The “Anbar Electronic Currency” trap..political fingerprints and “hysteria” after huge losses
[ltr]12.12.2021 - 14:57[/ltr]
[ltr]12.12.2021 - 14:57[/ltr]
[You must be registered and logged in to see this image.]
[size=16]like [size=16]0 [/size][/size]
[size=16]like [size=16]0 [/size][/size]
Baghdad - people
Months ago, a digital currency was launched in Anbar Governorate, western Iraq, under the name "Hazm", and when it was announced, it was described as the first digital currency in the Arab world, and it was also announced that investing in it would generate great profits. But the value of "packages" quickly fell to one cent after it was estimated at 60 cents, which caused huge losses within a short period.
[You must be registered and logged in to see this link.]
And Muhammad Al-Arab, the founder of the “Hazm” coin, is of Iraqi origins, and was born in the city of Fallujah, Anbar Governorate.
Sheikh Abd al-Malik al-Saadi, one of the most prominent scholars of the Sunnis and the group from Iraq, and one of its senior jurists, had issued a fatwa last September prohibiting dealing in the “hazm” currency unless the Central Bank recognizes it as a guaranteed official currency that fulfills the legal conditions that guarantee people’s money and rights.
warning
After great losses suffered by the buyers of "Hazm" last month, the Central Bank issued a warning against dealing with digital currencies, indicating that it does not guarantee such currencies and does not provide legal protection for those who deal in them.
The Central Bank said in a press statement that it is closely following the transactions in the digital, encrypted and virtual currency market, pointing to the great risks associated with these currencies and that they are not subject to any legal, regulatory or technical controls or legislation in Iraq.
fragile
Cryptocurrency specialist Ivan Doberdani talks about the “package” currency as a digital currency like the rest of the tokens that depend on marketing, pumping and unloading strategy and any kind of tricks that many cryptocurrency founders follow, specifically from token makers, noting that The Arabs were not qualified and did not succeed in marketing "Hazm".
Al-Doberdani describes to Al-Jazeera Net "Hazm" as fragile, and that talking about comparing it with Bitcoin is naive, like comparing the strength of the US dollar and the collapsed Venezuelan bolivar currency.
He pointed out that the cost of extracting the cryptocurrency differs from one country to another, as it amounts to more than 3,000 dollars in China, nearly 5,000 dollars in the United States, and 26,000 in South Korea, and the extraction process requires large electrical power and computers with the highest specifications.
There are two types of cryptocurrencies, Coin and Token, the first is a main currency that has its own blockchain (electronic ledger system) such as Bitcoin, Ethereum, Solana and Cardano, and the second is a sub-currency that is built on Coin and does not have its own blockchain, and is often built on another Blockchain.
victims
Among the victims of "Hazm" is the trader Zine El Abidine (a pseudonym), who told Al Jazeera Net that his dealings with this currency exposed him to a great loss.
Zain al-Abidin says that the period of his circulation in the currency of "packets" was 30 days "when the price of one currency was 56 cents", as he bought a number of them for 800,000 dinars (551 dollars).
He added that on the first day of trading, he made a profit of about 100,000 dinars ($68), then he lost 700,000 dinars ($482) after the value of "Hazm" dropped from 56 to one cent.
The trader considered that “Hazm” is a fraud because it is a token, not a coin, and it does not have any project. It is considered a scam (a digital currency by illegal means), as its Arab owner transferred currencies from his wallet to another wallet, amounting to 600 million dollars, according to Zain. Abedin.
blackmail
Many Anbar citizens considered that "packages" came to lure traders, and thus exploit people, especially young people, in light of the widespread unemployment and financial crises.
A resident of the province (who refused to give his name) accused political figures from the province, without specifying them, of being behind "packages" with the aim of achieving gains on the residents' shoulders "by providing a cover for illegitimate gain."
He pointed out that many of Hazm's victims were exposed to health crises and hysteria due to the loss of their money, after selling their cars or their wives' gold holdings.
As for the promotion of this currency - according to one of the Anbaris - it was initially via communication sites to encourage its purchase, in addition to the fact that the Arabs published the names of people in Anbar with the names of civil society organizations under the pretext of helping the poor with food aid during the period before the last parliamentary elections to win their favor.
trap
The specialist in financial management, Dr. Ali Al-Nusaifi, says that "packets" are unofficial and are not legally subject to the Central Bank, and will be effective for cash fraud.
