An independent, non-government, and non-profit think tank, the Syrian Center for Economic Research (SCER) is thinking about legalizing Bitcoin to regain its troubled economy.
According to the World Bank’s data, Syria’s economy has slumped by more than 60% since 2010, and the Syrian pound has gone down. In addition, the country has been gradually improving after the tumbling of the Assad regime.
As an outcome, to ensure market freedom, the country has searched for revolutionary solutions to boost deconstruction. The SCER gave an idea of a Bitcoin policy bill requesting the transactional government to acquire Bitcoin as a legal tender to regain its economy and have international investments.
Proposal to make the digital economy
The think tank shared the bill on its Telegram page on December 31, defining the proposal for making a digital economy. It would ease e-commerce and payments, based on the Bitcoin network and its technologies along with other virtual asset networks.
This consists of making a comprehensive regulatory substructure for Bitcoin purchase, selling, trading, and mining, lining up with international and local laws. The proposal also consists of digitalizing the Syrian pound (CBDC), supported by hard assets such as dollars, and minting it on the blockchain.
Syria has the second-lowest electricity price over the globe at $0.003 per kilowatt-hour (kWh), and could run as a Bitcoin mining destination, the proposal mentions.
This permits entrepreneurs to utilize the energy resources of the country to mine Bitcoin and virtual assets, and governmental assistance allows them the freedom to revolutionize and grow while hindering monopolies and any unfavorable societal and environmental externalists.
The Bitcoin policy
The bill further mentioned not to depend unreasonably on extravagant loans and preventing inflationary monetary plans. Rather than this, it supported adopting the principles of conservative free-market economics. Adding more to this, the proposal inspires banks, startups, and currency exchanges to amalgamate Bitcoin into their work.
The bill also threw light on provocations to have a Bitcoin policy, like external sanctions, technical difficulties, and preceding government debts. It further wrote that there are many obstacles between us and achieving this vision, including external sanctions, technical difficulties, and the debt 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.
