SCER proposes a bold plan to address Syria's economic crisis by legalizing Bitcoin, digitizing the Syrian pound, and fostering a digital economy.
The Syrian Center for Economic Research (SCER) has proposed a strategy to the transitional government to legalize Bitcoin and digitize the Syrian pound. This plan aims to build a strong digital economy in Syria by developing both centralized and decentralized banking infrastructures. The initiative seeks to address the country's economic crisis, curb inflation, stabilize the local currency, and attract foreign investment.
A regulatory framework would legalize the exchange, trading, and mining of Bitcoin and other digital assets in compliance with domestic and international standards. The digitization of the Syrian pound would involve minting it on a blockchain backed by liquid assets such as gold and other reserves. This process would be overseen by the central bank and relevant regulatory authorities. The proposal also aims to empower Syrian entrepreneurs and innovators by granting them access to a free-market environment. It seeks to foster private property rights and enable citizens to exercise full self-custody of their digital assets. Additionally, the initiative aims to modernize financial institutions and encourage startups to deliver Bitcoin and blockchain-related services. Despite its promise, the proposal faces challenges including a lack of technological infrastructure, limited public awareness, and geopolitical challenges that have hindered Syria's recovery
SYRIA BITCOIN DIGITAL CURRENCY ECONOMIC CRISIS BLOCKCHAIN
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