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Human Rights Advocates Insist Bitcoin ‘Provides Financial Inclusion’ — Refutes Claims in Critics’ Letter to US Congress

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Advocates from 20 countries insist that bitcoin “provides financial inclusion and empowerment because it is open and requires no permissions.” Together with stablecoins, the cryptocurrency offers “unprecedented access to the global economy” for people from countries whose currencies have either collapsed or are cut off from the rest of the world.

Bitcoin as a Tool for Financial Inclusion and Empowerment

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About 21 human rights activists from 20 different countries sent a letter to the US Congress in which they defend bitcoin, as well as refuting claims recently made by about 1,500 computer scientists, software engineers and technologists. According to human rights activists, “Bitcoin provides financial inclusion and empowerment because it is open and requires no permissions.”

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In their open letter to U.S. Congressional leaders, supporters point out how bitcoin and stablecoins have offered “unprecedented access to the global economy for people in countries like Nigeria, Turkey, or Argentina, where local currencies are collapsing, breaking, or cut off from the outside world. “.

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Human rights activists explained in their letter that they were forced to respond to the claims contained in another letter To the US Congress, authored by opponents of bitcoin. In their so-called crypto letter, critics urged lawmakers not to give in to pressure from crypto players and lobbyists. Computer scientists and their colleagues have stated that crypto advocates aim to “create a regulatory safe haven for these risky, misguided and unproven digital financial instruments.”

Technologists also dismiss claims that cryptocurrencies are a good fit for solving the financial problems Americans face.

However, refuting the claims of scientists in their open letter, human rights activists said that they know for sure that cryptocurrencies have made a difference in countries devastated by natural disasters.

In countries where citizens are oppressed, Bitcoin has helped “keep the fight against authoritarianism afloat,” proponents say. The letter from the human rights activists also points to how the technology, which opponents say is “not designed for a particular purpose”, has changed the situation in Ukraine.

Cryptocurrency as an equalizer

Meanwhile, in a letter meant to help US policymakers understand that bitcoin is “valuable to tens of millions of people around the world,” advocates highlight the backstory of those who signed the letter criticizing cryptocurrencies. According to human rights activists, “almost all the authors of the anti-cryptocurrency letter come from countries with a stable currency, freedom of speech and strong property rights.” They added:

For most in the West, the horrors of monetary colonialism, misogynistic financial policies, frozen bank accounts, exploitative money transfer companies, and failure to connect to the global economy may be distant ideas. For most of us and our communities – and for most people around the world – they are a daily reality. If “much better solutions” were already being used to overcome these problems, we would know about it.

At the conclusion of their letter, the human rights activists said that the leaders of the US Congress should study the value of these technologies, their empirically proven benefits for millions of people and their potential. They also urged lawmakers to develop or implement policies that “won’t harm their ability to use these new technologies in their advocacy and humanitarian work.”

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Credit : news.bitcoin.com

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