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In a landmark announcement that could reshape Iraq's financial future, the central bank of Iraq, CBI, has revealed plans to introduce a national digital currency. T With Iraq actively working toward economic reforms, t Speaking at the 9th Finance and Banking Services Conference and Ex He The banking sector will undergo fundamental changes, including a gradual decline of paper currency in favor of central bank digital payments, Al-Alaq stated, signaling a major s T For Iraq, w Governor Al-Alaq explained that the CBI is actively developing its own digital currency, w He further announced efforts to establish a national data center that will support the country's growing digital finance sector, ensuring a secure and robust infrastructure for digital transactions. A digital currency issued by the CBI could offer several benefits, including increased financial inclusion by providing access to financial services for unbanked and underbanked populations, allowing more Iraqis to participate in the formal economy. It could also enhance security by reducing dependency on cash, minimizing the risks of fraud, counterfeiting, and corruption. Additionally, digital payments can facilitate quicker and smoother transactions, both domestically and internationally, w Although the CBI has not directly linked t Many investors and economic analysts believe that as Iraq strengthens its financial system, the country moves closer to creating conditions necessary for a more stable and potentially stronger denar. The s T W For investors and citizens, t As the CBI takes concrete steps toward financial transformation, Iraq is positioning itself as a forward-t W
