RJG Posted Thursday at 02:43 PM Report Share Posted Thursday at 02:43 PM Call to establish a digital gold market in Iraq Economic 2024/10/31 Facebook Twitter Telegram Print +A -A Baghdad: Hussein Thagb The economic and financial expert, Dr. Saif Al-Halfi, called for the establishment of a digital gold market in Iraq, the establishment of which requires cooperation between the Central Bank of Iraq, the Securities Commission, and the Iraq Stock Exchange, as it provides Iraqi investors with the opportunity to participate in the global gold market, which attracts additional investments to Iraq, and also enhances cooperation between the Iraqi banking system and international financial institutions. Al-Halfi said that the Central Bank can issue digital gold bullion in different weights: 1 gram, 10 grams, 100 grams, approved by the government. These digital bullion can be traded on the Iraq Stock Exchange in the same way that stocks or bonds are traded, and through the market’s financial intermediaries system, where investors can buy bullion using local currencies or convert them into foreign currencies. He added that the market can be linked to global gold prices and currency exchange rates, which enhances transparency and interaction with the global market. A platform similar to the Forex markets can also be used to trade digital gold inside Iraq in the Iraq Stock Exchange, noting that gold prices will be determined according to global exchange rates for gold and foreign currencies. This will allow investors the opportunity to speculate on gold price fluctuations and link them to changes in global currency prices, which increases profit opportunities and creates many job opportunities. Regarding the economic benefits, Al-Halfi said: Through this market, liquidity is withdrawn from the banking system, and the digital gold market can act as a tool to withdraw cash liquidity. Instead of keeping money in banks, investors may prefer to buy digital gold, which is a safe asset that maintains its value, protects the investor’s money from high inflation rates, reduces the money supply, which is the goal, and limits inflation. He pointed out that the digital gold market contributes to diversifying the Iraqi economy, away from the traditional reliance on oil. The market can be a platform to encourage financial innovation and develop new investment tools, especially exploiting the opportunities of the Faw Port entering operation next year, and what it provides in terms of a large base for investors, especially individuals and companies, as well as the goal we seek on the path of development. He pointed out that establishing a digital gold market requires a strong technical infrastructure, including secure electronic platforms and clear regulatory laws to protect investors’ rights. This will increase job opportunities, the ability to diversify and innovate, and the emergence of a start-up culture. Al-Halfi explained that the digital gold markets aim to enhance transparency and ease in gold trading, and provide investors with a real opportunity to work, trade and speculate on gold prices without the need to own actual gold. When the investor wants to convert gold into bullion or jewelry, these foundations allow him to convert digital gold into bullion while paying mining and crafting fees. All of these products create real and comprehensive investment business opportunities, which creates and enhances a flexible and innovative investment environment in Iraq. Gold is one of the financial assets that has always been a safe haven for investors, especially in times of economic, political and regional turmoil. Here, with the global digital and financial development, new markets have emerged for digital gold trading, where gold can be easily bought and sold through electronic platforms. In light of these developments, it is possible to create a market for digital gold trading in Iraq, especially with the government’s trend towards establishing digital banks and strengthening electronic payment systems, especially the use of electronic payment cards. https://alsabaah.iq/105123-.html 1 1 1 Quote Link to comment Share on other sites More sharing options...
screwball Posted Thursday at 08:56 PM Report Share Posted Thursday at 08:56 PM interesting BRICS and Iraq talkig about metals exchange....nice i like it 1 Quote Link to comment Share on other sites More sharing options...
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