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"BCH could improve Africa’s economy" - Bitcoin Cash News. Tuesday, September 25

25 september 2018, 13:57 by Jesús S. Affigne

BCH could improve Africa’s economy, says Craig Wright

The cryptocurrency could enable the country to trade on global platforms.

Bitcoin Cash (BCH) is said to have potential for improving economy on developing countries, and according to Craig Wright, chief scientist at blockchain research and development firm nChain, a good example of this is how its use as a payment method in Africa could help its people to participate in the global market.

Wright – who is also known as Faketoshi, for repeatedly claiming that he is the mysterious Bitcoin creator Satoshi Nakamoto – believes that a global economy driven by an unregulated market whose only medium of exchange is a cryptocurrency such as Bitcoin Cash, could prove to be elemental for improving an economy such as that of Africa.

To him, one of the main problems is localization, or the confinement of economy within the territory. “There’s coffee beans in Rwanda, there’s coffee beans in Ethiopia, there’s coffee beans in Kenya. Do you think Rwandans are going to buy Kenyan coffee beans and swap their coffee beans for the other?” he says, adding that the country needs a world market to sell their goods to potential clients outside of its borders.

“With the internet, with the ability to trade from here to America, from here to Europe, that brings money in and can be used to further develop the country, to build infrastructure,” Wright explains.

Bitcoin Cash as a catalyst for a new global market

Wright continues by saying that Bitcoin Cash is a cryptocurrency that will open up the markets so people can trade worldwide, and implied that the trust in this coin is due to its liquidity around the world, so the problem is not really about the BCH being used as a medium to sell something to the world, but the something itself. 

“I think the real issue is actually creating something that is going to be globally distributed. We don’t want to localize. This is the whole point of specialization,” he said, adding “ there are some new industries that are starting to pop up, and that’s what they need to focus on, whether it’s developing new technology, whether it’s having the agriculture in a way that [you] can sell to the world, whatever else. But to do that, you’re not looking at selling between Africans. You want to sell to the world.”

His point is that once people is empowered and able to trade or sell their products globally, using a currency widely accepted like Bitcoin Cash could be, then such people will be able to profit more appropriately. “[…] you can then get more money back and buy more goods and services, maybe educate your children and develop a future,” he said.

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