Extraordinary Bitcoin Proposal from the Temporary Government of Syria!

Syria, which aims to rebuild its economy damaged by war, is considering legalizing Bitcoin as part of an ambitious plan for financial recovery.

The proposal led by the Syrian Economic Research Center calls on the transitional government to adopt Bitcoin and other digital assets to combat inflation, stabilize the economy, and attract global investments.

The plan comes at a crucial time for Syria, which has been trying to escape from decades-long war and the collapse of the Assad regime. In a period of rising inflation and eroding trust in traditional banking systems, Bitcoin is being proposed as a lifeline for both citizens and the country’s failing financial system.

Frame suggests the legalization of Bitcoin for trade, mining, and financial transactions, while introducing regulations to ensure accountability and security.

One of the most transformative aspects of the proposal involves the creation of a digital Syrian pound. This digital currency, backed by gold, US dollars, and Bitcoin, aims to stabilize the country’s weak currency and restore confidence in its financial system.

The proposal states that “the central bank will oversee the process and ensure that it operates in a transparent, secure and accountable framework”.

Syria is also planning to use unused energy sources to support Bitcoin mining. Entrepreneurs will be allowed to engage in Bitcoin mining under strict government supervision to prevent monopolies and minimize environmental and social impacts.

The plan envisions a future where financial institutions, new ventures, and currency exchanges integrate Bitcoin into their operations. This integration could facilitate remittances for millions of Syrians relying on funds from abroad and provide much-needed support to businesses that have suffered from years of instability.

Although Bitcoin is already somewhat popular in Syria, its use has not always been benign. Groups such as Hay’at Tahrir al-Sham (HTS), a former offshoot of Al-Qaeda, have been reported to use cryptocurrency to finance their operations despite international sanctions.