Jack Dorsey, Twitter’s CEO and Square’s founder has passively supported the efforts of an Ethiopia-based association lobbying and urging the Ethiopian government to accept BTC. Project Mano, an Ethiopian-based association, wants the government of Ethiopia to endorse and accept BTC, including mining it. They also want the Ethiopian government to link the flagship cryptocurrency to the country’s official currency, the Ethiopian Birr (ETB) had shown his passive support by sharing a Twitter thread from the association on June 16. Jack is one of the notable crypto enthusiasts and was also part of the 2021 BTC Confidence.
Association Seeks to Prevail on Ethiopian Government
The association is bent on prevailing on the Ethiopian government to mine and store BTC. Jack’s action helped the association with the exposure of its cause as it moved the association’s followers from 500 to 1000 at the time this report was written. The association’s June 15 thread on Twitter revealed that the association has been trying to convince the government for the past 6 months to fight inequality and inflation by embracing the acceptance of BTC. The project’s mission is directed towards three focal points– mining BTC, storing it and integrating the crypto asset with the ETB and other legal tenders.
El Salvador is at the forefront of the latest calls for BTC acceptance. El Salvador had broken what seemed like a jinx to become the first sovereign country to legalize BTC and make it a legal tender. The Latin America country spurred other countries within the same region to make attempts in implementing a similar decision– Paraguay and Mexico were the first to indicate interest. Interestingly, the fever has spread to Africa. Tokenhell reported on June 13 that Tanzanian President urged the country’s central Bank to leap on crypto acceptance. Kenya in the same East African region has also indicated interest in BTC, and further said accepting BTC would save Kenya’s Shilling from devaluation.
Project Mano Spells Out Benefit of BTC Acceptance for Ethiopia
The association has acknowledged that mining BTC would help the country multiply its export returns without the assistance of any third-party. It further said with the initiative, the country can amass billions in a short run just from little investment. The association also plans to unveil comprehensive plans for the government going forward. Ethiopia has proposed a project called Grand Ethiopian Renaissance Dam (GERD), which is directed at revamping the power sector, and the project opined that if successful, the country would generate billions of dollars from mining BTC as well as providing stable power for the country.
According to the association, if the proposed mining is successful, the Ethiopian government could also capitalize on Decentralized Finance to increase the purchasing power of its holdings on BTC. It further stated that its BTC holdings could be used to protect the country’s economy from the inflation tendency of the Ethiopian Birr and also increase the country’s Gross Domestic Product (GDP). Ethiopia has been pro-crypto for a long while as it has partnered with Cardano both in 2018 and 2021 on some projects.