Topic: One of the biggest problem Now with currencies (Read 584 times)

I think it is Kyrgyzstan. I had read the world map even before and I did not see any Kyrksitan there. I think it was just a typographical error.
Well, turning into bitcoin currency can be their option to work with their economy. Having a currency with no value is not good, in fact they are already in hyperinflation and anytime their economy may collapse.

PS.

I searched for Kyrsitan and I never found any country. When I searched the Kyrgyzstan, it has result and when I saw their inflation rate. It seems like the currency has value and the inflation rate is going down compared to the last few years ( since 1994-2020)

So, how does the OP conclude that the value of Kyrgyzstan Som, devaluates?

https://www.statista.com/statistics/528575/inflation-rate-in-kyrgyz-republic/

I have never heard of the Kyrgyzstan country, but if it is true that this country has currencies that have no value. And it cannot be
exchanged into other countries currencies, of course what must be blamed is the government. There is no other way, Kyrgyzstan state
governments are obliged to improve their country's economy. By utilizing the natural wealth they have, and also improve the education
of the Kyrgyzstan population. Then it is able to increase the value of the Kyrgyzstan currency.

There is no such country just like what you have mentioned Kyrksitan in any Asian countries. Maybe you were trying to state about Kyrgyzstan for it is the closest country to be spelled out from what you have mentioned. Please be careful the next time for such errors contribute to confusion of everyone.

I have done some sort of research and found that their currency seems to be close to having almost no value for I have compared it from USD and my country's currency and it just cost cents which is a really very low value to think as a currency. Now, with that problem it is all about their government to talk about it and fix it for we have no rights to get along with their own personal issues because such case is their own problem. We don't know what is basically they do about it and we do not have anything to do about it as well.

In most of the cases it is the government officials only that are having a major chunk in the illegal activities because they have all the information that is necessary for doing the activity and also they take a hefty leverage over the people that are currently doing the illegal activities like that in India where the politicians were also involved in running a scamming team of people in the early 20s who were scamming people out of their money by committing the credit card frauds and transferring the money in the bank accounts of the local people who were uneducated and were given some cash benefit for their troubles.

People not think and not prepare they will undestood only when Military boot will kick their ass lol

To use brain neccessary in this world to think logically and self education, but nobody Don't Care until its too late who to blame?

Only yourself!

Thank you for your search on Kyrgyzstan. Which allowed me to find more information about this country. Kyrgyzstan is facing serious corruption problems.


Discovering that the people involved are members of the government, Organizations and executives of the FEZ.
The Kyrgyzstan Parliament considers regulating crypto mining activities and apply tax.
Hopefully the country can get rid of corruption and activities related to cryptocurrencies help improve its economy.

OP, do you mean Kyrgyzstan? Well, it is not a well-known country, located in Central Asia and undoubtedly a low-income country as it has the second lowest Gross National Income (GNI) in Europe and Central Asia and 32 percent of the population lives is below the poverty line (based on my research). No wonder  they are not improving because of their wrong beliefs on crypto currencies. They believe that crypto currencies is a high-risk investment that is why their government banned it, and now, they realize that they cant stop the people by using crypto currencies that is why they come up with the thoughts that instead of banning it, they will just implement tax over crypto currencies, so the Country could benefits and get profits in return.

Is there a statement of any government about this?

I mean, Bitcoin could be a good solution but I doubt that the government would be part of that plan or solution. Another thing is that I don't even think that they are even thinking of Bitcoin as a solution to this.

Yes, that is true. Many new people come to this forum for money by doing some of the tasks provided. I think this forum is very helpful for the existence of advertisers and publishers in making economic relations in cyberspace.
I agree with your statement in the first paragraph. Although there are those who do not like the existence of this paid campaign, the admin and moderators do not object to the existence of this advertising ecosystem. In other words, bitcointalk still allows us to do business through advertising campaigns held.

We don't need to think about the condition of a country's currency, if we haven't felt success ourselves. The government is paid for this, one of which is to improve the country's economic conditions.

I'm even in 3rd world country but able to use cryptocurrency as well our fiat still have some value. The government should act accordingly and know what is required to do. The people should prevent voting officials with only have self interest and not capable of handling the issues as well no aim of bringing theirr economy back and helping their people to survive even if it means they will start from a scratch.

