Thank you for not only educating us on the future of money but also freeing us from our mental enslavement.
I am working on a plan to save the people of Iraq from the corrupt system they are imprisoned and strip power away from the violent government who think they have the right to rule over other men.
If you’d allow me I would love to tell you more about it. I am in need of your network to deliver on solutions to make cross-boarder transactions possible in Iraq. (below, I have pointed out an overall background to the current environment in Iraq, just to give you an idea of the landscape and opportunities, you can find this below this message).
Right now Iraq has the least developed banking system in the Middel East and North African region. 80% of the population does not have access to a bank account. BitPay does not support its services in Iraq due to US department of treasury’s Office (the OFAC). And Crypto is almost non existent in Iraq. I am on the mission of changing this.
Hope this message gets to the real Roger Ver.
If so, I would appreciate it if you could reply. I know your busy, but please understand I am talking about 38 million lives.
Much respect and sincerely yours,
What is my Mission?
To promote economic freedom and contribute to the adoption of cryptocurrency and blockchain in Iraq among merchants in Erbil, Iraq. By equipping 100 merchants and foreign investors with a payment solution for cross-border transactions by January 2020.
Right now I am working on building a network of people and organizations necessary to make this a reality. Hopefully you can assist in forming a collaborative force for good.
Challenges and opportunities
Bitcoin is supposed to be for everyone, anywhere in the world. Especially for those who do not have access to a bank account. However, it seems like that is not completely true. Because banks are still needed for fiat deposits, and to buy BCH. Yes, you can also purchase BCH through an ATM, but that cash from the ATM needs to go to a bank too at some point to get more crypto on the exchange for your hot-wallet.
Besides, the trade and economic sanctions set forth by the U.S. Department of Treasury's Office of Foreign Asset Control (OFAC) make it difficult for ANY company to engage economically by trade with persons or businesses from certain countries. This includes Iraq and 11 other countries.
The above mentioned leads to companies like Bitpay not providing their services because of fear of the potential consequences set up by US government. Also manufacturers of Bitcoin ATM’s are reluctant to ship their vending machines to Iraq because of unclear regulations and customs paperwork (bureaucracy).
My experience is that service providers and partnerships with firms like Bitpay are essential for the mass adoption of the technology. What happens when firms like that refrain from collaboration with industries across different marketplaces? What other solutions can I think of? Is Iraq doomed and not bitcoin worthy?
A few facts about the Iraqi banking infrastructure:
- Iraq has the least developed banking sector in the MENA (Middle East and North Africa)
- Low financial infrastructure associated with shortages of skills and technology contribute to the underdeveloped financial system
- The Iraqi banking system is dominated by the state-owned banks
- 80% of the population does not have a bank account (because of trust issues)
- Following the economic reforms in 2016, Iraqi banks froze all account and depositors were, to this date, unable to withdraw their own money
I could specify the cause and effect of the facts above in more detail, but I think you understand where I am trying to go. When I look at the above mentioned challenges I see many opportunities and potential that a decentralized eco system could provide in the form of cryptocurrency and blockchain.
However, I have not found many decentralized financial service providers willing to collaborate with me in finding a solution. Heck, even getting a Bitcoin ATM into the country is a hassle. But not impossible I found.
There is a huge demand for payment solutions. Especially among foreign direct investors for obvious reasons. Right now, merchants are dealing with physically having to move cash around across borders to Turkey. Paying high transactions fees and handling fees.
The Kurdish government (north-Iraq) has invested heavily in attracting foreign investors in IT infrastructure, agriculture & food industries, healthcare and financial services. However, the current financial infrastructure makes it very difficult to make cross-border transactions, hence many investors are irritated about the hardship they face making cross boarder transactions.
Despite all this, the Iraq Banking Reform Strategy – designed action plans to improve the overall situation orientated to organizational structure, IT infrastructure, risk management and banking supervision. Hence what you see is that the government is displaying the willingness to work on this but don’t posses the technological knowhow to actively proceed in finding a solution.
With the right plan, partnerships, payment service providers and education we can transform the financial sector in Iraq. There is a significant need for a secure, transparent, fast and reliable financial service and media provider. I would be hounered if I could do this together with Bitcoin.com team.
Hopefully we can make a difference in lives 38 million people in Iraq and work together in finding a solution for the economic enslavement forced upon the Iraqi people by its government.