There is a war occurring in the African nation of Sudan, and bitcoin is helping residents either survive the rough conditions or escape the nation to freedom. Sudan is in a Rough State The war in Sudan is relatively new, having only begun about four months ago (April of 2023). The conflict has been fueled by many financial issues including record-high inflation, which surged beyond the 350 percent mark in 2021. In addition, the Sudanese banking infrastructure has completely collapsed, and this has paved the way for bitcoin to march in and save the day in certain cases. A Sudanese expat that remains anonymous at the time of writing (and living in the country of Ireland) explained in a recent interview: It was almost impossible to send money back home. When my
Topics:
Nick Marinoff considers the following as important: Bitcoin News, News, Sudan, Sudan Hodl
This could be interesting, too:
Chimamanda U. Martha writes OSL Strengthens Partnership with Solomon JFZ Ahead of Hong Kong ETF Launch
Temitope Olatunji writes Japanese Metaplanet’s Purchase of Bitcoin Worth .25M Signals Growing Corporate Adoption
Godfrey Benjamin writes Here Are 3 Major Recent Cardano (ADA) Upgrades to Know
Steve Muchoki writes BNY Mellon Invests in Spot Bitcoin ETFs from BlackRock and Grayscale
There is a war occurring in the African nation of Sudan, and bitcoin is helping residents either survive the rough conditions or escape the nation to freedom.
Sudan is in a Rough State
The war in Sudan is relatively new, having only begun about four months ago (April of 2023). The conflict has been fueled by many financial issues including record-high inflation, which surged beyond the 350 percent mark in 2021. In addition, the Sudanese banking infrastructure has completely collapsed, and this has paved the way for bitcoin to march in and save the day in certain cases.
A Sudanese expat that remains anonymous at the time of writing (and living in the country of Ireland) explained in a recent interview:
It was almost impossible to send money back home. When my aunt called me about bitcoin, I understood that it could have implications beyond my own little online world.
He commented that his parents and other family members who were fleeing the nation couldn’t take much with them. No cash, no gold, and it was up to him to find a way to help them start their new lives. That way involved BTC. He said:
They couldn’t take anything with them. No money, no gold, not even a mobile phone. Anything valuable would have been a serious threat to their life.
This inspired him to start a company called Sudan Hodl, a remote crypto firm that has given way to a wide array of bitcoin-based meetups and training camps. He also runs a group called BTC Sudan, which presently houses 500 members on Discord. He says his organizations have helped hundreds of people escape the war since it began. He commented:
There are traders, money exchangers, miners, and just regular people using bitcoin as savings. It’s an incredibly diverse community.
He has also managed to raise quite a bit of money for the medical staffers in Sudan so they can help those who must remain behind for whatever reason. He mentioned:
The medical situation is extremely dire. There is no humanitarian aid. Doctors are unable to purchase supplies. Some are using plastic bottles as chest drains.
Remittances Aren’t What They Once Were
The war in the nation has two different caches going at it. One has large control over the government, while the other has primary control over the economy. For one side to win, they must control both sides. Sudan Hodl has put out a statement saying remittances have ultimately died in the nation over the past 17 years or so. The statement reads:
Especially in the countryside, people have been working 16-18 hours a day and were still not able to make ends meet. People are desperate. When militias offered $500 to start fighting, it seemed like a good deal to them.