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Syria’s plan to adopt Bitcoin aims to stabilize the war-torn economy, curb inflation, and attract foreign investments for recovery. Critics warn Syria’s crypto adoption faces hurdles, including regulatory challenges, geopolitical complexities, and rebuilding its shattered digital infrastructure. After years of war and devastation, Syria is eyeing a daring financial overhaul: the adoption of Bitcoin (BTC) as part of its recovery plan. The proposal, driven by the Syrian Center for Economic Research (SCER), hopes to stabilize the economy, curb inflation, and attract foreign investment. The Syrian Center for Economic Research publishes a proposal for the transitional government to legislate #Bitcoin in Syria and digitize the Lira 👏 pic.twitter.com/dEm8gwfzdP — Bam ⚡️باسم (@bamskki) December 31, 2024 The SCER’s blueprint includes digitizing the Syrian pound using blockchain technology backed by BTC, gold, and dollars. The initiative also seeks to legalize crypto mining and trading under strict regulations to avoid monopolies and environmental harm. The country aims to streamline remittances and create opportunities for businesses that have long endured economic volatility. In addition to economic goals, privacy and security are central to the plan. Syrian residents will retain full custody of their digital assets, ensuring a transparent and equitable system under transitional government oversight. Bitcoin’s Role in War-Torn Syria The road to crypto adoption is anything but smooth for Syria. Years of war have left the country grappling with U.S. sanctions, crumbling infrastructure, and inherited debts. While the decentralized nature of Bitcoin could help bypass traditional banking systems—a tactic previously used by nations like North Korea and Iran—such a move invites scrutiny. Critics argue that blockchain transparency, while beneficial, comes with its own set of regulatory hurdles. Ensuring cryptocurrency adoption benefits legitimate economic activities without enabling illicit operations will demand strict oversight. For a nation already under international sanctions, missteps could deepen its isolation.…

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Filed under: News - @ January 1, 2025 8:15 pm