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Vignesh is a young journalist with a decade of experience. A proud alumnus of IIJNM, Bengaluru, he spent six years as a Sub-Editor for a leading business magazine, published from Kerala. His interest in futuristic technologies took him to a US-based software company specialising in Web3, Blockchain and AI. This stint inspired him to view the future of journalism through the lens of next generation technologies. Now, he covers the crypto scene for Coinpedia, uncovering a vibrant new world where technology and journalism converge.
Syrian Economics Research Center proposes integrating Bitcoin into Syria’s economy to combat inflation and improve financial access.
The proposal calls for legalizing Bitcoin, creating a hybrid banking system, and developing a robust crypto infrastructure.
Challenges include economic sanctions, limited infrastructure, and ongoing economic recovery from the civil war.
Syria’s economy has been devastated by years of conflict. The financial crisis worsened after the Assad regime, led by Bashar al-Assad, was overthrown. Last month, a new transitional government took charge, raising hopes for economic revival. Now, the Syrian Economics Research Center (SERC) has submitted a proposal to integrate Bitcoin into the country’s financial system.
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
Here’s what the plan entails.
The SERC proposes legalizing Bitcoin and other digital assets, arguing that this could protect Syria’s economy from severe challenges like hyperinflation. Cryptocurrency, the team believes, could provide a much-needed lifeline for stability.
To modernize Syria’s financial services, the proposal suggests creating both centralized and decentralized banking systems. This approach could improve access to banking, especially for people in rural areas who often lack these essential services.
The SERC also emphasizes building infrastructure for digital payments, e-commerce, and remittances. A robust system for these activities could help Syria reconnect with global markets and modernize its economy.
The SERC acknowledges that implementing these ideas won’t be easy.
Syria’s plan to adopt Bitcoin is a bold and ambitious move. While there are many obstacles, this proposal reflects a desire to rebuild and embrace modern financial systems. If successful, it could mark the beginning of a transformative era for the country’s economy.
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