Can BTC Save Syria? NGOs propose "BTC legalization" to rebuild the post-war economy

After years of war and economic devastation, the road to recovery in Syria is full of challenges. However, a grassroots idea may bring new hope to this land. The Syrian Center for Economic Research (SCER) recently proposed a bold initiative, urging the transitional government to promote the 'legalization of BTC', advocating the introduction of BTC into the national financial system in an attempt to revive the economy, stabilize the currency market, and help the people resist international sanctions and inflation pressures.

The new future combining BTC and blockchain

According to the SCER's recommendation, the Syrian interim government should legislate as soon as possible to legalize the trading and mining of Bitcoin (BTC), and at the same time introduce the 'Digital Syrian Pound' backed by assets such as gold, US dollars, and BTC.

The core of this proposal is to use blockchain technology to make the currency system in Syria more stable, thus protecting the people who have suffered from economic turmoil.

SCER further proposes that through the development of underutilized energy resources, 'BTC green energy mining' can create employment opportunities and inject modern momentum into the economy of Syria.

The Syrian Center for Economic Research publishes a proposal for the transitional government to legislate #Bitcoin in Syria and digitize the Lira pic.twitter.com/dEm8gwfzdP

— Bam باسم (@bamskki) December 31, 2024

Challenges and pressures of post-war reconstruction

However, the distance between ideals and reality cannot be ignored. SCER admits that Syria still faces daunting challenges, including crumbling infrastructure, heavy international sanctions, and severe shortages of technology and funds.

In addition, the prevalence of cryptocurrency in Syria is extremely low. According to a survey by the blockchain analysis company Chainalysis, although some Syrians have been able to access cryptocurrency through overseas platforms, this technology is still not widely popular in the country.

At the same time, there are also concerns from the outside world that extremist organizations may abuse cryptocurrencies for illegal fundraising, further increasing the resistance to the proposal.

Evading sanctions or economic innovation?

This proposal has also attracted high international attention. Some critics believe that this may be Syria's strategy to bypass sanctions, similar to what Iran or North Korea has done. However, SCER emphasizes that their intention is purely to solve domestic economic problems, not to challenge the international order.

Founder of the Arab cryptocurrency media 'Bitcoin 21', Bam, said:

We also want to make it clear that this BTC proposal is definitely not intended to evade international sanctions. We believe that sanctions should be lifted through legal and diplomatic means, and comply with international law.

It is worth mentioning that SCER is a completely independent non-profit organization (NGO) that operates separately from the government. It is composed of a group of Syrian engineers, scholars, and entrepreneurs who volunteer. Their goal is to promote the sharing of knowledge in economics, technology, and financial policies, and provide innovative solutions for the future reconstruction of Syria.

Can BTC Save Syria? NGOs Propose "BTC Legalization" to Rebuild the Postwar Economy" This article was first published in Blockers.