Republic of Suriname is considering a national strategy with BTC

zasad@

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Quote from: pakhitheboss on February 01, 2024, 08:10:14 AM

Isn't the adoption of Bitcoin becoming common in countries that are located in South America? The US has been influencing the economies of these countries for its benefit for a long time, does this mean these countries are trying to get out of USD dominance? I think they are turning to Bitcoin as a source of hope, If every country in that continent is looking for a source to stabilize their economy, they should adopt Bitcoin. Otherwise, they will be controlled by the US, ensuring they do not become a stable economy as it suits the US interest.

Now, the next thing that came into my mind was is this the reason why the US through the SEC approved Bitcoin ETF? Or there is something else cooking as there is news that the SEC is going to approve Ethereum ETF by May this year. Whatever it is, I feel Bitcoin is benefiting as such steps would increase its adoption phase, eventually helping holders with price gain.

The economy of all Latin American countries is greatly influenced by the United States, and if you control the economy, you can easily control politics.
The adoption of Bitcoin in the form that occurs in countries does not in any way increase the freedom of people, but, on the contrary, drives them into a trap due to the habit of using centralized services. Blockchain is a very useful technology, and it is currently being tested with millions of users for virtually no cost.

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Isn't the adoption of Bitcoin becoming common in countries that are located in South America? The US has been influencing the economies of these countries for its benefit for a long time, does this mean these countries are trying to get out of USD dominance? I think they are turning to Bitcoin as a source of hope, If every country in that continent is looking for a source to stabilize their economy, they should adopt Bitcoin. Otherwise, they will be controlled by the US, ensuring they do not become a stable economy as it suits the US interest.

Now, the next thing that came into my mind was is this the reason why the US through the SEC approved Bitcoin ETF? Or there is something else cooking as there is news that the SEC is going to approve Ethereum ETF by May this year. Whatever it is, I feel Bitcoin is benefiting as such steps would increase its adoption phase, eventually helping holders with price gain.

zasad@

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Quote from: pawel7777 on December 29, 2023, 01:39:02 PM

Quote from: zasad@ on December 29, 2023, 09:02:10 AM

But Bitcoin is designed so that each user stores coins in a non-custodial wallet.

Sure, but what's good for an individual person is not always suitable for a state or large organisation. It's hard to imagine that private key(s) to an entire nation's bitcoin investment would be held either by a single official or a group of officials (for multisig wallets). Government employees are not famous for being too security-focussed or for taking their roles seriously. They probably wouldn't want such responsibility anyway.
So, in this case, using a trusted, centralised service, with all the insurance etc, seems perfectly justified.

I think that the private keys will belong to a private company that wins the tender and will be very close to the state. The company will first pursue a very correct and open policy in order to attract many users, and then the conditions will worsen and the number of blockings will increase. This is one of the financial traps for citizens.

pawel7777

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Quote from: zasad@ on December 29, 2023, 09:02:10 AM

But Bitcoin is designed so that each user stores coins in a non-custodial wallet.

Sure, but what's good for an individual person is not always suitable for a state or large organisation. It's hard to imagine that private key(s) to an entire nation's bitcoin investment would be held either by a single official or a group of officials (for multisig wallets). Government employees are not famous for being too security-focussed or for taking their roles seriously. They probably wouldn't want such responsibility anyway.
So, in this case, using a trusted, centralised service, with all the insurance etc, seems perfectly justified.

zasad@

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Quote from: pawel7777 on December 28, 2023, 07:21:52 PM

And yup, if they go for it, they'd likely use JAN3's centralised service, which should be way more convenient than storing private keys.

Well, I wrote this in the topic about El Salvador and am writing it here. In this way, you can even introduce moonstone into the payment system, because your assets will be in a centralized wallet, to which the government will have access.
But Bitcoin is designed so that each user stores coins in a non-custodial wallet.

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Quote from: avikz on December 25, 2023, 03:24:49 PM

Well! Good for Bitcoin and for the long term investors like me!

For a country with approx. 600,000 population, it might bring in some sort of financial inclusion in their own society. But for me, it is a better news than an ETF approval for sure. Even though I completely understand that they will probably have a centralized wallet service provider similar to El-Salvador. But still it will bring in some volume and capital into Bitcoin.

