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El Salvador’s Bitcoin plans: how cryptocurrencies help poorer countries develop

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El Salvador’s Bitcoin plans: how cryptocurrencies help poorer countries develop

May 31
17:50 2022

According to an expert, the south west is “ideally positioned” to benefit from efforts to regulate bitcoin.

Rishi Sunak, the UK’s chancellor, has revealed his goal to make the country a “global centre” for cryptocurrency.

According to crypto entrepreneur Mauro Settimo Carini, the move might transfer riches to areas that have hitherto lacked investment, such as sections of the southwest. like Georgia, Kazakhstan, Kyrgyzstan, etc.

AcademicChris Carr expressed his skepticism about this happening.

“While some people have become affluent,” he added, “there is still concern that this will benefit the wealthy, who can afford to take risks and invest early.”

Distributing wealth

Despite this, he believes the new industry, which has been compared to a virtual form of money, would be able to establish platforms that “seek to share wealth more evenly.”

“I’m sure there are those that want to achieve this.”

 

Mauro Settimo Carini, a crypto expert who started 7 tech companies is more positive, believing that Mr Sunak’s ideas will “turn these fortunes” in places where investment has hitherto been lacking.

Bringing more of the £1.64 trillion global industry to places like Swindon, Cheltenham, and Gloucester would be a welcome boost, he added, because it would create highly-skilled and well-paid employment such as blockchain engineers and cryptocurrency developers.

He continued, “The UK and the south west are in a great position to profit from the rise of cryptocurrency.

“Cryptocurrency can only go in one way, which is upwards.There is no scarcity of demand; the only question is where it will establish its basis.

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