Iraq ❤️ Dogecoin?! Sanctioned Nation Tops Google Searches!

Sanctioned Iraq flocks to Dogecoin as U.S. ETF debuts: ‘Tired of holding…'

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Unofficial crypto trading continues in Iraq despite restrictions.

The video for this My FX Buddies Blog is below here:

While there is a lot of excitement within the crypto community around the launch of the first Dogecoin exchange-traded fund (ETF) in the U.S., it seems even the global community is feeling the ripple effects of the hype.

The internet is constantly hunting for the latest details about the meme coin, with "Dogecoin" hitting 100 on Google Trends worldwide on Sep. 13.

 

The Netherlands, Germany, Austria, and Singapore ranked among the top regions by interest. This is understandable as crypto is pretty popular and allowed to trade in these countries.

However, what's surprising is that Iraq, the Middle Eastern country where crypto remains banned, topped the list of countries that are looking up the meme coin on Google.

Iraq and crypto

In 2017, Iraq's central bank banned crypto due to risks of money laundering. It also announced in December 2024 that it would not grant licenses to companies trading in cryptocurrencies, stocks, metals, etc., as per a local media report.

However, unofficial cryptocurrency trading continues in Iraq despite restrictions, the report added.

“Everyone here knows trading crypto is banned, but people still do it quietly. Dogecoin feels like the coin of the people, cheap, fun, and now with an ETF in America, the price will rally. I’m planning to buy some, even if it’s just a small amount.” — Ali H., Baghdad-based trader.

 

“I can’t use my real name because of the restrictions, but the truth is, people in Iraq are tired of holding just dinars. Inflation hurts. Dogecoin may be a meme, but with this ETF, it shows the world will take it seriously. That’s why I want to buy.” — an Iraqi crypto trader who asked not to be named.

 

Now, Iraq's central bank is also preparing to introduce a digital currency to address the country’s ongoing liquidity crisis.

No wonder traders in Iraq are searching for crypto on the internet. And given the popular meme culture in the country, it's no surprise that Dogecoin has caught their attention.

Iraq remains under OFAC’s sanctions list, with restrictions mainly targeting banks, individuals, and companies accused of laundering money or funding Iran-backed militias. Several Iraqi banks were barred from U.S. dollar transactions due to alleged ties to illicit finance. These sanctions aim to cut off revenue streams supporting terrorism and destabilizing activities in the region.

First Dogecoin ETF

The Rex Shares-Osprey Dogecoin ETF (DOJE) is the first approved U.S. ETF linked to a meme coin.

Analysts believe that it would be the first U.S. ETF to hold something that has no utility. However, crypto P2P platform NoOnes' CEO Ray Youssef argued it's investor demand, not the question of “utility,” that is driving the fund's launch.

Meanwhile, Bloomberg ETF analyst predicted that trading in the upcoming Dogecoin fund may be muted compared to other crypto debuts. He said he’s “setting the over/under on DOJE volume on Day One at $2.5 million (which is respectable table but nothing too special).” 

The analyst added that the fund’s structure as a 40 Act rather than a 33 Act product — and the fact that it isn’t backed by a “big boy issuer” — could limit investor interest, though, as he noted, “we’ll soon find out.”

Dogecoin was trading at $0.28 at the time of writing, up 6% in a day.

 

 

Government advisor: Economic reforms have put Iraq on a new path to growth and stability.

link   Written by Dr. Saleh Mahoud Salman / Advisor to the Prime Minister 

 

Prime Minister Salih Mahoud Salman, advisor to the prime minister, affirmed on Friday that the economic reforms adopted by the government have placed Iraq on a new path of growth and stability. While explaining that the country is steadily moving toward a more diversified and resilient economy that places people at the heart of development, he noted that the Development Road Project and the Faw Port are symbols of an economic future that connects Iraq to the world.

Speaking to the Iraqi News Agency (INA), Salman said, "Iraq stands today at a historic crossroads, after its foreign and gold reserves increased, and its investment and infrastructure projects expanded, on a path that establishes a more diversified and resilient economy that places people at the heart of development."

