Efforts to Save Crisis With Cryptocurrency Technology

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1 year ago

The protracted conflicts that occurred in Europe and the Middle East had a considerable impact on human life. In addition to having an impact on the monetary crisis and humanitarian crisis, the conflict has also had an impact on global economic changes. For example, the conflict that occurred in the Middle East for a long time has had an impact on changes in the global economy and also the imbalance of various international policies.

Moreover, when the Russian invasion of Ukraine occurred, the war between Russia and Ukraine has also had a quite extraordinary impact on the international community, especially in the economic and political fields. As a result of the conflict, even Russia itself has received threats from various related countries regarding political and economic policies. Even aged put on the black list of economic transactions in the global world, including threats from America and its allies.

Several other NATO allies, if they participate in blocking central bank transactions initiated by Russia, include stopping economic transactions using Russian currency. The impact was long-lasting on the Russian state, especially with their share falling by a total of about 20 to 30% during the decade of the war. This impact also affects the global economy where there is an imbalance between policies in export and import transactions of various food products and needs.

Behind this state losses have also caused various impacts for the Russian state and Ukraine itself even though they have some support from NATO countries. The blockade of Russia's central bank by various NATO allies has made an economic change for the Russian state. The blockade attempt was a form of boycott of the invasion launched by the Russian state against Ukraine, but even so Russia did not really care about it and instead made nuclear threats.

This is what happened to Russia. We can learn that Centralization is a problem that occurs in the global world. This includes when the central bank has implemented a blockade between countries that has stopped diplomatic relations or global economic and banking cooperation. This aspect has reduced the level of per capita income for countries that have threats from outside countries against the central bank and the country's economic transaction system.

Therefore, moving on from this problem, decentralization is one solution to the problems experienced by countries that are experiencing protracted conflicts, including Russia and Ukraine, for example. Using transactions in a decentralized manner is a solution to solve problems with central policies that can affect the economic system of a country. Blockchain technology that is specially designed and decentralized is a technology that can be adopted by countries that are having problems with global state policies.

Decentralization which has a concept of no blockade or censorship is a step to restore the economic system in a country that is experiencing global market threats and blockades. For example they can adopt transactions between countries using stable points such as USDT or BUSD for example. Both kau in are stable coins that are not very influential with a strong enough level of rapid price changes.

Using Stable coins on the Blockchain network is a step that can restore the economy of countries that are in conflict, even guaranteed without threats or blockades of transactions. Blockchain is the future financial technology that can change the global economy for the better, especially for countries that are in conflict. So this is the right solution for countries in conflict areas to adopt Blockchain technology in carrying out their global transactions to restore their country's economy.

This article is my original analysis. This topic is taken from the knowledge I got while watching the news on television. To note, I am also a law student and have been contributing as a beneficiary of Blockchain technology since 2017.

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