Syria is the first Arab country to establish a digital currency

[Nezar 7169]

How are you? I think that everyone who has read the title of this topic will enter it while they are surprised, as happened to me when I read this topic
The title was that there is a company that will launch the first Syrian digital currency for external trading soon.
The title was that there is a company that will launch the first Syrian digital currency for external trading soon. I entered the site and was surprised that there was news that the preparation for launching the first Syrian digital currency abroad was completed. The director of the organization, Fadi Shammout, explained to Al-Iqtisadi that “the digital currency can replace the dollar in foreign trade transactions such as the import that drains a large reserve of foreign currency.” It causes an increase in demand for it
He added that this can be achieved by contracting with companies and countries outside to deal in a currency (Lira), especially in light of the international trend to reduce the float of the dollar globally, whose seriousness appeared when the BRICS countries issued a digital currency of their own, allowing countries that have economic sanctions to deal with them. Shammout said that the laws and legislations in Syria prevented the new system from providing its services inside Syria, knowing that it would have positively reflected on the living reality of the Syrian citizen and support the national economy. And he explained that if the idea was adopted at a governmental level, it would lead to the gradual and final abolition of the dollar and the raising of the value of the Syrian pound, and lead to easy integration and interdependence between developed countries in the field of the global digital economy in the future.
But despite this government ban, the company will proceed with its project within the Syrian territories, as he says:

According to Shammout, "The company is currently working on establishing its infrastructure in Syria despite all the difficult circumstances and the modest environment, and coordination with companies that refuse to deal in the Syrian pound or accept requests from Syria, because of the economic blockade imposed on them such as Google Play and other companies." Shammout hoped that the government would pay attention to the Syrian pioneering minds, build the incubating environment for them, and provide support in all its forms to preserve them in their homeland, and not to exploit or displace them from the weak souls.

With the continued fluctuation of the dollar exchange rate against the lira in the parallel market, one economist recently suggested that Syria should convert to the digital currency, expecting the proposal to have a significant impact on reducing and controlling the exchange rate and increasing the purchasing power of the citizen.

In response to the proposal, the economic expert, Abed Fadliya, emphasized that activating the electronic payment or finding a Syrian electronic currency has positive repercussions on the Syrian economy, but they have nothing to do with the dollar exchange rate, because the latter is determined according to supply and demand, and is not affected by the financial dealing mechanism, whether it is electronic or Paperless.

You can read the full story by logging in to this link https://shaamtimes.net/214431/ The company is launching the first Syrian currency to trade /

Edited March 14, 2020 by Nezar

[rekter 8129]

I understand perfectly that governments are looking to get out from fiat cash, but the main problem i see with these kind of solutions is Cryptocuurencies doesn't equal Digital currencies. Digital currencies just happens to be a spectrum that cryptocurrencies fall under. I honestly think that politics on some currencies under that umbrella couldn't be more far away from each other.

Edited March 14, 2020 by rekter

[Brand1 1336]

It is very nice for an Arab country to add a cryptocurrency to it to replace it with foreign currencies, and I liked this matter a lot, but I think that a quarter of this project needs some time in addition to large amounts of money until it is implemented

[BTC Future 3946]

In order for a digital currency in Syria to succeed it must be backed by assets as gold and oil. The value of a currency mostly has to do with it's dynamics outside of the country. In order for a Syrian digital currency to be accepted by their trading partners it must be backed by strong assets.

[AmjadBydn 0]

This is good news for our country ! and I think this will make our economy stronger than before ! this is good step for joining to digital currency world !

[magd 5231]

This may be true in Syria, but you say a digital currency, not a cryptocurrency. There is a big difference between the digital currency and the cryptocurrency. In my opinion, Syria cannot deal in the decentralized market, meaning that the digital lira will have oversight.

