Since the inception of Bitcoin – the first-ever cryptocurrency conveniently tradable via Bitcoin Trading Software – the phenomenon of digital currencies has revolutionized the world. The industry is creating resonance around the global market’s ability to shake the entire economic and financial scene. As cryptocurrency is a hot debate with its widespread success and profitability, global economists have begun to understand that cryptocurrencies and blockchain technology can play a vital role in eradicating the poverty of the world and can also speed up the development of an economy.
Top-notch cryptocurrencies, such as Bitcoin Circuit Site, Ether, and others, have the potential to enable social and economic development all over the world with the inclusion of developing countries. These digital currencies allow easy access to capital and financial services. Digital currencies, especially Bitcoin, have a highly useful price outside the market and have gradually begun to affect traditional financial systems. But with some crypto mining risks have removed many investors from the market or made them choose more sustainable options.
Over the past decade, with a special focus on Decentralized Finance, blockchain technologies have had explosive growth in research and development. Decentralized Finance can be beneficial for the entire financial world without the intervention of traditional central bodies such as banks and the financial ecosystems of the government.
With the help of Decentralized Finance, you can; economically transfer money, broaden access to capital, and validate and secure the supply chains, along with other multiple benefits. It will be highly lucrative for individuals that are unbanked all over the world by offering them a mechanism to access capital and effectively save money.
Eradication Of Poverty With Cryptocurrencies
There are many benefits to cryptocurrencies that can create the lives of individuals living in poor countries. Since cryptocurrencies are backed by blockchain technology, no regulatory/central authority or bank controls them. It does not require heavy transaction fees and other transaction expenses simultaneously. This attribute of cryptocurrencies for people from poor countries to buy currencies without any transactions, increase their Return on Investment, and without fees trading.
You can immediately send cryptocurrencies to people facing crisis conditions. Often corruption in centralized financial institutions avoids a large amount of relief from reaching deserving people. But the usage of cryptocurrencies can ensure that financial aids and resources reach deserving people on time in several volatile conditions. With the addition of additional infrastructure, it can serve as a means of sending cryptocurrencies to the right people and a platform to cash out cryptos in return for goods.
How Can Cryptocurrencies Help Poor Countries?
Here are some ways through which cryptocurrencies can help poor countries, and can help them for their betterment and secure future.
1. Financial Stability
Central authorities are linked to financial stability because they cannot set up financial policies adjusted with crypto. A sudden price drop can result in the loss of investors’ confidence, and the market has a wide range of implications. In some of the emerging markets, the adoption of Crypto has intensified due to unstable local policies or payment systems. Therefore, there arises a risk that the capital control measures will be eliminated.
Crypto can be more lucrative to people who can feel themselves being oppressed through the existing financial system. In the United States, the high exhibition of Black Americans’ cryptocurrencies has also taken a further risk of recent economic misery.
When moving a large number of prices in the borders, Crypto has the advantage over cash. However, these parts are managed using the Know Your Customer and Anti-Money Laundering measures. So, the majority of the transactions will be traced.
Innovation in the crypto world is becoming increasingly rapid, which produces the multiplier effect of the latest concepts such as Non-Fungible-Tokens and Metaverse. If individuals from poor countries get cryptos in the Metaverse, it can produce pure wealth for the country. If these incomes were to be taken out of the Metaverse and to a great extent, it could have an overall demand effect, which would result in economic development.
Cryptocurrencies are capable of balancing the world economy. Even it can create another field where people will be able to reach banking and financial services, and most significantly, they will be having access to money. It is believed by experts that cryptos are not just a hoax, and if they are properly executed, Bitcoin, along with other reputable cryptocurrencies, can help eliminate poverty and raise living standards.
When you think about workplace safety, what comes to mind? Perhaps it’s being issued protective equipment to reduce injury, processes to report employer misconduct, or a clear and concise evacuation plan in the event of a fire or other emergency.
