CBI and CMC in Talks on Digital Payments Framework

By John Lee.

The Central Bank of Iraq (CBI) and the Communications and Media Commission (CMC) have held talks on regulating digital payment services and developing the legislative framework for Iraq's digital economy.

According to the CBI, Governor Nizar Nasser Hussein met the Commission's executive head, Balig Abu Kallal, to discuss a range of issues, including:

• Regulation of digital applications and electronic payment platforms to ensure compliance with Iraqi law
• Cooperation on anti-money laundering and counter-terrorism financing
• Reactivating financial transactions via TikTok and regulating payments to social media influencers and content creators
• Licensing global digital companies and platforms, including Apple, Google, and Meta (owner of Facebook and Instagram), to operate formally in Iraq
• A planned memorandum of understanding between the two institutions covering digital payments, financial technology, and electronic services

(Source: Central Bank of Iraq)

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