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IPFS News Link • World News

In A World Of Capital Controls, Bitcoin Reigns Supreme

•, Craig Deutsch

You may have seen or heard about people in Lebanon robbing banks for their own money. They're no Butch Cassidy, but are just trying to get their own money out of the bank.

In late June 2022, G7 countries famously froze around $300 billion of Russian central bank funds, including $30 billion of Russian oligarchs' assets. Ethiopia's central bank is banning foreign currency from being used in local commerce and is lowering the threshold for the amount of time that residents who are returning to the country can hold foreign currency. Taiwan is facing significant capital outflows and is floating the idea of foreign-exchange controls if the trend continues to worsen. Mongolia's local banks are restricting the amount of dollars their customers can buy to $300 per day due to their foreign currency reserves being down 40%.