Is Ithiopia bankrupted?

[anushkasachith888]

 Ethiopia became Africa’s latest defaulter after it failed to make an interest payment following the end of a grace period on Monday - Bloomberg reports.  This says that tall building that kissing the sky and eye popping infrastructure don't make you rich.  Anyways, 
Cryptocurrency has become very popular in African continent. It is the third fastest-adopting continent in terms of cryptocurrency. Can cryptocurrency help Ithioia and Africa  to get rid of poverty?

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[Barikui1]

I think this topic shouldn't be here, I suggest you move it to the economic sector of this forum, and talking about Ethiopia and debt, it's no longer news that most African leaders have took it as a habit to travel around the world looking for where to borrow money which to me is very shameful.

They are mostly doing that because they actually know that they wouldn't be the one paying it back, and the sad part of it is that they knows how detrimental it is to the economy of the state, but they keeps on piling debts and leave it to the next administration to clean up their shit.
This is a very bad habit most African leaders must stop if they really want their economy to blossom.

[anushkasachith888]

I think this topic shouldn't be here, I suggest you move it to the economic sector of this forum, and talking about Ethiopia and debt, it's no longer news that most African leaders have took it as a habit to travel around the world looking for where to borrow money which to me is very shameful.

They are mostly doing that because they actually know that they wouldn't be the one paying it back, and the sad part of it is that they knows how detrimental it is to the economy of the state, but they keeps on piling debts and leave it to the next administration to clean up their shit.
This is a very bad habit most African leaders must stop if they really want their economy to blossom.

Same thing happened to Sri Lanka a country once a very good place to live as well. most of these countries get loans to develop infrastructure not to produce goods. Production economy is a must if you wanna sustainable economy.

[Barikui1]

I think this topic shouldn't be here, I suggest you move it to the economic sector of this forum, and talking about Ethiopia and debt, it's no longer news that most African leaders have took it as a habit to travel around the world looking for where to borrow money which to me is very shameful.

They are mostly doing that because they actually know that they wouldn't be the one paying it back, and the sad part of it is that they knows how detrimental it is to the economy of the state, but they keeps on piling debts and leave it to the next administration to clean up their shit.
This is a very bad habit most African leaders must stop if they really want their economy to blossom.

Same thing happened to Sri Lanka a country once a very good place to live as well. most of these countries get loans to develop infrastructure not to produce goods. Production economy is a must if you wanna sustainable economy.

Please add a reference link to this post so that you wouldn't be accused of plagiarism, because you are only reporting a news.

[anushkasachith888]

I think this topic shouldn't be here, I suggest you move it to the economic sector of this forum, and talking about Ethiopia and debt, it's no longer news that most African leaders have took it as a habit to travel around the world looking for where to borrow money which to me is very shameful.

They are mostly doing that because they actually know that they wouldn't be the one paying it back, and the sad part of it is that they knows how detrimental it is to the economy of the state, but they keeps on piling debts and leave it to the next administration to clean up their shit.
This is a very bad habit most African leaders must stop if they really want their economy to blossom.

Same thing happened to Sri Lanka a country once a very good place to live as well. most of these countries get loans to develop infrastructure not to produce goods. Production economy is a must if you wanna sustainable economy.

Please add a reference link to this post so that you wouldn't be accused of plagiarism, because you are only reporting a news.

is it ok to add referral links? I thought It is not allowed. otherwise I will add news link in the first place.

[btc78]

Can cryptocurrency help Ithioia and Africa  to get rid of poverty?

Cryptocurrency can help to improve some of people’s living conditions but there are still lots of factors to consider the use of cryptocurrency can definitely help but first you will have to spread and advertise the use of cryptocurrency

If those people who use cryptocurrency get richer, it can help a country’s economy but like i said for poverty to be eliminated it is not enough that only a few use cryptocurrency some people would not even want to use cryptocurrency or do not have the means to

Cryptocurrency can help but i do not think it can completely eliminate poverty

[pawel7777]

They are mostly doing that because they actually know that they wouldn't be the one paying it back, and the sad part of it is that they knows how detrimental it is to the economy of the state, but they keeps on piling debts and leave it to the next administration to clean up their shit.
This is a very bad habit most African leaders must stop if they really want their economy to blossom.

That's one of the major flaws of democracy. They won't stop until people keep demanding handouts and won't be voting for anyone who proposes cuts on spending. So the political class only cares about the next 4-5 years at best and doesn't bother with any long-term plans.

Of course, there's also a problem of low competence, i.e. politicians lacking a basic understanding of how the system should work.

Please add a reference link to this post so that you wouldn't be accused of plagiarism, because you are only reporting a news.

is it ok to add referral links? I thought It is not allowed. otherwise I will add news link in the first place.

You have referral links to news articles?? That's rather unusual.
Best to post "clean" links as some mods may not like the referral ones.

