Will Iraq succeed in transforming into a digital economy?
In a move that could change the features of the Iraqi economic landscape, the Central Bank of Iraq announced that the government is working to develop regulatory frameworks to support the transition to a digital economy, with a special focus on electronic payment.
However, questions are being raised about the readiness of the infrastructure for this transformation, especially in light of the challenges related to financial corruption, weak electronic services, and the reliance of most sectors on cash transactions.
While official bodies stress the importance of moving to the digital economy to stimulate growth, citizens and merchants fear the imposition of ill-considered payment mechanisms that may hinder their interests, especially in light of the lack of trust in local banking systems.
Will the government succeed in convincing Iraqis to abandon cash in favor of electronic payment? Or will this initiative face failure as happened with previous projects? link
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