Crypto Is Essential For Countries With Collapsing Currencies Says Human Rights Advocates

June 11, 2022 2:59 pm Comments

In recent times, many countries are experiencing economic uncertainties such as inflation, geo-political conflict, and supply chain issues.

As a result, many investors are concerned about where to allocate their existing capital so that it is not exposed to risk, especially in countries where the local currency is losing value quickly.

Human rights advocates around the world are now telling Congress that crypto plays an essential role for many of these countries as it provides an economic safe haven for people in unstable economies or under unstable governments.

This rebuttal was sent to Congress immediately after some made the claim that crypto was considered too risky.

CNBC reports:

Some 21 human rights supporters from 20 different countries said in the letter that they’ve relied on bitcoin and stablecoins, which allow the trading in and out of crypto without going through a bank, “as have tens of millions of others living under authoritarian regimes or unstable economies.”

The lobbying of U.S. legislators comes as Congress considers laws that would regulate digital assets, which have been particularly volatile this year. Sens. Cynthia Lummis, R-Wyo, and Kirsten Gillibrand, D-NY, introduced legislation on Tuesday to create a regulatory framework for the crypto markets.

Because U.S. lawmakers effectively set policy and standards for the world, a draconian response in Washington, D.C., could have major repercussions across the globe.

Its uses have been particular highlighted during the Russian-Ukrainian conflict where the use of crypto had skyrocketed in their use by the citizens of both countries.

Both war efforts and capital flight had also been conducted via the use of crypto which means less reliance on banks which have proven to be not reliable during unstable times.

Essentially, the letter by the human rights advocates group concludes that Bitcoin and other digital assets provide financial empowerment since it is open for everyone and is permissionless.

As a result, it is best used for protecting the interests of the people and that it will likely continue to play an important role for many countries in the future.

CNBC reports:

“One could almost excuse the 25 technologists who wrote the anti-crypto letter for not understanding the global impact of bitcoin,” Gladstein said in an interview.

One of the 25 crypto critics was Tim Bray, who previously worked as a senior engineer at Amazon. He told CNBC that crypto has two major problems: “The technology isn’t very good,” and there’s a proliferating “culture of sleaze and rug pulls and NFTs and ponzis.” NFTs, or non-fungible tokens, are digital collectibles that have soared and crashed in value at various times over the past year.

But Gladstein and his allies say that perspective comes from people in the West, who have never experienced “the horrors of monetary colonialism, misogynist financial policy, frozen bank accounts, exploitative remittance companies, and an inability to connect to the global economy.”

With or without the approval of Congress, it seems crypto has already been confirmed a positive future in the global community.

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