DIGITAL CURRENCY IN IRAQ: CRISIS OF CONFIDENCE.. THE BIGGEST OBSTACLE WITH COMMENTS OF MNT GOAT, 13 MARCH

DIGITAL CURRENCY IN IRAQ: CRISIS OF CONFIDENCE.. THE BIGGEST OBSTACLE

In a very distinctive step aimed at modernizing the financial system, Baghdad is exploring the possibility of issuing a national digital currency, in an effort to reduce reliance on paper money and enhance financial inclusion.

However, despite the promising prospects of this step, the project faces a fundamental challenge represented by the lack of confidence of citizens in Iraqi banks, as a result of the accumulation of financial crises, administrative corruption, and weak banking services. Can such a step succeed in an environment that is ranked among the highest in the world in cash circulation outside the banking sector?

Crisis of trust: the biggest obstacle to digital transformation

Data from the Iraq Future Foundation indicate that 93 trillion Iraqi dinars, or about 87% of the total money supply, were circulating outside the banking system by the end of 2023, an increase of 30% over 2022. These figures reflect a financial culture that clings to cash, reinforced by citizens’ fears of the complexities of banking transactions, previous experiences of freezing accounts, burdensome bureaucracy, and even cases of embezzlement and corruption within some financial institutions.

This is clearly evident in the fact that employees whose salaries are domiciled in Ki-Card companies and private banks try to withdraw their salaries from the bank account as soon as it is launched. This means that citizens have lost confidence in the banking system to a great extent.

Some may not believe at all in digital transformations or the banking system, as dealing in it is done in numbers and not in kind.

Therefore, convincing the Iraqi citizen to give up his paper money in favor of a digital currency, managed by entities whose trust is still questionable, is a fundamental challenge to the success of the project.

It is worth noting that the structure of the banking sector suffers from a significant delay in keeping up with global financial management technology, i.e.: the large number of banks does not mean efficiency.

According to the latest data, Iraq has 81 banks, distributed as follows:
7 government banks (including one Islamic bank)
74 private banks, including 29 Islamic banks.

Despite this quantitative diversity, banking services are still insufficient to accommodate the financial needs of society, as most Iraqis rely on cash even for large transactions. In addition, the conflicting figures regarding the number of banks, and the lack of transparency in updating data, deepen the crisis of trust between citizens and the banking sector.

Conditions for Success: From Theory to Practice

To ensure the success of digital currency, a supportive environment must be created through a set of essential measures:

1. Enhancing transparency: through a strict oversight mechanism that ensures tracking financial transactions without compromising users’ privacy.
2. Independence of the supervisory body: avoiding political interference and establishing an independent oversight body with broad powers.
3. Economic incentives: such as providing tax benefits or financial incentives for early adopters.
4. Solid technical infrastructure: including a reliable internet network and secure and easy-to-use banking platforms.

Without these foundations, the project may turn into a mere theoretical experiment that lacks effective practical application.

Potential risks: Will Iraq repeat past mistakes?

Previous failures in financial policies, such as the unregulated reliance on the dollar and the subsequent chaos in the black market, cannot be ignored. If digital currency is not managed wisely, it may face serious challenges such as:
• Increased inflation if its issuance is not controlled and the money supply is not regulated.
• Exclusion of segments of society that are unable to deal with financial technology.
• Risks of cyber breaches in light of weak cyber infrastructure.

Between crisis and opportunity

Despite the obstacles, digital currency could represent a giant turning point towards a more advanced financial system in Iraq, by reducing corruption, enhancing financial inclusion, and improving tax collection mechanisms. But its success depends on a radical reform of the banking sector, the implementation of a broad awareness campaign, and a real political will to ensure financial transparency and justice. Turning this initiative into reality will not be easy, but it could be a necessary step toward a more stable and reliable digital economy.

(I do not believe we will see this anytime in the near future. It may happen after we investors in the dinar are way out of this investment and the RV has already taken place.)

STATUS OF THE RV PART. 5 BY MNT GOAT, 13 MARCH

 STATUS OF THE RV PART. 5 

☹So, who are these people pushing this CBDC now also on the country of Iraq?

In the article titled “SUDANESE ADVISOR: THE UPCOMING DIGITAL CURRENCY IS EASY TO TRADE AND DOES NOT DIFFER IN EXCHANGE RATE”. I quote from the article – “the idea started with the Bank for International Settlements, which is the international bank of banks in Basel.”

Then it goes on to explain that “there is a project called (M. Bridge) that deals with settling financial transactions between central banks with this digital currency, so this external reflection must also be reflected internally,” believing that “the central bank is more in need of entering (M. Bridge) in its settlements with the major global oil trade areas in China, India, Southeast Asia and some European countries.”

