This proposal for Syria seeks to stabilize the Syrian pound through the combination of Bitcoin, gold, and dollars.
That is the approach that would be used to legalize Bitcoin mining and trade to reign in monopolistic storage.
Syria has challenges such as sanctions alongside lacking some critical infrastructure however the country wants to be the Middle East’s leader.
The Syrian Center for Economic Research has recently unveiled its proposal that envisages legalizing Bitcoin and other cryptocurrencies. To reduce inflation rates, enhance maneuverability, and mobilize foreign resources to cover its pressing economic needs this policy effort has been launched.
At the core of the proposal is the plan to fully digitize the Syrian pound through the use of blockchain technology. Bitcoin, gold, and dollars back the strategy through which the organization aims to achieve much-needed currency stability. It also encourages Syria’s production of energy, basically pushing for the formalization and legalization of BTC trade and mining through a framework. This poses a threat to monopolistic practices and promotes transparency besides trying to deal with environmental issues.
Integrating Digital Currency in Today’s World for Growth
The proposal focuses on the positive outcome of incorporating Bitcoin within the financial architecture. Banks, new companies, and currency exchanges will be guided to become involved with BTC operations. This step is believed to facilitate remittances and as well open up business possibilities for organizations that have gone through years of economic uncertainty. Notably, the plan emphasizes respect for privacy and security and takes the side of Syrian citizens with regard to the self-ownership of digital property.
Despite the ambitious goals, Syria faces substantial hurdles. It needs foreign investment as it suffers from foreign sanctions, has no technical base for development, and has huge debts inherited from the earlier regime. But, Bitcoin may provide an opportunity to avoid arrangements with banking systems from the top, which some countries, such as North Korea and Iran, have done with sanctions.
Legitimizing Cryptocurrency Use
The Syrian Center for Economic Research is focused on establishing a legitimate and transparent cryptocurrency system under the transitional government’s oversight. This stands in stark contrast to the misuse of digital currencies by groups like Hayat Tahrir al-Sham, which has reportedly funded operations using cryptocurrencies. The proposal emphasizes a structured financial system designed to benefit the entire Syrian population rather than specific factions.
Similar efforts have been made by countries such as El Salvador and the Central African Republic, which have seen varying degrees of success in legalizing Bitcoin. While El Salvador experienced some gains in tourism and investment, it faced criticism for economic risks and debt. Syria’s political complexities make its challenges even more significant, demanding substantial technological investments and international cooperation.
If executed effectively, this strategy could position Syria as a leader in cryptocurrency adoption within the Middle East. However, long-standing political and financial obstacles present significant uncertainties about the plan’s feasibility.
