Thurs. AM KTFA News Articles 4-7-22

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Samson » April 7th, 2022

A legal expert reveals a surprise: The caretaker government can send the budget to Parliament

7th April, 2022

Legal expert Faisal Rikan revealed, today, Thursday, the possibility of the current caretaker government sending the general budget to Parliament.

Rikan said in a statement to (Baghdad Today), “The current year’s budget was prepared before the government turns into a caretaker and before the parliament is dissolved in 2021.”

He added, “The caretaker government should send the budget law to Parliament and indicate that it was completed and prepared when the government had full powers to be discussed by the House of Representatives.” And he continued, “Iraq has a new, complete parliament, with full powers, and it can pass the budget law.”

Rican pointed out that “the government cannot prepare the budget and send it to Parliament, even if it has been delegated by the House of Representatives, because the mandate must be in accordance with the constitution.”   LINK

The Central Bank of Iraq prohibits speculation and trading in digital currencies

4th April, 2022

The Central Bank of Iraq decided, on Wednesday, March 30 (March) last, to prevent the use of cards and electronic wallets for the purpose of speculation and trading in digital currencies of all kinds

The Central Bank of Iraq called on all authorized banks and non-bank financial institutions to educate customers and warn them of the risks of trading in digital, encrypted and virtual currencies, in order to ensure the optimal application of the due diligence procedures referred to in the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015 and the instructions issued thereunder

It is noteworthy that the Central Bank of Iraq warned at the end of last year against dealing with digital currencies, given the “great risks associated with these currencies, and that they are not subject to any legal, regulatory or technical controls or legislation in Iraq.”

Researchers in the Iraqi economic affairs praised the decision of the Central Bank, stressing that it is too early to allow dealing with digital currencies in Iraq, and considering that the decision to prevent trading and speculation in digital currencies is currently a correct decision to protect citizens and avoid the destructive effects resulting from the circulation of those currencies

A criminal phenomenon

In this context, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, commented, “The monetary authority believes that this type of digital abuse is close to dealing with pyramid digital companies, and it is a criminal phenomenon that falls within the operations of robbery and financial crimes, Rather, they are considered very risky operations, as they are outside the control of monetary authorities in all countries of the world and allow the thief to seize the money of those who use them

Right decision

On the other hand, economic researcher Saleh Lafta pointed out that “digital currencies are circulated in most of the developed countries of the world, and even several countries, such as the United States and China, have started their own national digital currency projects, but these countries have a sophisticated banking system and a high-tech electronic infrastructure. And a high level of cyber protection that prevents piracy and fraud, so there is no fear for its citizens from dealing and speculating in digital currencies.

As for Iraq, it is not qualified to delve into digital currencies, as the banking system is not a developed system comparable to the countries that allowed the trading of digital currencies, which can protect its citizens from fraud and can know the source Troubleshooting quickly and beyond what harms people.”

He added, “Add to that, there are no laws or regulatory legislation in force in Iraq that contribute to reducing fraud, money laundering and crime due to the novelty of digital currencies and the lack of knowledge and awareness of this type of currency and its lack of any controls inside Iraq, most of which are run by private companies that are not under control.” government from any country

The economic researcher expressed his belief that “it is too early to allow dealing with digital currencies in Iraq, and the Central Bank’s decision to prevent trading and speculation in digital currencies at the present time is a correct decision to protect citizens and avoid the destructive effects resulting from the circulation of those currencies

Monetary fad

In turn, the economic researcher, Bassam Raad, described digital currencies as a “monetary heresy,” noting that “a digital asset designed as a means of exchange, and it is secured by encryption, and one of its features is that it is not issued by the authority of central banks and lacks transparency and accountability, and it is thus It represents a danger, especially in the field of its use in illegal activities such as money laundering and criminal commissions,” noting that “due to the semi-anonymous nature of digital currency transactions, it has become a tool of the criminal economy and a means of fraud to deceive individuals with false profit opportunities.”

Raad considered, “The Central Bank’s decision to prevent the circulation of these currencies represents a good and important step to protect the funds of individuals in society and not to be victims of digital criminal operations, especially since these currencies are not subject to any legal or regulatory legislation in Iraq, and thus represent risks to its traders

Tighten the screws

On the other hand, economic researcher Evan Shaker believes that “this decision will increase the screws on traders and investors in encrypted digital currencies in Iraq, but it will not prevent them from trading, as there will be alternative methods of payment, because the technology is stronger at the present time  LINK

Source: Dinar Recaps

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