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Many countries have been going through economic turmoil in terms of high inflation and declining currency values. Money to solve the economic crisis which turn into the situation – currency devaluation. But the most plan was cryptocurrency, which seems to have yielded positive results to most governments.
Will Any of the Countries in Economic Crisis Go Crypto?
Pre / post Brexit UK saw its currency falling from 1.40 USD for GBP to 1.30, which is what is termed as hyper-devaluation. The Turkish lira also was trading for 2 USD for 2014. But in 2018, you could buy around 7 Turkish lira for 100 US cents. That what currency devaluation simply means. Currently, the Turkish lira has recovered by a small margin, although it's still lingering approx. 5.5 to US greenback.
There is also the Iranian Rial which was trading at around 24,000 to 1 USD, but it is currently at around 42,000 (half the value). Also, look at the
Zimbabwean dollar,
Venezuelan Bolivar and the
Argentinian Weight, things are not going well for the respective governments and citizens.
Thanks to the technology that is here to save. Since 2008, several ministers of economics have been planning to adopt the use of cryptocurrency.
Will the New Kind of Internet Cash Offer to Solution of the Mess in Which Majority of These Economies Find Themselves Stuck?
Turkey holds around 20% of the crypto that is in circulation but it has an inflation rate of around 12% in late 2017. President Erdogan is firmly denied to increase the interest
rates which will turn into a crypto as a place of refuge for their money.
25.24% in October, 2018 and its now gradually reducing (it stands at 21.62% at press time). BTC and other major cryptos started falling deeply after the US stock market.
However, BTC has tried to hold its value comparatively well, especially compared to the washed currencies of the aforesaid countries. BTC has in reality began a mini recovery, as a matter of fact. If this situation is a dead cat bounce or is associated with the late proclamation of OTC trading of BTC, is a matter of time.
