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While central banks around the world are working on the digital version of their fiat currencies, El Salvador went ahead and declared Bitcoin legal tender. El Salvador has made the first move, and people in other countries now want their government to go the same route. As we reported, think tank Lobby New Zealand sent a letter to Prime Minister Jacinda Ardern “asking that the New Zealand Government recognize Bitcoin as a foreign currency.” Ethiopia is considering the same where Bitcoiners of the country have come together to start Project Mano that is urging the government to adopt the cryptocurrency. Defined as Step By Step plans for Africa’s second-most populous nation to embrace Bitcoin, Project Mano shared on Twitter that throughout this year, they have been pushing their government to consider mining and accumulating the crypto asset to combat the rising inflation. https://twitter.com/jack/status/1404905853111746562 The year-on-year overall inflation rate for the past 12 months leading to May 2021 surged by 19.9% compared to a year ago, as per the report by Ethiopia’s Central Statistics Agency (CSA). Even the US dollar can’t help as it “is no longer linked to a scarce resource, there is nothing stopping the Federal Reserve from printing it excessively leaving countries that rely on holding it vulnerable to other nations monetary policies,” states the website of the open-source project. Instead of being at the “mercy” of a few people, Project Mano proposes using Bitcoin, which is dependent on the global free market. Mining, HODLing, and making it legal tender are three ways recommended for the country to adopt the crypto asset. It said,
“The project aims to publish more detailed plans both for the government and interested private parties on how they could change to a new volatile culture and establish a colorful future for Ethiopia,”Already, Africa is leading the P2P bitcoin trading volume, as per data from UsefulTulips.
While North America remains the most active, Africa as a whole is the fastest-growing continent in terms of the peer-to-peer trading volume.
Over the past six months, there was a 15% to 30% increase in bitcoin trading volume in most of the African nations.
With roughly $17 million in volume in May, Sub-Saharan African countries experienced nearly a 50% increase year-over-year. North Africa and Middle Eastern countries in Africa meanwhile saw a drop in their trading volume in the month of May, at less than $1 million.