The Syrian Centre for Economic Research under the transitional government of Syria proposed a bill seeking to legitimize Bitcoin in the country and Digitize the nation’s Local currency.
The Bill titled “ Bitcoin Policy in Syria” looks to accelerate reconstruction, ensure market freedom, and protect Syrian citizens from inflation and currency devaluation.
The Bill also looks to enhance the preservation of private property and add a modern framework to the economic climate to attract global capital.
Syria Post Civil Unrest
Syria looks to rebuild its economy after a long drawn-out civil unrest that ended with the toppling of the Bashar Assad regime.
The Bashir Assad regime was toppled by resistance forces leading to the former president fleeing to Russia for Asylum.
The Transitional Syrian Government under the de facto leadership of Ahmad al-Sharaa, formerly known as Abu Mohammed al-Golani is looking to build a digitized economy and a centralized and decentralized banking infrastructure.
The new bill looks to launch an entire Digital Ecosystem across the Syrian Governorates, Cities, and Villages facilitating E-commerce and Remittances leveraging Bitcoin technology.
There is also a provision to incentivize Bitcoin mining by entrepreneurs leveraging the country’s energy supply with a strict regulatory framework to limit monopoly and abuse.
Digitizing the Syrian Pound
Under Syria’s proposed new Financial blueprint the Syrian Pound is to be digitized and minted on a blockchain. The digital currency will be backed with liquid hard assets like gold, dollars, and Bitcoin.
The digitized Syrian currency will be placed under the central bank’s management and responsible authorities’ supervision.
One Syrian Pound is currently exchanging hands for $0.00008 and the transitional government looks to leverage blockchain technology to expand the utility of the Syrian pound.
Challenges facing the New Regime
The official document containing the proposed Bitcoin policy highlighted the various challenges facing the new regime in implementing the policy,
Technical difficulties, external sanctions, and debts left by the Assad regime top the list of inhibitors to a smooth implementation of the new policy by the transitional government.
Syria has remained a Geo geopolitical hot-button and the center of proxy wars between Western Powers and Russia for a long time.
The New administration in Syria faces a credibility crisis as key players in the transitional government are heavily tied to the Hay’at Tahrir al-Sham (HTS) group perceived globally as a terrorist group.
Efforts to rebrand the group as a legitimate opposition force have largely been unsuccessful.
