Bitcoin has become more expensive. As Bitcoin rises in value fiat is losing value making Bitcoin’s smallest unit known as Satoshi. At current times, a Satoshi is worth more than fiats in this countries.
Iran is doing well with its rial (IRR). One US dollar is equivalent to 42,101 rials. In July 2013 the Iranian government devalued its national currency to half its former value. The move to devalue was meant to reduce the subsidization of the exchange rates against the dollar.
With the increased US sanctions, Iran has come up with a second sh** coin in the form of a centralized and highly questionable “crypto rial.” To avoid them as the PayMon is yet to prove itself as plausible.
The inflation in Iran could reach more than 40 percent by the end of the year. One Satoshi is worth more than one Irian Rial as the economy is expected to grow substantially.
One dollar is equivalent to 23,321 Vietnamese dong. In Southeast Asian country, coins have long become extinct. And the citizens are used to using bills with tons of zeros. The dong has been devalued severally just like Iran. However, the currency being devalued seems to have attracted a lot of foreign investment, and the economy is growing. Its inflation rate is over four percent.
The state bank of Vietnam banned Bitcoin as a means of payment, and trading Bitcoin is still illegal. It’s also stopping cryptocurrency regulation because of various scams in the country. Even if one Satoshi is worth more than one dong, the people of Vietnam can’t use Bitcoin to purchase anything.
Indonesia is another country with a history of an uncertain economy and high inflation. The Indonesian Rupiah, throughout its history, has been devalued. It fell to its lowest level in 2018 against the dollar in 20 years.
Recently, Indonesia recognized Bitcoin and allowed it to be traded. But just like Vietnam, a ban on cryptocurrency payment still exists.
Do you think the ban on these fiats will stop cryptocurrency trading?
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