Twitter CEO and cryptocurrency supporter Jack Dorsey highlighted the efforts of a lobbying group to push the Ethiopian government to accept Bitcoin (Bitcoin).
In a tweet on Wednesday, Dorsey shared a tweet from Project Mano, an Ethiopian lobby group that tried to get the government to consider mining and storing bitcoin.
-Jack (@jack) June 15, 2021
Dorsey seems to have provided some useful exposure to the project. At the time of writing, Project Mano’s Twitter followers doubled from 500 when he shared the topic to around 1,000.
Mano plans to point out in a tweet on Tuesday line “In the past six months or so,” the organization has been working hard to push the Ethiopian government to “respond to rising inequality and global inflation” by adopting Bitcoin.
The project’s website Outline It urges the Ethiopian government to take three Bitcoin-based initiatives: mining, holding Bitcoin and linking it to Ethiopian birr or other legal tender.
In our research, through the mining program, Ethiopia can easily increase its export revenue without the involvement of a third party. Increase billions of dollars in a short period of time with minimal investment.The project aims to issue a more detailed plan for the government
-Project Mano | (@Projectmano) June 15, 2021
The project pointed out that if the proposed Ethiopian Renaissance Dam succeeds, it will not only be able to provide all-weather electricity for Ethiopian residents, but if it is also used for Bitcoin mining, it may “generate billions of dollars in revenue each year” for the economy.
Interestingly, Project Mano proposed that if Bitcoin mining is to succeed in Ethiopia, the government can also Leverage Decentralized Finance (DeFi) Lending Agreement In order to increase the purchasing power of the bitcoins it holds.
According to the Mano project, holding Bitcoin can also be used to hedge the inflation rate of Ethiopian Birr. It pointed out that it believes that the only way for Ethiopia to increase its GDP is to exceed the inflation rate of the U.S. dollar:
“Given that Ethiopia’s economy has not grown close to 25% year after year, our purchasing power will naturally consume scarce assets quickly.”
“If Ethiopia’s economy grows by only 7% per year, we will not be able to catch up with the pace at which we need to balance payments,” it added.
According to the World Bank Group, Ethiopia is the fastest growing economic On the African continent; however, it is also “one of the poorest countries with a per capita income of US$850”.
Despite taking a proactive approach in some cases, encryption regulation did not seem to be the most important for Ethiopia in the past.
In particular, the Ethiopian government has signed a Reached an agreement with Charles Hoskinson’s Cardano This enables Ethiopian developers to apply blockchain technology to the country’s agricultural technology industry in 2018.
In April, the government began to cooperate with The R&D department behind Cardano, Input Output Hong Kong, created a tamper-proof record of the educational performance of 5 million students in 3,500 schools in Ethiopia.