stressed "the importance of reaching a consensus that guarantees the rights of all parties," calling on the government to "refer the law to the Council of Representatives as soon as possible to ensure the fair and equitable regulation of oil revenues."

It is noteworthy that the approval of the oil and gas law was delayed for several parliamentary sessions due to political differences that prevented reaching a consensus on it. link

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

Mot: .. Aaaahhhhhhhh -- Can Ya Feels it!!!???

Mot: de delima of being a ""Weeee Folks"" 

Iraq Economic News and Points to Ponder Thursday Afternoon 3-6-25

Development And The Unit Of Funds
 
Economic 2025/03/06  Abdul Zahra Muhammad Al –Hindawi  Iraq may be unique and not other countries in the multiplicity of development funds, which are very similar in their tasks,  but each of them has a geographical space, which works to cover it, with the exception of two of these funds,
 
which are both the Iraqi Fund for Development, which is concerned with creating an attractive investment environment, especially in what is related to the health and education sectors, as a priority and then the rest of the sectors come, and
 
the second is the social fund For development, which is concerned with targeting the poorest villages and areas, by providing basic services, by implementing small projects, such as building schools, health centers, providing water and electricity networks, and road paving.

As for all other funds, which are the Emaar Fund, which is affected by terrorist acts and military operations, the Sinjar Emaar Fund and the Nineveh Plain, the Emaar Dhi Qar Fund, the Penis, the Termis' Emaar Fund, and the Samarra Fund, the capital of Iraq for Islamic civilization.
 
If we had a look at the tasks and work of these funds, we would have found a great similarity between them, this similarity may sometimes cause an intersection with other programs, foremost of which is the regional development program, which is carried out by local governments in the governorates, and the investment program implemented by the federal ministries in all governorates.
 
On the other hand, no one denies that these funds are a work on the ground, as they have succeeded in implementing many investment and service projects, according to the geographical area of ​​each of them.
 
Certainly, each of them has good annual financial allocations, to finance the projects they implement, and
 
here comes the area of ​​the question that represents the title of the title of this article,
 
what happens if we intentionally unify all these boxes in one box??, and
 
for example, the Social Fund for Development, which is the oldest of the foundations found, and was able to implement small projects in more than 500 villages spread in 18 governorates, according to philosophy, according to philosophy, according to philosophy, according to philosophy, according to philosophy, according to the philosophy of New and different depends on the principle (planning from the bottom up to the top) in the sense that the local community is the one that defines the priorities of the projects that the region needs, according to the criteria for the need in the covered village.
 
There is no doubt that the union of these funds in one box, starting, will help the planning to draw a clear-cut image, with specific dimensions and paths, in addition to that the financial allocations will be very good that support project financing at a comfortable manner, and this will be an integration with other programs, and here the development will witness a good boost, in all sectors .. right?     https://alsabaah.iq/111232-.html    

Specialists: Transformation Into A Digital Currency In The Right Direction
 
Economic 2025/03/05  Baghdad: Hussein Thaghab   Central Bank of Iraq to issue a digital currency as a "step in the right direction", to
 
     strengthen the financial system and
     keep pace with global developments.
 
Specialists also believe that the
 
     development of the banking system and the
     adoption of modern technologies
 
are vital to ensuring the achievement of the desired benefits, such as
 
     improving financial inclusion and
     supporting the national economy. However,
 
they warn of possible challenges, such as the risks of cybersecurity and the need for a clear legislative framework that supports this step.
 
The Governor of the Central Bank d. Ali Al-Alaq, confirmed the approach to creating a bank digital currency, to replace paper currencies.
 
According to the Financial Adviser to the Prime Minister, Dr. Mazhar Mohamed Saleh, the
 
Central Bank of Iraq is towards the issuance of a digital currency, which is an advanced step in the world of central banking. He added in his speech to "Al -Sabah", that
 
this step represents a qualitative leap in the national digital payment system by reducing the percentage of leaks resulting from paper currency problems outside the banking system, which will reduce the need to print large quantities of paper currencies.
 
This, in turn, will limit the circulation of present criticism, which requires continuous and expensive nutrition for the paper cash payment system.
 
The problems of the paper currency outside the banking system, which will reduce the need to print large quantities of paper currencies. He pointed out that the
 
digital currency will contribute to improving transparency and governance, which allows the total economy and monetary policy to adapt its policies in a way that achieves stability and speeds up to fight inflation and control digital liquidity.

The  digital currency will also provide a great ability to achieve the financial inclusion of the community segments quickly and clearly, especially for poor groups related to the banking system. But Saleh stressed that
 
entering the world of digital currencies requires a strong infrastructure that includes advanced internet networks and superior protection devices from cybersecurity, in addition to the culture of accepting this type of virtual currencies. He stressed that the
 
state agencies must be the first to accept them in government collection of various forms, with the survival of digital criticism practicing its normal functions as an account unit, payments, savings and settlements.
 
