The Syrian Center for Economic Research (SCER) has put forth a bold proposal to incorporate Bitcoin into the financial infrastructure of Syria. This proposal, shared by Bam, the founder of the Arabic crypto channel Bitcoin 21, aims to introduce Bitcoin into various aspects of the country’s financial system, including trading and mining. The ultimate goal is to create a digital version of the Syrian pound that is backed by assets such as gold, US dollars, and Bitcoin.
By utilizing blockchain technology, the SCER envisions a more stable national currency and increased protection for citizens against the economic challenges that Syria currently faces. The plan also highlights the potential for sustainable Bitcoin mining by tapping into untapped energy resources, with the aim of modernizing the economy while ensuring fairness.
However, the proposal does face significant challenges. Syria’s recovery from prolonged conflict, along with international sanctions and limited technological infrastructure, present obstacles that could hinder the adoption of Bitcoin and other cryptocurrencies in the country. Additionally, the current level of crypto adoption in Syria is minimal, with no widespread use reported within the country.
There are also concerns about potential misuse of cryptocurrencies by extremist groups for fundraising purposes. Some skeptics have raised questions about whether the proposal is a means to circumvent international sanctions, similar to tactics employed by countries like Iran and North Korea. The SCER has made it clear that their intentions are focused on economic recovery and innovation, rather than evading sanctions.
Bam emphasized that the SCER operates independently of the government and relies on volunteers, including Syrian engineers, academics, and entrepreneurs, to promote dialogue on economics, technology, and monetary policy. The organization’s goal is to foster knowledge and discussion on these important issues within the Syrian context.
In conclusion, the SCER’s proposal to integrate Bitcoin into Syria’s financial system is a bold and ambitious initiative that has the potential to bring about significant changes to the country’s economy. While there are challenges and concerns that need to be addressed, the SCER’s commitment to economic recovery and innovation is clear. It remains to be seen how this proposal will evolve and whether it will gain traction within Syria’s complex economic and political landscape.