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Parliament of West Africa Economic Block Cautions Against Use of Cryptocurrencies

The parliament of the Economic Community of West African States (ECOWAS) has actually signed up with the list of African companies that have actually warned against the use of cryptocurrencies. In its caution to West Africa crypto users, the legal body firmly insists these digital properties are too unstable and as such “their use on the African continent is not without threats.”

Refusing to Accept Crypto Not a Violation of Legal Provisions

According to a report, this parliamentary caution followed the joint committee conference that was kept in Ouagadougou, Burkina Faso. The conference, according to the report, had actually been assembled to check out “the potential customers of cryptocurrencies as a facilitator for financial investment.”

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However, following the conference that was also gone to by “cryptocurrency specialists and resource individuals,” the joint committee advised crypto users in the sub-region of the digital currency’s lots of imperfections. According to the report, one of the imperfections of cryptocurrencies is that while they might be utilized as a medium of exchange, users can still contradict them as payment. Such rejection is presently not viewed as an offense or conflict of the pertinent laws.

Crypto Volatility

Meanwhile, the joint committee also declared that cryptocurrencies cannot be compared to e-cash due to their unstable nature. According to the committee, this crypto volatility originates from their “limiting issuance system that motivates speculation.” Consequently, the ECOWAS Parliament is now advising “crypto lovers to defend against the threat of theft.”

The report also notes other expected threat elements dealt with by users of crypto properties. These consist of the permanent nature of some crypto deals, the absence of a main authority that keeps track of or manages deals, and the concentration of properties in a couple of hands.

What are your ideas on ECOWAS’ alerting about the threats of utilizing cryptocurrencies? Tell us what you believe in the comments area below.

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