GOLDILOCKS
"His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Al-Alaq, announced the launch of strategic projects to support digital transformation in the country."
Here we go. As we have been discussing in this room for the last four and a half years, the Iraqi Banking System is about to populate its Banking System to Banks all over the world. It will be done "digitally."
Iraq is telling us through the CBI their intentions are to begin the process of implementation of their new Digital Financial Services.
Yes, digital financial services (DFS) can include foreign currency, such as cryptocurrencies and stablecoins:
Cryptocurrencies
Digital currencies that use distributed ledger technologies, like blockchain, to facilitate secure digital transactions. Cryptocurrencies are a type of digital token that allow people to make direct payments to each other online.
Stablecoins
Digital assets that remain stable in value against a pegged external traditional asset class. Stablecoins reduce price volatility.
Digital financial services (DFS), also known as financial technology (FinTech), are financial services that are delivered and used by consumers through digital technologies. These services are accessible, convenient, and secure, and can be used through digital platforms like the internet and mobile devices.
Examples of digital financial services include:
Online banking
Instant payments
Online payment and transfer services
Peer-to-peer lending
Digital wallets
Personal investment advice and services
Payment apps like PayPal, Venmo, Zelle, and Cash App
Personal finance apps like Mint, YNAB, and Quicken Simplifi
DFS can be offered by a variety of providers, including banks, microfinance institutions, digital credit providers, payment providers, and FinTech companies.
Benefits of digital financial services include: Faster completion of common tasks, Automation of tasks like sending and receiving invoices, and Eliminating the need for paper.
© Goldilocks
https://cbi.iq/news/view/2745
https://www.visualsp.com/blog/digital-transformation-in-banking/
https://www.usaid.gov/digital-development/digital-finance#:~:text=Digital%20Financial%20Services%20(DFS)%20(,pressing%20humanitarian%20and%20development%20challenges.
https://economy-news.net/content.php?id=51236
No comments:
Post a Comment