Syrian NGO Proposes Bitcoin Legalization and Digital Currency Reform to Revive Economy

Key Takeaways

• The Syrian Center for Economic Research (SCER) proposes legalizing Bitcoin and digitizing Syria’s currency to stabilize the economy and attract global investment.
• The SCER’s proposal includes utilizing Syria’s energy resources for Bitcoin mining with regulatory oversight and environmental protections.
• SCER acknowledges challenges such as international sanctions, debt burdens, and infrastructure gaps in implementing Syria’s financial overhaul.

A Proposal for Bitcoin Legalization and Digital Currency Reform

The Syrian Center for Economic Research (SCER) has proposed legalizing Bitcoin and digitizing the Syrian pound to stabilize the economy and attract global investments.

SCER is a voluntary initiative (nongovernmental) that brings together a group of Syrian and Arab engineers, academics, and entrepreneurs, aiming to learn, spread knowledge, and enhance communication and open discussion on issues of economics, technology, and digital money.

The proposal envisions a blockchain-based digital Syrian pound backed by gold, dollars, and Bitcoin to anchor the currency's value.

SCER aims to create a regulatory framework for Bitcoin trading, mining, and financial transactions while ensuring security and oversight.

Financial institutions, startups, and exchanges would be encouraged to integrate Bitcoin into their operations to simplify remittances and boost economic activity.

Leveraging Bitcoin Mining and Energy Resources

The proposal highlights Syria’s untapped energy resources as a means to power Bitcoin mining operations under strict regulatory supervision.

Entrepreneurs would be allowed to mine Bitcoin, but measures would be enforced to prevent monopolies and manage environmental impacts.

SCER emphasizes enabling self-custody for digital assets, allowing citizens to transact securely while adhering to privacy laws.

Challenges and Geopolitical Hurdles

Syria faces significant challenges, including international sanctions, infrastructure gaps, and debts inherited from the Assad regime.

Bitcoin’s decentralized nature may allow Syria to bypass traditional financial restrictions, similar to strategies used by Iran and North Korea.

Geopolitical factors, including Syria’s alliances with Russia and Iran, as well as regional crypto adoption in Türkiye and Lebanon, add complexity to implementing reforms.

SCER is a voluntary initiative (nongovernmental) that brings together Syrian and Arab engineers, academics, and entrepreneurs. Its aim is to learn, spread knowledge, and enhance communication and open discussion on issues of economics, technology, and digital money.

[Original Article]