Digital currencies to reshape Iraq's banking sector
Baghdad (IraqiNews.com) – The governor of the Central Bank of Iraq (CBI), Ali Al-Alaq, said on Monday that digital currencies will help transform Iraq's conventional banking system.
Al-Alaq clarified during the Conference on Reforming the Iraqi Banking Sector that the CBI wants to establish an advanced economy and emphasized the need for more funding for artificial intelligence research and development.
Al-Alaq explained that digital currencies have the potential to transform the conventional banking system, noting that the CBI has declared its willingness to carry out a plan for banking sector reform, the Iraqi News Agency (INA) reported.
In collaboration with the international consulting company Oliver Wyman, the CBI announced an extensive reform strategy designed to make the country's private banking industry a robust, innovative, and expansion-oriented system.
Al-Alaq revealed in late February that the CBI is planning to create a digital currency to replace paper notes in transactions with central banks.
The Iraqi official added that fundamental changes will take place in the banking and financial systems, including the limited use of paper notes, as they will be replaced by digital currencies in transactions between central banks.
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