The Syrian Center for Economic Research (SCER) has developed a proposal for the government to legalize Bitcoin and digitize the Syrian pound to overcome the economic crisis.
SCER's Vision for Syria
If implemented, the initiative would mark a crucial shift in Syria’s monetary policy, aiming to curb inflation, stabilize the local currency, and attract foreign investment in a war-torn economy. The proposal details a regulatory framework that would legalize the exchange, trading, and mining of Bitcoin and other digital assets in compliance with both domestic and international standards. Central to the plan is the digitization of the Syrian pound using blockchain, backed by gold and other reserves.
Challenges in Proposal Implementation
Despite its promise, the proposal faces significant hurdles, including a lack of technological infrastructure, limited public awareness, and geopolitical challenges. SCER clarified that the transitional government has neither approved nor considered this proposal, adding that they have more pressing issues to address.
Calls for Sanctions Relief
The latest developments come amidst new statements from Syria’s Foreign Minister Asaad Hassan al-Shibani, calling for an urgent lifting of international sanctions. Al-Shibani argued that the sanctions, initially imposed to pressure the Assad regime in 2011, are no longer relevant and hinder Syria's recovery.
SCER's proposal to legalize Bitcoin and digitize the Syrian pound presents a potential strategy for economic growth, but faces existing challenges to its implementation.
