Some “Iraq News” Posted by Clare at KTFA 1-26-2025

KTFA:

Clare:  Central Bank of Iraq announces support for US investment opportunities

1/26/2025

 The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, received on Sunday an official delegation from the United States headed by Steve Lutes, Vice President of the American Chamber of Commerce and President of the US-Iraq Business Council, in the capital, Baghdad.

A statement issued by the bank's media, received by Shafaq News Agency, stated that the meeting discussed strengthening banking and economic relations between Iraq and the United States, in addition to the upcoming visit of the Central Bank of Iraq delegation to Washington next April, which will include meetings with the American Chamber of Commerce and American companies.

Al-Alaq pointed out the desire of American companies to invest in the fields of energy, infrastructure and modern technology, stressing the importance of investing in the security stability witnessed by Iraq. The Governor of the Central Bank confirmed Iraq's support for the path of economic growth, with the provision of the necessary support to international companies, including American companies and banks, stressing the need for diversification in investment fields.

The two sides also discussed the mechanisms of international trade, and the process of Iraq's transition to full operation in foreign transfers through correspondent banks..LINK

Clare: The Central Bank receives an American delegation and discusses with it Iraq's foreign transfers

1/26/2025 Baghdad

The Governor of the Central Bank of Iraq, Ali Al-Alaq, met with an American delegation in the capital, Baghdad, on Sunday, and discussed with him how Iraq can move to fully operate in foreign transfers through correspondent banks.

The Central Bank said in a statement received by "Al-Eqtisad News" that "Al-Alaq received Steve Lutes, Vice President of the US Chamber of Commerce and President of the US-Iraq Business Council and his accompanying delegation in Baghdad."

According to the statement, during the meeting, they discussed banking and economic relations between the two countries, the upcoming visit of the Central Bank of Iraq delegation to Washington, and their meeting with the US Chamber of Commerce and American companies next April.

The meeting discussed the desire of American companies to invest in the energy, infrastructure and modern technology sectors and to invest in the security stability witnessed by Iraq, as indicated in the statement. 

The statement conveyed Al-Alaq's confirmation that the Central Bank "supports the path of economic growth in Iraq and provides the necessary support to international companies wishing to invest in Iraq, including American companies and banks," noting "the importance of diversification in investment sectors."

The two parties also discussed the mechanisms of international trade and the process of Iraq's transition to fully operate in foreign transfers through correspondent banks, according to the statement.  LINK

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Clare: Governor of the Central Bank: We provide the necessary support to international companies wishing to invest in Iraq, including American companies and banks.

1/26/2025

The Governor of the Central Bank, Ali Al-Alaq, confirmed that the Central Bank provides the necessary support to international companies wishing to invest in Iraq, including American companies and banks.

The Central Bank of Iraq stated in a statement: "The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, met today with the Vice President of the American Chamber of Commerce, Steve Lutes, and the President of the American-Iraqi Business Council and his accompanying delegation in Baghdad."

He pointed out that "the meeting discussed the banking and economic relations between the two countries and the upcoming visit of the Central Bank of Iraq delegation to Washington and their meeting with the American Chamber of Commerce and American companies next April."

He continued that "the meeting discussed the desire of American companies to invest in the energy, infrastructure and modern technology sectors and to invest in the security stability witnessed by Iraq. The two parties also discussed the mechanisms of international trade and the process of Iraq's transition to fully operating in external transfers through correspondent banks."

During the meeting, the governor stressed that "the Central Bank of Iraq supports the economic growth process in Iraq and provides the necessary support to international companies wishing to invest in Iraq, including American companies and banks," noting "the importance of diversification in investment sectors."  LINK

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Claare: Minister of Trade calls for holding a "Made in America" ​​exhibition in Iraq and the presence of American companies in the Baghdad Exhibition sessions

1/26/2025   Baghdad/  

Minister of Trade Athir Dawood Al-Ghariri discussed with the US Chargé d'Affaires in Baghdad, Ambassador Daniel Rubinstein, Vice President of the US Chamber of Commerce and Chairman of the Iraqi-American Business Council Steve Lutes, and the accompanying delegation, ways to enhance economic and trade relations between Iraq and the United States.

The Ministry of Trade said in a statement, "The Minister stressed during the meeting Iraq's keenness to strengthen its economic relations with the United States within the framework of the government's orientations towards approving and implementing economic reforms to improve the business and investment environment.

Al-Ghariri pointed out, according to the statement, the exceptional efforts made by the Ministry in coordination with government agencies to hold the third round of negotiations for Iraq's accession to the World Trade Organization after a 16-year hiatus, as Iraq submitted files for goods and services and reviewed economic reforms, including the legislation of the Intellectual Property Law.

The Minister explained: "Iraq seeks to simplify the procedures for the work of American companies inside the country to support trade and investment between the two countries," referring to self-sufficiency in local wheat during the past two years, with the continuation of work on the memoranda of understanding signed with the American side related to the country's needs.

He called on American companies to hold a "Made in America" ​​exhibition inside Iraq and organize a forum between the Iraqi and American private sectors to review investment opportunities and available projects, and hoped that American companies would be present in the sessions of the Baghdad International Fair.

For his part, Ambassador Rubinstein expressed his aspiration for more cooperation and openness between the two countries, referring to the economic reforms that Iraq is witnessing to improve the business and investment environment. He also announced preparations for a visit by a delegation of American businessmen to Iraq next April.

In turn, Steve Lutes thanked the Ministry of Commerce for its support for the work of American companies, praising the Iraqi efforts to improve the business environment and encourage investments.

The statement added: "The two parties agreed to enhance cooperation to expand the business base and strengthen economic and trade relations in a way that serves the common interests of the two countries."  LINK

Clare:  Al-Sudani confirms Iraq's readiness to coordinate between regional countries

1/26/2025  Baghdad

Prime Minister Mohammed Shia al-Sudani confirmed, on Sunday, Iraq's readiness to coordinate between the countries of the region, especially with Turkey, regarding developments in the regional arena, reiterating Iraq's rejection of Syria being an arena for conflict.

The Prime Minister's Media Office said in a statement, seen by "Al-Eqtisad News", that "Prime Minister Mohammed Shia Al-Sudani received Turkish Foreign Minister Hakan Fidan, where during the meeting, bilateral relations between the two countries were discussed, and a number of regional and international issues of common interest were discussed, especially developments in the region and events in Syria." 

The statement added, "The meeting discussed the latest developments in Syria, Gaza and Lebanon, and stressed the importance of adhering to the ceasefire."

He continued, "The meeting also discussed the importance of unifying efforts between the countries of the region in order to support its stability. In this regard, the Prime Minister affirmed Iraq's readiness to coordinate between the countries of the region, especially with Turkey, regarding the developments witnessed in the regional arena, reiterating Iraq's rejection of Syria being an arena for the conflict in which it works to establish stability, due to the impact of this on the region in general."

The Prime Minister stressed, according to the statement, "the government's follow-up on the bilateral relations file, and the implementation of the memoranda of understanding that were signed in light of his visit to Ankara last November, as well as within the framework of Erdogan's visit to Baghdad that took place in April of last year."

For his part, Fidan conveyed the greetings of the Turkish President to the Prime Minister, and expressed his country's desire for close coordination with Iraq regarding developments in the region, pointing to the desire to enhance cooperation in bilateral relations, in light of the two mutual visits of Mr. Al-Sudani and the Turkish President.

The Turkish Foreign Minister also reiterated his country's seriousness in working on the Strategic Development Road project, as well as cooperation in light of the memoranda of understanding signed between the two countries in the fields of energy, education, trade exchange, banking cooperation, and other fields.   LINK

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Clare:  Al-Sudani: Economic reforms have raised the level of foreign investments in Iraq

1/26/2025  Baghdad

Prime Minister Mohammed Shia confirmed, on Sunday, that the government has made significant progress in various aspects of economic reform and digital commercial and banking transformation, noting that economic reforms have been able to raise the level of foreign investment in Iraq. 

The Prime Minister's Media Office said in a statement, seen by "Al-Eqtisad News", that "Prime Minister Mohammed Shia al-Sudani received the Chairman of the US-Iraq Business Council, Vice President of the US Chamber of Commerce Steve Lotus."

He added, "The meeting reviewed trade and cooperation relations between Iraq and the United States, and efforts to prepare for the US Companies Representatives Forum, which will be held in Iraq during this year. The implementation of 18 agreements and memoranda of understanding, which were signed during His Excellency's visit to the United States last year, was also followed up." 

