Strong currency that matched the pound. Strong financial services with banks and loans. Well developed public services, good hospitals, good education (the most literate country in Africa) they had tourism and industry. Good trade. Good military and police force.
Julius Nyerere, the leader of Tanzania, prophetically cautioned Mugabe, saying: “You have inherited a jewel in Africa. Don’t tarnish it.”
Because it is fully priblvate unlike other crypto and since it actually is used as money the volitility is reduced. Not eliminated, but reduced.
As long as you can scan a QR code you can use it, but the power issue could be an issue. You could trade monero offline by isduing paper wallets with monero loaded and the private key obscured via a scratch off or other method where its easy to notice if the private key has been revealed for redemption on chain.
I did, and while they are using gold as a backing mechanism, that is a good thing. However, I suspect that will not last very long, and instead the individuals should hold the gold themselves and use that as a medium of exchange. If the currency has been lost 16 times, that clearly means the government is completely irresponsible.
Electronic fiat? Where we know how many exist and how many will exist and have to actually put in work to make more. “Fiat” means by decree And the only country that has declared any cryptocurrency as legal tender would be El Salvador.
2.5 tons of gold doesnt seem like a lot to back the currency of an entire country… so I looked it up. 2.5 tons = 80,000 oz = $186,880,000 (at the moment, gold’s value varies quite a bit).
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