MilitiaMan: Now Iraq is clearly telling us they have digital currency and it will be tracked to the penny. I find this article (See Below) to be very timely and to be expected. They took out the 1,000 - 10,000 notes and in the past we witnessed them destroying 25k notes in a filmed interview on the matter
By them taking out the notes, they'll need to have replacements, hence, the need for an adjustment to the new digitized currency is looking to be needed more now than ever before.
In my view they must be in a hurry now.. Lets see what they do next. I suspect that with them having experience in digital currency, as noted by the recent article, a flip of the switch may all that be needed .. lol ~ MM
Al-Kazemi's advisor comments on a report on "digital currencies" and warns against one of them
24th October, 2021
Adviser to the Iraqi Prime Minister for Financial Affairs Mazhar Muhammad Salih revealed on Sunday that there are two types of "digital currencies" globally, referring to the "official" of one of them.
Shafak News Agency, through its report, published yesterday, Saturday, provided details of a new "digital currency" that entered the regions of western Iraq, the price of which reached more than 24,000 thousand US dollars, amid an unprecedented turnout of the population.
Saleh told Shafaq News Agency, "There are two types of digital currencies, one of which is called cryptocurrency," noting that "it is a system outside the control of central banks and financial markets, and it is traded through its subscribers and founders, so that there is a commodity exchange and coverage of transactions outside the control of international financial supervision."
He added that these cryptocurrencies are considered "illegal, in some countries because of economic freedom, as some accept them and others reject them." He warned that "these currencies are closer to hierarchical companies that give big money, and then collapse after that because they do not have an economic basis, but rather are financial speculation," explaining that "it is like a bubble and its risks are many."
Regarding "official digital currencies", Saleh stated, "The other world is heading to global digital currencies issued by global central banks, which are sought to be established by 3 global central banks, including the European Central Bank (the euro), the United States (the dollar) and China for its currency (the yuan)."
He pointed out that "these digital currencies are important because they will reduce the cost of transactions because the free cash in circulation has a problem such as movement and storage, and therefore this cash will be a number controlled by the central bank."
He added, "This type of digital currency will have a high level of transparency, as the central bank will be able to know the dinar that comes out from where, and goes to where, meaning that it has the ability to monitor financial behavior up to a penny." He pointed out that "these digital currencies at the same time will lose the privacy of transactions with their secrets, which is a kind of domination and human control, which is the closest thing known to the globalization of the digital financial system."
He stressed that "this globalization is considered dangerous because it will control not only companies, but even the individual, and it is part of the subjugation of the countries that deal in this currency, and the movements of people will all be known despite its transparency, but it is mandatory, as it is digital to preserve people's rights, except it will be under financial supervision by central banks."
Shafak News Agency, earlier, investigated a "digital currency" that entered the Anbar Governorate in western Iraq, and spread widely amid the people's desire to invest in it, amid religious fatwas that declared its sanctity and warnings from specialists.
Al-Kazemi’s advisor comments on a report on “digital currencies” and warns against one of them LINK
G7 countries agree common principles on digital commerce
21st October, 2021
Britain announced today, Friday, after a meeting of trade ministers in the Group of Seven countries, that the countries of the wealthy bloc agreed on a set of principles governing the use of cross-border data and digital trade.
Britain explained that the G7 countries oppose digital protectionism and authoritarianism, "and today we have adopted the principles of G7 digital trade, which will guide the G7's approach to digital trade," according to the Middle East News Agency.
The agreement lays a middle ground between the heavily regulated data protection systems of European countries and the more open approach of the United States.
She added that the principles cover open digital markets, cross-border information flows, and protections for workers, consumers and businesses.
It also covers digital trade systems and fair and inclusive global governance.
"We must address undue obstacles to transcontinental data flows as we continue to address privacy, data protection, and protection of intellectual property rights," said a document accompanying the meeting.
"This agreement is a real breakthrough that came as a result of hard diplomatic effort," said a British official familiar with the deal.
U.S. Department of the Treasury
Office of Public Affairs
Press Release: FOR IMMEDIATE RELEASE
October 13, 2021
Contact: Alexandra LaManna;
READOUT: Secretary of the Treasury Janet L. Yellen’s Meeting with G7 Finance Ministers and Central Bank Governors
WASHINGTON – Secretary of the Treasury Janet L. Yellen participated in an in-person meeting of the G7 Finance Ministers and Central Bank Governors today. G7 Finance Ministers applauded the historic deal between 136-nations that will reshape the international tax system and equip the global economy to meet the needs of the 21st century.
Along with her counterparts, Secretary Yellen endorsed the G7 Public Policy Principles for Retail Central Bank Digital Currencies (link ) and the G7 issued an accompanying statement on digital payments (link ). She also expressed her strong support for efforts to channel Special Drawing Rights (SDRs) to further support vulnerable economies, including the rapid establishment of a new trust fund at the IMF to support economic transitions related to pandemic preparedness and climate change. G7 Finance Ministers also discussed the macroeconomic implications of climate change and the importance of resilient global supply chains.