According to the statement, al-Sudani praised "Lotus's efforts in sponsoring and holding forums and meetings, especially with the Iraqi private sector," stressing that "the government has made significant progress in various aspects of economic reform and commercial and banking digital transformation," pointing to the continuation of efforts to legislate the intellectual property law and introduce this concept into school curricula; In order to keep pace with global trade development.

Al-Sudani explained that “economic reforms have raised the level of foreign investment in Iraq, and that American companies are invited to participate in the development renaissance that Iraq is witnessing, and the attractive and business-friendly investment environment.”

For his part, Lutz, according to the statement, praised “the efforts of the Iraqi government in the field of reform, stressing the desire of many American companies to enter the Iraqi market, and to establish promising partnerships with the Iraqi private sector, and to contribute to development and expand the scope of commercial and investment activities.”    LINK

Iraq Economic News and Points to Ponder Sunday Afternoon 1-26-25

Al-Sudani: Economic Reforms Have Raised The Level Of Foreign Investments In Iraq

Political |  01/26/2025   Mawazine News – Baghdad  Prime Minister Mohammed Shia'a confirmed, on Sunday, that the government has made significant progress in various aspects of economic reform and digital commercial and banking transformation, noting that economic reforms have been able to raise the level of foreign investment in Iraq.

The Prime Minister's media office said in a statement received by "Mawazine News": "Prime Minister Mohammed Shia'a al-Sudani received the Chairman of the US-Iraq Business Council, Vice President of the US Chamber of Commerce Steve Lotus."

He added, "The meeting witnessed a review of trade and cooperation relations between Iraq and the United States, and efforts to prepare for the US Companies Representatives Forum, which will be held in Iraq during this year, as well as following up on the implementation of 18 agreements and memoranda of understanding, which were signed during His Excellency's visit to the United States last year.

" Al-Sudani praised - according to the statement - "Lotus's efforts in sponsoring and holding forums and meetings, especially with the Iraqi private sector," stressing that "the government has made significant progress in various aspects of economic reform and digital commercial and banking transformation," pointing to the continuation of efforts to legislate the intellectual property law and introduce this concept into school curricula; In order to keep pace with global trade development.

Al-Sudani explained that “economic reforms have raised the level of foreign investment in Iraq, and that American companies are invited to participate in the development renaissance that Iraq is witnessing, and the attractive and business-friendly investment environment.”

For his part, Lotus praised - according to the statement - “the efforts of the Iraqi government in the field of reform, stressing the desire of many American companies to enter the Iraqi market, and to establish promising partnerships with the Iraqi private sector, and to contribute to development and expand the scope of commercial and investment activities.”  https://www.mawazin.net/Details.aspx?jimare=259048

 Governor Of The Central Bank: We Provide The Necessary Support To International Companies Wishing To Invest In Iraq, Including American Companies And Banks.

Sunday 26 January 2025 | Economic Number of readings: 332   Baghdad / NINA / The Governor of the Central Bank, Ali Al-Alaq, confirmed that the Central Bank provides the necessary support to international companies wishing to invest in Iraq, including American companies and banks.

The Central Bank of Iraq stated in a statement: "The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, met today with the Vice President of the American Chamber of Commerce, Steve Lutes, and the President of the American-Iraqi Business Council and his accompanying delegation in Baghdad."

He pointed out that "the meeting discussed the banking and economic relations between the two countries and the upcoming visit of the Central Bank of Iraq delegation to Washington and their meeting with the American Chamber of Commerce and American companies next April."

He continued that "the meeting discussed the desire of American companies to invest in the energy, infrastructure and modern technology sectors and to invest in the security stability witnessed by Iraq. The two parties also discussed the mechanisms of international trade and the process of Iraq's transition to fully operating in external transfers through correspondent banks."

During the meeting, the governor stressed that "the Central Bank of Iraq supports the economic growth process in Iraq and provides the necessary support to international companies wishing to invest in Iraq, including American companies and banks," noting "the importance of diversification in investment sectors." /End     https://ninanews.com/Website/News/Details?key=1182121

Minister Of Trade Calls For Holding A "Made In America" ​​Exhibition In Iraq And The Presence Of American Companies In The Baghdad Exhibition Sessions

Sunday 26 January 2025| Economic Number of readings: 158   Baghdad/ NINA / Minister of Trade Athir Dawood Al-Ghariri discussed with the US Chargé d'Affaires in Baghdad, Ambassador Daniel Rubinstein, Vice President of the US Chamber of Commerce and Chairman of the Iraqi-American Business Council Steve Lutes, and the accompanying delegation, ways to enhance economic and trade relations between Iraq and the United States.

The Ministry of Trade said in a statement, "The Minister stressed during the meeting Iraq's keenness to strengthen its economic relations with the United States within the framework of the government's orientations towards approving and implementing economic reforms to improve the business and investment environment.

Al-Ghariri pointed out, according to the statement, the exceptional efforts made by the Ministry in coordination with government agencies to hold the third round of negotiations for Iraq's accession to the World Trade Organization after a 16-year hiatus, as Iraq submitted files for goods and services and reviewed economic reforms, including the legislation of the Intellectual Property Law.

The Minister explained: "Iraq seeks to simplify the procedures for the work of American companies inside the country to support trade and investment between the two countries," referring to self-sufficiency in local wheat during the past two years, with the continuation of work on the memoranda of understanding signed with the American side related to the country's needs.

He called on American companies to hold a "Made in America" ​​exhibition inside Iraq and organize a forum between the Iraqi and American private sectors to review investment opportunities and available projects, and hoped that American companies would be present in the sessions of the Baghdad International Fair.

For his part, Ambassador Rubinstein expressed his aspiration for more cooperation and openness between the two countries, referring to the economic reforms that Iraq is witnessing to improve the business and investment environment. He also announced preparations for a visit by a delegation of American businessmen to Iraq next April.

In turn, Steve Lutes thanked the Ministry of Commerce for its support for the work of American companies, praising the Iraqi efforts to improve the business environment and encourage investments.

The statement added: "The two parties agreed to enhance cooperation to expand the business base and strengthen economic and trade relations in a way that serves the common interests of the two countries." / End   https://ninanews.com/Website/News/Details?key=1182141

The Competencies And Tasks Of The Directorate
 
January 23, 2025      The competencies and tasks of the directorate 
 
    - Licensing non-banking financial institutions
 
All licensing applications are carefully examined according to the principle of equality between all requests, in order to ensure the availability of conditions that allow
 
     competition in the Iraqi market and
     keep pace with rapid developments in the global and local financial sectors, while
     achieving the utmost efficiency and transparency.
 
    Supervising and controlling non-bank financial institutions.
 
        This directorate works as a supervisory authority, as it adopts a flexible and contemporary monitoring approach that enables it to supervise and monitor to ensure success in the Iraqi financial sector.   https://cbi.iq/news/view/2766    

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

Seeds of Wisdom RV and Economic Updates Sunday Afternoon 1-26-25

Good Afternoon Dinar Recaps,

SEC REVOKES CRYPTO ACCOUNTING RULE FOLLOWING PRESIDENTIAL TRANSITION

While crypto advocates cheer the SEC’s decision, skeptics like Jacob King warn that the industry’s shift toward bank custody contradicts Bitcoin’s original vision of decentralization.

▪️In a dramatic policy shift, the SEC has revoked a crypto regulation that once shackled banks and custodians, marking a fresh start under the new administration.

▪️The controversial rule, introduced in 2022, had drawn fierce criticism from industry leaders who saw it as an unnecessary hurdle for financial institutions dealing with digital assets.

▪️Under Biden’s SEC, crypto firms found themselves entangled in legal battles, with enforcement actions reaching record highs before tapering off in the final months of Gensler’s tenure.

In a significant policy reversal, the United States Securities and Exchange Commission (SEC) has rescinded Staff Accounting Bulletin No. 121 (SAB 121), a controversial accounting guideline that mandated companies holding digital assets for clients to record these holdings as liabilities on their balance sheets.

The revocation came shortly after President Donald Trump’s inauguration, signaling a shift in the regulatory approach toward the emerging economy.

Background and Industry Reaction

Enacted during President Joe Biden’s administration in March 2022, SAB 121 aimed to enhance transparency and risk management in the burgeoning crypto sector. However, industry stakeholders criticized the rule for imposing burdensome reporting requirements, complicating the custody of digital assets, and increasing compliance costs.

The banking sector also expressed concerns, noting that the rule hindered their ability to serve as secure custodians for digital assets.