Also it will greatly help skeptical people around the world to trust Bitcoin and possible make them intrigued about this tech.

Given the tiny size of the Suriname, there will be no real impact on the price even if they give it the green light. So price-wise, it will be nothing compared to the approval of spot ETFs.
I agree that news like that help legitimise Bitcoin further, but it's not like they're trying to make Bitcoin a legal tender (like El Salvador did) so I don't think any major news outlets will be reporting on it.

And yup, if they go for it, they'd likely use JAN3's centralised service, which should be way more convenient than storing private keys.

I didn't have a clue that's what Samson Mow does nowadays. It's pretty bold move to establish a company specifically pitching to nation-states and other entities.
More info: https://jan3.com/blog/jan3-launches-new-financial-division/

zasad@

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Quote from: Fiatless on December 26, 2023, 12:05:13 AM

The scalability challenge of Bitcoin can be tackled by increasing the block size limit. Although it might have some consequences but it is a good option. Another good alternative is to use the Lightning Network for transactions.

It seems that more countries are considering making fair policies on Bitcoin. We got news recently from Nigeria that the government has lifted sanctions on banks facilitating crypto transactions. My prediction is that next year will be better especially if the SEC approves the ETF this is because many nations see the US as their role model. Some unfriendly nations might begin to change the negative views they have about Bitcoin once the US integrates Bitcoin into their financial system.

The adoption of a spot ETF in the US will not be a mass adoption for Bitcoin. In other countries, these ETFs already exist and are not in great demand.
In the US, nothing will be approved until the government has as much control over it as possible and the money leaves the country.If a spot ETF is approved, for many companies the money will not even move to other banks, but will simply transfer to the company's accounts in the same bank.

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Quote from: Fline Han on December 24, 2023, 03:33:54 PM

I imagine Countries all over the world adopting a national strategy with BTC,

the only challenge would be the scalability of Bitcoin. As the network's user base grows, there's a limitation on the number of transactions processed per second. If Bitcoin were to be widely adopted as a global reserve currency, managing a substantial transaction volume could pose a challenge.

The scalability challenge of Bitcoin can be tackled by increasing the block size limit. Although it might have some consequences but it is a good option. Another good alternative is to use the Lightning Network for transactions.

It seems that more countries are considering making fair policies on Bitcoin. We got news recently from Nigeria that the government has lifted sanctions on banks facilitating crypto transactions. My prediction is that next year will be better especially if the SEC approves the ETF this is because many nations see the US as their role model. Some unfriendly nations might begin to change the negative views they have about Bitcoin once the US integrates Bitcoin into their financial system.

Quote from: avikz on December 25, 2023, 03:24:49 PM

Also it will greatly help skeptical people around the world to trust Bitcoin and possible make them intrigued about this tech.

Your views are correct that this kind of news will reduce the amount of doubt people have about Bitcoin and it could lead to more an increase in Bitcoin awareness. Suriname might be a small country but the news is good for the spread of Bitcoin education.

avikz

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Well! Good for Bitcoin and for the long term investors like me!

For a country with approx. 600,000 population, it might bring in some sort of financial inclusion in their own society. But for me, it is a better news than an ETF approval for sure. Even though I completely understand that they will probably have a centralized wallet service provider similar to El-Salvador. But still it will bring in some volume and capital into Bitcoin.

Also it will greatly help skeptical people around the world to trust Bitcoin and possible make them intrigued about this tech.

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Quote from: Fline Han on December 24, 2023, 03:33:54 PM

I imagine Countries all over the world adopting a national strategy with BTC,

I don't see that happening anytime soon or ever.

On the part of the citizens; adoption of Bitcoin does not benefit the economy, neither does it help with creating an enabling environment for businesses to function. They can access it without it being a legal tender and with more freedom.

With governments is basically the same thing, they do not better their economy by adopting Bitcoin and it will always remain a secondary means of processing payments.

Adoption slightly helps Bitcoin with gaining acceptance, but that has a threshold to which it can be beneficial.

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I remember watching a Korean Movie called Narco-Saints that set on Suriname country. It’s about drug monopoly since the government in there is very corrupt and this movie is based in true story.

I’m not sure how this country evolved but with this kind of government which has a total control with its citizen, I think using Bitcoin will be strategically good for them. Again I’m not sure how drug monopoly status in there but I’m just worried Bitcoin will be use to do whatever shit they are doing.

