After Rashid.. Rafidain warns against trading in “digital currencies and Forex”
After Rashid.. Rafidain warns against trading in “digital currencies and Forex”
2025-02-28 00:06
Shafaq News/ Rafidain Bank warned, on Friday, against using electronic payment tools in trading “digital currencies and Forex.”
The bank stated in a statement received by Shafaq News Agency, “In line with the directives of the Central Bank of Iraq, we call on customers to refrain from using electronic payment tools, including cards and electronic wallets, in trading digital currencies or Forex activity, whether for their personal account or for the account of others, directly or indirectly.”
The bank pointed out, according to the statement, “the importance of exercising caution and not dealing with unlicensed entities that promote these activities, given the significant financial and legal risks they entail, which may lead to the loss of funds or exposure to legal procedures in accordance with the applicable regulations and instructions.”
Last Thursday, Rashid Bank also warned against trading in digital currencies and Forex activity.
The Central Bank of Iraq issued a ban on cryptocurrencies in 2017, citing risks such as financial crime, volatility and consumer protection concerns.
Banks, financial institutions, and payment service providers are still prohibited from dealing with digital assets, making crypto transactions unavailable through formal channels.
In 2018, the Kurdistan Regional Government’s Supreme Fatwa Council issued a ruling against OneCoin , reinforcing the country’s cautious stance toward digital assets, but despite the restrictions, informal cryptocurrency trading continues, with enforcement against individuals still unclear.
shafaq.com