For his part, Mustafa Akram Hantoush, a specialist in financial affairs, stressed that
 
talking about issuing a digital currency in Iraq is premature, indicating that
 
this step requires the presence of an advanced banking device and a strong infrastructure for electronic payment and the national division. In his speech to "Al -Sabah", he added that
 
society needs to adopt a new culture that supports this transformation, especially in light of the modern transition to the electronic payment system, which still faces great difficulties and challenges. Hantoush explained that the
 
digital currency represents an electronic balance of value,
 
which requires a 
     social awareness and a
     deeper understanding of this concept. He also pointed out that
 
global digital currencies, such as the
 
     electronic dollar in America, the
     euro in Europe and the
     Chinese electronic yuan, are still facing serious challenges,
 
especially in the areas of cybersecurity and the dangers of penetration, which led to the incomplete application of its application completely so far. He stressed that the
 
issuance of a digital currency in Iraq first requires the development of the banking system to
 
     meet international standards,
     enhance technological infrastructure, and
     build solid confidence between the public and banking institutions. He stressed that
 
this step, despite its importance, needs accurate planning and comprehensive preparation to ensure its success.    https://alsabaah.iq/111169-.html

Bank Deposits In Iraq Lose 10 Trillion Dinars... And An Economic Warning

Time: 2025/03/06 14:45:11 Read: 1,065 times  Economic: Al Furat News} Official banking data showed a 9% decline in total deposits in Iraqi banks during 2024, losing 10 trillion dinars of their value and declining from 133.5 trillion dinars at the end of 2023 to 123.5 trillion dinars.

The data revealed that government sector deposits declined by 14%, from KWD 47.3 trillion to KWD 42.8 trillion, while public institutions’ deposits decreased by 7.4% (from KWD 29.6 trillion to KWD 27.4 trillion). Private sector deposits also fell by 6.52%, from KWD 56.5 trillion to KWD 53.2 trillion, which threatens to have repercussions on banking liquidity.

Current deposits lose 10 trillion

Current deposits accounted for the bulk of the decline, falling 11.6% from KWD 107.5 trillion to KWD 97.4 trillion, while fixed deposits were stable at KWD 9.62 trillion. Savings deposits, on the other hand, rose 0.7% to KWD 16.43 trillion.

Economist Munar Al-Abidi attributed the decline to several factors, including the decline in state revenues and changes in government liquidity management policies, in addition to the decline in confidence in the banking sector by the private sector. He pointed out that "electronic payment did not translate into an increase in deposits, because it remained a means without linking it to clear policies to enhance financial inclusion or stabilize the sector."

Al-Obaidi called for the necessity of reviewing monetary policies to restore confidence and enhance transparency in liquidity management, stressing that "the continued decline threatens risks to the overall economy, especially with the budget's reliance on bank liquidity to finance projects."

Questions about the feasibility of electronic payment

The decline has raised questions about the effectiveness of the electronic payment promotion trends, which have not contributed to increasing deposits or improving liquidity, which requires - according to observers - a re-evaluation of their implementation mechanisms to ensure the achievement of their objectives in supporting the banking sector.  LINK

Gold Prices Stabilize Amid Anticipation Of US Jobs Data

Thursday 06 March 2025 11:09 | Economic Number of readings: 242   Baghdad / NINA / Gold prices recorded stability today, Thursday, as investors awaited the jobs data in the United States of America to know the path of interest rates that the Federal Reserve (the US Central Bank) will adopt with the escalation of trade tensions between the United States and its trading partners.

Gold stabilized in spot transactions at $ 2917.90 per ounce. While US gold futures rose by 0.1 percent to $ 2927.40.  As for other precious metals, silver fell 0.1 percent to $ 32.60 per ounce, platinum rose 0.2 percent to $ 967.80, while palladium lost 0.2 percent to $ 941.00. / End https://ninanews.com/Website/News/Details?key=1190276

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

Seeds of Wisdom RV and Economic Updates Thursday Evening 3-06-25

Good Evening Dinar Recaps,

U.S. CRYPTO RESERVE NEWS: DONALD TRUMP TO REVEAL BITCOIN STRATEGY TOMORROW!

After doubts over Bitcoin reserve plans and fading sentiment, the market is buzzing again as Trump prepares to unveil a Bitcoin Strategic Reserve at the White House Crypto Summit on March 7. 

Commerce Secretary Howard Lutnick confirmed a national crypto strategy is in the works, sparking speculation on whether the U.S. will buy more Bitcoin or hold its 200,000 BTC. Bitcoin has reacted strongly, rebounding to $90K after dropping to $ 82 K.

Let’s dive into the Altcoin Daily analysis on Trump’s Bitcoin Strategic Reserve and what it means for you.

