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.
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.
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