Can Bitcoin help Syria rebuild post-war?
New proposal outlines a blockchain-based lira and digital banking network
Could Bitcoin help rebuild Syria's economy? A new proposal by the Syrian Center for Economic Research (SCER) suggests it might.
The SCER—a volunteer-driven initiative bringing together Syrian academics, engineers, visionaries, and entrepreneurs—has proposed legalizing Bitcoin.
They explained that the plan involves building a digital economy through a mix of centralized and decentralized banking systems spanning Syrian cities and villages. This could enable e-commerce and remittances by relying on the Bitcoin network, alongside other digital asset technologies.
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
The proposal also suggests legalizing Bitcoin for transactions and trading to stimulate economic activity and allowing entrepreneurs to mine digital assets like Bitcoin using Syria’s energy resources. It emphasizes self-custody, which means individuals could manage their digital assets without relying on banks or other intermediaries.
A blockchain-based version of the Syrian lira, potentially backed by assets like gold, dollars, or Bitcoin, is also under consideration to stabilize the currency further.
However, the SCER clarified that the proposal has not been approved and acknowledged the transitional government might have more immediate priorities. They noted that external sanctions, technical challenges, and lingering debts could hinder implementation.
To clarify Syria’s Bitcoin policy proposal: Who wrote it, and is it legitimate?
— Bam ⚡️باسم (@bamskki) January 1, 2025
First, let’s address the misinformation circulating in crypto media: NO, the transitional government has neither approved nor considered this proposal, and we do not expect them to do so anytime…
While the transitional government has not acted on this proposal, it has attracted attention worldwide, aligning with a growing trend of governments exploring Bitcoin adoption. El Salvador became the first country to make Bitcoin legal tender in 2021 and currently holds 6,002 BTC (about $569 million).
Syria’s circumstances are different, but the SCER remains optimistic that adopting innovative technology like Bitcoin could help the nation align with global economic developments.