A National Crypto Reserve in the Making

Trump’s announcement has ignited speculation that the reserve may extend beyond Bitcoin. A Truth Social post hinted at a broader “National Crypto Reserve,” fueling discussions that Ethereum, Solana, XRP, and Cardano could be included.

While it’s uncertain if the government will buy these altcoins, speculation is growing that they might be accepted through donations. This could pave the way for major crypto firms to contribute assets in exchange for regulatory clarity and potential future advantages.

Crypto Leaders Gather at the White House

The White House Crypto Summit boasts a star-studded lineup, highlighting the weight of Trump’s initiative. Confirmed attendees include Ripple CEO Brad Garlinghouse, MicroStrategy’s Michael Saylor, Bitcoin Magazine’s David Bailey, and Chainlink’s Sergey Nazarov, along with CEOs from Coinbase, Kraken, Robinhood, and Crypto.com. 

Key government officials, including acting SEC and CFTC chairs, will also be present. Unconfirmed reports hint at appearances from Solana’s Anatoly Yakovenko, Cardano’s Charles Hoskinson, and Ethereum’s Vitalik Buterin. The event’s high-profile nature underscores a serious move toward shaping the U.S. crypto strategy.

How Will the U.S. Fund This Move?
Michael Saylor, in a recent interview, suggested that while Trump could issue an executive order to set the framework, actual purchases might require congressional approval. However, an alternative strategy exists. The Federal Reserve holds gold certificates valued at 1970s prices.

 By selling these and converting the proceeds into Bitcoin at current market rates, the U.S. could accumulate a significant BTC reserve without new spending.

A Turning Point for Crypto Regulation?

Altcoin Daily analyst suggests that Trump’s upcoming announcement could shake up the entire crypto market. Just before Trump’s statements, a trader made a massive $200 million bet on crypto and has also named himself March 7, raising questions about whether they had inside information.

While the announcement might not reveal the full plan, analysts believe it could give a clearer picture of how the U.S. government plans to deal with crypto in the future. At this point, it’s not about whether the U.S. will create a Bitcoin reserve—it’s about whether it will focus only on Bitcoin or include other cryptocurrencies as well.

On the flip side, Solana co-founder Anatoly Yakovenko dismissed the idea of an SOL reserve, warning that government control would undermine decentralization. However, he reassured the Solana community, stating that if there’s a goal to achieve, the ecosystem will rise to the challenge.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

INDIA OFFICIALLY DISMISSES BRICS CURRENCY, PRAISES THE US DOLLAR

The Modi government is placing a ledge on the de-dollarization ideals and making way for the US dollar to thrive. BRICS member India has once again rejected the prospects of a new currency and praised the US dollar for maintaining global stability. India’s Foreign Minister S. Jaishankar spoke in favor of the US dollar sidelining the idea of launching a new currency on the global stage.

India is the only country in the bloc that is moving away from the formation of a new common currency. BRICS members Russia, China, and Iran are aggressively pursuing the agenda to topple the US dollar from the world’s reserve currency status. 

The alliance is now divided as India is stepping aside and Brazil also revealed that they plan to drop the idea of a BRICS currency.

India Wants the US Dollar & Not BRICS Currency

Speaking at a session titled ‘India’s Rise and Role in the World’ in London, Jaishankar confirmed that they’re not interested in BRICS currency. “I don’t think there’s any policy on our part to replace the US dollar. As I said, at the end of the day, the dollar as the reserve currency is the source of international economic stability. And right now, what we want in the world is more economic stability, not less,” he said.

The statement from Jaishankar is at odds with what Russia, China, and Iran intend to streamline the alliance. India is on a different path and has openly embraced the US dollar rejecting the prospects of a BRICS currency. The move will make it tougher to launch a common currency as the decisions of the bloc are based.

The formation of a new BRICS currency could take longer than expected due to the ongoing divisions. In conclusion, the de-dollarization agenda might not take off in the coming years making the US dollar reign supreme for longer.

@ Newshounds News™

Source:  Watcher Guru

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Thursday Afternoon 3-06-25

Good Afternoon Dinar Recaps,

ESMA ACCUSED OF OVERREACH RE NON-EU CRYPTO PROVIDER GUIDANCE

Last Thursday Europe’s Target2 (T2) and Target2 Securities (T2S) interbank payment systems went down throughout normal business hours.

The European Central Bank (ECB) extended operating hours until midnight, as the system only came back online at 18:00, when the real time gross settlement (RTGS) would usually be taking its last instructions. It’s a relatively rare failure, but not unheard off – another outage of similar scale happened in October 2020.

There was one critical difference. The 2020 outage was on a slow Friday afternoon. This year’s was the day before month end, a busy time for both mainstream payments and securities settlement.

If there were a wholesale central bank digital currency (wCBDC) system, similar to the Banque de France’s DL3S, would that help to provide redundancy? At this stage our analysis is only ‘maybe’ and it will take a while.

