Central Bank of Iraq to Launch Digital Currency
The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced the development of a Central Bank digital currency aimed at gradually phasing out traditional paper currencies. This initiative is aligned with a growing trend among central banks globally towards digital payment systems.
Al-Alaq stated, "The financial and banking system will witness fundamental transformations, including a reduction in the reliance on paper currencies as we transition to digital payments." He emphasized that this move is not just an isolated initiative but part of a broader global shift towards digital finance.
In further comments, Al-Alaq highlighted plans for establishing a data center in Iraq, which will support the ongoing push for digital transformation within the banking sector. "We are seriously considering the creation of this data center as we advance in our efforts towards digital modernization," he explained.
This strategic initiative underscores the Central Bank’s commitment to enhancing the efficiency of Iraq’s financial system, paving the way for a more robust and accessible banking environment.