U.S. Department of the Treasury
Office of Public Affairs
Press Release: FOR IMMEDIATE RELEASE
October 21, 2021
Contact: Treasury Public Affairs;
FATF Works to Strengthen Financial Transparency, Combat Misuse of Virtual Assets
FATF Approves Public Consultation of Revisions to Beneficial Ownership Standards and Updated Guidance on Virtual Assets
WASHINGTON — The Financial Action Task Force (FATF) concluded its October plenary today, the sixth session since the start of the ongoing COVID-19 pandemic. With hybrid participation both virtually and in-person in Paris, FATF advanced its core work on virtual assets, beneficial ownership transparency, and illicit finance risks.
“The United States welcomes the significant work by the FATF to enhance beneficial ownership transparency and provide clear standards and guidance for the virtual asset industry,” said Secretary of the Treasury Janet L. Yellen. “The FATF’s work will continue to strengthen global action against illicit finance.”
Virtual Assets Guidance
The FATF approved for publication an updated version of its Guidance on a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers. The guidance is intended to help jurisdictions and the private sector to implement the FATF’s standards on the virtual assets sector, which were revised in 2018. The FATF’s Virtual Assets Contact Group, the body that undertook this revision and which is co-chaired by the United States and Japan, will now focus its efforts to promote implementation of the standards.
Proposed Changes to Beneficial Ownership Standards
The FATF agreed to publish for public consultation proposed revisions to Recommendation 24, which sets the FATF standard regarding beneficial ownership transparency for legal persons. These proposed revisions are intended to improve the quality of beneficial ownership information available to law enforcement and other authorities in a timely manner, facilitate international cooperation, and improve transparency around public procurement to combat corruption. The U.S. strongly supports these enhancements to Recommendation 24 to increase beneficial ownership transparency.
Iraq requests removing its name from the high-risk countries
The mission of the Republic of Iraq to the European Union announced today, Wednesday, that Iraq has met all the FATF criteria for removing its name from the list of high-risk countries.
The 5 and (to) 10 thousand dinars denominations disappeared from the ATMs
Saturday 23 October 2021
Baghdad: Mustafa Al-Hashemi
Recently, there have been cases that the citizen was not familiar with, since the spread of ATMs throughout Iraq, represented by the disappearance of small and medium groups (from 1000 to 10 thousand dinars), which may bring back to the scene the scene of mistrust between the public and private banks, specifically, because of The latter's failure to provide all cash denominations in its ATMs.
Citizen B says: I (employee) “When I receive a message or a notification on my phone that my salary has been launched, I immediately go to the nearest ATM to withdraw the salary for the purpose of fulfilling my financial obligations that require cash (cash).
i added. To “Al-Sabah” that “the ATMs of the bank to which I settled my salary, are devoid of small and medium cash groups (1000 to 10 thousand dinars), and I do not know the reason, although withdrawing them as liquidity may differentiate among some who complain of the deterioration of their living conditions.”
MilitiaMan: The information on the digital transformation that is upon is everywhere. The amount of top level work completed now is main stream and straight from the highest in Finance in the world. They are openly talking about Retail Digital Currencies, digital cross border payments, etc..
With them even showing that the 1,000 - 10,000 notes are disappeared from the ATMs is very telling.
With the UST telling us the G-20 have 136 countries in agreement on digital International Taxation and a flat tax, the cross boarder data and digital trade noted by the G-7 today, it is not surprising that they would be adjusting for the NSCNs to replace those the 1,000 - 10,000s.
The need for them will diminish with a new international exchange rate applied. It doesn't take long to replenish ATMS. The goal is not to worry the citizens, the goal is to make them happy with the new purchase power that the new smaller notes will bring.
Notice they use the words INCLUSIVE GLOBAL GOVERNANCE!!! That is because the digital transformation is approved and on stage for all to see.. IMO there is nothing to stop it now.. Lets see what they show us next.. ~ MM
" It also covers digital trade systems and fair and inclusive global governance."
Frometad: Thank you very much for your analysis MM. Always appreciated.
MilitiaMan: Your very welcome.. There is reason to be excited! We have been talking about the digital transformation for some time now.
Today, even Salih has things to say about it. The evidence is quite clear they have every intention to be digitized, down to their currency.
It is no secret anymore that the world is going to be operating at a far more advance pace then many ever thought could take place now, or, effectively ever. Yet, the UST, G-7, G-20, etc, are showing us that is not the case and with 136+ countries being on board with it too.
So, what can we expect going forward? Global interconnectivity.
We have been told by the CBI / AMF that they have successfully cleared the Euro with the Jordanian Dinar (JOD).
My understanding is that success story was not the only story to be successful, there were and will be more. The communication system will require the cross border payments to be transparent, fast and secure. And it is.
So, now we just have to watch and see how long they can last with out 1,000 - 10,000 k notes, let alone 25k notes.
Fairly sure they told us they have been paying citizens electronically and as recent as this past week, so if everyone that gets electronic payments now will be ready for the switch over to having less cash on hand. I'll be looking to have a little more.. lol ~ MM