ARTICLE AD BOX
Wazine News – Baghdad
The Governor of the Central Bank, Ali Al-Alak, confirmed on Thursday that the digital currency that the bank intends to launch enhances transparency and reduces the leakage of cash out of banks, while revealing the trend to establish a data center that represents a success base for digital transformation.
Al-Alak said: “Financial technologies are developing very quickly, in line with the requirements of the financial and banking sector in terms of speed, accuracy and economic efficiency, in addition to transparency, control and the fact of the digital revolution that imposes itself in all sectors, including the financial and banking sector, which is the most benefit from the major transformations that are taking place.”
He added that “digital currency can serve many purposes, reduce the leakage of cash out of banks, and achieve a high degree of transparency, as funds can be tracked, whether in the fields of consumption, investment, saving or even in legitimate and illegal actions,
and it also provides important databases for analysis purposes, not only for the movement of paper money, in addition to the digital currency’s economics of printing and tracking.”
Al-Alak stressed that “we have started taking steps in coordination with international organizations to see the initial experiences in the digital currency file, which we do not want to delay,” explaining that “there are existing experiences in some countries of the region, and we are following up with the Arab Monetary Fund to develop the appropriate steps in this direction, and what it requires is infrastructure.”
He continued, “The central bank has advanced infrastructure, as the bank’s new building contains a sophisticated data center, and we are working on creating a data center that represents a success base for digital transformation.”
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