BTW this is the movie I’m referring https://en.wikipedia.org/wiki/Narco-Saints

aoluain

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Quote from: Fline Han on December 24, 2023, 03:33:54 PM

I imagine Countries all over the world adopting a national strategy with BTC,

the only challenge would be the scalability of Bitcoin. As the network's user base grows, there's a limitation on the number of transactions processed per second. If Bitcoin were to be widely adopted as a global reserve currency, managing a substantial transaction volume could pose a challenge.

I can imagine small countries like Suriname to adopt a national Bitcoin strategy,
It will be a long time yet before Germany, the U.K or the U.S follow that approach,
if ever.

Quote

Perhaps a bit obvious, but the interest in Bitcoin from Suriname’s public officials comes from the growth that El Salvador is experiencing, a country that made Bitcoin legal tender in September 2021.

I think its obvious the effect and influence El Salvador is having on these small nations.

And I think its normal for small nations like this to try and advance their position and
try and get ahead of the larger dominant ones.

Quote

The goal is to make the country take a leap in quality in fields traditionally not
associated with the country, such as finance and technology.

Not only that, Santokhi would like to improve the life of his people and the ability of Bitcoin
to store wealth for the future and its potential for financial inclusion are promising for the
smallest country in South America.

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I imagine Countries all over the world adopting a national strategy with BTC,

the only challenge would be the scalability of Bitcoin. As the network's user base grows, there's a limitation on the number of transactions processed per second. If Bitcoin were to be widely adopted as a global reserve currency, managing a substantial transaction volume could pose a challenge.

Fiatless

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Quote from: zasad@ on December 22, 2023, 09:17:10 AM

Quote from: Poker Player on December 21, 2023, 11:48:57 PM

Right, we should not stick with the headline. It seems to me that the news comes from a press release sent by JAN3, the company that has made the proposal. In Suriname I don't know but in Colombia I doubt very much that they will make any considerable change in the policy regarding Bitcoin, although if it were to happen it would be considerable due to the size of the country. I think it is easier for smaller countries to implement policies like El Salvador and those are the ones we will see first.

I want to hear about El Salvador from citizens.
The official Chivo custodial wallet was launched by law in Salvador. The construction of Bitcoin City was announced and mining on green energy was allowed, but the population did not live better.
I’ll even say more that there are more bitcoins on the balance of this forum than on the balance of the government of El Salvador

I don't think I have seen any member from El Salvador in this forum. If you go through the El Salvador thread in this forum, you will see different good news about the impact of Bitcoin on the economy of El Salvador but I have never seen any comment from a resident of the country. There is news that making Bitcoin a legal tender has led to an increase in revenue from the tourism sector because many crypto lovers are now visiting the country.

Some reports also claim that making Bitcoin a legal tender has also attracted many crypto-related businesses to the country which has created employment opportunities and increased government tax revenue. But as we all know the country has not started making a profit from the Bitcoin it purchased but the government is willing to keep it for a long time.

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Quote from: Poker Player on December 21, 2023, 11:48:57 PM

Right, we should not stick with the headline. It seems to me that the news comes from a press release sent by JAN3, the company that has made the proposal. In Suriname I don't know but in Colombia I doubt very much that they will make any considerable change in the policy regarding Bitcoin, although if it were to happen it would be considerable due to the size of the country. I think it is easier for smaller countries to implement policies like El Salvador and those are the ones we will see first.

I want to hear about El Salvador from citizens.
The official Chivo custodial wallet was launched by law in Salvador. The construction of Bitcoin City was announced and mining on green energy was allowed, but the population did not live better.
I’ll even say more that there are more bitcoins on the balance of this forum than on the balance of the government of El Salvador

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Quote from: Fiatless on December 21, 2023, 01:12:17 PM

The summary of the news is that JAN3, a technology firm which focuses on promoting Bitcoin adoption in all the continents of the world is trying to make Suriname Bitcoin-friendly. JAN3 have just sent a proposed Bitcoin strategy to the government of Suriname. The government have acknowledged that they have received the document, so it will be studied and decisions will be made.