The recent revocation has been met with approval from crypto advocates. SEC Commissioner Hester Peirce, known for her pro-crypto stance, celebrated the decision by posting on X (formerly Twitter):

“Bye, bye SAB 121! It’s not been fun.”

Criticism from Outside the Crypto Industry

Despite the positive reception within the crypto community, the repeal has faced criticism from some financial analysts.  Jacob King, CEO of WhaleWire, claims the crypto advocates are wrong for believing the revocation would allow banks to custody Bitcoin BTC for customers.

In response, Carl Horton countered the tweet, noting that many still want loans using their BTC as collateral:

“Some people, like children and the elderly, need custodians. Others want smooth inheritance transfers and others want loans using their BTC in custody as collateral. BTC is freedom money and you can interact with it any way you want.”

Previous SEC Actions Against the Crypto Industry

Meanwhile, under the leadership of former SEC Chair Gary Gensler during the Biden administration, the SEC adopted a stringent regulatory stance toward the cryptocurrency sector.

The agency initiated numerous enforcement actions against crypto companies, alleging violations such as fraud and unregistered securities offerings.

While these measures were intended to protect investors and maintain market integrity, critics argued that the aggressive approach stifled innovation and created an uncertain regulatory environment.

A report by Cornerstone Research highlighted that the SEC’s crypto-related enforcement actions declined by 30% in Gensler’s final year, with 33 actions initiated compared to 47 the previous year.

Despite the decrease, monetary penalties reached a record high, underscoring the agency’s continued focus on regulating the crypto industry.

The recent policy changes, including the revocation of SAB 121 and the establishment of a crypto task force under the new administration, suggest a potential shift toward a more balanced regulatory framework that fosters innovation while ensuring investor protection.

@ Newshounds News™

Source:  CoinSpeaker

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EUROPEAN CENTRAL BANK PUSHING FOR DIGITAL EURO TO COUNTER TRUMP’S SUPPORT FOR STABLECOINS: REPORT

The European Union’s central bank is reportedly pushing for a digital euro to counter US President Donald Trump’s embrace of dollar-pegged private sector stablecoins.

European Central Bank (ECB) board member Piero Cipollone said at a conference on Friday that Trump’s new executive order on crypto could drive people away from banks, Reuters reports.

“I guess the key word here (in Trump’s executive order) is worldwide. This solution, you all know, further disintermediates banks as they lose fees, they lose clients… That’s why we need a digital euro.”

Earlier this week, President Donald Trump signed an executive order to evaluate the creation of a strategic national Bitcoin (BTC) and crypto stockpile.

The order also calls for the government to “promote the development and growth of lawful and legitimate” dollar-pegged stablecoins created in the private sector.

It further mandates that federal agencies halt any actions related to the development of a government-backed digital version of the dollar, otherwise known as a central bank digital currency (CBDC).

The administration’s new leadership at the U.S. Securities and Exchange Commission (SEC) also rescinded Staff Accounting Bulletin 121, a controversial rule that forced banks to identify crypto assets held on behalf of their customers as liabilities on their balance sheets.

@ Newshounds News™

Source:  DailyHodl

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No More Taxes, Prepare to Eliminate Income Taxes

No More Taxes, Prepare to Eliminate Income Taxes

Snyder Reports:  1-25-2025

The prospect of a world without income tax has long been a political fantasy, whispered in the corners of libertarian forums and economic think tanks.

Now, that fantasy has been thrust into the mainstream as President Donald Trump reportedly explores a radical proposal: eliminating federal income tax and replacing it with revenue generated solely from import tariffs.

The idea, which has been circulating among some of Trump’s advisors, hinges on the notion that a sufficiently high tariff on foreign goods could generate enough revenue to fund the government, effectively making income tax obsolete.

 This would represent a monumental shift in the American tax system, moving away from direct taxation of citizens’ earnings towards a consumer-based model that taxes the influx of foreign products.

The appeal of such a proposal is evident. For many Americans, the income tax is a complex and often resented burden. Eliminating it would undoubtedly be a popular move, instantly putting more money in the hands of individuals and businesses.

 Furthermore, proponents argue that a tariff-based system could encourage domestic manufacturing, making American products more competitive and reducing reliance on overseas production.

It’s important to emphasize that this proposal is still in the discussion phase.

While the idea has gained attention, there are few concrete details and many unanswered questions. Economic experts across the spectrum have expressed significant skepticism about the practicality and potential consequences of such a significant shift in the tax system.

Some see this as a trial balloon, a way to gauge public reaction to a controversial idea. Others see it as a political maneuver, intended to stoke populist sentiment and drive support for a particular political platform.

The idea of eliminating income tax using tariffs is undoubtedly a radical one that has captured the attention of the political and economic conversation. While the prospect of a tax-free income is enticing, the potential economic fallout and logistical challenges are deeply concerning.

This proposal highlights the need for a broader conversation about our tax system and its impact on the economy, fairness, and global relations.

Whether it’s a viable policy option or not, it forces us to consider different approaches to funding the government and the potential consequences of drastic change. As with all bold ideas, careful evaluation, thoughtful debate, and realistic consideration of all potential repercussions are essential.

https://youtu.be/LmnmNPlQ8cY

Iraq Economic News and Points to Ponder Late Saturday Evening 1-25-25

President Of The Republic Abdul Latif Jamal Rashid : We Cooperate With Many Countries To Invest In Iraq

Money and business  Economy News – Baghdad   The President of the Republic, Abdul Latif Jamal Rashid Al-Bast, confirmed that Iraq cooperates with a large number of countries in the region and European countries for investment, expressing his hope that President Trump will succeed in what he proposed regarding ending wars in all parts of the world.

The President of the Republic said in a press interview, followed by "Al-Eqtisad News", that "our presence at the Davos Economic Forum is to give an impression of the current situation in Iraq and the Middle East, which concerns everyone, and as you know now the situation in Syria is a new situation, and in Lebanon a government has recently been formed and we hope that they will succeed in their efforts."

The President of the Republic added: "We emphasized at the Davos Forum the good security situation in Iraq, the good relations with neighboring countries, and the focus on services provided to the Iraqi people, and at the same time improving the infrastructure, and we cooperate with a large number of countries in the region and European countries to invest in Iraq and implement service projects and necessary for the Iraqi people."

He stressed that "Iraq is an independent state, and decisions are in the hands of the Iraqi state, and our relations are good with all countries, and Iraq's decision is independent and based on our independence, and for us and for all Iraqis, government and people, the independence of Iraq is more important than anything now and in the future."

The President of the Republic expressed his hope that "President Trump will succeed in what he proposed regarding ending wars in all parts of the world, and we are very comfortable with this statement, and we hope that it will be implemented, and it will push towards political solutions."

He concluded by saying: "I am optimistic about Iraq, because we have made good political decisions, the system in Iraq is good, and we now have security stability, which is one of the most important needs, and we are continuing with the program to improve services and infrastructure and develop our relations with neighboring countries and the world."https://economy-news.net/content.php?id=52267

Dollar Prices Close High In Baghdad And Erbil At The Beginning Of The Week

Economy |  01/25/2025  Mawazine News – Baghdad  The dollar prices rose in the markets of Baghdad and Erbil, the capital of the Kurdistan Region, on Saturday, with the closing of the stock exchange at the beginning of the week.

The dollar prices also rose with the closing of the Al-Kifah and Al-Harithiya stock exchanges, recording 150.850  Iraqi dinars for every 100 dollars, while the prices were 150.700 dinars for every 100 dollars this morning. Our correspondent indicated that the selling prices in the exchange shops in the local markets in Baghdad stabilized, as the selling price reached 151.750 Iraqi dinars for every 100 dollars, while the purchase price reached 149.750 dinars for every 100 dollars.

In Erbil, the dollar also recorded a rise, as the selling price reached 150.700 dinars for every 100 dollars, and the purchase price reached 150.600 dinars for every 100 US dollars. https://www.mawazin.net/Details.aspx?jimare=259001

Gold Prices Rise In Baghdad And Stabilize In Erbil

Saturday 25 January 2025  Economic Number of readings: 264  Baghdad / NINA / The prices of foreign and Iraqi gold rose today, Saturday, in the local markets in Baghdad, while they stabilized in Erbil.

The selling prices of Gulf, Turkish and European gold, 21 carats, in the wholesale markets on Al-Nahr Street in Baghdad, this morning, recorded 584 thousand dinars per mithqal, and the purchase price was 580 thousand dinars, while the selling price of one mithqal of 21 carat Iraqi gold was 554 thousand dinars, and the purchase price was 550 thousand dinars.