Already country currencies have gone without any exchange value. This is all because of the improper economic plan and the lack of proper execution of economic policies. Countries like Zimbabwe Venezuela already into the same trouble. Expert suggested adopting Bitcoin as the the legal currency for this countries. No no government is ready to do it. Maybe in future some countries love will officially consider it.

If it doesn't have any purchasing power then it is not really a currency.But is it possible for a currency value reaches zero? There are currencies got extreme low purchasing power but still they got some value and government is not going to use bitcoin as their main currency if that is the case.

What They do about it?

Its Not spoken problem much but its a problem

If it is about exchanging the country's currency into others, it may relate to the value of the currency itself if brought to overbroad. but, if you are living in that country, you can still use it and have a value of the currency right?
If it is related tot he cryptocurrencies, we may also not know whether it is available and legal in that country or not. But at least, it can be one of the alternatives if using crypto for transactions around the world. but, ensure that this is legal.

There is nothing that you can do about a situation like this. This is a country issue, and it’s not something that you can solve on your own, so relax and look for ways to solve your own personal problems, since you’re not in a position to handle such a situation.

As for people in the comment that are saying cryptocurrency is going to save you, please how exactly is that going to happen? First of all where are you going to get that money to invest in cryptocurrency, because cryptocurrency is not free money, you either have to invest in it or you will have to work for it, there is no free money here. So the answer is that you will have to work to make money. I will advise you to take online jobs that will help you earn some dollars.

That is also the reason why there are many countries in Africa participating in the crypto market.  Only in Africa is the fertile ground for the crypto market, where there are many countries with very low value for money.
But in my opinion, that's not enough.  For a strong financial market, it is necessary to have the presence of 6 continents in the world, not just Africa. The crypto market needs legitimate altcoins and can cater to the needs of many countries, then our crypto market becomes more valuable.
then the crypto market becomes the official financial market, then the volume is high and we will be the winners.

I do not know in your country, maybe they do not want your money spread in other country or maybe they want your money to be worth it in your country not in other country.

Yes take example with the Zimbabwe dollar , despite the level of being devalued as it is said but the country is still making the use of it and also making there little international transaction and exchange. A country must have there own local currency to trade and exchange for things.

I believe the country you are talking about does have serious issues but at the same time I believe :

In the future they would improve their situation for sure.

If a country is dealing with poverty at this level , they do for sure needs a lot of work, support and at the same time they need good governance. Until and unless the government and the people work together to eradicate this from their country I believe they still would have this problem in the near future.

There are other countries like you mentioned where one person from each family has to go to work abroad since the country's own value is very low. Plus there the prices of something as simple as *toilet paper are like half the salary they pay to their workers , it was a pretty amazing documentary , I would try and link it down below if I find it again.

But I believe the country needs:
Education
Good governance
Time
Support

Well, seeing who the OP is, I assume he is talking about Kekistan
Again, the whole thing is pretty stupid even if we talk about Kyrgyzstan, their currency has only lost 50% against the USD in the last 20 years, and it's actually on par with the value in 2016, so you can't claim it's worthless.


Far behind? They have a GDP per capita on par with Spain, is Spain also far behind others? In terms of GDP PPP they are even matching Switzerland.


The som is not pegged to the USD, where did you get that information?

Third world countries are mostly known for their many problems like unemployment, lack or education system, not well communication system and so on. Mainly indicates the problems and issues. This type of problem is rare because I am also from third world country but in here I can exchange cryptocurrency to local money.

Countries who are experiencing hyperinflation can’t exchange their currency as easy as that since the value of their currency is too small and maybe no one wants to exchange that currency into something valuable. OP has to find a way to exchange their currency even if it took many transactions, that’s the only way for them so they can still invest in other market and with bitcoin. Cryptocurrency can’t help them without the help of their government, if they adopt cryptocurrency then it can be a good start.

You are not getting the point just because a currency is pegged stronger to other doesn't means it is more valuable. The Kuwaiti Dinar is the highest valued currency yet the economy of Kuwait is far behind many. Think of it like this two companies start business with $1000 capital each. One company issues 100 shares of $10 each while the other issues 1000 shares of $1 each. Now how can you compare both companies by saying the $10 company is more powerful? Similarly in case of currencies the shares are the total money in circulation which means the value of single unit is low yet a person has full purchasing power because he has adjusted higher units of that currency. Many countries even slash the zero at the last to correct this thing you are talking about.