He stressed to Al Jazeera Net the need for Iraqis to stop trading in digital currencies until a legislative and legal environment is available, where digital operations in cash are subject to the jurisdiction of the Central Bank and the Iraqi judiciary until they are protected.
Al-Nusaifi warned against falling into the trap of cash fraud, as happened in Turkey, which has strict laws in electronic trading, but could not prevent businessmen who took advantage of legal loopholes and were able to carry out fraud, and fled after collecting more than two billion dollars.
"The island"
[You must be registered and logged in to see this link.]
Yesterday at 5:10 pm by Rocky
» utube MM&C 5/7/24 Iraq Dinar- IQD Update - Regional Trade - A Progession of Reforms - A Global Bac
Yesterday at 5:09 pm by Rocky
» After a break of more than 9 years.. the resumption of a government trade meeting between Iraq and A
Yesterday at 8:06 am by Rocky
» A deputy in finance expects the Council of Ministers to approve the budget schedules in today’s sess
Yesterday at 8:02 am by Rocky
» A deputy resolves the controversy over the “transfer supplement” in two ministries
Yesterday at 8:01 am by Rocky
» Al-Halbousi’s “vacant” seat.. Will the coordination framework end the “Taqaddum” dream of an allianc
Yesterday at 7:59 am by Rocky
» The Federal Government issues a state order to stop the Commission’s work procedures regarding the K
Yesterday at 7:57 am by Rocky
» Including the freedom to choose the bank and withdraw the salary for “free”... “My Account” features
Yesterday at 7:55 am by Rocky
» The Central Bank sells more than $250 million during its daily auction
Yesterday at 7:51 am by Rocky
» Al-Sudani receives a delegation from the Union of Arab Banks
Yesterday at 7:44 am by Rocky
» Iraq and the United States of America hold trade meetings in Washington
Yesterday at 7:43 am by Rocky
» In pictures... The activities of the Union of Arab Banks conference in Baghdad, “Day Two”
Yesterday at 7:42 am by Rocky
» The Director General of Ports announces the completion of berths (3) and (4) in Al-Faw Grand Port
Yesterday at 7:40 am by Rocky
» The Council of Ministers holds its regular session headed by Al-Sudani
Yesterday at 7:38 am by Rocky
» Parliament publishes the agenda of its session for next Thursday
Yesterday at 7:37 am by Rocky
» A government measure to reduce "money laundering" using the buying and selling of real estate in Ira
Yesterday at 7:35 am by Rocky
» Iraq proposes establishing a specialized council to combat corruption in Arab countries
Yesterday at 7:32 am by Rocky
» Al-Mawarid intends to establish infrastructure and investment projects for the water sector in Iraq
Yesterday at 7:30 am by Rocky
» The Federal Court issues a decision regarding postponing the election of the Speaker of the House of
Yesterday at 7:28 am by Rocky
» A government meeting to discuss financing and implementation mechanisms for the Development Road Pro
Yesterday at 5:12 am by Rocky
» Al-Sudani: Iraqi banks are on the right track with financial transfers
Yesterday at 5:11 am by Rocky
» Al-Khazali: The Turkish side is still imposing its conditions on Iraq
Yesterday at 5:08 am by Rocky
» Rights: We refuse to amend the bylaws of Parliament under political influence and desires
Yesterday at 5:07 am by Rocky
» Nechirvan Barzani: We want to address all problems with Iran and begin a new phase of relations
Yesterday at 5:05 am by Rocky
» Today, Iraq and Iran signed the minutes of a joint meeting related to trade
Yesterday at 5:03 am by Rocky
» KPMG International begins auditing the revenues of telephone companies operating in Iraq
Yesterday at 5:02 am by Rocky
» Oil: The seventh batch of equipment for the gas manufacturing project in the Nasiriyah and Gharraf f
Yesterday at 5:01 am by Rocky
» Al-Sudani assures the French ambassador of Iraq’s openness to “fruitful” partnerships
Yesterday at 5:00 am by Rocky
» Government move to install gold screening devices at 4 airports
Yesterday at 4:59 am by Rocky
» Sudanese Advisor: The oil sector is witnessing a rapid renaissance
Yesterday at 4:58 am by Rocky
» Opening offices specialized in employing people with disabilities
Yesterday at 4:57 am by Rocky
» Infrastructure and investment projects for the water sector in Iraq
Yesterday at 4:56 am by Rocky
» Adopting the electronic system in the next census
Yesterday at 4:55 am by Rocky
» Al-Sudani chairs the first meeting to restructure the government apparatus
Yesterday at 4:54 am by Rocky
» Business Council: Efforts to open a branch of the Chinese Bank in Iraq
Yesterday at 4:53 am by Rocky
» Iraqi diplomacy is balanced openness
Yesterday at 4:52 am by Rocky
» The head of the Integrity Commission told Al-Sabah: We are the people’s eyes on the government and s
Yesterday at 4:51 am by Rocky
» Baghdad Provincial Council: The capital is facing a new urban and service phase
Yesterday at 4:49 am by Rocky
» Customs, security and economic aspects
Yesterday at 4:48 am by Rocky
» Central Governor: We face “increasing challenges” in complying with international laws
Yesterday at 4:48 am by Rocky
» Payment of end-of-service benefits to employees referred to retirement for the month of May
Yesterday at 4:46 am by Rocky
» Billions “evaporated”.. What is the truth about closing the “theft of the century” file in Diyala?
