Is Ithiopia bankrupted? | Bitcointalksearch.org

icalical

sr. member

Activity: 1400

Merit: 268

Fully Regulated Crypto Casino

Quote from: anushkasachith888 on December 29, 2023, 02:59:42 AM

Ethiopia became Africa’s latest defaulter after it failed to make an interest payment following the end of a grace period on Monday - Bloomberg reports. This says that tall building that kissing the sky and eye popping infrastructure don't make you rich.

This is one of the most common mistake that were made by government and glorified by their people, a infrastructures is not a tall building or a monuments, it should be something that solve people's problem, like a mass transportation system. But government like to build skyscrapper because it's attract tourist and amaze people and make them seem like an advance country, while their locals do not get any advantages from that.

Quote from: anushkasachith888 on December 29, 2023, 02:59:42 AM

Can cryptocurrency help Ithioia and Africa to get rid of poverty?

Same thing with other countries, Ethiopia's problem is very complex from corruption to government mismanagement, Bitcoin is just a tool, it will could help few peoples but it will not be the magic wand to instantly change a nation.

Kelward

sr. member

Activity: 630

Merit: 352

Quote from: |MINER| on December 31, 2023, 01:06:54 AM

African politics is not right, African politics is not stable. There is a lot of corruption. If you look at the past years it will be seen that they have only incurred debt but have not been able to make any progress which is very disappointing. I would say crypto currency will not help this unstable situation. The politicians here are dishonest. If the thief of the country is sitting inside the country, then it is foolish to expect improvement there. I don't think cryptocurrencies can handle this situation.

Precisely the problem of African countries is corruption, kill or reduce corruption drastically and you will see desirable change for the better in their economies. Imagine when you borrow money that will not go into production of outputs, instead it'll find it's way into private accounts, then how do you repay the loans? They keep compiling dept for the next administration, who will come to power with the aim of enriching themselves too, in the end the economies will keep becoming worse off. Besides most African countries consume more than they export, which makes them poorer and dependant on industrious nations. So even if their governments adopt Bitcoin as a palliative to cushion the effects of poverty, corruption will still cripple it.

South Park

hero member

Activity: 2884

Merit: 794

I am terrible at Fantasy Football!!!

Quote from: harapan on January 01, 2024, 10:35:27 AM

Bitcoin is not a charity organization that runs poverty alleviation projects/programs.Its existence is to transform various aspects of the global economy which will generally improve the standard of living and wellbeing of people.Meanwhile, it facilitates the economic system of a country,it improves the financial technology of the country by promoting transaction transparency without being altered or manipulated or even interference from banks.

Bitcoin can help people at the individual level, however this is only possible if a person takes the decision to adopt bitcoin for their own benefit, something that should be very easy taking into account the current economic state of Ethiopia, after all when your wealth is evaporating or at least the potential that it does is very high, you need to look for ways to avoid this to happen to you, and bitcoin seems like a good way to do this, however since it is impossible for a whole country to adopt bitcoin all of a sudden then it is obvious the effects bitcoin can have there will be very limited.

doomloop

hero member

Activity: 2408

Merit: 584

Quote from: AnonBitCoiner on December 31, 2023, 04:18:44 AM

Quote from: anushkasachith888 on December 29, 2023, 02:59:42 AM

Ethiopia became Africa’s latest defaulter after it failed to make an interest payment following the end of a grace period on Monday - Bloomberg reports. This says that tall building that kissing the sky and eye popping infrastructure don't make you rich. Anyways,
Cryptocurrency has become very popular in African continent. It is the third fastest-adopting continent in terms of cryptocurrency. Can cryptocurrency help Ithioia and Africa to get rid of poverty?

Cryptocurrency can help Ethiopia and Other African countries to get rid of poverty for sure. but it is not going to just happen by itself. Govt of those Countries need to adopt Bitcoin as well as get themselves in order. leave corruption then it might be possible for those countries to get rid of poverty. it is not possible without political stability.

In fact if they fix their internal issues, and be united with other neighbouring African countries, they can be richest countries in the world. Africa is full of natural resources and oil reserve. but they are the poorest in the world. why?

