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Dominica News And From Around The Caribbean


Latin America and the Caribbean are quickly becoming popular destinations for crypto developers looking to get their digital currencies accepted as legal cash. According to rumors, the creators of certain popular digital currencies are looking for a suitable location where their cryptos may be legally recognized in debt settlement. In other words, this may be characterized as a legal need to use a digital currency as a regular substitute for fiat cash.

Since their inception in 2009, cryptocurrencies have seen significant increases in value, utility, and popularity; yet, because they are not backed by any other asset, they are highly volatile and subject to regular value drops.

According to sources, five well-known crypto developers are presently in the Caribbean area, attempting to persuade governments to accept their digital currencies as legal cash. The developers are visiting the region in ultra-luxury boats and private jets, hoping to meet with the leaders of the Small Island Developing States (SIDS) in order to gain access to the activity.

Why are they attempting to contact Caribbean leaders?

Even though these Caribbean island countries are small, they provide a safe and secure economic environment. If these countries adopt crypto developers’ ideas, the value of their digital currency will rise. For example, a developer’s crypto currency may be worth $1,000, but if one of the countries declares it to be legal money, the value of the coin would rise by more than tenfold, resulting in massive profits for the creators.

Not only that, but sources claim that these developers are giving large sums of money to governments in exchange for the legal currency status of their cryptocurrencies.

According to the sources, these developers are attempting to persuade government officials that cryptocurrencies are the way of the future and a viable alternative to fiat currencies.

El Salvador’s Demise

El Salvador (El Salvador) In September 2021, a Central American country became the first in the world to recognize bitcoin as legal money, letting customers to use it for all transactions in addition to the US Dollar. As a result of the political and economic failures that followed, the country’s economy is currently in free fall. El Salvador lost $52 million through gambling on digital assets, according to government figures, causing the country to enter a financial catastrophe.

The choice to use cryptocurrencies as legal cash has turned into a nightmare for El Salvador’s economy, putting President Nayib Bukele’s government’s survival in jeopardy as elections loom in 2024. On Wednesday, Bitcoin was down for the ninth session, the worst drop since 2014.

The International Monetary Fund (IMF) recommended El Salvador to support its plan to make Bitcoin legal money in the aftermath of the economic calamities. As it struggles to acquire additional funding through a blocked Bitcoin-linked bond, the country’s dollar debt is also the worst-performing in Latin America.

Other nations, such as El Salvador, are contemplating making cryptocurrency legal money. The IMF has also stated that due to the insecurity and vulnerability of digital currencies, they are unsuitable as legal money.

According to the International Monetary Fund (IMF), the dangers associated with digital currencies exceed the benefits they provide since they pose a threat to consumer protection, financial integrity, and a country’s macro-financial stability. Due to rapid price swings, simple manipulation, and the lack of a physical object to back them up, all digital currencies carry market risks.

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The possible influence that Hugh Chavez (president of Venezuela), might have on the outcome of the next general election should be something every that Dominicans should be concern about.

The same way Mr. Chavez allegedly did in Argentina and in some of the other Latin American countries; he will inject funds into the election to influence the outcome in the best interest of the ‘Petro Caribe Agreement.’

What many Dominican don’t realize that from this Petro Caribe deal, by the time our children and grand children become adults they will owe Chavez billions of dollars.

Why?

Look around Dominica…look carefully, the government is yet to invest in any type business venture. A large majority of the money they’ve received has gone only in community projects around Dominica.

Now, I’m not saying that these community projects are not needed. What’s going to happen when it’s time to payback to Venezuela its 2% interest; when we’ve invested a large sum of the money in community projects and not small businesses?

At that time Chavez can dictate to Skerrit and the other Caribbean leaders as much as America has been accused of doing.

But Chavez is not the only political broker in the business of influencing the outcome of Dominica’s political future. In the coming months, as the date of the elections draws near, China, and Taiwan are forfeiting their positions for they’re called upon for help.

As I mention my post ‘Money and Its Influence on the Next General Election‘ – in our permissive Dominican society most people will see nothing wrong with accepting political contributions from these political Brokers, who’s only interested is their personal agendas.

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After thirty years of Diplomatic relations between the Bolivarian Republic of Venezuela and Dominica, many Dominicans are still unsure of the true nature of the alliance.

That uneasiness was made more acute, after the nation listen to President Chavez speech during his last visit to Dominica – Chavez repeated many time that Dominicans and Venezuelans are one people, one nation, and that Africa and Europe are no longer the motherland – Venezuela is the Motherland.

Regardless of Chavez’s agenda, his overtures have to be viewed in the current context of rising prices of commodities , such as food and oil, and economic reality of the region. Nevertheless, few persons doubt that Chavez is using the oil wealth of Venezuela in other to establish closer relations with the Caribbean.

In my opinion, the difficulty with this situation is that many Dominicans have focused narrowly on the lavish developmental aid of Chavez than focusing on the fundamental issue at hand: do we support Chavez’s ideology and his vision of the motherhood of Latin American and the Caribbean.

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