Economic Updates Saturday 8-10-2024 - Dinar Detectives - Iraqi Dinar Recaps from Dinar Guru and Intel (2024)

“The U.S. dollar weakened against Vietnamese dong both at banks and unofficial exchange points Friday morning.

Vietcombank sold the greenback at VND25,280, down 0.16% from Thursday.”

“The dollar has increased against the dong by 3.52% since the beginning of the year. Globally, the dollar hovered close to a one-week high against major rivals on Friday,after the biggest drop in U.S. jobless claims in close to a year allayed fears of a looming economic downturn, Reuters reported.”

August 2024 Harvard Business Review: The Race to Dominate Stablecoins.

Yes, it is a race.

Companies are fighting to capture the market share that this new form of money is creating in the crypto universe.

“Stablecoins have the potential to REWIRE the global financial system and DISPLACE legacy payment systems like SWIFT.

@ Newshounds News™

Source:Twitter

~~~~~~~~~

“Bringing a trusted stablecoin onto XRPL will drive more adoption and development, contributing to a vibrant ecosystem.” QUOTE from Brad Garlinghouse

“The stablecoin market is about $150B today, and is forecasted to exceed $2.8 trillion by 2028. There’s clear demand for stablecoins that deliver trust, stability, and utility.

To meet this growing demand, Ripple will issue a stablecoin, leveraging its decade-plus of experience building real-world financial solutions for institutions around the world.”

“This move is also monumental for the XRP Ledger community, driving more use cases, liquidity and opportunities for developers and users.

At launch, the stablecoin will be available on the XRP Ledger (XRPL) and Ethereum (ETH) blockchains, with plans to expand to additional blockchains and decentralized finance (DeFi) protocols and apps over time.”

“Issuing our stablecoin on the XRP Ledger and Ethereum will serve as a pivotal entry point to unlock new opportunities for institutional and DeFi use cases across multiple ecosystems,”added Monica Long, Ripple President.

“The XRP Ledger’s native capabilities, including a decentralized exchange and automated market maker,were built to utilize XRP as THE BRIDGE ASSET.”

LET’S CONSIDER THE QUOTES FOUND IN THIS ARTICLE AS WE CONTEMPLATE THE ROLE RLUSD WILL PLAY ALONG WITH XRP.

IT’S OBVIOUS THAT RIPPLE HAS POSITIONED ITSELF AS A PIONEER IN THE DEFI ARENA

RLUSD POSSIBLY BECOMING THE STABLECOIN OF CHOICE AFTER LAUNCH AND THE UTLITIY FACTOR THAT XRP PLAYS IN THE DIGITAL ECOSYSTEM, THERE CAN BE LITTLE DOUBT THAT RLUSD WILL ENHANCE THE MARKETABILITY OF XRP, EVEN THOUGH THEY PROVIDE ARE TWO COMPLETELY DIFFERENT PRODUCTS.

XRP WILL LIKELY RISE IN VALUE BASED ON ITS OWN USE AND UTILITY, BUT MAY SEE A BUMP IN VALUE WHEN RLUSD IS LAUNCHED.

@ Newshounds News™

Source:Finance Yahoo

~~~~~~~~~

All About ZiG, Zimbabwe’s Latest Shot at a Stable Currency

“IN the latest effort to devise a credible national currency, Zimbabwe in April replaced its dollar with the ZiG, short for Zimbabwe Gold.

The new unit is backed by bullion and foreign currency reserves held at the central bank. It’s the country’s sixth attempt at establishing its own currency since 2008, when inflation crossed 500 billion percent, according to International Monetary Fund estimates.”

“Not only did that render it worthless, it turned the unit into a global punchline:US Treasury secretaries would carry the notes as a reminder of the evils of hyperinflation.

Confident that they’ve finally got it right, Zimbabwe has announced plans to go all-in on the ZiG and make it the southern African nation’s sole legal tender. That’s an audacious goal, given that the dollar still accounts for the bulk of transactions in the country.”

What went wrong with the Zimbabwean dollar?

“Brought back to life in 2019 after a decade-long furlough when the country ran solely on foreign currency,the Zimbabwean dollar lost ground against the US dollar every trading day this year.

This had wiped around 80% off its valueby the time newly appointed central bank Governor John Mushayavanhu put it out of its misery on April 5.”

“The collapse had already forced more than four-fifths of the southern African nation’s economy to transact in US dollars for everything from food to medicine, with some businesses only accepting payment in greenbacks.

Few people have forgotten the experience of 2008 when their savings were wiped out by inflation, so public trust in the local unit had always been low.”

“The ZiG started trading on April 8 at an exchange rate of 13.56 to the dollar.

