Please stay away from investing in Bitcoin

• 2021/11/11
• Mostafa Ali Fikiki

Important advice: Please stay away from investing in Bitcoin and virtual currencies currently, as they are dangerous and illegal. The current rise in trading prices is a bubble that will not last, in addition to the lack of guarantee of recovering amounts. It is worth noting that most countries in the world are still studying the legality of trading in these currencies, and this means that the beneficiary currently has no right to claim any rights in the field of investing in them legally, because there is no global legal regulation for them. At the local level, the Central Bank of Iraq has issued instructions in this regard, which stipulate the following: (Bitcoin is a virtual electronic currency that is traded over the Internet only without a physical presence. It is used for purchases over the Internet and supports payment using Bitcoin cards, or it may be converted to traditional currencies in some cases. Therefore, it entails several risks that may result from its circulation, especially with regard to electronic piracy and fraud. Although it is not popular inside Iraq, we support issuing such orders not to use it and subjecting those dealing with it to the provisions of Money Laundering Law No. (39) of 2015 and the laws related to this. In particular), which means that those who deal with it are exposed to legal accountability.