Database failures and blockchain redundancy

At first the ECB identified a database error. Hence, it initially thought it couldn’t switch to the failover location because it was corrupted. Late in the day it found the problem was “an infrastructure component,” which we’d assume means a hardware failure. Hence, the database was switched to the failover location and the system was restarted after checks.

Without using blockchain, it’s possible to replicate databases in real time. That’s the way most large internet systems work. And from the description, we believe T2 does this.

Until recently, the approach used to be referred to as a master and slave database, which while politically incorrect, describes the relationship more clearly than primary and secondary.

If the primary database has been corrupted in some way, the replicated database is a copy that’s in exactly the same state. However, if one can identify a point (or transaction) where the problem starts, it’s often possible to roll back a few transactions on the replica, and get up and running from there.

By contrast, a blockchain works differently. Like database replications, there are multiple nodes. 

But it provides redundancy because in the case of validating nodes (which can write to the ledger), each node’s ledger contents are not just copied from the primary ledger, they’re independently created based on transaction verifications. A bogus transaction can get approved by all nodes, but is likely to be deliberate.

The two bucket metaphor

An imperfect analogy is havings two taps, each with a bucket. In the replicated database case, one bucket has a flow of water and reaches a certain level.

The second bucket then has a tap that automatically switches on and aims to get to the same level. By then, the first tap is already filling up further.

In the blockchain case, the taps would drip water into their respective buckets in a synchronized fashion at the same rate.

However, blockchains aren’t really designed for situations where just one party (the central bank) writes transactions. If the sole purpose is redundancy, it’s a significant overhead to run a blockchain system that has to arrive at a consensus between nodes in order to write to multiple separate databases.

On the other hand, if there’s another purpose, such as enabling atomic settlement for securities transactions and programmability, then it might just be worth it.

The ECB has other redundancies

The ECB already has multiple strategies for T2 redundancy. In addition to the failover location, there’s also the Enhanced Contingency Solution II (ECONS II). However, it does not have the same level of functionality as T2, so it was only used for foreign exchange payments to CLS and margin calls by central counterparties (CCPs).

If something like France’s wCBDC had been in production, it would still need to tokenize money transferred from the RTGS (or escrowed) in order to function. 

So in the first instance, if T2 was down, the wCBDC might also be out of action. If ECONS II were allowed to be used for banks  to top up their wCBDC balances, then banks could potentially make some settlements that way. But ECONS II often requires additional collateral from banks.

There’s a much bigger reason why a wCBDC – in the early stages – is unlikely to help with redundancy. wCBDC systems are not designed to clone the functionality of an RTGS.

They usually have specific purposes targeted at the settlement of transactions relating to tokenized assets, whether that’s a digital bond or the interbank settlement of tokenized deposits. Hence, their integration with commercial bank systems will be focused on these functionalities alone.

That said, if there were a tokenized deposit system that was up and running with most banks onboarded, in a crisis it might be possible to switch to tokenized deposits and wCBDC as a primary solution for payments. But we’re currently a way off from that happening.

@ Newshounds News™

Source:  Ledger Insights

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ECB CUTS INTEREST RATES TO 2.65% – WHAT IT MEANS FOR MARKETS & CRYPTO

▪The European Central Bank has reduced key interest rates to 2.65% to stimulate economic growth.

▪While lower rates may boost markets, inflation remains a concern, and bond market volatility suggests potential instability.

▪Geopolitical factors and internal ECB divisions make future rate cut timelines and impacts unpredictable.

The European Central Bank (ECB) has cut interest rates to 2.65%, down from its previous peak of 4.5%. This move follows a global trend where central banks are easing financial policies to support economic growth. In the U.S., traders expect at least three rate cuts from the Federal Reserve in 2025, while Germany and China are using government spending to keep their economies stable.

ECB’s Rate Cut: What Changed?

According to the ECB’s statement, key interest rates have been reduced by 0.25 percentage points. The deposit facility rate is now 2.50%, the main refinancing rate 2.65%, and the marginal lending rate 2.90%. These changes take effect on March 12, 2025.

Lower interest rates typically increase the flow of money, which can boost stock markets and riskier assets like cryptocurrencies. Analysts believe this easing cycle could push crypto prices higher, despite concerns over slowing economic growth. However, some worry that cutting rates too aggressively could cause long-term issues, especially since inflation in Europe is still above the ECB’s 2% target.

Bond Markets in Chaos

The bond market has already responded. Germany’s 10-year government bond yield has surged to 2.8%, its highest level in over a decade. This has narrowed the gap between German and U.S. bond yields, putting downward pressure on the U.S. dollar. The situation is similar to market shifts seen during Donald Trump’s first term, when global financial changes impacted currency values.