Banks, mobile-money platforms, retailers and other intermediaries reconfigured their systems to take account of the new currency, though the process has been a bumpy one.”

Where does the currency’s value come from?

“The central bank said the new currency would be fully backed by $100 million in cash and 2,522 kilograms of gold worth $185 million.New banknotes were released on April 30, and the central bank went on a publicity drive to raise awareness of the new currency. ”

“They have also fined traders for refusing to accept payment in ZiG.The authorities say that dollar-denominated transactions have declined to around 70% from 85% when it was introduced.”

“In early August, the cabinet said it had adopted a “de-dollarization roadmap” without providing details of when it would take effect,though President Emmerson Mnangagwa has hinted it could happen as early as 2026. Official statistics suggest that the ZiG has helped to rein in surging price pressures since its April launch, though there are only a few months’ worth of data to go on.”

@ Newshounds News™

Source:The Zimbabwe Mail

~~~~~~~~~

WHERE IS THE LEGAL CLARITY UNDER THE BIDEN ADMINISTRATION TO THE CRYPTO INDUSTRY TO OPERATE LEGALLY IN THE US?

Crypto Industry execs met with White House officials to discuss crypto policy on August 8.Representatives from Coinbase, Kraken, Ripple and Circle reportedly attended a video call with US policymakers to discuss their approach to crypto regulation.

IMO, THE FOLOWING IS THE MOST IMPORTANT THING DISCUSSED DURING THAT MEETING:

“The crypto executives reportedly pushed the Biden administration forregulatory clarity in the digital asset space, hinting at the removal of Securities and Exchange Commission (SEC) Chair Gary Gensler.

Many in the industry have criticized the SEC under Gensler for bringing enforcement actions against crypto firms that seeminglydo not have a clear path to operate legally in the US.”

Lawfirm Holland & Knightmade the following statement in a report titled,“Blockchain & Cryptocurrency Laws and Regulations 2024”:

“In the United States, cryptocurrencies have been the focus of much attention by both federal and state governments.

At the federal level, most of the focus has been at the administrative and agency level, including the Securities and Exchange Commission(the “SEC”),the Commodity Futures Trading Commission (the “CFTC”), the Federal Trade Commission(the “FTC”)and the Department of the Treasury(the “Treasury”),through the Internal Revenue Service(the “IRS”), the Office of the Comptroller of the Currency(the “OCC”)and the Financial Crimes Enforcement Network(“FinCEN”).

While there has been significant engagement by these agencies, little formal rulemaking has occurred.Many federal agencies and policymakers have praised the technology as being an important part of the U.S.’s future infrastructure and have acknowledged the need for the U.S. to maintain a leading role in the development of the technology.”

The Seeds of Wisdom Team “Roadmap“, has documented many laws that have been introduced in both the House and the Senate.Some have passed the House or the Senate, but only one was passed by both the House and the Senate. However, that bill was Vetoed by Biden.

The industry executives were correct in saying that they are operating without a clear legal path to do so in the US. The BRICs nations have Russia in the lead providing a framework for cross border payments and stablecoins.

The EU Parliament has passed and implemented the Markets in Crypto-Assets (MiCA) to provide regulatory clarity to crypto businesses in the European Union.

The US is way behind and needs to pass laws to provide not only legal clarity to the crypto Industry in the US, but also security and protection regulations to it’s citizens.

@ Newshounds News™

Read more: CoinTelegraph,Roadmap,Global Legal Insights

Economic Updates Saturday 8-10-2024 - Dinar Detectives - Iraqi Dinar Recaps from Dinar Guru and Intel (2024)

FAQs

How much is 100 dollar in Iraqi dinar new? ›

Download Our Currency Converter App
Conversion rates US Dollar / Iraqi Dinar
100 USD131,000.00000 IQD
250 USD327,500.00000 IQD
500 USD655,000.00000 IQD
1000 USD1,310,000.00000 IQD
8 more rows

What is the projected value of Iraqi dinar? ›

The Iraqi Dinar is expected to trade at 1302.45 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1313.36 in 12 months time.

