The United Nations’ UNCTAD wants developing economies to do as they say, not as they do. In a shocking document, the United Nations Conference on Trade and Development tries to convince the poorer countries to keep out of crypto. Arguably, the best technology to help them grow financially. In classic gaslighting fashion, the UNCTAD downplays the benefits, highlights the risks, and tries to instill fear. How can these people sleep at night?
“While these private digital currencies have rewarded some, and facilitate remittances, they are an unstable financial asset that can also bring social risks and costs.” The document starts with that pearl, and it goes downhill from there. As expected, the UNCTAD doesn’t put the slightest effort into separating bitcoin and the rest of crypto. They pack the whole industry into one confusing bag of lies and deception.
Their main target, though, seems to be stablecoins.
“In developing countries with unmet demand for reserve currencies, stablecoins pose particular risks. For some of these reasons, the International Monetary Fund has expressed the view that cryptocurrencies pose risks as legal tender.”
The other reason is that cryptocurrencies allow countries to bypass the IMF and the UNCTAD and take destiny into their own hands. Of course, the document doesn’t acknowledge that part.
Risks, risks, risks
In classic gaslighting fashion, the UNCTAD tries to make the countries fear their citizens. In a document titled “All that glitters is not gold: The high cost of leaving cryptocurrencies unregulated” they warn them that volatility could cause “financial instability risks.” Evilly, the UNCTAD claims that “cryptocurrencies undermines the effectiveness of capital controls.” That’s true, but the fact that capital controls equate to financial slavesness is also true.
Last but not least, they warn that “cryptocurrencies may become a widespread means of payment and even replace domestic currencies unofficially (a process called cryptoization), which could jeopardize the monetary sovereignty of countries.” It could also empower those countries, as they would be less vulnerable to macroeconomic factors. Namely, the rampant money printing going on all over the world, which leads to the inflation we’re seeing across the board.
BTC price chart for 08/12/2022 on Coinbase | Source: BTC/USD on TradingView.com
The UNCTAD Lists Its Required Policy Actions
It’s as The Human Rights Foundation’s Alex Gladstein tweeted, “Elites in Switzerland telling the billions in collapsed or failing economic states to literally have fun staying poor.” The UNCTAD is not even suggesting. This is their list of “required policy actions” and Bitcoinist’s brief commentary about each one.
- “Ensure comprehensive financial regulation of cryptocurrencies through regulating crypto exchanges, digital wallets and decentralized finance, and banning regulated financial institutions from holding cryptocurrencies (including stablecoins) or offering related products to clients.”
This comes days after BlackRock, the world’s largest money manager, announced that it will offer cryptocurrency trading and custodial services to its institutional clients. The giant also announced a spot bitcoin private trust in the United States. How cynic can the UNCTAD be?
- “Restrict advertisements related to cryptocurrencies, as for other high-risk financial assets.”
That’s rich, considering Times Square is riddled with crypto ads, as we showed you in our NFT NYC report.
- “Provide a safe, reliable and affordable public payment system adapted to the digital era.”
Are they asking for CBDCs? They’re asking for CBDCs. Has any of the so-called advanced economies deployed a CBDC? Not a single one has deployed a CBDC.
- “Agree and implement global tax coordination regarding cryptocurrency tax treatments, regulation and information sharing.”
Are the so-called advanced economies going to share information about their citizens with the so-called emerging economies? We certainly doubt it. They want to know it all, though.
- “Redesign capital controls to take account of the decentralized, borderless and pseudonymous features of cryptocurrencies.”
They’re literally asking for even more financial repression with this one. Shameless.
In conclusion, the UNCTAD demands:
The UNCTAD requires the poorer countries to do everything they can to remain poor. And to keep their hands out of the cookie jar. And to remain dependent on them.
All of that while the organization’s tagline is “prosperity for all.”
How can these people sleep at night?
Featured Image: UNCTAD document heading | Charts by TradingView