A proposal to legalize Bitcoin aims to reshape Syria’s financial future.
Syria, a country still recovering from the fall of the Assad government, is preparing for a drastic financial reform: the legalization of Bitcoin (BTC).
To combat inflation, stabilize the country’s economy and attract foreign investment, the Syrian Center for Economic Research has put forward a bold plan that calls on the interim government to accept BTC and other digital currencies.
After decades of war and economic destruction, the country now faces the daunting task of reconstruction.
To give the currency much-needed stability, the plan is to digitize the Syrian pound on the blockchain and back it with BTC, gold and dollars. In addition to encouraging businessmen to use Syria’s energy resources for mining activities, it also aims to legalize BTC mining and trading under a comprehensive regulatory framework and ensure strict control to prevent monopolies and environmental damage.
To streamline remittances and create opportunities for businesses suffering from years of volatility, financial institutions, startups and currency exchanges are encouraged to integrate BTC into their offerings. The program highlights privacy and security as core values and emphasizes the right of Syrian residents to fully self-manage their digital assets.
Despite these lofty goals, the country faces numerous challenges, including foreign sanctions, inadequate technical infrastructure and the debts of the previous government. BTC’s decentralized structure could enable Syria…
