There are two forward-looking countries on Earth when it comes to bitcoin: El Salvador and the Central African Republic. These two very different countries on both sides of the globe came to the same conclusion: Bitcoin is the best money ever invented, and its early adoption would be good for the people of the adopting country and for the benefit and preservation of the concept. The nation-state itself.
On the other hand, there are other countries that are not led by talented and visionary people. Uganda may be one such example, where the central bank has just made this very ill-advised announcement, which shows a complete lack of understanding of all things money and the big changes that are to come in how it is calculated.
Their first mistake is to think that there is such a thing as a “crypto origin”. This term describes nothing real and their inclusion of this phrase in their ad shows that their thinking is not at all original, but is derived from what they have read on the Internet or what they have been told by the International Settlement Bank or the IMF.
Compare and contrast the statements, plans and laws passed by El Salvador, which shows a complete understanding of Bitcoin and what it means for the future of that country. There is a clear division here. On the one hand, deep ignorance, and on the other hand, deep insight, responsible stewardship, future-oriented thinking and morality.
Future-oriented governments will be desperate to fully embrace Bitcoin and its dynamics, knowing that the prospect of becoming the world’s reserve currency is one. (This means absolute certainty, readers who find mathematics difficult.)
Bitcoin is designed to protect everyone on earth from stupid people, but before Bitcoin can protect you from stupid people, it must be adopted by those stupid people who are a danger to you. This is the puzzle. How can you convince stupid people to buy, keep and use Bitcoin? What happens when they run the government?
The answer for people who live in morally managed countries is that people like President Neb Bukele and President Faustin-Archange Touadera should take power and use it responsibly to free their countries from the yoke of Western currencies entrenched in poverty.
The Central African Republic is symbolically positioned on the continent to become the center of African e-commerce based on Bitcoin, being roughly equal distances from all points on the continent. This country could transform from one of the poorest to one of the richest in a very short time, if it takes advantage of the transformation made through the adoption of Bitcoin and then becomes a continental hub for Bitcoin. This is no more surprising than El Salvador becoming a focus for Bitcoin, for those of you who have a memory of a goldfish and think this is unimaginable.
Doing business in Africa is very difficult. It’s hard to get paid and it’s very hard to get paid. For example, there is a black market exchange rate, the exchange rate which is imposed by the government in Nigeria, which means that there are two economies operating in parallel, on top of that it is difficult to get the money out. Bitcoin fixes all of this because anyone can send and receive Bitcoin in any amount at any time, without permission, and its price is set by the market, not the state.
Saying “without permission” or “without permission” as Bitcoiners do is a phrase loaded with so many benefits that it is hard to describe it to Westerners who have no idea what it means to do business in the continent of Africa. They consider doing business and sending and receiving paper money a matter of pressing a button.
In Nigeria, for example, real life is not like that.
Transferring money is fraught with difficulties and multiple ways to lose transfer. These accumulated losses can make it impossible to make a profit, and if you do, it is impossible to spend or recycle where you need to spend or recycle. Bitcoin is removing all of this, as well as adding an extraordinary speed to all transactions that has never been seen before for Nigerians and many people living on the African continent.
Given all the advantages of Bitcoin, an intelligent person might ask, “So why hasn’t Nigeria officially adopted Bitcoin as a payment method?” This is the right question, and there are many answers to this, some of them cultural, that prevent the Nigerian government from embracing reality and acting as boldly as a leader country like El Salvador and the Central African Republic.
Attempting to do any kind of Bitcoin business in Nigeria often involves calling the Central Bank of Nigeria (CBN), which controls all businesses and bank accounts in Nigeria. Bitcoin will abolish their social status and the reign of terror they unleashed upon the great people of Nigeria. It is a sure bet that this is one of the main reasons why they are trying so hard to crack Bitcoin, rather than doing their duty to serve the Nigerian people by adopting this new tool.
