Happy Wednesday, Blockfolians!
One of the most remarkable features of cryptocurrency is that they enable value exchange outside of the bounds of traditional money systems. While it is of course the case that authorities are trying to wrestle crypto to fit within their financial frameworks, they remain a nimble tool for those doing things the state doesn’t approve of.
In many parts of the world, that means anti-authoritarian activism. Two recent pieces on CoinDesk highlight this.
The first is about Alexei Navalny, one of Putin’s most notable opponents who has used bitcoin to raise funds for political organizing.
The second is about the growing use of stablecoins in Hong Kong in the wake of the enactment of the much contested national security law. People are clearly more concerned with financial surveillance in the context of the new power structure.
Taken together, these stories reflect one of the most important roles for cryptocurrencies outside of financial speculation.
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