Prime Minister's Advisor: The Central Bank Is Moving Towards Issuing A Digital Currency As A Gradual Alternative To Paper Currency
Saturday 01 March 2025 10:49 | Economic Number of readings: 373 Baghdad / NINA / The financial advisor to the Prime Minister, Mazhar Mohammed Salih, announced today, Saturday: "The Central Bank is moving towards issuing a digital currency, as a gradual alternative to paper currency," explaining the benefits of issuing a digital currency specific to the Central Bank, while indicating that its issuance will represent a qualitative leap in the national payment system and enhance transparency.
Salih said, according to the official agency: "This step will achieve many benefits, including reducing cash leakage, reducing printing costs, and limiting the circulation of paper currency outside the banking system, in addition to reducing the need to print money repeatedly, which reduces the costs associated with its production and distribution, in addition to enhancing transparency and control over financial flows and the ability to track digital liquidity and spending trends, whether consumer, savings, or investment, in addition to
improving control over capital and foreign transfers, and supporting efforts to combat money laundering."
He pointed out: "Digital currencies contribute to achieving financial inclusion, especially for the groups least integrated into the banking system, which contributes to enhancing economic and social integration."
He noted that: "The transition to digital currency requires a strong technical infrastructure, including reliable and advanced internet networks, advanced cybersecurity systems to protect data and transactions, as well as promoting a culture of societal acceptance of digital currencies, starting with government agencies, through their use in collection operations and official transactions."
The advisor stressed: "Digital cash will maintain its traditional functions as a unit of account, payments and
savings, with the possibility of using it over the internet and smartphones, which contributes to the development of a more stable and efficient financial environment." https://ninanews.com/Website/News/Details?key=1189385