For many of us, feeling safe at work is something we’ve become accustomed to and may take for granted. But for others, especially members of minority groups and the LGBTQ community, workplace safety can feel like an afterthought.
This is certainly true for transgender individuals. Transgender – or trans – is the term used for people whose gender identity is different from the sex assigned to them at birth. Some trans people identify as trans men or trans women; others describe themselves using descriptive terms including non-binary, genderqueer, gender non-conforming, agender, or bigender. One in three Americans know someone who is transgender – these are our friends and family members, our neighbors, our peers, and our colleagues.
Challenges Facing The Transgender Community
The trans community faces tremendous stigma in society, and discrimination against transgender people is all too common in school settings and the workplace. The Center for America Progress notes that “90 percent of transgender workers report some form of harassment or mistreatment on the job” due to their gender identity. This includes being overlooked or fired from a job, having received a negative performance review or been denied a promotion, or verbally or physically abused.
Employers should familiarize themselves with the challenges facing their trans employees. Doing so can help ensure employers are in compliance with federal, state, and local laws established to help protect the trans community, but also with the goal of creating a healthy workplace environment for all.
1. Gender Dysphoria
Some trans people might experience something called gender dysphoria. Gender dysphoria refers to the discomfort and distress felt among individuals whose gender identity differs from their sex assigned at birth. This condition can become debilitating and interfere with day-to-day activities. Mind Diagnostics offers a confidential test that may be helpful when looking to determine if you’re experiencing gender dysphoria. Based on the results, you can work with your doctor to help manage your feelings.
The rate of discrimination against trans people at the workplace is staggering, and stigma and harassment are also rampant in society. In some cases, harassment can become violent and even life-threatening. According to Human Rights Campaign, the rate of violence perpetrated against trans people is more severe than that against the average person. The majority of transgender people have experienced violence at the hands of an intimate partner, and 47% have been sexually assaulted. Nearly 30 trans and gender non-conforming people were violently killed in 2020.
3. Lack of Healthcare Coverage
The U.S. healthcare system falls short when it comes to serving the trans community. Human Rights Campaign Foundation data shows 22% of trans people and 32% of trans people of color live without health insurance and 29% have been refused healthcare because of their gender identity.
Studies show that 29% of trans adults live in poverty, and this figure increases for trans people in the Black, Latinx, Alaska Native, Asian, Native Americans, Native Hawaiian, and Pacific Islander communities.
Workplace Discrimination Against Transgender People Is Illegal
The Supreme Court ruled in 2020 that federal law prohibits anti-transgender discrimination in the workplace (Bostock v. Clayton County). Yet, more work is needed to ensure all employees are properly protected.
The National Center for Transgender Equality offers helpful information about transgender rights and the avenues transgender individuals can pursue should they be discriminated against at work. In summary:
Federal law makes it illegal to fire, refuse to hire, harass, or otherwise discriminate due to gender identity, gender transition, sex assigned at birth, or transgender status.
Trans people have a right not to be fired or refused a job or promotion because they are transgender.
Severe or widespread sex-based harassment is unlawful when an employer does not take steps to stop it. Harassment may include jokes or derogatory comments, intentional misuse of names or pronouns, and invasive or disrespectful personal questions.
Trans people have the right to safe and adequate access to restrooms and other facilities consistent with their gender identity.
Employers cannot prohibit or force a trans person from disclosing their transgender status or gender identity, nor can they disclose someone’s transgender status without consent.
With a crude production capacity of 2.5 million barrels a day, Nigeria is Africa’s largest producer of oil and the 13th largest oil-producing country on the globe. Oil account for around 65 percent of government revenue.
Over its five decades of oil exploration, it has made tens of billions of dollars from crude oil proceeds. But despite the humongous revenue year in year out, the oil host communities reek of poverty and many other economic and humanitarian issues, including frequent occurrences of black soot, environmental degradation, high rate of unemployment/underemployment, gas flaring, and oil spill from pipelines.
