The article highlights an ambitious proposal to legalize Bitcoin in Syria as part of an economic recovery strategy after years of war and financial crisis. Key points include:
1. Legalize Bitcoin and digital assets
• Main objective: Stabilize the economy, reduce inflation, and attract global investment.
• Specific plan: Legalize transactions, mining, and use of Bitcoin through a clear legal framework.
2. Digitization of the Syrian pound
• Proposal to digitize the Syrian pound, supported by gold, dollars, and Bitcoin.
• Objective: Increase trust in the monetary system and address the depreciation of the domestic currency.
3. Resource extraction for Bitcoin
• Utilize untapped energy sources to mine Bitcoin.
• Ensure oversight to prevent monopolies and reduce environmental impact.
4. Application to the financial system
• Encourage banks and businesses to integrate cryptocurrency to simplify international remittances and support small businesses.
• Protect the privacy and self-management rights of citizens' digital assets.
5. Geopolitical and economic challenges
• International sanctions: Hinder Syria's ability to integrate into the global financial system.
• Weak infrastructure: Cybersecurity, blockchain, and internet capabilities need improvement.
• Complex geopolitics: The intervention of powers such as Russia, Iran, and the role of neighboring countries like Turkey and Lebanon.
6. Concerns about cryptocurrency abuse
• Bitcoin has been used by armed groups such as HTS to fund operations, raising concerns about the future abuse of cryptocurrency.
Overview
This plan, if successfully implemented, could transform Syria into a hub for digital financial innovation in the region. However, challenges related to geopolitics, infrastructure, and international oversight will be significant barriers to overcome.