It is noteworthy that the “M Bridge” project was launched in 2021 at the initiative of the Bank for International Settlements in cooperation with China and a number of central banks, with the aim of accelerating international payments using digital currencies, reducing transaction costs and ensuring their security.

I want to also want you to know that in this article “Al-Sudani’s advisor pointed out that “90% of the monetary mass is outside the banking system, so Iraqi society deals with paper money, and it is unreasonable to immediately switch to digital currency overnight,“

 adding that “it is the project of hope for Iraq, and is directly proportional to the progress and development of the uses of digital currency in the world, and it is equivalent and proportional in terms of value to the issued paper currency. ” 

Will we have to wait for this digital currency to RV? All I can tell you is what my CBI contact has told me. She has said already that the Project to Delete the Zeros will occur and is planned to occur. This is not digital currency! That will come later once reinstated. We all know that this project will not happen until the rate revalues in-country. 

What I don’t like about these many articles in today’s news from Iraq and the other past article about the CBDC is they only talk all about the advantages but NOTHING about the disadvantages and there are many too. They do not talk about the lack of freedom, privacy and the control over the population that they could, and probably will use, on the money supply to manipulate the population. This is not FREEDOM by any stretch of the imagination. 

Just think if they forced you to take a vaccine or forced implants under your skin with your personal banking data as part of this effort. It could be any number of futuristic events they want to force you into doing. If you refused, how would you survive if they shut off your money supply? They could easily do this even without a court order or due process within the CBDC. Would you be FREE any longer? We also know that brain implants are on the horizon to tie into a centralized computer. 

These brain implants can also monitor every thought, and artificial intelligence (AI) can then screen and filter your thoughts and raise red flags on those not in-line with the agenda of the government. Folks is this what you want? But the CBDC is the start of it, and it will progress and then link this monetary policy into other entities to control you. Yes, absolute control by the state. These entities and links are already laid out. This is not a conspiracy theory. The World Economic Forum (WEF) already told the public that in 2o years we will all be competing with AI and so we will need our brains to be hooked up the centralized computer network.

These are going to be very scary times ahead if we don’t put our foot down on this CBDC effort and stop it now. We must also contact our representatives in our governments to force strict rules on the use of AI. AI is moving too fact and we must catch up with it before its too late.

https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/

Walkingstick :they're redoing all contracts in Iraq because there will be a rate change soon!! #iqd

 

AL-SUDANI ISSUES 8 DIRECTIVES TO DEVELOP ELECTRONIC PAYMENT AND ENHANCE DIGITAL TRANSACTIONS IN GOVERNMENT DEPARTMENTS, 13 MARCH

AL-SUDANI ISSUES 8 DIRECTIVES TO DEVELOP ELECTRONIC PAYMENT AND ENHANCE DIGITAL TRANSACTIONS IN GOVERNMENT DEPARTMENTS

Prime Minister Mohammed Shia Al-Sudani issued 8 directives today, Thursday, regarding the development of electronic payment systems and the enhancement of digital transactions in government departments. 

According to a statement from Al-Sudani’s office, the directives were as follows: 

1. Assigning the Baghdad Chamber of Commerce, the Federation of Chambers of Commerce, and the Iraqi Federation of Industries to work on simplifying procedures, in cooperation with the relevant authorities, within a time frame of 6 months to implement the business automation and digital transformation project in these institutions, in a way that accelerates company registration procedures and enhances electronic payment systems.
2.  Facilitating the process of authenticating company contracts, especially simple and medium-sized ones, by issuing a confirmation letter from a notary public, and authenticating those contracts without delay.

3.Study the possibility of allocating a notary public office within the Baghdad Chamber of Commerce to ensure the approval of company incorporation contracts and facilitate the necessary procedures.

4. Obligating the company owner to open a bank account in one of the authorized Iraqi banks, based on official approval from the Baghdad Chamber of Commerce, as this is a basic condition for completing the registration procedures and obtaining the company’s identity and certificate of incorporation.

5. Enhancing the use of electronic transactions and digital payment systems within the new business environment, through coordination with the Central Bank of Iraq, and issuing a circular to all banks to facilitate account opening procedures for small and medium-sized companies.

6. Coordinating with the Central Bank of Iraq to issue a circular to banks to provide banking facilities and financial incentives to companies, including loans, banking facilities, and electronic transfers, enhancing the use of digital payments, and adopting technological financial solutions.

7. Preparing a media campaign to raise awareness of the new procedures, by producing content that explains to citizens and investors the company registration process, the advantages of digital transformation, and the banking opportunities available.

