freebuddy Posted November 15, 2014 Share Posted November 15, 2014 Now ISIS wants to introduce its own currency: Plans to bring back solid gold and silver dinar coins announced in Iraqi mosques By Emma Glanfield for MailOnline 20:42 10 Nov 2014, updated 13:00 11 Nov 2014 ISIS said to be planning to introduce its own currency to areas it controls Militants allegedly want to bring back the dinar - an ancient Islamic currency The original dinar currency consisted of purely gold and silver round coins ISIS wants to introduce its own currency and plans to bring back solid gold and silver dinar coins, it has emerged. The Middle East terror group apparently wants to introduce its own Islamic currency as part of its attempts to solidify its makeshift caliphate. Militants are said to want to bring back the original dinar, which is an ancient currency from early Islam, and religious figures in Mosul and Iraqs Nineveh province have apparently announced its return in mosques. The currency known as the dinar, which once consisted purely of gold and silver coins, is today used by a variety of countries, but the coins are created from different materials to the originals. However, the jihadi group is understood to be planning to return to the original gold and silver coins, which were first introduced during the Caliphate of Uthman in 634 CE. The original Islamic dinar was a gold coin which was the weight of gold equivalent to 4.3 grams. Its silver counterpart, known as the Islamic dirham, was a silver coin equal in weight to 3 grams of silver. Both were round in shape and one side of the coin was typically stamped with an Islamic message, while the other side featured the date of minting and the countrys ruler. The terror group, led by Abu Bakr al-Baghdadi, is apparently keen to introduce its own currency to areas it controls The original dinar coins were first introduced during the Caliphate of Uthman in 634 CE. The coins were made purely from gold and silver and were round in shape. The gold coin was known as the Islamic dinar, while the silver was known as the Islamic dirham. Typically, one side of the coin was stamped with an Islamic message, while the other side featured the date of minting and the countrys ruler. While ISIS has yet to confirm the introduction of its currency, social media is awash with claims that leading religious figures announced the plans during recent prayers in Mosul and Nineveh province. It is believed the terror outfit wants to use the independent currency in areas it controls as part of its war on the West. The currency, which could be introduced within the next few weeks, will involve changing from regular dinars and Lira to golden dinars and silver dirhams. Last month, it emerged that ISIS, which also goes by the name Islamic State, is raking in money at a remarkable rate - earning about $1million a day from black market oil sales alone. The group extracts oil from territory captured across Syria and Iraq, and sells it to smugglers. David Cohen, who leads the Treasury Department's effort to undermine the Islamic State's finances, said the extremists also get several million dollars a month from wealthy donors, extortion rackets and other criminal activities, such as robbing banks. In addition, he said the group has taken in at least $20million in ransom payments this year from kidnappings. Mr Cohen said ISIS, which is led by Iraqi Abu Bakr al-Baghdadi,obtains the vast majority of its revenues through local criminal and terrorist activities. http://www.dailymail.co.uk/news/article-2829097/Now-ISIS-wants-introduce-currency-Plans-bring-solid-gold-silver-dinar-coins-announced-Iraqi-mosques.html Link to comment Share on other sites More sharing options...
Grapefruits Posted November 15, 2014 Share Posted November 15, 2014 Speaking of bitcoin, looks like Canada is thinking about issuing its own digital currency. Bank of Canada looking into issuing digital currency Bank keeping a 'close eye' on risks posed by digital currencies By Matthew Kang, CBC News Posted: Nov 14, 2014 7:47 AM ET Last Updated: Nov 14, 2014 12:26 PM ET Wilkins says the Bank of Canada and the federal government are both looking to modernize their oversight frameworks for payments to address the rise and popularity of digital currencies such as bitcoin. (Matthew Kang/CBC) Related Stories Why are Canadians buying Bitcoin? Salaries paid in bitcoin a growing trend in Canada Waterloo tech startup leader is paid in bitcoin The Bank of Canada is looking into possibly issuing its own digital currency like bitcoin, according to a senior official in the bank. Waterloo tech startup leader is paid in bitcoin Why are Canadians buying Bitcoin? Salaries paid in bitcoin a growing trend in Canada Carolyn Wilkins, the bank's senior deputy governor, made the revelation at Wilfrid Laurier University in Waterloo, Ont. on Thursday, though she cautioned the bank is keeping a close eye on the benefits and drawbacks of digital currency. Wilkins says bitcoin and other digital currencies have a long way to go before they can truly circumvent central banks, since the daily number of transactions is still relatively low compared to debit and credit cards. Although Wilkins didn't elaborate on how or when the Bank of Canada would ever issue its own digital currency, she didn't shy away from addressing a scenario where e-money could overtake conventional money. "In the very unlikely situation in which cryptocurrencies were used broadly, a significant proportion of economic transactions would not be denominated in Canadian dollars," said Wilkins in her speech. "This would reduce the bank's ability to influence macroeconomic activity through Canadian interest rates." "Let me be clear, we are nowhere near this point today," she added. Wilkins also reiterated the bank's view of digital currency as an investment product rather than money, and that capital gains made on the sale of digital currency should be reported to the Canada Revenue Agency. http://www.cbc.ca/news/canada/kitchener-waterloo/bank-of-canada-looking-into-issuing-digital-currency-1.2834759?cmp=fbtl&utm_content=buffer3c6b2&utm_medium=social&utm_source=facebook.com&utm_campaign=buffer Link to comment Share on other sites More sharing options...
