Economic Analyst is the central bank’s move to ban currency trading default the action is necessary to maintain the gravity of the Iraqi economy

Posted by on May 28, 2014 | Leave a Comment

Tuesday, 27 May 2014 17:12

Counting economic analyst Chairman Economic Information Center Dergham Mohammed Ali, the central bank’s move Bhoudr transactions in one virtual currencies the action necessary to maintain the gravity of the Iraqi economy and the banking and financial transfer.

Said Mohammed Ali, said that “the Central Bank is of paints fiscal policies, which defines the mechanics of trading cash and what is allowed trading in the banks to maintain sobriety banking in Iraq on the one hand, as well as prevent money laundering or cases of manipulation that can occur distasteful regimes payment or convertible currencies for manipulation and fraud just search for ways global discreet in financial transactions in order to protect customers and the protection of Iraqi funds from manipulation. “and added,” Any monetary system default is sober or porous and manipulation, the central bank authorized legal preventing trading under the Law of the Central Bank, so the evaluation of the credibility of the currency in circulation either in cash or electronically is what determines the possibility of formally adopted in Iraq or considered illegal, prompting the central bank to act according to international standards discreet to prevent leakage so transactions are illegal in the country. ”

He continued, “The monitoring and follow-up ongoing for the Bank to such cases would prevent making Iraq a base for money laundering to take advantage of the unstable security situation or economic conditions fragile to enter hold such stock is solid, so the monitoring mechanisms for dealing and money transfer important and necessary at this stage.”

The CBI said not dealing in the currency of deciding Quinn (bit coin) electronic in any way, warning imposing legal sanctions against anyone who tries to deal with financial institutions or banking companies or even people.

The director of the Central Bank and the Agency Abdul Abbas Khalaf Sultan in a press statement, said that “the central bank decided not to deal in the currency of deciding Quinn (bit coin) is final and prevent traded in financial institutions and retail banking, being not issued by a central bank and are traded outside of the powers of the Cash confirms it’s illegal. ”

He added that “currency include suspicion of money laundering and use Palmqbader via the Internet will not be the central never promoted or handled,” noting that “countries with weak law and financial control is the trading of currencies like so.”

It is noteworthy that this currency is electronic currency fully traded online only without the presence of a physicist, she also differs from the currency traditional that there is no regulatory body centralized behind it, but can be used like any other currency to buy online or even converted to the currency of conventional


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