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Many developing economies such as Venezuela rely on Bitcoin. It has become the leading parallel currency. It provides millions of citizens with an opportunity to perform transactions and generate livelihoods, including buying food and other necessities in a country where official money is worth almost zero. It also allows them to purchase goods from overseas, overcoming ever-stricter capital controls.
The collapse of Zimbabwe's formal financial system has made Bitcoin an attractive alternative. This is especially the case for online payments, which are restricted by banks, and for remittances, which constitute the backbone of the economy.
Research demonstrates a combination of regional, national and local currencies could also be the best way forward for the European Union, engulfed by its monolithic and unsustainable euro, and for any other process of regional integration, from Africa to other continents.
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