Some of them already adopted crypto. When we say crypto, Bitcoin is already included there. There are countries who started with BTC first but later on they also widen their support. Despite of it, we don't see a major change on their economy. One reason of it is like you said, their government are corrupted. Unity might be possible because they are only neighbours. And even non-neighbouring countries can still be close to each other.

With their unity they can improve their economy and can outperform other countries but I doubt it if they can become the richest country in the world. That's okay though. A lot of countries are still going to be happy with what they achieved.

so98nn

hero member

Activity: 2114

Merit: 603

Quote from: anushkasachith888 on December 29, 2023, 02:59:42 AM

Ethiopia became Africa’s latest defaulter after it failed to make an interest payment following the end of a grace period on Monday - Bloomberg reports. This says that tall building that kissing the sky and eye popping infrastructure don't make you rich. Anyways,
Cryptocurrency has become very popular in African continent. It is the third fastest-adopting continent in terms of cryptocurrency. Can cryptocurrency help Ithioia and Africa to get rid of poverty?

Once the investment cycle reaches a point where interests and principle amounts are higher than those countries' GDP they gonna screw themselves very hard. There are multiple examples of this and they never learn. I like some Asian countries who stood for themselves with the Make in Own nation schemes. Meaning, that their governments started motivating more start-ups and manufacturing projects so that the country doesn't need to import raw materials or finished goods from other countries which in turn lowers the value of products and services, more domestic production giving more income locally. Thus, money is circulated within the country and they do not need to go out and seek financial help.

If Ithipia or any country suffering like this want to come out of this, then they have to focus more on their in-house productions rather than depending on the other nations. The only way to increase the GDP and income per capita, thus reducing the external financial burden.

& no, Bitcoin wont help them get out of it. It doesn't make sense, its just currency or asset. That changes nothing for the country.

Ucy

sr. member

Activity: 2674

Merit: 403

Compare rates on different exchanges & swap.

Things were going fairly well for Ethiopia economically until people who didn't really mean well misled the head. I remember inflation going down prior to the misleading, and he actually stood his ground then while pressure (which includes sanctions) was coming from the outsiders... He later gave in to their pressure. And whatever reward/incentive he got from that contributed massively to the problem. They almost led him to a war with Eritrea in that same wrong path, but he chose the right path this time around and got part of what he wanted from Eritrea from another neighboring country.

Cryptocurrency will benefit nothing on its own unless it's deliberately made to benefit people who do not despise or disobey the words of wisdom in this space. It's similar words of wisdom that were not diligently followed at the national level.

STT

legendary

Activity: 4102

Merit: 1454

Greece had the same problem but was able to negotiate with its debt holders to come to some agreement where payments would continue to be made. An ongoing agreement can be superior and in the interests of the creditors over calling a straight bankruptcy. Its quite hard to take the assets backing the debt and not the preference of most bond traders, thats why the price goes so negative and often does not reflect value properly. I imagine the country will attempt to navigate repayment before it admits any default as it is very damaging for years after to finance business interests in the country.

Casdinyard

hero member

Activity: 2184

Merit: 891

Leading Crypto Sports Betting and Casino Platform

Quote from: anushkasachith888 on December 29, 2023, 02:59:42 AM

Ethiopia became Africa’s latest defaulter after it failed to make an interest payment following the end of a grace period on Monday - Bloomberg reports. This says that tall building that kissing the sky and eye popping infrastructure don't make you rich. Anyways,
Cryptocurrency has become very popular in African continent. It is the third fastest-adopting continent in terms of cryptocurrency. Can cryptocurrency help Ithioia and Africa to get rid of poverty?

There's a huge possibility that they have. The fact alone that they couldn't pay their own debts is evident of their economy's impending doom. And I don't think there is much recovery you can make out from this.

