Belarus Central Bank is imposing new restrictions on foreign currency transactions in response to EU sanctions. Such a move could create complications for citizens and push them to seek alternatives such as cryptocurrencies.
Cryptocurrency cards are the modern way to spend bitcoins for purchases even if the vendor doesn’t accept cryptocurrency directly. However, users worldwide face multiple issues while using these crypto cards, including the inability to pay everywhere, bad customer service, bad exchange rates, high fees, and even closed or frozen accounts with money lost.
Venezuela faces lots of issues due to the sanctions imposed by the United States of America against the authoritarian regime of President Nicolas Maduro. Therefore, its citizens face the need for tools and ways that would allow them to circumvent the economic crisis in the country.
The economically struggling South American country and a strong supporter of crypto as a means of payment will see over 20,000 merchants recognize bitcoin and other cryptocurrencies as legal tender for shopping come June.
Iran, a country badly hit by US economic sanctions, now looks to crypto and blockchain technology investments as an alternative. Namely, it creates really favourable conditions to boost its cryptocurrency mining industry and attract companies from all over the world.
US authorities indicted blockchain and digital currency friendly president of Venezuela Nicolas Maduro and 14 other senior government administrators with narco-terrorism and participating in conducting illegal dealings specifically drug trafficking using cryptocurrencies payments to camouflage their tracks and circumvent sanctions.
Dynamics within the global energy markets could define the future of Bitcoin and other cryptocurrencies, not specifically in terms of Demand and Supply. There are ongoing wars within the oil industry largely orchestrated by the fightings between major oil producing countries.