People's skepticism towards fiat money is growing. Now the state of Uganda is also reacting to the ongoing problems in the fiat money system and inflation and is gradually switching to the gold standard in order to get its monetary problems under control. This comes at a time when the BRICS countries are trying to build confidence in their own currencies with the help of a gold standard. Can Uganda's decision be interpreted as a further sign that economically marginalized economies are increasingly turning to the new currency bloc?
96 sats \ 1 reply \ @Enemy_of_the_state 11 Jul
Unless the currency is exchangeable for gold in a bank, it’s not a gold standard. It’s a nebulous “backing” that requires trust when there is none currently.
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10 sats \ 0 replies \ @TomK OP 11 Jul
they have to desperately keep some door open in order to be able to inflate away their debts in the end. looks like it, yes
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70 sats \ 2 replies \ @IamSINGLE 11 Jul
BRICS nations have shown the world a mirror that Gold standard was required and has to be followed. But, when you see the reality dollar is much more ahead than any of BRICS currencies!
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58 sats \ 0 replies \ @guts 11 Jul
Because dollar always has been the standard global currency for a long time, it seems it's time has come, or some CBDC will come to play.
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0 sats \ 0 replies \ @TomK OP 11 Jul
The race has just begun....
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67 sats \ 1 reply \ @BitcoinAbhi 11 Jul
How is Uganda faring currently? Sitting on the opposite side, I've not listened good things about this beautiful country except for it playing Cricket.
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85 sats \ 0 replies \ @TomK OP 11 Jul
It looks like the economy in Uganda will grow by more than 6% in real terms this year, with an inflation rate of three to four percent. The budget deficit is likely to be between 5 and 7%, which is quite stable for the region.
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21 sats \ 0 replies \ @Thereal 24 Aug
It's more of a dream for Uganda to go on a gold-standard
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91 sats \ 5 replies \ @398ja 11 Jul
Can they be trusted with our gold, though? 🤔😏
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67 sats \ 3 replies \ @Bell_curve 11 Jul
A gold standard is not a bad idea for these countries. Until the dictator escapes and disappears with all the gold reserves. But gold is heavy so easier said than done
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113 sats \ 1 reply \ @398ja 11 Jul
You clearly underestimate the resolve of African dictators, when it comes to stealing their countries resources. 😅
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45 sats \ 0 replies \ @Bell_curve 11 Jul
Good point
I have to revise my answer
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13 sats \ 0 replies \ @TomK OP 11 Jul
Just need to lease a Learjet and up and go to a corrupt shithole. (Germany or France in 10 years??)
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0 sats \ 0 replies \ @TomK OP 11 Jul
you mean our digital gold and you want to entrust them with your seed phrase? clearly
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59 sats \ 0 replies \ @cristaiji 11 Jul
Fascinating developments. It’s just a matter of time before we see faster adoption amongst smaller countries.
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58 sats \ 1 reply \ @Akg10s33 11 Jul
Of course, from the point of view you see, Uganda has woken up and obviously wants to move forward alongside the other economies... a country with a lot to work on but that is taking its first steps towards economic well-being and thus be able to reduce inflation. and other existing problems in that place... it is another clear example that more and more countries in the world are going to migrate to Cryptoeconomics...
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0 sats \ 0 replies \ @TomK OP 12 Jul
Uganda's economy is basically doing quite well in the region, but you're right, the politicians have realized that it's time to tweak the monetary policy and stabilize it. that's the first step, but of course it's also a step into the past
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58 sats \ 1 reply \ @TheBTCManual 11 Jul
Lol they're already well into a sat standard 1 satoshi is 2.1 UG shilling, like just give it up already and move to Bitcoin, but you wont
Uganda is sitting on trillions, they could back it their new shitcoin by the claims because they don't have the resources to bring it out of the ground, they would need private entities to come in and bring it up
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0 sats \ 0 replies \ @TomK OP 11 Jul
Polymetal would love to bring it out for a good price, I guess
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56 sats \ 2 replies \ @Coinsreporter 11 Jul
Why don't these smaller countries step into Bitcoin? It seems there's a lack of education. But Bukele can trasfer a bit of his understanding there. What's stopping him. Ugandan people need Bitcoin badly.
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11 sats \ 1 reply \ @TomK OP 11 Jul
i could never understand the enthusiasm here in the bitcoiner circles for adaptation by the states anyway. on the one hand, we say and we know that representatives of the state tend to be clueless socialists who want nothing more than to rob their citizens. that's why, on the other hand, i see it very skeptically when states apply for it so actively. i want people to adapt it
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45 sats \ 0 replies \ @Coinsreporter 11 Jul
They won't apply Bitcoin unless their fiat is completely destroyed! Also I agree that we shouldn't be too enthusiastic about states to apply it now!
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45 sats \ 1 reply \ @BlokchainB 11 Jul
What good does a gold standard do when goods and services you need for your country are still denominated in dollars? Clearly gold has not kept up with the expansion of credit. I don’t see how this helps countries now. Plus didn’t JP Morgan spoof trades to manipulate the gold price?
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50 sats \ 0 replies \ @TomK OP 11 Jul
I think that this step fulfills two functions: firstly, to start a rapprochement with the BRICS, which are betting on gold, and secondly, as a short-term confidence-building measure in the fight against their own national debt and inflation. of course, the gold standard is an outdated instrument
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13 sats \ 0 replies \ @SatsMate 12 Jul
I'm glad they are moving to something better! Hopefully it isn't just a short term virtue signal when in reality politicians are aiming at debasing the people come the next term in power.
Zimbabwe is doing something similar as well.
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45 sats \ 1 reply \ @NaOD 11 Jul outlawed
stackers have outlawed this. turn on wild west mode in your /settings to see outlawed content.