Many countries of the second and third world are on a crypto arms race to be the first to “mint” their own cryptocurrency, they do so in order to avoid the disadvantages position allotted to them by the power that be in the form of superpowers,banking and finance.
Unsatisfied with their position in the current system they strive for more financial independence from the aforementioned Power That Be, they are mainly and most publicly Venezuela,Estonia,Iran and the republic of the Marshall Islands . Each has it’s reasons to use crypto as a gateway out of a figurative “economic ghetto”
Venezuela and Iran are in disputes with the USA over political interests regarding their respective regions,and over the sale of oil and other petroleum products,done mainly on the SWIFT system using the USD,being antithetical to the US global dominion and therefore it’s dollar as a world reserve currency.both Iran,a theocracy and venezuela, a socialist regime, are trying to undermine the dollar using their crypto,and this is a losing war without the backing of the Russians or the Chinese
For Iran, reuters states “Iran has developed an experimental local cryptocurrency, a government minister said on Saturday, days after the country’s central bank banned trading in digital currencies including bitcoin.”
For Venezuela al-jezira “ Venezuela has officially launched the pre-sale of its new digital currency called the petro. “
By these desperate measures we learn how dedicated these countries are to escape the grip of the US dollar on their oil dependent economies
As for Estonia,ripe with central bank corruption, the prime minister urges caution , with many reservations added to even the idea of a future experiment
The Marshall Islands, a us ally who uses USD freely and willingly is now pushed to have it’s own crypto,due partly to the fact that US aid to the islands is due to be cut in half in 2023, and , unlike Estonia, already has a law regarding the ongoing IMO- initial money offering