Dealing in Bitcoin Currency will be Considered Money Laundering Crime: CBI

The Iraqi Central Bank issued a statement that the CBI doesn’t deal with the Bitcoin currency. The Bank also warned that currency dealers will be subjected to the cramping of the money laundering law. Point to be noted that Bitcoin has been considered a virtual electronic coin currency and it just trades online. The head of the CBI information office, Isser Jabbar said in a statement that the Bitcoin currency is being traded online without its physical presence. It just used for online buying selling and provides a payment support by using debt cards. Jabbar stressed that the Bitcoin currency involves a large amount of risk that might cause from its increase in circulation. He added that it might generate more dangerous electronic piracy and fraud, but there isn’t a major issue is Iraq.

Dealing in Bitcoin Currency will be Considered Money Laundering Crime: CBISo, the Central Bank of Iraq has confirmed that there is no need to use and subject currency dealers to the provisions of the Money Laundering Law No. 39/ 2015 and other related laws. The Bitcoin currency is being used for a global payment system and it can be compared to other international currencies such as the U.S dollar and the Euro. But, there are a number of fundamental differences and most important is that this currency is entirely an electronic currency. It just trade online without its physical presence and it has been considered the first decentralized digital currency. It is a system that operates without a central warehouse or a single manager. So, it has been considered a major difference as compared to the conventional currencies due to it doesn’t have any centralized regulatory authority behind the system.

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