Syrian Transitional Government prepares to establish legal framework for cryptocurrencies
(MENAFN) The Syrian Transitional government is preparing to establish a legal framework for cryptocurrencies. A plan developed by the Syrian Center for Economic Research proposes the creation of a national digital currency issued by the Central bank of Syria, utilizing blockchain technology. The plan aims to stabilize this digital currency with a range of assets, including the US dollar, gold, and Bitcoin.
The strategy also involves leveraging Syria's untapped energy resources for cryptocurrency mining, focusing on environmental sustainability and preventing monopolies. Blockchain technology, known for securely recording transactions in a transparent and decentralized manner, is seen as a key component in this plan. While currently associated with digital currencies, blockchain has vast potential beyond that sector.
Legalizing Bitcoin could open the door to foreign investments and streamline remittances from Syrians abroad, according to reports. Switzerland recently discussed adding Bitcoin to its national reserves, and Russian lawmakers have proposed building strategic Bitcoin reserves to bypass sanctions. Meanwhile, US President-elect Donald Trump has expressed support for legalizing and expanding the use of Bitcoin and other cryptocurrencies. His team is reportedly in talks with the digital asset industry to create a new position in the White House dedicated to cryptocurrency policies. These developments highlight the increasing recognition of cryptocurrencies’ potential to transform global economies.
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