In goldsmiths' shops, the selling price of a mithqal of Gulf gold, 21 carats, ranged between 585 thousand dinars and 595 thousand dinars, while the selling price of a mithqal of Iraqi gold ranged between 555 thousand dinars and 565 thousand dinars.

In Erbil, the price of gold stabilized, as the selling price of 24 karat was recorded at 666 thousand dinars, 21 karat at 583 thousand dinars, and 18 karat at 500 thousand dinars. / https://ninanews.com/Website/News/Details?key=1181958

Basra Crude Ends Weekly Trading With Losses

Saturday 25 January 2025 13:24 | Economic Number of readings: 236  Baghdad / NINA / Basra Heavy and Medium crude prices recorded a weekly loss of $ 1.83.

According to oil market data, Basra Heavy crude closed in its last session yesterday with a slight increase of one cent to reach $ 78.43, and recorded a weekly loss of $ 1.83, equivalent to 2.33%.

Basra Medium crude closed in its last session with an increase of one cent to reach $ 81.68, and recorded a weekly loss of $ 1.83, equivalent to 2.24%. ./End1 https://ninanews.com/Website/News/Details?key=1181953

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

Seeds of Wisdom RV and Economic Updates Sunday Morning 1-26-25

Good Morning Dinar Recaps,

CRYPTO ADVOCATES FOCUS ON CONGRESS AS GOP TAKES CONTROL OF US GOV'T

The Republican Party now has total control over the United States Senate, the Executive Branch, and the House of Representatives.

Following the re-election of President Donald Trump in the United States, crypto advocacy groups have shifted their focus to key players in both chambers of Congress, which advocacy groups have characterized as the most pro-crypto Congress in history.

Ron Hammond, the senior director of government relations at the Blockchain Association, told Cointelegraph editor Jesse Coghlan that the Senate Banking Committee and the House Financial Services Committee will play pivotal roles in shaping pro-crypto policies.

Congressman French Hill was selected as chairman of the House Financial Services Committee in December 2024 and is highly critical of the regulatory approach under the previous administration.

Following the appointment, Hill said introducing a crypto market structure bill within the first 100 days of the legislative session was a priority for the GOP leadership.

On January 24, the House Committee on Oversight and Government Reform launched an investigation into Operation Chokepoint 2.0 and sent letters to crypto industry leaders and advocacy groups requesting input.

The Senate Banking Committee

Senator Tim Scott, chairman of the Senate Banking Committee, is pro-crypto and promised sweeping regulatory reform for digital assets prior to the 2024 United States elections.

Speaking to an audience at the Bitcoin 2024 conference, Scott said the former leadership at the Securities and Exchange Commission (SEC) was preventing pro-crypto policies and promised change to US voters.

“We have to get rid of the folks who are in the way,” Scott told pro-Bitcoin voters in the Summer of 2024. Scott also promised Bitcoin voters:

“The one thing I will absolutely guarantee will be done is watching your legislation get a vote, pass the Banking Committee, and we’re going to fight to make it a law in the United States of America.”

Following Scott's pronouncement, Republicans won an electoral sweep in November 2024, securing both chambers of Congress, the Presidential election, and the popular vote.

Senator Lummis appointed chair of the Senate Banking Subcommittee on Digital Assets Wyoming Senator Cynthia Lummis was appointed by Scott to chair the Senate Banking Subcommittee on Digital Assets in January 2025.

Lummis said the primary goals of the subcommittee included passing comprehensive digital asset legislation and preventing overreach by government regulatory agencies.

The Senator added that legislative initiatives would include a comprehensive market structure bill, stablecoin regulations, and provisions for a Bitcoin strategic reserve.

Challenges and looking ahead

Stand With Crypto, a crypto advocacy and voter education group, told Cointelegraph that the current Congress has a "mandate" to pass comprehensive crypto regulatory reform. The group said:

"The 52 million crypto users and innovators across America elected a historic pro-crypto Congress in 2024 — sending 278 pro-crypto candidates to the House of Representatives and 20 to the Senate."

Despite this, challenges remain, as crypto regulations may take a backseat to more pressing political issues or pushback from anti-crypto politicians.

Industry executives and the crypto community have accused Democrats of being anti-crypto and stifling the regulatory process.

Some of crypto's most vocal political opponents include Democrat Senators Elizabeth Warren, Dick Durbin, and California Rep. Brad Sherman — all of whom are still in office after being re-elected in 2024.

Joe Doll, the general counsel for NFT marketplace Magic Eden, also told Cointelegraph that Republicans likely have only two years to pass crypto legislation before midterm elections take place.

Historically speaking, midterm elections tend to see the political pendulum swing the other way and change the balance of power in Congress, Doll said.

The attorney said that Republicans already have a slim majority in the US House of Representatives, which has narrowed to only three seats since Doll spoke to Cointelegraph in December 2024.

According to Doll, a gridlocked government would impede the passage of pro-crypto legislation in the United States.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

SEC REVOKES CRYPTO ACCOUNTING RULE FOLLOWING PRESIDENTIAL TRANSITION

While crypto advocates cheer the SEC’s decision, skeptics like Jacob King warn that the industry’s shift toward bank custody contradicts Bitcoin’s original vision of decentralization.

▪️In a dramatic policy shift, the SEC has revoked a crypto regulation that once shackled banks and custodians, marking a fresh start under the new administration.

▪️The controversial rule, introduced in 2022, had drawn fierce criticism from industry leaders who saw it as an unnecessary hurdle for financial institutions dealing with digital assets.

▪️Under Biden’s SEC, crypto firms found themselves entangled in legal battles, with enforcement actions reaching record highs before tapering off in the final months of Gensler’s tenure.

In a significant policy reversal, the United States Securities and Exchange Commission (SEC) has rescinded Staff Accounting Bulletin No. 121 (SAB 121), a controversial accounting guideline that mandated companies holding digital assets for clients to record these holdings as liabilities on their balance sheets.

The revocation came shortly after President Donald Trump’s inauguration, signaling a shift in the regulatory approach toward the emerging economy.

Background and Industry Reaction

Enacted during President Joe Biden’s administration in March 2022, SAB 121 aimed to enhance transparency and risk management in the burgeoning crypto sector.

However, industry stakeholders criticized the rule for imposing burdensome reporting requirements, complicating the custody of digital assets, and increasing compliance costs.

The banking sector also expressed concerns, noting that the rule hindered their ability to serve as secure custodians for digital assets.

The recent revocation has been met with approval from crypto advocates. SEC Commissioner Hester Peirce, known for her pro-crypto stance, celebrated the decision by posting on X (formerly Twitter):

“Bye, bye SAB 121! It’s not been fun.”

Criticism from Outside the Crypto Industry

Despite the positive reception within the crypto community, the repeal has faced criticism from some financial analysts.  Jacob King, CEO of WhaleWire, claims the crypto advocates are wrong for believing the revocation would allow banks to custody Bitcoin BTC for customers.

In response, Carl Horton countered the tweet, noting that many still want loans using their BTC as collateral:

“Some people, like children and the elderly, need custodians. Others want smooth inheritance transfers and others want loans using their BTC in custody as collateral. BTC is freedom money and you can interact with it any way you want.”

Previous SEC Actions Against the Crypto Industry

Meanwhile, under the leadership of former SEC Chair Gary Gensler during the Biden administration, the SEC adopted a stringent regulatory stance toward the cryptocurrency sector.

The agency initiated numerous enforcement actions against crypto companies, alleging violations such as fraud and unregistered securities offerings. While these measures were intended to protect investors and maintain market integrity, critics argued that the aggressive approach stifled innovation and created an uncertain regulatory environment.

A report by Cornerstone Research highlighted that the SEC’s crypto-related enforcement actions declined by 30% in Gensler’s final year, with 33 actions initiated compared to 47 the previous year.

Despite the decrease, monetary penalties reached a record high, underscoring the agency’s continued focus on regulating the crypto industry.

The recent policy changes, including the revocation of SAB 121 and the establishment of a crypto task force under the new administration, suggest a potential shift toward a more balanced regulatory framework that fosters innovation while ensuring investor protection.

