CBI halts TikTok transactions in Iraq
Dec. 1, 2024
ERBIL (Kurdistan24) – On Sunday, the Central Bank of Iraq (CBI) issued a decree to all licensed banks and financial institutions to halt all monetary transactions, either deposition or transfers, of TikTok company agents within Iraq.
This is a significant financial development in Iraq as it could obligate the TikTok Company to abide by the Iraqi laws and regulations for monetary transfers.
Iraq, like other regions of the world, has seen a surge in TikTok users. However, there is a growing trend to transfer money to the ‘TikTokers’ and content creators on this social platform.
The Central Bank of Iraq’s decree proves to be a legal effort to regulate all the monetary movements within Iraq and the social media users in Iraq.