Goldilocks and Seeds of Wisdom
“Al-Sudani directs government bank managers to submit a plan within one month to develop the banks’ work.”
Here we have a banking benchmark from Iraq. Bank managers from Iraq are being told to finish their banking reforms within a month of November 14th, 2023. At that time, their staff will need to go through logistics training on the new digital asset-based trading system.
We already know that Iraq on January 1st, 2024 will begin using their Iraqi dinar only in trades around the world. The use of the dollar in their International trades will no longer be allowed.
A meeting followed this meeting to go over electronic mechanisms and procedures that would be used to carry this out on an international level.
They are expecting to do a comprehensive economic reform. A comprehensive economic reform takes control away from the government’s power over an exchange rate and allows the market to determine it by demand.
In other words, this move will be a dropping of a programmed rate to a rate determined by market analysis and Market flow. It will be a move that reinstates the Iraqi dinar into a real value.
This will be a movement from paper recording to electronic recording of all aspects of their Banking system. Advanced electronic programs and modern technology will serve as their new way of service to the people of Iraq and abroad.
We have always said we would tell you the truth here and we continue to stick by that. So with all the hype around this weekend and the upgrades I wanted to reiterate that we are not to the “RV” yet.
We still have a ways to go, after all “gold has to be free” before we see the “RV”. So what is the hype this weekend – ISO20022 comes fully online for SWIFT and multiple other banks and financial institutions.
What this means – simply stated it brings all those finishing their upgrades under one standard used worldwide for financial messaging. The very fabric of the payment systems we have been learning so much about. Is this a big deal – absolutely.
However, this is part of the completion of the digital revaluation that we have been seeing over the last few months. What happens now – once the ISO standards are implemented they will work together with legacy messaging to fulfill payments to those institutions that have upgraded.
How does this change things – with all financial messaging coming under one standard it eliminates the cross-border inefficiencies. This is part of the regulations that is NEEDED in order for us to move forward with the blessing we have all been waiting on.
Please stay grounded, stay focused, and know that we are all in this together. We are here for you and will help answer any of those concerns you may have. Remember, we want the best for everyone, even those that don’t care for us because that is what HUMANITARIANS do, we support and love one another. Have a great night and an excellent weekend. See you all Monday morning. M
Goldilocks pointed to this.
I know it’s exciting to hear about the news coming out from Iraq, but we must remember that Protocol 20 is not finished until the end of January 2024.
At that time, we will have a month of circulating volumes that support a rate determined by the demand for Iraq that can be placed on the new digital asset-based trading system.
Protocol 20 connects Quantum Technologies from around the world.
Let’s see what happens.
Three things have to happen in order for the QFS to be fully activated:
* All Banking Protocols have to be finished leading up to Quantum Technologies being activated.
* All regulations to secure the new digital asset-based trading system have to be passed through legislation.
* And finally, we need to see gold move into a real value.
AI To Enhance Central Banks’ Supervision: Deutsche Bundesbank
By Jill Wong, Regulation Asia
Published on 16th November 2023
Joachim Wuermeling of the Deutsche Bundesbank says AI will help central banks do a better job in supervising banks.
Banking Announcement in the Philippines:
Philippines Set to Issue Maiden Tokenised Treasury Bonds
By Mark Johnston, Regulation Asia
Published on 17th November 2023
The Philippines will issue the country’s first tokenised treasury bonds next week, available in PHP 10 million denominations.
Source: Dinar Recaps
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