After years of devastation from war and economic hardship, Syria's path to recovery is filled with challenges. However, a grassroots idea may bring new hope to this land. The Syrian Center for Economic Research (SCER) recently proposed a bold initiative urging the transitional government to promote 'Bitcoin legalization,' advocating for the introduction of Bitcoin into the national financial system, attempting to revive the economy, stabilize the currency market, and assist the people in resisting the pressures of international sanctions and inflation.
A new future combining Bitcoin and blockchain
According to SCER's recommendations, the Syrian transitional government should legislate as soon as possible to legalize Bitcoin trading and mining, while also launching a 'Digital Syrian Pound' backed by assets such as gold, US dollars, and Bitcoin.
The core of this proposal lies in utilizing blockchain technology to stabilize Syria's currency system, thereby protecting the people who have suffered from economic turmoil.
SCER further proposed that by developing underutilized energy resources for 'Bitcoin green energy mining,' job opportunities can be created, and modern momentum can be injected into Syria's economy.
The Syrian Center for Economic Research publishes a proposal for the transitional government to legislate #Bitcoin in Syria and digitize the Lira pic.twitter.com/dEm8gwfzdP
— Bam باسم (@bamskki) December 31, 2024
Challenges and pressures of post-war reconstruction
However, the gap between ideals and reality cannot be ignored. SCER admits that Syria still faces daunting challenges, including severely damaged infrastructure, the heavy weight of international sanctions, and a serious lack of technology and funding.
Moreover, the adoption of cryptocurrency in Syria is extremely low. According to a study by blockchain analysis firm Chainalysis, although some Syrians have been able to access cryptocurrency through foreign platforms, this technology is still not widely popular within the country.
At the same time, there are concerns that extremist organizations may misuse cryptocurrency for illegal fundraising, further increasing the resistance to the implementation of this proposal.
Evading sanctions or economic innovation?
This proposal has also sparked significant international attention. Some critics argue that this may be Syria's attempt to circumvent sanctions, similar to methods used by Iran or North Korea. However, SCER emphasizes that their intent is purely to address domestic economic issues and not to challenge the international order.
Bam, the founder of Arab cryptocurrency media (Bitcoin 21), stated:
We also want to clarify that this Bitcoin proposal is absolutely not intended to evade international sanctions. We believe that sanctions should be lifted through legal and political means, in accordance with international law.
It is worth mentioning that SCER is a non-profit organization (NGO) that operates completely independently from the government, formed by a group of Syrian engineers, scholars, and entrepreneurs on a voluntary basis. Their goal is to promote knowledge sharing on economic, technological, and financial policies, and to provide innovative solutions for Syria's future reconstruction.
"Can Bitcoin save Syria? NGO proposes 'legalization of Bitcoin' to rebuild the post-war economy" was originally published on (Blockcast).