When did the new Iraqi dinar come out? ›

Starting on October 15, 2003 a new national currency known as the 'new Iraqi dinar' will begin to replace the existing currency, the 'old dinar', and the currency used in the North of Iraq, the 'swiss dinar'.

What is the Iraqi dinar selling for? ›

1 IQD = 0.000763 USD Aug 16, 2024 16:58 UTC.

How much is $1000 USD in Iraqi Dinar? ›

1,310,000.00000

How much is $500 dollars in Iraqi Dinar? ›

Download Our Currency Converter App
Conversion rates US Dollar / Iraqi Dinar
500 USD655,000.00000 IQD
1000 USD1,310,000.00000 IQD
2000 USD2,620,000.00000 IQD
5000 USD6,550,000.00000 IQD
8 more rows

What's happening with the dinar? ›

The Iraqi dinar has been losing value against the US dollar for several months, leading to a surge in prices of basic goods and consequent outcry from the Iraqi public. The depreciation has been attributed to the smuggling of dollars out of Iraq, mainly to neighboring Iran.

What is the new rate for the Iraqi dinar? ›

Convert US Dollar to Iraqi Dinar
USDIQD
1 USD1,313.55 IQD
5 USD6,567.74 IQD
10 USD13,135.5 IQD
25 USD32,838.7 IQD
6 more rows

Can I exchange my Iraqi dinar in the United States? ›

Major banks do not offer trade-in Iraqi dinars. IQD is only available for purchase or sale by selected brokers or money exchangers, who may or may not be legally authorized. As mentioned, the brokers or money exchangers typically charge a fee of 30% or more over and above the authorized exchange rate.

What is the future prediction for Iraqi Dinar in 2024? ›

Will Iraqi Dinar get stronger against US Dollar in 2024? Iraqi Dinar is expected to drop by -0.04% against the US Dollar by the end of 2024, as the USD/IQD rate is expected to reach IQD 1,309.19.

What is the Iraq dinar scandal? ›

The FBI and IRS are investigating individuals associated with Sterling Currency Group involving the sale of Iraqi dinar. On October 9, 2018, the defendants Tyson Rhame, James Shaw, and Frank Bell were convicted of conspiracy to commit mail and wire fraud, mail fraud, and wire fraud.

What can you buy with 10,000 Dinars? ›

A 10,000 Dinar note is worth approximately $5 US. To give you an idea of what 10,000 Dinar can buy, here are a few examples. Iraqis can buy a pair of child's shoes for 10,000 Dinar, 2 pounds of bananas for $. 75 (1500 Dinar), a can of Coca Cola from the market costs $.

Does Chase Bank accept Iraqi Dinar? ›

Does Chase Bank buy or exchange Iraqi dinar (IQD) currency? JP Morgan Chase (JPMC) does not buy, sell, or exchange Iraqi dinar (IQD) banknotes and currently has no plans to offer this service in the future.

How much is Iraqi Dinar in circulation? ›

Iraq Money Supply M0
RelatedLastUnit
Interest Rate7.50percent
Money Supply M0145408.00IQD Billion
Money Supply M1154353.00IQD Billion
Money Supply M2173618.00IQD Billion
2 more rows

How much is 10,000 dinars? ›

Download Our Currency Converter App
Conversion rates Algerian Dinar / US Dollar
1000 DZD7.45579 USD
2000 DZD14.91158 USD
5000 DZD37.27895 USD
10000 DZD74.55790 USD
8 more rows

How much is 100 to Iraqi dinar? ›

Download Our Currency Converter App
Conversion rates British Pound Sterling / Iraqi Dinar
100 GBP169,586.00000 IQD
250 GBP423,965.00000 IQD
500 GBP847,930.00000 IQD
1000 GBP1,695,860.00000 IQD
8 more rows

How much is $1 USD in Iraqi dinar? ›

1 USD = 1,305.06094 IQD Aug 17, 2024 19:04 UTC.

How much is $50 US in Iraqi dinar? ›

Turkish Liras to Iraqi Dinars: exchange rates today
USDIQD
20 USD261,266.89 IQD
50 USD653,167.23 IQD
100 USD1,306,334.46 IQD
250 USD3,265,836.16 IQD
8 more rows

What is the Iraqi 500 dinar? ›

Download Our Currency Converter App
Conversion rates Iraqi Dinar / Pakistani Rupee
500 IQD106.58400 PKR
1000 IQD213.16800 PKR
2000 IQD426.33600 PKR
5000 IQD1,065.84000 PKR
8 more rows

Top Articles
Latest Posts
Recommended Articles
Article information

Author: Gregorio Kreiger

Last Updated:

Views: 5618

Rating: 4.7 / 5 (77 voted)

Reviews: 92% of readers found this page helpful

Author information

Name: Gregorio Kreiger

Birthday: 1994-12-18

Address: 89212 Tracey Ramp, Sunside, MT 08453-0951

Phone: +9014805370218

Job: Customer Designer

Hobby: Mountain biking, Orienteering, Hiking, Sewing, Backpacking, Mushroom hunting, Backpacking

Introduction: My name is Gregorio Kreiger, I am a tender, brainy, enthusiastic, combative, agreeable, gentle, gentle person who loves writing and wants to share my knowledge and understanding with you.