Tuesday, November 30, 2021
HomeDigital CurrencyBitcoinWill Cryptocurrencies Help Countries Gain Relief From American Hegemony?

Will Cryptocurrencies Help Countries Gain Relief From American Hegemony?

The Cuban government is working on a bill that if implemented would recognize cryptocurrencies in the country. The bill also seeks to regulate cryptocurrency payments despite not acknowledging them as legal tender. Cuba is one of a handful of other Latin American countries in the Western Hemisphere moving to legalize Cryptocurrencies.

The pioneer country was El Salvador, it moved to establish Bitcoin as legal tender, a world-first at the time. Thanks to the President of El Salvador Nayib Bukele’s successful push to get legislation approval, thus giving the cryptocurrency BitCoin official currency status alongside the US dollar.

  • The U.S has for Geopolitical reasons stopped countries that dont follow its Political requests from freely accessing the dollar-based financial system. — with devastating effect

Venezuela is expected to launch a Digital Bolivar in October, currently, The government is making the necessary adjustments to peg the digital bolivar to the petro. Many other countries have begun to look for alternatives from the green-back after the U.S weaponized the dollar for Geopolitical reasons. In order to avoid any unforeseen problems, when closing transitions with the dollar, Countries around the world have started looking into protecting themselves against overreach from the U.S.

Bitcoin is a virtual currency, more commonly referred to as a cryptocurrency that was created with the principle of removing intermediary control as enjoyed by banks, central banks, and governments. Bitcoin was created in order to compete or replace fiat currencies as an alternative instant payment mechanism.

Bitcoin is not the only major problem for the U.S Dollar, China has been working on its own Digital Currency, even though China has yet to open up the Digital Currency to the rest of the world, it already has folks worried that it will pose a challenge the almighty Dollar. Today the Digital renminbi (RMB) as China’s currency is called, remains a pilot project and is only available to Chinese citizens.

The IMF & Western Media Vs El Salvador

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After El Salvador's decision to use Bitcoin as a currency the country has been hit with negative news towards the Government. IMF warns against...

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