Official announcement by the Syrian transitional government or relevant legal documentation

Syrian Transitional Government Plans to Legalize Bitcoin for Economic Recovery Amid 60% Economic Decline and $0.003/kWh Electricity

Jan 1, 2025, 09:52 AM

The Syrian transitional government has announced plans to legalize Bitcoin as part of its economic recovery efforts. This initiative aims to combat inflation and attract international investment. The proposal includes utilizing the country's energy resources for Bitcoin mining, with electricity costs as low as $0.003 per kilowatt-hour, potentially positioning Syria as a favorable location for cryptocurrency mining. The country's economy has reportedly declined by 60% since 2010, prompting the government to explore a decentralized economy and the establishment of a blockchain-based central bank digital currency (CBDC) backed by hard assets.