Syria races to modernize finance; Pakistan sets licensing deadline

Homepage > News > Business > Syria races to modernize finance; Pakistan sets licensing deadline Regional tensions won’t sway Syria from innovating alongside its peers, with the government recently ratifying a proposal to create a new electronic payment system for its people. In Pakistan, a regulator overseeing the crypto ecosystem has called on exchanges to file a preliminary clearance to operate, warning that failure to do so will constitute an offense. The Central Bank of Syria announced that the creation of a new electronic payment system was approved last week under a presidential decision—a move that will form part of the country’s efforts to innovate its financial infrastructure, Anadolu Agency reported. The decision comes as diplomats from Syria and Israel held talks on de-escalating tensions in the region following an Israeli attack on a Syrian airbase near the Turkish border, which aggravated the already tense situation in the country, resulting from the 2011 civil unrest. Amid these conflicts, Syria has been making strides in reviving its economy, which the International Monetary Fund (IMF) earlier this August said was showing its strongest signs of recovery as s...