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<p><strong>More than two decades after the Second Gulf War, the Iraqi parliament wants to ditch the dollar again. Why not embrace bitcoin?</strong></p>
<h2 id="h-the-iraqi-parliament-no-longer-wants-the-dollar">The Iraqi Parliament No Longer Wants the Dollar</h2>
<p>It is often said that the Second Gulf War was a “war for oil.” It was actually a war for the petrodollar.</p>
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<p>As explained in a previous <a href="https://www.cointribune.com/en/lirak-interdit-les-paiements-en-dollar-2/" target="_blank" rel="noopener noreferrer nofollow">article</a>, the main objective was to reverse Saddam Hussein’s decision to price Iraqi oil in euros instead of dollars.</p>
<p>24 years later, the Finance Committee of the Iraqi Parliament is calling for the diversification of oil sales into currencies other than the dollar. The committee has proposed forcing the Ministry of Oil to sell Iraqi oil in other currencies.</p>
<p>The goal being to circumvent U.S. sanctions. Indeed, the United States has significant control over the Iraqi financial system, with the Central Bank of Iraq regularly being prohibited from spending its own dollars.</p>
<p><em>“The U.S. Treasury still uses the pretext of money laundering to impose sanctions on Iraqi banks. The country must put an end to these arbitrary decisions,”</em> states the <a href="https://www.shafaq.com/ar/%D8%B3%DB%8C%D8%A7%D8%B3%D8%A9/%D8%A7%D9%84%D8%A8%D8%B1%D9%84%D9%85%D8%A7%D9%86-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82%D9%8A-%D9%8A%D8%AF%D8%B9%D9%88-%D9%84%D9%85%D9%88%D8%A7%D8%AC%D9%87%D8%A9-%D8%A7%D9%84%D8%B9%D9%82%D9%88%D8%A8%D8%A7%D8%AA-%D8%A7%D9%84%D8%A7%D9%85%D8%B1%D9%8A%D9%83%D9%8A%D8%A9-%D9%88%D8%A8%D9%8A%D8%B9-%D8%A7%D9%84%D9%86%D9%81%D8%B7-%D8%A8%D8%BA%D9%8A%D8%B1-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%88%D8%AB%D9%8A%D9%82%D8%A9" target="_blank" rel="noopener noreferrer nofollow">statement</a>.</p>
<p><em>“Imposing sanctions on Iraqi banks undermines and hinders the efforts of the Central Bank to reduce the gap between the official and parallel exchange rates,”</em> adds the statement.</p>
<p>Relations with Washington are escalating as financial blackmail is used to attempt to dry up funding for resistance factions. These groups harass U.S. military bases, which the Iraqi government has long been demanding be fully withdrawn, to no avail…</p>
<p><em>“It is clear that Iraq is economically dominated by the United States.</em> <em>Our government doesn’t truly control its own money. We believe it is crucial to move away from the dollar’s hegemony. This currency</em> <em>has become a tool for imposing sanctions on countries. It’s time for Iraq to rely on its national currency,”</em> Iraqi MP and member of the Finance Committee Hussein Mouanes stated last year in an interview with <em><a href="https://thecradle.co/articles/exclusive-iraqi-finance-committee-deputy-calls-for-diversification-away-from-us-dollar" target="_blank" rel="noopener noreferrer nofollow">The Cradle</a></em>.</p>
<p>Iraq is in the same situation as Russia, which saw its $300 billion in dollars and euros “frozen” at the beginning of 2022.</p>
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<p>It is no coincidence that Iraq has requested to join the BRICS club. The country of the two rivers will indeed be able to join Iran, Saudi Arabia, and the United Arab Emirates if it keeps on the path to <a href="https://www.cointribune.com/en/russia-takes-the-presidency-of-brics-and-reaffirms-the-goal-of-de-dollarization/" target="_blank" rel="noopener noreferrer nofollow">dedollarization</a>.</p>
<p>Moreover, if Iraq truly wants to control its international foreign currency reserves, it should turn to bitcoin.</p>
<p>Bitcoin is both a reserve currency and a payment system. It allows bypassing the <a href="https://www.cointribune.com/en/the-russian-alternative-to-the-swift-network-connects-20-countries/" target="_blank" rel="noopener noreferrer nofollow">SWIFT network</a> and the whims of the issuing countries of the major international reserve currencies.</p>
<p>Stateless, uncensorable, and the ultimate store of value… Bitcoin is poised to replace the greenback as the international reserve currency par excellence.</p>

Iraq no longer wants to sell its oil in dollars

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