I don't think it will work. Countries with weak economy also have poor education ratio, poor infrastructure and lack of technology awareness. This will resist their citizens to adopt the BITCOIN as their official currency.
Moreover, BTC transactions are decentralized, so govt lost their control over the economy and no govt want this to happen.
Topic: Countries with weak economies can use cryptocurrency instead the dollars. - page 5. (Read 1385 times)
October 15, 2017, 12:20:54 PM
October 15, 2017, 05:23:17 AM
Countries with weak economies and unstable currencies can use not the dollars but the crypto currency as a reserve unit. With such a statement made at a conference on the 20th anniversary of the independence of the Bank of England, the managing director of the International Monetary Fund (IMF) Christine Lagarde.
What do you think? Is it possible?
What do you think? Is it possible?
This is not possible, dollars have already build their reputation it should continue to help these weak countries in order for them to rise. If the weak countries will rely on bitcoin, how can they do that than even their government system needs to upgrade of their old technology to catch up the latest technology? Most of these weak countries technology are left behind even their education system because they cant afford it. We all knows that adopting bitcoin should need the latest technology to work like computers and the internet if they cant afford it then it is very impossible for the bitcoin to exist in these weak nations.
October 15, 2017, 04:43:45 AM
I think it is not just possible but should to be like that! How long the use of the US dollar as reserve currency will support the USA and their politic?! It's just not fair that one country set the rules in the world.
I think moving on crypto-currency will give freedom to poor countries and it is not going to be profitable to any other country, so the use of the crypto as reserved one will not make richer some other country.
I think moving on crypto-currency will give freedom to poor countries and it is not going to be profitable to any other country, so the use of the crypto as reserved one will not make richer some other country.
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October 15, 2017, 02:13:23 AM
I don’t understand why most replies take what the OP says as if Lagarde was talking about bitcoin. She is talking about creating a cryptocurrency, one controlled by them.
https://www.cnbc.com/2017/10/13/bitcoin-get-serious-about-digital-currency-imf-christine-lagarde-says.html
What we see here is what we have already seen some times: establishment realizing that cryptos are a movement too powerful to ignore but as they escape from their control they want to create a crypto to be the legal one and the one they can control.
https://www.cnbc.com/2017/10/13/bitcoin-get-serious-about-digital-currency-imf-christine-lagarde-says.html
What we see here is what we have already seen some times: establishment realizing that cryptos are a movement too powerful to ignore but as they escape from their control they want to create a crypto to be the legal one and the one they can control.
October 15, 2017, 01:14:38 AM
It's depend on their policy against bitcoin.
If their government forbid bitcoin usage then nobody can't use it !
If their government allow but still not legalize bitcoin, people can use bitcoin with their own risk !
If their government legalize bitcoin, everyone can use bitcoin as their main transaction
If their government forbid bitcoin usage then nobody can't use it !
If their government allow but still not legalize bitcoin, people can use bitcoin with their own risk !
If their government legalize bitcoin, everyone can use bitcoin as their main transaction
October 14, 2017, 11:49:46 PM
It is possible but it would be difficult because if the country has already a weak economy then its currency would be weak as well that would make it more difficult to buy bitcoin. They have the option to mine it themselves but given the situation that the country is not that progressive then I would assume that it has low power as well and a technology that is not that advanced. There would be a slower wireless fidelity and maybe the people are not so aware yet of the existence of cryptocurrency so it would be hard for them to use it if they don't even know that a cryptocurrency exist.
October 14, 2017, 09:38:05 PM
I think Op really means is by profiting by it and not totally using it as a currency in a country because if the economic situation is weak and poor the bitcoin profitable power will eventually help out. Building bitcoin mining farms is an alternative way and they’re citizens can work or gain the advantages of earning through investing in cryptocurrency.
October 14, 2017, 07:47:35 AM
Countries with weak economies and unstable currencies can use not the dollars but the crypto currency as a reserve unit. With such a statement made at a conference on the 20th anniversary of the independence of the Bank of England, the managing director of the International Monetary Fund (IMF) Christine Lagarde.
What do you think? Is it possible?
What do you think? Is it possible?
First, I think the only real candidate for reserve cryptocurrency is Bitcoin, as it has the most PoW and the most responsible team of developers who hold security as their prime value- any other coin would be extremely risky in this situation. If Bitcoin will get mass adopted, I'm sure that governments will start using it as a reserve currency or asset, but until then it still would be a quite risky move and governments usually try to avoid risking when it comes to economy. Right now Bitcoin's legal status is not fully defined in most countries, so there's some risk of it getting outlawed in some parts of the world and this can discourage many governments from adopting Bitcoin as their reserve currency, not to mention all other potential risks that can make Bitcoin crash. But converting 5-10% of a countries reserves to Bitcoin might be a smart thing to do, since it can make a huge returns in a couple of years, not to mention a longer terms like 10-20 years. And the other cool thing about Bitcoin is that it's public, so it's impossible to steal from a treasury without everyone immediately knowing about it, so countries who suffer from corruption might benefit from Bitcoin.
October 14, 2017, 04:02:17 AM
Countries with weak economies and unstable currencies can use not the dollars but the crypto currency as a reserve unit. With such a statement made at a conference on the 20th anniversary of the independence of the Bank of England, the managing director of the International Monetary Fund (IMF) Christine Lagarde.
What do you think? Is it possible?
What do you think? Is it possible?
