With Capital Controls, Bitcoin Reigns Supreme – Bitcoin Magazine


This is an opinion editorial by Craig Deutsch, organizer of Asheville Bitcoiners, designer of The Bitcoin Game and junior editor at Bitcoin Magazine.

You may have seen or heard about people in Lebanon robbing banks for their own money. They’re no Butch Cassidy, but are just trying to get their own money out of the bank.

Lebanon is facing an economic crisis and banks responded by locking depositors out of their own accounts. As a result, multiple banks have been held up by their customers, who are only looking to withdraw their own money.

Link to embedded tweet.

In late June 2022, G7 countries famously froze around $300 billion of Russian central bank funds, including $30 billion of Russian oligarchs’ assets. Ethiopia’s central bank is banning foreign currency from being used in local commerce and is lowering the threshold for the amount of time that residents who are returning to the country can hold foreign currency. Taiwan is facing significant capital outflows and is floating the idea of foreign-exchange controls if the trend continues to worsen. Mongolia’s local banks are restricting the amount of dollars their customers can buy to $300 per day due to their foreign currency reserves being down 40%. Russian citizens are flocking to banks to withdraw their funds and the waiting time is two to three days.

Source link Bitcoin Magazine


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