That the most populous country on the African continent is the second country on earth to adopt Bitcoin (one third of all Nigerians who use it) in the face of immoral and immoral restrictions, is a testament to the strong and energetic character of Nigerians. People born futurists, natural capitalists, extraordinary entrepreneurs: highly intelligent, capable and enthusiastic.
What is holding the Nigerian people back is the utterly corrupt, protectionist and anti-Nigerian CBN, which prevents money flowing and innovation booming there, for no good reason other than a craving for power and a shipping cult mentality around the role of the state and the necessity of a central bank. In Nigeria, more than any other country, Bitcoin is fixing this by removing the need for naira from people’s lives as they switch to Bitcoin.
Nigeria could become the African capital of Bitcoin if the Nigerian people used it without collective permission, putting pressure on the naira as the people’s money, exposing their business and personal funds to the free flow of funds facilitated by Bitcoin. It could become the African capital of Bitcoin as El Salvador takes the style of reality if Nigeria submits a legal tender for Bitcoin.
Had the Nigerian government done so, it would be the strongest signal imaginable, establishing it as the absolute leader in the continent. Not only will it indicate that Bitcoin is changing the world, but the so-called “third world countries” are taking their fate into their own hands, choosing sound money over adulation, reliability over greed, transparency over tyranny, clarity over corruption, for freedom over command.
The choice is simple. Nigeria should become full bitcoin by law. The Nigerian people desire and deserve it.
But it seems that the backward actors and clergy of Nigeria may not be ready at the moment to hear these words.
The Nigerian government has issued a copy of the Securities and Exchange Commission, a cult tradition of merchandise from the American SEC, a completely absurd document about the offer and custody of “digital assets.” In it, it is one of the many funny sections about the issuance of Initial Coin Offerings (ICOs) that have already died out everywhere else on earth, and otherwise would not have been issued in Nigeria by anyone. This shows that the people who made this “list” are simply copying a text from the Internet or it was fed; In fact, everything about them is copied along the way.
They even have a totally insane department that forces them to publish white papers. It is clear from this that they do not know the origin of the white paper phenomenon in “space” and are simply making things up as they go, organizing and imposing anything that moves without any understanding of how anything works or why it exists.
Also remember that every new offer made available online is now fully accessible to every Nigerian citizen, whether the Nigerian government likes it or not, because these offers are freely accessible and usable on commodity mobiles. All these ridiculous copycat regulations are to ensure that Nigerians are excluded from writing and releasing software within their country. Nor does the Nigerian government have the technical capacity to prevent Nigerians from using Bitcoin or any other communication tool.
In fact, this means that Nigerians (currently a third of them) openly reject the system there and voluntarily opt for a non-governmental system of money and finance as it is better and more suited to the Nigerian character of innovation.
To an outsider, the idea that Nigerians are endowed with an innovation personality may seem strange, but there is no other explanation for this great country second in the world to adopt Bitcoin. The Nigerian government is the Luddite who stands in the way of Nigerians and their inevitable joining the global network as leaders and peers.
Finally (and fortunately), the Nigerian government’s position appears to be open to change. She is attending the extraordinary meeting in El Salvador with the central bank governments of Angola, Armenia, Bangladesh, Burundi, Congo, Costa Rica, Egypt, Gambia, Ghana, India, Namibia, Senegal, Sundan, Uganda, Zambia and 25 other developing countries. Countries you travel to to learn how to embrace Bitcoin.
The presence of Nigeria in this list of countries is of great importance. As a group, the countries on this list are larger than the BRICS countries. If they all “go to bitcoin,” it would be one of the most important events in recent history and the removal of the dollar yoke from the necks of billions of people.
Bringing them together outside the UN/US context is a stroke of genius. Now, along with common cause, common complaints and common hostility, Bitcoin will serve as the basis for a new pole in the emerging multipolar world: where financial coordination requires no trust and no leader, only completely fair and transparent and Bitcoin is completely ethical.
This is another guest post by Beautyon. The opinions expressed are their own and do not necessarily reflect the opinions of BTC Inc. or Bitcoin Magazine.