The Bank for International Settlements has set forth recommendations for Central Banks on supervision and legislative practices of Global Stablecoins.
Below is a link to a chart that you can read about these regulation recommendations. These recommendations will flow into the Central Bank's guidance for banks.
Here, we have the beginning stages of a top to bottom mandate of guidelines that will formulate new rules, regulations, and laws to govern Stablecoins.
Masrour Barzani Discusses With A US Treasury Official Reforming The Financial And Banking System In Kurdistan
SATURDAY, 02-03-2024, PM 12:46 KARAR AL-ASSADI The Prime Minister of the Kurdistan Regional Government, Masrour Barzani, discussed with the US Treasury Undersecretary for Terrorism and Financial Intelligence, Brian Nelson, reform of the financial system and the banking sector.
The regional presidency said in a statement received by Noon News Agency, “Barzani met with the US Treasury Undersecretary for Terrorism and Financial Intelligence, Brian Nelson, and the two sides exchanged views on strengthening bilateral relations and ways to support the reforms implemented by the Kurdistan Regional Government within the framework of the ninth ministerial formation.”
The statement added, "The two sides discussed reforming the financial system and the banking sector, in addition to discussing the (My Account) project and the digital transformation of public services."
They're holding this 2023, 24, 25 budget close to the chest. Why? Because they need to wait for that special moment in time...
Iraq has the attention of the world when it comes to ascension [into the WTO]. We have more than...the WTO, We have the World Bank...the ITC...Saudi Arabia....Armenia, the International Foundation for Corporations...What do they need with that? They need freedom of capital movement. That's article VIII compliance...What a time to be an investor in the Iraqi dinar...
Iraq is going to have a lot of inflows. They're going to need to make things stable...To be able to defend their currency they're going to need to keep pricing stable...All these guys, the World Trade Organization all know that.
Shafaq News / The Iraqi Central Bank (CBI) affirmed on Saturday that it has provided five alternative currencies to the dollar for traders to use in purchasing goods from abroad, using each country's currency through the bank.
CBI’s Deputy Governor Ammar Hamad told Shafaq News Agency that "CBI has made other foreign currencies available for Iraqi traders, including the euro, the Chinese yuan, the Turkish lira, the Emirati dirham, and the Indian rupee."
He added that "these currencies are now available to traders, aiming to facilitate foreign trade. When a trader imports goods from China, for instance, they can pay in Iraqi dinars to the Iraqi bank, which will then settle the amount with the Chinese company or factory in Chinese currency."
Iraq continues its efforts to gain membership in the World Trade Organization
The Ministry of Commerce confirmed the government's aspiration to join the World Trade Organization, especially after the Saudi representative in the organization, Saqr Al-Muqbel, was named to manage Iraq's accession file, noting that his recent visit to Baghdad contributed to addressing a number of important files.
The ministry’s official spokesman, Muhammad Hanoun, said, “Iraq has joined as an observer in the World Trade Organization since 2004, and until 2023 this accession faced many problems and challenges, the most recent of which is the failure to pay dues to join the observer organization. However, after the announcement of the government program by Prime Minister Muhammad Shia Sudanese began working again on the possibility of Iraq joining this organization, as two sessions took place and a dialogue was held with the organization by the Iraqi negotiating team headed by the Minister of Trade, Atheer Al-Ghurairi, which included all the relevant Iraqi ministries and bodies.
Hanoun added, “The World Trade Organization assigned the Saudi representative to the organization, Saqr Al-Muqbel, to manage the file of Iraq’s accession, and he came to Baghdad on an important visit and met with the Iraqi negotiating team, and many issues were addressed, the most important of which were the files of goods and services, as well as the legislation that the Iraqi economic reform team in the Prime Minister’s Office would carry out.” By addressing it within the frameworks and legislation within which the World Trade Organization operates.”
He continued, "Joining will achieve many things for Iraq, most notably that it will support the file of Iraqi goods and facilitate their entry into global markets, and secondly, the harmonization of Iraqi laws and regulations with international laws and regulations," pointing out that "Iraq has today become a major economic player on the world level and needs to harmonize Iraqi laws with international laws." .
He stressed, “Minister of Trade Atheer Al-Ghurairi attended the third session of the World Trade Organization, which was held in the Emirate of Dubai in the UAE, and met with the Assistant Director-General of the organization. We believe that the meeting will achieve progress in achieving the government’s aspirations regarding accession in an accelerated manner,” appreciating “the Saudi efforts in overcoming many special obstacles.” Iraq's accession to the World Trade Organization. link