STATUS OF THE RV . PART. 3
THE NATIONAL CARD SCHEME PROJECT
The Central Bank of Iraq has decided to assert its sovereignty over electronic financial transactions within the country by launching the “National Card Scheme.” This is a positive step, but it is not without loopholes that raise more than one question mark.
According to the bank’s statement, the new system will not be linked to the Visa and MasterCard systems, but will use the same technologies as the Europay-MasterCard-Visa systems to ensure compliance with international standards and enhance security and efficiency. WOW! WOW! WOW! This is a breakaway for the U.S. led banking system. But can you blame Iraq for doing it? Just look at what the U.S. has been doing to Iraq.
😊We read in many articles that Iraq has gained it full sovereignty, but has it really? In the article today titled “THE END OF DOLLAR DEPENDENCE OR THE BEGINNING OF CENSORSHIP? THE NATIONAL PAYMENTS PROJECT RAISES THE QUESTION OF “FINANCIAL SOVEREIGNTY” we find contradictions to any of these statements as a country can not be free if its currency is also not liberated. So, what just happened to piss off the U.S. in this regard with Iraq?
In a pivotal step toward internal monetary independence, the Central Bank of Iraq (CBI) issued an official circular to all banks and electronic payment service providers announcing the commencement of the implementation of the National Card Scheme project. This is a local payment system managed through the national switchboard, completely separate from international platforms such as MasterCard and Visa. WOW! WOW! WOW! Did you read this? Let’s go on….
According to a circular obtained by Baghdad Today , the Central Bank has ordered the launch of a local system for settling bank card payments within Iraq, without going through any international entity. The circular clarified the need to adopt national codes such as (BIN) and (AID) to identify payment cards and link them to the national switchboard, which implicitly means eliminating any reliance on global payment networks such as Visa and MasterCard in local transactions. The circular emphasized that this project is “exclusively local” and that it will be completed by the end of this year, in preparation for its official adoption starting early next year. “Iraq faces no legal or technical obstacles to establishing this type of system, and many countries have preceded us in this,” but he explained that “local systems remain limited and cannot be used outside the country’s borders.”
Economic researcher Ziad Al-Hashemi said on Friday that the Central Bank of Iraq’s launch of the “National Card Scheme” system is a step towards strengthening financial sovereignty and reducing reliance on international payment networks. However, the similarity of this system to the Russian “Mir” system, which is subject to sanctions, may expose Iraq to international accountability and raise American reservations. He pointed out that the lack of full commitment to security and compliance standards, and the lack of clarification of the nature of technical links with external systems, represents a potential loophole that could be exploited for suspicious financial activities.
So, is this just a monetary shift or financial isolation?
The new approach coincides with escalating tensions between Baghdad and Washington, and with the mounting pressure on major Iraqi banks accused of financing entities sanctioned by the US. In this context, the Central Bank appears to have decided to proceed with a project that protects the domestic market from any “potential political freeze.” However, this option, despite its importance in terms of sovereignty, raises questions:
- Is it possible to actually dispense with global payment systems?
- Is Iraq structurally prepared to operate a closed system capable of meeting domestic demand?
- Most importantly, does this project pave the way for a gradual financial decoupling from the dollar even the petro-dollar?
The National Card Scheme project is not merely a technical decision regarding banking infrastructure; it is a step with political, economic, and security dimensions. If completed by the end of the year as planned, Iraq will have taken its first steps toward “internal monetary independence.” WOW! WOW! WOW!
