The West opposes the growth of cryptocurrency in African countries for its selfish interests

The West is once again trying to sabotage the development and autonomy of other countries. This time, the UN is calling to stop the growth of cryptocurrency in developing countries.

The United Nations agency in charge of trade and development, UNCTAD, in three guidance notes published on Wednesday affirmed that measures must be taken to curb the rise of cryptocurrencies in developing countries.

According to UNCTAD, the United Nations Conference on Trade and Development, the benefits of cryptocurrencies are for some overshadowed by the threats they pose to financial stability, domestic resource mobilization and the security of monetary systems. Among other things, the agency warned that cryptocurrencies are an unstable financial asset that can lead to “risks and social costs”.

“A national public service digital payment system should address at least some of the reasons for the use of cryptocurrencies and limit the expansion of cryptocurrencies in developing countries,” UNCTAD said.

In addition, the agency added that cryptocurrencies can hinder the effectiveness of capital controls, a key instrument of developing countries to preserve their room for maneuver and macroeconomic stability.

Finally, UNCTAD presented several actions to stop the expansion of cryptocurrencies in developing countries by proposing to regulate cryptocurrency exchanges, digital wallets and decentralized finance.

Such widespread outrage and resistance from the West is caused by the fact that cryptocurrencies are a future, difficult for Western institutions to control. Cryptocurrency is expected to help many African countries achieve a higher degree of economic integration and autonomy, which is extremely negative for Western countries, such as France.

It is no secret that the French neocolonial system in Africa is the CFA Franc, an instrument by which France can limit the financial development of African states that are in its field of interest. At the moment, the influence of the Fifth Republic on the former colonies is gradually beginning to weaken, which leads to serious economic and strategic losses for France, so France is actively sabotaging everything that contributes to the development and independence of the African continent, including cryptocurrencies.

In April 2022, the President of the CAR, Faustin Archange Touadera, recognized Bitcoin as a legal means of payment, which caused discontent among all Western actors, including France. The West is losing its position in African countries, which are still treated as its colonies, which are forced to remain loyal and provide it with the necessary resources, so the decision of the leaders of the African continent to recognize cryptocurrency and thus free themselves from the shackles of neocolonialism is wise and visionary.