He explained, "The Iraqi economy is not just numbers in the budget or data issued by financial institutions. Rather, it is the story of a country that has suffered for decades from successive crises that have left their mark on people's lives and daily livelihoods."

He added, "Since the 1980s, Iraq has been mired in a cycle of wars and sanctions, which have excluded its banks from the global financial system, weakened its ability to attract investment, and led to an almost total dependence on oil revenues. After 2003, despite the significant opening to international markets, a significant portion of the banks remained little more than 'fronts' for selling currency through the central bank window, unable to practice modern banking. Meanwhile, public companies remained a heavy burden on the budget, without a productive return commensurate with the resources they consumed."

He continued, "This bleak picture is accompanied by other problems, most notably high unemployment and poverty rates, weak productive sectors, heavy bureaucracy, and corruption that has drained the state's resources."

Salman pointed out that, "In the face of these complex challenges, Prime Minister Mohammed Shia al-Sudani's government program came with a set of central priorities, with economic reform at the forefront, along with reforming the banking system, activating electronic payments, completing the unified treasury, improving the business environment, and reforming the tax and customs systems. Thus, Iraq began to prepare for a new phase, after the government realized that continuing with the old approach was no longer a viable option."

He added, "Hence, the need to confront the heavy economic legacy that has shackled the country for decades emerged. The economy remained captive to oil rents, while the agricultural and industrial production sectors declined, and unemployment and poverty rates rose. Perhaps the first step was to reconsider the role of public companies and the government apparatus. Supreme committees were formed to restructure them according to a new philosophy that makes the state a 'manager, not an owner.' This represented the beginning of a comprehensive reform process that paves the way for a more resilient economy."

 

Salman pointed out, "While these efforts were related to the institutional structure, financial reform represented the other side of the process. The adoption of a three-year budget (2023-2025) was not merely an accounting measure, but rather an unprecedented step that focused on investment spending rather than operational spending. It also launched tax reform packages aimed at raising collection by 30 percent by 2025. With the adoption of a unified treasury and the shift to automation and electronic payment, these decisions quickly reflected in revenues, which recorded a significant jump of more than 100 percent compared to previous years."

Ali emphasized that "although budget control was necessary, financial sector reform alone is not sufficient without addressing the core of the economy, represented by the banking system. This is where the launch of the new trade finance platform in November 2022 changed the nature of banking in Iraq."

 

He continued, "By linking foreign transfers to private banks under the supervision of the Central Bank, the parallel market was brought under control, and the difference between the official and parallel rates was reduced by more than 60 percent. In parallel, the restructuring of Rafidain and Rashid Banks began with international support, transforming the banks from mere currency brokers into modern financial institutions. The US Treasury even described this step as a 'historic achievement.'"

 

He pointed out that "from the womb of these banking transformations emerged the electronic payment experiment, which quickly became the most prominent title of reform. As soon as government departments were obligated to use it, the experiment expanded to include the private sector, with points of sale increasing from 10,000 in 2022 to 50,000 in 2025, and the volume of monthly payments jumping from 90 billion dinars to more than 500 billion. The number of bank cards also increased to 22 million, and the financial inclusion rate jumped from less than 10 percent to 40 percent in just three years, an achievement the World Bank considered unique compared to stable countries that took a full decade to achieve what Iraq accomplished in two years."

 

“Because money needs an environment that can absorb it, it was only natural for reforms to extend to the field of investment and infrastructure,” Salman said. “Thus, the ‘Development Road’ project and the Grand Faw Port were born as symbols of an economic future linking the Gulf to Europe. Agreements were signed with the World Bank to finance projects in railways, energy, and water. Internally, Iraq has begun to localize pharmaceutical and construction industries and open industrial projects of various sizes, in addition to launching solar energy initiatives in factories to relieve pressure on the national grid. Thus, reforms have become more comprehensive, not limited to money and banks, but extending to the productive and developmental infrastructure.”

 

He continued, "While plans and policies are important, numbers remain the truest witness to the magnitude of the transformation. Foreign reserves rose to $106 billion in March 2025, up from $86 billion at the end of 2022, a growth rate of more than 12 percent. Gold reserves rose from 130 tons to 163 tons during the same period, an increase of 25 percent. Inflation declined from 7.5 percent to 2.7 percent, reflecting tangible monetary stability."

