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The amount is small in relation to the rest of the world, but it is a clear indicator that bitcoin has arrived in the country suffering from inflation.

Bitcoin arrived in Ethiopia, a very poor and divided African country that prides itself on never having been colonized. Ethiopia is the oldest independent country in Africa and the second largest in terms of population.

Ethiopia is one of the poorest countries in the world, with about 44% of its population living in poverty. The causes of poverty in the country include a variety of actions resulting from natural disasters and human actions. However, the main causes of poverty in Ethiopia are caused by the effects of its economy which revolves around agriculture.

They barely knew the bitcoin last year, but this year the volumes of digital currency increased according to Paxful.

The amount is small in relation to the rest of the world, but it is a clear indicator that bitcoin has arrived in the country suffering from inflation.

Interest rates are 7%, so banks are not having enough money for 20% inflation. However, it seems that the central bank may be printing a lot, something that could affect its exchange rate, making imports expensive and therefore high prices.

Part of that printed money is probably going to war with Tigray, a province in Ethiopia. The conflict arose after the government postponed the elections because of ambition, but Tigray kept them in its region anyway.

That’s the story spread. The real story is that Ethiopia is probably running to become a regional power. So it is putting order at home, a difficult task due to the fact that the country has about 100 ethnicities and languages, being composed of Christian and Muslim.

The country is well located geographically to assume some regional responsibility. Economically, however, Ethiopia is a country below European standards, with a GDP of only $90 billion for its 100 million inhabitants.

As everywhere, Ethiopia’s GDP is not well distributed, with some citizens being quite educated and refined. The already known social inequality.

They have discovered bitcoin now, well after the Nigerians who have been exploiting digital gold since 2017, and a little after the South Africans.

Ethiopia seems to have ambitions that can determine a little about what’s going on in that region.

Article originally published in TrustNodes and kindly allowed to be republished in Livecoins.