Suriname Ponders Bitcoin Adoption, 1% Reserve Strategy


Argentina, Guatemala, Mexico, Colombia … or Suriname – which country will be the next to introduce a national Bitcoin strategy? Maybe the latest entry, Suriname! In a move that could position the small South American country at the forefront of the global movement, the South American nation is contemplating the adoption of BTC as a significant part of its national economic strategy.

Suriname Ponders Bitcoin Adoption

This development follows a series of high-profile meetings between Suriname’s President Chan Santokhi and representatives from JAN3, a company established by Samson Mow who is widely recognized for its role in promoting BTC adoption at the national level globally. The move could position Suriname as a trailblazer in Bitcoin adoption among nations.

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During the meeting with President Chan Santokhi, JAN3’s Samson Mow and Ben Van Hool emphasized Bitcoin’s transformative potential for Suriname’s economy. “We were honored to meet with President Chan Santokhi to discuss the possibility of Suriname advancing on its own Bitcoin strategy,” the JAN3 team shared.

They emphasized the transformative potential of BTC, particularly in the energy sector. But they also extended beyond that, as highlighted by the statement from JAN3, “Bitcoin could transform Suriname’s economy! The Government of Suriname and JAN3 are exploring ways to boost Bitcoin usage. They’re even considering converting 1% of the central bank’s reserves into Bitcoin. This could be a potential safeguard against inflation and a new economic boost.”

According to World Data, Suriname’s gross domestic product (GDP) amounted to $3.62 billion for the entire nation, placing the country 171st in the global economic rankings. In addition, Suriname recorded a considerable inflation rate of around 52.45% in 2022. International reserves, including gold, were reported at 1,194 million US dollars for the past year.

Expressing optimism about the future collaboration, Ben Van Hool shared a personal insight: “Heading home now, but my gut feeling says that I will be back here soon.” This sentiment indicates the positive trajectory of the discussions and the potential for rapid development in Suriname’s BTC adoption.

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Andrew Howard, the Chief Business Officer of JAN3, elaborated on the unique opportunities that smaller countries like Suriname have in embracing Bitcoin. “How many of you have actually heard of Suriname before this? Probably not many. That’s the interesting thing about Bitcoin adoption & policy. A country with 600K (Suriname) is much more open and receptive to speaking with JAN3 about Bitcoin policy compared to a country with 330M (USA),” he remarked.

Howard further drew parallels with El Salvador, the first country that has embraced BTC as legal tender. He noted, “Like El Salvador, Suriname will benefit from embracing the native currency of the internet rather than driving out innovation and companies from their jurisdiction. Bitcoin can turn ‘3rd world countries’ into 1st world countries.”

A local news report from Suriname provided additional insights into the potential impact of BTC on the nation’s economy. During a press conference held by JAN3 executives, the company’s CEO, Samson Mow, stressed the importance of working with the government to fully harness the benefits of BTC. Mow pointed out the numerous advantages that a decentralized digital currency could bring to the Surinamese economy and its entrepreneurs.

Even the Surinamese TV station reported on JAN3’s visit and the possible adoption of a national BTC strategy.

At press time, BTC traded at $37,849.

BTC price hovers below $38,000, 4-hour chart | Source: BTCUSD on TradingView.com

Featured image from X @Jan3com, chart from TradingView.com

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Author: Jake Simmons


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