https://en.sputniknews.africa/20240217/what-are-advantages-of-russia-africa-exchanges-in-digital-currencies-1065124034.html
What Are Advantages of Russia-Africa Exchanges in Digital Currencies?
What Are Advantages of Russia-Africa Exchanges in Digital Currencies?
Sputnik Africa
On Thursday, Nigerian Minister of Foreign Affairs Yusuf Tuggar supported the Russian idea of exchanges in digital currencies. 17.02.2024, Sputnik Africa
2024-02-17T17:34+0100
2024-02-17T17:34+0100
2024-02-17T17:34+0100
sub-saharan africa
united states (us)
cameroon
central african republic
swift
currency
alternative currency
digital coins
digital technology
technology
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Cryptos, a tool for emancipation in the twenty-first century? Digital currencies "allow transactions without discrimination", outside of Western supervision, Cameroonian economist Jean René Ndouma told Sputnik.Beyond the highly volatile bitcoin, central banks will be able to issue their own digital currency, which will strengthen the economic sovereignty of states, the Cameroonian economist also noted.Digital currencies also allow new forms of financing through the tokenization of raw materials, the economist pointed out. The Central African Republic took the lead on this issue in April, adopting a law on the "tokenization of its natural and land resources" in cryptocurrencies.This debate on cryptocurrencies is more broadly linked to that of de-dollarization, the expert said. In addition to the fact that many countries are obliged to keep their dollar reserves in the United States, the use of the greenback in international trade also allows Washington to interfere in the internal affairs of certain countries via the extraterritoriality of the dollar, he emphasized.The use of national currencies could change the situation, particularly benefiting African countries whose trade balance is unbalanced in favor of imports, he said.The trade in national currencies carried out by Russia and the BRICS+ therefore brings "a lot of advantages" to countries that want to emancipate themselves from Western tutelage, Ndouma concluded.
https://en.sputniknews.africa/20230907/poll-reveals-two-most-crypto-aware-african-countries--1061937972.html
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What Are Advantages of Russia-Africa Exchanges in Digital Currencies?
On Thursday, Nigerian Minister of Foreign Affairs Yusuf Tuggar supported the Russian idea of exchanges in digital currencies.
Cryptos, a tool for emancipation in the twenty-first century? Digital currencies "allow transactions without discrimination", outside of Western supervision,
Cameroonian economist Jean René Ndouma told
Sputnik. "Transactions in the Bretton Woods system, particularly with SWIFT, leave traces that the United States and its allies control. We can avoid using SWIFT by replacing it with blockchain technology for digital currency transactions," Ndouma explained.
Beyond the highly volatile bitcoin,
central banks will be able to issue their own digital currency, which will strengthen the economic sovereignty of states, the Cameroonian economist also noted.
Digital currencies also allow new forms of financing through the tokenization of raw materials, the economist pointed out. The Central African Republic took the lead on this issue in April, adopting a law on the "tokenization of its natural and land resources" in cryptocurrencies.
"We can resort to tokenization, which allows us to value our own natural resources and raise funds without going into debt. This will create an inclusive economy that generates wealth, the distribution of which will be a little more equitable than in the neoliberal systems practiced by the Americans and their allies," Ndouma highlighted.
This debate on
cryptocurrencies is more broadly linked to that of de-dollarization, the expert said. In addition to the fact that many countries are obliged to keep their dollar reserves in the United States, the use of the greenback in international trade also allows Washington to interfere in the internal affairs of certain countries via the extraterritoriality of the dollar, he emphasized.
The use of national currencies could change the situation, particularly benefiting African countries whose trade balance is unbalanced in favor of imports, he said.
"Anything denominated in dollars can be influenced at any time by the Americans, who are the only ones who can inject dollars into the market and withdraw them without having to account to anyone. Now, if the countries begin to make international transactions in national currencies, the dollar shares will be replaced proportionally," the economist stressed.
The trade in national currencies carried out by
Russia and the BRICS+ therefore brings "a lot of advantages" to countries that want to emancipate themselves from Western tutelage, Ndouma concluded.
