Wednesday, February 5, 2025
Iraq among 10 nations banning cryptocurrency, 5 FEB
Iraq among 10 nations banning cryptocurrency
Shafaq News/ Ten countries prohibit cryptocurrency transactions, including Iraq over varied concerns such as financial stability, fraud prevention, money laundering, and economic control.
According to a report by US-based CEOWORLD magazine, despite the global rise of cryptocurrencies, several nations continue to impose strict regulations.
Countries with cryptocurrency restrictions or bans in 2025:
Iraq
The Central Bank of Iraq (CBI) imposed a ban on cryptocurrencies in 2017, citing risks such as financial crimes, volatility, and consumer protection concerns. Banks, financial institutions, and payment service providers are prohibited from dealing with digital assets.
In 2018, the Kurdistan Regional Government’s Supreme Fatwa Committee issued a ruling against OneCoin, reinforcing Iraq’s cautious stance on digital assets. Despite these restrictions, informal cryptocurrency trading persists, as enforcement against individuals remains unclear.
China
China has imposed strict restrictions on cryptocurrencies since 2017, initially banning exchanges before extending the prohibition to mining and financial institutions handling crypto transactions.
Despite the crackdown, underground crypto trading remains active, with China ranking 20th in Chainalysis’ 2024 Global Crypto Adoption Index. Meanwhile, the Chinese government continues advancing its central bank digital currency (CBDC), expanding pilot programs for the digital yuan.
Egypt
While cryptocurrency regulations in Egypt remain highly restrictive, they are not an outright ban. The Central Bank of Egypt has intensified warnings against crypto transactions, though some exchanges still operate within a complex legal framework.
“Additionally, religious interpretations influence Egypt’s policies. Some Islamic scholars classify cryptocurrencies as haram (forbidden) due to their speculative nature, though these opinions remain non-binding. Despite restrictions, peer-to-peer crypto trading remains widespread, illustrating the challenges of regulating decentralized assets,” the report pointed out.
Algeria
Algeria enforces a strict ban on cryptocurrencies, citing threats to financial security and economic stability.
Despite these restrictions, informal crypto trading continues.
Bangladesh
Bangladesh has taken a similarly firm stance, with its central bank banning digital assets in 2017 over concerns about financial stability and illicit activities.
Authorities have since reinforced the ban, making violations punishable by fines and imprisonment.
Nepal
Nepal has adopted an aggressive approach to cryptocurrency, declaring it illegal and citing risks to financial stability.
“Authorities continue to crack down on traders and unauthorized exchange operators, making Nepal one of the most hostile environments for digital assets,” the report added.
Afghanistan
Under Taliban rule, Afghanistan reimposed a cryptocurrency ban in 2022, citing financial instability and fraud concerns. Authorities shut down exchanges in Herat and arrested multiple operators, making crypto-related activities highly risky.
Morocco
Morocco officially banned cryptocurrency transactions in 2017, citing concerns over financial crimes and economic stability. However, despite this restriction, the country has seen significant crypto adoption, consistently ranking among Africa’s top nations for peer-to-peer Bitcoin trading.
“Recognizing the persistence of crypto usage, Moroccan authorities are reconsidering their approach. The Bank Al-Maghrib, Morocco’s central bank, has drafted legislation to regulate digital assets, signaling a possible shift toward legalization,” the magazine pointed out.
Bolivia
Since 2014, Bolivia’s central bank has prohibited the use of cryptocurrencies, citing risks related to monetary stability and digital financial crimes.
However, in June 2024, authorities reversed this stance, allowing regulated financial institutions to process crypto transactions through approved electronic channels.
Russia
“In 2022, the Russian Central Bank proposed a complete ban on cryptocurrency transactions and mining, though the government ultimately opted for regulation instead.”
Although crypto mining is now legal, domestic cryptocurrency payments are still restricted.
STATUS OF THE RV, PART. 4 BY MNT GOAT: What is holding up the WTO accession?, 5 FEB
STATUS OF THE RV, PART. 4
What is holding up the WTO accession?
😊In an article titled “ECONOMIST: THE IRAQI MARKET IS CENTRALIZED AND 40 INVESTMENT LAWS NEED TO BE REVIEWED AND AMENDED” we might be able to understand more clearly why the Iraqi WTO full accession announcement has not yet been given.
Yes, it's all about investment laws. The investment groundwork must be laid firmly in the Iraqi government for the WTO to make this announcement because, as we all should know, this will be the final incentive for investors to flock into Iraq and invest in the dinar. But didn’t we hear that Iraq met all qualifications to re-join?
Yes, we did and we read the article on this news. But we also read that there were some “investment” laws that needed to be updated, as requested by the WTO.