[Yunusalemu 0]

2 minutes ago, Binjit said:

This is the good news for cryptocurrency that syria established a digital currency but there is hard 
to work on digital currency because of situation of syria but it is good message to other countries

Yes indeed this is definitely a real good new to read about, but this is not only for the crypto industry but also to the people of Syria, i pray this help them out of the problem they face in thier country, let this help clear out the tragedies of war they had too

[teminalibug 309]

On 4/1/2020 at 1:21 PM, BitTim said:

Yeah and am sure many others Arab countries  will follow because there are benefits associated with all this and we should understand that syria will truely improve largely without any challenges at all times 

many arab/middle east countries have real any problem with the cryptocurrencies, it is Europe and Asia that are keeping their disbelieves.

[jacker 1095]

I do not value money, but I consider Syria a pioneer in the Arab countries to do this. This is of great significance, it's like paving the way for the emirate to follow. I hope that this currency will have a positive impact on the Syrian economy and Arab in general.

[Dark_Sky 8489]

On 3/15/2020 at 7:12 AM, Brand1 said:

It is very nice for an Arab country to add a cryptocurrency to it to replace it with foreign currencies, and I liked this matter a lot, but I think that a quarter of this project needs some time in addition to large amounts of money until it is implemented

Thats right so most of the people of their country will have a chance to discover and explore cryptoworld for them to have extra knowledge about it. 

[bitcoinb 1359]

I wish good luck to the team behind tis project because they will have to face to a lot of difficulties. I hope they will be able to do it for real.

[Saboor 511]

This is a great news for us and it will be an advantage to the Syria citizens, many countries will also follow their steps to have a good coin for usage. Congratulations to them.

[Upright 2688]

When countries are really into having to own and create their own Crypto coins, it really shows great potential on the long waiting history of the race of Crypto coins are actually being accelerated in its usage in nearly every continent 

[Rezort 846]

It is definitely great news for those who live in arab countries because it would be much more comfortable for them to make any investments in cryptocurrencies as well as transactions.

[Calvinpriva 17296]

This is very good news because it shows how many countries are now interested with digital currencies because they accept them in their governments and use them in their countries. I expect more things in digital currencies in the future.

[Whited35 15285]

Syria is that country which has been facing domestic terrorism for a long time.It is pretty much impressive if they are planning to uplift their economic state by adopting cryptocurrencies. I think they will work very hard to make their cryptocurrency available even outside the Syria. 

[bitcoin-shark 1928]

It seems to me excellent that Syria has made its own digital currency so that it can somehow be independent of the real dollar and all other real currencies and no longer depend economically on foreign countries is a good initiative that I hope will soon be followed by other Arab countries

[iloveyobit 6599]

At the moment, Syria is in the midst of a great war for this. I do not think that creating a digital currency will help it in any way. But in any case, I hope that the campaign will succeed if it comes out into the open..

[CryptoMaxim 3829]

On 20.03.2020 at 16:53, Batoul al eman said:

Frankly, I enjoyed reading this article, I hope that this project will be completed, really this is beautiful, and we hope that all Arab countries will undertake such a project.

I agree with you. If this happens it may be a starting point and an example that other countries will follow suit.

[MLAMECHE01 34]

it can be a pragmatic solution for Syrian people to replace their currency .

[Orlandito 58]

Ohhhh, very interesting what I just read. It seems good to me, also because I believe that in an order of economic reserve Syria is very prepared, remember that it has large reserves of oil and gold. We must closely follow the evolution of this news. Thanks for sharing it with us. 👍👍👍

[eortega2020 21]

Yes, very interesting, he did not know this information, and it is seen that his reserves of resources are important. You never know !!!

[Orlandito 58]

2 hours ago, eortega2020 said:

Yes, very interesting, he did not know this information, and it is seen that his reserves of resources are important. You never know !!!

Yes brother! I didn't know it either, but I started to investigate and yes. Hopefully everything goes well with that. Long live cryptocurrencies!

[Therry29 28]

I would like to know what benefits this brings both for the country and for the world of cryptos

[jfcrypto7 131]

If everything that was described in this post, turns out to be true, then this will be very good news for the Syrian people, it will help to be more independent and also to have a different currency that can't be controlled by other governments, in the middle of the war they are experiencing it will be refreshing news, this might be a good solution for other countries who are suffering from blockades or similar situations.