Bitcoin, the world’s best-known cryptocurrency, has seemingly penetrated every corner of the globe. One of the most popular growth markets for this cryptocurrency is Africa – with Ethiopia fast becoming a top target.
Six months ago, like-minded professionals founded Project Mano, a crypto advocacy group with the aim of raising awareness about cryptocurrency and pushing the government to consider mining and storing Bitcoin in the economy.
Cryptocurrency is a digital asset designed to work as a medium of exchange where individual coin ownership records are stored in a digital ledger on a computerized database.
The group has conducted research and is holding seminars to explain their ideas to the general public and persuade the government to embrace cryptocurrency, according to the Twitter page of the company.
Armed with a plan to be a future Ethiopian version of Bitcoin, Project Mano has outlined a seven step-by-step plan the Ethiopian government needs to take.
Bitcoin remains a volatile currency with its value soaring and then falling dramatically over the last few years. However, Project Mano organizers are convinced they can help the National Bank of Ethiopia to escape the forex exchange shortage crisis it is facing.
“We know the government has a clear interest to introduce a digital currency to its economy which is experiencing high inflation rates due to the trade deficit, internal conflict, and the COVID-19 pandemic,” said Amanuel Belayneh, the marketing officer of Project Mano.
“There is a clear interest in the crypto space from the government and the country is experiencing high inflation margins so the situation requires innovative thinking. It is difficult to alleviate the recent economic problems of the country only through traditional investments," he added.
Amanuel believes that the introduction of Bitcoin to the Ethiopian economy is a win-win case for the currency and the country.
“If the Bitcoin network gets into action in Ethiopia it simultaneously advances the country’s accelerating economy and attracts new investment.”
He added that through the mining initiative, Ethiopia could easily multiply its export earnings in the short term with minimal investment and without third-party involvement.
Founders of Project Mano said to Addis Zeybe "we were a group of 6 when we started designing this project but since this is an open_source movement to spread awareness we are now growing in the number of members who joined us believing bitcoin will combat the rising global inflation. We're also still open to welcoming all who want to join the movement."
Project Mano is known for its motto "Digital gold for Digital Ethiopia" and its fastly forwarding social media campaign.