@ Newshounds News™

Source:  CoinSpeaker

~~~~~~~~~

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“Tidbits From TNT” Sunday Morning 1-26-2025

TNT:

Tishwash:  Governor of the Central Bank of Iraq meets an official delegation from the United States

His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received Mr. Steve Lutes, Vice President of the US Chamber of Commerce and Chairman of the US-Iraq Business Council, and his accompanying delegation in Baghdad.

During the meeting, they discussed banking and economic relations between the two countries and the upcoming visit of the Central Bank of Iraq delegation to Washington and their meeting with the US Chamber of Commerce and American companies next April.

The meeting discussed the desire of American companies to invest in the energy, infrastructure and modern technology sectors and to invest in the security stability witnessed by Iraq.

His Excellency the Governor stressed during the meeting that the Central Bank of Iraq supports the economic growth process in Iraq and provides the necessary support to international companies wishing to invest in Iraq, including American companies and banks, noting the importance of diversification in investment sectors.

The two parties also discussed the mechanisms of international trade and the process of Iraq's transition to fully operating in foreign transfers through correspondent banks. The Director General of the Investment Department and the Director General of the Banking Control Department attended from the Central Bank, in addition to His Excellency the Governor.

Central Bank of Iraq 
Media Office 
January 26, 2025  link

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Tishwash: Parliamentary demands to amend Articles 12 and 14 of the budget

student Committee MemberParliamentary LegalpioneerAl-Maliki, today, Sunday, amended Articles 12 and 14 of the Federal Budget Law before voting on them.

He saidMalikiIn an interview withSumerianNews, "Our position on the position of the representatives of the Central and Southern Front, we demand amending Article 12 of the budget for exporting Kurdistan oil, and we also demand amending other articles, most notably Article 14 regarding stopping appointments," adding, "The budget tables are also supposed to be sent so that they are decided at once."

Regarding the possibility of holding a session dedicated to amending the budget law, Al-Maliki explained that “the process of setting the agenda is within the presidency’s jurisdiction, and we do not know how the agenda of the upcoming sessions will be arranged, but we are not in favor of obstructing any paragraph, but we demand that the comments and objections be taken into account.”  link

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Tishwash:  President of the Republic: We cooperate with many countries to invest in Iraq

The President of the Republic, Abdul Latif Jamal Rashid Al-Bast, confirmed that Iraq cooperates with a large number of countries in the region and European countries for investment, expressing his hope that President Trump will succeed in what he proposed regarding ending wars in all parts of the world.

The President of the Republic said in a press interview, followed by "Al-Eqtisad News", that "our presence at the Davos Economic Forum is to give an impression of the current situation in Iraq and the Middle East, which concerns everyone, and as you know now the situation in Syria is a new situation, and in Lebanon a government has recently been formed and we hope that they will succeed in their efforts."

The President of the Republic added: "We emphasized at the Davos Forum the good security situation in Iraq, the good relations with neighboring countries, and the focus on services provided to the Iraqi people, and at the same time improving the infrastructure, and we cooperate with a large number of countries in the region and European countries to invest in Iraq and implement service projects and necessary for the Iraqi people."

He stressed that "Iraq is an independent state, and decisions are in the hands of the Iraqi state, and our relations are good with all countries, and Iraq's decision is independent and based on our independence, and for us and for all Iraqis, government and people, the independence of Iraq is more important than anything now and in the future."

The President of the Republic expressed his hope that "President Trump will succeed in what he proposed regarding ending wars in all parts of the world, and we are very comfortable with this statement, and we hope that it will be implemented, and it will push towards political solutions."

He concluded by saying: "I am optimistic about Iraq, because we have made good political decisions, the system in Iraq is good, and we now have security stability, which is one of the most important needs, and we are continuing with the program to improve services and infrastructure and develop our relations with neighboring countries and the world  link

Mot:  .. Crazy winter weather

Mot: .. My Kind of Guy!!!

Some “Iraq News” Posted by Clare at KTFA 1-25-2025

KTFA:

Clare:  IBBC to Host Innovation Conference in Baghdad Next Month

1/25/2025  Baghdad – 

The Iraqi-British Business Council-IBBC announced on Saturday that it will organize an innovation conference next month in the capital, Baghdad, This announcement follows a successful visit by Prime Minister Mohamed Shia’ al-Sudani to the United Kingdom.

In a report followed by the Iraqi News Agency (INA), IBBC stated that “Iraq is stable, its economy is expanding and diversifying to meet the needs of the people. IBBC have been asked by the Iraq Prime Minster, Mr Al Sudani, to hold a Baghdad conference on Innovation”.

“Following a successful visit to the UK by the Prime Minister and several of his top ministers, a significant trade deal was announced with UK and Iraq, estimated at $15bn, across several sectors, to include cutting edge technology and knowledge transfer to Iraq. Some of these companies will be speaking at the Baghdad conference and the conference is dedicated to the theme of delivering innovation,” the statement added.

The statement further noted,"The purpose of the conference will showcase how Iraq is currently delivering Innovation and what might be possible to do soon, with the help of the Uk and International partners. IBBC has several members already delivering innovative solutions and products in Iraq, which will be showcased at the conference. We will be examining the power of knowledge transfer across all the panels and discussing what Iraq needs to do to deliver this internally, and the benefits of delivering innovation successfully".

The statement elaborated that "In his paper on ‘ease of doing business in Iraq’ Professor Frank Gunter, who is speaking, pointed out that modernising and digitising the financial system, not only will enable swifter transactions, access to and international funds, but also reduce the opportunities for corruption. Both EY and Hogan Lovells will explain their work on modernising the Central bank systems of Iraq and consolidation among banks and banking reforms,”

Stressing that “1001 is a leading Anglo- Iraqi streaming company that has already signed up over 2 million subscribers, but it is focused on protecting Intellectual property in Iraq, and this is a new opportunity for Iraqis to produce content, derive income and tax receipts from subscriptions. We expect to be joined by companies discussing 5G technology, and provision of fast internet for the delivery of state-of-the-art communications and explaining the importance of cyber protection for Iraqi assets, communications, and defence”.  LINK

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Clare:  Minister of Trade: The 48th session of the Baghdad International Fair will be distinguished in terms of preparation, size and diversity of participation

1/25/2025   Baghdad /

 Minister of Trade, Athir Dawood Al-Ghariri, confirmed that the 48th session of the Baghdad International Fair will be exceptional this year in terms of preparations, organization, and the size and diversity of participation compared to previous sessions.

Al-Ghariri pointed out, during an inspection tour conducted by the minister on Saturday evening to review the final preparations for the launch of the exhibition activities, scheduled to be held from February 1 to 7, under the patronage of the Prime Minister, and under the slogan "Investment - Development - Prosperity"; that the exhibition will represent an important platform to attract Arab and foreign investors, as meetings will be held for the public and private sectors on its sidelines, in addition to signing partnership contracts for projects in various fields.

The minister explained that "the exhibition will host participants from 20 Arab and foreign countries, with more than a thousand local and international companies, and the Sultanate of Oman is the guest of honor of the 48th session.

" Al-Ghariri stressed that "the new session will be characterized by innovative designs that include green spaces, modern pavilions, restaurants, fountains, and illuminated visual graphics, in addition to implementing new mechanisms for visitors' entry, in addition to organizing cultural and entertainment events and various competitions during the days of the exhibition."

At the end of the tour, the Minister directed the necessity of completing all preparations within the specified timeframes and with the combined efforts of everyone.  LINK

Clare:  Will spending be disrupted by delaying the budget amendment? A government advisor explains

1/24/2025

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained the disbursement mechanism in the event that the amendment to the financial budget law is not approved.

Saleh told Al Furat News Agency: "There is a legal rule that stipulates that the special law restricts the general law, and since the Federal General Budget Law No. 13 of 2023 is the basis for legislation for the state budget for the year 2025 within the scope of the federal general budget legislation and is specialized for three years, there is no other text that adds to the suspension of work on it."

He added, "I also do not see that one article, which is 77/second, related to submitting tables related to estimates for implementing the 2025 budget and according to the required adjustments, will restrict work in implementing the general budget originally legislated in 2023 and resorting to Law No. 6 of 2019, as amended, and we mean the Federal Financial Management Law.

" Saleh continued, "Despite that, we do not see anything that hinders the submission of the state's general budget tables for the year 2025, as the financial authority has the ability and sufficient tools to submit them in the appropriate coming period and according to a broad technical consultation circle between the executive and legislative authorities and in a manner that serves the national interest of the country and the government program."

Saleh said that "government spending is proceeding normally, in addition to public revenues, and there is nothing restricting the elements of implementing the general budget, except for the amendment currently before the House of Representatives."

Raghad  LINK

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Clare:  Good news for Iraqi employees.. Parliamentary Finance announces the date of launching bonuses and promotions

1/24/2025

The Finance Committee in the Iraqi Council of Representatives clarified on Friday that it is waiting for the Iraqi government to send the 2025 budget schedules for approval, and while it expected the date for launching employee allowances and promotions according to the applicable timetable, it confirmed that allowances and promotions are a natural right of employees from the Ministry of Finance. 

"The budget approved in 2023 is a three-year budget for the years (2023, 2024 and 2025), and the change that occurred as a first stage is the amendment to Article 12/Second/C only, which is regarding the resumption of oil exports from the Kurdistan Region with a capacity of 400 thousand barrels of oil, at a cost of extracting and transporting one barrel of $16 instead of $6, and this was read in the first reading, and the discussion remains in the second reading and then voting on the amendment, and after this amendment there are no other amendments to the budget," committee member, Moeen Al-Kadhimi, told Shafaq News Agency.

Al-Kadhimi added, "The Finance Committee is waiting, after the budget amendment is completed, for the government to send the budget tables that will show whether there are specific increases or otherwise."

Regarding employee bonuses and promotions, Al-Kadhimi explained, "This is related to the Ministry of Finance, which issued a statement suspending bonuses until the budget is approved, and according to the timetable in effect, bonuses may be added to employee salaries next February, which is a natural right of employees over the Ministry of Finance."

On January 17, the Iraqi Ministry of Finance confirmed that employees’ rights to bonuses and promotions are “fully preserved.”

The Ministry's media said in a statement received by Shafak News Agency, "Based on the Ministry of Finance's circular No. (555) for the year 2025, we would like to clarify that the procedures related to stopping the transfer of services, promotions, calculating contract services, press and legal services, and others, are regulatory procedures that are adopted annually to accurately determine financial allocations."

She added that "transferring services from one entity to another requires transferring allocations, which currently cannot be implemented due to the lack of 2025 budget schedules, as this allows knowing the financial allocations for each entity to ensure that there are no violations or imbalances in the financial distribution." 

She explained that she is working to "ensure the regulation of government spending and determine the ceilings of financial allocations for ministries and entities not affiliated with a ministry, including the Kurdistan Region." 

The ministry stressed, according to the statement, "the importance of following up on new appointments and knowing the numbers of direct and indirect employees to avoid any funding shortage and ensure that salaries are paid correctly during the current month of January."

The Ministry stressed that "employees' rights to bonuses and promotions are fully preserved, and that they are calculated in accordance with the Legal Department's Circular No. (7497) dated 3/9/2021, which is calculated from the date of entitlement and not from the date of issuance of the ministerial order."

The ministry noted that "the procedures for direct admission of top students and graduates for the year 2024, launched by the Federal Service Council, have not been fully completed, and their data is still being updated." 

The ministry indicated that "most of the financial allocations for the new grades for the year 2024 were included in the schedules of the ministries' headquarters, but the actual direct actions and distribution took place at the level of the departments, and have not yet been sent to the Ministry of Finance. Therefore, the ministry is currently working on following up on the financial costs of the employees to include them correctly and to ensure that there is no shortage in the allocation from the 2025 estimates schedules."  LINK

Seeds of Wisdom RV and Economic Updates Saturday Afternoon 1-25-25

Good Afternoon Dinar Recaps,

COMER INVESTIGATES APPARENT POLITICALLY MOTIVATED DEBANKING OF THIRTY TECH FOUNDERS, FIRST LADY MELANIA TRUMP

WASHINGTON—House Committee on Oversight and Government Reform Chairman James Comer (R-Ky.) is investigating recent reports of financial institutions debanking lawful American businesses and individuals based on political affiliation or involvement in industries viewed unfavorably by the Biden Administration.

On a recent episode of “The Joe Rogan Experience,” renowned tech investor and entrepreneur, Marc Andreessen, revealed thirty tech founders who were debanked over the last four years — describing the debanking as pressure against “political enemies” and “disfavored tech startups.”

Chairman Comer is asking Mr. Andreessen, as well as five additional tech leaders who have spoken publicly about debanking, to share their stories with the Oversight Committee and shed light on why debanking occurs and how it affects business operations.

“Several tech leaders within the cryptocurrency space have been outspoken about their experience being debanked. In 2022, Uniswap Labs Founder and CEO Hayden Adams explained that his bank ‘closed my bank accounts with no notice or explanation,’ and that ‘I know many individuals and companies who have been similarly targeted simply for working in the crypto industry.’  

Coinbase Co-Founder and CEO Brian Armstrong confirmed thirty tech founders were debanked, stating then-Securities and Exchange Commission (SEC) Chair Gary Gensler, ‘tried to unlawfully kill our entire industry[.]’

Coinbase’s Chief Legal Officer, Paul Grewal, said, ‘[f]inancial regulators have used multiple tools at their disposal to try to cripple the digital-asset industry,’” wrote Chairman Comer.

The Oversight Committee is also investigating whether these debanking practices originated from activists within each financial institution or from undue outside pressure.

In May 2014, the Oversight Committee released a staff report exposing the Obama Administration’s efforts to politically force companies the Administration viewed as unfavorable out of the banking system.

Considering the public statements of prominent tech leaders and recent evidence that Melania Trump and Barron Trump were also debanked for their political ties, the Oversight Committee is looking into how the Obama Administration’s overreach may have laid a foundation for the Biden Administration to institute similar tactics.

“These examples are startling, and the Committee is investigating whether this debanking practice originates from the financial institutions themselves or from either implicit or explicit pressure from government regulators,” continued Chairman Comer.

“The Committee is interested in engaging individuals who have been debanked and, specifically, how these actions hurt innovation, entrepreneurs, and workers. Further, to better inform the Committee’s investigation, the Committee seeks to understand the financial institutions and regulators involved, the reasons tech founders were given as to why they were debanked, and how this overreach affected business operations.”

@ Newshounds News™

Source:  House Oversight Committee

Read the letter here:  House Oversight - Letter

