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Bitcoin

Bitcoin On Her List: Suriname’s Presidential Hopeful Embraces Crypto For Economic Revival

Christian Encila
by Christian Encila
1 year ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In underdeveloped countries, where economic problems are a daily battle usually afflicted by inflation, depreciation of currencies, and limited access to conventional financial systems, Bitcoin is becoming a possible revolutionary force.

Related Reading: Bitcoin Miners In Distress: Mass Sell-Off Sends BTC Price Tumbling To $61,000

A political hopeful with a radical idea is creating waves in Suriname, a South American nation suffering great financial difficulty: embracing Bitcoin as the foundation of the nation’s financial system.

Bitcoin First

Claiming to be “Bitcoiner first, politician second,” Maya Parbhoe is running for president on a platform based on general acceptance of Bitcoin.Her vision? To protect Suriname from the dangers of a volatile national currency and start a new financial inclusive age.

Pay attention to @MayaPar25 — she’s going to be the next President of Suriname when she wins next year.

She also extremely based and told me she’s a “Bitcoiner first and a politician second.”

A #Bitcoin Standard is coming to Suriname 🇸🇷

pic.twitter.com/sRQMg1zIf8 https://t.co/sebAx4zdb0

— Walker⚡️ (@WalkerAmerica) June 24, 2024

Parbhoe’s approach is three-pronged. She first wants to encourage companies and people to utilise Bitcoin for regular purchases—from groceries to bill payment—by means of which Second, a clear and encouraging legislative framework will be created to build faith and expansion inside the Bitcoin ecosystem. At last, a national education campaign will provide people the tools and expertise to negotiate the world of digital money.

Image: Medium

Suriname Embraces Crypto

Suriname’s ambitions for Bitcoin are not unique. Another underdeveloped country struggling with economic uncertainty, El Salvador has previously made a historic action. Recently revealing its first-ever Bitcoin-based fund raising, the Central American country teamed with digital asset service provider Bitfinex Securities.

BTCUSD trading at $60,585 on the daily chart: TradingView.com

This action shows El Salvador’s intention to use Bitcoin in more general economic involvement. With “disintermediating” conventional finance, the project seeks to make capital and investments more accessible, especially for people who have been excluded from conventional financial systems.

Shield Vs. Inflation

But is Bitcoin a magic bullet for underdeveloped countries? Fans such as Parbhoe think it may completely revolutionise the game. Unlike fiat currencies under government control, Bitcoin has a limited quantity and could provide some defence against inflation. Its distributed character also removes intermediaries, therefore reducing transaction costs and maybe improving financial transparency.

Related Reading: Crypto App CoinStats Hit By Security Breach, User Funds Potentially Exposed

Major obstacles still exist on the road towards prosperity driven by Bitcoin. The most obvious obstacle is Bitcoin’s infamous price swings, which makes regular transactions dangerous.

Another problem is accessibility as many from a Bitcoin-based financial system would be excluded by internet deficits in underdeveloped countries, especially rural areas. Furthermore raising sustainability issues is the environmental effect of Bitcoin mining.

Featured image from O Bitcoin, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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