I quote from the article titled “ECONOMIST: THE IRAQI MARKET IS CENTRALIZED AND 40 INVESTMENT LAWS NEED TO BE REVIEWED AND AMENDED” –
“the investment climate in Iraq requires several factors, including the political factor and the conflict between the blocs, in addition to the investment laws that need to be reviewed, as their number has reached about 40 laws.” Could this be what is holding up the announcement or is there another plan underway…just asking….?
What took so long to get the 2025 budget amendment passed?
In the rest of the news for today we read a multiple of articles about Kurdistan smuggling oil and Baghdad is paying the price. See the articles concerning this issue titled:
😊 PARLIAMENTARY FINANCE COMMITTEE “EXPLODES A SURPRISE” REGARDING THE COST OF EXTRACTING OIL FROM THE KURDISTAN REGION”
😊 “KURDISTAN SMUGGLES OIL AND BAGHDAD PAYS THE PRICE.. WHEN WILL THE UNFAIR EQUATION END?”
Kurdistan also shut off the oil shipments costing Iraq billions in revenues. Many economists told the public the economy was about to crash.
Really? How irresponsible and this was all just FAKE news. But as investors we must try to understand what keeps happening in Iraq over this oil and the Kurds. What claims do the make to justify shutting off the oil again? How can Baghdad end this issue once and for all? We all know the answer.
It is the Oil and Gas law and so you can see why this referendum as required by the new Iraqi constitution is so hard to get passed and is so desperately needed. In fact, it was the real culprit for all this confusing of the Kurds and the oil sales.
It even held up the 2025 budget and its amendments until now. The Kurds use the oil sales/revenues as leverage to get what they need for Kurdistan. This will never change unless they pass the Oil and Gas Law.
☹ Next I want to bring to your attention a very discerning article. It is titled “ECONOMIST: WASHINGTON’S POLICIES TOWARDS IRAQ PREVENTED THE REVIVAL OF ITS FINANCIAL RESOURCES” Many of my readers doubt what I say and think that the actions of the US are all in support of Iraq in the past.
Again I am telling you this has NOT BEEN THE CASE. I even going to show you evidence of this statement today from an article in the news in Iraq.
Please take few minutes and go read it in its entirety. So what is holding up the RV? Could it be and Obama/Biden administration era foreign policies towards Iraq? Will Trump change these policies?
“Economic expert Rashid Al-Hamdani confirmed on Saturday that the United States, since its occupation of Iraq in 2003 until now, has been following an economic policy that has transformed the economic recovery and made its fate linked to the financial policy of the US Federal Reserve through its dominance over oil sales resources and preventing the entry of major international companies to establish projects that develop and stimulate its economy.”
He added, “The obstacles placed by the US administration in preventing Iraq from developing its economic and financial activity”, and “ The United States of America continues to dominate Iraq through political, security and economic agreements that Washington”. Enough said….
All I can say now is “I told you so”. Please don’t tell me the CBI is independent in making the RV decision.
This is ridiculous and those making this claim are ignorant, irresponsible and have not been following Iraqi politics. Will Trump change this Obama/Biden era foreign policies towards Iraq? This is the only way and I mean ONLY way we will see the RV in short order. Yes, I know it’s a pity what the US is doing to Iraq. The abuse is appalling. Each time Al-Sudani tries to dig his way out the mud, the US finds new ways to entrench Iraq. When will it end?
“Coffee With MarkZ” Tuesday Morning Chat 2-4-2025
“Coffee With MarkZ” Tuesday Morning Chat 2-4-2025
Thank you MarkZ for all your time, and encouragement daily….. PDK
MarkZ Update- Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: Good morning Mark, Mods and fellow RV’ers
Member: looking forward to some good news from Mark today.
Member: Bond folks get paid yet?
MZ: No fun update from bonds today….not for a lack of looking.
Member: I wish we knew the rates
Member: Don’t worry about the rates….worry about when it starts
MZ: I firmly believe the rates will be acceptable and we will be tickled with them .
Member….anything above 1 to 1 would thrill me…..if they would just do it!!!!
Member: the banks all received a memo about the rates…my banker has confirmed.
MZ: You are not the first person I have heard that from …Some of my contacts said they cannot share but they are seeing the rates now.
Member: Jon Dowling had a good bank story. A customer of a credit union was called in because they suspected she owned foreign currency. They told her they were in training!
Member: I wonder if the bankers who did not believe are rushing out to buy currency?
Member: is the new US sovereign Wealth fund part of the RV?
MZ: When the world operated on a real monetary standard , pretty much every nation had a sovereign wealth fund where the wealth of the nation was invested for the future. Many countries are now saying they need a sovereign wealth fund….i think it could be part of Gesara?
