Today we see a few nations adopting Bitcoin, and one of these include the country called Venezuela, which is on the edge of adopting it. The nation is planning to adopt and is now busy experimenting the same.
We have seen a good surge of these coins in the country. Unfortunately, we see too many more things coming along, including greed, fraud, speculation and digital currency in the market. We have seen the invention of Bitcoin coming like something the best as per the invention of Satoshi Nakamoto.
For people living under strict government rules, Bitcoin can prove to be a practical choice for many more people looking out for censorship. For example, if you check the remittance, we see a good surge in the domestic economy.
Then you have the Venezuelan regime seen coming out with the money abroad. New laws are coming in the country that will keep a check on the overseas transactions in the local banks. You can check more about the same on sites like cfd trader .
The Regulation
One may find the laws forcing the country to move smoothly and enjoy the local banks for many more transactions that can help in allowing the banks to disclose information on how individuals are now using the money.
As per experts, digital currency experts carry out a wire transfer from the US and encounter fees like reaching 56 per cent like from the USD that offer the process in the previous weeks.
We now see the banks in the said nation under pressure from the government and preventing the clients with the help of checking those using foreign IP addresses from checking the internet-based accounts.
How are local people getting BTC?
To avoid the red tape, we see the top bureaucratic people adding and starting up to receive their money in BTC from abroad. Now, you can find it very much possible to send out text messages from the family asking for BTC and even receive the same later for a small amount.
Also, we can see the censorship coming from the government about Bitcoin working as a third party along with the banks and then acting like a Bitcoin wallet to carry out the P2P format. Later, you can find Bitcoin acting like fiat currency with the help of Craigslist style exchanges allowing people to win the flash drive and then an example to regulate their savings.
Finally, we can find this country the only place where people use BTC to take an escape route.
The other nations’ and BTC
At the same time, the nations like Zimbabwe also is working on the idea of fiat currency. They plan to do so with the help of printing as many currency notes as possible. However, they do not do the same with digital coins like BTC.
Also, we have the example of China in the country, which is the one that is keeping a check over transactions with the help of platforms like WePay and Alpay and many more similar mass surveillance options using Bitcoin payments.
In Russia, we have seen Putin targeting NGOs and other groups to freeze their accounts as they know they can easily prevent them from getting extra money from outside. However, they cannot ban or freeze the BTC based wallets. In the refugee camps, you can access the money via any bank.
It also helps find the proper internet connection to help receive BC without even asking permission to prove the identity.
The Influencers’ role in dealing with technology
Much heed is paid to the dark side of technology for celebrities like Elon Musk of Y N Harari. They have talked about the role of AI and Big Data and stood for the same in adding strength to the world.
Also, we have seen many more nations, including the ones in the Middle East like KSA and Iran. They are now planning to mutate and even make the idea of BTC central by accepting P2P digital money seeking the help of state-owned digital coins like Petro.
However, with several decentralizing technologies, one can get the chance to counter the force and make things work in the apps. But, it has to go a long way.
