AJ
THE NEW DIGITAL SYSTEM WILL TRACK
EVERY DINAR
Hey everyone, remember when I had this video pinned at the top of my feed last year? Well, we knew they were going to use DLT, aka blockchain; we just didn’t know it was going to be a CBDC. So first, let’s break down what they told us last summer about their new digital dinar and said, QUOTE: “would be better than the rest of the countries of the world.”
The Central Bank of Iraq (CBI) has been working on and testing its Central Bank Digital Currencies (CBDCs) for some time, as part of a broader financial reform strategy to modernize Iraq’s economy, as highlighted in two key videos I shared last September.
The CBI is rolling out two types of CBDCs: retail and wholesale, each serving distinct purposes.
The retail CBDC, detailed in the first video, is designed for everyday use by citizens and companies. It focuses on tracking the movement of the Iraqi dinar at the individual and corporate level, ensuring the CBI knows “where the dinar comes from and where it goes.”
This system, which the CBI claims is “better than the rest of the countries of the world,” The goal is to rehabilitate government banks like Al-Rafidain Bank, turning them into productive institutions that offer an integrated package of banking services through advanced electronic programs.
The wholesale CBDC, outlined in the second video, is for large-scale transactions, in millions, specifically for foreign transfers like import payments. It involves banks, ensuring funds are used “actually for import purposes and not for other purposes.”
The CBI has implemented special procedures, requiring regulatory companies to provide statements verifying that these operations are “100% sound,” confirming the imports are legitimate and the money isn’t diverted (e.g., to black markets).
This platform enhances international compliance standards, aligning with global rules like AML/CTF requirements, while a consultancy (Ernst & Young) provides studies to support economic development.
For instance, when Iraq imports goods, the wholesale CBDC ensures the payments are trackeThe CBI’s been testing these systems , Iraq’s digital dinar is primarily retail-focused, per Saleh and Al-Hashimi (article), for citizens via wallets. Used by the public for everyday transactions.
The retail CBDC will helps citizens pay for goods and services just like paper currency, while the wholesale CBDC ensures import payments are legit, both driving non-oil revenues and economic stability.
Tomorrow, I’ll dive deeper into the digital dinar CBDC and expand on the details. So turn on notifications!
Transcript of video
Retail public digital dinar.
Enhances international compliance standards. Meanwhile, the country is witnessing financial and monetary reform paths that included many procedures and decisions. The financial and banking reform process was adopted by the Sudanese government on the subject of rehabilitating government banks so that they become productive banks.
The Iraqi is trying to have a system for tracking the movement of the Iraqi Dinar that is better than the rest of the countries of the world. The global software system has now contributed to the solidification of international financial transfer procedures. We will now move to reform the internal system through a system for tracking the movement of the Dinar and knowing where the Dinar comes from and where it goes at the individual level and at the corporate level.
Improving the reality of work, the banking sector, and at the top of the list, is Al-Rafidain Bank, which comes within a strategy whose goal is to provide an integrated package of banking services to citizens and companies that rely on advanced electronic programs.
Wholesale CBDC
Special procedures to develop the service for all foreign transfers in the future. (imports)
Only by giving the statement of these regulatory companies support that these operations are 100% sound operations for imports purposes only through them are you sure these imports are real and the money spent or transferred to them is actually for import purposes and not for other purposes. according to economists,
The company the consultancy will contribute to providing studies for the purposes of economic development and in a way that enhances international compliance standards.
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