[DrBeer]

Ethiopia became Africa’s latest defaulter after it failed to make an interest payment following the end of a grace period on Monday - Bloomberg reports.  This says that tall building that kissing the sky and eye popping infrastructure don't make you rich.  Anyways, 
Cryptocurrency has become very popular in African continent. It is the third fastest-adopting continent in terms of cryptocurrency. Can cryptocurrency help Ithioia and Africa  to get rid of poverty?

Unfortunately, the answer is negative - no, cryptocurrency will not help Africa. The reason is banal - if your economy has gone to pieces, corruption, dishonest politicians, no development - cryptocurrency will not help you. Cryptocurrency is just another element for mutual settlements, but it does not correct the problems of the economy. If you read the news from the last 3-5 years on the topic “cryptocurrency will save the country’s economy...”, you will be surprised - not a single country that gave the green light to cryptocurrency received any noticeable positive result.
Therefore, first bring order to the economy, and then accept cryptocurrencies as a means of payment...

[Antotena]

Ethiopia became Africa’s latest defaulter after it failed to make an interest payment following the end of a grace period on Monday - Bloomberg reports.  This says that tall building that kissing the sky and eye popping infrastructure don't make you rich.  Anyways, 
Cryptocurrency has become very popular in African continent. It is the third fastest-adopting continent in terms of cryptocurrency. Can cryptocurrency help Ithioia and Africa  to get rid of poverty?

Their government make them broke and when they borrowed, they didn't put it into to good use. A city with tall buildings where people actually live usually is surrounded by many things like industrialization, a lots of business's, transportation, banking, and Tourism since Ethiopia has a lots of culture and mountain but how did they utilize this and not get the full potential of tax, the more all these happen in a particular city, the more tax they get and repay some of the loan as an investment but mismanagement is what I think is the issue here.

Let's not lie to ourselves, no country has ever tried to use crypto as a recovery of an economy. Adding it might improve the reserve of the country but if crypto were the backbone of a country the gain will be massive but the day they decline, the country will be on another disaster that will be worst than earthquake because I can't even visualize how a country will lose 50% of their reserve in a day, crypto volatility isn't something you will like to tie with the economy.

[Hispo]

Can cryptocurrency help Ithioia and Africa  to get rid of poverty?

Cryptocurrency can help to improve some of people’s living conditions but there are still lots of factors to consider the use of cryptocurrency can definitely help but first you will have to spread and advertise the use of cryptocurrency

If those people who use cryptocurrency get richer, it can help a country’s economy but like i said for poverty to be eliminated it is not enough that only a few use cryptocurrency some people would not even want to use cryptocurrency or do not have the means to

Cryptocurrency can help but i do not think it can completely eliminate poverty

Cryptocurrency actually does not help to get rid of poverty in term of macroeconomics, in a nationwide context cryptocurrency helps to transfer value but the creation of value requires investment  in industries which are very focused on production of goods and services.
We sometimes confuse or mix up the creation of wealth with the transfer of it, helping a whole country to increase the standard of living is very different from some lucky person who happened to buy a lot of a shitcoin or legitimate altcoin which ended up increasing exponentially its value.

The first thing a country in the developing world is supposed to do is try to guarantee the access of its people to food and shelter as well jobs, from it there must be investment on education and try to educate their population not to have so many children while the country is still going through a phase of recovery: provide free contraception and state sponsorship to parents with one of two children, as the population stays stable through time the per capita should increase so would the quality of life for people.
All of it would work assuming the leaders of the country are not corrupted crooks.

[Darker45]

Help Ethiopia and Africa get rid of poverty? Probably, in a way. But only indirectly. Bitcoin doesn't feed the poor. Bitcoin doesn't transform the lives of those who are in abject condition. Bitcoin isn't an economic program or a poverty-alleviating initiative.

There are those African-based groups, however, like Bitcoin Ekasi that are strongly supporting Bitcoin, helping its adoption, while also conducting side activities that directly help the poor. But this isn't about Bitcoin. They're just doing charitable works alongside Bitcoin promotion.

[|MINER|]

African politics is not right, African politics is not stable. There is a lot of corruption.  If you look at the past years it will be seen that they have only incurred debt but have not been able to make any progress which is very disappointing.  I would say crypto currency will not help this unstable situation. The politicians here are dishonest.  If the thief of the country is sitting inside the country, then it is foolish to expect improvement there.  I don't think cryptocurrencies can handle this situation.

[kentrolla]

This is the same problem with entire African continent wherein earlier it was the issue of colonization but now it's amongst themselves because you name an issue it has it be it civil war or corruption or millitary coup Africa is going through all these issues.

Please don't take me wrong as I am not trying to put Africa in bad light as it's the rules and regime who are corrupt but it's innocent and hardworking people suffer everyday.

The only solution is atleast nurturing the current generation and raising them to be an honest and peace loving person because the issue which Africa is going through is created by their own crooked leaders.

Only African with new generation raised through loe and care with proper importance of humanity can bring in changes. Just wishing noble people of Africa having peaceful and happy life like they had before colonization

[NotATether]

Cryptocurrency cannot help any country if its population does not know about it.

