The Syrian Center for Economic Research (SCER) has presented a proposal for the transitional government to legalize Bitcoin and digitize the Syrian pound in a bold strategy to address the countrys economic crisis.

This proposal aims to build a strong digital economy and develop both centralized and decentralized banking infrastructures across the country.

SCERs Vision for Syria

If implemented, the initiative would mark a crucial shift in Syrias monetary policy, aiming to curb inflation, stabilize the local currency, and attract foreign investment in a war-torn economy struggling with hyperinflation and currency devaluation.

The proposal details a regulatory framework that would legalize the exchange, trading, and mining of Bitcoin and other digital assets in compliance with both domestic and international standards. Central to the plan is the digitization of the Syrian pound, which would involve minting it on a blockchain backed by liquid assets such as gold and other reserves. This will be done with the oversight of the central bank and relevant regulatory authorities.

Such a move could potentially improve the security and transparency of transactions, facilitate cross-border remittances, and spur e-commerce growth.

In addition to addressing monetary challenges, the initiative seeks to empower Syrian entrepreneurs and innovators by granting them access to a free-market environment unrestricted by monopolistic practices. The focus will also be on fostering private property rights and enabling citizens to exercise full self-custody of their digital assets. Meanwhile, the initiative also seeks to modernize financial institutions and encourage startups to deliver Bitcoin and blockchain-related services.

Despite its promise, the proposal stated that it faces significant hurdles, including a lack of technological infrastructure, limited public awareness, and geopolitical challenges that have long hindered Syrias recovery.

The SCER also clarified that the transitional government has neither approved nor considered this proposal. The volunteer-driven initiative said that they do not expect them to do so anytime soon and added that the transitional government has more pressing issues to address at this time. It went on to say,

We also emphasise that this 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.

Growing Calls for Lifting Sanctions

The latest development comes amidst Syrias new Foreign Minister, Asaad Hassan al-Shibani, who is calling for an urgent lifting of international sanctions. Speaking just weeks after the ousting of Bashar al-Assad, al-Shibani outlined the interim administrations goals and progress while simultaneously highlighting efforts to stabilize the country and engage with regional and global stakeholders.

Al-Shibani argued that sanctions, originally imposed by Western nations to pressure the Assad regime during its brutal repression of protests in 2011, have outlived their purpose. With the regime dismantled and thousands of political detainees freed, he urged the international community to reconsider the measures, stating that they now hinder Syrias recovery and harm ordinary citizens.