Central Bank of Iraq outlines national e-payments projects and says work is under way to regulate crypto-asset activity

In a speech at Baghdad’s Comprehensive Transformation Conference for Electronic Payment, Central Bank of Iraq Governor Ali Mohsen Al-Allaq set out the Bank’s work to develop electronic payment systems and settlement infrastructure in an integrated, secure way aligned with international standards, positioning the effort as support for government initiatives including salary localisation and development financing programmes. The programme includes national projects such as an instant payments system enabling 24/7 transfers, a unified payment gateway for government entities intended to simplify procedures and reduce manipulation, a National Card Scheme aimed at building an independent national system and reducing reliance on external systems, and development of the national divider to handle rising transaction volumes with speed and stability. The Bank is also pursuing partnerships with regional and international institutions and deeper cooperation with global payment networks. Al-Allaq said work is under way to regulate dealings in crypto assets in a way that addresses risks and opportunities while supporting financial stability, strengthening fraud controls, and combating money laundering and terrorist financing. He also called for awareness programmes on the benefits of electronic payments and the risks of operating outside the official framework, alongside broader cooperation across government, banks, technology companies and civil society to build trust.