The fact of the matter is, you're partly right, tall buildings and eye popping infrastructures won't make you rich, because at the end of the day, these modernization programs are what should've been used to entice investors into putting their trust and money into the system, which evidently isn't the case this time since Ethiopia's messed up beyond repair prior to their modernization programs and despite the efforts they exerted they aren't able to attract the investors that they need sadly. In any case, I don't think cryptocurrency alone would help them rebuild their market and revive the vigor of their economy. What they should do is look into efforts to have those debts be paid as soon as possible, and then reinvest their time and money into providing people in the country with options. And this doesn't just go for Ethiopia by the way, pretty much every third world country out there should look into bettering the living conditions of their citizens and giving them the rightful options that they deserve.

Woodie

hero member

Activity: 1834

Merit: 879

Rollbit.com ⚔️Crypto Futures

Quote from: anushkasachith888 on December 29, 2023, 02:59:42 AM

Anyways, Cryptocurrency has become very popular in African continent. It is the third fastest-adopting continent in terms of cryptocurrency. Can cryptocurrency help Ithioia and Africa to get rid of poverty?

Unfortunately bitcoin is not some kind of magic money lying around that exists for everyone and waiting to be taken...to have Bitcoin needs money and if money isn't available to buy the BTC then the poverty won't miraculously go away...what these countries need are the basics first such as Education to improve literacy levels then the technolog can be leveraged to improve personal lives and continent at large...

Quote from: anushkasachith888 on December 29, 2023, 03:35:32 AM

Quote from: Barikui1 on December 29, 2023, 03:27:34 AM

~snip~

Same thing happened to Sri Lanka a country once a very good place to live as well. most of these countries get loans to develop infrastructure not to produce goods. Production economy is a must if you wanna sustainable economy.

Agreed, the problem isn't about borrowing but where this money is being invested which has been done wrongly by many countries hence the defaults!!!

It's about time these loans came with terms and conditions for these countries to have access by channeling these monies towards something that will help generate revenue and not go towards consumption or non fixed assets that became a liability over time as they require maintenance etcetera...

harapan

sr. member

Activity: 1904

Merit: 306

Bitcoin is not a charity organization that runs poverty alleviation projects/programs.Its existence is to transform various aspects of the global economy which will generally improve the standard of living and wellbeing of people.Meanwhile, it facilitates the economic system of a country,it improves the financial technology of the country by promoting transaction transparency without being altered or manipulated or even interference from banks.

NotATether

legendary

Activity: 1568

Merit: 6660

bitcoincleanup.com / bitmixlist.org

Quote from: Die_empty on January 01, 2024, 08:40:37 AM

Quote from: NotATether on December 31, 2023, 03:06:01 AM

Cryptocurrency cannot help any country if its population does not know about it.

The first thing that needs to be done, is not to make new software or infra for it, it's to translate documentation of Bitcoin, wallets, services, and other things like that into their native language. Only when people understand the technology can they make use of it. Also, most people in Ethiopia own a mobile phone. So the groundwork is already there for Lightning Network.

I find this idea very innovative and impactful. Many people in Africa are illiterate and might not be able to understand some major languages in the world. But many of them could read their local languages. These books could also be translated into audiobooks in the local languages. However, I assume that infrastructures like electric power and internet connections might be a bigger impediment to Bitcoin awareness and adoption in Africa. As of 2022 about 69.12 million Ethiopians own mobile phones but only 566,206 have broadband access.

Internet is not really a problem since the ISP is state-owned. Everyone is using 3G or 4G to connect. It's more the electricity that is a problem, but only slightly since the majority of people get by on phones.

Audiobooks - not a bad idea. Although everyone is spending most of their time on TikTok, Facebook (yes the 2003 site) or Youtube (especially TikTok) so it would be better to publish those resources over there.

Die_empty

hero member

Activity: 686

Merit: 987

Give all before death

Quote from: anushkasachith888 on December 29, 2023, 02:59:42 AM

Ethiopia became Africa’s latest defaulter after it failed to make an interest payment following the end of a grace period on Monday - Bloomberg reports. This says that tall building that kissing the sky and eye popping infrastructure don't make you rich. Anyways,
Cryptocurrency has become very popular in African continent. It is the third fastest-adopting continent in terms of cryptocurrency. Can cryptocurrency help Ithioia and Africa to get rid of poverty?

