US treasury takes control of Iraq’s central bank to combat money laundering. Well, when did they say that? They said that about what is today? On16th.
They said it on August 4. Actually, August 3. But anyway, it’s confirming that the US Treasury Department has taken a permanent headquarters in the central bank of the Iraq building. Now why in the world would they do that if there wasn’t something important?
They considered that this step came as a result of great pressures on the iraqi banking system, great pressures on the banking system. Remember, al Alaq was under fire all for whole week or more. Resign.
So anyway, he goes as the governor of the central bank was forced to allocate an entire floor for the us treasury departments to monitor money transfers and prevent any illegal activities. Let it resonate, it’s like we’re not going anywhere, right?
What did the United States of America say? We’re going to protect our assets. It’s plain and simple. What is it for? Ensure Iraq’s commitment to international standards.
So they’re going to hold them to the table, they’re going to put the fire under them. And. Which is to me, we talked about that a week ago or two weeks ago. And yes, it’s still relevant today.
Why? Just because a little time has gone by. What are they doing now? It says now that the sources stress that the iraqi banking sector is suffering from increasing pressures exerted by the US treasury.
To prevent what? Smuggling of dollars to countries such as Iran, Russia and Syria, which are facing economic sanctions. We all know that. So they’re doing it for a purpose.
It says, the situation reflects the great challenges facing the iraqi banking system in light of ongoing efforts to reform it, improve its image before the international community.
So it sounds like they’re doing it for a purpose that has got inherently good to it, enhance their image into the international community, Get rid of the corruption.
Let’s get this thing over the edge. So they, as they said early on, it says central bank of Iraq was forced to allocate big.
It says that there has been strong resistance from Washington, which insists on correcting the course of economic process, reforming the banking system in Iraq. And al Sudani himself in a difficult position. And what is he going to do?
He’s going to have to balance internal pressures and international pressures. And so therefore, the United States still continues to exert pressure to ensure that Iraq’s banking system is not used to finance illegal activities. So ultimately, what we’re going to find is that they’re not going to deviate from it. They have an interest in it.
The world does remember Iraq, supposedly the savior of the financial system. Why wasn’t it done? Why was there an unannounced meeting with Alalak in Washington?
You got to think about that. He showed up unannounced, and under the circumstances, what it appears to be is that he needed to have things done, and he didn’t do it. And if you go back to July 14, July 13, you’ll see that the CBI had something to say about those dollar auctions and money. So you just got to be able to pay attention to that and understand that there’s time frames for specific things that get done, and there’s legalities when it comes to, for instance, political issues, legal issues, there’s time frames that have to be assorted to.
So you might pay attention, because you’re gonna see some. Some things that are just not that surprising at this stage of the game.
The banks just didn’t get on board behind them for many many issues. The banks now, the US treasury, the whole floor, central bank. I got a strong feeling that they did this regardless of what anybody else wanted to do. But they’re doing it for what?
A purpose, to move Iraq to the direction of a market economy. And those that are not playing by the rules, their days are numbered. If you guys think about the digital process, whether we like it or not, it’s going to have some consequences for those that don’t play by the rules and definitely take it seriously, it doesn’t, I mean, seriously, it’s going to be a whole new landscape for everybody. You, me, everybody.
So general secretariat of the Iraqi Council of Ministers to the news. The euro portal contains 421 government e services.
the development road project going to have the ability to communicate goods and services all the way through Iraq. I think it’s 1200 kilometers real close. And when they build all this stuff out, they’re going to have recreational places, they’re going to have entertainment places. They’re going to have everything that you need to get goods from the port a fox, for instance, into Turkey, into Europe.
It’s going to save businesses, massive businesses, massive amounts of money because they can shave off anywhere from, let’s say a week to three weeks of time and maybe more of time for shipping goods. Time is money. Big money. Think about that for a minute.
You got a big, huge 600 foot tanker moving materials across the planet. It costs a lot of money. It costs a lot of money.
these transactions and official correspondences now come electronically after they used to come on paper and were delayed. Well, what are they talking about? E governance, the digital transformation. They’re moving to correspondence, everything.
They’re facilitating the speed up the completion of transactions between two parties. Between Baghdad and Kurdistan, for instance.
