Call for the issuance of a digital currency with official controls

by **Rocky** Fri 28 May 2021, 8:14 am

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Call for the issuance of a digital currency with official controls

by Rocky Fri 28 May 2021, 8:14 am

Call for the issuance of a digital currency with official controls

Thursday, May 27, 2021

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Baghdad: Mustafa Al-Hashimi
Speculation in digital currencies, globally, is making imaginary gains and wealth for its customers, but despite those gains, it is not without the risk of containing gates or outlets for corruption and money laundering, because speculations in them are often far from the financial control of the countries that allow them to deal with, and Iraq is keen not to open the way for such trades, but there is a call for the launch of an electronic currency specially for the Central Bank

(as guaranteed bonds) to satisfy the new generation's desire to speculate in a real currency operating under central bank controls.
The Central Bank has earlier launched the digital enrollment service, the first of its kind in Iraq and the region, an integrated digital system that promotes independence and freedom from traditional financial systems, and works to transform Iraq into a less cash-dependent country, enabling it to fight corruption, evasion and bureaucracy in financial transactions within banks operating in
Country.
Despite the proliferation of websites of companies in Iraq promoting the handling of virtual cryptocurrencies, in which countries are speculative, specialists have called for monitoring the work of these companies and offices scattered in iraq's regions in secret, despite warnings from the central bank that its customers will be subject to the provisions of the anti-money laundering law.
Economic academic Dr. Majid Al Baydani said: {Electronic currencies are virtual currencies that trade only online, without a real presence, and this alone is an advantage that makes them vulnerable to being a front

For money laundering and terrorist financing}.
"The central bank is forbidden to deal with them because they are not issued by any central bank in the world, they are used for online purchase and support payment using bitcoin cards or may sometimes be converted into traditional currencies," al-Baydani told {Al-Sabah}
A statement issued in 2017 warned against dealing with bitcoin because it contains risks that may result from its circulation, and although there is no popularity inside Iraq, the central bank supports subjecting its customers to the provisions of the Money Laundering Act No. 39 of 2015 and laws related to this.
Economic researcher Aya Adel also proposed issuing a special Iraqi electronic currency for online trading to be controlled and follow up on the movement of money traded in it.
"This will keep its customers away from suspicions of money laundering and make them as guaranteed and saleable electronic bonds at an interest or discount rate to satisfy the desire of the new generation and their thirst for trading, selling and buying online,"" she said.

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