Cryptocurrency Q&A
Why is crypto banned in Iraq?
Why is crypto banned in Iraq?
lucas_jackson_pilot
Wed Jul 10 2024
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6 answers
1526
Could you elaborate on the reasons behind the ban on cryptocurrency in Iraq? I'm curious to understand the specific concerns or challenges that led to this decision. Is it a matter of regulation, security, or economic stability? Has the Iraqi government provided any official statements or guidance on this issue? It seems like a complex topic with potential implications for both the individual investors and the broader financial system, so I'd appreciate a thorough and insightful explanation.
6 answers
Giuseppe
Fri Jul 12 2024
The Iraqi Central Bank implemented a ban on cryptocurrencies in 2017, citing regulatory concerns and the potential for financial instability.
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SolitudeEcho
Thu Jul 11 2024
Despite these regulatory actions, cryptocurrency exchanges like BTCC continue to operate in other jurisdictions. BTCC, a UK-based exchange, offers a range of services including spot trading, futures contracts, and digital wallet solutions.
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Elena
Thu Jul 11 2024
Following suit, the Kurdistan Regional Government's Supreme Fatwa Board issued a ruling in 2018 against the use of the OneCoin cryptocurrency, citing similar concerns over its legitimacy and potential risks.
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Giulia
Thu Jul 11 2024
Meanwhile, in the neighboring region, Kuwait's Capital Markets Authority took a more stringent approach in July 2023.
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henry_harrison_philosopher
Thu Jul 11 2024
As part of its anti-money laundering efforts, the Kuwaiti regulator prohibited all transactions involving virtual assets, including cryptocurrencies.
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