Post-Assad Syria, which is now controlled by a terrorist organization Hayat Tahrir al-Sham (HTS), is in the midst of rebuilding an economy from the fallout of 14 years of war and crippling sanctions.  The Syrian pound's value has been inflated 3x and the Central Bank of Syria only possesses $200 million in foreign exchange reserves, a massive decrease from $17 billion in 2010.  Syria is also struggling to make basic goods affordable as the World Food program estimates that 13.1 million Syrians do not have enough to eat, due to the massive loss in value of the Syrian pound.

HTS says it wants to introduce a free market system and modernize Syria's economy, which includes adopting Bitcoin.  The Syrian Center for Economic Reasearch proposed that the exchange, trading, and mining of Bitcoin be legalized in Syria.  This legalization would be an effort to "accelerate reconstruction, ensure market freedom, protect the Syrian citizen from inflation and currency devaluation, exchange the preservation of private property, and add a modern framework to the economic climate to attract global capital."  Other key recommendations include minting the national currency on a blockchain and backing it with a mix of Bitcoin, gold, and the US dollar, and allowing citizens to manage their digital assets independently, ensuring privacy and security.

Current challenges to this ambitious proposal such as international sanctions that limit access to global markets and financial systems, lack of infrastructure and expertise to support asset adoption at scale, and the current state of the struggling war torn economy, may slow the acceptance of the proposal.

Despite these challenges however, Syria possesses significant oil and natural gas reserves that can be used to mine Bitcoin which can allow Syria to generate wealth independent of traditional export markets.  In turn, the Bitcoin mined can facilitate economic recovery, fund reconstruction projects, and stabilize the Syria pound by creating Bitcoin backed reserves.  Should Syria implement such a bold plan, it could serve as a model in the Middle East and North Africa region, where countries like Lebanon, Iraq, and Iran have been facing similar economic hardships.

Thank your for your time and attention.

Happy stacking,

B

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