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Souriyati to Launch Digital Currency for Foreign Trading Soon

Souriyati is hoping that they will be able to overcome sanctions and currency issues in Syria by using digital currencies reports Al-Iqtissadi.
Souriyati to Launch Digital Currency for Foreign Trading Soon

The Souriyati company announced the end of preparations for the Souriyati Digital Economy System, which is based on electronic market, investment and digital currency trading. It said that it would launch the digital currency “lira” on Jan.1, 2020, for economic transactions and commercial exchange between actors contracted by this organization through the virtual world.

The organization’s director, Fadi Shamout, said: “It is possible that the digital currency will take the place of the dollar for foreign transactions, such as imports, which are a major drain on foreign currency and are causing an increase in demand for it.”

He added: “This could be achieved by contracting with companies and countries abroad to deal with them in ‘lira,’ especially in light of the international movement towards reducing dollar circulation globally, which looked serious when the BRICS nations issued their own digital currencies, allowing sanctioned countries to deal with them.”

Shamout said that dealing in the digital currency would be restricted to the outside world, linked to a Syrian pound account in Syria, so that it is not a threat to the national currency.

He said that: “The ‘lira’ is one form of support for the Syrian pound because the subscriber who joins the system from any country in the world will be made to buy Syrian pounds in exchange for obtaining lira, which will support the Syrian pound by increasing demand abroad.”

Shamout said that laws and legislation in Syria prevented the new system from offering its services inside Syria, noting that this positively affected the living situation for Syrian citizens and supported the national economy.

He said that if the idea was adopted on a government level, it would gradually and finally lead to an end of dealing in dollars and raise the value of the Syrian pound, which would easily lead to mergers and linkages in the digital economy sphere in the future.

Shamout added that branches would be opened inside Syria to serve Souriyati clients in terms of delegations coming to Syria and those connected with them inside Syria by economic or commercial ties, and that economic activities inside Syria will be contracted to build a symbiotic and interactive economic system with the aim of easing joint transactions and mobilizing economic interaction with the outside.

The Souriyati company was founded as a digital economy company in April 2019 with Syrian expertise. It is licensed in the global offshore system and is based in Lattakia.

According to Shamout, “the company is currently working to establish its infrastructure in Syria despite all the difficult circumstances and modest environment, and is coordinating with the companies that refuse to deal in Syrian pounds or to take orders from Syria because of the economic blockade imposed on it, such as Google Play and other companies.”


This article was translated and edited by The Syrian Observer. The Syrian Observer has not verified the content of this story. Responsibility for the information and views set out in this article lies entirely with the author.

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