IS IRAQ STEPPING INTO THE FUTURE OF CRYPTOCURRENCIES? AL-SUDANI’S ADVISOR REVEALS DEVELOPMENTS, 13 MARCH

IS IRAQ STEPPING INTO THE FUTURE OF CRYPTOCURRENCIES? AL-SUDANI’S ADVISOR REVEALS DEVELOPMENTS

At a time when the world is witnessing major transformations in the field of cryptocurrencies, the economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed Iraq’s position on these developments, stressing that the country is still in the evaluation phase and has not made a final decision regarding joining this global financial phenomenon.

Saleh said in a statement to {Euphrates News}, “Iraq continues to monitor global developments regarding cryptocurrencies, and the decision to join this field depends on many economic and legal factors that are being carefully studied.”

He pointed out that “Iraq, since 2017, has imposed a ban on dealing in cryptocurrencies due to risks related to financial crimes and sharp fluctuations in their prices, in addition to consumer protection.”

Regarding the latest developments, Saleh explained that “the Central Bank of Iraq stressed in February 2023 the prohibition of the use of cards and electronic wallets for the purpose of speculating in digital currencies,” stressing that “there is no current decision to grant licenses for cryptocurrencies at the present time.”

On the other hand, he pointed out that “the future of cryptocurrencies may change significantly in the coming years, especially if major economic powers take steps towards regulating these currencies more strongly, which may open the way for Iraq to study these options in the future.”

Saleh added, “In a remarkable move, US President Donald Trump issued an executive order to create a strategic reserve of Bitcoin, reflecting the US trend towards integrating cryptocurrencies into its official reserves such as gold and precious metals,” considering it “an attempt to control any disruptions in the international monetary system as long as Bitcoin is traded in US dollars and on most global exchanges, such as Coinbase, Binance, Kraken, and others.”

He explained that “the price of Bitcoin is often measured in dollars because it is the global reserve currency and the most widely used in financial markets. Based on the above, Bitcoin will be one of the cryptocurrencies denominated in US dollars that will be subject to the regulation and dominance of the Federal Reserve Bank and will be given a stronger legal position in the scope of trading it as a currency in the global classification after granting legal legitimacy to the Bitcoin unit, from the highest monetary authority in the world, which is the US Central Bank or the Federal Reserve Bank of the United States.” 

Saleh added, “The US Federal Reserve will have a role in legal supervision as a global digital payment and reserve currency and will ensure that Bitcoin is covered by the dollar itself, which gives the United States of America dominance over any encrypted monetary trends outside its monetary system denominated in dollars, which is essential for the expansion of the US monetary system to the world and with control from a central government body this time outside the decentralization of the cryptocurrency market.”

STATUS OF THE RV ,PART 6: Will Iraq get the Oil and Gas Law passed soon? BY MNT GOAT, 13 MARCH

 STATUS OF THE RV ,PART 6

Will Iraq get the Oil and Gas Law passed soon?

😊 The next hot topic of the week is found in the article titled “PARLIAMENTARY COMMITTEE CALLS ON GOVERNMENT TO REFER OIL AND GAS LAW TO PARLIAMENT IMMEDIATELY”. 

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

 Then another article came out following this one titled “PARLIAMENTARY OIL COMMITTEE RULES OUT PASSING OIL AND GAS LAW DURING CURRENT SESSION”. The Parliamentary Oil and Gas Committee confirmed last, Friday, that there are disagreements over the management of resources,

 which led to the obstruction of passing the Oil and Gas Law, while it ruled out passing it in the current electoral cycle. “The oil and gas law has been a demand since 2007, but attempts to legislate it have failed due to political differences and lack of agreement with the Kurdistan Region.

For those of you who are not familiar with the necessity of the Oil and Gas Law let me give come clarity now. I will try to be brief and use the information just given to us in these two articles today, which by the way backup everything I have been saying about the necessity to get his law passed in parliament.

In one article they point out “the parliamentary oil committee has made intensive efforts with the leaders of the political blocs to clarify the importance of enacting the law, as it regulates the oil wealth that fully funds the state, and contributes to resolving the disputes between the federal government and the region, which contributes to achieving political and economic stability.”

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

 It adds that “the most prominent point of disagreement between Baghdad and Erbil is related to oil resources and the region’s commitment to the decisions issued by the Federal Court and the International Court,” noting that “this law is one of the laws that complement the constitution .” 

Remember that the CBI has told us many times in articles that this law must be passed and the currency reform is dependent on it. They did not, of course, use these exact words but when they say this law governs 90%  of the wealth of the nation and they then need SECURITY and STABILITY what does this tell you about this law. Then on top of this from the past we read yet more about it today and they even emphasize the article 112 constitution mandate even more now.  

