Bitcoin is a unique currency. Not only can you remain anonymous and conduct transactions rapidly, but at the same time it is a tool to avoid extortion in countries like Nigeria. Most recently a programmer called Adebiyi David Adedoyin used a Bitcoin wallet to avoid extortion.
In general such coercive actions from Nigerian police is very rampant. Basically they detain people, determine their source of income from their mobile phones and extort money. This has been documented by Human Rights Watch. However in the case of Adedoyin, he had collected money on a Bitcoin wallet which the police did not detect.
When we talk about Nigeria we should also mention here that it is becoming one of the proponents in Africa using crypto and Forex trading. At some point there was a period in the country’s history where traders did not even know how to install MT4 on VPS, let alone other stuff and step by step the African country made a huge leap in this industry. However the crime and inappropriate conduct from police remains a problem.
Thailand introduces censorship
Any form of censorship when it is aimed to suppress the dissent is illegal, and we have seen that in Thailand where anti-government protests are taking place highlighting the vulnerabilities of major social platforms such as Facebook and Twitter. Most recently Axiory one of the most notable representatives of the Forex industry, voiced an idea that having a centralized government, having a grip on social media is a grave threat for the country’s democracy and it directly affects the general situation in Thailand. However there has been no improvement in this regard.
Jerome Powell announces new measures
Jerome Powell, who is a Chair of the Fed announced new measures to tackle inflation in the United States during his annual speech.
The United States has been severely affected by the new coronavirus. A lot of people have been left without jobs and the country has plunged into a deep recession. Jerome Powell did not rule out the possibility of using monetary policy tools, including a broader expansion of its balance sheet to keep markets from falling, if the economy worsens even more.
The speech might have long term implications on cryptocurrencies and especially Bitcoin, considering the dollar’s position in the international system.
The inflation could theoretically weaken the dollar and boost the crypto price, if it continues to persist in future.
Following the devastating economic impact on the US, national debt stands at $26.5 trillion. Digital currencies are now being pursued in various countries and it remains one of the major innovations. Goldman Sachs has recently declared that the USD has lost its dominant status in the world, however it looks less likely at the present time.