Few days ago we all saw the crypto space going crazy about El Salvador adopting Bitcoin as legal tender. Now we may have another potential candidate , the country of Ethiopia.
Image by Pete Linforth from Pixabay
A Quick Primer On Ethiopia
Ethiopia is a country in the African continent. With a population of 112 million it is also one of the most fastest growing economy in the continent of Africa. The country has been showing interest in various blockchain projects in the past few months and with this recent news things might just blow up.
So what's the buzz about ?
It all started with a retweet from Jack Dorsey. The founder of twitter and a Bitcoin enthusiast retweeted a post of an group called Project Mano. This organization has been trying to lobby the Ethiopian government to consider Bitcoin seriously.
The group has proposed few initiatives to the Ethiopian government considering the current state of affairs. The country presently is going through an economic crunch and is not been able to stabilize it within the country itself. If this continues the country's economy will further suffer vs other global economies.
Project Mano on its website shows it suggested to leverage the Grand Ethiopian Renaissance Dam that was completed back in July 2020 to generate renewable energy and use that energy to power Bitcoin mining. If this works out then there will be potential foreign investment coming into the country and it will eventually boost the economy. The group also points out that considering Bitcoin mining will also ensure the improvement of the present electrical infrastructure greatly and ensure 24/7 electricity to households.
Another interesting point that they proposed is with regards to the banking issue. Presently half of the country is unbanked and with introduction of Bitcoin there is a significant chance to get people connected with other people or merchants for payments and this will allow a smooth flow of money into the economy and replenish it. This money can then be used by the Government for development projects, than just printing money out of thin air .
To be honest I am very excited to see this proposal and if this goes through as expected then it will be great for the country not only in terms of the economy but also the potential innovations that will arise in the Crypto Space .
You can check out the links for more detailed information here
Project Mana
Coin Telegraph Article
Also check out Jack Dorsey tweet's here
Feel free to share your thoughts on this. I Would love to hear them.