UN Paper Claims Bitcoin Solutions for Developing Countries Could Be Interpreted as Neo-Colonialism
Can bitcoin build remittance systems that will lift the unbanked out of poverty in developing countries? Will the blockchain deliver the infrastructure to provide property rights and financial inclusion to the disenfranchised? These questions draw diverse opinions among cryptocurrency observers and economic development experts worldwide. The answers are not immediate, given the youth of bitcoin and blockchain technology, but the journey to finding them promises to be exciting. Brett Scott, an independent researcher and consultant on alternative finance and financial reform, has authored an....
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France still uses monetary colonialism to exploit 15 African nations. Could Bitcoin be a way out?
A new UN working paper argues that the bitcoin community has a tendency towards “techno-colonial solutionism” and “techno-libertarian evangelism” in proposing the digital currency as a solution to issues in the developing world. Authored by independent researcher and consultant Brett Scott for the United Nations Research Institute for Social Development, the paper provides a primer on the basics of bitcoin and discusses the technology’s potential applications for remittances, cooperative structures and micro-insurance systems. However, it also flags potential “points of concern and....
Fodé Diop explains why Bitcoin and Lightning have the power to end monetary colonialism in the developing world.
Ripple’s partner Accenture, the technology and business consulting firm, has published a paper with SWIFT on the potential for central bank digital currencies (CBDC) payment solutions. Titled “Exploring central bank digital currencies: How they could work for international payments”, the paper claims there is surging interest for these types of assets. Accenture is a Fortune […]
It is not surprising most of the countries seeing success in the financial inclusion department are busy areas for Bitcoin as well. Financial inclusion is not a topic most developing countries in the world can deal with right now. In some regions, very few people have convenient access to a bank account. However, thanks to the boom in mobile smart devices, financial inclusion becomes easier to achieve. In fact, the countries focusing on these efforts are also seeing a significant Bitcoin growth as of late. Financial Inclusion Matters To Many Countries. According to the statistics outlined....