💢💢💢IQD RV💢💢💢 : The Role of filscoin and its interaction with Iraqi dinar notes!!

💢💢💢IQD RV💢💢💢

The Role of filscoin and its interaction with Iraqi dinar notes

🪙 What is the FilsCoin?

It is a digital currency backed by the Iraqi dinar, launched at the initiative of the Central Bank of Iraq. It is not a speculative cryptocurrency like Bitcoin, but rather a stable digital asset (stablecoin), pegged 1:1 to the value of the physical dinar. It runs on a blockchain-based infrastructure, allowing for more transparency, traceability and security.

💵 How do they interact with the physical dinar?

Users can convert physical dinar bills to FilsCoin through authorized banks, digital ATMs or banking apps.

That conversion can go both ways: you can convert your FilsCoins back to physical bills if you need to.

2. Complementary circulation

FilsCoin facilitates digital payments, especially in urban areas, stores, transport apps, invoices, etc.

Meanwhile, the physical dinar remains dominant in rural areas or where digital infrastructure is limited.

3. Reduction of the informal economy

By promoting digital transactions with FilsCoin, the use of unregistered cash is reduced. This limits tax evasion and increases economic transparency.

4. Support for monetary policies

The Central Bank gains more control: it can monitor the flow of money, adjust liquidity more precisely, and combat money laundering or illicit financing.

It can also have a more direct influence on the supply of FilsCoin than on the banknotes in circulation.

It may also have a more direct influence on the supply of FilsCoin than on the bills in circulation.

🔁 Practical example.

Imagine that a citizen receives his salary in FilsCoin in his digital wallet. 

He can pay directly with that at the supermarket, online or even pay utilities.

 If he needs physical bills, he goes to the bank teller or an exchange point to get traditional dinar.