Bitcoin is Making Currency Manipulation Difficult for Central Banks

Bitcoin was largely created as a means of undermining the control of governments and traditional financial institutions. Now, the dominant cryptocurrency by market capitalization is making it difficult for governments and central banks to manipulate their own fiat currencies.
Losing Their Grip
Bitcoin and other cryptocurrencies have made it easier than ever to move money across borders — and governments the world over aren’t too happy about it.
As noted by The Telegraph, the ability for Bitcoin to circumvent government-imposed economic restrictions “could have significant implications across the world, upending currency wars, hampering efforts to manage crises and challenging traditional ideas of economic development – all of which frequently include restrictions on taking money abroad.”

Nowhere is this fact more immediately evident than in Venezuela’s launch of its own state-issued cryptocurrency, Petro.
US President Donald Trump has issued a prohibition earlier this month that banned American citizens from going anywhere near the South American country’s state-issued virtual currency, while also ordering Treasury Secretary Steven Mnuchin to issue any regulations required to enforce this ban.
However, US-imposed economic sanctions have done little to prevent Venezuelan President Nicolas Maduro’s shameless cryptocurrency …

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