There’s talk in general, and not only, but customs, as in general, all electronic transactions, all electronic transactions established by the secretariat, the general secretariat of an official institution, are for the sake of transparency and eliminating routine bureaucracy and delaying transactions.
So ultimately, what they’ve done now is that it’s now a matter of becoming electronic and that there’s a barcode in every transaction that will transfer the goods and services. Right. So that’s huge. Processes does not exceed five to ten minutes.
So they’re talking about quickness. They’re talking about being able to move money fast and accurately. Five to ten minutes. I don’t even think that’s even going to be close to what the reality is going to be in the future.
It’s going to be a lot faster than that. I know I’ve mentioned ripple in the past, and I’m not a big study of it, but I’ll tell you, that shows that there’s a relationship with the Iraqi Dinar and Ripple and I think the Buna platform, that the Arab monetary Fund is probably going to follow suit or has already tested. Digital dollars, digital dinar, et cetera, et cetera. And we’ll see how that turns out.
basically, the national data center department is in contact with local authorities, their foreign organizations, a number of advanced countries, and expressed their readiness to provide services regarding cooperation with the Kurdistan region, of course, and Baghdad. Regarding the platform that was formed between the general secretariat and the region’s representation, there was great and high level cooperation and coordination between the engineering technical staff, the general secretariat, as in the Kurdistan region, through the region’s representation in Baghdad.
Probably could have taken that word solid down to nothing. But bottom line is, they’re working together. And what are they saying? He’s saying this is the final step, as it is, naturally, one of the government’s directions in ending this file towards comprehensive digital transformation.
So let’s think back about this for a second. This was on August 6. So the final step they’ve started over.
It’s ten days ago. So he’s just being news is just telling you. So anyway, the government network is basically, it’s an electronic document, it’s an exchange in circulation system that is going to secure government networks that cannot be hacked. So it’s high tech.
They go, the coordination has been taking place, so it says, has been taking place between the information technology department, the General Council of Ministers, the Ministry of Communications, the National Data center, coordination with electronic security agencies, cybersecurity, intelligence service, national security. Security agencies concerned with maintaining the confidentiality documents to ensure that the network is secure and cannot be hacked. And this is certainly one of the most important works of the data center department in the system.
At present, the governor of the central bank chairs the meeting of the supervisory committee of the restructuring process of Rafaydane bank.
And this is on the 7 August. I think it might have come out a couple days before, but it didn’t get published until the 7th. Is that, look, the supervisory committee of the restructuring of the Rafidane bank. One of the last things that’s going to be done with Iraq is to privatize their banks.
And at this stage of the game, I would suspect that they probably are significantly further along than they’re stating. This contract with Ernst and Young, I believe it got started in early January. It’s first quarter early, but I think it was in January. Anyway, they adopted a plan for the government to coordinate between the central bank.
To organize administrative, financial, technical structure of the Rafidan bank. Pretty sure they’re doing Rashid at the same time. But they speak about the Rafidan bank.
This comes from the central bank of Iraq’s media office on August 4, 2024. So you can go get that on their site. They’re specifically talking about going private. That’s the last thing we’re going to a market economy.
The banks are going to be market, they’re not going to be public anymore. They’re going to go private, they’re going to have partnerships, just like they told everybody.
They got corruption all over the place. They’re going to clean it up. Why would they take a floor?
Because they need to clean it up. That’s what they’re going to do. I think it’s phenomenal, attracting investors. Investors don’t like corruption.
They want to know their money’s safe. They want freedom of capital movement, right? So it says, attracting investors. Name of the article.
Attracting investors, limiting currency smuggling. A specialist explains the importance of digitizing iraqi banks. So what are they going to do? They’re going to use, what blockchain are they going to use specifically ripple?
We’re going to find out. Are they going to use things like XRP? We’re definitely going to find out because what they’re probably definitely related.
It says the importance of benefiting, the benefits of digitizing financial transactions for iraqi banks. This gentleman, Al Saadi says the bank told Baghdad News. Right. Digitizing financial transaction in iraqi banks can provide sufficient benefits, especially in terms of reducing currency smuggling.
