Let's talk about Trump and crypto. Now, everyone is buzzing about it. They view it as a financial revolution and a means to transform America into a Bitcoin superpower. What if you were looking at this “revolution” from Accra, Ghana or Lagos, Nigeria? So, what does this call for crypto freedom actually entail for the global south?

We can't ignore the potential. Cryptocurrency does provide the glimmer of hope that many people in developing nations see it as. Think about it: limited access to traditional banking, sky-high transaction fees, and unstable currencies. Then crypto swoops in to offer them mobile payments, lower cost remittances and a hedge against inflation. I know business owners in my own community who have embraced crypto to get paid by overseas clients. They’re able to easily avoid all of those big bank fees! It's a real solution for real problems.

Trump’s deregulatory zeal is sweet music indeed for the crypto bros out in Silicon Valley. He’s promised to gut oversight and eliminate enforcement teams, creating a regulatory utopia for them. For disadvantaged populations in developing countries, it might just be a waking nightmare. We understand that deregulation isn’t just a magic wand you wave to solve everything. It's more like opening Pandora's Box.

Imagine one of these farmers in rural Kenya, lured in by the promise of great returns. He pours the rest of his life savings into a dubious crypto venture promised by shameless online influencers. Then poof! It disappears overnight. No recourse, no protection. Just devastation. This isn’t just an academic example, it’s reality—right now.

Central African Republic (CAR) recently making Bitcoin legal tender? Sounds revolutionary, right? It's been plagued with problems: lack of infrastructure, limited internet access, and a population largely unfamiliar with crypto. It’s a textbook example of top-down solutioning without understanding the real need.

Here's where we need to make an unexpected connection: Trump's deregulation drive isn't just about "financial freedom." It's about power, and who benefits from it. His family’s extensive and direct financial connections to crypto companies such as World Liberty Financial are troubling, at best—creating substantial conflicts of interest. Trump pledges to make the US a “Bitcoin superpower.” Is he creating an environment that enables his family to benefit while exposing at-risk populations around the world to potential harm?

Deregulation isn't the answer. Responsible regulation is. This has nothing to do with stifling innovation, everything to do with protecting people. We’re looking for a smart, balanced approach that supports innovation and protects consumers from fraudulent practices and other nefarious activity.

  • Scams and Fraud: Rampant, with little to no consumer protection.
  • Market Manipulation: The wild west of crypto, where whales can manipulate prices at will, leaving small investors ruined.
  • Illicit Activities: Money laundering, terrorist financing... crypto has become the new playground for criminals, and it's the developing world that often pays the price.

Other African countries are paving the way, creating frameworks and regulatory environments to reflect their realities. They're not blindly embracing deregulation. They're carefully considering the risks and benefits.

Crypto knows no borders. That's why international cooperation is crucial. Rich countries need to do more — including providing technical support to developing nations. They must commit the funding needed to build out the capacity required for strong crypto regulation. We cannot lose sight of the need to come together internationally to focus particularly on the challenge of cross-border crypto transactions and the dangers of regulatory arbitrage.

Crypto has a huge potential to lead economic development in the developing world. To make them a reality, we need to put the needs of those vulnerable populations first. We must become crypto ninjas to make sure that crypto is empowered, not exploitive.

Indeed, the “freedom” that Trump claims crypto deregulation will bring sounds very different from the perspective of the developing world. It’s a freedom that has the potential not only to entrench our society’s existing inequalities, but to create new vulnerabilities as well. The true freedom is to enjoy financial security, to be engaged and protected from fraud, and to finally have the tools to create a better tomorrow. That calls for responsible regulation, international cooperation, and a commitment to equitable economic development.

We need to ask ourselves: Whose freedom are we fighting for? And are we really willing to trade the long-term well-being of vulnerable populations in the name of short-term, irresponsible financial innovation? I hope not.

Some African nations are already leading the way, developing regulatory frameworks tailored to their specific needs. They're not blindly embracing deregulation; they're carefully considering the risks and benefits.

International Cooperation: A Shared Responsibility

Crypto knows no borders. That's why international cooperation is crucial. Developed nations need to provide technical assistance and financial support to developing countries to help them build capacity in the area of crypto regulation. We need to work together to address the challenges of cross-border crypto transactions and prevent regulatory arbitrage.

Equitable Development: The Real Goal

Crypto has the potential to contribute to economic development in the developing world, but only if we prioritize the needs of vulnerable populations. We need to ensure that crypto is used as a tool for empowerment, not exploitation.

The "freedom" Trump promises through crypto deregulation rings hollow when viewed from the developing world. It's a freedom that could further entrench existing inequalities and create new vulnerabilities. The real freedom is financial security, protection from fraud, and the opportunity to build a better future. And that requires responsible regulation, international cooperation, and a commitment to equitable development.

We need to ask ourselves: Whose freedom are we fighting for? And are we willing to sacrifice the well-being of vulnerable populations in the name of unchecked financial innovation? I hope not.