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When looking at 16 countries with severe capital controls based on IMF indicators (Algeria, Angola, China, Malaysia, Tunisia, Cote d'Ivoire. India. Morocco, Pakistan, Philippines, Sri Lanka, Swaziland. Tanzania, Togo, Ukraine, and Uzbekistan), we find that bitcoin is more volatile than these currencies
Algeria, Angola, China, Malaysia, Tunisia, Cote d'Ivoire. India. Morocco, Pakistan, Philippines, Sri Lanka, Swaziland. Tanzania, Togo, Ukraine, and Uzbekistan), we find that bitcoin is more volatile than these currencies (Chart 7). However, it is not uncommon for these EM currencies to suffer from high in
r. Malawi, Malaysia, Malta, Marie-Galante, Martinique, Mauritania. Mauritius, Mayotte, Micronesia, Midway Islands, Mongolia. Montenegro, Montserrat, Morocco. Navassa Island. Nepal, New Caledonia, New Zealand, Norfolk Island, Northern Mariana Islands, Oman, Palau, Palmyra Atoll, Philippines, Pitcairn Isl
ania, Timor-Leste, Togo. Tonga, Trinidad and Tobago, Tunisia, Turkey, Turkmenistan, Turks and Caicos Islands, Uganda, Ukraine, United Arab Emirates, Uzbekistan, Vanuatu, Venezuela, Vietnam, Yemen, Zambia, Zimbabwe • Please note jurisdictional groupings are subject to change. 5 CONFIDENTIAL - PURSUANT TO F
ontrolling Foreign Corporation" Paid by U.S. Corporations— General'" Qualifying for Direct Dividend Rated° Capital Gains"" Malta Mexico Morocco Netherlands New Zealand Norway Pakistan Philippines Poland Portugal Romania Russia Slovak Republic . . Slovenia South Africa
es to which the U.S.yi.$.S.R. Income tax treaty 51111 apples: Armenia. Azerbaijan. Boletus Georgia, Kyrgyzsian Moldova, Tallkisian tuikrnenstan, and Uzbekistan. Page 38 Publication 515 (2011) EFTA00284534 Table 1.Withholding Tax Rates on Income Other Than Personal Service Income Under Chapter 3, Interna
Entities connected to both Morocco and Uzbekistan

Jeffrey Epstein
PERSON
George W. Bush
PERSON
Chris Christie
PERSON
Marc Rich
PERSON
Bill Clinton
PERSON
United States
LOCATION
Barack Obama
PERSON
Tunisia
LOCATION
Lebanon
LOCATION
Lesley Groff
PERSON
Bashar al-Assad
PERSON
Yemen
LOCATIONLeon Black
PERSON
John F. Kennedy
PERSON
Bahrain
LOCATION
Samantha Power
PERSON
Donald Trump
PERSON
Prince Andrew
PERSON
Tehran
LOCATIONLarry Visoski
PERSON