So, let’s not make up stories to satisfy listeners that the Oil and Gas Law is all done because we know NOW without a shadow of a doubt after reading these articles today that it is NOT ALL DONE. I have been saying his for years now. Are they listening to me? Yes, I am talking especially to you TNT idiots Tony Renfrow and his side kick brother Rayren.  

https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/

FIREFLY: DELETING ZEROS FROM THE DINAR WAS EXPLAINED ON TV @DINARREVALUATION

 

DIGITAL CURRENCY IN IRAQ: CRISIS OF CONFIDENCE.. THE BIGGEST OBSTACLE WITH COMMENTS OF MNT GOAT, 13 MARCH

DIGITAL CURRENCY IN IRAQ: CRISIS OF CONFIDENCE.. THE BIGGEST OBSTACLE

In a very distinctive step aimed at modernizing the financial system, Baghdad is exploring the possibility of issuing a national digital currency, in an effort to reduce reliance on paper money and enhance financial inclusion.

However, despite the promising prospects of this step, the project faces a fundamental challenge represented by the lack of confidence of citizens in Iraqi banks, as a result of the accumulation of financial crises, administrative corruption, and weak banking services. Can such a step succeed in an environment that is ranked among the highest in the world in cash circulation outside the banking sector?

Crisis of trust: the biggest obstacle to digital transformation

Data from the Iraq Future Foundation indicate that 93 trillion Iraqi dinars, or about 87% of the total money supply, were circulating outside the banking system by the end of 2023, an increase of 30% over 2022. These figures reflect a financial culture that clings to cash, reinforced by citizens’ fears of the complexities of banking transactions, previous experiences of freezing accounts, burdensome bureaucracy, and even cases of embezzlement and corruption within some financial institutions.

This is clearly evident in the fact that employees whose salaries are domiciled in Ki-Card companies and private banks try to withdraw their salaries from the bank account as soon as it is launched. This means that citizens have lost confidence in the banking system to a great extent.

Some may not believe at all in digital transformations or the banking system, as dealing in it is done in numbers and not in kind.

Therefore, convincing the Iraqi citizen to give up his paper money in favor of a digital currency, managed by entities whose trust is still questionable, is a fundamental challenge to the success of the project.

It is worth noting that the structure of the banking sector suffers from a significant delay in keeping up with global financial management technology, i.e.: the large number of banks does not mean efficiency.

According to the latest data, Iraq has 81 banks, distributed as follows:
7 government banks (including one Islamic bank)
74 private banks, including 29 Islamic banks.

Despite this quantitative diversity, banking services are still insufficient to accommodate the financial needs of society, as most Iraqis rely on cash even for large transactions. In addition, the conflicting figures regarding the number of banks, and the lack of transparency in updating data, deepen the crisis of trust between citizens and the banking sector.

Conditions for Success: From Theory to Practice

To ensure the success of digital currency, a supportive environment must be created through a set of essential measures:

1. Enhancing transparency: through a strict oversight mechanism that ensures tracking financial transactions without compromising users’ privacy.
2. Independence of the supervisory body: avoiding political interference and establishing an independent oversight body with broad powers.
3. Economic incentives: such as providing tax benefits or financial incentives for early adopters.
4. Solid technical infrastructure: including a reliable internet network and secure and easy-to-use banking platforms.

Without these foundations, the project may turn into a mere theoretical experiment that lacks effective practical application.

Potential risks: Will Iraq repeat past mistakes?

Previous failures in financial policies, such as the unregulated reliance on the dollar and the subsequent chaos in the black market, cannot be ignored. If digital currency is not managed wisely, it may face serious challenges such as:
• Increased inflation if its issuance is not controlled and the money supply is not regulated.
• Exclusion of segments of society that are unable to deal with financial technology.
• Risks of cyber breaches in light of weak cyber infrastructure.

Between crisis and opportunity

Despite the obstacles, digital currency could represent a giant turning point towards a more advanced financial system in Iraq, by reducing corruption, enhancing financial inclusion, and improving tax collection mechanisms. But its success depends on a radical reform of the banking sector, the implementation of a broad awareness campaign, and a real political will to ensure financial transparency and justice. Turning this initiative into reality will not be easy, but it could be a necessary step toward a more stable and reliable digital economy.

(I do not believe we will see this anytime in the near future. It may happen after we investors in the dinar are way out of this investment and the RV has already taken place.)

STATUS OF THE RV PART. 5 BY MNT GOAT, 13 MARCH

 STATUS OF THE RV PART. 5 

☹So, who are these people pushing this CBDC now also on the country of Iraq?

