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Securities warns against trading digital currencies
The first 06/24/2024
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The Securities Commission warned against trading digital currencies in Iraq, noting that there are 9,000 currencies in the world.
In an interview with Al-Sabah, a member of the Authority’s Council, Waddah Al-Taha, explained that digital currencies are virtual currencies created by individuals, not an entity authorized by governments, and they are based on unsubstantiated assumptions, whether they are currencies, gold, or other assets.
He added that the existence of digital currencies depends on scarcity, such as Bitcoin, of which there are 21 million pieces, and their acquisition requires solving a puzzle to access them, or using mining or logarithms, and they consume a lot of electrical energy.
Al-Taha pointed out that adopting such assets to exchange goods using cryptocurrencies is a dangerous gesture the more it is adopted, but it has been imposed in one way or another on countries or companies, and is not determined by influential parties, whether the United States, China, or other major economies, noting that it must There should be rules for these currencies, not that the door should be opened wide for them.
He refused for Iraq to deal with these currencies because they lacked basis for evaluation except supply and demand, noting that they were not issued by official government agencies or central banks. Some currencies are led by individuals, and rise and fall daily, and some of them are destroyed.
He pointed out that there are more than 9,000 global digital currencies, and we do not know which of them are approved, and therefore Iraqi youth do not need to deal with them.
Edited by: Adhraa Juma
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