 

He added, "In the banking sector, the number of accounts doubled from eight million to twenty million, and the number of bank cards increased from sixteen to twenty-two million. The electronic payment infrastructure also made a significant leap, with points of sale increasing from ten thousand to fifty thousand, and monthly payments increasing by 460%."

 

He pointed out that "these indicators did not stop there, as the gap between the official and parallel rates decreased by more than sixty percent, and the financial inclusion rate rose to forty percent after being less than ten percent just two years ago. International financing agreements worth $1.2 billion were signed, and tax revenues increased in 2024 by about thirty percent compared to the previous year. In the field of digital transformation, the "OR" electronic portal and the electronic passport were launched, and authentication of issuance transactions were canceled through the secure documents system, which processed more than fifteen million transactions. As for customs, revenues rose to 2.131 trillion dinars in 2024 compared to 1.03 trillion in 2023, an increase of 106%, and a growth rate of 128% compared to before 2022."

Salman emphasized that "the transformations were not limited to finance and revenues, but also included development initiatives. The Central Bank and government banks launched programs to support housing, renewable energy, youth entrepreneurship, and industrial cities. The Iraq Development Fund was also established as a new financing arm. In the industrial sector, practical steps were taken to localize the pharmaceutical and construction industries, various production projects were opened, and initiatives were launched to equip factories with solar energy, in addition to signing agreements with global industrial unions."

He pointed out that, "Despite all these results, it is undeniable that the road ahead is still full of challenges. Oil remains the backbone of the budget, and bureaucracy and corruption remain major obstacles to consolidating reform. Nevertheless, the government's goals through 2026 appear both ambitious and realistic: reducing dependence on oil to less than 85% of revenues, reducing the fiscal deficit to less than 3% of GDP, improving Iraq's credit rating, and completing the digital transformation of public finances."

He continued, "Thus, Iraq today stands at a historic crossroads. After decades of crises and turmoil, reforms have begun to become tangible facts, demonstrated by numbers and indicators. While the road is still long, what has been achieved in such a short period proves that change is possible when there is political will and a clear vision."

He pointed out that "Iraq has begun to take steady steps toward a more diversified and resilient economy, one that places people at the heart of development and gives future generations hope for a nation capable of rising again."

 

so maybe sudani will get to come to these meetings...

Trump announces he will host the Turkish president at the White House next week.

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US President Donald Trump announced on Friday that he will host his Turkish counterpart, Recep Tayyip Erdoğan, at the White House on September 25, suggesting that the two countries will likely reach an agreement on a fighter jet deal after a long-standing disagreement.

This will be Erdogan's first visit to the White House since 2019, during Trump's first presidential term, noting that tensions had prevailed between former President Joe Biden and Erdogan.

Trump explained that Erdogan will visit the White House on Thursday after the two presidents participate in the UN General Assembly meetings in New York.

During Trump's first term, the United States excluded Ankara from its F-35 fighter jet development program, citing Türkiye's purchase of the Russian S-400 air defense system.

"We are working with the President on numerous commercial and military deals, including a major purchase of Boeing aircraft, a major purchase of F-16s, and continued discussions on the F-35, which we expect to conclude favorably," Trump wrote on Truth Social.

"I look forward to meeting him on September 25," he added.

Al-Sudani conducts the first official electronic signature in Iraq.

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Prime Minister Mohammed Shia al-Sudani announced on Thursday the implementation of electronic signatures for state and private sector institutions, in implementation of the Electronic Signature and Electronic Transactions Law. Al-Sudani and Minister of Communications Hiyam al-Yasiri conducted the first two official electronic signatures. He emphasized that the move enhances digital transformation, simplifies procedures, and reduces corruption and red tape.

Prime Minister Mohammed Shia Al-Sudani approved the launch of electronic signatures for state institutions, the private sector, and citizens, in implementation of the Electronic Signature and Electronic Transactions Law No. (78) of 2012 and its instructions issued in 2025, as His Excellency and the Minister of Communications conducted the first two official electronic signature operations.

