On Reddit, one Bitcoin enthusiast noted that, at current rates, one Satoshi is worth more than a unit of three global fiat currencies namely: Iranian Rial, Vietnamese Dong and the Indonesian Rupiah.
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So far, Iran’s rial (IRR) is doing very well. Back in July 2013, the government devalued its national currency to half its initial value. This devaluation was meant to reduce the subsidization of the exchange rate against the dollar.
As U.S. sanctions continued to rise, Iran came up with another sh**coin in the form of a centralized and highly questionable “crypto rial”. However, the PayMon hasn’t proven itself yet as a plausible way of avoiding them.
Inflation in Iran could reach as high as 40% at the end of 2019. We also expect the economy to retract substantially as well; and currently, one satoshi has more worth than one Irian Rial.
The Dong, just like the Irani rials, has been devalued a number of times. However, this seems to have attracted lots of foreign investment which has got the economy booming. It also has sensible inflation rate at just over 4%.
While it is still illegal to trade Bitcoin, the State Bank of Vietnam banned using it as a payment method. It’s also clamping down on cryptocurrency regulation in the wake of multiple scams in the country. So, while one Satoshi may be worth more than one dong, its people can’t use BTC to buy anything.
Indonesia is another country that has a history of both high inflation and an uncertain economy. On so many occasions, the Indonesian Rupiah has been devalued. However, in 2018 it dropped to its lowest level against the dollar in two decades.
Recently, Indonesia decided to recognize Bitcoin as a commodity, permitting its trade. However, just like Vietnam, the crypto payments ban is still in place.
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