Cryptocurrency will give Africa an alternative payment system. Crypto firms can also employ few people in these developing nations. Other citizens who have savings could decide to trade or invest in Bitcoin and make some profit. Nations can also decide to invest in Bitcoin just like El Salvador and might make a profit in the future. However, cryptocurrencies cannot deliver Africa from poverty unless the government and citizens make the right decisions and take appropriate steps. Cryptocurrency is popular in Africa because it is mostly used as a hedge against inflation. Many currencies in Africa have lost so much value that the citizens especially youths prefer to keep their funds in Bitcoin.

Quote from: NotATether on December 31, 2023, 03:06:01 AM

Cryptocurrency cannot help any country if its population does not know about it.

The first thing that needs to be done, is not to make new software or infra for it, it's to translate documentation of Bitcoin, wallets, services, and other things like that into their native language. Only when people understand the technology can they make use of it. Also, most people in Ethiopia own a mobile phone. So the groundwork is already there for Lightning Network.

I find this idea very innovative and impactful. Many people in Africa are illiterate and might not be able to understand some major languages in the world. But many of them could read their local languages. These books could also be translated into audiobooks in the local languages. However, I assume that infrastructures like electric power and internet connections might be a bigger impediment to Bitcoin awareness and adoption in Africa. As of 2022 about 69.12 million Ethiopians own mobile phones but only 566,206 have broadband access.

rat03gopoh

hero member

Activity: 2254

Merit: 680

Signature designer - start @$10 - PM me!

Since childhood, I was introduced to this country as a poor country. I read the news that they have started to rise recently and are starting to improve even though they aren't pushing down the rankings of the poorest countries much. I think there is something wrong with their development roadmap target so it has to lead to debt default.
Anyway, they're in debt to China, are they falling into the Chinese's debt trap myth? https://www.youtube.com/watch?v=_-QDEWwSkP0

Renampun

sr. member

Activity: 2520

Merit: 366

Catalog Websites

Quote from: anushkasachith888 on December 29, 2023, 02:59:42 AM

Ethiopia became Africa’s latest defaulter after it failed to make an interest payment following the end of a grace period on Monday - Bloomberg reports. This says that tall building that kissing the sky and eye popping infrastructure don't make you rich. Anyways,
Cryptocurrency has become very popular in African continent. It is the third fastest-adopting continent in terms of cryptocurrency. Can cryptocurrency help Ithioia and Africa to get rid of poverty?

Don't pay foreign debts, just look after their own citizens, the Ethiopian government can't afford it. The crisis that Ethiopia is currently facing is actually happening because of the lack of education received by Ethiopian citizens, because they claim that the crisis that Ethiopia is facing is due to famine - insect outbreaks - civil war. If we talk about whether cryptocurrency will be able to save Ethiopia from poverty, of course it can, but at the moment it's impossible for that to happen, it will take a long time to teach all Ethiopians about cryptocurrency, just to themself, they already have difficulty, how to buy cryptocurrency? They must be having trouble!

Fortify

legendary

Activity: 2688

Merit: 1192

Quote from: anushkasachith888 on December 29, 2023, 02:59:42 AM

Ethiopia became Africa’s latest defaulter after it failed to make an interest payment following the end of a grace period on Monday - Bloomberg reports. This says that tall building that kissing the sky and eye popping infrastructure don't make you rich. Anyways,
Cryptocurrency has become very popular in African continent. It is the third fastest-adopting continent in terms of cryptocurrency. Can cryptocurrency help Ithioia and Africa to get rid of poverty?

It seems to be a reoccurring story with many countries and it fundamentally comes back to the government, most with how corrupt they are. It takes many generations of good governance, along with strong institutions that continue working without interference from politicians and a judiciary that has limited interference, if you're going to start building the foundations of a stable country. Even then things can quickly become undermined if the wrong people get into power, so it is very delicate and requires constant vigilance to keep on track. Ethiopia and other Africa countries unfortunately are often the target of overseas powers that which to access the many resources in the region and the quickest way to get control of those is to focus on the real bases of power in the country - paying off politicians, who have little incentive and often want out of their country with the biggest payoffs possible.