Yesterday at 4:45 am by Rocky
» The Minister of Labor approves the extinguishment of debts owed by transgressors from the families o
Yesterday at 4:43 am by Rocky
» How did Washington comment on Nechirvan Barzani's visit to Tehran?
Yesterday at 4:42 am by Rocky
» The honeymoon is over and the salary crisis continues. Baghdad and Erbil exchange accusations, but s
Yesterday at 4:41 am by Rocky
» Why has Iraq not submitted a file to stop burning gas over the past years?
Yesterday at 4:39 am by Rocky
» A slight increase in the exchange rate...more than 146 thousand per 100 dollars
Yesterday at 4:38 am by Rocky
» Do Iraq's debts pose a threat to the economy? Parliament answers
Yesterday at 4:37 am by Rocky
» Agriculture explains the mechanism of implementing the calendar program and its economic gains
Yesterday at 4:36 am by Rocky
» President Masoud Barzani meets an Iraqi parliamentary delegation
Yesterday at 4:34 am by Rocky
» Parliamentary criticism of the government’s delay in sending the budget schedules despite the approa
Yesterday at 4:33 am by Rocky
» A report reveals the existence of an undeclared “Iraqi-British” agreement regarding asylum seekers
Yesterday at 4:32 am by Rocky
» Alternative energy... advanced stages of the largest solar energy station in Iraq
Yesterday at 4:31 am by Rocky
» Its delay raised concerns... it is likely that the 2024 budget schedules will be approved today
Yesterday at 4:30 am by Rocky
» The industry reveals the reasons why Russian companies stopped reconstructing 7 factories in Anbar
Yesterday at 4:29 am by Rocky
» Billions evaporated.. What is the truth about closing the theft of the century file in Diyala?
Yesterday at 4:28 am by Rocky
» Nouri Al-Maliki to the Saudi Ambassador: Iraq is open to all countries of the world
Yesterday at 4:26 am by Rocky
» An Iraqi generation that “does not fear” America and Iran.. Nadim Al-Jabri explains his expectations
Yesterday at 4:25 am by Rocky
» After 9 years.. the third session of the Trade and Investment Framework Agreement between Iraq and A
Yesterday at 4:22 am by Rocky
» “These are our goals.” The Turkish President talks about his visit to Iraq last month
Yesterday at 4:21 am by Rocky
» Romanowski: The Iraqi judiciary is independent and the Federal Court seeks to consolidate democracy
Yesterday at 4:19 am by Rocky
» Deputy: The presidency of Parliament will remain vacant until the end of the current session
Yesterday at 4:17 am by Rocky
» Political: The Iraqi economy is threatened by American hegemony because of the coordination administ
Yesterday at 4:16 am by Rocky
» Politician: Salem Al-Issawi will not become Speaker of Parliament
Yesterday at 4:15 am by Rocky
» Planning reveals the mechanism for examining gold in local markets
Yesterday at 4:14 am by Rocky
» Including railway connectivity and water shares... Iraq and Iran are discussing a number of common i
Yesterday at 4:12 am by Rocky
» Oil is preparing to export gas oil after achieving self-sufficiency
Yesterday at 4:11 am by Rocky
» Trade is preparing to hold a number of specialized exhibitions in Baghdad and the provinces
Yesterday at 4:09 am by Rocky
» Erdogan: Our goal is to raise the volume of trade with Iraq to more than 20 billion dollars
Yesterday at 4:08 am by Rocky
» Al-Sudani confirms Iraq's openness to fruitful partnerships with French companies
Yesterday at 4:07 am by Rocky
» Determining the launch date for the activities of the 48th session of the Baghdad International Fair
Yesterday at 4:06 am by Rocky
