Advocates of human rights from twenty nations have filed an open letter to the Congress of the United States to support an accountable policy for cryptocurrency and admiring stablecoins and Bitcoin as the primary instruments assisting freedom and democracy for several million.
The letter is seen only a week following an open letter, aiming to oppose crypto, which was purported sent on the behalf of the scientific community to the Congress however its chief signatories took account of the famous authors and crypto critics belonging to the democratic countries with high revenues.
The team of 21 activists comprises those from the nations which have either gone through some conflict recently or have some unstable economies like North Korea, Cuba, Venezuela, Nigeria, Iraq, Russia, and Ukraine. It is noted in the letter that the participants wish for some empathetic and open-minded perspective toward monetary instruments that are playing an increasing role to assist those people who are experiencing some economic difficulty or political subjugation.
The letter adds that the signatories have depended on stablecoins and Bitcoin while endeavoring to have democracy and freedom and several millions of people who are surviving under strict jurisdictions or in fluctuating economies are additionally utilizing crypto to accomplish the same objective.
As per the letter, the stablecoins and Bitcoin provide unrestricted reach to the worldwide economy to the people who are living in the countries such as Nigeria, Argentina, or Turkey, where a collapse is being witnessed in the value of the native currencies or they are being removed from the external world. It moved on to point out that the cryptocurrencies additionally assisted in fight confronting the authoritarianism such as in Ukraine this February while meeting with the situation that emerged after Russia invaded the country.
The letter also discussed the former “anti-crypto letter” that was sent on 1st June with reported support of up to 1,500 computer engineers and scientists that requested Congress not to create a regulatory that would provide a haven for such hazardous, unproven, and flawed digital financial tools. Stephen Diehl, Molly White, and David Gerard were among the main signatories of the letter.
According to the human-rights activists, the anti-crypto letter’s authors are from the nations having stable currencies, as well as resilient property rights along with having probably never undergone hyperinflation or the totalitarianism’s strict grip. The letter concluded with the expectation that the authorities would not create or implement a policy that could influence the capability to utilize these latest technologies on humanitarian grounds.
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