Meanwhile, U.K. bond yields have also risen, now surpassing those of the U.S. In Japan, the country’s 10-year bond yield has reached 1.5%, its highest in 17 years. The Bank of Japan, which recently raised interest rates after years of keeping them low, is now struggling to keep inflation in check.

Will Crypto Benefit From Lower Rates?

While the ECB’s rate cut may provide short-term relief, financial markets remain uncertain. If bond market volatility continues, investors might be more cautious with riskier assets like cryptocurrencies. While lower interest rates usually benefit crypto, sudden market changes could still bring instability.

Uncertainty Ahead: Inflation, Politics, and Growth Risks

Market analyst Max Wienke notes that while the ECB is expected to cut rates further, the outlook remains unclear. Inflation in the Eurozone has dropped slightly to 2.4%, which supports more rate cuts. However, unpredictable factors—such as Trump’s trade policies and the ongoing Ukraine war—add complexity. Divisions within the ECB are also growing, making it harder to predict the pace of future cuts.

The key concern is balancing inflation control with economic growth: aggressive easing could fuel inflation, while slow cuts might weaken recovery.

@ Newshounds News™

Source:  Coinpedia

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BREAKING: TEXAS SENATE PASSES BITCOIN RESERVE BILL

This marks a major breakthrough for state-level SBR bills that so far have struggled to gain traction.

The Texas Senate has just voted in favor of a strategic Bitcoin reserve bill (SBR). The bill (SB21) has passed in a 25-5 vote. This marks a significant breakthrough for state-level SBR bills after some other states rejected them in quick succession.        

Senator Charles Schwertner has stated that Bitcoin has proven itself to be "the most preferred because of its limited supply and adaptability."

The SB21 bill, which was originally filed on Feb. 12, stipulates that the reserve would be funded from appropriations, revenues as well as donations. It does not set a specific investment limit. 

It allows investing in Bitcoin or an altcoin that has a market capitalization of at least $500 billion.  Overall, more than 20 states have already introduced state-level SBR bills.

@ Newshounds News™

Source:  U Today

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The Public Debt Explosion and What it means for Markets

The Public Debt Explosion and What it means for Markets

Kinesis Money:  3-6-2025

The world is drowning in debt. This isn’t breaking news, but the sheer scale and potential consequences of the ongoing public debt explosion are increasingly demanding attention.

In a recent episode of Kinesis Money’s “Talking Trades,” market analysts Patrick Karim and Kevin Wadsworth delved deep into this issue, exploring what runaway debt actually means for markets and investors.

So, what does this debt explosion entail? Simply put, it’s the rapid increase in the amount of money governments owe to individuals, businesses, and other countries. This debt accumulates when governments spend more than they collect in revenue, forcing them to borrow to cover the shortfall.

The discussion also explored the implications for specific markets. Karim and Wadsworth pointed out that assets perceived as safe havens, like gold and silver, tend to perform well in environments of high debt and currency debasement.

 They also emphasized the importance of carefully analyzing individual companies’ debt levels and financial health, as those with high debt burdens may be particularly vulnerable to rising interest rates and economic downturns.

The growing public debt explosion presents a complex and multifaceted challenge for markets and investors. While the exact timing and magnitude of its impact remain uncertain, the potential consequences are significant.

The key takeaway from Karim and Wadsworth’s analysis is the need for vigilance and informed decision-making. Investors should consider diversifying their portfolios, allocating assets to safe havens, and carefully evaluating the debt levels of the companies they invest in.

By understanding the potential risks and opportunities associated with the public debt explosion, investors can better navigate the turbulent waters ahead and protect their wealth.

https://youtu.be/JQ-luZivnqg

Iraq Economic News and Points to Ponder Thursday AM 3-6-25

Iraq Increases Its Gold Reserves By 10 Tons

Money and business   Economy News – Baghdad  The World Gold Council announced on Wednesday that Iraq has increased its reserves of the precious metal by 10 tons.

According to the latest schedule published by the Council in March, which was reviewed by Al-Eqtisad News, “Iraq increased its gold holdings by 10 tons, bringing its holdings to 162.7 tons, after it was 152.7 tons last month, which represents 13.6% of its remaining reserves.”

He added, "Iraq reached the 28th rank on the list out of 100 countries included in the table," indicating that "Iraq came in fourth place in the Arab world after Saudi Arabia, Lebanon and Algeria."

The Council pointed out that "the United States of America tops the list of countries with the largest gold holdings in the world, with 8,133 thousand tons, followed by Germany with 3,351 thousand tons, then Italy with 2,451 thousand tons, while Iceland came in last with 2 tons."

Increasing gold reserves means increasing the amount of gold held by the state or the central bank as a financial reserve, in order to enhance financial security and the ability to confront economic or financial crises.

