After more than a decade of devastating civil war, Syria is seeking solutions to stabilize the economy and rebuild the country. One of the boldest proposals comes from the Syrian Center for Economic Research (SCER), calling for the transitional government to legalize Bitcoin and digitize the Syrian pound #Syria .
Main Goals of the Proposal
1. Controlling inflation:
• Reducing hyperinflation and stabilizing the local currency through digitization and asset-backed guarantees.
2. Attracting foreign investment:
• Facilitating international capital flows into Syria, supporting post-war economic recovery.
3. Building a digital economy:
• Developing centralized and decentralized banking systems, promoting more transparent and secure transactions.
Highlights of the Initiative
• Cryptocurrency legal framework:
SCER proposes to establish laws to legalize transactions, mining $BTC and other digital assets, in compliance with international and local standards.
• Digitizing the Syrian pound:
Blockchain will be used to digitize the local currency, backed by gold and national reserves, under the management of the central bank.
• Supporting businesses and startups:
An initiative to encourage asset ownership, develop startups, and promote cross-border e-commerce transactions.
Major Challenges Ahead
Although the potential is very large, this plan still faces barriers such as:
1. Underdeveloped technological infrastructure:
• Syria needs to invest heavily in blockchain technology and related infrastructure.
2. Limited awareness:
• The public and local businesses are still unfamiliar with cryptocurrencies.
3. Geopolitical barriers:
• International sanctions continue to hinder the Syrian economy.
Hope for the Future
In addition to the SCER proposal, newly appointed Foreign Minister Asaad Hassan al-Shibani is also actively calling for the lifting of international sanctions to facilitate economic recovery. He emphasized that current sanctions only harm the people and hinder development.
The proposal to legalize Bitcoin is not only an economic solution but also a strategic move to enhance regional cooperation. Neighboring countries like Turkey and #Lebanon have adopted cryptocurrencies, opening opportunities for collaboration or competition for development.
Conclusion
Legalizing Bitcoin could be the door that leads Syria out of the economic crisis, laying the foundation for a more stable and prosperous future. Although the journey ahead is fraught with challenges, this proposal reflects Syria's determination and vision to catch up with global economic trends. Could Bitcoin become the 'golden key' to Syria's recovery? The answer still awaits ahead.