Most of these problems are recurring issues they have suffered for years without any lasting solution. The health and economic effects of these plights have become a serious burden on residents, including the elderly and children.
The Menace of Black Soot
Black soot, which is gradually becoming a persistent challenge in many Niger Delta communities, has been linked to the upsurge in adverse respiratory, skin, and reproductive health conditions. A 2019 report showed that black soot-related health disorders were responsible for about 25,000 deaths in the region.
In the past few months, the situation has become even much escalated, and soot pictures gathered from the communities are devastatingly worrisome. Unfortunately, pleas to the state and federal governments have seemingly fallen on deaf ears as residents continuously groan in discomfort and pain.
There has been rising concern among residents in Bayelsa, one of the states in the Niger Delta, over the noticeable black soot across the skyline.
According to a group known as Niger Delta Vigilante (NDV), the development is largely linked to the increase in ‘Kpo-fire,’ an illegal but booming oil bunkering activity in the Niger Delta region. Kpo-fire is a local oil production process of heating the crude oil in a fabricated oven to get petroleum products while its residual is indiscriminately released into the environment, with no regard for its effects on the ecosystem.
Some other factors said to be responsible include the burning of seized stolen crude by security operatives and setting ablaze crude oil sites by some oil contractors in the industry, all in the name of cleanup.
“Presently, as you walk with barefoot in your home, the sole of your foot becomes black, wash your clothes and hang same outside, they are stained with black particles, you wipe your face with a handkerchief, and it becomes black,” a Bayelsa resident, Oyinkuro Jones noted with concern.
A few months ago, towards the end of the rainy season, some residents in the state raised the alarm over what was described as black rain anytime there was a downpour but did not take their worry seriously until the soot started appearing in late November and turned the cloud to a hazy grey. The problem is reportedly more noticeable in the morning time when the thick blanket of black soot covers the landscape.
Immigration Advice Service (IAS) spoke with some residents in Port Harcourt, Rivers, another Niger Delta state, who lamented the health and environmental impacts of the soot.
“The black soot has been a big problem to the environment. In my home, we do not open our doors or windows because the place gets dirty almost immediately after we clean,” Mildred Alerechi, a health style coach, complained. “My nails are also dirty for no reason; the black soot finds its way into my fingernails.”
There has been a wide outcry on the sheer negligence by the government to the residents’ plight. Unfortunately, concerned authorities both from state and federal levels haven’t shown significant willpower to end the menace.
Another resident who spoke with an IAS correspondent said: “To the best of my knowledge, no concrete action has been taken; I’m sure they [the government] are aware of the underlying cause and can tackle the problem if they want to.”
The debilitating impacts of oil exploration on the ecosystem have been a great concern for decades. According to a report on the Niger Delta ecosystem, the advent of oil production in the region has also negatively affected the communities due to unprecedented oil spill, which has been happening “for the past five decades, making the region one of the most polluted in the world.” The reckless corruption in the government-established agencies that ought to be responsible for the welfare of the region has further contributed to the persisting ecocide.
An NNPC report back in 1983 noted that the slow poisoning of the waters and the destruction of agricultural land and good water source by oil spills usually occurred during petroleum operations. But since the beginning of the oil industry in Nigeria, there has been no effective and lasting effort made by the government and oil operators to control the environmental crisis associated with the industry.
Even to date, oil firms in the country still play the blame game on who should be responsible for these environmental problems. A Dutch Appeal Court recently found the Shell Petroleum Development Company (SPDC) culpable for some farmland and fishpond pollutions in the region.
Despite the court order asking SPDC to compensate the affected farmers, the oil company insisted that the damages were caused by sabotage and the firm should not be held responsible for the financial losses.
It took about a year before Shell began a mediation process with the farmers to settle the case out of court. Until now, the case is still ongoing, and it is left to be seen if both parties will reach a resolution soon.