I compare with usd and eur world strongest currencies and most trusted currencies.

I think first of all you are talking about Kyrgyzstan. Well it has a well defined currency Pegged at 80 Som to 1 USD. What makes you say it's a worthless currency?You don't see a world's currency value with respect to other currencies but you see it in respect to the purchasing power parity of that country. If we go by what you say 1 USD = 42000 Iranian Rial but does that makes their currency worthless? No it doesn't because the price level of the economy is adjusted accordingly and 42000 Rial would buy you pretty much the similar things that you could buy using 1 USD. You are comparing 1 ADA to 1 BTC and saying ADA is worthless. Which doesn't makes sense.

currencies will always have value unless that country is wiped from the face of the earth! otherwise as long as it exists they will have a fiat currency and it will have A value. that value may not be as high as other currencies in the world but you still can exchange it with other currencies and for goods as millions of people in those countries are doing day to day.

With respect, if you're going to pretend to care about this issue I implore you to at least spell Kyrgyzstan the correct way. And their currency is Som, by the way 
Also, that's one reason people from countries with failing economies don't keep their money in those countries' currencies.

I thin he got the spelling wrong. The issue with Venezuela and Zimbabwe is the reason why we need to educate people about digital currencies, most of these Fiat is useless including USD because inflation will continue to erode their value with time but Digital currency like Bitcoin has proven to be a good hold and has a good store of value

You see here link

https://www.google.com/amp/s/www.coindesk.com/kyrgyzstan-bitcoin-payments-violate-state-law%3famp=1

After searching which country I can't either figure which one he is telling us but the closest is the Kyrgyzstan.

If the country can't arrange to peg thier currency to USD then they could just use the BTC like Venezuela for a meantime. I think its easy for a country to just fall to BTC. They could plan to develop their own digital currency after. I think countries like this one are the best country to advance their road to the development to cashless society.

Lol with what You invest?  If the currency is all most worthless?  
They need to Exchange currency to Foreign currency but who would take that?  

Solution for them  sell cheap Land Property goods from their Country to Foreign investors to get usa or eur forget about  their own currency not sure If anyone want that currency maybe ill buy from them with extra cheap price about  5 usd  for  5 pallets of stacked their currency


For them best Solution is to give their land resources or Property to get USA dollars or eur currency    That's only option I see here

This is a hard situation for a country and the citizen. This means the poverty level there will be very very high and GDP will be low because production will be far from the people. The people there will have a bad time to life there. I think if the government is not corrupt, they can't apply for loan from the international groups they belong to start developing the country by investing in the sectors of the economy.

A little foreign, the name of the country in my ear, if a country experiences inflation on finance, then this is bad governance in developing the economy so that their money is not advanced, meaning that they cannot be exchanged to other countries because of the bad economy but it is useless to use digital money too if local money is not worthwhile.  they move to enjoy the digital money.

Venezuela is also the same as they want to rise from this downturn. Can the government in the near future be able to revitalize the economy?  this butub took a long time too.

I searched kyrksitan on google and found nothing except this thread.
Can you make it clear what country you are referring to
I've read your previous posts and it seems you always had some early conclusion for the economy. What are you?

Basically, you can't sell any cryptocurrency if there is no exchange available to your country.
You can use VPN if you want to buy and sell tho.

I don't think he is referring to Kyrgyzstan since this country allows exchanges of bitcoins as far as I know.

They will only need to know how to use it properly, when the government didn't mind them that much then they should be the one to find ways how to make it works for them, yes it is hard especially no establishments they can use it but they will sure be able to use it in other ways like thru investing or thru trading that may help them. Venezuela is trying and other countries may also try till they find a better solution and it will be better if have a government that can support them.

