Why say sanctions will lead to more countries to use Bitcoin as a legal currency?

Sanctions will accelerate the adoption of Bitcoin

Sanctions have been used by international organizations as a subtle means for controlling a country. This concept is also used by countries to deal with other countries, as a means of control, such as the United States to sanctions against Iran and North Korea. These sanctions often take the form of trade and financial embargo, causing affected countries into economic dilemma.

The most affected countries are those who are unable to use the US dollar-based financial system, such as Iran, North Korea and Cuba. Due to the US dollar as the world’s status, this brings serious economic problems to affected countries. Other countries are in these sanctions, the turmoil of a wrong, may make them affected by a large number of sanctions.

El Salvado has successfully adopted Bitcoin as a legal currency while facing increasingly severe international pressures. Since there is no intermediator, bitcoin and other encrypted currency is a nice choice for these countries, and the value loss caused by inflation is another factor in changing balance. Financial experts believe that the detrimentary nature of encrypted currencies provides a viable alternative to provide truly independent opportunities for these countries.

An obvious example is Russia. Because the relationship with Ukraine is increasing, Russia is currently facing sanctions. Although the country’s reserve assets are priced at US dollars, the government has begun to reduce reserves. Recently, the Russian government mitigated people’s concerns about the ban and taking measures to give the asset category legitimate status. Putin once hinted that encrypted currency may be used in the settlement of the oil contract, but they are still unstable. More zone chain messages, please pay attention to the download area block APP, the Global Block Chain Regulatory query app.

The future of the future is not flat

Some analysts predict that Bitcoin is expected to replace the US dollar to become a world reserve currency. However, this is not a flat way, because there is a dominant country that does not want to lose his power in front of the detrimentary system like Bitcoin. However, countries outside of hegemony will slowly start adopting Bitcoin as a way to unpredictable economic freedom.

As the world’s reserve status, the hard upper limit of bits 21 million will make it better than the nature of the statutory currency such as US dollars. The deposition of miners and real democratization will ensure that the assets are not controlled by the centralized intermediary as Fa and CBDC.