[Post 1 of 2] Article: “Ali Al-Alaq: We are working on creating a digital currency for the Central Bank to gradually replace paper currency” Question: “Assuming this happens, will we need to turn in our currency and allow it to be converted to digital? If so, where will it be held?” No, the physical paper will always remain outside the country. That was part of their agreement to sell it to build their own reserves. We talked about this several years ago. Saleh stated the physical dinar currency would go into central banks around the world.
[Post 2 of 2] The digital transformation in Iraq is only for them. The reduction of physical dinar could take several years in Iraq. Keep in mind that notes that we hold such as 25,000 notes will always be their printed value. The exchange rate to US dollars should gradually increase based on Iraq’s economic growth (economic renaissance) and success over time and the development of their banking system.