The first thing that needs to be done, is not to make new software or infra for it, it's to translate documentation of Bitcoin, wallets, services, and other things like that into their native language. Only when people understand the technology can they make use of it. Also, most people in Ethiopia own a mobile phone. So the groundwork is already there for Lightning Network.

[batang_bitcoin]

While we all believe that cryptocurrencies are going to play significant help to the economy of a country but it doesn't mean that it's going to be the entire help that they need. And as for the buildings, it doesn't mean that a country that has tall buildings is already way up of its economy. Maybe not yet but that's a sign that there's something happening positively on the country but usually, these came from debts or loans from the bigger countries like China. I'm not just sure if it's Ethiopia that has been one of the African countries that have a debt on China.

[TimeTeller]

While we all believe that cryptocurrencies are going to play significant help to the economy of a country but it doesn't mean that it's going to be the entire help that they need. And as for the buildings, it doesn't mean that a country that has tall buildings is already way up of its economy. Maybe not yet but that's a sign that there's something happening positively on the country but usually, these came from debts or loans from the bigger countries like China. I'm not just sure if it's Ethiopia that has been one of the African countries that have a debt on China.

Crypto may have influence in their economy, but yes, it doesn't mean it can get rid of the poverty among its people.
But this market can however, alleviate some of the current conditions of some of its people who are already into crypto.
Just like for example, small time traders. And once they get good profits, it can assist their everyday living.
This goal is years in the making. But if this market can already help some of its people, why not?

[mindrust]

Is there even a country in Africa which is not bankrupt? Ethiopia don't have much to lose anyway so bankruptcy won't mean anything to them.

I think around half of the world governments are bankrupt. They are only floating because the loaners don't demand their money back (for now). Countries like UK and US are also bankrupt and printing money is their only solution which is creating massive inflation. Poor Ethiopia don't have a reserve currency so it will be instant bankruptcy for them. They can't even inflate their money supply to pay their debts because nobody is interested in their currency. Another example is Argentina... How many times did they declare bankruptcy? I lost count.

[batang_bitcoin]

While we all believe that cryptocurrencies are going to play significant help to the economy of a country but it doesn't mean that it's going to be the entire help that they need. And as for the buildings, it doesn't mean that a country that has tall buildings is already way up of its economy. Maybe not yet but that's a sign that there's something happening positively on the country but usually, these came from debts or loans from the bigger countries like China. I'm not just sure if it's Ethiopia that has been one of the African countries that have a debt on China.

Crypto may have influence in their economy, but yes, it doesn't mean it can get rid of the poverty among its people.
But this market can however, alleviate some of the current conditions of some of its people who are already into crypto.
Just like for example, small time traders. And once they get good profits, it can assist their everyday living.
This goal is years in the making. But if this market can already help some of its people, why not?

There is no doubt that crypto can change someone's lifetime. But if we entirely are considering the country's future then it is hard to think of. Because there are too many factors that make a country better. With their policies and political stances and alliances are the few factors. Crypto alone wont save an entire country but many individuals.
And these individuals can contribute to the growth but if the authority ain't no good, that is why I am saying only individuals and not the entire country.

[AnonBitCoiner]

Ethiopia became Africa’s latest defaulter after it failed to make an interest payment following the end of a grace period on Monday - Bloomberg reports.  This says that tall building that kissing the sky and eye popping infrastructure don't make you rich.  Anyways, 
Cryptocurrency has become very popular in African continent. It is the third fastest-adopting continent in terms of cryptocurrency. Can cryptocurrency help Ithioia and Africa  to get rid of poverty?

Cryptocurrency can help Ethiopia and Other African countries to get rid of poverty for sure. but it is not going to just happen by itself. Govt of those Countries need to adopt Bitcoin as well as get themselves in order. leave corruption then it might be possible for those countries to get rid of poverty. it is not possible without political stability.

In fact if they fix their internal issues, and be united with other neighbouring African countries, they can be richest countries in the world. Africa is full of natural resources and oil reserve. but they are the poorest in the world. why?

[Fortify]

Ethiopia became Africa’s latest defaulter after it failed to make an interest payment following the end of a grace period on Monday - Bloomberg reports.  This says that tall building that kissing the sky and eye popping infrastructure don't make you rich.  Anyways, 
Cryptocurrency has become very popular in African continent. It is the third fastest-adopting continent in terms of cryptocurrency. Can cryptocurrency help Ithioia and Africa  to get rid of poverty?

It seems to be a reoccurring story with many countries and it fundamentally comes back to the government, most with how corrupt they are. It takes many generations of good governance, along with strong institutions that continue working without interference from politicians and a judiciary that has limited interference, if you're going to start building the foundations of a stable country. Even then things can quickly become undermined if the wrong people get into power, so it is very delicate and requires constant vigilance to keep on track. Ethiopia and other Africa countries unfortunately are often the target of overseas powers that which to access the many resources in the region and the quickest way to get control of those is to focus on the real bases of power in the country - paying off politicians, who have little incentive and often want out of their country with the biggest payoffs possible.