Muzhir Mohammad Saleh, the financial advisor to the Iraqi Prime Minister, revealed that the Central Bank of Iraq is planning to issue a digital currency.
اضافة اعلان
In statements reported by the Iraqi News Agency (INA), Saleh explained that issuing this currency "will represent a significant leap in the national payment system and will enhance transparency."
Saleh outlined several benefits this move will bring, including reducing cash leakage, lowering printing costs, and limiting the circulation of physical currency outside the banking system.
He also noted that it will "reduce the need for frequent printing of money, thereby cutting costs associated with its production and distribution."
The spokesperson emphasized that this measure "enhances transparency, control over financial flows, and the ability to track digital liquidity and spending patterns, whether for consumption, savings, or investment."
Moreover, he mentioned that it would "improve the oversight of capital and external transfers, while supporting efforts to combat money laundering."
The financial advisor downplayed any potential negative impacts of the digital currency, stating that it would "maintain its traditional functions as a unit of account, payments, and savings, with the added benefit of being usable online and on smartphones, which will contribute to the development of a more stable and efficient financial environment."
Saleh outlined a set of steps to transition to digital currency, starting with the need for "strong technological infrastructure, including reliable and advanced internet networks, and advanced cybersecurity systems to protect data and transactions."
He also emphasized the importance of "enhancing societal acceptance of digital currencies," according to Saleh. - Agencies
