Apart from Bitcoin price, its awareness and adoption are surging as well. In countries like Palestine, Zimbabwe, Russia, and others, people are actively involved. Meanwhile, government authorities are also showing positive sides.
Palestine & Zimbabwe finds the savior in Bitcoin & cryptos
Price is not the only aspect in the market that is seeing action. Bitcoin and cryptocurrencies, in general, are making a lot of headway when it comes to awareness, interest, and adoption.
To start with, the people in Palestine are using Bitcoin not only for investment but also for online shopping. Though the number is still limited, it is a start which will only grow from here. Reportedly, there are around 20 unofficial crypto exchanges in the area as per Gaza-based financial analyst Ahmed Ismail.
Ismail has helped about 30 clients while another dealer Mohammed has helped about 50 families to buy bitcoin who stated:
“Nothing works with Palestinian banks. Bitcoin wallets are alternative banks.”
However, with no crypto exchanges available in the territory, dealers are their sole option that makes it difficult to get any fair pricing. But people are slowly but surely turning to Bitcoin and cryptos as Kassis, a tech industry player is organizing a crypto hackathon later this year as “It’s all about bringing awareness and creating new markets.”
It is a well-aware fact that Zimbabwe is currently going through high inflation with a severe cash shortage. This has made the residents of the country take a step towards Bitcoin and cryptocurrencies.
Though the central bank of the country has banned the banks from processing the transactions related to cryptocurrencies, the finance minister of Zimbabwe believes digital assets could help the country.
Recently, Mthuli Ncube stated,
“One can pay for travel using bitcoin in Switzerland. So, if these countries can see value in this and where it’s headed, we should also pay attention. We have innovative youngsters so the idea shouldn’t be to stop it and say don’t do this, but rather the regulators should invest in catching up with them and find ways to understand it, then you regulate it because you now understand it.”
Bitcoin making a strong stance
Authorities are also gradually turning to understand the importance of cryptocurrencies. Crypto Dad CFTC Chairman Christopher Giancarlo recently shared, just like the early days of the Internet which was able to grow due to minimal intervention by government,
“I’m advocating the same approach to cryptocurrencies and all things having to do with this new digital revolution of markets, and of currencies, and of asset classes.”
However, he does believe that illicit activities need to be tackled with caution:
“When it comes to fraud and manipulation, we need to be strong. When it comes to policy making, I think we need to be slow and deliberate and well informed.”
On another front, the recent report by EU details that Bitcoin and other cryptocurrencies are not used to fund any terror attack in Europe. The report reads,
“Yet despite the clear potential, none of the attacks carried out on European soil appear to have been funded via cryptocurrencies. The use of cryptocurrencies by terrorist groups has only involved low-level transactions – their main funding still stems from conventional banking and money remittance services.”
However, it also adds,
“While the criminal abuse of cryptocurrencies remains largely within the realm of cybercrime, some Member States reported that they are increasingly encountering their use by non-cyber [organized crime groups].”
A few other instances:
@BancoMasventas, the first Bank in the world to use #bitcoin to perform #CrossBorderPayments, is advertising the partnership with @bitexla through billboards in the roads of Salta Province. Welcome to mainstream! pic.twitter.com/FhpHm2SfyX
— manuel beaudroit (@mbeaudroit) September 20, 2018
Today JP Morgan, Citibank & Bank of America were part of a group of banks forced to pay a $6.2 Billion fine.
An antitrust case for forcing merchants to pay fees and prohibiting merchants from encouraging customers to use other payment methods.
Long Bitcoin, Short Banks.
— Pomp ? (@APompliano) September 19, 2018
Meanwhile, Russia is also seeing a surge in crypto purchases. Reportedly, in Moscow, the 24-hour market turnover reached $50 million on peak days. According to the Chinese media channels, the crypto exchange market is still active in the country. But it’s still at an initial stage as cryptos have a long way to go.