AnonBitCoiner

sr. member

Activity: 1456

Merit: 326

Eloncoin.org - Mars, here we come!

Quote from: anushkasachith888 on December 29, 2023, 02:59:42 AM

Ethiopia became Africa’s latest defaulter after it failed to make an interest payment following the end of a grace period on Monday - Bloomberg reports. This says that tall building that kissing the sky and eye popping infrastructure don't make you rich. Anyways,
Cryptocurrency has become very popular in African continent. It is the third fastest-adopting continent in terms of cryptocurrency. Can cryptocurrency help Ithioia and Africa to get rid of poverty?

Cryptocurrency can help Ethiopia and Other African countries to get rid of poverty for sure. but it is not going to just happen by itself. Govt of those Countries need to adopt Bitcoin as well as get themselves in order. leave corruption then it might be possible for those countries to get rid of poverty. it is not possible without political stability.

In fact if they fix their internal issues, and be united with other neighbouring African countries, they can be richest countries in the world. Africa is full of natural resources and oil reserve. but they are the poorest in the world. why?

batang_bitcoin

hero member

Activity: 3080

Merit: 603

Quote from: TimeTeller on December 31, 2023, 03:19:20 AM

Quote from: batang_bitcoin on December 31, 2023, 03:07:40 AM

While we all believe that cryptocurrencies are going to play significant help to the economy of a country but it doesn't mean that it's going to be the entire help that they need. And as for the buildings, it doesn't mean that a country that has tall buildings is already way up of its economy. Maybe not yet but that's a sign that there's something happening positively on the country but usually, these came from debts or loans from the bigger countries like China. I'm not just sure if it's Ethiopia that has been one of the African countries that have a debt on China.

Crypto may have influence in their economy, but yes, it doesn't mean it can get rid of the poverty among its people.
But this market can however, alleviate some of the current conditions of some of its people who are already into crypto.
Just like for example, small time traders. And once they get good profits, it can assist their everyday living.
This goal is years in the making. But if this market can already help some of its people, why not?

There is no doubt that crypto can change someone's lifetime. But if we entirely are considering the country's future then it is hard to think of. Because there are too many factors that make a country better. With their policies and political stances and alliances are the few factors. Crypto alone wont save an entire country but many individuals.
And these individuals can contribute to the growth but if the authority ain't no good, that is why I am saying only individuals and not the entire country.

mindrust

legendary

Activity: 3276

Merit: 2442

Is there even a country in Africa which is not bankrupt? Ethiopia don't have much to lose anyway so bankruptcy won't mean anything to them.

I think around half of the world governments are bankrupt. They are only floating because the loaners don't demand their money back (for now). Countries like UK and US are also bankrupt and printing money is their only solution which is creating massive inflation. Poor Ethiopia don't have a reserve currency so it will be instant bankruptcy for them. They can't even inflate their money supply to pay their debts because nobody is interested in their currency. Another example is Argentina... How many times did they declare bankruptcy? I lost count.

TimeTeller

hero member

Activity: 2744

Merit: 588

Quote from: batang_bitcoin on December 31, 2023, 03:07:40 AM

While we all believe that cryptocurrencies are going to play significant help to the economy of a country but it doesn't mean that it's going to be the entire help that they need. And as for the buildings, it doesn't mean that a country that has tall buildings is already way up of its economy. Maybe not yet but that's a sign that there's something happening positively on the country but usually, these came from debts or loans from the bigger countries like China. I'm not just sure if it's Ethiopia that has been one of the African countries that have a debt on China.

Crypto may have influence in their economy, but yes, it doesn't mean it can get rid of the poverty among its people.
But this market can however, alleviate some of the current conditions of some of its people who are already into crypto.
Just like for example, small time traders. And once they get good profits, it can assist their everyday living.
This goal is years in the making. But if this market can already help some of its people, why not?

batang_bitcoin

hero member

Activity: 3080

Merit: 603

While we all believe that cryptocurrencies are going to play significant help to the economy of a country but it doesn't mean that it's going to be the entire help that they need. And as for the buildings, it doesn't mean that a country that has tall buildings is already way up of its economy. Maybe not yet but that's a sign that there's something happening positively on the country but usually, these came from debts or loans from the bigger countries like China. I'm not just sure if it's Ethiopia that has been one of the African countries that have a debt on China.