The World Gold Council is headquartered in the United Kingdom, has extensive experience and deep knowledge of the factors that cause market change, and its members consist of the largest and most advanced gold mining companies in the world.  https://economy-news.net/content.php?id=53153

Oil: Negotiations With An American Company To Develop The Oil Side Of The Nahr Bin Omar Field

Energy  Economy News – Baghdad  The Ministry of Oil announced, on Wednesday, that there are negotiations with the American company Halliburton to develop the Nahr Bin Omar field in Basra.

The Undersecretary of the Ministry of Oil for Extraction Affairs, Basem Mohammed Khader, said in a statement reported by the official news agency, and seen by "Al-Eqtisad News", that "the Nahr Bin Omar field is an oil and gas field, as the contract for the gas was signed and the contracting company began its work."

He pointed out that "there are negotiations with the American company Halliburton to develop the oil side of the field, in line with the gas investment project in the Bin Omar River."

He explained that "the gas project aims to produce about 300 million standard cubic feet per day, in two phases," stressing that "the establishment of gas facilities requires a long time, and the minimum period for their establishment and operation is estimated at about three years." https://economy-news.net/content.php?id=53161

Basra Oil Falls By More Than 2%

Wednesday 05 March 2025 09:12 | Economic Number of readings: 266  Baghdad / NINA / The prices of Basra heavy and medium crude oils continued to decline by more than 2%.

The prices of Basra heavy crude fell by $2.11, equivalent to 2.96%, to reach $79, while the prices of Basra medium crude fell by $2.11, equivalent to 2.84%, to reach $72.12.

Brent crude today recorded a decrease of 31 cents and reached $70.076 per barrel, and the US Texas crude also recorded a decrease of 64 cents to reach $67.63 per barrel. / End https://ninanews.com/Website/News/Details?key=1190089

Government Advisor: Iraq Development Fund Targeted 6 Key Sectors

Mohammed Al-Najjar  Construction and reconstruction   Economy News – Baghdad  On Wednesday, the Prime Minister's Advisor for Investment Affairs, Mohammed Al-Najjar, explained the strategy adopted by the Iraq Development Fund to ensure the implementation of projects efficiently and transparently, while pointing to the role of international auditing companies in this context.

Al-Najjar said in a statement reported by the official news agency, and reviewed by "Economy News", that "the Iraq Development Fund targeted 6 main sectors in its investments, and these sectors were chosen because they represent Iraq's crises, as we invest in housing, education, digital transformation, smart industry, smart agriculture, and the environment, and each unit of them is a major crisis, and the fund turns this crisis into commercial and economic opportunities that investors benefit from to help us find sustainable solutions to it."

He added, "Every project launched by the Fund looks at a set of criteria. The first criterion is the amount of employment created by these projects, and there are two types of employment: employment during implementation and employment after operation."

“As for industry, we expect 30 to 40 percent of the materials that will be used to be locally made,” he continued, explaining that “now we can provide part of the iron and a large percentage of the cement locally, while most of the remaining materials are imported.

We hope that by launching these major projects, they will be transformed and there will be a great need to establish these factories, and we, as a fund, are now supporting the establishment of a ceramic factory, a brick factory, factories that support our industry, and factories for school trips, among others.”

He pointed out that "the fund is audited in three aspects, including the presence of a body that submits separate reports from the executive management to the board of directors, and this process is managed by an international company, and there is another company that audits the fund's operations, which is like accounting, and this is also another company different from the first, and thirdly, there is the Financial Control Bureau that conducts the local audit of what we do."

He pointed out that "the fund works within global standards and governance, the aim of which is to find or create a fund capable of being a repository for foreign investments when they enter Iraq,"

 noting that "Iraq's previous and current laws do not qualify it to bring direct investments into state departments and so on because they are not compatible with the world, and in the fund, its establishment and governance, we made them compatible with the laws of the world." https://economy-news.net/content.php?id=53163

The Annual Inflation In Iraq Decreased To 2.8%
 
Economics  Shafaq News/ The Central Bank of Iraq announced today, Wednesday, the decrease in the country's annual inflation to 2.8%. The bank said in a statement received by Shafaq News, that 

"the annual inflation decreased in Iraq from 4% to the fourth semester of 2023 to 2.8% for the same semester of 2024." He added that
 
"the basic inflation also decreased from 4.5% for the fourth semester of 2023 to 2.5% for the same semester of 2024." He pointed out that
 
"general and basic inflation falls at acceptable rates, and
 
this reflects the price stability and the success of monetary policy in Iraq."
 
Iraq witnessed fluctuations in inflation rates during the past years.
 
Future expectations vary; Where reports in October 2024 reported the expectations of the International Monetary Fund, a slight increase in the inflation index in Iraq to 3.5% in 2025, with a decrease to 3% by 2029.
 
