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Samson » February 23rd, 2022

The Arab Monetary Fund issues a “Practical Guide for Arab Central Banks on Issuing Digital Currency”

23rd February, 2022

Growing interest in digital currencies for retail payments in Arab countries

The importance of reviewing existing legislative texts, where the definition of digital central bank currencies and the identification of legal currency in the texts as a final settlement currency represents the most important legal challenges

Fifty eight percent of Arab central banks responding to the questionnaire consider distributed ledger and blockchain technologies to activate digital central bank currencies, and 88 percent of them are also considering other alternatives through modernizing the payments ecosystem such as instant payments and APIs

Arab countries vary in preparation for assessing opportunities to adopt and activate the digital currency, some of them have established ad hoc committees, and there are those who started studying use cases, and there are central banks that have moved to the stage of experiments

The need to enhance and accelerate end-user access to digital financial services and provide more innovative and competitive solutions to reduce the risks of financial exclusion and improve transaction efficiency

Bi-level design of central bank digital currencies for retail payments enables risk mitigation, if commercial banks are not included in the central bank digital currency system

Activating the digital identity, balancing data privacy and combating illegal financial activities, and placing restrictions on balances and transaction amounts to control the volume of digital currencies in circulation, are the most important proposed policies

Monday, February 21, 2022, the Arab Monetary Fund issued a “practical guide for Arab central banks on issuing digital currencies”, prepared within the framework of the work of the Regional Working Group for Modern Financial Technologies. 

The guide can be viewed by clicking on the link    LINK

A legal expert reviews the benefits of Iraq’s exit from Chapter VII

23rd February, 2022

The legal expert, Haider Al-Sufi, detailed, on Wednesday, the benefits of Iraq’s exit from the seventh item list after it had paid all the financial dues to Kuwait.

Al-Sufi said in an interview with “Mawazine News”, that “with Iraq’s exit from Chapter VII, there will be global economic credit for economic companies, which were afraid of losing before Iraq left this item.”

He explained, “In the past, Iraq had a high credit score before the economic sanctions were imposed on it, but now its credit strength has been restored as one of the first leaders in oil-exporting countries, in addition to its high reserves of hard currency, which gave a guarantee and protection for Iraq’s money, and major companies can build their projects.” and invest in it.”

He continued, “Our economic dealings will change now after countries and insurance companies imposed high insurance fees on their ships and planes that enter Iraqi airspace or waters, but now the insurance tariff will be significantly reduced.”

He pointed out that “the economic boycott of Iraq will disappear after Iraq was suffering from an economic boycott of the countries due to the sanctions imposed on it, and soft loans will be provided with low interest rates for the establishment of important service projects and others.”

And Foreign Minister Fouad Hussein announced, earlier today, Wednesday, that Iraq had exited from Chapter VII procedures.  LINK

Source: Dinar Recaps


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