NotATether

legendary

Activity: 1568

Merit: 6660

bitcoincleanup.com / bitmixlist.org

Cryptocurrency cannot help any country if its population does not know about it.

The first thing that needs to be done, is not to make new software or infra for it, it's to translate documentation of Bitcoin, wallets, services, and other things like that into their native language. Only when people understand the technology can they make use of it. Also, most people in Ethiopia own a mobile phone. So the groundwork is already there for Lightning Network.

kentrolla

hero member

Activity: 1652

Merit: 569

Catalog Websites

This is the same problem with entire African continent wherein earlier it was the issue of colonization but now it's amongst themselves because you name an issue it has it be it civil war or corruption or millitary coup Africa is going through all these issues.

Please don't take me wrong as I am not trying to put Africa in bad light as it's the rules and regime who are corrupt but it's innocent and hardworking people suffer everyday.

The only solution is atleast nurturing the current generation and raising them to be an honest and peace loving person because the issue which Africa is going through is created by their own crooked leaders.

Only African with new generation raised through loe and care with proper importance of humanity can bring in changes. Just wishing noble people of Africa having peaceful and happy life like they had before colonization

|MINER|

sr. member

Activity: 1274

Merit: 457

African politics is not right, African politics is not stable. There is a lot of corruption. If you look at the past years it will be seen that they have only incurred debt but have not been able to make any progress which is very disappointing. I would say crypto currency will not help this unstable situation. The politicians here are dishonest. If the thief of the country is sitting inside the country, then it is foolish to expect improvement there. I don't think cryptocurrencies can handle this situation.

Darker45

legendary

Activity: 2576

Merit: 1860

Help Ethiopia and Africa get rid of poverty? Probably, in a way. But only indirectly. Bitcoin doesn't feed the poor. Bitcoin doesn't transform the lives of those who are in abject condition. Bitcoin isn't an economic program or a poverty-alleviating initiative.

There are those African-based groups, however, like Bitcoin Ekasi that are strongly supporting Bitcoin, helping its adoption, while also conducting side activities that directly help the poor. But this isn't about Bitcoin. They're just doing charitable works alongside Bitcoin promotion.

Hispo

legendary

Activity: 1162

Merit: 2025

Leading Crypto Sports Betting & Casino Platform

Quote from: btc78 on December 29, 2023, 04:09:13 AM

Quote from: anushkasachith888 on December 29, 2023, 02:59:42 AM

Can cryptocurrency help Ithioia and Africa to get rid of poverty?

Cryptocurrency can help to improve some of people’s living conditions but there are still lots of factors to consider the use of cryptocurrency can definitely help but first you will have to spread and advertise the use of cryptocurrency

If those people who use cryptocurrency get richer, it can help a country’s economy but like i said for poverty to be eliminated it is not enough that only a few use cryptocurrency some people would not even want to use cryptocurrency or do not have the means to

Cryptocurrency can help but i do not think it can completely eliminate poverty

Cryptocurrency actually does not help to get rid of poverty in term of macroeconomics, in a nationwide context cryptocurrency helps to transfer value but the creation of value requires investment in industries which are very focused on production of goods and services.
We sometimes confuse or mix up the creation of wealth with the transfer of it, helping a whole country to increase the standard of living is very different from some lucky person who happened to buy a lot of a shitcoin or legitimate altcoin which ended up increasing exponentially its value.

The first thing a country in the developing world is supposed to do is try to guarantee the access of its people to food and shelter as well jobs, from it there must be investment on education and try to educate their population not to have so many children while the country is still going through a phase of recovery: provide free contraception and state sponsorship to parents with one of two children, as the population stays stable through time the per capita should increase so would the quality of life for people.
All of it would work assuming the leaders of the country are not corrupted crooks.

