Digital Currency .. And An Advanced Financial Future
Economic 2025/03/05 D. Nabil Al -ordinary
In line with the framework of rapid global developments in financial and technological systems, the
Central Bank of Iraq, in the context of keeping pace with development, is heading towards launching an alternative digital currency for paper cash.
This step, which is not just a transformation in the method of financial transactions,
is a fundamental shift in seeing the Iraqi financial system.
Digital currencies are a new innovation that the world has witnessed, and
it reflects the rapid shift towards the digital age. The
digital currency allows the possibility of
making transactions faster and more safely compared to paper criticism, through the use of this currency, as well as
reducing the costs of transactions, which contributes to
enhancing economic efficiency.
As for the potential benefits of the digital currency in Iraq, they are summarized in
improving the efficiency of the financial system, and then will help
accelerate transactions and
reduce the time required to accomplish them,
which reflects positively on the movement of internal and external trade.
It is also an effective means of
enhancing
transparency and
fighting corruption, and that its use and intended digital currencies may contribute to
reducing informal monetary transactions, which
reduces the chances of financial corruption as well as job evasion.
Perhaps the most prominent advantage of this type of currency is that
it will contribute to
increasing the amount of financial inclusion: the prospects for
access to financial services for new groups of society
may open, especially for those who do not deal with banks directly. In my estimation, the
digital currency can contribute to encouraging innovation in the financial market, giving many startups to provide new services that depend on financial technology. Although
this type of currency has these advantages and despite the great benefits,
it is not without challenges, and
it must be paid attention to, foremost of which is concerns related to cybersecurity and data protection, and
citizens must be educated about how to use this currency and
this requires a clear legal and organizational framework that guarantees the protection of the rights of users. The
launch of the digital currency in Iraq represents a new and important stage in the development of the financial system,
this initiative
reflects Iraq's commitment to move forward towards an advanced technological age, and
will have positive effects in the economy and society, however, the
success of this step depends on
addressing the challenges associated with it, which we pointed to some of them in the context of this article, and the
need to provide adequate support to achieve its goals. https://alsabaah.iq/111170-.html