Africa has gone through some tough situations in the past. From the slave trade to the colonisation period where European powers ruled Africa. Since the end of African colonisation, other countries with influence and wealth have been trying to get control over Africa. Mostly due to its untapped potential. This is why countries from Europe and Asia impose sanctions and policies to force their targeted African nations to conform to their way. First and foremost, this is why some politicians, economists, and experts are worried that “cryptocurrency might harm Africa in the social, political, and economic situation.” According to reports worldwide, trouble spots were the first to adopt cryptocurrency.
The adoption of cryptocurrency in troubled spots helped to fund wars and cause economic crises in those regions. This gave cryptocurrency the nickname ‘high tech blood diamond’ since it replaced blood diamonds used previously for the same purpose. Furthermore, the issue of human rights violations. As mentioned earlier, many people in Africa think twice before using or adopting anything that violates human rights. There have been cases where Russian fighters have been funded through cryptocurrency to perform covert operations in Africa. This was done in the Central African Republic.
Russian fighters have been accused by the Human Rights Watch and the United Nations of torturing, raping, and killing civilians. The Russian fighters were in the country because the Central African Republic utilises foreign military assistance to help improve its security. Therefore, they contracted Wagner Group, a private military security contractor, for the services. Wagner group has close ties with the Russian government and operates some missions for them. With such allegations, it’s not surprising that people are not ready to adopt cryptocurrency.
Thirdly, rather than fighting the progression of cryptocurrency adoption, it would be wiser to accept the changes required. What this means is that people have a better chance to change when they have an understanding of the subject matter. The C.A.R. has a better chance of dealing with the problem of their military contractors since they legalised cryptocurrency use. They will be able to monitor transactions and put laws and policies in place that restrict people and organisations from committing human rights crimes. They will stop/track any other crimes funded through cryptocurrency.
To conclude, Instead of complaining, people should think of solutions they can recommend to the government to implement. Nothing in the world is completely good, and everything has its pros and cons. Adopting cryptocurrency and legalising it will give the country power over the regulations of transactions. This will crush criminal activities carried out through Bitcoin and cryptocurrency. It will also allow the nations and citizens to make more money by investing in technology.
