One of the biggest problem Now with currencies

[Janation]

Already country currencies have gone without any exchange value. This is all because of the improper economic plan and the lack of proper execution of economic policies. Countries like Zimbabwe Venezuela already into the same trouble. Expert suggested adopting Bitcoin as the the legal currency for this countries. No no government is ready to do it. Maybe in future some countries love will officially consider it.

Is there a statement of any government about this?

I mean, Bitcoin could be a good solution but I doubt that the government would be part of that plan or solution. Another thing is that I don't even think that they are even thinking of Bitcoin as a solution to this.

[JuSayCo]

OP, do you mean Kyrgyzstan? Well, it is not a well-known country, located in Central Asia and undoubtedly a low-income country as it has the second lowest Gross National Income (GNI) in Europe and Central Asia and 32 percent of the population lives is below the poverty line (based on my research). No wonder  they are not improving because of their wrong beliefs on crypto currencies. They believe that crypto currencies is a high-risk investment that is why their government banned it, and now, they realize that they cant stop the people by using crypto currencies that is why they come up with the thoughts that instead of banning it, they will just implement tax over crypto currencies, so the Country could benefits and get profits in return.

[verita1]

Thank you for your search on Kyrgyzstan. Which allowed me to find more information about this country. Kyrgyzstan is facing serious corruption problems.

Law enforcement authorities have detected an illegal cryptocurrency mining farm on the territory of a local free economic (FEZ).

https://www.google.com/amp/s/cointelegraph.com/news/authorities-find-illegal-bitcoin-mining-farm-in-kyrgyzstan-free-economic-zone/amp

Discovering that the people involved are members of the government, Organizations and executives of the FEZ.
The Kyrgyzstan Parliament considers regulating crypto mining activities and apply tax.
Hopefully the country can get rid of corruption and activities related to cryptocurrencies help improve its economy.

[Polo7]

People not think and not prepare they will undestood only when Military boot will kick their ass lol

To use brain neccessary in this world to think logically and self education, but nobody Don't Care until its too late who to blame?

Only yourself!

[lumeire]

Thank you for your search on Kyrgyzstan. Which allowed me to find more information about this country. Kyrgyzstan is facing serious corruption problems.

Law enforcement authorities have detected an illegal cryptocurrency mining farm on the territory of a local free economic (FEZ).

https://www.google.com/amp/s/cointelegraph.com/news/authorities-find-illegal-bitcoin-mining-farm-in-kyrgyzstan-free-economic-zone/amp

Discovering that the people involved are members of the government, Organizations and executives of the FEZ.
The Kyrgyzstan Parliament considers regulating crypto mining activities and apply tax.
Hopefully the country can get rid of corruption and activities related to cryptocurrencies help improve its economy.

In most of the cases it is the government officials only that are having a major chunk in the illegal activities because they have all the information that is necessary for doing the activity and also they take a hefty leverage over the people that are currently doing the illegal activities like that in India where the politicians were also involved in running a scamming team of people in the early 20s who were scamming people out of their money by committing the credit card frauds and transferring the money in the bank accounts of the local people who were uneducated and were given some cash benefit for their troubles.

[Yatsan]

The third world countries such us kyrksitan is that the currencies has no value.
So You Can't Even Exchange them to other currencies... What They do about it?

Its Not spoken problem much but its a problem

There is no such country just like what you have mentioned Kyrksitan in any Asian countries. Maybe you were trying to state about Kyrgyzstan for it is the closest country to be spelled out from what you have mentioned. Please be careful the next time for such errors contribute to confusion of everyone.

I have done some sort of research and found that their currency seems to be close to having almost no value for I have compared it from USD and my country's currency and it just cost cents which is a really very low value to think as a currency. Now, with that problem it is all about their government to talk about it and fix it for we have no rights to get along with their own personal issues because such case is their own problem. We don't know what is basically they do about it and we do not have anything to do about it as well.

[Shasha80]

I have never heard of the Kyrgyzstan country, but if it is true that this country has currencies that have no value. And it cannot be
exchanged into other countries currencies, of course what must be blamed is the government. There is no other way, Kyrgyzstan state
governments are obliged to improve their country's economy. By utilizing the natural wealth they have, and also improve the education
of the Kyrgyzstan population. Then it is able to increase the value of the Kyrgyzstan currency.

[Nellayar]

The third world countries such us kyrksitan is that the currencies has no value.

What's that country?

Do you mean to say Kyrgyzstan? Not all third world countries sees bitcoin as no value asset. You are thinking too much and ending up with that conclusion.

So You Can't Even Exchange them to other currencies... What They do about it?

Its Not spoken problem much but its a problem

Are you expecting that most countries will be into cryptos that easy? give them some time.

