Syria is taking a significant step in its recovery process following civil war and economic devastation. The country aims to legalize Bitcoin (BTC) 
$98,123 and fundamentally alter its financial structure. The Syrian Economic Research Centre has presented a comprehensive plan to the interim government for the adoption of Bitcoin and other digital assets.
Bitcoin and Digital Syrian Lira
Syria proposes Bitcoin as a salvation for both its citizens and its fragile financial system. The plan includes a regulatory framework that will legalize the use of Bitcoin for trade, mining, and financial transactions.
Additionally, it is suggested that the digital version of the Syrian lira be backed by gold, dollars, and Bitcoin. This digital currency is expected to help alleviate the trust crisis created by the current foreign exchange crisis.
The Central Bank of Syria will oversee the process to ensure transactions are secure and accountable.
Bitcoin Mining and New Economic Possibilities
The proposal aims to support Bitcoin mining by utilizing Syria’s energy resources. This process will be conducted under state supervision to prevent monopolization. It is also noted that institutions such as banks, startups, and exchange offices will be involved in establishing the infrastructure for this new financial system, facilitating easier and safer transfers of money sent to Syrians abroad.
Citizens will be guaranteed full ownership of their digital assets, with all transactions conducted in accordance with local and international laws. However, experts warn that Syria’s financial reform will be quite challenging due to international sanctions. Additionally, the state’s debts and infrastructure deficiencies pose significant obstacles to this process.