In the article titled “SUDANESE ADVISOR: THE UPCOMING DIGITAL CURRENCY IS EASY TO TRADE AND DOES NOT DIFFER IN EXCHANGE RATE”. I quote from the article – “the idea started with the Bank for International Settlements, which is the international bank of banks in Basel.”

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

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

I want to also want you to know that in this article “Al-Sudani’s advisor pointed out that “90% of the monetary mass is outside the banking system, so Iraqi society deals with paper money, and it is unreasonable to immediately switch to digital currency overnight,“

 adding that “it is the project of hope for Iraq, and is directly proportional to the progress and development of the uses of digital currency in the world, and it is equivalent and proportional in terms of value to the issued paper currency. ” 

Will we have to wait for this digital currency to RV? All I can tell you is what my CBI contact has told me. She has said already that the Project to Delete the Zeros will occur and is planned to occur. This is not digital currency! That will come later once reinstated. We all know that this project will not happen until the rate revalues in-country. 

What I don’t like about these many articles in today’s news from Iraq and the other past article about the CBDC is they only talk all about the advantages but NOTHING about the disadvantages and there are many too. They do not talk about the lack of freedom, privacy and the control over the population that they could, and probably will use, on the money supply to manipulate the population. This is not FREEDOM by any stretch of the imagination. 

Just think if they forced you to take a vaccine or forced implants under your skin with your personal banking data as part of this effort. It could be any number of futuristic events they want to force you into doing. If you refused, how would you survive if they shut off your money supply? They could easily do this even without a court order or due process within the CBDC. Would you be FREE any longer? We also know that brain implants are on the horizon to tie into a centralized computer. 

These brain implants can also monitor every thought, and artificial intelligence (AI) can then screen and filter your thoughts and raise red flags on those not in-line with the agenda of the government. Folks is this what you want? But the CBDC is the start of it, and it will progress and then link this monetary policy into other entities to control you. Yes, absolute control by the state. These entities and links are already laid out. This is not a conspiracy theory. The World Economic Forum (WEF) already told the public that in 2o years we will all be competing with AI and so we will need our brains to be hooked up the centralized computer network.

These are going to be very scary times ahead if we don’t put our foot down on this CBDC effort and stop it now. We must also contact our representatives in our governments to force strict rules on the use of AI. AI is moving too fact and we must catch up with it before its too late.

https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/

Walkingstick :they're redoing all contracts in Iraq because there will be a rate change soon!! #iqd

 

AL-SUDANI ISSUES 8 DIRECTIVES TO DEVELOP ELECTRONIC PAYMENT AND ENHANCE DIGITAL TRANSACTIONS IN GOVERNMENT DEPARTMENTS, 13 MARCH

AL-SUDANI ISSUES 8 DIRECTIVES TO DEVELOP ELECTRONIC PAYMENT AND ENHANCE DIGITAL TRANSACTIONS IN GOVERNMENT DEPARTMENTS

Prime Minister Mohammed Shia Al-Sudani issued 8 directives today, Thursday, regarding the development of electronic payment systems and the enhancement of digital transactions in government departments. 

According to a statement from Al-Sudani’s office, the directives were as follows: 

1. Assigning the Baghdad Chamber of Commerce, the Federation of Chambers of Commerce, and the Iraqi Federation of Industries to work on simplifying procedures, in cooperation with the relevant authorities, within a time frame of 6 months to implement the business automation and digital transformation project in these institutions, in a way that accelerates company registration procedures and enhances electronic payment systems.
2.  Facilitating the process of authenticating company contracts, especially simple and medium-sized ones, by issuing a confirmation letter from a notary public, and authenticating those contracts without delay.

3.Study the possibility of allocating a notary public office within the Baghdad Chamber of Commerce to ensure the approval of company incorporation contracts and facilitate the necessary procedures.

4. Obligating the company owner to open a bank account in one of the authorized Iraqi banks, based on official approval from the Baghdad Chamber of Commerce, as this is a basic condition for completing the registration procedures and obtaining the company’s identity and certificate of incorporation.

5. Enhancing the use of electronic transactions and digital payment systems within the new business environment, through coordination with the Central Bank of Iraq, and issuing a circular to all banks to facilitate account opening procedures for small and medium-sized companies.

6. Coordinating with the Central Bank of Iraq to issue a circular to banks to provide banking facilities and financial incentives to companies, including loans, banking facilities, and electronic transfers, enhancing the use of digital payments, and adopting technological financial solutions.

7. Preparing a media campaign to raise awareness of the new procedures, by producing content that explains to citizens and investors the company registration process, the advantages of digital transformation, and the banking opportunities available.

8. Forming a specialized committee from the relevant authorities to follow up on the implementation of these procedures and prepare periodic reports on the progress made in implementing the recommendations.