The Syrian transitional government intends to establish a legal framework for dealing with cryptocurrencies. According to the plan developed by the Syrian Center for Economic Research (independent research), it also includes the possibility of the Central Bank of Syria issuing a special digital currency using Block Chain technology. The plan depends on supporting the stability of the Syrian digital currency with various assets that include the dollar, gold, and the cryptocurrency Bitcoin.
The Syrian Center’s plan depends on exploiting untapped energy resources to mine cryptocurrencies, with a focus on environmental sustainability and preventing monopoly.
Blockchain, or block chain, is a decentralized technology for recording transactions in a secure and transparent manner, and is used at the basis of digital currencies, but it has enormous potential beyond the scope of digital currencies.
News reports indicate that legalizing the use of Bitcoin could open the door to foreign investments and facilitate remittances from Syrian expatriates.
This trend is in line with a broader global trend of exploring Bitcoin as a financial stabilizer. Switzerland recently discussed adding this cryptocurrency to its national reserves, while Russian lawmakers have proposed building strategic reserves of Bitcoin to counter sanctions.
US President-elect Donald Trump also promised to legalize and expand dealing in Bitcoin and cryptocurrencies. Recent reports indicated that Trump’s team is in discussions with the digital assets sector about creating a new position in the White House dedicated solely to cryptocurrency policy.
These examples highlight the growing recognition of the potential of cryptocurrency to reshape national economies.
