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- A Bill Proposal by the Syrian Center for Economic Research (SCER) has proposed a bill for its transitional government to legalize Bitcoin in the nation.
- The bill seeks to use Bitcoin and other digital assets to rehabilitate, secure economic freedom, and hedge against inflation.
The Syrian Center for Economic Research (SCER) has proposed a bill to rehabilitate the nation’s economy after the fall of the country’s previous regime. The bill seeks to build a digital economy legalizing Bitcoin and other assets and the requisite blockchain-based custody infrastructure, to bolster Syria’s economic landscape.
Bitcoin Policy Bill To Rebuild Syrian Economy Post-Assad Regime
Syrian opposition forces took over the nation on Dec. 8, liberating the country from 53 years of al-Assad family rule. Under Bashar al-Assad, the Syrian economy sustained heavy economic blows, with poverty affecting 69% of the population (14.5 million Syrians) as of 2022, according to the World Bank.
In 2023, due to the menace of civil war and political unrest, the numbers increased to 15.3 million people. This leap informed the UN’s estimation that 16.7 million Syrians will need humanitarian aid in 2024.
Hence, the SCER strategically put forward its proposition to assuage the effects of these crises on the economy.
“The Syrian situation after the fall of the previous regime necessitates seeking innovative solutions to accelerate reconstruction, ensure market freedom, protect the Syrian citizen from inflation and currency devaluation, enhance the preservation of private property, and add a modern framework to the economic climate to attract global capital,” said the draft.
A Comprehensive Framework For Digital Asset Custody, Exchange, and Mining
First, the bill pushes for issuing a “comprehensive framework” that will give legal status to the exchange, trading, and mining of Bitcoin and other digital assets in keeping with local and international laws.
Furthermore, it advocates for “digitizing the Syrian pound” by generating it on the blockchain and backing it up with a robust reserve consisting of assets like Bitcoin, dollar, and gold, and under the oversight of the country’s central bank and other relevant agencies.
It will open the doors for entrepreneurs to harness the country’s energy resources to mine Bitcoin and other digital assets with the government granting them the “freedom to innovate and expand” their enterprise.
Additionally, it will grant Syrians the right to self-custody their digital assets. By extension, citizens will use their digital assets in a manner that “guarantees privacy” per local and international laws.
The Bitcoin Policy bill champions the permission of financial institutions like banks and currency exchange establishments to offer financial services that will facilitate Bitcoin and digital asset transactions.
It also urges the government to steer clear of “inflationary monetary policies” and overreliance on exorbitant loans. While the SCER admits many obstacles could militate against achieving this economic vision, they’ve expressed confidence in the Syrian people’s “ability to effect peaceful change.”
The SCER is a non-profit and non-governmental organization comprising Syrian and Arab academics, engineers, and entrepreneurs, studying, educating, and advocating for open discussions on economic and technological issues.
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