The UN has officially introduced bitcoin as one of its fundraising tools for development projects in Africa, more specifically, in Sierra Leone. The Twenty First Century African Youth Movement program, managed by UN Volunteers, is calling for bitcoin experts to train staff on the use of bitcoin, and on how to raise funds through the currency to fund their initiatives. Although this is definitely a step forward, it is a very limited one, given the potential that bitcoin and other cryptocurrencies have in the realm of economic development.
Bitcoin is actually a great alternative for people who do not have access to banking, of which many live in countries or regions that need more economic development. Bitcoin effectively removes the middle-men needed to open and operate bank accounts, giving the unbanked a double advantage:
- No need to open a bank account, a bitcoin wallet will do.
- Transfer fees are almost negligible.
This second point is especially important for people…