Crypto Hope: Syria Weighs Bitcoin to Rebuild Its Economy

Syria is looking forward to legalize Bitcoin and stabilize its economy. Plus it will bypass sanctions, and boost global investment, despite challenges and risks.

After nearly two decades of war, Syria’s economy is at a bad spot, with sky-rocketing inflation and a fast-losing valued currency. Banks can do nothing, and people cannot even rely on savings. But hopefully, things are going to change now, as the Syrian government weighs up legalizing Bitcoin and other digital currencies in a last-ditch effort to turn things around.

The Syrian Economics Research Center thinks Bitcoin could help stabilize the economy, control inflation, and bring in foreign investment. The plan is to allow people to mine, trade, and use Bitcoin for everyday stuff, even giving them an alternative to the broken banking system.

A major part of the idea is to create a digital version of the Syrian pound, backed by hard assets like gold or Bitcoin, to restore some trust in the currency. With a digital economy, Syrians could shop online and easily send money from abroad, plus mining Bitcoin using Syria’s unused energy resources could bring in fresh income.

But it’s not all smooth sailing. Syria is under international sanctions, making it tough to integrate cryptocurrencies, and some are worried about Bitcoin falling into the wrong hands. Still, if it works, it could be Syria’s way of bypassing the financial system and getting some much-needed relief.

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Anmol Khatiwada

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