Crypto

Crypto: Does the UN want to restrict developing countries?

Sat, August 13, 2022 ▪ 2:00 pm ▪

four
min. read – by
Mikaya ANDRIAMAHAZOARIMANANA

The invisible hand behind the world’s banks and institutions is clearly taking a big step forward. Through his henchmen, in this case the UN, he intends to put an end to the crypto adventures of developing countries.

“Measures must be taken to contain the growth of cryptocurrencies in developing countries.” This is one of the important messages contained in the policy briefs released by UNCTAD last Wednesday.

No escape route for developing countries

Taking into account this recent message from the UN, developing countries will be interested in abandoning cryptocurrencies for the following reasons:

  • exposure to the risk of money laundering and tax evasion;
  • an increase in “social risks and costs”;
  • problems related to the volatility of bitcoins and the like, which may affect the economies of developing countries;
  • endangering the latter’s “monetary sovereignty”;
  • instability and unreliability of monetary systems
  • etc

Basically, it’s time to stop the bleeding from countries like El Salvador or the Central African Republic that have gone so far as to legalize bitcoin.

But speaking of stopping the bleeding, isn’t she now on the side of the proponents of centralization?

“There are two problems. One that is more about using Bitcoin as a base currency – like in El Salvador or the Central African Republic – as an alternative monetary system. There is a fear that this strategy is dangerous for the stability of the country. And then, on the other hand, the fact that this population, which in fact in developing countries has rather little confidence in their monetary and banking institutions, is using alternative currencies to gain access to financing that they do not have access to in their country, as they are unreliable. So, there is a fear that they will be lured to the platforms, which will eventually make them debtors and put them in financial difficulties. »

UNCTAD will offer solutions to stop the growth of cryptocurrencies in developing countries. Details on the UN website.

The UN stands for bitcoin when it comes to donations

“All that glitters is not gold,” says this UN office, whose chief is a fan of blockchain and cryptocurrency donations.

Recall that António Guterres has always been open to blockchain technology. The latter, capable of “stimulating progress [des Nations Unies] to the Sustainable Development Goals”.

In December 2019, he indicated in a statement released by Forbes that:

“For the United Nations to best fulfill its mission in the digital age, we must leverage technologies such as blockchain that can help accelerate the achievement of the Sustainable Development Goals. »

Hence the emergence of avant-garde ideas, such as “tokenized chocolates”, accepting donations in BTC/ETH/LTC…

It seems strange that the UNICEF website has a page dedicated entirely to crypto donation. So far, these donations will mainly go to developing countries. Is it really a paradox?

There is the UN and the UN

In one of these four, you will be introduced to the UN, an investment technology platform. Recently, a generational wealth startup opened a cryptocurrency deposit account. Something to help families and friends build a better financial future with cryptocurrency donations. Thus, the UN and the UN ended up at the bedside of the less fortunate. But will the UN go so far as to abandon some of its missions for fear of decentralization?

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Mikaya ANDRIAMAHAZOARIMANANA avatar

Mikaya ANDRIAMAHAZOARIMANANA

Blockchain and crypto revolution is in full swing! And on the day when the blows are felt on the most vulnerable economy of this World, against all hope, I will say that I had something to do with it.

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