Antotena

sr. member

Activity: 490

Merit: 325

Quote from: anushkasachith888 on December 29, 2023, 02:59:42 AM

Ethiopia became Africa’s latest defaulter after it failed to make an interest payment following the end of a grace period on Monday - Bloomberg reports. This says that tall building that kissing the sky and eye popping infrastructure don't make you rich. Anyways,
Cryptocurrency has become very popular in African continent. It is the third fastest-adopting continent in terms of cryptocurrency. Can cryptocurrency help Ithioia and Africa to get rid of poverty?

Their government make them broke and when they borrowed, they didn't put it into to good use. A city with tall buildings where people actually live usually is surrounded by many things like industrialization, a lots of business's, transportation, banking, and Tourism since Ethiopia has a lots of culture and mountain but how did they utilize this and not get the full potential of tax, the more all these happen in a particular city, the more tax they get and repay some of the loan as an investment but mismanagement is what I think is the issue here.

Let's not lie to ourselves, no country has ever tried to use crypto as a recovery of an economy. Adding it might improve the reserve of the country but if crypto were the backbone of a country the gain will be massive but the day they decline, the country will be on another disaster that will be worst than earthquake because I can't even visualize how a country will lose 50% of their reserve in a day, crypto volatility isn't something you will like to tie with the economy.

DrBeer

legendary

Activity: 3752

Merit: 1864

Quote from: anushkasachith888 on December 29, 2023, 02:59:42 AM

Ethiopia became Africa’s latest defaulter after it failed to make an interest payment following the end of a grace period on Monday - Bloomberg reports. This says that tall building that kissing the sky and eye popping infrastructure don't make you rich. Anyways,
Cryptocurrency has become very popular in African continent. It is the third fastest-adopting continent in terms of cryptocurrency. Can cryptocurrency help Ithioia and Africa to get rid of poverty?

Unfortunately, the answer is negative - no, cryptocurrency will not help Africa. The reason is banal - if your economy has gone to pieces, corruption, dishonest politicians, no development - cryptocurrency will not help you. Cryptocurrency is just another element for mutual settlements, but it does not correct the problems of the economy. If you read the news from the last 3-5 years on the topic “cryptocurrency will save the country’s economy...”, you will be surprised - not a single country that gave the green light to cryptocurrency received any noticeable positive result.
Therefore, first bring order to the economy, and then accept cryptocurrencies as a means of payment...

pawel7777

legendary

Activity: 2436

Merit: 1561

Quote from: Barikui1 on December 29, 2023, 03:27:34 AM

They are mostly doing that because they actually know that they wouldn't be the one paying it back, and the sad part of it is that they knows how detrimental it is to the economy of the state, but they keeps on piling debts and leave it to the next administration to clean up their shit.
This is a very bad habit most African leaders must stop if they really want their economy to blossom.

That's one of the major flaws of democracy. They won't stop until people keep demanding handouts and won't be voting for anyone who proposes cuts on spending. So the political class only cares about the next 4-5 years at best and doesn't bother with any long-term plans.

Of course, there's also a problem of low competence, i.e. politicians lacking a basic understanding of how the system should work.

Quote from: anushkasachith888 on December 29, 2023, 03:56:43 AM

Quote from: Barikui1 on December 29, 2023, 03:40:13 AM

Please add a reference link to this post so that you wouldn't be accused of plagiarism, because you are only reporting a news.

is it ok to add referral links? I thought It is not allowed. otherwise I will add news link in the first place.

You have referral links to news articles?? That's rather unusual.
Best to post "clean" links as some mods may not like the referral ones.

btc78

full member

Activity: 2520

Merit: 214

Eloncoin.org - Mars, here we come!

Quote from: anushkasachith888 on December 29, 2023, 02:59:42 AM

Can cryptocurrency help Ithioia and Africa to get rid of poverty?

