Syrian research explores Bitcoin legislation to stabilize currency amid challenges

The Syrian Center for Economic Research (SCER) has outlined an ambitious proposal to integrate Bitcoin into the Middle Eastern country’s financial system.

On Dec. 31, Bam, the founder of the Arabic crypto channel Bitcoin 21, shared the SCER’s proposal on social media platform X while stating:

“The Syrian Center for Economic Research publishes a proposal for the transitional government to legislate Bitcoin in Syria and digitize the Lira.”

The proposal seeks to legitimize Bitcoin for various purposes, including trading and mining. It suggests a digital version of the Syrian pound backed by assets like gold, US dollars, and Bitcoin.

By leveraging blockchain, the SCER envisions greater stability for the national currency and protection for citizens against ongoing economic challenges.

The plan also highlights the potential of harnessing untapped energy resources for environmentally sustainable Bitcoin mining, aiming to modernize the economy while maintaining fairness.

Challenges ahead

SCER noted that this ambitious initiative faces substantial hurdles.

According to the group, Syria’s recovery from prolonged conflict, coupled with international sanctions and limited technological infrastructure, presents significant challenges that could impede the adoption of the emerging industry.

Moreover, crypto adoption in Syria remains minimal. Blockchain analytics firm Chainalysis noted that while Syrians have managed to access foreign crypto platforms, there is no evidence of widespread use within the country.

Additionally, concerns about misuse by extremist groups persist, as some factions have reportedly leveraged cryptocurrencies for fundraising.

Sanction evasion?

The proposal also sparked concerns among skeptics who suggest it might be a tactic to bypass sanctions, a strategy associated with countries like Iran and North Korea.

The SCER stressed that its intentions are focused on economic recovery and innovation, not circumvention of international laws.

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Author: Oluwapelumi Adejumo

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