GOLDILOCKS
"In a world increasingly defined by digital finance, Iraq has taken a transformative step with the Digital Payment Regulation No.2 of 2024. This landmark policy marks more than just regulatory progress; it signifies a realignment of Iraq’s financial infrastructure with global standards."
Iraq is aligning their Banks with Digital Global Standards as seen in their new digital payment regulation below. It is important to note that the US is doing something very similar. This new standard will help Iraq govern their new digital banking system.
Digital Payment Regulation No.2 of 2024 in Iraq is intended to help the country's financial sector align with global standards and reduce its reliance on cash. This regulation will help create a more transparent and secure financial system that could make Iraq more attractive to foreign investors.
The regulation also requires entities that offer electronic payment services to obtain a license from the Central Bank of Iraq (CBI). These licenses are valid for ten years and can be renewed upon request and approval.
Digital Payment Regulation No.2 of 2024 helps align a country's digital payment system with global standards by establishing clear regulations and oversight for large digital payment providers, ensuring consumer protection, combating fraud, and promoting consistency in how digital payments are handled across different markets, effectively bringing them "in line" with international practices.
The Consumer Financial Protection Bureau (CFPB) in the US has implemented a similar regulation, "Digital Payment Regulation No.2 of 2024," which aims to bring large digital payment apps under their regulatory umbrella, ensuring consistency with global practices and protecting consumers. This has reached the Final Rule stage which means it is in process of being implemented into law this month.
"Iraq now possesses advanced infrastructure capable of accommodating electronic payment tools and financial services. We will soon transition to digital banks, where smartphones will drive various banking operations."
In other words, Iraq is restoring their banking system (monetary policies) to a former state of alignment with the Global Economy.
© Goldilocks
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