Syrian Transitional Authority Seeks Legitimacy
A Syrian non-governmental organization (NGO) has urged the country’s new leadership to consider building a banking system that relies on the Bitcoin network and associated technologies. In its policy proposal, the Syrian Center for Economic Research (SCER) argues that such a system is needed to accelerate reconstruction efforts and shield Syrians from inflation and currency devaluation.
Known as the “Bitcoin Policy in Syria,” the SCER’s proposal was made as confidence in the Ahmed al-Sharaa-led government slowly grows. Since helping to topple longtime leader Bashar al-Assad in December 2024, al-Sharaa, a rebel leader now the de facto Syrian president, has attempted to assure a skeptical international community that his government wants to adhere to democratic principles.
So far, this charm offensive appears to be winning over doubters, as evidenced by the United States’ decision to scrap the $10m reward for al-Sharaa’s arrest list but also engage with the Hayat Tahrir al-Sham group. Gaining international recognition is crucial for al-Sharaa, who desperately needs funding to revive an economy battered by a 13-year civil war and sanctions.
According to the SCER, the al-Sharaa regime can help set Syria on a path to a quick recovery by issuing a comprehensive regulatory framework to legalize the exchange, trading, and mining of bitcoin (BTC) and other digital assets. Syrian rulers should also consider digitizing the pound and backing it with assets ranging from U.S. dollars to BTC. Permission to mine BTC with public energy resources should be granted to entrepreneurs seeking to do this.
However, the non-governmental organization warns the transitional government of many obstacles it may encounter before this vision becomes a reality.
“There are many between us and achieving this vision, including external sanctions, technical difficulties, and the debts left by the previous regime. However, the Syrian people have proven their ability to effect peaceful change, and we hope they will begin adopting this modern technology to keep pace with global economic transformation,” the SCER said in its bill.
Meanwhile, besides advocating for policies that attract bitcoin miners, the SCER also called on the transitional government to avoid relying on usurious loans and inflationary monetary policies. The non-governmental organization also wants Syrian authorities to guarantee citizens’ right to full self-custody of their digital assets.
Source:news.bitcoin.com