D-Money Posted November 15, 2014 Share Posted November 15, 2014 What does this have to do with Bitcoin? Making money out of valuable materials is nothing new...in fact, that's going back in time. But it makes sense, as this will maintain its value, despite the vast majority of the world not wanting to trade in it. Link to comment Share on other sites More sharing options...
Cackerot Posted November 15, 2014 Share Posted November 15, 2014 Do these idiots not know that it was an Islamic empire that actually got rid of the gold/silver dinars and introduced government run currency that was cheerp to produce and set a price on it? Someone take these guys and put them in a history class Link to comment Share on other sites More sharing options...
drummer4now Posted November 15, 2014 Share Posted November 15, 2014 Now ISIS wants to introduce its own currency: Plans to bring back solid gold and silver dinar coins announced in Iraqi mosques By Emma Glanfield for MailOnline 20:42 10 Nov 2014, updated 13:00 11 Nov 2014 ISIS said to be planning to introduce its own currency to areas it controls Militants allegedly want to bring back the dinar - an ancient Islamic currency The original dinar currency consisted of purely gold and silver round coins ISIS wants to introduce its own currency and plans to bring back solid gold and silver dinar coins, it has emerged. The Middle East terror group apparently wants to introduce its own Islamic currency as part of its attempts to solidify its makeshift caliphate. Militants are said to want to bring back the original dinar, which is an ancient currency from early Islam, and religious figures in Mosul and Iraqs Nineveh province have apparently announced its return in mosques. The currency known as the dinar, which once consisted purely of gold and silver coins, is today used by a variety of countries, but the coins are created from different materials to the originals. However, the jihadi group is understood to be planning to return to the original gold and silver coins, which were first introduced during the Caliphate of Uthman in 634 CE. The original Islamic dinar was a gold coin which was the weight of gold equivalent to 4.3 grams. Its silver counterpart, known as the Islamic dirham, was a silver coin equal in weight to 3 grams of silver. Both were round in shape and one side of the coin was typically stamped with an Islamic message, while the other side featured the date of minting and the countrys ruler. The terror group, led by Abu Bakr al-Baghdadi, is apparently keen to introduce its own currency to areas it controls The original dinar coins were first introduced during the Caliphate of Uthman in 634 CE. The coins were made purely from gold and silver and were round in shape. The gold coin was known as the Islamic dinar, while the silver was known as the Islamic dirham. Typically, one side of the coin was stamped with an Islamic message, while the other side featured the date of minting and the countrys ruler. While ISIS has yet to confirm the introduction of its currency, social media is awash with claims that leading religious figures announced the plans during recent prayers in Mosul and Nineveh province. It is believed the terror outfit wants to use the independent currency in areas it controls as part of its war on the West. The currency, which could be introduced within the next few weeks, will involve changing from regular dinars and Lira to golden dinars and silver dirhams. Last month, it emerged that ISIS, which also goes by the name Islamic State, is raking in money at a remarkable rate - earning about $1million a day from black market oil sales alone. The group extracts oil from territory captured across Syria and Iraq, and sells it to smugglers. David Cohen, who leads the Treasury Department's effort to undermine the Islamic State's finances, said the extremists also get several million dollars a month from wealthy donors, extortion rackets and other criminal activities, such as robbing banks. In addition, he said the group has taken in at least $20million in ransom payments this year from kidnappings. Mr Cohen said ISIS, which is led by Iraqi Abu Bakr al-Baghdadi,obtains the vast majority of its revenues through local criminal and terrorist activities.http://www.dailymail.co.uk/news/article-2829097/Now-ISIS-wants-introduce-currency-Plans-bring-solid-gold-silver-dinar-coins-announced-Iraqi-mosques.html Most if not all Islamic dictators or empires have in the past expressed interest in bring in a gold or silver backed dinar currency. Gaddafi and Saddam were notorious for this, but in the end they obviously failed. I doubt this plan will come in effect and even if it did it wouldnt last long as the West is hell bent on keeping the petrodollar strong. What does this have to do with Bitcoin? Making money out of valuable materials is nothing new...in fact, that's going back in time. But it makes sense, as this will maintain its value, despite the vast majority of the world not wanting to trade in it. It would be loot for the coalition forces once they're done with ISIS. Link to comment Share on other sites More sharing options...
