Following the overthrow of the Assad regime, the transitional government in #Syria began a reconstruction process and Bitcoin was introduced. The Syrian Center for Economic Research suggested that #Bitcoin and other cryptocurrencies be legalized to stabilize the economy and attract foreign investments.
After the fall of the Assad regime, Bitcoin was suggested to the new administration in Syria for reconstruction purposes.
In order to overcome the economic structure, stabilize the country and bring foreign investments back, the Syrian Center for Economic Research made sure that Bitcoin and cryptocurrencies were legalized as soon as possible.
The institution's relevant report also emphasized that Syria needed to adapt to the digital world in order to achieve a solid economy. It was stated that e-commerce and cross-border digital payments would also be facilitated with the strong infrastructure that would be created.
Bitcoin, gold and dollar-backed CBDC…
While it was also suggested that a digital state currency be issued in Syria, it was stated that this currency should be backed by Bitcoin, gold or the US dollar. It was also suggested that “individual custody rights” be eliminated for privacy and security, as well as for storing their own digital assets.
The report also stated that Bitcoin mining could be done with the country’s energy resources.