Recent events around the world have shown that fiat money is essentially worthless…
These vouchers have no real value because the government can always print more, but from a utility standpoint there are somewhat more severe issues…
In addition to this, Canada reportedly froze roughly 34 crypto wallets which were hosted on centralized exchanges or K.Y.C. outlets.
For those who don’t know centralized exchanges and K.Y.C. outlets are no better than banks in terms of individual liberty and direct control over your funds…
Decentralized exchanges, hardware wallets, and cold storage wallets are the way to go if someone wants security, privacy, and immunity to state censorship.
The problem isn’t in cryptocurrencies themselves, but in the custodial framework of centralized exchanges and those brokerages which have agreed to regulation by the U.S. government.
According to the latest reports, the Ukrainian government has frozen all electronic transfers of fiat money, and this yet another indicator that cryptocurrencies transacted from secure wallets on decentralized exchanges are the answer:
Heard the Banks in Ukraine freezes everyone’s accounts and there’s a story of a couple wanting to flee the country but couldn’t get money out the bank. Instead, they bought a car with #btc and managed to leave peacefully.
— YRM.FKR | MDLDAO.eth (@JOZAY_YRM) February 25, 2022
The National Bank of Ukraine halted digital money transfers as part of the martial law triggered by the Russian invasion. https://t.co/dVQxjLmlBK
— Intl. Business Times (@IBTimes) February 25, 2022
ProCoin News reports:
Essentially, users will not be able to distribute electronic or digital money in fiat currencies which also include services such as Paypal or Venmo.
In addition to that, the country also declared the suspension of many other critical financial services such as the foreign exchange market and is limiting cash withdrawals.
The fact that you cannot send fiat money to your brother in Ukraine and that the brother cannot access fiat money from the banks is very telling about Bitcoin.
Stack those sats.
— Rufas Kamau (@RufasKe) February 28, 2022
In a fiat system, tyrants will murder peaceful people either at home or abroad or both.
— Shane Hazel (@ShaneTHazel) February 24, 2022
Kuna, a popular Ukrainian crypto exchange, shows that domestic buyers are paying a premium for tether’s USDT stablecoin, which is pegged to the price of the U.S. dollar.
“We don’t trust the government. We don’t trust the banking system. We don’t trust the local currency,” said Michael Chobanian, founder of Kuna, in an interview with Coindesk. “The majority of people have nothing else to choose apart from crypto.”