There is no denying that there is corruption in governments, the people we elect or appoint to positions to serve the public are enriching themselves through unscrupulous means. While corruption exists in virtually all governments across the planet, in developing countries especially in Africa, it is at a very high level.
Many a times, these acts of corruption leaves the public with lack of critical medical supplies to hospitals, dilapidated public amenities, poor business environment, and eventually a brain drain as the educated travel overseas in search of employment.
One cryptocurrency expert, Simon Dingle, is of the belief that blockchain technology could tame corruption in governments. Dingle believes cryptocurrency can give back the people their power by taking it away from centralized governments who have for long operated like they are the ultimate authority. Yet individuals holding positions of power in governments have continuously been abusing their powers and riding on the wheels of corruption into riches.
Based on the decentralized nature of Cryptocurrencies, the blockchain technology has what it takes to upset the government-backed currency system. Crypto like Bitcoin allow participants trade money freely without the government bureaucracies, bottle-necks, and restrictions. The technology could potentially create a universal government based on blockchain; especially since the technology lacks geographical restrictions.
In an interview with MyBroadband Dingle said, “Cryptocurrencies are inherently global and do not operate in terms of borders. This is the first planetary revolution in governance and, as such, is unprecedented.”
Already, crypto acts as means for participants to move money across borders freely and with minimal transaction costs. Perhaps the only limitation crypto faces is the regulation of fiat-to-cryptocurrency exchange rates. However, that could be a thing of the past once crypto becomes mainstream as a medium of exchange and store of value in the transactional system.
How Cryptocurrency could curb Government Corruption
Crypto gives the citizens power to wrestle control of their finances out of the corrupt arms of the government.
“The opportunities for cryptocurrency in South Africa are the same as the rest of the world – for us to take control back from corrupt, centralized governance structures and tell a better story about money and our self-worth,” said Dingle.
Dingle believes a widespread adoption of crypto will see the decentralization of government systems and give citizens more control in how their funds are spent in as far as furthering the interest of the governments.
Cryptocurrency experts share Dingle’s view that the blockchain technology will eventually change how the society operates and governments become less powerful as their power to control the fiat currency will be weaned off.
“Ultimately, this will change all of society, if successful, and will threaten the nation state.”