To fight against inflation & terrible economic downturn, Syria is planning to adopt Bitcoin, the top crypto asset by market cap.
Syria is in the Middle East, on the western edge of Asia, bordered by Turkey, Iraq, Jordan, Israel, Mediterranean Sea. Since 1946, the independence day of this country, Hafez al-Assad has ruled this country as a president. Currently, Hafez’s son Bashar al-Assad is president of this country; however, recently, he fled somewhere, and there is no recognized transitional government in power within the country.
Amid potential changes in government power transition, the Syrian Center for Economic Research (SCER), a Syrian government agency focused on advancing and coordinating scientific and military research, has proposed an ambitious plan urging the potential new government to adopt Bitcoin and other Cryptocurrencies to fight against economic challenges & stabilize the economy, and attract global investments in the country.
The Syrian Center for Economic Research publishes a proposal for the transitional government to legislate #Bitcoin in Syria and digitize the Lira 👏 pic.twitter.com/dEm8gwfzdP
— Bam ⚡️باسم (@bamskki) December 31, 2024
SCER’s proposal is based on the idea of using Bitcoin as a lifeline for Syria’s citizens and its struggling financial system. The agency suggested a regulatory framework to regulate & legalize Bitcoin & other Cryptocurrencies for trading, mining, and financial transactions.
It is worth noting that they’re giving suggestions for the Syrian pound to turn into digital, backed by gold, dollars, and Bitcoin itself. With this idea, SCER aimed to power up its country’s sovereign fiat currency.
Experts believe that if the proposal gets passed under the upcoming new government leadership, then this approach could completely change the financial sector in Syria.
Under the centralised leadership of Hafez al-Assad & his son Bashar Assad, this country faced several challenges, e.g. financial challenges, resource collapse, human rights violations, social challenges, and Humanitarian crises. Because of this bad situation in this country, nearly 12 million people shifted to neighbouring countries. Now, we can expect that some big changes in the country will come in the next few years where Bitcoin will play an important role in boosting the country’s economy.
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