MZ: We have not seen a Sovereign Wealth fund since we were on the “Gold Standard”
Member: "U.S. President Donald Trump signed an executive order on Monday ordering the U.S. Treasury and Commerce Departments to create a sovereign wealth fund."
Member: Iraq is also starting a sovereign wealth fund…read the article last week.
Member: Just read an article that was talking about oil prices and for every dollar that oil goes down Iraq losses billions. they need to rv and not tie they're currency to strictly oil.
Member: they are supposed to release the flow of oil and to pay citizens salaries on Tuesday or Wednesday they left it open
MZ: “Kurdistan Regional Government receives nearly one trillion dinars from Baghdad for last months salaries” they are upholding their promises with Erbil. Very important .
Member: #BREAKING: January salaries for public employees in the Kurdistan Region will be paid starting tomorrow,
MZ: I think we are going to see a very interesting week.
Member: Lots going on behind the scenes.
Member: Maybe we are waiting for the announcement in The Gazette Tomorrow! then Boom off to the Bank?
MZ: I do not see it put in the Gazette tomorrow….but there is a good chance it will be in there on Saturday.
Member: I heard Nothing till march 10 till full integration of iso into FED NOW. Hunker down
Member: Ugh. The powers that be have to realize the Free Beer tomorrow signs are getting old.
MZ: Most of what I am hearing now is around Feb 10th.
Member: Doesn't President Trump fly this Friday to Saudia Arabia? President's Day Holiday on Monday...so a 3 day weekend…….Yep Feb 10ish looks like GO time
Member: all this is like watching for water to freeze on a hot summers day.
Member: Hi Mark are you planning to go over the redemption center process with new updates?
Member: I imagine once we get notifications to exchange….we will know everything we need to know.
MZ: Yes…we do not know details yet.
Member: Thanks to all…..Everyone have a great day. See you tonight….
Mark answers “Newby” questions off and on throughout today’s podcast. Listen to replay for all of them
STATUS OF THE RV, PART. 3 BY MNT GOAT, 5 FEB
STATUS OF THE RV, PART. 3
What else is in the news?
😊I first want to point out an interesting article titled “UN: IT’S TIME FOR ALL IRAQIS TO BENEFIT FROM THEIR COUNTRY’S WEALTH”.
In the article the Special Representative of the Secretary-General of the United Nations in Iraq, Mohammed Al-Hassan, said on Friday “The message at the United Nations is a clear message: stability and security in Iraq”.
Oh… did we read this right? Did he just say Iraq is stable and secure?
Is this not what the CBI has told us they needed in order to conduct the Project to Delete the Zeros? So, is the CBI agreeing with the UN? So what is now holding up the in-country revaluation and the project?
Good News? Or isn’t it?
😊 In articles this news period titled: “IRAQI PARLIAMENT APPROVES FIRST AMENDMENT TO GENERAL BUDGET LAW FOR 2023-2025”
😊 “AL-SUDANI CALLS ON KURDISTAN TO IMPLEMENT THE BUDGET LAW AMENDMENT IMMEDIATELY”,
“The government said on Sunday that the House of Representatives’ vote to amend the budget law according to the text approved by the Council of Ministers confirms the “political stability” and the state of understanding that characterizes this stage, and also reflects the high cooperation between the government and the House of Representatives, calling for action in accordance with it by Kurdistan and the Ministry of Oil.
A Government spokesman Bassem Al-Awadi said that Prime Minister Mohammed Shia Al-Sudani “expresses his appreciation for the responsible and constructive step taken by the Council of Representatives, by approving the amendment to the Federal General Budget Law of the Republic of Iraq for the fiscal years 2023-2024-2025, Law (13 of 2023), in accordance with the text of the amendment received from the Council of Ministers.”
So, to me this tells us the long-awaited amendment passed the parliament and is now law. However, as we will read also that a quorum was not obtained, yet the voted and passed the amendment anyhow. Will this be challenged by Kurdistan?
When will they exposed this amendment to the public? Folks, again don’t get you hopes up that this event or any single event will exposed a new rate for the dinar. As I told you many times already the rate will NEVER be in the budget. The budget will however contain the budgeted price for a barrel of oil. This is all you are going to see, but they already told us this, didn’t they?
😊In another article titled “TO DISCUSS MILITARY AND STRATEGIC FILES.. A “HIGH-RANKING” AMERICAN OFFICIAL WILL VISIT BAGHDAD SOON”.
An Iraqi government official reported on Monday that a high-ranking American official is about to visit Baghdad soon, and that preparations are underway for the visit, noting that the official will discuss the American presence in Iraq and the structuring of the relationship between the two countries.
This is exactly what my CBI contact told me last week. Now we see it in an article. This is expected to take place this week. Let’s wait and see what happens out of this meeting. I will say it is not all about the RV. Read the title.
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