To help revive the country’s war-torn economy, a Syrian research group has released a thorough legal framework for regulating cryptocurrencies. Syria’s Central Bank (CBS) has backed the ambitious concept put up by the Syrian Centre for Economic Research (SCER), which calls for the possible establishment of a new “digital pound.”
Working Together to Start a Crypto Initiative
US-based economist Saifedean Ammous is supporting the SCER’s project, which seeks to combine the expertise of engineers, academics, and entrepreneurs. In contrast to the previous regime’s reliance on illegal trade to maintain the country, the idea envisions a digital currency that could aid in Syria’s economic recovery.
Position of the Syrian Government on the Proposal
Although Ahmed al-Sharaa’s new administration has pledged to shut down the previous government’s drug-related activities, it has not yet formally acknowledged or supported the SCER’s cryptocurrency initiative. The idea of supporting the digital pound with assets like gold, Bitcoin, or the US currency is still being discussed, and the debate is still in its early phases.
The Use of Cryptocurrency to Promote Economic Stability
In order to give Syria’s institutions much-needed financial streams, the idea seeks to counteract inflationary monetary policies and lessen reliance on high-interest loans. Furthermore, Syria is a desirable possible location for cryptocurrency mining because to its low energy prices and faltering currency, which might support the new project even more.
Difficulties Ahead in the Face of Sanctions and International Criticism
Notwithstanding the possible advantages, the SCER has some obstacles to overcome, such as continuing international sanctions and the difficulty in receiving official Syrian government permission. The SCER clarified that the idea is not associated with official state initiatives after the concept garnered notice on social media and some people incorrectly connected it to the Syrian government.
A Prolonged Journey Ahead
The SCER is optimistic but recognizes the difficulties in reviving Syria’s economy through cryptocurrencies, particularly in light of the continuous pressure from international sanctions. More talks are required to complete the idea. using cryptocurrencies, particularly in light of the continuous pressure from international sanctions.
