Financial Advisor: Central Bank Digital Currency Will Boost Transparency, Improve National Payments
The financial advisor to the Prime Minister, Mazhar Mohammed Saleh, explained today, Saturday, that issuing a digital currency for the Central Bank will be an important step towards enhancing transparency and achieving a qualitative leap in the national payments system.
Saleh said in a statement to the official agency, followed by NRT Arabic, that "the Central Bank plans to issue a digital currency as a gradual alternative to paper currency," noting that this step will contribute to reducing cash leakage and lowering the costs of printing paper currency, in addition to reducing the circulation of money outside the banking system.
He added that the digital currency will allow tracking financial flows, improve control over capital and foreign transfers, support anti-money laundering efforts, and contribute to enhancing financial inclusion, especially for groups less integrated into the banking system.
Saleh explained that Iraq's transition to digital currency requires a strong technical infrastructure, including advanced internet networks and advanced cybersecurity systems to protect data and transactions.
Digital currencies will also support efforts to enhance economic and social integration through government use in collection operations and official transactions. link