The Syrian Center for Economic Research (SCER) has proposed a plan to legalize Bitcoin and digitize the Syrian pound as part of efforts to stabilize the nation's economy and attract international investment.
The proposal includes:
Legalizing Bitcoin: Allowing its use in trading, mining, and financial transactions to facilitate remittances and e-commerce.
Digitizing the Syrian Pound: Implementing a digital version of the national currency on blockchain technology, backed by assets such as gold, U.S. dollars, and Bitcoin, to enhance stability.
Utilizing Energy Resources: Leveraging Syria's low electricity costs to support cryptocurrency mining, with an emphasis on environmental sustainability and preventing monopolies.
The SCER believes that adopting Bitcoin could help Syria circumvent international sanctions by utilizing decentralized financial systems, drawing inspiration from countries like Russia and Iran.
However, challenges such as regulatory concerns, the need for substantial investment in digital infrastructure, and the complex geopolitical landscape may impact the implementation of this proposal.
As of now, the proposal is under consideration, and no official decision has been made regarding the legalization of Bitcoin in Syria.
