Digital currencies and trading in them are a new and strange phenomenon for Iraqis in general, but they are widely spread in many countries of the world, and they deal with and adopt them as an important economic resource.
Recently and on a large scale, a digital currency called “Hazm” was launched by the Arab media, Muhammad Al-Arab, who was famous as the delegate of Al-Arabiya and Al-Hadath channels in Yemen to cover the war of the Saudi-led coalition forces against the Houthis. Modern digital currency.
Muhammad Al-Arab is a Bahraini journalist, of Iraqi origin, born in the city of Fallujah, east of Anbar Governorate, and this is what contributed to the widespread spread of his digital currency “Hazm” in Anbar, as hundreds of Anbaris, perhaps thousands of them, have invested in the “Hazm” currency and tried their luck. Through it.
Shafaq News Agency investigated the nature of the modern and widely spread currency in Anbar, as it was launched nearly three months ago, when one million bundles were equal to 500 dollars, but its rapid spread and people’s desire to invest in it, raised the price of the currency significantly to reach the price of one million bundles. To more than 24,000 thousand dollars, after the increase in the turnout of the Anbaris.
The Facebook groups, which Anbaris follow, are crowded with inquirers about the nature of the modern digital currency in order to invest in it. .
*Increasing traders with up to 10 times profit
One of the owners of modern digital currency sales offices in Anbar says that “because of the currency’s newness, there are many people who want to invest their money in it, but their fears of any fraud and fraud prevent this.”
The owner of the office told Shafak News Agency, asking not to be named, that “the real reason for citizens’ fears is that Iraqis do not unanimously possess a culture of digital currency, as there is no possibility of fraud, especially since many countries of the world deal with digital currencies extensively.”
He pointed out that “the currency is the same as the dinar or the dollar, it is subject to decline or rise, and the coming days are enough to answer all the questions and allegations of the skeptics.”
The spread of the currency in Anbar recorded large profits for its investors, amounting to nearly ten times, which prompted some to sell their properties to invest in “packages”.
The legality of dealing with digital currencies
With the launch of the currency and the start of citizens to invest in it, a number of Sunni religious scholars issued a fatwa prohibiting dealing with it, headed by “Abdul Malik al-Saadi,” one of the most prominent Sunni scholars and the group in Iraq and one of the senior jurists in Anbar, while some of them refused to issue fatwas on its legitimacy.
The head of the Council of imams and preachers of Fallujah district, east of Anbar, Sheikh Abdullah al-Kubaisi, says that this currency is “suspicious of its legitimacy,” noting that “leaving suspicion is the right way.”
Al-Kubaisi added, to Shafaq News Agency, that “e-currency trading is suspicious from a religious point of view, as some of the Muslim scholars permitted dealing with it, and others prohibited it and considered it usury, but as it is said that leaving suspicions is better.”
Shafaq News Agency contacted the researcher and interested in digital currencies Imad Muhammad, and one of the investors in the currency (“Hazm” as well, and he said that “a great reaction appears in front of anything new that appears in society, and it may be positive, but it is often negative.”
Emad explained, “Digital currencies are code’s, meaning (ciphers), with a modern technology called (Blockchain), which is a 100% safe technology from hacking, and neither the wallet nor the capital can be hacked, and money can not be wasted absolutely, because the technology (Blockchain) consists of nine stages, that is, even if someone managed to detect one or two stages, it is impossible for him to be able to bypass the next stage, and this is what makes it impossible to penetrate.”
And he stated, “Digital currencies are the currencies of the future, and I believe that ten years from now the whole world will turn to digital currencies and even adopt them as an economic resource for the country.”
Imad continued, “During my participation in a number of conferences and research related to digital currencies, inside and outside Iraq, and my extensive study on the bitcoin currency in particular, there are negatives and positives about all currencies.”
He explained that “the advantages are determined by three points, namely (speed, low transfer cost, confidentiality) as the transfer speed does not exceed one minute, that is, if I want to transfer any amount, even if it is very large, there is no need to go to the exchange or the bank, once If I have a digital dollar or any other digital currency, I can transfer the amount in just 60 seconds.”
He added, “The second point is (the low cost), meaning that I can transfer any amount with only one dollar, whether I want to transfer 10 dollars or a million dollars, the cost is one and it is one dollar.”
He pointed out that “the third positive point is (confidentiality), and this is what prompted some owners of suspicious transactions to deal with digital currencies, as they are conducted in secrecy between the sender and the recipient, as if I wanted to send an amount to another person, I do not need his name or number. his phone or any personal document, as well as for the recipient.”
As for the “packets” currency spread in Anbar, Imad says, “Since it was announced, I began to monitor and study it in detail for a whole week, to make sure if it was real or fake, and I purchased packages, worth 100 dollars, through Zain Cash, And now the hundred dollars have become 2,600 dollars, because any digital currency when it is launched has a very high rise, and it differs from the old currencies, which have been traded for years.”
Emad stressed, “My study on the currency proved that it is impossible for there to be any fraud in this currency, especially after it was entered into reliable global platforms, which are the European (WhiteBIT) platform, the Chinese (XT) platform, and the (Coin market cap) platform. American platforms, which are platforms that do not enter any currency into their database, except with impossible conditions, auditing and calculation.”
Imad speculates that “the price of the currency will reach 10 cents at the end of this year, and by the end of next year its price will be a dollar and perhaps more.”
*No guarantees and reminders of the “Samco” story
On the other hand, economic researcher Khaled Rokan says that “there is nothing to guarantee the rights of the investor in this currency, as any currency that is issued must be issued by an official body such as central banks or a specific country.”
In his interview with Shafaq News Agency, Rokan, a professor at the College of Administration and Economics at the University of Fallujah, added that “the demand for investment in Hazm currency came due to the citizen’s search for the easiest source of livelihood, but what if this source is devoid of any guarantee for the investor?”
And he indicated that “there are those who have sold their property to be able to invest in the currency, so what is the position of these people in the event that it is prohibited or banned, and as an economic expert, I see it as useless, as it is not supported neither in Iraq nor any other country.”
And he pointed out, “In the event of any fraud, fraud or depreciation of the currency to zero, no one has the right to sue its owners, because the law does not protect fools, for example what happened in the nineties of the last century in the famous Samco story, in Anbar.”
The famous “Samco” story is summed up by a large number of citizens in Anbar selling their properties and depositing their money with a person named “Sami”, to operate their money, and it turned out later that his company is fake and does not exist on the ground, after he defrauded a large number of citizens of Anbar.
Rokan concluded his speech by saying, “My message is to everyone who invested his money in packages and to the general public, whoever was looking for any investment project should look for an approved project that has a legal basis, so that the law guarantees him his right in the event of any fraud and fraud.”
* There is no information with the Central Bank of Iraq
Shafak News Agency contacted a number of Central Bank of Iraq employees to ascertain whether the currency was registered in the bank or not, but they confirmed that they were not aware of the existence of such currency in the first place.
Ahmed Al-Qaisi, an employee of the media office at the Central Bank, said that “until now, we do not have any information about this currency.”
He added, “We did not want anything official about the currency, and even we in the media office did not monitor any information in this regard.”
This was confirmed by his colleague in the media office, Ayser Jabbar, and a number of Central Bank employees.