We cannot just assume that Suriname will be the next country to adopt Bitcoin after El Salvador because the proposed strategy is the beginning of a long process of adoption. The adoption of Bitcoin as a legal tender will have to go through the legislature for deliberation and approval. I am comfortable with this organisation because they promote only Bitcoin. I just hope that the organisation's efforts in Surname, Montenegro and Colombia will be fruitful.

Right, we should not stick with the headline. It seems to me that the news comes from a press release sent by JAN3, the company that has made the proposal. In Suriname I don't know but in Colombia I doubt very much that they will make any considerable change in the policy regarding Bitcoin, although if it were to happen it would be considerable due to the size of the country. I think it is easier for smaller countries to implement policies like El Salvador and those are the ones we will see first.

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Quote from: yhiaali3 on December 20, 2023, 04:29:08 PM

Does this mean that Suriname will officially adopt Bitcoin?
From what I understand from the article, Suriname wants to follow in El Salvador's footsteps after seeing the many advantages that the adoption of Bitcoin has brought to El Salvador.
Also according to the article:

Quote

JAN3 and Samson Mow are not only dealing with the Republic of Suriname. In fact, during this same period, it seems that Montenegro and Colombia are also at stake.

This means that Montenegro could also be on the way.
If this news is true, perhaps 2024 will be the year of adoption for Bitcoin. we hope so.

The summary of the news is that JAN3, a technology firm which focuses on promoting Bitcoin adoption in all the continents of the world is trying to make Suriname Bitcoin-friendly. JAN3 have just sent a proposed Bitcoin strategy to the government of Suriname. The government have acknowledged that they have received the document, so it will be studied and decisions will be made.

We cannot just assume that Suriname will be the next country to adopt Bitcoin after El Salvador because the proposed strategy is the beginning of a long process of adoption. The adoption of Bitcoin as a legal tender will have to go through the legislature for deliberation and approval. I am comfortable with this organisation because they promote only Bitcoin. I just hope that the organisation's efforts in Surname, Montenegro and Colombia will be fruitful.

zasad@

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Quote from: yhiaali3 on December 20, 2023, 04:29:08 PM

Does this mean that Suriname will officially adopt Bitcoin?
From what I understand from the article, Suriname wants to follow in El Salvador's footsteps after seeing the many advantages that the adoption of Bitcoin has brought to El Salvador.
Also according to the article:

Quote

JAN3 and Samson Mow are not only dealing with the Republic of Suriname. In fact, during this same period, it seems that Montenegro and Colombia are also at stake.

This means that Montenegro could also be on the way.
If this news is true, perhaps 2024 will be the year of adoption for Bitcoin. we hope so.

Here the devil is in the details. Transactions in El Salvador are very cheap between wallets because all services are provided by a centralized service.
It’s similar to what if all citizens of the country register on Binance and make transfers to each other on Binance ID. Therefore, it is very interesting to look at the actual application of any law.

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Does this mean that Suriname will officially adopt Bitcoin?
From what I understand from the article, Suriname wants to follow in El Salvador's footsteps after seeing the many advantages that the adoption of Bitcoin has brought to El Salvador.
Also according to the article:

Quote

JAN3 and Samson Mow are not only dealing with the Republic of Suriname. In fact, during this same period, it seems that Montenegro and Colombia are also at stake.

This means that Montenegro could also be on the way.
If this news is true, perhaps 2024 will be the year of adoption for Bitcoin. we hope so.

zasad@

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https://en.cryptonomist.ch/2023/12/18/bitcoin-news-the-republic-of-suriname-is-considering-a-national-strategy-with-btc/
https://twitter.com/MOFASur/status/1736445350062203294

“THE REPUBLIC OF SURINAME, IN SOUTH AMERICA, IS EVALUATING A NATIONAL #BITCOIN STRATEGY PROPOSED BY JAN3 OF SAMSON MOW.”

"This is the ongoing sharing of tweets about the meeting between the President of Suriname, Chan Santokhi, and the JAN3 team, the Bitcoin technology company focused on expanding access to Bitcoin and financial freedom worldwide.

Specifically, the CEO of JAN3, Samson Mow, along with the COO of JAN3, Ben Van Hool, spent a few days getting to know people in the commercial, banking, and payment services sectors of Suriname.

After the field survey, the direct meeting with President Santokhi and his administration took place, which concluded with the request to JAN3 for a plan outlining the necessary steps for the implementation of a Bitcoin strategy for Suriname."

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