Home Cryptocurrency News Parliament of West Africa Economic Block Cautions Against Use of Cryptocurrencies – Emerging Markets Bitcoin News

Parliament of West Africa Economic Block Cautions Against Use of Cryptocurrencies – Emerging Markets Bitcoin News

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The parliament of the Financial Neighborhood of West African States (ECOWAS) has joined the record of African organizations which have cautioned in opposition to the usage of cryptocurrencies. In its warning to West Africa crypto customers, the legislative physique insists these digital belongings are too risky and as such “their use on the African continent will not be with out risks.”

Refusing to Settle for Crypto Not a Violation of Authorized Provisions

Based on a report, this parliamentary warning got here after the joint committee assembly that was held in Ouagadougou, Burkina Faso. The assembly, based on the report, had been convened to discover “the prospects of cryptocurrencies as a facilitator for funding.”

Nonetheless, following the assembly that was additionally attended by “cryptocurrency consultants and useful resource individuals,” the joint committee reminded crypto customers within the sub-region of the digital forex’s many shortcomings. Based on the report, one of many shortcomings of cryptocurrencies is that whereas they could be used as a medium of change, customers can nonetheless refuse to simply accept them as cost. Such refusal is at present not seen as a violation or contravention of the related legal guidelines.

Crypto Volatility

In the meantime, the joint committee additionally claimed that cryptocurrencies can’t be likened to e-cash attributable to their risky nature. Based on the committee, this crypto volatility stems from their “restrictive issuance mechanism that encourages hypothesis.” Consequently, the ECOWAS Parliament is now urging “crypto lovers to protect in opposition to the chance of theft.”

The report additionally lists different supposed threat elements confronted by customers of crypto belongings. These embrace the irreversible nature of some crypto transactions, the shortage of a government that displays or controls transactions, and the focus of belongings in a number of fingers.

What are your ideas on ECOWAS’ warning concerning the dangers of utilizing cryptocurrencies? Inform us what you assume within the feedback part under.

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