Syria Plans to Legalize Bitcoin for Economic Recovery

Syria plans to legalize Bitcoin for economic recovery, combat inflation, attract investment, and use energy resources for mining.

The Syrian transitional government has revealed plans to legalize Bitcoin to help recover the economy. It came as Syria battles inflation and needs international investment. However, legislation for Bitcoin is seen as a way to avoid financial system collapse. The plan also includes Bitcoin mining in Syria using the country’s energy resources, and introducing companies to a payment system using encryption.

The Syrian Center for Economic Research proposed this plan. The purpose of this plan is to address Syria’s economic challenges after years of war. It aims to stabilize the economy using Bitcoin and other digital assets as well as attract the investment of the global economy and shield its citizens from the total gross of inflation. Letting people trade with bitcoin, mine it and use Bitcoin for financial transactions could provide the much needed stability.

One important part of the proposal is to build a digital economy based on centralized and decentralized banking systems all over Syria. This would enable Syrians to conduct electronic commerce, and use Bitcoin for transactions. The plan instead integrates Bitcoin into the country’s financial infrastructure and aligns Syria’s economy with global digital trends while providing the population access to financial services.

Syria Moves Towards Modern Economy with Bitcoin and Blockchain

The government aims to issue a regulatory framework for Bitcoin and other digital assets for this. In implementation of this framework, Bitcoin trading and mining must be legal, and compliant with local and international norms. Along with this, the government will aim to digitize the Syrian pound, mint it on the blockchain, and back it with assets such as dollars, gold, and Bitcoin.

Using Syria’s energy resources for Bitcoin mining is one of the key goals. The government intends to permit entrepreneurs to mine Bitcoin and develop the sector. This plan will help to stimulate the economy, create jobs and new business endeavors. In addition, this will prevent monopolies and damage to the environment.

However, the government is optimistic, despite the problems, including external sanctions and the previous regime’s legacy. A modern economic framework that could allow Syria to repair itself and prosper is envisioned. Bitcoin adoption could, in the long run, keep financial transactions of the Syrian people secure and private.