First, I think the only real candidate for reserve cryptocurrency is Bitcoin, as it has the most PoW and the most responsible team of developers who hold security as their prime value- any other coin would be extremely risky in this situation. If Bitcoin will get mass adopted, I'm sure that governments will start using it as a reserve currency or asset, but until then it still would be a quite risky move and governments usually try to avoid risking when it comes to economy. Right now Bitcoin's legal status is not fully defined in most countries, so there's some risk of it getting outlawed in some parts of the world and this can discourage many governments from adopting Bitcoin as their reserve currency, not to mention all other potential risks that can make Bitcoin crash. But converting 5-10% of a countries reserves to Bitcoin might be a smart thing to do, since it can make a huge returns in a couple of years, not to mention a longer terms like 10-20 years. And the other cool thing about Bitcoin is that it's public, so it's impossible to steal from a treasury without everyone immediately knowing about it, so countries who suffer from corruption might benefit from Bitcoin.
October 14, 2017, 01:19:54 AM
That would have been great for them,but don't forget countries with weak economy equally have weak networking systems.This will go a long way to impede the progress of the use of crypto currency in these areas.
What they can do atleast is to make the bitcoin legally and some improvement in the network especially in the urban areas. Also tax little less for the bitcoin earning this will encourage people to start earning bitcoin and also people form other countries may look to setup their and if some facilities are provided this will add the boost to their economy to alteast some extent.
October 13, 2017, 04:05:52 PM
Countries with weak economies and unstable currencies can use not the dollars but the crypto currency as a reserve unit. With such a statement made at a conference on the 20th anniversary of the independence of the Bank of England, the managing director of the International Monetary Fund (IMF) Christine Lagarde.
What do you think? Is it possible?
What do you think? Is it possible?
I think it is possible as it is a great idea for a country that is weak in economic status but I guess some strong countries or even banks will hinder this kind of move especially those countries that have a big debt to them.
Bitcoin is the future of an international digital currency for me and with that I am so confident that it will boom even more if there is one country that will take this opportunity and set as an example because it will become a chain reaction and some other countries will follow it too.
October 13, 2017, 03:42:49 PM
It's a good idea, because we have to remember that there are countries out there with currencies that are basically dead. There's a reason why people in some African countries are using foreign currencies (mainly USD) instead of their local ones. This is also one of the reasons behind the rumors of incoming bitcoin acceptance in Vietnam.
Currently 1 USD =22,715 VND and they even have 500k VND bills, so there has to be a lot of millionaires in that country
Currently 1 USD =22,715 VND and they even have 500k VND bills, so there has to be a lot of millionaires in that country
October 13, 2017, 02:34:33 PM
It should be one of the options to get salary or buy everything. Liberland has reserves in bitcoin. I think it is future and governments will issue own cryptocurrency. Maybe one will try use bitcoin.
October 13, 2017, 02:30:26 PM
I live in country with weak economies and i agrees to receive a salary in crypto
October 13, 2017, 01:18:00 PM
The IMF has never helped countries. They are just trying to drive the country's debt and get control over them. Countries are poor because they come to power thieves and corrupt officials. Instead of helping under its control to restore the economy of the country they give the thieves money. Bitcoin can now help in the development of the economy so its use is unacceptable in the backward countries.
October 13, 2017, 08:28:19 AM
I really want to understand how they want this to work out because countries with weak economies have among other things inflationary problem if bitcoin is now introduced, it then means there would be need to first start with capacity building for the entire population on how to use the new currency in a safe way which is not cheap at all. With the ever increasing price of bitcoin, it then mean the value of goods and services gets to change every time, that is adding more instability to the system that is ready weak.
October 13, 2017, 07:42:02 AM
there are both possibilities that the countries with weak economies may or may not use cryptocurrencies instead of dollars as with weak economy there are very fewer chance that the people would buy bitcoins in the first place . also , if somehow they do manage to buy they would have to use it as a business currency which will be difficult.
but if they start using it the economy of there country may rise and there will be development which will be good for the country
but if they start using it the economy of there country may rise and there will be development which will be good for the country
October 13, 2017, 06:34:18 AM
Countries with weak economies and unstable currencies can use not the dollars but the crypto currency as a reserve unit. With such a statement made at a conference on the 20th anniversary of the independence of the Bank of England, the managing director of the International Monetary Fund (IMF) Christine Lagarde.
What do you think? Is it possible?
I don't think that's possible. For starters this would be against America. Her whole economy is built on the fact that the whole world uses as a reserve currency, the dollar. Another very important detail is that no one knows how long it will be bitcoin or other cryptocurrencies. I would recommend Christian Lagarde to lead by example and to keep part of the reserve, IMF bitcoin. What do you think? Is it possible?
October 13, 2017, 05:55:29 AM
Countries with weak economies and unstable currencies can use not the dollars but the crypto currency as a reserve unit. With such a statement made at a conference on the 20th anniversary of the independence of the Bank of England, the managing director of the International Monetary Fund (IMF) Christine Lagarde.
What do you think? Is it possible?
What do you think? Is it possible?
The same people who said bitcoin was bad are suggesting that if be used by weak economies after these same countries have always followed their model of having a robust economy then ended up where they are today and to still being rubbed on their faces that they are weak economies.
What I see here is the IMF coming out to push countries beyond their capacity no country should be forced to take that route to development every country should be allowed to develop at its own pace without anyone pushing it and that's exactly what I am seeing the IMF is currently doing.
October 12, 2017, 10:25:14 PM
Only if there is existing or make a bitcoin mining farms on that country, I can’t see any logic on that. How? in the first place those on that area can buy bitcoin without fiat currency. Maybe you mean boycotting Dollars or they do have local currency. I think it should be more detailed as it will only put confusions.
A country with weak economy will not be given loan from central banks if they don’t accept dollars, so it is literally impossible.
A country with weak economy will not be given loan from central banks if they don’t accept dollars, so it is literally impossible.
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