How do the countries who legalized blockchain and cryptocurrency fare? (2019)

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economy IMF sees in the gaming industry. However, it is worth noting that financial transactions have never been the main source of income of Malta. Over 30% of GDP is in the tourism sector, and the same amount is in shipbuilding. In addition, since the legalization of cryptocurrency and the blockchain, in fact, only half a year has passed, so such a short period can not provide a full assessment of the implications of this decision for the economy. One way or another, for the time being Malta does not plan on giving up on the title of “blockchain island”, continuing to develop this industry.

Venezuela
Venezuela is another country that has been known in the world for the launch of the first state cryptocurrency. As President Nicolas Maduro stated, El Petro’s cryptocurrency is Venezuela’s way to fight inflation and support advanced blockchain technology. The introduction of state-owned digital money to fight inflation, around million of percent from the very beginning, caused great skepticism among the experts in the community. Opinions of outside and local experts differ. Venezuelan authorities claim that El Petro will help the country stabilize the economy by 2020. However, experts from the IMF and other financial organizations, on contrary, believe that the cryptocurrency won’t be able to save the country’s economy.
Note that Maduro, announcing the decision to create a national cryptocurrency, explained that its main goal is international trade and bypassing US sanctions.
Now Venezuela wants to sell 15% of oil exclusively for Petro. Also, when making settlements in this currency, other countries will receive discounts up to 30%.
At the moment, the circulation of Petro in the country is extremely low. To fix this, the Venezuelan authorities intend to switch to Petro some social payments, for example, pensions. At the moment, a lot more interest than Petro residents of the country are experiencing for Bitcoin and Dash.
Cryptocurrency experts also express doubts about investing in a currency pegged to oil, which, in the prospect of a couple decades, will only become cheaper. Another opinion is that buying Petro is the same as taking a loan in unstable Venezuela. Anyway, it is not yet clear how Maduro’s ideas will come true. If in the economic sense there are doubts in this, then Venezuela should be considered at least as a blockchain-sandbox in which you can freely experiment with cryptocurrency.

Cryptocurrency in Belarus



economy IMF sees in the gaming industry. However, it is worth noting that financial transactions have never been the main source of income of Malta. Over 30% of GDP is in the tourism sector, and the same amount is in shipbuilding. In addition, since the legalization of cryptocurrency and the blockchain, in fact, only half a year has passed, so such a short period can not provide a full assessment of the implications of this decision for the economy. One way or another, for the time being Malta does not plan on giving up on the title of “blockchain island”, continuing to develop this industry.

Venezuela
Venezuela is another country that has been known in the world for the launch of the first state cryptocurrency. As President Nicolas Maduro stated, El Petro’s cryptocurrency is Venezuela’s way to fight inflation and support advanced blockchain technology. The introduction of state-owned digital money to fight inflation, around million of percent from the very beginning, caused great skepticism among the experts in the community. Opinions of outside and local experts differ. Venezuelan authorities claim that El Petro will help the country stabilize the economy by 2020. However, experts from the IMF and other financial organizations, on contrary, believe that the cryptocurrency won’t be able to save the country’s economy.
Note that Maduro, announcing the decision to create a national cryptocurrency, explained that its main goal is international trade and bypassing US sanctions.
Now Venezuela wants to sell 15% of oil exclusively for Petro. Also, when making settlements in this currency, other countries will receive discounts up to 30%.
At the moment, the circulation of Petro in the country is extremely low. To fix this, the Venezuelan authorities intend to switch to Petro some social payments, for example, pensions. At the moment, a lot more interest than Petro residents of the country are experiencing for Bitcoin and Dash.
Cryptocurrency experts also express doubts about investing in a currency pegged to oil, which, in the prospect of a couple decades, will only become cheaper. Another opinion is that buying Petro is the same as taking a loan in unstable Venezuela. Anyway, it is not yet clear how Maduro’s ideas will come true. If in the economic sense there are doubts in this, then Venezuela should be considered at least as a blockchain-sandbox in which you can freely experiment with cryptocurrency.

Cryptocurrency in Belarus

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