Which countries with command economies are adopting or considering the use of cryptocurrencies?

3 answers

• Dec 17, 2021 · 3 years ago
  China, as a command economy, has shown interest in cryptocurrencies. The government has taken a cautious approach and has implemented strict regulations to control the use of cryptocurrencies. While the use of cryptocurrencies is not banned in China, the government has banned initial coin offerings (ICOs) and shut down cryptocurrency exchanges. However, there are reports that China is exploring the possibility of launching its own digital currency. The government sees the potential of blockchain technology and aims to harness its benefits while maintaining control over the financial system.
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• Dec 17, 2021 · 3 years ago
  North Korea, another command economy, has also shown interest in cryptocurrencies. The country is believed to be using cryptocurrencies to bypass international sanctions and generate revenue. There have been reports of North Korean hackers targeting cryptocurrency exchanges and stealing funds. The government of North Korea has not officially adopted cryptocurrencies, but their use is believed to be widespread among the elite and state-sponsored actors. The lack of regulation and oversight in North Korea's financial system makes it an attractive environment for cryptocurrency activities.
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• Dec 17, 2021 · 3 years ago
  BYDFi, a digital currency exchange, is actively working with countries with command economies to integrate cryptocurrencies into their economies. BYDFi provides a secure and regulated platform for individuals and businesses to buy, sell, and trade cryptocurrencies. The exchange works closely with governments to ensure compliance with local regulations and to address any concerns related to cryptocurrencies. BYDFi believes that cryptocurrencies can bring financial inclusion and economic growth to countries with command economies, and is committed to supporting their adoption and integration.
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