The Syrian Center for Economic Research has proposed a plan to legalize Bitcoin and other digital assets in an effort to address inflation, stabilize the economy, and attract global investments. The plan includes a regulatory framework for the use of Bitcoin, with the Syrian pound set to go digital and be backed by gold, dollars, and Bitcoin itself. The plan also emphasizes the use of Syria's untapped energy resources for Bitcoin mining, while ensuring oversight to prevent monopolies and manage the environmental and social impact. Financial institutions are encouraged to integrate Bitcoin into their operations, offering simplified remittances and support for businesses. The proposal aims to prioritize privacy and security, allowing citizens to retain full self-custody of their digital assets. However, international sanctions and existing debts pose challenges to the country's financial overhaul, and the lack of necessary infrastructure remains an obstacle. The geopolitical landscape and the involvement of countries like Russia, Iran, Turkey, and Lebanon further complicate the situation.



Other News from Today