Economic 2024/10/06
Mohamed Sherif Abu Maysam
The process of digital transformation in the Iraqi banking sector, which is proceeding at an accelerated pace, coincides with the emergence of so-called digital banks, which are a new experience for the whole world, and it is joyful that the transformations in the infrastructure of the mechanisms of digital exchanges and trading indicate the eligibility and possibility of working with this type of banking performance, after the Central Bank of Iraq received about (60) to (70) applications to work in digital banks, according to the statement of the Governor of the Central Bank.
The digital bank is defined as a bank without branches and does not have a spatial presence, as it provides its banking services remotely, by carrying out operations with its customers using online platforms, mobile or tablet applications and other electronic channels based on modern technology solutions, which means that it does not practice banking operations that adopt paper documents such as checks, payment restrictions, bank transfers and others.
What distinguishes this type of banking service from dealing with cryptocurrencies or so-called digital currencies is that the latter is not licensed to trade in Iraq as currencies that have not been issued by international central banks and do not have a physical presence, which means that dealing with them is subject to the dominance of those who monopolise information technology sciences and can issue more of them without the supervision of any central bank, while digital banks will trade cash issued by the Central Bank of Iraq and currencies issued by international central banks.
There is an important detail in this part, as the great development in information technology will constantly push the wheel of digital transformation in financial exchanges and transactions, which will likely accept cryptocurrencies in the contexts of digital exchanges sooner or later, as is now in many countries of the world and the Middle East countries. Therefore, it is necessary to keep pace with the rapid transformations in the sciences of knowledge economy (information technology, communication engineering, nano sciences, etc.) by establishing universities specialized in this sciences and their relationship with the disciplines of banking and financial sciences.
Although the government cannot support the existence of such research and scientific entities, the first is for the Central Bank of Iraq to take over this support, with its giant financial capabilities, and because of the direct importance of these entities in the functions of the Central Bank's Department of Monetary Policy Affairs, which will gradually lead to a digital policy related to the existence of a knowledge society driven by scientific institutions.
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They are getting people ready for the idea of digitization of banks in the modern world and the future arrival of digital currency. Central Bank Digital Currency, will likely be something that exists in the near future. Like it or not. Imo ~ MM | | | |
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