CBI: Iraq Is Prepared To Launch The Digital Dinar.

[Luigi1]

Here's some articles of Dinarian interests...

Direct From The SANDBOX Report.

-A Plan To Launch An Industrial Zone At Grand Faw Port.

-CBI: Iraq Is Prepared To launch Digital Dinar.

Treat as rumors.  Not verified.  Your opine.

 

 

FROM IRAQI SOURCES:   Iraqi Ports: Plans To Establish An Industrial Zone & Large Companies At The Grand Faw Port.

ARTICLE:  The Iraqi General Ports Company confirmed on Wednesday that it has reached advanced stages of contracting with an int'l company to manage & operate the Faw Port.  It also indicated that a large package of projects will be announced at the Faw Port, similar to the refinery package.

 

The Director of the Iraqi Ports Company, Farhan Al-Fartousi, told the Iraqi News Agency (INA): “The fixed portion of the submerged tunnel will soon be 100% completed.  It will consist of two outbound lanes & two return lanes connected externally to the highway and internally to the submerged tunnel.”  He explained that “the submerged portion consists of 10 concrete blocks, 11 meters high, 34 meters wide & 126 meters long, weighing 45,000 tons.  These blocks were entirely poured into a special basin called the Submerged Tunnel Basin.”

 

He added, “After the sections were constructed, they were inspected & prepared.  Then, the flotation process began, i.e., lifting them with water & transporting them to the designated location.  Then, the process of submerging & connecting them to the fixed sections began.”

 

He explained that “our staff and the companies working with us—the Italian company Technical, which supervised the project, the Korean company Daewoo, which implemented the project & the Dutch company specializing in such work worldwide—were able to connect the 1st section & place it in place.  They opened it to the fixed section & it became part of the tunnel.  We toured & were present at this section, while at the same time, the staff began floating the 2nd section until it was fully formed.  After the ten sections are connected, the tunnel will be complete & ready to operate across both banks, whether from Um Qasr to Al-Faw or vice versa.”

 

Al-Fartousi further explained that “very advanced stages have been reached to contract with a scientific company to manage & operate the port.  We are awaiting the consulting company’s opinion on the contracting mechanism, regulations & other details.  After that, the file will be presented to the Supreme Committee for approval & we will proceed with the contract.”

 

Al-Fartousi pointed out that “there is a large package of projects, including the naval base project, which will be contracted within a month or a month and a half, followed by the liquefied natural gas (LNG) terminal project.  This is in addition to the large project, which is a refinery within the port complex & a petrochemical plant.  Contracts have been signed by the Ministry of Oil & we are following up on this file, which will be operational soon.”

 

He added, “We have a plan to establish an industrial zone & there are correspondences & companies interested in entering this large project.  A large package of projects similar to the refinery package will soon be announced in the port of Faw.”

 

-Iraq Is Preparing To Launch The Digital Dinar… A Step Towards A Cashless Economy!

The CBI is preparing to launch a national digital currency as part of a gradual shift toward a digital financial system aimed at reducing the use of paper money & enhancing transparency & financial inclusion.

 

The initiative relies on modern payment technologies & seeks to reduce transaction costs & combat money laundering.

 

Despite the lack of adequate digital infrastructure.  The CBI, meanwhile, reiterates its rejection of cryptocurrencies, deeming them illegal & warns against the activity of fictitious trading companies in the local market.

 

The Gov of the CBI, Ali Al-Alaq, revealed that the country’s financial & banking system is undergoing fundamental transformations, most notably the gradual decline in the use of paper currency in favor of digital payments.

 

During his speech at the Ninth Finance & Banking Conference and Exhibition, Al-Alaq confirmed that the CBI is working to create its own digital currency, which will be gradually introduced as an alternative to paper currency, following the experiences of several global central banks.

 

The CBI announced on December 16 that it would not grant any licenses to stock, metals & cryptocurrency trading companies, warning against the activity of fictitious companies claiming to have official licenses.

 

Despite the growing global spread of cryptocurrencies, Iraq doesn’t appear close to entering this high-risk digital world.

 

According to experts, these digital assets do not represent a real addition to the Iraqi economy, which is primarily based on oil exports & Dollar transactions in global markets.

 

Financial affairs expert Mustafa Hantoush told Al-Mada that “Iraq does not have a legislative or economic environment capable of accommodating these currencies.  Rather, they could become a tool for speculation & money laundering in the absence of oversight & regulation.”

 

He pointed out that “dealing in them is limited and informal, via external platforms & offices in neighboring countries, exposing investors to the risk of loss & fraud.”

 

Furthermore, according to Hantoush, cryptocurrencies are not based on real reserves or bank guarantees, making them highly volatile & unreliable in fragile markets such as Iraq’s.  According to economic researcher Ziyad al-Hashemi, the initiative to launch the “Digital Dinar” is an attempt to eliminate the chronic problems plaguing the monetary system, but its success remains in doubt.

 

In an interview with Al-Mada, Al-Hashemi explained, “There is a fundamental difference between digital currency & cryptocurrencies.

 

Digital currencies, such as the Digital Dollar or the Digital Dirham, are issued & regulated by central banks & are managed within an official regulatory framework.

 

Meanwhile, cryptocurrencies, such as Bitcoin, operate within a decentralized system that is not subject to any regulatory authority & are highly volatile in value due to their dependence on supply & demand.”

 

Bitcoin was the 1st cryptocurrency, emerging in 2009 as a response to the global financial crisis.  It was designed to operate outside the regulatory framework of central banks, making it an attractive tool for some, particularly in digital circles & criminal networks, due to the privacy & speed of money transfers it provides, free from government restrictions.

 

Transactions in Bitcoin are a legal violation, subjecting perpetrators to the provisions of Anti-Money Laundering & Terrorism Financing Law No. 39 of 2015.

