Syrian research examines Bitcoin laws to stabilise currency amid challenges
Despite sanctions and limited crypto adoption, the SCER suggests that Syria integrate Bitcoin to address economic challenges and improve currency stability.
The Syrian Centre for Economic Research (SCER) has proposed a bold plan to incorporate Bitcoin into the financial system of a Middle Eastern nation.
Bam, the founder of the Arabic crypto channel Bitcoin 21, shared the SCER’s proposal on social media platform X on December 31. He stated:
The Syrian Centre for Economic Research has published a proposal for the transitional government to legislate Bitcoin in Syria and digitise the Lira.
The proposal aims to establish Bitcoin as a legitimate currency for a variety of purposes, such as mining and trading. It implies a digital rendition of the Syrian pound that is backed by assets such as gold, US dollars, and Bitcoin.
The SCER aims to enhance the stability of the national currency and safeguard citizens from persistent economic challenges by utilising blockchain technology.
The plan also emphasises the potential of utilising untapped energy resources for environmentally sustainable Bitcoin mining, with the objective of modernising the economy while ensuring fairness.
SCER observed that this ambitious initiative is confronted with significant obstacles.
The group contends that Syria’s recovery from a protracted conflict, in conjunction with international sanctions and a limited technological infrastructure, poses substantial obstacles that could impede the adoption of the emerging industry.
Furthermore, the adoption of cryptocurrency in Syria is still negligible. Syrians have been able to access foreign crypto platforms, but there is no indication of widespread use within the country, according to Chainalysis, a blockchain analytics firm.
Furthermore, there are ongoing concerns regarding the potential misuse of cryptocurrencies by extremist organisations, as certain factions have reportedly employed them for fundraising purposes.