Okay, so what’s been happening? They’ve been shutting down the dollar auctions. Are they going to shut them down? Well, a lock.
Central bank August 5 talks about a new mechanism for what? Dollar currency auctions. Okay, so look that up. It’s also on the 13th, I think, too.
But most importantly is that they have the ability to use a system that is electronic and it is transparent. It’s fast. In the future it’s probably going to be instantaneous and for low cost. So you guys think about it for a minute.
The amount of money that’s moving through the world’s markets is just astronomical. It’s in the hundreds of trillions, 365 days a year, seven days a week, 24/7 with no blackouts. And if you have a technology that can do instantaneous payments for low cost fractions of a penny.
This requires providing modern technology training. What are they doing? Building confidence for the new systems.
Basically digitization of banks contributes to achieving more transparency, credibility for what? The whole financial system. Transactions can be tracked, they can be reviewed. Basically what it’s doing is improving their operational efficiency.
Digitization is going to basically in their views and maybe everybody else’s views provide a higher level of protection against fraud and theft through advanced encryption technologies. This article could literally have been written for, I think, XRP and Ripple Ethereum, if you will. Whatever. Could be more, but.
so the iraqi digital path diagnoses the errors of electronic payment systems. Confirms we must start at the top of the pyramid. Okay, so what are we talking about here? Iraq’s digital path council.
So they have a digital path council, doctor Safad al Shamari. He identifies errors. Electronic payment systems. Government should address some certain things from time to time.
the electronic payment system in Iraq requires a set of basic requirements, including foremost the technical infrastructure with availability of fast, reliable Internet networks.
Iraq needs electricity. They need water for that.
So they need to be able to do a lot of the things that development road path project. Okay, going to Turkey. they’re going to need water, energy, because what are they going to need? They’re going to try to build this out.
They’re going to have hundreds of thousands of employees, new ones. And every one of those new ones are going to high paying job. We’re going to create 34567 extra jobs. It’s going to create a lot of manpower.
And they’re going to need water to house them, residential complexes. Okay, you guys get the picture with real great government oversight is what they’re looking for to ensure that all parties adhere to specific required standards. They want international standards.
They’re going to get them. They’re going to basically, they’re just explaining the true benefits of electronic payments requires all kinds of development, electronic measures to what, defer fraud etc & basically cyber crimes. They’re just gonna go advanced.
I think everybody should probably realize it now is like, we didn’t have any artificial intelligence 20 years ago. It just came on board about 15 years ago. And then all of a sudden you start seeing it really showcased since about 2016. And then you absolutely see it showcased in the last two years.
And look at the stock prices and look at the charts to see where that price range is. If in fact they use that as a market analysis to represent artificial intelligence and news, you might want to go back and look at that. It’s called Iraq digital path diagnosis the errors of electronic payment system and confirms we must start at the top of the pyramid. So Safad al Shamari identifies several errors in electronic payment systems that should address from time to time. And so IT is that the deputy reveals the results of the war on Harvard currency smuggling.
Smuggling is going to go away kind of quickly. So smuggling of the hard currency is one of the tools that drain the economy of Iraq and creates an anomaly in the balance of exchange rates and pushes the parallel market to rise, which is an illegal market, Which leads to excessive prices in the market and the price of which is paid by the simple people. The efforts of the Ministry of Interior with the central bank and supporting information, supporting formations contributed to reducing the file of hard currency smuggling by 80%.
So what they’ve been doing is being successful while directing eleven specific strikes to companies and offices dealing in the file of selling currency illegally. And so the United States treasury has a floor at the central bank, a whole one. They’re not going away. So basically, look, the smuggling of hard currency is about to get a rude awakening.
As the digital systems, the newer systems that they have, potentially who they may be, should be taken seriously. They probably should take it seriously because they’re probably not going to go away because the largest entities in the world are working on this. It’s big. it’s underway and it’s about them taking over and not allowing that anymore.
So that cash cow that people were sapping into that was in the billions of the dollar auctions, looks like it’s going to be going away as we know. Will they be able to buy dinar, I mean, dollars with dinar, to come to America, to go to Europe, to go anywhere in the world? Sure they can. It’s going to be different, for sure.