 

The bank issued an official statement during the recent Dollar crisis, emphasizing that trading in cryptocurrencies is prohibited & not recognized in the country.  Regarding the anticipated Digital Dinar, he points out that “the CBI will be responsible for issuing & circulating it, allowing it to control & monitor financial transactions & contributing to the reduction of financial crimes & making it similar to paper currency in terms of sovereign value, with the difference that its circulation will be electronically only through bank accounts & digital wallets.”

 

Al-Hashemi believes that “the main goal of this step is to reduce reliance on paper Dinars hoarded outside the banking system & advance financial inclusion, as well as to attempt to limit the widespread use of the Dollar in local transactions by enhancing confidence in using the Digital Dinar as an official alternative in daily transactions.”

 

He adds that “the success of this project depends on providing an appropriate environment & strict implementation.  If this is achieved, the Digital Dinar could effectively contribute to withdrawing stagnant cash, revitalizing banking activity & stimulating credit, which could positively impact overall economic performance.”

 

However, Al-Hashemi does not hide his pessimism, emphasizing that The CBI currently lacks the basic components needed to ensure the success of this initiative, due to the significant flaws in its monetary policies, the lack of public confidence in the banking system & the recurring political interference in its decisions.  He believes that all of these obstacles could make the Digital Dinar a fragile project, suffering from the same problems as the paper Dinar.

 

He concludes by saying, “Ambition alone is not enough.  Without genuine reform of monetary policies, strengthening public confidence in banks & distancing politics from the economy, the chances of success of the Digital Dinar remain extremely limited.”

 

Furthermore, Mazhar Mohammed Saleh, economic advisor to the PM, believes that “central banks around the world, including the CBI, are still in the gradual preparation phase for the transition to the world of digital payments as a modern alternative to paper currencies.” This shift, he explains, does not change the essence of money & its basic functions.

 

Rather, it seeks only to improve the efficiency of dealing with it and reduce associated costs, in addition to strengthening financial oversight tools & reducing financial crime & money laundering.

 

Saleh confirms to Al-Mada that “this digital transformation in the monetary system does not mean that money will lose its function as a store of value, a means of payment and receipt, or a tool for unit of account & measurement of rights.

 

Rather, these functions will be fully preserved, but within a more transparent, governed & compliant environment to enhancing the monetary authority’s ability to manage monetary stability using the same monetary policy tools.”

 

Saleh explains that “digital money can expand the scope of banking services to include the poorest & most vulnerable segments of society by facilitating the opening of digital bank accounts.  Digital money will be available to all citizens, from the smallest monetary unit to the largest, allowing for instant settlement of transactions without delay or wasted rights or time.”

 

He points out that “providing digital liquidity widely within the banking system, with minimal liquidity risk, will enable low-income groups to obtain immediate & affordable digital loans at a lower cost, given that the funds will remain within the banking system & will not require large reserves or financial hedges.

 

This will optimally leverage the digital credit multiplier, enhancing financing & stimulating economic activity without compromising economic stability or causing monetary inflation, as long as monetary policy tools remain effective.”

 

The economic advisor emphasizes that “implementing this project requires precise & extensive investments in information technology, such as smartphones & social networks, along with the necessity of an advanced digital infrastructure, most notably a reliable internet network, as it is the backbone of the success of digital payments.

 

 He also emphasizes the importance of a solid legal structure that protects the rights of users & customers & ensures the security of networks from breaches, within a comprehensive cybersecurity framework that aligns with the rapid development of digital services worldwide.”

 

 

 

 

 

[screwball]

1 hour ago, Luigi1 said:

This shift, he explains, does not change the essence of money & its basic functions.

 

Rather, it seeks only to improve the efficiency of dealing with it and reduce associated costs, in addition to strengthening financial oversight tools & reducing financial crime & money laundering.

 

Saleh confirms to Al-Mada that “this digital transformation in the monetary system does not mean that money will lose its function as a store of value, a means of payment and receipt, or a tool for unit of account & measurement of rights.

sounds good to me!

[Luigi1]

Here's MZs two cents worth...We demand to know why...

 

 

MarkZ via PDK:   We Demand To Know Why.

ARTICLE:  Articles today asking the government what are the reasons for delaying sending the Budget Tables to parliament?  

 

They have everything.

They have done everything & they have agreed to everything. 

Why don’t they have the Budget Tables?  

 

My opinion is because they have the new rate in it.

That is why.

It is very clear they are trying to hide something that is in those Budget Tables.

 

[NWGUY]

Maybe Mark should talk to Frank who has all the CBI contacts and verify the new rate is in those Budget Tables....seems easy enough to me!   

[hspotman]

So with this new digital dinar, does that necessarily mean they have to raise the rate? We know gurudiots say yes.  But a dinar is always going to be a dinar, no matter what the rate. So my guess is they 'can' go digital at 1160.  If they raise the rate next year, while being digital, the dinar will still be a dinar. But hopefully we'll be surprised and they won't wait....

[Charlie Echo]

https://x.com/CryptoHulk19/status/1754242225880596943

Ripple Turkey. Iraq is using with Euros

[Charlie Echo]

https://x.com/CryptoHulk19/status/1876110786671910913

 

Iraq and Ripple

 

https://x.com/CryptoHulk19/status/1885171120946766291

 

[Charlie Echo]

April.  Crypto ETFs Approved by SEC

 

Edited March 13 by Charlie Echo

[screwball]

11 hours ago, Charlie Echo said:

April.  Crypto ETFs Approved by SEC

 

yep and possible could see SEC drop case or negoitated settlement along with ETF's announcement both by design and all planned.

[screwball]

also setting up crypto reserve and over 150 billion in seized cryptos by US