Iraqi Central Bank warns against dealing with digital currencies

The Central Bank of Iraq, in an official statement, warned about the dangers of dealing with digital, encrypted and virtual currencies because it is not subject to controls or legislation that provides a legal shield for it, potentially resulting in significant financial losses for their dealers. Financial and banking experts stated that the warning was issued as a result of the use of these currencies in money laundering activities; therefore central banks abstained from their responsibility for the harmful repercussions of speculators. Economists, for their part, explained that investing in digital currencies is subject to fraud due to the lack of knowledge about the source of the dealer, but this warning does not mean the ability of those banks to prevent speculators and investors from dealing in them globally and online.