"QFS CONVERSATION " WITH GOLDILOCKS, 3 JUNE

GOLDILOCKS

"This joint proposal from the Bank of England and the Financial Conduct Authority (together, “the UK regulators”) for a digital securities sandbox (“DSS”) reflects a commendable commitment to incorporating innovation into the financial system."

A letter was sent to the Digital Securities Sandbox joint Bank of England and Financial Conduct Authority regarding this consultation paper.  

If all goes well in this pilot phase / sandbox movement forward, all would commence so long as the United States doesn't have anything further to add from the new Markets in Crypto Assets (MICA) regulations.

This consultation paper will be added to the current work taking place on legislation in Washington. See Rep. McHenry, Patrick T, H.R. 7440 – Financial Services Innovation Act of 2024, US Congress (Feb. 23, 2024). 

The purpose of this consultation letter is to make it clear the intended role of the new Digital Financial/Payment System will take going forward.

---- The following is the stated purpose: "A sandbox is designed to generate real-world insights about whether distributed ledger technology (“DLT”) could streamline the issuance, trading, and settlement of securities without undermining investor protection, market integrity, or financial stability."

These new regulations under the authority of the FCA has the potential to change the way settlement processes are being done, and this concerted effort is to affirm coordinated actions inside of a sandbox to make sure the US and UK can coordinate and implement a final phase by the end of June when it becomes law.  SEC   Bank of England   The Financial Conduct Authority   DFSA  

© Goldilocks

Ripple Effects of Iraq's Shocked Floating of The Iraqi Dinar Today 2024

External praise for Iraq's banks: very advanced in electronic banking services, 3 JUNE

 External praise for Iraq's banks: very advanced in electronic banking services

Economy News - Baghdad

The Union of Arab Banks confirmed on Monday that Iraq is very developed in electronic banking services, while pointing out that the Iraqi banking sector is ancient and its role is vital in economic development.

The Secretary-General of the Union of Arab Banks, Wissam Fattouh: "There is a deprivation of dealing in the dollar and not sanctions, because sanctions mean inclusion on the sanctions list," pointing out that "the impact of deprivation is almost equivalent to sanctions because banks are difficult to work without the dollar currency, which represents the currency of international trade."

Fattouh added, "The Iraqi banking sector is a long-standing sector with a history, with total assets of $ 157.9 billion, and even deposits belonging to it more than $ 100 billion. Therefore, this sector is important and its role is vital in the economic development of the heart of the country."

He stressed "the need to apply international standards, especially with regard to standards and laws in force to combat money laundering and terrorist financing."

He pointed to "the involvement of the strategy between the Union of Arab Banks and the Association of Iraqi Private Banks, to reach this goal that is really required, and to train and qualify Iraqi cadres in particular."

He pointed out that "there is a great partnership between Iraq and the United States of America for decades and trade exchange, especially after Prime Minister Mohammed Shia al-Sudani made an important historic visit to the United States of America."

"The biggest role today is how to protect the Iraqi banking sector, and that trade exchange actually takes place through Iraqi banks and not through other banks," he said.

"Iraq is very advanced in electronic banking services, and the challenge today facing the Iraqi banking sector remains the challenge of compliance," he said.

"LATEST RV UPDATE" FROM GINGER TELEGRAM ROOM, 3 JUNE

 💢 The latest FOREX update went live at 5 PM EST today. Per VE, Admin Extraordinaire: ✅⬇️✅ 

No change on IQD rate so far.

6.2.24 Sunday evening

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💢 Iraq Parliament voted and approved budget law Monday 6.3.24

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💢 News from Iraq 5.28.24

💢IRAQ: Economic expert Jabbar Kuran revealed today, Tuesday, the high rate of economic growth in the country and the Iraqi financial system was linked to the global banking system.

The economic expert and currency market spokesman in Sulaymaniyah Jabbar Kuran said in a statement to Shafaq News that "the economic and financial situation of Iraq is in a remarkable development and growth and now we are witnessing an increase in the economic growth of the country by 2% and this is a good thing for the Iraqi economy compared to the past years."

He added that "the implementation of the Central Bank of Iraq's electronic measures under the supervision of the US Treasury Department has had a clear impact on economic growth as well as on the devaluation of the dollar against the Iraqi dinar."

He pointed out that "the monetary fiscal policy now followed in the country has made the difference between the exchange rate of the dollar and the dinar shrinking to the limits of ten thousand dinars, and this difference is normal for many reasons."

He pointed out that "the measures taken since the middle of last year have been implemented in a fact of a way up to 30 financial measures that had a positive repercusssion dealing in Iraqi dinars instead of the dollar, when transactions in the Iraqi dinar in the country are now estimated at 90% except for the Kurdistan region, as well as allowing traders to deal with foreign transfers through banks and directly, where 85% of local traders can now deal with foreign transfers through banks to import materials from abroad."

Koran ruled out that the dollar exchange rate should be the same as the government exchange rate for administrative and financial reasons, noting that the difference should remain like this by about 10,000 dinars between the exchange rate in dollars and the dinar.

https://www.shafaq.com/ar/اقتصـاد/خبير-الاقتصادية-العراقي-يشهد-نموا-ملحوظا-اسهم-بتراجع-سعر-صرف-الدولار

RV Update Of Iraqi Dinar By Wolverine Today 2024🔥RV update iqd value inc...

It includes international agencies...preparing to open the largest mall in an Iraqi governorate, 3 JUNE

  It includes international agencies...preparing to open the largest mall in an Iraqi governorate

The Muthanna Investment Authority announced today, Monday, the imminent opening of (Al-Baraka Mall) in the center of Samawah city, implemented by investor Sheikh Hatem Al-Khawam, and it is considered one of the largest malls in the governorate and neighboring governorates. 

Chairman of the Muthanna Investment Authority, Adel Dakhel Al-Yasiri, said, “This important commercial center, which was built on an area of ​​(12,300 square meters), includes (100) various stores, (12) restaurants and hypermarkets with an area of ​​(2,000 square meters), a children’s play area with an area of ​​(1,300 square meters), and a coffee shop.” And branches of several banks and international agencies for clothing and meals, and a garage that can accommodate (80) vehicles, and the implementation of a multi-storey garage is underway in addition to the project to accommodate more vehicles. 

He added, "The project employs dozens of workers, including technicians and administrators, daily, while the number will increase during the commercial operation phase."  link

Remarks on significant meetings going on in Iraq today FROM GINGER TELEGRAM ROOM, 3 JUNE

 

💢 Source Unclear: Remarks on significant meetings going on in Iraq today. [2:23 PM 6.2.24.] 

💢 I love what is emphasized: Such positive changes and this isn't the same Iraq. ☺️ 

💢 Observe but don't Absorb & stay steady and grounded, friends.

~ Ginger of the Liberty Lounge