I think it is Kyrgyzstan. I had read the world map even before and I did not see any Kyrksitan there. I think it was just a typographical error.
Well, turning into bitcoin currency can be their option to work with their economy. Having a currency with no value is not good, in fact they are already in hyperinflation and anytime their economy may collapse.

PS.

I searched for Kyrsitan and I never found any country. When I searched the Kyrgyzstan, it has result and when I saw their inflation rate. It seems like the currency has value and the inflation rate is going down compared to the last few years ( since 1994-2020)

So, how does the OP conclude that the value of Kyrgyzstan Som, devaluates?

https://www.statista.com/statistics/528575/inflation-rate-in-kyrgyz-republic/

[teosanru]

You are not getting the point just because a currency is pegged stronger to other doesn't means it is more valuable. The Kuwaiti Dinar is the highest valued currency yet the economy of Kuwait is far behind many.

Far behind? They have a GDP per capita on par with Spain, is Spain also far behind others? In terms of GDP PPP they are even matching Switzerland.

Does this argument makes sense? You know who is the number one country as per GDP PPP per capita? It's Qatar. Yet kuwaiti dinar is 11 times qatari Rial. While Kuwait is on number 8? I thought only this OP thinks currency are valued this way but there are many people for sure. If you still have confidence in what you are saying. See Oman and bahrain currency. GDP PPP is a metric to see strength of currencies with regards to each other but you can't see currencies quotes as a metric of strength to conclude this one has greater GDP PPP.

I think first of all you are talking about Kyrgyzstan. Well it has a well defined currency Pegged at 80 Som to 1 USD. What makes you say it's a worthless currency?

The som is not pegged to the USD, where did you get that information?

It actually was on assumption that Kyrgyzstan's national currency should be pegged to USD. There is a rate quote for it on many tracking websites. Even if it's not directly pegged to USD. You might get a two way quote for it pretty easily. So it's definitely not a worthless currency.

[jademaxsuy]

It actually was on assumption that Kyrgyzstan's national currency should be pegged to USD. There is a rate quote for it on many tracking websites. Even if it's not directly pegged to USD. You might get a two way quote for it pretty easily. So it's definitely not a worthless currency.

What really? how is it possible to have a  currency that has no value?

I Live in a third world country but it does not come to my mind that our currency has no value in fact corrupt government officials always after for money. They even used it to acquire assets so that it will not be that suspicious to have such huge money that could not compensate to their salary.

Well, I think there were just misconception or fake news. Every country has own currency and has value may not be tradable to other countries but to their place it could be use for their daily life expenses.

[worldofcoins]

It actually was on assumption that Kyrgyzstan's national currency should be pegged to USD. There is a rate quote for it on many tracking websites. Even if it's not directly pegged to USD. You might get a two way quote for it pretty easily. So it's definitely not a worthless currency.

What really? how is it possible to have a  currency that has no value?

I Live in a third world country but it does not come to my mind that our currency has no value in fact corrupt government officials always after for money. They even used it to acquire assets so that it will not be that suspicious to have such huge money that could not compensate to their salary.

Well, I think there were just misconception or fake news. Every country has own currency and has value may not be tradable to other countries but to their place it could be use for their daily life expenses.

I never heard about it, such a country named "kyrksitan" I did some research on google, and I guess you're talking about "Kyrgyzstan," But still, I think you're wrong. This country is supporting bitcoin, and they allow the exchanging of bitcoins.
Anyways back to the topic, if the country is not accepting the bitcoin, that's not the issue.
No matter what the government does, you can still use the bitcoin and all cryptocurrency.
I know the main problem is selling or buying bitcoin. It can be solved if you use the VPN and make a payment using PayPal or Payoneer.

[Mihaylovic]

The third world countries such us kyrksitan is that the currencies has no value.
So You Can't Even Exchange them to other currencies... What They do about it?

Its Not spoken problem much but its a problem

what do you mean exactly? Crypto currencies has same value globally. Maybe the problem is there is no exchanges that can deposit or withdraw to kyrksitan banks. Maybe that is the problem. Probably because of unpopularity of the crypto market ther or govermental restrictions.

[iv4n]

"kyrksitan"? My google search shows nothing except this topic on bitcointalk. It asks me "Did you mean kekistan?" "Kekistan is a fictional country invented by users on 4chan's /pol/ board as the tongue-in-cheek ethnic origin of “shitposters” known as “Kekistanis”
If I am a mod I would delete this topic, it's meaningless. I live in a third world country, and my currency (worthless for many advanced coutries) worth something, you can buy things with it! You can exchange it for other currencies, you can even buy bitcoin with it, the difference is that you will need $11k dollars to buy btc, if you wish to buy it with my currency you will need more than a million dinars.