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IRAQ’S CENTRAL BANK TO CREATE ITS OWN DIGITAL CURRENCY
Baghdad (IraqiNews.com) – The Governor of the Central Bank of Iraq (CBI), Ali Al-Alaq, revealed on Wednesday that the bank is planning to create a digital currency to replace paper notes in transactions with central banks.
During his speech in the 9th edition of the Iraq Finance Expo, Al-Alaq said that fundamental changes will take place in the banking and financial systems, including the limited use of paper notes as they will be replaced by digital currencies in transactions between central banks.
Iraq is seriously examining establishing a data center, according to Al-Alaq, and the CBI has started working on this project as part of the digital transformation process.
Al-Alaq also indicated that Iraq’s financial inclusion rate increased to over 40 percent compared to 20 percent three years ago due to the CBI’s promotion of mobile phone-based electronic wallets that enable bill payment and money transfer.
Over 4,000 ATMs have been installed, and there are roughly 17 million bank cards in use, according to Al-Alaq, and there are now 1.2 million electronic wallets in Iraq.
Iraq’s electronic payment system has been connected to global payment networks, allowing Iraqi bank cards to be used abroad and bank cards issued by foreign banks to be accepted locally.
@ Newshounds News™
Source: Iraqi News
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BRICS EXTENDS FRIENDLY TIES WITH EUROPE AS US TARIFFS HIT
Europe is extending friendly ties with the BRICS alliance as Trump’s tariffs hit the market in February. Several European leaders have expressed displeasure at Trump’s decision to impose tariffs on close Western allies. BRICS member China is making use of the escalating tensions between the US and Europe and extending cordial relations.
Some countries in Europe are reconsidering their relations with BRICS member China, while others are aiming to diversify their partnerships with Japan and South Korea. Many other European nations are reaching out to India to procure goods. The widening rift between the US and Europe stems out of tariffs and its stance in the Ukraine war.
US Tariffs: Will Europe Get Friendly With BRICS?
However, the European Union faces a mixed approach with BRICS member China as some advocate for partnerships while others take a cautious stance. However, China is making use of the situation and pushing cordial ties with Europe as US tariffs hit the market.
“Europe must take its own decisions, on its own. And we have to decide when China can be a partner and when China is a competitor,” said Spain’s Foreign Minister Jose Manuel Albares. Germany’s chancellor-in-waiting Friedrich Merz said that Trump “does not care much about the fate of Europe”. This gives BRICS a chance to build bridges with Europe as the US is looking to burn it.
“My absolute priority will be to strengthen Europe as quickly as possible so that, step by step, we can really achieve independence from the USA,” said Merz. If Europe extends ties with BRICS countries, the US will remain isolated, and other countries scheme for its downfall.
While Europe is grappling with a realignment, maintaining cordial relations with BRICS member China is not a friendly option. The Communist country aims to dominate the global financial sector and keep the West in the backseat. The US needs to maintain its relations with Europe and not let things fall apart.
@ Newshounds News™
Source: Watcher Guru
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HUGE CHANGE TO IRAQI DINAR JUST ANNOUNCED
The Central Bank of Iraq just announced it will create its own digital currency.
@ Newshounds News™
Source: The Economic Ninja
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