Human Rights Advocates Insist Bitcoin Provides Financial Inclusion – In a letter to the US Congress, about 21 human rights advocates from 20 different countries defend bitcoin as well as rebut claims made lately by 1,500 computer scientists, software engineers, and technologists. “Bitcoin enables financial inclusion and empowerment since it is open and permissionless,” the human rights activists claimed.
The advocates highlight how bitcoin and stablecoins have provided “unparalleled access to the global economy for citizens in countries like Nigeria, Turkey, or Argentina, whose local currencies are crumbling, broken, or cut off from the outside world” in an open letter to US congressional leaders.
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Human rights advocates stated in their letter that they were obligated to reply to charges made in another letter to the United States Congress written by bitcoin opponents. The critics encouraged lawmakers not to give in to pressure from cryptocurrency players and lobbyists in their so-called crypto letter. Crypto advocates, according to the computer scientists and their colleagues, are attempting to “establish a regulatory safe haven for these risky, defective, and unproven digital financial instruments.”
Cryptocurrencies, according to the technologists, are not well suited to solving the financial challenges that Americans face. Human rights advocates, on the other hand, pushed back against the scientists’ allegations in their open letter, saying they know for a fact that cryptocurrencies have made a difference in countries affected by natural disasters.
Bitcoin has helped to “keep the struggle against authoritarianism afloat” in countries where citizens are mistreated, according to advocates. The letter from human rights activists also mentions how a technology that opponents claim is not built for purpose has made an impact in Ukraine.
Meanwhile, the advocates highlight the backgrounds of signatories to the letter that slams cryptocurrencies in an attempt to persuade American lawmakers that bitcoin “is valuable for tens of millions of people around the world.” “Nearly all of the authors of the anti-crypto letter are from countries having stable currencies, free speech, and robust property rights,” the human rights activists claim.
They also added:
“The evils of monetary colonialism, misogynist financial policy, frozen bank accounts, unethical remittance companies, and an inability to connect to the global economy may seem far away to most people in the West. They are daily realities for most of us and our communities — and for the vast majority of people worldwide. We would know if there were much better options already in use to address these issues.”
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The human rights advocates concluded their letter by urging Congress leaders to look into the worth of these technologies, their empirically demonstrated benefits for millions of people, and their potential. They also encouraged lawmakers to create or enforce rules that do not “hinder their ability to use these new technologies in their human rights and humanitarian activities.”
