First Mover Americas: Fed Hikes Could Drive Bitcoin Adoption in Emerging Markets

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“One instrument rising markets have used when attempting to defend a devaluing forex (or keep a peg) is to limit convertibility. The “capital controls” are designed to restrict conversion from the rising market forex to USD. Broadly talking, these restrictions usually are not very efficient,” Bryan Routledge, affiliate professor of finance on the Tepper College of Enterprise, Carnegie Mellon, “Presumably, crypto offers yet another channel for individuals to get round capital controls.”

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