AL-ALAQ: DIGITAL CURRENCIES WILL RESHAPE THE TRADITIONAL BANKING SYSTEM
The Governor of the Central Bank of Iraq, Ali Al-Alaq, affirmed on Monday that digital currencies represent a key pillar in the future of the financial sector and could contribute to reshaping the traditional banking system. He called for serious investment in artificial intelligence and financial technology.
In his speech at the Iraqi Banking Sector Reform Conference, Al-Alaq said, “The Central Bank aims to achieve an advanced economy based on modern tools capable of keeping pace with global transformations.” He emphasized the “need to increase investments in research and development in the field of artificial intelligence, as it constitutes an effective element in developing banking services. ”
He added that “digital currencies have the potential to restructure the traditional banking system and create more flexible and inclusive financial models,” noting that “the Central Bank of Iraq announces its full readiness to implement a comprehensive reform plan for the banking sector, in line with the country’s economic vision.”
Al-Alaq ‘s statements come at a time when global financial markets are witnessing increasing interest in digital transformation, which opens the door for Iraq to keep pace with this development and modernize the banking structure in a way that enhances stability and economic growth.