8. Forming a specialized committee from the relevant authorities to follow up on the implementation of these procedures and prepare periodic reports on the progress made in implementing the recommendations.

STATUS OF THE RV PART, 4 BY MNT GOAT, 13 MARCH

 STATUS OF THE RV PART, 4 

😊Also in the news they talk a lot about this digital currency once again. I think there are four articles on it this time. We witnessed now three of my past Newsletters dominated with articles about this subject matter too. So, is it important?

I want to emphasize again the this is a long-term project for Iraq and we will most likely be out of this investment and exchanged already by the time they do it, if they can do it. In the article titled “DIGITAL CURRENCY IN IRAQ: CRISIS OF CONFIDENCE.. THE BIGGEST OBSTACLE”.

 I quote from the article “However, despite the promising prospects of this step, the project faces a fundamental challenge represented by the lack of confidence of citizens in Iraqi banks, as a result of the accumulation of financial crises, administrative corruption, and weak banking services. Can such a step succeed in an environment that is ranked among the highest in the world in cash circulation outside the banking sector?”

We can clearly see that a replacement of paper currency by a digital currency is not feasible at this time for Iraq but it will still be pushed in the future.

 But who is really pushing this agenda of a Digital Currency for Iraq?

In yet another article this question is answered. The TRUTH comes out who is pushing this agenda for a Central Bank Digital Currency (CBDC) for Iraq this time. We know that in December 2021 the then President Biden set in motion an analysis of the prospect of changing the US dollar to a digital currency. 

As we have witnessed this already for the U.S. in 2021 then now in 2025 this same entity has come to Iraq and is pushing this idea on them too. Yes, the U.S. so far had been suckered in to it and gone along with it until the newly elected President Donald Trump is stopping it. Can he also mandate that Iraq too put a stop to this nonsense.

 I call it nonsense because it is the globalist mechanism to get full and utter control over the entire global money supply, one country at a time. Remember just who the Central Bankers are. They are globalist elite, the very wealthy, the banking cartel. They do not represent you and me. Do we really want them controlling every aspect of our lives and using our wealth as bribery to adhering to their globalist agenda and mandates? Oh…. They call this blackmail, but remember once it’s done you can’t turn back. There is no trying it out concept.  

https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/

WALKINGSTICK: I'll take a new exchange rate for the IQD that I have in my reserves and deaL!!#iqd

 

US NATIONAL SECURITY ADVISOR TO SUDAN: ENDING EXCEPTION FOR ELECTRICITY SUPPLY FROM IRAN LINKED TO MAXIMUM PRESSURE POLICY, 13 MARCH

US NATIONAL SECURITY ADVISOR TO SUDAN: ENDING EXCEPTION FOR ELECTRICITY SUPPLY FROM IRAN LINKED TO MAXIMUM PRESSURE POLICY

 

Prime Minister Mohammed Shia Al-Sudani received a phone call today, Sunday, from US National Security Advisor Michael Waltz, where both sides affirmed their commitment to strengthening and deepening the strategic partnership between Iraq and the United States.

The Prime Minister’s media office said in a statement received by {Euphrates News} that “the discussions focused on enhancing bilateral cooperation in the economic and security fields, as the Prime Minister affirmed Iraq’s commitment to expanding economic relations with the United States, encouraging American companies to invest in the growing Iraqi market. He also reviewed the important reforms and initiatives implemented by his government to create a more stable, transparent and attractive environment for investors.”

For his part, the US National Security Advisor encouraged the Prime Minister to rely more on American companies, and to work to solve the problems and remove the obstacles facing those companies operating in Iraq, including the Kurdistan Region of Iraq, to ​​encourage them to work and invest in Iraq.

The two sides also stressed the importance of joint efforts to build a strong Iraq capable of relying on itself. The discussions also included addressing issues and the role of American companies operating in this field. In this context, the United States renewed its commitment to supporting Iraq’s energy independence and expressed its readiness to cooperate in accelerating the achievement of this goal.

Regarding the security file, National Security Advisor Waltz affirmed the United States’ firm commitment to the security and stability of Iraq in the face of regional and international challenges. The two sides also stressed the importance of continuing cooperation to ensure Iraq’s sovereignty and stability in the long term, especially in light of the turbulent conditions in the region.

Waltz added that ending the exemption for electricity supplied from Iran is linked to the maximum pressure policy, which confirms the importance of bilateral coordination to avoid any potential negative effects on Iraq’s stability.

The call reaffirmed the strong partnership between Iraq and the United States, with both sides expressing their shared vision for a secure, prosperous, and sovereign Iraq.