The Central Bank of Syria warned Syrian citizens of the risks of dealing in digital currencies, through an “awareness” statement published on its official platforms, after noticing unofficial activity and trading of digital currencies.
The bank defined digital currencies as virtual currencies consisting of storable digital codes traded electronically via the internet. They are not subject to supervision or licensing by any official authority, do not represent a recognized legal tender, and are not issued by the Central Bank of Syria. Therefore, transactions of buying and selling conducted with them are illegal, and dealing in them carries many risks that must be noted, the most prominent of which are:
The absence of legal regulation for these digital currencies and the lack of a clear regulatory framework, in addition to their possible use in illicit activities, expose users to risks and legal prosecution, making recovery of funds in case of loss impossible.
The spread of fraud and scams, because dealing in digital currencies takes place via untrusted electronic platforms or through hacking attacks on digital wallets. These exploit the lack of awareness and knowledge of safe practices in dealing with digital currencies, leading to financial losses.
Digital currencies are characterized by sharp price fluctuations, which may cause significant losses for investors and users within short periods, especially in unstable market conditions.
The bank called on citizens not to be lured by false promises of quick profits, and not to deal in, invest in, or trade digital currencies in any way, stressing that the responsibility for such activities rests solely on those who engage in them.
Trading in digital currencies is seen as one of the methods to confront the economic and financial challenges Syrians suffer from, as it presents an attractive investment opportunity to make substantial profits through digital trading platforms.
Digital currencies and their platforms provide a means of storing, managing, and investing money to achieve profits, both short- and long-term, in addition to the ease of transfers between platforms. Many Syrians have used them as an alternative to traditional methods of transferring money into and out of Syria.
A risky process
Trading in digital currencies is seen as one of the methods to confront the economic and financial challenges Syrians suffer from, as it presents an attractive investment opportunity to make substantial profits through digital trading platforms.
Digital currencies and their platforms provide a means of storing, managing, and investing money to achieve profits, both short- and long-term, in addition to the ease of transfers between platforms. Many Syrians have used them as an alternative to traditional methods of transferring money into and out of Syria.
Digital trading in Syria takes place in a legal vacuum, with no clear or stable regulations, as Syrian laws do not guarantee the protection of the rights of those involved. Thus, the practice becomes a gamble with unpredictable outcomes.
Investors in digital currencies expose themselves to major risks due to promises of large profits awaiting them upon entering this world, coupled with their lack of financial and technical expertise.
The manager of the website “satoshiat” (one of the digital trading platforms trusted by investors in Syria) previously told Enab Baladi that the risks of dealing in digital currencies mainly center around the sharp and rapid fluctuations in their value, the scarcity of reliable information sources and platforms, which exposes individuals to fraud, losses, and theft of their money by suspicious intermediaries, platforms, and “hackers,” in addition to the psychological pressures that push investors into making hasty decisions.
“Binance” lifts its ban on Syrians
On June 12, the cryptocurrency platform “Binance” announced that it would make its services available to Syrians residing in Syria for the first time since its founding in 2018, following the lifting of US sanctions.
According to a statement published on the official Binance website and reviewed by Enab Baladi, Syrians can now participate in and benefit from the services offered by the platform, after years of being unable to do so due to circumstances in Syria.
The platform had not previously provided services to users inside Syria in compliance with imposed sanctions. Now, after the decision to lift US sanctions, Syria is no longer classified as a restricted country for use of the platform. This means residents in Syria will be granted full access to the platform’s products and services, which include:
More than 300 cryptocurrencies, including BTC, XRP, DOGE, SHIB, TONCOIN, and BCH.
Spot and futures trading.
Staking and Earn products.
Stablecoins.
Binance Pay for seamless cross-border transfers.
Arabic-language educational content tailored to the local community.
Dedicated support to ensure users can participate confidently and trade securely.
“Central Bank of Syria” warns against dealing in digital currencies.. What are the reasons? Enab Baladi.
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