{"id":254068,"date":"2025-06-21T17:49:58","date_gmt":"2025-06-21T15:49:58","guid":{"rendered":"https:\/\/sada.ly\/en\/?p=254068"},"modified":"2025-06-24T17:52:21","modified_gmt":"2025-06-24T15:52:21","slug":"ashneibeesh-from-cash-liquidity-to-the-digital-economy-a-libyan-roadmap-toward-electronic-payments","status":"publish","type":"post","link":"https:\/\/sada.ly\/en\/ashneibeesh-from-cash-liquidity-to-the-digital-economy-a-libyan-roadmap-toward-electronic-payments\/","title":{"rendered":"Ashneibeesh: From Cash Liquidity to the Digital Economy\u2026 A Libyan Roadmap Toward Electronic Payments"},"content":{"rendered":"\n

Anas Ashneibeesh <\/strong>wrote an article stating:
The world has long been moving toward reducing reliance on paper money, yet Libya still suffers from an economy heavily dependent on cash liquidity, which impedes transparency, enlarges the informal market, and slows the national economic engine. However, with the Central Bank of Libya continuing to print cash, a strategic opportunity arises to transform this reality into a launching point for an effective and sustainable digital economy.<\/p>\n\n\n\n

This simplified article presents a practical and integrated action plan for Libya aimed at reducing dependence on paper currency and encouraging all segments of society\u2014especially shop owners and public service providers\u2014to transition to electronic payment systems.<\/p>\n\n\n\n

First: Legislative and Regulatory Foundation<\/strong><\/h3>\n\n\n\n

1. Establish a comprehensive national legal framework:<\/strong>
\u2022 Mandate government entities and public institutions to accept electronic payments.
\u2022 Regulate the work of payment service providers and digital wallets.
\u2022 Adopt digital signatures and digital identities linked to the national number.<\/p>\n\n\n\n

2. Gradually restrict cash transactions in official institutions:<\/strong>
\u2022 Ban cash payments for government fees after a transitional period.
\u2022 Enforce digitization of payments in public facilities (schools, universities, hospitals).<\/p>\n\n\n\n

Second: Developing Financial and Technical Infrastructure<\/strong><\/h3>\n\n\n\n

1. Expand the point-of-sale (POS) and smart payment networks:<\/strong>
\u2022 Provide electronic payment devices at subsidized rates or through leasing systems.
\u2022 Support the adoption of a unified QR code for payments in small shops.<\/p>\n\n\n\n

2. Develop national electronic wallets:<\/strong>
\u2022 Create a national digital wallet under the supervision of the Central Bank, linked to the national number.
\u2022 Encourage linking bank accounts to digital wallets.<\/p>\n\n\n\n

3. Improve internet connectivity and online payment technologies:<\/strong>
\u2022 Expand internet coverage, especially in commercial areas.
\u2022 Develop special packages for merchants and service providers to support stable and fast connections.<\/p>\n\n\n\n

Third: Incentives and Encouragement<\/strong><\/h3>\n\n\n\n

1. Incentives for shop and public service owners:<\/strong>
\u2022 Temporary tax exemptions or discounts for establishments adopting electronic payment.
\u2022 Financial support to provide necessary technical devices.<\/p>\n\n\n\n

2. Rewards for citizens:<\/strong>
\u2022 Financial bonuses or points when using electronic payments in daily transactions.
\u2022 Promotional campaigns in collaboration with major companies and stores.<\/p>\n\n\n\n

3. Support for entrepreneurs and large traders:<\/strong>
\u2022 Provide short-term banking facilities in exchange for digitizing supply chains and payments.
\u2022 Link financing to the extent of the establishment\u2019s commitment to using digital payment tools.<\/p>\n\n\n\n

Fourth: Utilizing Cash as a Digital Catalyst<\/strong><\/h3>\n\n\n\n

Rather than seeing cash printing as a burden, it can serve as a transitional tool toward a digital future:
\u2022 Allocate part of the printed cash to support merchants adopting electronic systems.
\u2022 Offer direct grants or financial support to store owners committed to reducing reliance on cash.
\u2022 Use liquidity to encourage wallet opening through symbolic first-use amounts.
\u2022 Link cash support to digital compliance\u2014no financial support unless clear digital standards are met, such as transaction volume or registered POS in the national system.<\/p>\n\n\n\n

Fifth: Awareness and Education<\/strong><\/h3>\n\n\n\n

\u2022 Launch a nationwide awareness campaign on the benefits of electronic payment:
\u2022 Use media, mosques, universities, and schools for education.
\u2022 Engage public figures to strengthen citizens\u2019 trust in technology.<\/p>\n\n\n\n

\u2022 Workshops for shop owners and markets:
\u2022 Hands-on training for using payment devices.
\u2022 Provide field and technical support during the early months.<\/p>\n\n\n\n

Sixth: Phased Implementation Plan<\/strong><\/h3>\n\n\n\n

1. Phase One (0\u20136 months):<\/strong>
\u2022 Pilot electronic payments in key markets (Tripoli \u2013 Misrata \u2013 Benghazi).
\u2022 Establish on-ground technical support networks and performance monitoring.<\/p>\n\n\n\n

2. Phase Two (6\u201318 months):<\/strong>
\u2022 Expand the geographical reach of the pilot.
\u2022 Mandate non-cash services for certain government entities.<\/p>\n\n\n\n

3. Phase Three (18\u201336 months):<\/strong>
\u2022 Regulate the use of cash in certain sectors.
\u2022 Link government support and economic incentives exclusively to electronic transactions.<\/p>\n\n\n\n

Seventh: Supervision and Implementation<\/strong><\/h3>\n\n\n\n

\u2022 Project led by the Central Bank of Libya in partnership with:
\u2022 Ministry of Finance
\u2022 Ministry of Economy and Trade
\u2022 Ministry of Communications
\u2022 Telecom companies and banks
\u2022 Private sector and civil society<\/p>\n\n\n\n

The shift from a cash economy to a digital one is not a luxury\u2014it is a necessity<\/strong> for modernizing Libya, improving transparency, and stimulating the economy. The first step starts with utilizing existing resources<\/strong>\u2014such as printed currency\u2014as a bridge to the future<\/strong>.<\/p>\n\n\n\n

Libya is capable of achieving this transformation if there is will, coordination, and continuity.<\/strong>
Electronic payment is not just a technology\u2014it\u2019s a new mindset for building a modern nation.<\/strong><\/p>\n\n\n\n

And the foundation should now be laid under the slogan:<\/p>\n\n\n\n

\u201cToday’s currency must be used to accelerate the end of cash tomorrow.\u201d<\/strong><\/h3>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Anas Ashneibeesh wrote an article stating:The world has long been moving toward reducing reliance on paper money, yet Libya still suffers from an economy heavily dependent on cash liquidity, which impedes transparency, enlarges the informal market, and slows the national economic engine. However, with the Central Bank of Libya continuing to print cash, a strategic […]<\/p>\n","protected":false},"author":13,"featured_media":254069,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[822,878,613],"class_list":["post-254068","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-cash-liquidity","tag-electronic-payment","tag-libya"],"acf":[],"_links":{"self":[{"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/posts\/254068","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/comments?post=254068"}],"version-history":[{"count":1,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/posts\/254068\/revisions"}],"predecessor-version":[{"id":254070,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/posts\/254068\/revisions\/254070"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/media\/254069"}],"wp:attachment":[{"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/media?parent=254068"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/categories?post=254068"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/tags?post=254068"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}