monetary and banking professional Mustafa Hantoush confirmed that speaking about launching an Iraqi digital currency at the present time is untimely, in light of a banking device that suffers from structural problems and weak infrastructure.
He explained to “dinaropinions.com” that “the lifestyle of digital charge in Iraq is still immature, and except the government intervenes and imposes the adoption of electronic payment in authorities departments, we will not witness any real improvement in this area.”
Hantoush introduced that “Iraq does no longer have an integrated internal transfer gadget and relies on global structures such as Visa and mastercard, which makes it a concern to broaden the country wide switchboard, beautify the electronic fee infrastructure, and spread the lifestyle of digital price amongst residents.” He talked about that “digital fee, in essence, depends at the presence of budget deposited in banks and their electronic transfer in preference to direct coins alternate, which calls for a strong infrastructure and large self assurance inside the banking system.”
Hantoush pressured that “even principal international locations inclusive of the us, Europe and China have not yet been capable of develop integrated digital currencies due to fears of digital breaches and weak cybersecurity systems,” questioning approximately the volume to which Iraq, with its current banking system, can obtain this.
He brought, “talk approximately an Iraqi digital foreign money does now not match the reality of Iraqi banks, which suffer from sanctions, the absence in their actual position in the marketplace, and the presence of a massive percentage of cash circulating outdoor the banking system, further to the dearth of consider in banking institutions.”
He concluded by using saying, “The principal bank nevertheless relies on old assessment mechanisms, and the Islamic banking system has no longer witnessed real development in Iraq, which makes the concern now to construct an incorporated banking gadget, decorate confidence in it, and broaden its electronic infrastructure before considering launching an digital currency.”