~~~~~~~~~

TRUMP PLANS ZERO CAPITAL GAINS TAX FOR US CRYPTO PROJECTS – HERE ARE THE BENEFITS!

▪️The Trump administration is considering a zero capital gains tax for US-based cryptocurrency projects, potentially making them more attractive to investors.

▪️Non-US crypto projects may face a 30% capital gains tax, creating a clear tax advantage for US-based ventures.

▪️The policy could significantly boost US crypto innovation, making the country a key player in the global blockchain industry.

The United States is preparing to introduce a significant tax relief policy aimed at boosting crypto innovation and attracting investment. Eric Trump, son of President Donald Trump information recently suggested that the Trump administration might introduce a zero capital gains tax policy specifically for cryptocurrency projects.

But will this policy benefit only US-based projects, or will non-US ventures also see relief?

Zero Capital Gains Tax for US Crypto Projects

Reports indicate that US-based crypto projects, including popular ones like XRP and HBAR, will benefit from the zero capital gains tax policy. This announcement has stirred excitement in the crypto industry, with many believing that the policy could make US-based projects even more appealing to investors and developers.

Non-US Projects Left Behind

However, the policy is unlikely to offer any relief to non-US crypto projects. Eric Trump stated that these projects would be subject to a 30% capital gains tax. This creates a clear tax divide between US-based and non-US ventures, raising concerns about the potential impact on global crypto competition.

US-based Crypto Projects: An Overview

Experts believe the sharp difference in tax rates is designed to give US projects a competitive edge while encouraging crypto companies to establish operations within the United States. The total market cap of US-linked cryptocurrencies now stands at $550 billion, with a 24-hour trading volume of $37.47 billion

The “Made in USA” category includes cryptocurrencies with strong ties to the United States. The top ten cryptos in this category by market cap are XRP, Solana, USDC, Cardano, Chainlink, Avalanche, Stellar, Hedera, Sui, and Polkadot.

Positive Trends for US-Based Cryptos

Over the past 30 days, most of the top ten cryptos in this category have shown strong growth. XRP has risen by 42%, Solana by 31.7%, and Cardano by 12.3%. Chainlink, Stellar, and Hedera have also experienced positive movements. However, not all US-based cryptos have performed equally well—Avalanche, Sui, and Polkadot saw declines during this period.

Conclusion

The Trump administration’s proposed crypto tax relief policy could be a game-changer for the industry. If implemented, it could create a favorable environment for US-based crypto projects, while potentially challenging non-US players.

The coming months will determine whether this tax relief can turn the US into the ultimate destination for crypto innovation.

