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The Syrian Center for Financial Analysis (SCER), an independent think tank, is considering the legalization of Bitcoin to restore its struggling financial system.
According to the World Bank, the Syrian economy has contracted by more than 60% since 2010, leading to a significant devaluation of the Syrian pound. Furthermore, the country has been gradually recovering following the fall of the Assad regime.
In light of this, to promote market freedom, the nation is exploring innovative solutions to expedite reconstruction. The SCER has introduced a Bitcoin policy bill urging the transitional government to recognize Bitcoin as legal tender to revitalize its economy and attract foreign investments.
The Syrian Center for Financial Analysis has released a proposal for the transitional government to legislate #Bitcoin in Syria and digitize the Lira
pic.twitter.com/dEm8gwfzdP
— Bam
باسم (@bamskki) December 31, 2024
باسم (@bamskki) December 31, 2024The think tank shared the bill on its Telegram channel on Tuesday, detailing the proposal for “developing a digital economy.”
“[It would] enhance e-commerce and remittances, utilizing the Bitcoin network and its technologies, along with other digital asset networks.”
Syrian Bitcoin Policy Proposal
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This encompasses establishing a comprehensive regulatory framework for the buying, selling, trading, and mining of Bitcoin, in accordance with international and local laws.
The proposal also includes digitizing the Syrian pound (CBDC), supported by hard assets such as dollars and minted on the blockchain.
With the second lowest electricity cost globally at $0.003 per kilowatt-hour (kWh), Syria could serve as a viable Bitcoin mining location, the proposal stated.
“Enabling entrepreneurs to utilize the country’s energy resources for Bitcoin and digital asset mining, with government support allowing them the freedom to innovate and expand while limiting monopolies and any negative societal and environmental impacts.”
The bill advised against excessive reliance on predatory loans and cautioned against inflationary economic policies. Instead, it recommended embracing the principles of conservative free-market economics. Additionally, the proposal encourages banks, startups, and currency exchanges to incorporate Bitcoin into their operations.
The bill also pointed out obstacles to implementing a Bitcoin policy, such as external sanctions, technical challenges, and previous government debts.
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