Cryptocurrency can help to improve some of people’s living conditions but there are still lots of factors to consider the use of cryptocurrency can definitely help but first you will have to spread and advertise the use of cryptocurrency

If those people who use cryptocurrency get richer, it can help a country’s economy but like i said for poverty to be eliminated it is not enough that only a few use cryptocurrency some people would not even want to use cryptocurrency or do not have the means to

Cryptocurrency can help but i do not think it can completely eliminate poverty

anushkasachith888

member

Activity: 546

Merit: 12

Quote from: Barikui1 on December 29, 2023, 03:40:13 AM

Quote from: anushkasachith888 on December 29, 2023, 03:35:32 AM

Quote from: Barikui1 on December 29, 2023, 03:27:34 AM

I think this topic shouldn't be here, I suggest you move it to the economic sector of this forum, and talking about Ethiopia and debt, it's no longer news that most African leaders have took it as a habit to travel around the world looking for where to borrow money which to me is very shameful.

They are mostly doing that because they actually know that they wouldn't be the one paying it back, and the sad part of it is that they knows how detrimental it is to the economy of the state, but they keeps on piling debts and leave it to the next administration to clean up their shit.
This is a very bad habit most African leaders must stop if they really want their economy to blossom.

Same thing happened to Sri Lanka a country once a very good place to live as well. most of these countries get loans to develop infrastructure not to produce goods. Production economy is a must if you wanna sustainable economy.

Please add a reference link to this post so that you wouldn't be accused of plagiarism, because you are only reporting a news.

is it ok to add referral links? I thought It is not allowed. otherwise I will add news link in the first place.

Barikui1

sr. member

Activity: 266

Merit: 205

Quote from: anushkasachith888 on December 29, 2023, 03:35:32 AM

Quote from: Barikui1 on December 29, 2023, 03:27:34 AM

I think this topic shouldn't be here, I suggest you move it to the economic sector of this forum, and talking about Ethiopia and debt, it's no longer news that most African leaders have took it as a habit to travel around the world looking for where to borrow money which to me is very shameful.

They are mostly doing that because they actually know that they wouldn't be the one paying it back, and the sad part of it is that they knows how detrimental it is to the economy of the state, but they keeps on piling debts and leave it to the next administration to clean up their shit.
This is a very bad habit most African leaders must stop if they really want their economy to blossom.

Same thing happened to Sri Lanka a country once a very good place to live as well. most of these countries get loans to develop infrastructure not to produce goods. Production economy is a must if you wanna sustainable economy.

Please add a reference link to this post so that you wouldn't be accused of plagiarism, because you are only reporting a news.

anushkasachith888

member

Activity: 546

Merit: 12

Quote from: Barikui1 on December 29, 2023, 03:27:34 AM

I think this topic shouldn't be here, I suggest you move it to the economic sector of this forum, and talking about Ethiopia and debt, it's no longer news that most African leaders have took it as a habit to travel around the world looking for where to borrow money which to me is very shameful.

They are mostly doing that because they actually know that they wouldn't be the one paying it back, and the sad part of it is that they knows how detrimental it is to the economy of the state, but they keeps on piling debts and leave it to the next administration to clean up their shit.
This is a very bad habit most African leaders must stop if they really want their economy to blossom.

Same thing happened to Sri Lanka a country once a very good place to live as well. most of these countries get loans to develop infrastructure not to produce goods. Production economy is a must if you wanna sustainable economy.

Barikui1

sr. member

Activity: 266

Merit: 205

I think this topic shouldn't be here, I suggest you move it to the economic sector of this forum, and talking about Ethiopia and debt, it's no longer news that most African leaders have took it as a habit to travel around the world looking for where to borrow money which to me is very shameful.

They are mostly doing that because they actually know that they wouldn't be the one paying it back, and the sad part of it is that they knows how detrimental it is to the economy of the state, but they keeps on piling debts and leave it to the next administration to clean up their shit.
This is a very bad habit most African leaders must stop if they really want their economy to blossom.

anushkasachith888

member

Activity: 546

Merit: 12

Ethiopia became Africa’s latest defaulter after it failed to make an interest payment following the end of a grace period on Monday - Bloomberg reports. This says that tall building that kissing the sky and eye popping infrastructure don't make you rich. Anyways,
Cryptocurrency has become very popular in African continent. It is the third fastest-adopting continent in terms of cryptocurrency. Can cryptocurrency help Ithioia and Africa to get rid of poverty?

Topic: Is Ithiopia bankrupted? (Read 274 times)