@ Newshounds News™

Read more:  Coinpedia

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MUSK EXPLORING BLOCKCHAIN USE TO CURB US GOVERNMENT SPENDING: REPORT

Elon Musk has previously stated that he wants to cut $1 trillion to $6.5 trillion in annual federal spending to help balance the budget.

Elon Musk, the head of the Department of Government Efficiency (DOGE), is reportedly exploring implementations of blockchain technology in US government operations to track and reduce federal spending.

According to Bloomberg, the DOGE is also looking at using blockchain to secure data, make payments, and manage buildings as part of the DOGE's efficiency push.

Personnel from the newly commissioned non-government department have also met with representatives from public permissionless blockchain networks to consult about potential use by the US government.

The initiative is part of Musk's broader goal of eliminating trillions of dollars from the annual federal budget and ensuring government accountability through transparency.

Blockchain to force government transparency?

Musk's push to use blockchain technology to force government transparency is not a new idea in US politics.

In April 2024, former Presidential candidate Robert F. Kennedy Jr. said he wanted to put the entire federal budget onchain. The politician told an audience at a Michigan rally:

“Every American can look at every budget item in the entire budget, anytime they want, 24 hours a day. We are going to have 300 million eyeballs on our budget. If somebody is spending $16,000 for a toilet seat, everybody will know about it.”

Kennedy's proposal was met with widespread support from small government and sound money advocates, who argued that US government spending was out of control.

Department of Government Efficiency takes first steps

The Department of Government Efficiency launched its website on Jan. 21 and officially adopted the DOGE logo used by the world's first memecoin, Dogecoin.

Following the website's launch, the price of Dogecoin rallied by approximately 11% to $0.38.

On Jan. 20, former Presidential candidate, entrepreneur, and DOGE co-founder Vivek Ramaswamy announced he was stepping away from the project to focus on running for governor of Ohio.

"I’m confident that Elon and his team will succeed in streamlining government," Ramaswamy wrote in an X post, hinting at his plans to run for office in an official capacity.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

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Prepare for Deflation as Economy Crashes

Prepare for Deflation as Economy Crashes

WTFinance:  1-24-2025

The WTFinance recently had the pleasure of welcoming back Henrik Zeberg, a renowned Macro Economist and Founder and Publisher of the Zeberg Report.

During the conversation, Henrik shared his insights on a range of topics, from the surprising resilience of the economy and the Trump economic boom to the potential for a recession, the role of the FED, and the impact of China on the global economy.

Henrik expressed his surprise at the resilience of the economy, particularly in light of the ongoing trade tensions and geopolitical risks. He noted that the economy has been stronger than expected, but warned that this strength may not last.

Henrik attributed much of the current economic strength to the policies of the Trump Administration, including tax cuts and deregulation. However, he cautioned that this boost may be short-lived and that the economy could face headwinds in the coming months.

Henrik suggested that the FED may be making a mistake by raising interest rates, as this could put a strain on consumers and businesses and potentially trigger a recession. He urged the FED to proceed with caution and to carefully consider the potential consequences of their actions.

Henrik was asked if he sees the West moving towards a China-like deflation scenario. He responded that he does not believe this to be the case, as the economies of the West are fundamentally different from that of China. However, he did note that there are some similarities and that the West should be mindful of the risks of deflation.

Henrik was also asked about the impact of China on Europe. He stated that China’s slowing economy is having a negative effect on Europe, particularly in countries with close economic ties to China. He urged European leaders to be aware of this impact and to take steps to mitigate it.

Henrik described his view of the market as “cautiously optimistic.” He believes that there are opportunities for investors, but that they should be selective and focus on companies with strong fundamentals. He also urged investors to be prepared for volatility and to have a well-diversified portfolio.

Henrik stressed that he does not believe that this time is different and that investors should not be lulled into a false sense of security. He urged them to remember the lessons of the past and to be prepared for potential downturns.

Henrik was asked about the current market narrative. He stated that the narrative is currently focused on the potential for a trade deal between the US and China, as well as the impact of the FED’s actions on the economy. He urged investors to pay attention to these narratives but not to let them drive their investment decisions.

Henrik was asked if he sees crypto diverging from the NASDAQ. He responded that he does see the potential for this, as crypto is becoming increasingly mainstream and is seen by some as a safe haven asset. However, he cautioned that the crypto market is still highly volatile and that investors should approach it with caution.

Henrik was unable to provide a specific answer to this question, as the crypto market is highly unpredictable. He urged investors to do their own research and to make informed decisions based on their own risk tolerance.

The one message that Henrik wanted listeners to take away from the conversation was to be vigilant and to remain aware of the risks and opportunities in the current economic environment. He urged them to stay informed and to make decisions based on sound economic principles and their own risk tolerance.

In conclusion, the conversation with Henrik Zeberg provided valuable insights into the current economic environment and the potential risks and opportunities for investors. By staying informed and vigilant, investors can make informed decisions and position themselves for success in the coming months and years.

https://youtu.be/pvPqHLf1j6s

Iraq Economic News and Points to Ponder Saturday AM 1-25-25

An Economist Shows The Monthly Government Spending And Its Impact On The Rise Of The Dollar

Friday 24 January 2025 18:48 | Economic Number of readings: 137   Baghdad / NINA / Economic expert Manar Al-Obaidi revealed today, Friday: "The average monthly spending of the Iraqi government in 2024 amounted to about 12 trillion dinars," noting that: "Adding the loans and advances obtained by government agencies and ministries, which are estimated at about 2 trillion dinars per month, raises the total government spending to 14 trillion dinars per month."

Al-Obaidi said in a statement: "The government sector usually works for 20 days a month, which means that the daily spending rate is about 700 billion Iraqi dinars," noting that "to cover this level of spending, the Ministry of Finance needs to sell at least $ 400 million per day to the Central Bank, so that the latter can provide the cash needed to cover government expenditures."

He pointed out: "The Central Bank cannot provide the Iraqi dinar needed by the Ministry of Finance, except by selling its equivalent in dollars."

The economic expert explained: "The dollar sales by the Central Bank are directly linked to the increase in the size of government spending," indicating that: "The more spending, the more the Central Bank needs to sell larger quantities of dollars."

He added: "If this trend continues, we may reach a stage where the market witnesses daily sales ranging between 400 and 500 million dollars through the various mechanisms adopted by the Central Bank," warning that this reflects the direct impact of the rise in public expenditures on the currency market." / End8    https://ninanews.com/Website/News/Details?Key=1181860

Hanan Al-Fatlawi Calls On Parliament To Pass The Budget Amendment As Quickly As The “Three Laws” Were Approved

Friday 24 January 2025 | Politics Number of readings: 103   Baghdad / NINA / The head of the / Will / bloc, MP Hanan Al-Fatlawi, called on the House of Representatives to pass the amendment to the three-year budget law with the same speed with which it passed the three laws.

Al-Fatlawi said in a post on the / X / platform: "I call on the House of Representatives to pass the budget amendment with the same speed with which it passed the three laws within seconds."

She added: "Keeping the budget unamended means that the government will continue to pay one trillion dinars per month in salaries to the region, while companies in the region continue to produce 320 thousand barrels per day (870 billion dinars per month) that are smuggled outside Iraq and sold at low prices, much lower than SOMO prices, in addition to Turkey demanding a fine of $ 24 million per month for not exporting oil through the Iraqi pipeline extending to Ceyhan."

Last Tuesday, the House of Representatives voted on the three controversial laws (amending the Personal Status Law, amending the General Amnesty Law, and the Law on Returning Seized Lands to Their Owners) using the “one-basket” method, which sparked protests and objections from many representatives and political blocs, and resorted to challenging the legality of the vote, considering that the necessary quorum was not completed. https://ninanews.com/Website/News/Details?key=1181868

Prices Fall Below $80

Buratha News Agency 13420  25-01-24  Iraqi oil prices fell during the opening of trading today, Friday (January 24, 2025), below $80 per barrel for the first time in more than two weeks in the global market.

According to data, Basra Heavy crude recorded $76.59 per barrel, while the average recorded $79.85 per barrel, with a change of -0.35, respectively, for March 2025 delivery.

The data also showed a decline in global crude prices, with British Brent crude recording $78.26, while US West Texas Intermediate crude recorded $74.59 per barrel, with a change of -0.03 for both.
https://burathanews.com/arabic/economic/455515

Oil Falls As Trump Pressures For More Supplies, Lower Prices

Economy  | 01/24/2025   Mawazine News – Baghdad  Oil markets fell on Friday, a day after US President Donald Trump urged OPEC and its de facto leader Saudi Arabia to lower prices in a broad effort to boost crude output.

