29 Apr '14, 2am

Cryptocoins for Good - How cryptocurrencies can change the balance of power: For many years currency exchange

For many years currency exchange control has been a distinctive feature of dictatorships, from the “control by the ruble” of the Soviet Gosbank, to the dual currency system in Cuba, China’s overvaluation of the Yuan, or the exchange controls in countries like Venezuela and Iran, regimes of all types have relied on these kind of controls to rein, or at least try to rein, capital flights, inevitable when -sooner or later- markets try to correct the excesses committed by money-hungry “revolutions”. Sadly, citizens are usually the most affected by such currency controls: as a pseudo-monopoly is established, a black-market is instantly created and exchange rates climb inexorably, specially in left-leaning regimes where the government aims for greater control of all aspects of the economy, affecting the efficiency of the production system and pushing the trade-balance the wrong ...

Full article: https://bitcointalk.org/index.php?topic=588359.0

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