Syria’s Bitcoin proposal aims to fight inflation and create a resilient digital economy, bridging urban and rural financial gaps.
Digitizing the Syrian Pound on the blockchain, backed by Bitcoin and gold, offers stability amid economic and political transitions.
Despite sanctions and technical barriers, Syria's plan emphasizes resilience, self-custody rights, and a path to modernization.
Syria’s Economics Research Center has unveiled a bold proposal to incorporate Bitcoin into its financial framework. This move aims to combat inflation and enhance economic stability in a nation battered by years of conflict and mismanagement. The center’s report, addressed to the transitional government, envisions a resilient digital economy as a cornerstone for recovery. Besides addressing inflation, it seeks to empower citizens through modern financial technologies.
Digitizing Currency and Infrastructure
The proposal outlines the digitization of the Syrian Pound by minting it on a blockchain. This initiative would back the currency with Bitcoin, gold, and the U.S. dollar, ensuring stability. Furthermore, it recommends building centralized and decentralized banking systems to reach urban and rural areas alike. These systems would streamline remittances, facilitate e-commerce, and leverage Bitcoin’s technological advantages.
Self-custody rights are promoted in the proposal, allowing residents to safely manage their digital assets. Thorough laws would guarantee openness in cryptocurrency mining and trade, reducing the possibility of abuse and encouraging adherence to the law.
Challenges to Implementation
However, the ambitious initiative faces considerable hurdles. International sanctions continue to restrict Syria’s access to global markets and financial systems. This limits the ability to integrate digital assets on a larger scale. Additionally, the nation’s fragile economy and limited technical expertise pose significant barriers.
Despite these challenges, the report remains optimistic about Syria’s adaptability. It emphasizes the resilience of the Syrian people and their readiness to embrace innovation. The report’s vision extends beyond survival, aiming for a robust, inclusive economic future.
Diplomatic Efforts to Ease Sanctions
Meanwhile, Syria’s new Foreign Minister, Asaad Hassan al-Shibani, has called for the lifting of international sanctions. Speaking weeks after Bashar al-Assad’s ousting, he highlighted the transitional government’s progress. Besides releasing thousands of political detainees, efforts focus on stabilizing the country and fostering regional cooperation.
Al-Shibani argued that the sanctions, initially imposed to pressure Assad’s regime, now harm ordinary Syrians. Hence, lifting them would enable economic recovery and support modernization efforts. Moreover, he urged the global community to reassess these measures in light of Syria’s new trajectory.
