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Austrian economics

Ukraine Demonstrates How Bitcoin Can Transform Developing Countries

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Ukraine Demonstrates How Bitcoin Can Transform Developing Countries



This article describes the failure of centralized planning and government interventions in developing countries from the perspective of the Austrian school of economics. Numerous institutional and financial problems prevent ordinary citizens from achieving financial stability and economic freedom.

The case of Ukraine is used to demonstrate the positive transformation that can be achieved via the growing adoption of Bitcoin. The relevant implications for personal finance, pensions, capital accumulation, economic independence and blockchain education are outlined below. The possibility of reaching a compromise on Bitcoin use among members of the public and private sector for radically transforming Ukraine’s economy is explained. The potential for promoting further positive changes in Eastern Europe and the Commonwealth of Independent States (CIS) region is specified.



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