dWeb Guide Newsletter #07

Updated: Aug 3

July 2021


Countries are Toppling...!


There was much excitement in the Crypto world in June when the El Salvadorian government announced it would be adopting Bitcoin as an official currency as soon as possible (along with the US dollar). The Central American country hopes to also become a mining centre, using its geothermal resources to power new blockchain centres. The ambitious strategy is already reaping dividends for the poor region with interest from technical and financial organisations now looking at the country as a potential nucleus for all things blockchain.


We've had plenty of discussion on various Governments attempts to regulate, control and outright ban cryptos. In fact the Chinese Government have been shutting down crypto mining centres across the country - although this will actually have the effect of reducing supply and increasing the crypto price. The Chinese are setting up their own CBDC so presumably want to remove the competition among other things. However most countries recognize that there is only so much they can do to regulate or disrupt cryptocurrency infrastructure and that there may be benefits to jumping along for the ride.


While El Salvadore is the first to truly accept that the future of currency is already here, many will follow. Already Paraguay, Panama and Tanzania (all countries with strong hyperinflation cycles) are watching El Salvador's progress intently. Poorer countries where few have bank accounts but everyone has a phone are perfect for currency innovation.


Its an exciting time for Crypto and Blockchain, and decentralisation in general!



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