Syria aims to control inflation and attract foreign investment by legalizing Bitcoin

This plan includes innovative proposals such as digitizing the Syrian pound with Blockchain technology and supporting Bitcoin with gold and dollars. However, serious obstacles such as sanctions, technical deficiencies and social impacts need to be overcome.

Syria is preparing to take a remarkable step towards erasing the traces of the war and recovering its economy. The plan to legalize $BTC in the country is considered a glimmer of hope both to curb inflation and attract foreign investors. This proposal presented to the interim government by the Syrian Center for Economic Research emphasizes that gaining legal status for cryptocurrencies could be a major turning point in the financial future. Interestingly, it is also said that such a move will have social impacts, not just economic ones.

Bitcoin's Legal Status: Can It Ignite the Fuse of Reforms?

After years of war and economic crisis, Syria has turned to different pursuits in the reconstruction process. The idea of ​​integrating digital currencies into the economy seems to have come to the table as a striking solution at this point. The details of the proposed plan draw attention to the digitization of the Syrian pound with Blockchain technology. In addition, an innovative model such as backing Bitcoin with gold and dollars is also at the center of discussions. At this point, it is necessary to stop for a moment and ask the following question: Is such a complex plan really applicable? Encouraging the use of local energy resources in mining activities has the potential to make a double-sided contribution to the economy. While increasing employment on the one hand, it can also attract the attention of foreign investors. However, the real issue here is how the local population will react to this transformation.