Can Bitcoin Revive the Economy in Crimea?
Crimea is facing a crisis due to economic sanctions since it was annexed by Russia. The market is currently in desperate need of a solution which Bitcoin can readily provide until it stabilizes. In the present day, how often do we use hard cash for transactions? Not much, since it has been gradually replaced by plastic currency. Carrying around and making transactions with cards has become safer and more convenient than hard cash. But it has all changed in the Crimean Peninsula, a landmass on the northern coast of the Black Sea. Crimea, formerly Ukrainian territory is now part of Russia....
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It’s safe to say that resident Obama’s press secretary will not openly admit where the White House stands on the issue of Bitcoin use in the newly acquired Russian sovereign territory, Crimea. Not a word from the “official” fiat issuers either. My guess is it might be because the Kremlin, too, shares the same attitude to the currency of the future. If anything could add fuel to the fire; it would be an open discussion on the most important, and least discussed, change underway in Crimea – the fiat currency change. And this change is perfectly emblematic of a point Bitcoin proponents have....
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Russian Internet ombudsman Dmitry Marinichev suggested allowing the use of cryptocurrencies to residents of Crimea. In his opinion, legal entities and individuals registered in Crimea should be allowed to use cryptocurrency wallets and make transactions with digital currencies. Elaborating on his proposal, Marinichev suggested the opening of cryptocurrency exchanges, as he believes it will help attracting new investments to the region. He referred to the example of Hong Kong that has managed to create one of the biggest Bitcoin exchanges. An important precondition for this initiative is....
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