Mr. Al-Sudani emphasized that this measure represents an important step in fulfilling one of the government's most important commitments, as outlined in its government program, to digital transformation, automation, and simplification of procedures. This has a significant impact on service delivery to citizens, reducing administrative and financial corruption, and the bureaucracy that accompanies paper transactions.

The Prime Minister explained that this measure, officially recognized globally, enhances citizens' confidence in the state's procedures and institutions in adopting this type of digital and governmental transactions, which will include all government and private sector transactions. He commended the efforts of the Ministry of Communications, which prepared the requirements for this step, by establishing data centers and training specialized personnel to facilitate implementation.

Mr. Al-Sudani pointed out that the government is pursuing several digital transformation initiatives, including establishing administrative structures and specialized centers, attracting qualified personnel, and adopting electronic means to process citizen transactions with various ministries. This is aimed at ensuring that citizen transactions are conducted in accordance with the latest methods, thus achieving the government's goals for administrative reform.

Reuters: Erbil and Baghdad on the verge of an agreement to resume Kurdistan oil exports.

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Reuters reported, citing several official Iraqi sources, that the Kurdistan Regional Government and the federal government are close to reaching a comprehensive agreement that would allow the resumption of Kurdistan’s oil exports. The planned export of 230,000 barrels per day to global markets is scheduled to begin.

Reuters reported on Friday, September 19, 2025, citing two sources, that the federal cabinet has granted preliminary approval to the plan to resume oil exports from the Kurdistan Region, and international oil companies operating in the region have also given provisional approval to the plan.

An official from one of these companies told the agency, "The talks have become intense, and we are closer than ever to concluding a tripartite agreement because all parties are showing the necessary flexibility."

The agency added: "According to the initial plan, the Kurdistan Regional Government will commit to delivering no less than 230,000 barrels of oil per day to SOMO, while 50,000 barrels will be allocated for domestic consumption."

She continued: "An amount of $16 for each barrel sold will be deposited into a credit account and distributed proportionately to producers, with the remaining proceeds returned to SOMO."

Over the past two months, the Kurdistan Regional Government delegation has held intensive talks with the federal government regarding the resumption of oil exports, and both parties confirmed that they are close to reaching a comprehensive agreement.

It is noteworthy that Iraq currently exports approximately 3.4 million barrels of oil per day from the country's southern ports.

 

 

Kurdistan oil export agreement will be signed in the next 48 hours  

link  from kurdish news 5 hours ago as time of  posting  10:12 pm cali time

The Iraqi Oil Ministry is scheduled to hold a meeting on Sunday to sign the latest proposal between the Kurdistan Regional Government (KRG) and the Iraqi government and companies to export Kurdistan oil.

Big picture: Kurdistan's oil exports and domestic revenues are the two main obstacles to an agreement between Erbil and Baghdad.

Official Statement: د. Sabah Subhi, a member of the Oil and Gas Committee in the Iraqi Parliament told Ava Media. All talks on Kurdistan oil will end on Sunday. Both the Kurdistan Regional Government (KRG) and the Iraqi government have agreed on a proposal to pay companies oil instead of $16 in production royalties. The tripartite agreement will be signed on Sunday between the production companies, the Ministry of Natural Resources and the Iraqi Ministry of Oil.

Meanwhile: With Sunday's meeting of the Ministry of Oil. The letter is expected to be sent back to the Iraqi Council of Ministers on the same day.

What's happening: Last weekend, the State Council held its last meeting on the different interpretations of the Kurdistan Region and Baghdad for non-oil revenues. AVA learned that 15 out of 23 judges were present at the meeting. Six of the council members were absent. Two of them have been officially licensed.

Two sources in the state council meeting told Ava Media that 13 judges agreed with the Kurdistan Region's views on non-oil revenues. Only two of them disagreed, so all predictions are that the council will make a final decision in the interest of the Kurdistan Region within the next 48 hours.

The Iraqi Ministry of Finance on Thursday approved the salary list for the seventh and eighth months, and the Kurdistan Regional Government (KRG) will prepare the salary list for the ninth month.

What is expected: This week will be decisive for the issue of salaries and the Iraqi Council of Ministers is expected to decide on Tuesday to send the salaries of the seventh and eighth months and for the coming months without problems.

