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Experts warn of the dangers of moving to “digital banks”
Iraq 01/23/2024
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Baghdad: Huda Al-Azzawi
Specialists and experts in the field of finance and economics have warned of potential and real risks regarding Iraq’s transition to the scope of what is known as “digital banks” or “digital banks,” whose owners are not known and whose financial dealings are not subject to any government oversight, calling for a gradual transition toward “economy “digital” for various reasons, including the lack of an appropriate banking and technological environment in the country.
Rapporteur of the Parliamentary Finance Committee for the fourth session, Dr. Ahmed Al-Saffar, said in an interview with “Al-Sabah” that “the negatives identified by experts about digital banks, or what are known as digital banks, exist and are realistic.”
He pointed out that "the process of total transformation to digital finance or electronic dealing in Iraq requires a period of time that is not short, and it may be possible for partial transformation now, but the complete transformation requires a longer period."
He added, "Iraq needs steps before paving the way for this process in order to make it successful, and the important aspect relates to the Iraqi banking sector, which needs actual reform, by developing a program and a scientific approach to restore trust between the citizen and this sector, which has been lost since the eighties of the last century, to extend more widely during the recent period." As a result of the large fluctuations in the price of the Iraqi dinar and the corruption operations that occurred and were not faced with strict and clear procedures and penalties.”
He pointed out, "The process of building confidence itself needs time, in addition to restructuring the banking sector and reconsidering the large number of private banks, most of which are not performing proper banking work for the government to participate in the process of economic development and implementation of the government program."
Al-Saffar also called for “a reconsideration of banking legislation and laws, most of which are outdated and inconsistent with the current reality of the Iraqi economy. In general, the Iraqi economy, the financial and banking situation, and the state of zero trust are not suitable for implementing the process of immediate transition to digital finance at the macro level. The process may be as I mentioned earlier - partial and then expanding according to a specific approach until total financial inclusion is achieved.”
As for the head of the Regional Center for Studies, Ali Al-Sahib, he explained to Al-Sabah that “we must know that the economy and foreign policy must be exclusively in the hands of the state, otherwise things will reach a dangerous slide.”
He explained that "he is between a corrupt person who steals public money and seeks to keep the banknote outside legal contexts and government supervision; the file of private banks comes to make the scene more confusing and complicated, especially since the banknote, especially the dollar, is in the exclusive hands of Washington, as it owns more than (60 percent) of it in its private banks and it controls it." It is used as a pressure card on some countries with which it interacts politically and economically. In addition to all of that, we lack an economic mentality capable of saving the situation in the event of a crisis or economic obstacles.
He added, "The country is facing a major challenge in light of the global economic changes, digital banking, and the external orientation of the electronic economy," noting that "Iraq over the years after the change has witnessed many cases of money laundering and smuggling of money and hard currency abroad, and has even witnessed many cases of money laundering and smuggling of money and hard currency abroad. Forgery, even with the presence of the electronic platform.”
Edited by: Muhammad Al-Ansari
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