To fight inflation and the terrible economic recession, Syria plans to adopt Bitcoin, the main crypto asset by market capitalization.
Syria is in the Middle East, on the western edge of Asia, and borders Turkey, Iraq, Jordan, Israel and the Mediterranean Sea. Since 1946, the day of this country’s independence, Hafez al-Assad has ruled this country as president. Currently, Hafez’s son, Bashar al-Assad, is president of this country; However, he recently fled somewhere and there is no recognized transitional government in power within the country.
Amid possible changes in the government’s power transition, the Syrian Center for Economic Research (SCER), a Syrian government agency focused on promoting and coordinating scientific and military research, has proposed an ambitious plan that calls for the potential new government to adopt Bitcoin and other cryptocurrencies to fight. against economic challenges and stabilize the economy, and attract global investments in the country.
SCER’s proposal is based on the idea of ​​using Bitcoin as a lifeline for the citizens of Syria and its struggling financial system. The agency suggested a regulatory framework to regulate and legalize Bitcoin and other cryptocurrencies for commercial, mining and financial transactions.
It is worth noting that they are giving suggestions for the Syrian pound to become digital, backed by gold, dollars and Bitcoin itself. With this idea, SCER intended to enhance the sovereign fiat currency of its country.
Experts believe that if the proposal is approved under the next leadership of the new government, then this approach could completely change the financial sector in Syria.
Under the centralized leadership of Hafez al-Assad and his son Bashar Assad, this country faced several challenges, for example, financial challenges, resource collapse, human rights violations, social challenges, and humanitarian crises. Due to this bad situation in this country, almost 12 million people moved to neighboring countries. Now, we can expect big changes to take place in the country in the coming years, in which Bitcoin will play an important role in boosting the country’s economy.
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