A tripartite agreement to re-export Kurdistan's oil between the region, the federal government, and oil companies.

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An informed source reported on Friday that the three parties—the Kurdistan Region, the federal government, and oil companies operating in the region—had reached an agreement paving the way for the resumption of the region's oil exports.

The source told Kurdish media, followed by Iraq Observer, that "a tripartite agreement was reached between the regional government, the central government, and the oil companies," indicating that "the agreement is scheduled to be signed next week and enter into force in the coming days."

He added, "The region's Ministry of Natural Resources expressed its approval last night of the federal Ministry of Oil's observations, and the two parties signed a joint memorandum of understanding."

The source pointed out that "the agreement stipulates that the region will retain 50% of the oil it produces for domestic use, while the remainder will be exported through the State Oil Marketing Organization (SOMO). He noted that the federal government will pay the oil companies' dues, and the price of the produced barrel was estimated at $16."

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Al-Marsoumi: Washington refuses to allow Turkmen gas to reach Iraq because it is indirect support for Iran.

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Economic expert Nabil Al-Marsoumi questioned the reasons behind the United States' refusal to supply Turkmen gas to Iraq on Friday (September 19, 2025), explaining that the US position is linked to the sanctions imposed on Iran.

Al-Marsoumi said in a clarification monitored by Baghdad Today that "Washington refused to allow Iraq to import gas from Turkmenistan because it would be a violation of US sanctions on Iran. This means that moving forward with the agreement without US approval would result in sanctions being imposed on Iraqi banks and financial institutions."

Al-Marsoumi explained that the agreement between Iraq and Turkmenistan included several provisions, most notably:

The contract has not yet entered into force, while negotiations continue regarding the intermediary company that will ensure uninterrupted gas flow to Iraq, in addition to financial arrangements through the Trade Bank of Iraq to ensure financing.

Supplying 10 million cubic meters in the winter and 20 million in the summer, with quantities expected to increase later to cover about half of Iran's gas imports.

Barter mechanism: Iraq will pay Turkmenistan for the gas, but will not receive it directly. It will be pumped to northern Iran in exchange for Iran supplying Iraq with similar quantities of its own domestic gas.

Intermediary company: This company will be designated later to be responsible for transportation operations and compensation in the event of a supply interruption, whether financially or with fuel from another source.

The agreement with Iran stipulates that Tehran will supply approximately 23% of Turkmen gas passing through its territory, with Iraq bearing the costs. Baghdad also offered to allow an international third party to oversee the deal's compliance with US sanctions and anti-money laundering regulations.

Al-Marsoumi explained that "the agreement, in the view of the United States, represents a new entry point for providing financial support to Iran, thereby strengthening its economic and financial capabilities. This contradicts the US strategic vision for the maximum pressure campaign against Tehran."

 

Why we Bitcoin — Vietnam closes 86M bank accounts that fail biometrics

Vietnam is reportedly closing 86 million bank accounts. Crypto advocates see it as the latest reason everyone should hold Bitcoin.

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Bitcoin advocates are jumping up and down again after reports that Vietnam has closed 86 million bank accounts that failed to comply with a facial biometric authentication mandate.

Several Vietnamese media outlets — including Vietnam+ — reported in July that over 86 million bank accounts started being closed on Sept. 1, while the remaining 113 million bank accounts were verified under new biometric laws that aim to prevent fraud and money laundering. 

A Reddit user known as “Yukzor,” a former foreign contractor in Vietnam, said the new law’s implementation has required him to fly back into the country to prevent his HSBC bank account from closing, with no remote solution. 

“Does that sound crazy to anyone else in 2025, you cannot transfer your money and have to fly into a country in person to resolve an issue? On top of it all, they said they will close my account this month if i don’t fly in and update the biometrics,” he wrote eariler this month.

“This is why we Bitcoin”

Bitcoin advocates have long supported the idea that people should have access to their own funds, free of government or external interference.

“If users don’t comply by the 30th [of September] they’ll lose their money. This is why we Bitcoin,” Bitcoin industry commentator Marty Bent said on Thursday. Cointelegraph couldn’t verify whether customer funds would be unrecoverable after Sept. 30.

