🌐SCER Proposal: Syria adopts Bitcoin and asset digitization to attract global capital injection

The Syrian Center for Economic Research (SCER) recently proposed that Syria could adopt Bitcoin to attract investment from around the world. The vision of SCER's proposal is to build a strong digital economy in post-war Syria and vigorously develop a banking infrastructure that combines centralized and decentralized banking across the country.

If the proposal is successfully implemented, it will mark a major change in Syria's monetary policy. It aims to curb inflation, stabilize the currency, and attract international investment by digitizing the Syrian pound (minting on a blockchain backed by gold and other liquid assets) and under the supervision of the central bank and regulators.

The proposal also mentions a regulatory framework that aims to legalize the trading of Bitcoin and other digital assets and meet domestic and international standards. In this way, the security and transparency of transactions will be improved, cross-border remittances will become easier, and e-commerce will be stimulated and developed.

In addition to the currency challenge, the plan also wants to give Syrian entrepreneurs and innovators more freedom to enter a market environment without monopoly. The focus is on private property rights, allowing citizens to fully control their digital assets, while promoting the modernization of financial institutions and encouraging startups to provide Bitcoin and blockchain services.

Although the proposal sounds promising, it faces considerable challenges, including a lack of technical infrastructure, limited public awareness, and geopolitical issues that will affect Syria's recovery in the long run.

In response, SCER later clarified that the transitional government has not yet approved or considered the proposal because they have more pressing issues to address.

Syria's new Foreign Minister Asaad Hassan al-Shibani has also called for the lifting of international sanctions, arguing that these sanctions have lost their original effect and are now not only hindering Syria's economic recovery, but also undermining the rights of ordinary people.

💬What do you think of SCER's proposal? Do you think Bitcoin and the digitization of the Syrian pound can be the key to Syria's economic recovery?Do you have any good ideas to help Syria rebuild?

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