The proposal also includes a digitized version of the Syrian pound.
With affordable energy prices, the country is emerging as a good destination to mine BTC.
The Syrian Center for Economic Research (SCER), a non-governmental think tank, has drafted a bill that would allow Syria to turn to Bitcoin to rebuild its economy, severely affected by the civil war that began in 2011. Recently, a draft of the project has begun to circulate on the social network
Between 2010 and 2020, Syria’s Gross Domestic Product (GDP) plummeted by more than 50%and gross national income per capita suffered a significant drop, leading the World Bank to classify the country as part of the “Low Income Economies” category since 2018. Inflation drastically eroded the purchasing power of the population, causing a constant increase in extreme poverty.
After the collapse of Bashar al-Assad’s regime, the country wants to press the reset button and implement laws that favor the free market. In this context, the SCER proposal urges the government to adopt Bitcoin as legal tender to attract international investments.
We propose to build a digital economy and a centralized and decentralized banking infrastructure, with branches spanning various governorates, cities and towns in Syria. This would open the door to facilitating e-commerce and remittances, building on the Bitcoin network and its technologies, as well as other digital asset networks.
Bill: Bitcoin Policy in Syria.
The project includes the creation of a comprehensive regulatory framework to legalize the exchange, trade and mining of Bitcoinaligned with international and local laws. In addition, it proposes the digitalization of the Syrian pound and its support in liquid assets such as dollars, gold and BTC, under the management of the central bank and the supervision of the corresponding authorities.
Also mentioned is Syria’s potential for Bitcoin mining, highlighting the possibility for entrepreneurs to take advantage of the country’s energy resources to mine BTC and other digital assets, with the support of the government to encourage innovation. It is important to highlight that, according to data According to GlobalPetrolPrices.com, in March 2024 the price of electricity in Syria was USD 0.006 per kWh for households and USD 0.016 per kWh for businesses, values that are among the cheapest in the world.
The SCER advocates for the country’s commitment to responsible economic policies. In fact, one of the key points of the draft proposes “Avoiding inflationary monetary policies and excessive dependence on usurious loans.” For Syria to successfully implement this strategy, it is crucial that the new government guarantees economic transparency, promotes financial education among the population and explores more accessible and sustainable financing alternatives, in order to support business activity without falling into cycles. of recurring debt.
However, it is also clarified that there will be challenges to overcome:
There are many obstacles between us and achieving this vision, including external sanctions, technical difficulties, and debts left behind by the previous regime. However, the Syrian people have demonstrated their ability to bring about peaceful change, and we hope that they will begin to adopt this modern technology to keep up with the global economic transformation.
Bill: Bitcoin Policy in Syria.
Syria’s proposal resonates with the growing global trend of considering Bitcoin as a strategic asset. Since El Salvador’s announcement in 2021, many Countries and companies have begun to explore creating BTC reservesa movement that has gained particular strength in the United States. Donald Trump’s promise to establish a national reserve of the leading crypto asset has further raised the debate over its potential to diversify national treasuries. For additional details, CriptoNoticias offers an in-depth analysis of this global shift towards the digitalization of economies.