The low inflation means a decrease in the increase in the annual price of goods and services, which enhances the purchasing power of citizens and reflects economic stability.     https://shafaq.com/ar/اقتصـاد/انخفاض-التضخم-السنوي-في-العراق-لى-2-8  

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

Seeds of Wisdom RV and Economic Updates Thursday Morning 3-06-25

Good Morning Dinar Recaps,

WHITE HOUSE CRYPTO SUMMIT 2025: EVERYTHING IMPORTANT YOU NEED TO KNOW

The White House Crypto Summit on March 7 will bring together crypto industry leaders and regulators for a night that many believe could shed more light on President Trump’s plans for crypto in the U.S. Here’s what you need to know.

According to FOX Business journalist, Eleanor Terrett, the summit will be a gathering of around 20 to 25 people at a roundtable setting hosted at the White House.

The White House Crypto Summit guest list, according to insiders, will be smaller than expected, but includes major crypto industry leaders and regulators from relevant government bodies. Sources claim attendees will receive official invites from the White House via email.

Earlier this month, AI and crypto czar David Sacks shared the news on his X account, saying that the White House is gearing up to host the first crypto-focused summit on March 7.

“Attendees will include prominent founders, CEOs, and investors from the crypto industry. Look forward to seeing everyone there!” said Sacks in his post.

Due to the limited list of attendees, Terret said that a “larger, invite-only reception” will be held following the meeting for those not invited to the smaller round-table meeting but still considered relevant for the development of the crypto space in the U.S.

“This is all happening in real time with plans not 100% finalized so things could change but that’s what I’m hearing at this hour,” said Terret in her post.

A number of White House officials have also confirmed their attendance, including Executive Director of Presidential Council on Digital Assets Bo Hines, AI and crypto czar David Sacks, SEC Chair Mark Uyeda, and CFTC Chair Caroline Pham.

Meanwhile Commerce Secretary Howard Lutnick, Treasury Secretary Scott Bessent and Attorney General Pam Bondi have yet to confirm their attendance at the White House Crypto Summit.

So far, around 15 crypto industry leaders from major firms like Strategy, Gemini, Coinbase, Robinhood, Ripple XRP and Crypto.com have confirmed that they will be attending the White House Crypto Summit.

On the other hand, crypto journalist Laura Shin claimed that sources say Cardano Founder Charles Hoskinson has not been invited to attend the summit. Not only that, Solana founder Anatoly Yakovenko also has not confirmed his attendance.

Here’s what we know so far about the upcoming White House Crypto Summit.

Who will be attending the White House Crypto Summit, and who will not?

According to Eleanor Terrett, the list of attendees will include prominent figures from the crypto industry, which includes Strategy Chair Michael Saylor, Paradigm co-founder Matt Huang, CEO of Exodus J.P Richardson, Robinhood CEO Vlad Tenev and Gemini co-founders Tyler Winklevoss and Cameron Winklevoss.

The White House Crypto Summit will also reportedly host major industry players such as Coinbase Base CEO Brian Armstrong, Kraken CEO Arjun Sethi, Bitcoin Magazine David Bailey, Chainlink co-founder Sergey Nazarov, Crypto.com CEO Kris Marszalek, Managing partner at Multicoin Capital Kyle Samani and World Liberty Financial co-founder Zach Witkoff.

Ripple CEO Brad Garlinghouse had been one of the first figures to confirm his attendance, not long after Sacks’ post about the summit.

“I will certainly continue to champion this while in Washington at the end of this week,” Garlinghouse had written in his March 2 post.

According to an Unchained report, inside sources claimed that Garlinghouse had been the one to convince President Trump to include Solana in the crypto reserve in order to make the inclusion of XRP in the reserve “seem more legitimate.”

When asked about the rumor, a Ripple spokesperson did not confirm nor deny it. Instead, he referred to Garlinghouse’s earlier post praising Trump’s crypto vision and emphasizing the importance of cooperation between crypto firms in reaching the industry’s goals.

However at press time, Solana founder Anatoly Yakovenko has not officially confirmed his attendance at the summit. Other crypto figureheads whose attendance status is still unclear include ARK Invest CEO Cathie Wood,  Ethereum co-founder Vitalik Buterin and Andreessen Horowitz co-founder Marc Andreessen.
 
Stablecoin firm leaders Tether CEO Paolo Ardoino and Circle USDC CEO Jeremy Allaire have also stayed quiet about the White House Crypto Summit, despite stablecoin being a major element in U.S. crypto-related policy in recent months.

Moreover, according to Unchained, a White House source claimed Cardano founder Charles Hoskinson will not be invited to the White House Crypto Summit. Many traders found this odd considering ADA is among the tokens Trump listed in his plans for the U.S. Crypto Reserve.

In a video posted on his account, Hoskinson said that he was initially unaware of ADA’s inclusion in Trump’s crypto reserve until the announcement came out.

What will be discussed at the White House Crypto Summit?

