Recently, the Central Bank of Iraq has made an announcement that the new Iraqi dinar’s introduction has been delayed because of the conflicts with the advanced technology that it will utilize. According to the said bank, drastic new functionality which includes near-filed communication and fingerprint recognition pledges to create a world-premier monetary system, which will governments all over the globe will envy.
The years of alliance between Goldman Sachs, the World Bank and the Central Bank or Iraq, has paved the way for the creation of a database to keep track of the ownership and location of every dinar note, making the supervision of transactions, simpler, more effective and easier.
Springfield Heights Institute of Technology professor, John Frink, who worked on the said program explained that every note already has its very own serial number, so it is simply a matter of setting up a database in recording the movement and location of every note. He also added that near-field communication, also known as NFC, which is already utilized in contact-less debit and credit cards, enables the notes to clearly communicate with the users’ mobile phone and relay the detail to the programmers’ computers. Frink further expounded that touch-sensitive paper can also record the fingerprint of the users for extra peace of mind.
Once everything has already been fixed and prepared, it is expected that the Iraqi dinar will play a great role in the world banking. As of now, the CBI is making a huge preparation to finally introduce the new Iraqi dinar.