Unemployment and Other Economic Problems
Economically, most oil-producing areas are poverty-stricken and plagued with a high unemployment rate. They also lack basic amenities such as stable electricity, potable water, hospitals, motorable roads, and a conducive learning environment in their schools.
As the communities suffer all these, paradoxically, local and foreign oil firms and politicians benefit handsomely from oil proceeds. Years of illegal bunkering, pollution from leaking pipelines, and other unwholesome activities have rendered several fishermen and farmers from the region jobless as their livelihood continues to be affected by oil exploration.
“The crude by-products are usually released into the rivers and on farmlands. Take Ogoni as a case study, oil spill has stopped fishing activities in that area, and it’s bad,” said Michael Ndukwu, a University of Port-Harcourt student.
Though unemployment is a nationwide issue in Nigeria, the challenge for Niger Delta residents is peculiar due to certain factors, such as environmental pollution resulting from oil exploration affecting farming, fishing, and other commercial activities in the region.
In a report that explored the root causes of unemployment and poverty rate in the Niger Delta region of Nigeria, Dr. E.D Simon, a researcher at the Cross River University of Technology Calabar, reported that the “Oil and mineral extraction in the region promoted the looting tendency by various government in Nigeria and have linked with unusually high poverty rates, poor health care and high rate of mortality. This means that sustainable development can hardly be achieved under this unfavorable and in a secured environment”.
The cost of living is relatively high compared to most other places in the country, which makes salaries and wages of most employed residents insufficient, as they could best be described as underemployed.
While the huge cost of food importation/transportation usually increases feeding expenses among Nigerians, the burden is greater on Niger Delta residents, as they could barely source any food items locally due to the damage on farmlands and waters by oil exploration. They, therefore, depend more on food items imported and transported from other parts of the country. This, in turn, renders them underpaid even when placed on the same salary structure as people from other regions.
Gas Flaring and Oil Spills
The consequences of gas flaring are also one of the burdens that the people of the Niger Delta region have to endure. According to International Photography Magazine, “Nigeria flares more natural gas associated with oil extraction than any country. With an estimation of the 3.5 billion cubic feet (100,000,000 m³) of associated gas produced annually, 2.5 billion cubic feet (70,000,000 m³), or about 70%, is wasted by flaring.
The effects of this gas flaring affect not only the ecological system but also have adverse health effects on residents in those communities. The poisonous chemicals and carcinogenic substances released into the environment affect the respiratory system. They are also said to be one of the major causes of cancer and leukemia in the world.
Oil spill is another related challenge faced by the host communities. A United Nations Development Program (UNDP) report shows that 6,817 oil spills were recorded in Nigeria between 1976 and 2001. 69 percent of these spills were said to have occurred offshore, a quarter was in swamps, and 6 percent on land.
Some researchers from the University of Lagos found that certain factors are majorly responsible for the recurring oil spill in Nigeria.: About 50 percent occur due to pipeline or truck accidents, 28 percent are caused by sabotage, 21 percent are caused during oil production operations, and 1 percent occur due to inadequate or nonfunctional production equipment.
The “sabotage” part perfectly describes the situation in the Niger Delta, and it is perpetrated by unemployed youths in the region who have embraced illegal bunkering as a source of livelihood. This worsens environmental pollution in the region and reduces people’s life expectancy.
“The poverty rate in those places is high; hence the reason residents are involved in this illegal business. There are barely health facilities and educational facilities, says Alerechi.”
Outdated and faulty pumping equipment is another factor responsible for oil spills in the country. However, despite its associated disastrous effects like the disappearance of mangrove forests and the death of aqua life, no serious move has been made to reconstruct these outdated production facilities.
While other oil-producing nations like UAE and Saudi use their generated revenues to develop their countries, oil discovery and its related activities seem to be a curse to the host communities in Niger Delta.
There is also great concern that if no concerted and urgent action is taken, oil exploration could result in an ecological disaster, which could lead to a humanitarian catastrophe in Nigeria’s oil host communities.
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