Its their country issue. The government and authorities will know what to do to solve the problem and boost the economy. You cant make any change with a thread on bitcointalk like this. The world we are living in full of people who are living on the poverty line even though the news claims that everything is normal

We cant expect the world to change immediately in a short time. It must take at least 2 or even 3 decades for people to accept cryptocurrency as a type of payment. Moreover, right now, people are still lack of resources which are necessary for interacting with the internet

The world is made to have a great dependence on the dollar. Because the dollar is the international currency with the largest penetration of use in cross-border trade. As long as the two countries agree to use the local currency for export-import transactions and balance trade between the two countries, everything will run on its axis. It's just that if there is a trade balance deficit, and payments are made using a local currency which is not multicurrency, then disaster will come unless there are other countries that are willing to be paid using the local currency.

We take the example of Bank Indonesia and the Central Bank of China (PBOC) to cooperate in the payment of bilateral trade transactions and direct investment (local currency settlement) using the local currencies of the two countries, namely the yuan and the rupiah. The condition of Indonesia's trade deficit against China means that Indonesia imports more from China than exports so that Indonesia needs more Yuan, the value of the rupiah weakens compared to the Yuan. On the other hand, if Indonesia's trade balance is a surplus, Indonesia will be flooded with Yuan and have difficulty releasing Yuan because many countries do not want to be paid using Yuan, in contrast to transactions using dollars, dollars are easily spent because they add to the country's foreign exchange reserves. Currently the dollar is the real king of cash.

Each country's approach to the use of currency is different there is no problem here that the countries of the world use currency in both ways if banks keep  there is a danger of creating a crisis of various currencies including dollar and pound in the market. That is why the limit is set banks hold the most currency in us dollars apart from this banks also keep some currencies in euro japanese yen and british Pound due to which there will be alternative methods even if the value of money decreases.

Thinking about it, this is the fault of your goverent...

UK banks offer to exchange anything the central bank will accept and return sterling for (fiat wise -excluding gold and silver as you'd have to go direct to the cb).  Why don't you have something like that there? And if you don't, why don't you get people to petition the government for it (even companies would probably go for that).

Also I did warned Everybody here I opened thread
That we would have this Kind of problems around the World


https://bitcointalksearch.org/topic/--5275787

But who will want worthless currencies? 
Actually nobody!

Fiat needs to be backed by gold reserve so that it will be honor Internationally. This is the problem of the third world that don't have gold reserves and ruled by a greedy dictator. There is only few case about this issue but we can't do about this issue otherwise a user in this forum will run as president to change the way they manage there economy currency.

In my opinion, the paper money has a value locally so there's no problem on it since a person in third world country don't care about international fiat like USD because they will not use it in there own personal use.

I'm curious about that also. Because it is hard to believe that they have no money exchange shops in their area.
Even their local fiat to USD? I don't think we are getting what the OP is saying here.
Because is it possible for a specific country, even if it is third world, that they can't exchange their fiat to other currencies?

So I search a bit, and found out that it is actually easy to exchange in that country especially euro and USD.
https://trekking.kg/travel/money/

If these countries can’t keep their economies together, it’s likely that they’ll just ditch the old currency and begin anew, just like what happened in Venezuela, Zimbabwe and the likes for a few times now within a short span of time. Usually, people living in countries stricken by hyperinflation rely on USD for internal purchases, and to also keep their actual treasures on a hedge against the mad condition of their economies.

I see no hope for countries that is riddled by hyperinflation AND corrupt government officials with no definite plan to fix the economy. It’ll just repeat and repeat until it cannot be saved any further.

What are you currently using to trade if the currency doesn't have an international rate, can you still use it?

How much is food for example on average per person per month (or how much is a kilo of sugar, flour, potatoes (or equivelant)... Etc?

What's the priblem with not being able to convert? Does no one sell usd for it?

What's that country?

Do you mean to say Kyrgyzstan? Not all third world countries sees bitcoin as no value asset. You are thinking too much and ending up with that conclusion.

Are you expecting that most countries will be into cryptos that easy? give them some time.

I don’t know this country and as per my research on google its on the central part of Asia. You can’t do anything about it especially if your own government are not working well to improve the economy. Let’s look at Venezuela, they are still experiencing a hyper inflation and as far as I know, the value of their money became useless and that is the result of a poor service of the government. Digital currencies can be the best option for them, they just need to adopt now.

The third world countries such us kyrksitan is that the currencies has no value.
So You Can't Even Exchange them to other currencies... What They do about it?

Its Not spoken problem much but its a problem