A Call To Establish A Digital Gold Market In Iraq
Economical 10/31/2024
Baghdad: Hussein Thaghab
Student economic and financial expert Dr. Saif Al-Halafi established the digital gold market in Iraq, which requires cooperation between the Central Bank of Iraq, the Securities Commission, and the Iraqi Stock Exchange, as
it gives Iraqi investors the opportunity to participate in the global gold market, which
attracts additional investments to Iraq, and also
enhances cooperation between the regime. Iraqi banking and international financial institutions.
Al-Halafi said that the Central Bank can issue digital gold bullion in different weights - 1 gram, 10 grams, 100 grams - approved by the government, and
these digital bullions can be traded in the Iraq Stock Exchange, in the same way that stocks or bonds are traded.
Through the market's financial intermediaries system, investors can buy bullion, using local currencies or converting them into foreign currencies. He added that the
market can be linked to global gold prices and currency exchange rates, which enhances transparency and interaction with the global market.
A platform similar to the Forex markets can also be used to trade digital gold inside Iraq on the Iraq Stock Exchange, pointing out that
gold prices will be determined according to prices. Global exchange of gold and foreign currencies.
This will give investors the opportunity to speculate on fluctuations in gold prices and link them to changes in global currency prices, which increases the chances of profit and creates many job opportunities.
Regarding the economic benefits, Al-Halfi said:
Through this market, liquidity is withdrawn outside the banking system, and that the
digital gold market can act as a tool for withdrawing cash liquidity, and
instead of keeping money in banks, investors may prefer to buy digital gold, which is a safe asset that maintains its value.
It
protects the investor's money from high inflation rates,
reduces the money supply, and this is the goal and
limits inflation. He pointed out that the
digital gold market contributes to diversifying the Iraqi economy, away from traditional dependence on oil.
The market can be a platform for encouraging financial innovation and developing new investment tools, especially exploiting the opportunities for Al-Faw Port to enter work next year, and the large base it provides for investors. Especially individuals and companies, as well as the goal we seek through development. He warned that
creating a digital gold market requires a
strong technical infrastructure, including
secure electronic platforms and
clear regulatory laws to protect the rights of investors, and
this will increase job opportunities, the ability to diversify and innovate, and the emergence of a startup culture. Al-Halafi explained that the
digital gold markets aim to enhance transparency and ease in trading gold, and provide investors with a real opportunity to work, trade, and speculate on gold prices without the need to own actual gold, and
when the investor wants to convert gold into bullion or jewelry, these foundations allow him to convert digital gold into bullion.
With the payment of mining and goldsmithing amounts, all of these products create real and comprehensive investment job opportunities, which creates and enhances a flexible and innovative investment environment in Iraq.
Gold is one of the financial assets that has always been a safe haven for investors, especially in periods of economic, political and regional turmoil.
Here, with the global digital and financial development, new markets have emerged for digital gold trade,
where gold can be easily bought and sold through electronic platforms, in light of these developments,
It is possible to create a market for digital gold trade in Iraq, especially with the government’s tendency to establish digital banks and strengthen electronic payment systems, especially the use of electronic payment cards. https://alsabaah.iq/105123-.html
Through this market, liquidity is withdrawn outside the banking system, and that the
digital gold market can act as a tool for withdrawing cash liquidity, and
instead of keeping money in banks, investors may prefer to buy digital gold, which is a safe asset that maintains its value.
It
protects the investor's money from high inflation rates,
reduces the money supply, and this is the goal and
limits inflation. He pointed out that the
digital gold market contributes to diversifying the Iraqi economy, away from traditional dependence on oil.
The market can be a platform for encouraging financial innovation and developing new investment tools, especially exploiting the opportunities for Al-Faw Port to enter work next year, and the large base it provides for investors. Especially individuals and companies, as well as the goal we seek through development. He warned that
creating a digital gold market requires a
strong technical infrastructure, including
secure electronic platforms and
clear regulatory laws to protect the rights of investors, and
this will increase job opportunities, the ability to diversify and innovate, and the emergence of a startup culture. Al-Halafi explained that the
digital gold markets aim to enhance transparency and ease in trading gold, and provide investors with a real opportunity to work, trade, and speculate on gold prices without the need to own actual gold, and
when the investor wants to convert gold into bullion or jewelry, these foundations allow him to convert digital gold into bullion.
With the payment of mining and goldsmithing amounts, all of these products create real and comprehensive investment job opportunities, which creates and enhances a flexible and innovative investment environment in Iraq.
Gold is one of the financial assets that has always been a safe haven for investors, especially in periods of economic, political and regional turmoil.
Here, with the global digital and financial development, new markets have emerged for digital gold trade,
where gold can be easily bought and sold through electronic platforms, in light of these developments,
It is possible to create a market for digital gold trade in Iraq, especially with the government’s tendency to establish digital banks and strengthen electronic payment systems, especially the use of electronic payment cards. https://alsabaah.iq/105123-.html
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