Iraq’s Central Bank bans financial transfers for TikTok users
Following a request from the Iraqi Ministry of Communications, the Central Bank of Iraq (CBI) has ordered that bank transfers involving TikTok users across the country be suspended.
The CBI issued official instructions directing all licensed banks and non-banking financial institutions to stop sending and receiving money for TikTok users.
The decision will have an impact on platform-related financial transactions like tipping and gift-giving, which are frequently made possible by the app.
Virtual gifts, which are frequently bought for cell phones and other electronic devices from online shops, will no longer be able to be exchanged for cash in Iraq.
The suspension means that Iraqi TikTok users will no longer be able to utilize these virtual gifts for financial gain, which could lead to a significant reduction in income for many content creators who rely on these transactions.
The CBI’s move is a part of larger concerns about how TikTok is affecting Iraqi society; earlier conversations suggested that the app would be banned completely because of its alleged harmful impact on the country’s social cohesion.
Even while TikTok is still quite popular among Iraq’s youth, users who have invested in virtual currencies through the app face difficulties because of this financial constraint. Because of the prohibition, one user claimed to have lost access to about $4,500 worth of virtual currencies.
As the government tries to address social issues while managing the growing use of digital communication tools, the step demonstrates the persistent conflicts that exist in Iraq between regulatory bodies and social media platforms.
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