Iraqi government bank warns against trading in digital currencies and “forex” activity
Iraqi government bank warns against trading in digital currencies and “forex” activity
2025-02-27 00:16
Shafaq News/ Rashid Bank warned, on Thursday, against trading in digital currencies and Forex activity.
The bank said in a statement received by Shafaq News Agency, “Based on the directives of the Central Bank of Iraq, we warn all citizens not to use digital payment tools to actively deal with (Forex) and currencies on their own account or on behalf of others, whether directly or indirectly on their cards or wallets.”
He added, “Dealing with unlicensed entities that promote these activities exposes citizens to legal action and the loss of their rights.”
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. However, despite the restrictions, informal cryptocurrency trading continues, with enforcement against individuals still unclear.
shafaq.com