Response from Reddit user “stnlywlkr” Source: Reddit

However, punitive capital controls of this nature have taken place in Lebanon, Turkey, Venezuela, Cyprus, Nigeria, India and many other countries since Bitcoin launched, and it would be “naive to think that Vietnam will be the last,” Bent said in a separate article for the TFTC on Thursday.

The strict measure — which Bitcoin environmentalist Daniel Batten said would give Vietnam’s central bank “next-gen financial surveillance ability” — shows why permissionless monetary protocols like Bitcoin are necessary to safeguard against state overreach.

Source: Daniel Batten

“Once you use Bitcoin as your bank, and do it correctly, there is no need to worry about your country’s government or central bank deciding on a whim to thrust biometric verification requirements on you,” Bent said. 

“That’s a powerful ability that most of the world hasn’t awoken to yet.”

Banking biometrics said to fight fraud

Vietnam introduced the measures after seeing a rise in generative AI and sophisticated spoofing techniques to bypass security measures like liveness detection in recent years. 

In May, local police busted an AI-powered money laundering ring that used fake facial scans and laundered an estimated 1 trillion Vietnamese dong ($39 million).

To comply, bank customers need to complete a first-time facial biometric authentication, and again for online transfers over 10 million Vietnamese dong ($379), the State Bank of Vietnam said in late June.

Related: Blockchain security must localize to stop Asia’s crypto crime wave

Combined transactions that surpass 20 million Vietnamese dong ($758) would also need biometric authentication.

However, a crypto executive based in Vietnam told Cointelegraph the news may be overblown and that most locals haven’t been affected, stating that the changes have mainly impacted foreign residents with inactive accounts.

“It doesn’t seem to be a local outcry by any means,” they said.

AICEAN chief marketing officer Herbert Sim, who is currently in Vietnam, told Cointelegraph that the problem especially affects foreigners who have left the country or for casual or inactive accounts, or accounts people have forgotten about.

“The [One-Time Password] and phone‐bindings, needing in-person biometric verification, are big hurdles,” said Si 

POST PRODUCTION EDITS BELOW:

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ROX Motor's Silk Road Tour Reaches Iraq

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BAGHDAD, IRAQ, Sep 4, 2025 - ROX Motor, an international luxury new energy vehicle brand committed to becoming the leading new energy vehicle brand for outdoor lifestyle enthusiasts worldwide by 2030, has completed the Iraq leg of its 25,000 km Silk Road Tour, following a 9,500-kilometre journey across China, Central Asia, and the Caucasus.

As a pivotal stage in its global journey, the convoy traced Iraq's historic routes through Mosul, Erbil, and Baghdad, combining extensive test drives with cultural exchanges that underscore ROX Motor's mission to connect history with modern innovation and foster cross-regional dialogue.

During the journey, the ROX 01 luxury all-terrain SUV demonstrated exceptional performance across plains, mountain passes, and urban roads. Powered by REEV dual-energy technology, the model integrates fuel and electricity with an intelligent AWD system and five driving modes, delivering versatile, efficient, and reliable mobility tailored to the needs of Iraqi users.

To support this chapter, ROX Motor's partner Laith Al Obaidi Group provided technical expertise through three showrooms and two service centres in Baghdad, Mosul, and Erbil. These facilities form strategic anchors in ROX Motor's expanding global service network and strengthen the bridge between Chinese innovation and the Iraqi market.

Aligned with Iraq's "Vision 2030," a national strategy centred on sustainability and environmental stewardship, ROX Motor is deepening cooperation with local partners to advance green mobility and sustainable growth. With its all-terrain innovation, strategic partnerships, and deep commitment to users, the brand continues to accelerate its global journey, empowering outdoor lifestyles and redefining mobility across continents.

About ROX Motor

ROX Motor is an international new-energy vehicle company, focused on Smart, All-terrain, REEV innovation. We are dedicated to empowering those who yearn to explore faraway places through advanced technologies. Our vision is to become the world's leading outdoor lifestyle brand.

For more information, please visit: https://www.roxmotor.com/en