The upcoming White House Crypto Summit is set to be a discussion forum where policymakers and industry experts come together to talk about the future of crypto regulations and the U.S. crypto reserve. However, while the event is symbolically important, it may not deliver instant policy changes or a major market turnaround.

As previously reported by crypto.news, Commerce Secretary Howard Lutnick hinted that Trump will talk more about how the Bitcoin strategic reserve will be executed at the White House Crypto Summit on March. 7.

Moreover, the highly-anticipated White House Crypto Summit is expected to provide clarity on the Trump administration’s regulatory plans regarding the advancement of cryptocurrency in the U.S., which could further influence the wider global landscape.

@ Newshounds News™

Source:  CryptoNews

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CRYPTO NEWS: CARDANO’S HOSKINSON SNUBBED FOR WHITE HOUSE CRYPTO SUMMIT, RIPPLE CEO ON THE LIST

▪Trump’s White House Crypto Summit Set for March 7 – Key crypto leaders to attend, but Cardano’s Charles Hoskinson is left out.

▪U.S. Crypto Strategy Unfolds – Bitcoin prioritized over altcoins; Trump’s AI & crypto czar David Sacks to lead the discussions.

Anticipation is growing in the crypto world ahead of the White House Crypto Summit set for Friday, March 7, 2025. This first-of-its-kind event is expected to play a crucial role in the future of U.S. crypto policy, possibly launching a U.S. strategic crypto reserve. Several key figures in the industry, including members of former President Donald Trump’s crypto task force, are expected to attend.

However, as the guest list has started to take shape, one notable name is missing:

Cardano co-founder Charles Hoskinson. According to Unchained, a White House source confirmed that Charles Hoskinson was not invited to the summit, nor has Cardano been involved in any policy discussions or meetings with the administration.

“They are running around town trying to push their own sort of narrative. They are not involved in anything about trying to influence policy and they are not invited to Friday’s summit,” the White House source told Unchained.

Hoskinson’s absence is particularly surprising given recent comments from President Donald Trump. On Sunday, Trump mentioned that Cardano’s ADA, would be part of a crypto reserve, which led many to expect Hoskinson’s attendance at the event.

Confirmed Guests for the Summit

Despite the exclusion of Hoskinson, several high-profile crypto industry leaders will be in attendance. The confirmed guest list includes:

▪Brad Garlinghouse – CEO of Ripple
▪Michael Saylor – Founder of MicroStrategy
▪David Bailey – CEO of Bitcoin Magazine
▪Matt Huang – Co-founder of Paradigm
▪JP Richardson – CEO of Exodus
▪Kyle Samani – Managing Partner at Multicoin Capital
▪Zach Witkoff – Co-founder of World Liberty Financial
▪Sergey Nazarov – Co-founder of Chainlink
▪Brian Armstrong – CEO of Coinbase
▪Vlad Tenev – CEO of Robinhood
▪Arjun Sethi – CEO of Kraken
▪Kris Marszalek – CEO of Crypto.com

Hoskinson had previously hinted that he might attend a fundraising dinner for the pro-crypto PAC MAGA Inc., but the White House confirmed that he was not invited to that event either.

Key Focus of the Summit

The summit is set to run from 1:30 p.m. to 5 p.m. ET on March 7 and will be led by David Sacks, President Trump’s appointed AI and crypto czar. One of the main points of discussion will be the handling of Bitcoin and other cryptocurrencies.

Commerce Secretary Howard Lutnick stated in a recent interview that Bitcoin would be treated differently than other altcoins, as it is a significant part of President Trump’s crypto strategy.

@ Newshounds News™

Source:  Coinpedia

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SOLANA CO-FOUNDER SAYS A FEDERALLY CONTROLLED CRYPTO RESERVE WILL HARM DECENTRALIZATION ETHOS, PROPOSES STATES CONTROL THEIR OWN RESERVES

Anatoly Yakovenko, the co-founder of the Solana SOL/USD ecosystem, argued against a federal government-controlled cryptocurrency reserve Wednesday, citing a threat to decentralization.

What Happened: In an X post, Yakovenko outlined his order of preference for a potential cryptocurrency reserve.

“No reserve, because if you want decentralization to fail, you'd put the government in charge of it,” he stated as his first and the most ideal choice.

However, if reserves must be set up, Yakovenko said they should be managed by states as a “hedge” against the Federal Reserve making a mistake.

In the case of a federally administered reserve, Yakovenko proposed basing it on “objectively measurable requirements.”

“I don't care what they are, they can even be constructed such that only Bitcoin satisfies them right now, they just must be objectively measurable and rationally justified,” he explained his point.

When questioned if this was an indirect confirmation that no one from Solana pitched SOL for inclusion in the recently announced U.S. cryptocurrency reserve, Yakovenko stated, “No one asked me, and I didn’t pitch it.”

@ Newshounds News™

Source: Benzinga

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