» Al-Sudani receives a delegation from the Union of Arab Banks
Yesterday at 4:05 am by Rocky
» utube 5/3/24 MM&C Iraq Dinar Update - Expectation - Implementation - Activation - New Exchange Rat
Mon 06 May 2024, 7:30 am by Rocky
» “Services” asks the Central Bank about billions of foreign banks in Iraq
Mon 06 May 2024, 7:27 am by Rocky
» Central Bank: Iraqi banks still face challenges in complying with international laws and standards
Mon 06 May 2024, 7:24 am by Rocky
» Parliamentary bloc: The Central Bank offers hard currency to “mafias” on a golden platter.. The Suda
Mon 06 May 2024, 7:20 am by Rocky
» The Iraqi Central Auction witnesses a rise in foreign remittances to $267 million
Mon 06 May 2024, 7:19 am by Rocky
» Wednesday.. The session to elect the President of the Iraqi Parliament is heading towards “Al-Issawi
Mon 06 May 2024, 7:14 am by Rocky
» The Union of Arab Banks proposes 4 “important” points for Iraqi banks to meet compliance standards
Mon 06 May 2024, 7:12 am by Rocky
» In the document... the Central Bank decides to return the “Al-Mal” Bank to work... in this case
Mon 06 May 2024, 7:08 am by Rocky
» The Iraqi-American agreements and cooperation were the most prominent topics of Al-Araji and Romanow
Mon 06 May 2024, 7:06 am by Rocky
» Al-Hakim meets a joint delegation of resolve and sovereignty and renews the call to hold a session t
Mon 06 May 2024, 7:05 am by Rocky
» Nearly one billion dinars were recovered and 3 million liters of fuel intended for smuggling in Iraq
Mon 06 May 2024, 7:03 am by Rocky
» Al-Sudani and the European Union ambassador discuss issues of economic partnerships, civil aviation,
Mon 06 May 2024, 6:59 am by Rocky
» More than 950 million dinars... petroleum products announced their recovery
Mon 06 May 2024, 6:57 am by Rocky
» Forming a committee to follow up on stopping the sale of the dollar to travelers
Mon 06 May 2024, 6:54 am by Rocky
» The Minister of Justice visits Al-Muthanna Governorate to discuss mechanisms for developing judicial
Mon 06 May 2024, 6:52 am by Rocky
» Agriculture: Farmers who were affected by the recent rains will be compensated
Mon 06 May 2024, 6:51 am by Rocky
» Al-Rasheed issues a warning regarding applying for advances and loans
Mon 06 May 2024, 6:49 am by Rocky
» Al-Rafidain announces the implementation of the comprehensive banking system in its main branch
Mon 06 May 2024, 5:24 am by Rocky
» Al-Rasheed warns of offices and pages claiming to promote the Salaf
Mon 06 May 2024, 5:22 am by Rocky
» Adviser to the Prime Minister: There are no conflicts in the route of the Baghdad Metro
Mon 06 May 2024, 5:19 am by Rocky
» Al-Sudani: We are keen to develop the work of the TBI Bank and address the problems it faces
Mon 06 May 2024, 5:18 am by Rocky
» Agriculture explains the mechanism of implementing the calendar program and its economic gains
Mon 06 May 2024, 5:17 am by Rocky
» “The shocks have changed.” The Governor of the Central Bank explains the impact of the openness of I
Mon 06 May 2024, 5:16 am by Rocky
» The President of the Association of Private Banks sends an “important” invitation to the Central Ban
Mon 06 May 2024, 5:15 am by Rocky
» Al-Alaq: The Iraqi banking sector has witnessed significant qualitative developments in response to
Mon 06 May 2024, 5:12 am by Rocky
» On behalf of Al-Sudani, the Minister of Planning sponsors the signing ceremony of a memorandum of un
Mon 06 May 2024, 5:11 am by Rocky
» The Iraqi Travel Companies Association participates in the Arab Travel Market Exhibition
Mon 06 May 2024, 5:10 am by Rocky