The Syrian Center for Economic Research (SCER) has outlined an ambitious proposal to integrate Bitcoin into the Middle Eastern country’s financial system.
On Dec. 31, Bam, the founder of the Arabic crypto channel Bitcoin 21, shared the SCER’s proposal on social media platform X while stating:
“The Syrian Center for Economic Research publishes a proposal for the transitional government to legislate Bitcoin in Syria and digitize the Lira.”
It aims at legitimizing Bitcoin as a currency for trading, mining and other purposes. This proposal proposes a virtual version of the Syrian Pound backed by US Dollars and Bitcoin, as well as gold.
The SCER wants to protect citizens from economic threats by utilizing blockchain technology.
Plan also highlights potential for harnessing untapped resources of energy to mine Bitcoins in an environmentally friendly manner, with the aim to modernize economy and maintain fairness.
There are challenges ahead
SCER has noted the significant obstacles to this ambitious project.
According to the group, Syria’s recovery from prolonged conflict, coupled with international sanctions and limited technological infrastructure, presents significant challenges that could impede the adoption of the emerging industry.
A minimal amount of crypto is being adopted in Syria. Chainalysis, a blockchain analytics company, noted that although Syrians were able to gain access to foreign crypto platforms there was no indication of widespread usage within the country.
Concerns about the misuse of cryptocurrencies by extremists persist. Some factions are reported to have used cryptocurrencies as a fundraising tool.
Sanction evasion?
Skeptics have also raised concerns about this proposal. They suggest that the tactic could be to avoid sanctions – a technique associated with Iran and North Korea.
SCER emphasized that it is not interested in circumventing international law, but rather in economic recovery and innovative thinking.
Bam Writes:
“We also emphasize that [the Bitcoin proposal] is NOT meant to circumvent international sanctions. We believe that sanctions should be lifted URGENTLY through legal and political processes in accordance with international law.”
Bam said that the SCER is independent of the government, and it relies on volunteer engineers, academics and entrepreneurs from Syria to promote knowledge, dialogue and technology in economics, technology and monetary policies.
Posted in: Middle East Adoption Crypto Bitcoin Author 
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