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100 sats \ 0 replies \ @justin_shocknet 5h \ on: 30 days without fiat: how I tried to live on Bitcoin in Minsk bitcoin
This is basically how the legacy fiat system keeps non-dollar fiats propped up via the SWIFT system, the exchange rate between dollars and fx is fake, the states control flows to skim and maintain dollar reserves for debt service and imports etc.
Since Bitcoin is fx collateral at the state level, unsurprising they'd do the same with it. Bigger challenge to control of course given it's nature, but all the more important to control for if it were to free flow in the economy with any meaningful velocity it would undermine the national currency.
Tariffs/sanctions are how the US is now fighting back against this, skimming the skim basically.
How feasible is using dollars (or maybe euros) in Belarus? I'd think using Bitcoin in a low risk way is really only possible in dollarized countries where there's not an artificially pegged local currency.