AJ
The Iraqi official added that fundamental changes will take place in the banking and financial systems, including the limited use of paper notes, as they will be replaced by digital currencies in transactions between central banks.
It’s obvious from the steady stream of articles detailing their plan to replace paper notes that they’re serious about this shift. It doesn’t make sense to think they’d spend $250 million printing new lower-denomination notes just to destroy them.
I’m convinced they’re much further along in transitioning to digital currency than some might assume. I’ve also seen firsthand how quickly digital adoption can take off.
My husband’s company runs a mobile banking app in a country very similar to Iraq...when we launched,
90% of the population had never used one. Now, millions are on board, and it didn’t take long at all.
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April 10th
The governor of the Central Bank of Iraq (CBI), Ali Al-Alaq, said that digital currencies will help transform Iraq’s conventional banking system.
Al-Alaq clarified during the Conference on Reforming the Iraqi Banking Sector that the CBI wants to establish an advanced economy and emphasized the need for more funding for artificial intelligence research and development.
Al-Alaq explained that digital currencies have the potential to transform the conventional banking system, noting that the CBI has declared its willingness to carry out a plan for banking sector reform, the Iraqi.
In collaboration with the international consulting company Oliver Wyman, the CBI announced an extensive reform strategy designed to make the country’s private banking industry a robust, innovative, and expansion-oriented system.
Al-Alaq revealed in late February that the CBI is planning to create a digital currency to replace paper notes in transactions with central banks.
The Iraqi official added that fundamental changes will take place in the banking and financial systems, including the limited use of paper notes, as they will be replaced by digital currencies in transactions between central banks.