Syria Mulls Legalizing Bitcoin to Ensure Market Freedom and Rebuild Economy

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Sujha Sundararajan

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Sujha Sundararajan

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Sujha has been recognised as 🟣 Women In Crypto 2024 🟣 by BeInCrypto for her leadership in crypto journalism.

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Syria Mulls Legalizing Bitcoin to Ensure Market Freedom and Rebuild Economy

The Syrian Center for Economic Research (SCER), a non-governmental think-tank, is considering legalising Bitcoin to recover its beleaguered economy.

Per the World Bank, the Syrian economy has shrunk by over 60% since 2010, and the Syrian pound has crashed. Further, the country has been slowly picking up after the collapse of the Assad regime.

As a result, to ensure market freedom, the nation has sought innovative solutions to accelerate deconstruction. The SCER has proposed a Bitcoin policy bill urging the transitional government to adopt Bitcoin as a legal tender to revive its economy and attract international investments.

The think tank posted the bill on its Telegram page on Tuesday, outlining the proposal for “building a digital economy.”

“[It would] facilitate e-commerce and remittances, relying on the Bitcoin network and its technologies, as well as other digital asset networks.”

Syrian Bitcoin Policy Proposal

This includes building a comprehensive regulatory framework for Bitcoin buying, selling, trading and mining, aligning with international and local laws.

The proposal also includes digitizing Syrian pound (CBDC), backed by hard assets like dollars and minting it on the blockchain.

Syria, having the second lowest electricity price globally at $0.003 per kilowatt-hour (kWh), could function as a Bitcoin mining destination, the proposal read.

“Allowing entrepreneurs to use the country’s energy resources to mine Bitcoin and digital assets, with governmental facilitation granting them the freedom to innovate and expand while restricting monopolies and any adverse societal and environmental externalists.”

The bill advised not to rely excessively on usurious loans and avoid inflationary monetary policies. Instead, it advocated adopting the principles of conservative free-market economics. Additionally, the proposal encourages banks, startups, and currency exchanges to integrate Bitcoin into their operations.

The bill also highlighted challenges to achieving a Bitcoin policy, such as external sanctions, technical difficulties, and previous government debts.

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