Grapefruits Posted November 15, 2014 Share Posted November 15, 2014 It would be loot for the coalition forces once they're done with ISIS. Yep, melt it down and make gold and silver bars out of it. Link to comment Share on other sites More sharing options...
CanadianLoonie Posted November 16, 2014 Share Posted November 16, 2014 I thought the OP was a fan of government-issued currency...? Link to comment Share on other sites More sharing options...
Armada Posted November 16, 2014 Share Posted November 16, 2014 Good luck making pure silver and gold currency. Its already difficult to find gold. Link to comment Share on other sites More sharing options...
drummer4now Posted November 16, 2014 Share Posted November 16, 2014 Good luck making pure silver and gold currency. Its already difficult to find gold. I am sure they could afford/purchase if the rumours of them making a 1 million a day from oil sales are true... I think they also robbed some bank reserves in various cities across Syria and Iraq. Link to comment Share on other sites More sharing options...
DefCon1 Posted November 16, 2014 Share Posted November 16, 2014 Good luck making pure silver and gold currency. Its already difficult to find gold. Its easy to for them to find gold in the middle east, not to mention the fact that they are making money out of oil. Link to comment Share on other sites More sharing options...
taxi Posted November 16, 2014 Share Posted November 16, 2014 I am sure they could afford/purchase if the rumours of them making a 1 million a day from oil sales are true... I think they also robbed some bank reserves in various cities across Syria and Iraq. ISIS will fizzle out pretty quickly here. They don't actually have that many fighters, and they received a large initial influx of foreign fighters which is not sustainable. The airstrikes are taking out their tanks/artillery and cutting off their communication and supply lines. It's only a matter of time until they lose control of all of their oilfields. ISIS can't control a large territory without any kind of air defence. The Western airstrikes aren't meant to demolish ISIS overnight, but instead what they're doing is turning ISIS's formerly united area into a bunch of isolated strongholds that can't reach each other. Link to comment Share on other sites More sharing options...
nucklehead Posted November 16, 2014 Share Posted November 16, 2014 Do these idiots not know that it was an Islamic empire that actually got rid of the gold/silver dinars and introduced government run currency that was cheerp to produce and set a price on it? Someone take these guys and put them in a history class um...why? Link to comment Share on other sites More sharing options...
Offensive Threat Posted November 17, 2014 Share Posted November 17, 2014 So they make a currency out of gold and silver. the currency will be worth whatever the going rate for its weight in Gold or silver is. Other countries and groups they trade with may not recognize their currency as valid but they sure do recognize the value of the gold and silver its made from.They have probably taken enough gold and silver out of bank vaults theyve robbed to start minting. A million dollars a day is not a lot of money to fund a large army. It sounds like a lot but $365 million a year is peanuts if you want sophisticated weapons systems. Tanks and missiles cost money, lots of it and aircraft and ships cost far more. All of these require extensive supply and repair systems. But if they are buying and possibly paying in gold or silver theres no shortage of sellers. Link to comment Share on other sites More sharing options...
butters Posted November 17, 2014 Share Posted November 17, 2014 looks like ISIS is going to learn how hard it is to fight things like coin shaving. And down the line a bit their subjects will learn a hard lesson about devalued currency when ISIS inevitably reduces the gold content in their coins. Link to comment Share on other sites More sharing options...
Aladeen Posted November 17, 2014 Share Posted November 17, 2014 Now ISIS wants to introduce its own currency ISIS said to be planning to introduce its own currency Militants allegedly want to bring back the dinar - an ancient Islamic currency ISIS wants to introduce its own currency The Middle East terror group apparently wants to introduce its own Islamic currency Militants are said to want to bring back the original dinar The terror group, led by Abu Bakr al-Baghdadi, is apparently keen to introduce its own currency Anyone else find this article oddly repetitive? Link to comment Share on other sites More sharing options...
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