Proposal to Integrate Bitcoin in Syria’s Financial System
The Syrian Center for Economic Research (SCER) has put forth a bold proposal to incorporate Bitcoin into the country’s financial infrastructure.
Overview of the Proposal
The SCER’s proposal, shared by Bam, the founder of Bitcoin 21, aims to legalize Bitcoin in Syria and introduce a digital version of the Syrian pound supported by assets like gold, US dollars, and Bitcoin.
- Legitimize Bitcoin for trading and mining purposes
- Create a digital Syrian pound backed by gold, US dollars, and Bitcoin
- Utilize blockchain technology for currency stability and citizen protection
- Explore environmentally sustainable Bitcoin mining using untapped energy resources
Challenges and Obstacles
Despite the promising proposal, the SCER acknowledges several challenges that lie ahead:
- Syria’s recovery from conflict and limited technological infrastructure
- Minimal crypto adoption within Syria
- Concerns about misuse by extremist groups for fundraising
Concerns About Sanction Evasion
Some skeptics have raised concerns that the proposal could be a strategy to evade sanctions, similar to tactics used by other countries like Iran and North Korea.
- SCER clarifies that the proposal is focused on economic recovery and innovation, not circumventing international laws
- Emphasizes the need for sanctions to be lifted through legal and political means
Bam highlights that the SCER operates independently and involves Syrian volunteers to promote discussions on economics, technology, and monetary policy.
