REGULATION | The Kenya Ministry of Interior and National Administration Suspends...
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Eritrea’s President Calls for New Global Financial System Not Controlled by Dollar or Euro – BitcoinKE
Eritrea’s President, Isaias Afwerki, has called for a new global financial architecture, that is not controlled by the Dollar, Euro or other currencies.
“We need a new financial architecture, globally, one that is not controlled by the Euro, the Dollar or other currencies,” said President Afwerki.
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"We need a new financial architecture, globally, one that is not controlled by the Euro
, the Dollar
or other currencies."
– Isaias Afwerki, President of Eritrea
— BitKE (@BitcoinKE) August 3, 2023
According to Afwerki, the Dollar and the Euro are some of the tools used by western countries to control and persecute other peoples.
“They are printing money. They are not manufacturing anything at all; it is all about printing money. And this is one of their weapons. The global monetary system controlled by the Dollar and the Euro is being used. They are introducing sanctions and freezing accounts – these are their tools. This is not going to continue indefinitely.”
– Eritrean President Isaias Afwerki
Afwerki spoke in Russia following a meeting with President Vladmir Putin where he asked Russia to take the lead in undoing the global western hegemony, and then other countries such as Eritrea can contribute.
He added that his country has faced a lot of sanctions from the west as punishment for refusing to bow to conditions.
“We are a very small threat; we are not even a threat to them. But they have to contain us: sanctions, sanctions, sanctions, conflict here, conflict there,” he said posing the question:
It is not because Russia will have to do everything; we can make our contribution. It is a matter of ideas: how do we face this hegemonistic strategy in a way that we are able implement bilateral programmes, technology, industrialisation, agriculture, energy, water management, services, tourism, life in general – how do we do that?
This is not the first time that an African leader is calling for the end of dollarization of the global economy in 2023.
Kenyan President, William Ruto, has made repeated calls for a new financial architecture, most recently, saying that the new financial architecture must be of equals that should neither be controlled by the World Bank nor the International Monetary Fund (IMF).
In May 2023, the Kenyan President urged African leaders to ditch the US dollar by signing up to the Pan-African Payments System (PAPSS) in order to faciliate trade within the continent.
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REGULATION | The Kenya Ministry of Interior and National Administration Suspends WorldCoin Activities Pending Risk Assessment
“The government has suspended forthwith activities of WorldCoin and any other entity that may be similarly engaging the people of Kenya until relevant public agencies certify the absence of any risks to the general public whatsoever,” said the Interior Ministry of Kenya in a statement. “Appropriate action will be taken on any natural or juristic person who furthers, aids, abets or otherwise engages in or is connected with the activities afore described.”
The Kenyan government has put a halt to the operations of the WorldCoin cryptocurrency initiative while investigations are ongoing to ensure the security of the collected information.
“The government has suspended forthwith activities of WorldCoin and any other entity that may be similarly engaging the people of Kenya until relevant public agencies certify the absence of any risks to the general public whatsoever,” said the Interior Ministry of Kenya in a statement.
“Appropriate action will be taken on any natural or juristic person who furthers, aids, abets or otherwise engages in or is connected with the activities afore described.”
Statement on Worldcoin. pic.twitter.com/HiAMAoEXYL
— Ministry of Interior | Kenya (@InteriorKE) August 2, 2023
The issue was also discussed in the National Assembly where the Majority Leader posed:
“The owner of this company, WorldCoin, Sam Altman has been banned from collecting data in his home country in the U.S. So, what is it that the Americans know about Sam Altman that the Kenyan state does not know that we can allow him to come and harvest all manner of data from our people?”
– Kimani Ichungwa, National Assembly of Kenya Majority Leader
Moreover, the Capital Markets Authority (CMA) of Kenya has warned of the emergence of potential fraudulent schemes involving cryptocurrencies in the backdrop of the excitement over WorldCoin.
According to multiple reports, many Kenyans are eager to line up for the free tokens ($WLD) being provided by WorldCoin once they scan their irises using machines (orbs) situated across various areas in Nairobi, Kenya, including shopping centers.
About 350,000 Kenyans are said to have registered onto the platform, as founder, Sam Altman, claims 8 people across the world are being on-boarded per second. According to one report, the first free 25 $WLD tokens are worth about Ksh. 7,786 ($54.60).
CMA Kenya indicated that WorldCoin is not under regulation in Kenya, and this includes its associated offerings like the complimentary crypto tokens and their related derivatives, which do not fall within the category of investment products as defined by the Capital Markets Act.
CAUTIONARY STATEMENT ON #WORLDCOIN BY THE CAPITAL MARKETS AUTHORITY OF KENYA
pic.twitter.com/JcwL1da8M4
— BitKE (@BitcoinKE) August 2, 2023
The Kenya Office of the Data Protection Commissioner (ODPC) also asked Kenyans to be vigilant as hundreds thronged venues in the capital to register for WorldCoin.
“As the ODPC conducts its assessment of WorldCoin’s practices to ensure compliance with the law, Kenyans are urged to ensure that they receive proper information before disclosing any personal or sensitive data,” the organization said.
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