Brent crude futures were down 50 cents at $77.95 a barrel by 0044 GMT. U.S. West Texas Intermediate (WTI) crude was down 31 cents at $74.31. Trump said in a speech on Thursday at the World Economic Forum in Davos, Switzerland, that he would ask OPEC to lower the cost of a barrel of crude. He said he would ask Riyadh to increase its investment package in the United States to $1 trillion, up from $600 billion reported by the Saudi state news agency earlier in the day.

Analysts said uncertainty over Trump’s tariff policies and the possibility that the new president would push for higher U.S. oil production also weighed on crude futures.

But to prevent further declines, U.S. crude inventories fell last week to their lowest since March 2022, data from the U.S. Energy Information Administration showed.   https://www.mawazin.net/Details.aspx?jimare=258939

Saleh: Serious Government Move To Stimulate The Insurance Sector In Iraq

Local | 12:57 - 01/24/2025   Mawazine News – Baghdad The Prime Minister's Advisor for Financial Affairs, Mazhar Mohammed Salih, confirmed today, Friday, that there is a serious government trend to activate the insurance sector in Iraq.

Salih said: "Activating the insurance sector in Iraq and addressing the absence of insurance culture as a means of financial protection requires considering several intertwined factors, some of which relate to the movement of the overall economy, and others to the societal culture,

including reviewing existing legislation, including, for example, the importance of providing tax incentives for companies and individuals who choose insurance and supporting small and medium-sized companies to provide innovative insurance products that meet market needs.

" He added, "Based on that, I find it important to design insurance products that suit different categories, such as agricultural insurance and disaster insurance, and to inform citizens that there is mandatory insurance for car accidents, as there is an approved mechanism in this regard that not many people know about, and it is part of the absent societal culture towards mandatory insurance in the country,"

indicating that "citizens' confidence in non-banking financial institutions must be enhanced, including insurance activity in particular, which is reflected in the development of the insurance sector as a whole and its interconnections in the entire national economy."

He added that "the disparity in purchasing power of many segments of society makes them focus on basic needs instead of future financial planning, and for inherited reasons as well due to years of wars, conflicts, and social and economic changes that have affected society."

He pointed out that "the decline in insurance culture is the main factor in the lack of development of this vital sector due to the lack of knowledge of the benefits of insurance and its importance as a means of financial protection, as families, communities, and clans are often relied upon to confront risks instead of resorting to appropriate insurance solutions guaranteed by law."

He stressed "the need to build integrated awareness programs targeting youth and various business sectors and improve the level of services in a way that enhances trust between customers and insurance companies, in addition to increasing the number of options provided by current insurance companies and activating the use of digital technology to improve the customer experience in terms of easy access to insurance services,"

noting "the importance of promoting partnership between the state and the private sector in the scope of life insurance, its services, and its institutions, and I find that it represents the second phase of the financial and economic reform undertaken by the government program."

He pointed out that "there is a serious government trend towards activating the insurance sector as it is the financial guarantor of the individual's and society's life, due to its significant positive impact on the national economy in general and the development of the financial market in particular by reducing risks and enhancing financial stability in the country."https://www.mawazin.net/Details.aspx?jimare=258947

President Of The Republic Reviews Iraq's Long-Term Economic Development Plan In Davos

Politics | 01/24/2025  Mawazine News – Baghdad  President of the Republic Abdul Latif Jamal Rashid reviewed, on Friday, the main points of Iraq's plan for a long-term economic development strategy at the Davos Conference Center.

A statement by the Presidency of the Republic received by "Mawazine News" stated that "President of the Republic Abdul Latif Jamal Rashid participated in a dialogue session entitled (Towards a more stable land through land reclamation) at the Davos Conference Center."

The statement added that "during the session, which was attended by the Under-Secretary-General of the United Nations and Executive Secretary of the United Nations Convention to Combat Desertification Ibrahim Thiaw, the South African Minister of Agriculture Gwen Steenhuizen, the Executive Director of the Consultative Group on International Agricultural Research Asmahan Al-Wafi, the Executive Director and CEO of New Aero Farms Molly Montgomery, and the Deputy Prime Minister of Mongolia Togmeddin Dorjkhand, the President delivered a speech in which he emphasized his experience as an engineer specializing in water management with decades of experience, and he has devoted a large part of his career to addressing water scarcity issues and developing sustainable land use methods."

In his speech, the President explained the pressures that Iraq is facing due to climate change, water scarcity and desertification, stressing that "Iraq does not stand idly by in the face of these challenges, but has taken decisive and tangible steps to confront them through effective policies aimed at achieving sustainable development."

The statement continued, "The President reviewed the main points of Iraq's plan for a long-term economic development strategy, especially in the areas of agriculture, energy and water security," noting that "Iraq is currently participating in ongoing negotiations with neighboring countries such as Turkey and Iran, with the aim of concluding fair agreements to share the waters of the Tigris and Euphrates rivers,"

indicating that "these negotiations represent a strategic priority for the future of our region, in addition to its work at the international level with specialized international organizations to adopt agricultural practices that are resistant to climate change and ensure access to the necessary funding and expertise to achieve success."

The statement continued, "The session was attended by Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein, Chairman of the Advisory and Experts Authority in the Presidency of the Republic Ali Al-Shukri, and the Iraqi Ambassador to the Swiss Confederation Mohammed Al-Dabbagh."
Here is the text of the speech:

“I am pleased to be with you today at this important meeting. As a water management engineer with decades of experience, I have devoted a large part of my career to addressing water scarcity issues and developing sustainable land use methods.

These challenges are not new to me, nor are they merely theoretical issues; they are urgent realities that require us to act quickly. I am pleased to share with you today Iraq’s strategies to address these issues effectively and directly.

Today’s session, entitled “Towards A More Stable Land Through Land Reclamation,” focuses on a critical global challenge: land degradation.

40% of the world’s land has lost its fertility, threatening the stability of our economic and social environments. This phenomenon has caused a decline in agricultural productivity, pollution of waterways, and increasing and accelerating drought, putting economies and livelihoods around the world at risk.

Iraq is no exception to these challenges. About 39% of our land is exposed to desertification, at a time when our water resources, which are the basis of agriculture and livelihoods, are under increasing pressure.

The situation is exacerbated by climate change, rising temperatures, and declining water flows from rivers coming from neighboring countries.

However, Iraq is not standing idly by in the face of these challenges. We are taking decisive and tangible steps to confront them, through effective policies aimed at achieving sustainable development.
Let me review with you some of the main initiatives that we have begun to implement:

* The first and most important step is to improve the management of our existing water resources, by enhancing water use efficiency, developing modern irrigation systems, and collecting rainwater to use it for irrigating land.

* A ten-year federal national program to combat desertification: This program focuses on reforestation, soil conservation, and adopting sustainable agricultural methods.

* Expanding green belt projects: We are in the process of establishing buffer zones around our cities, to reduce the risk of desert encroachment by using local plants that are drought tolerant.

These efforts are an integral part of Iraq’s long-term economic development strategy, particularly in the areas of agriculture, energy and water security.

Sustainable development is the real guarantee of balanced growth that preserves the health of our environment for future generations.

As part of our quest for sustainable development, we are shifting towards renewable energy. We are also working to promote climate-smart agriculture, diversify crops, encourage organic and regenerative agriculture, and tighten legal regulations for sustainable land use practices.
Addressing our water challenges requires cross-border cooperation.

Iraq is currently engaged in ongoing negotiations with neighboring countries such as Turkey and Iran to conclude fair agreements for sharing the waters of the Tigris and Euphrates rivers. These negotiations represent a strategic priority for the future of our region.

Iraq is working internationally, alongside global organizations such as the United Nations Convention to Combat Desertification, the Food and Agriculture Organization (FAO), the World Food Programme (WFP), and the World Bank, to adopt climate-resilient agricultural practices and ensure access to the financing and expertise necessary for success.

In conclusion, we know that sustainable solutions can only be achieved through effective local action and community engagement, which is the foundation of our strategy to address challenges.

Ladies and gentlemen,
land reclamation is not just an environmental imperative, it is a moral responsibility towards future generations.

It is about protecting livelihoods, preserving ecosystems and ensuring a sustainable future for us and our children.  Iraq is committed to this mission and I look forward to working with all of you to achieve these common goals. Thank you."   https://www.mawazin.net/Details.aspx?jimare=258960

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