Imagine this: A single mother in Venezuela, struggling to feed her kids, hears about blockchain technology. She imagines using it to avoid the pitfalls of hyperinflation and one day, provide a better life for her children. She scrimps and saves, learning about crypto, but then she sees the news: a "Golden Visa" program in the UAE, offering residency to anyone who can stake $100,000 worth of Toncoin. $100,000! A fortune that would take her generations to earn. To her, blockchain is still a far away and laughable dream. For others, it's a golden ticket.
Blockchain's Promise, A Distorted Reality?
We’ve been sold partially on the idea that blockchain is democratizing technology, this decentralized revolution that will be a tool to help the unbanked and underserved. Are we really building the kind of future where everyone gets to reap the rewards of such technology? Instead, are we just creating new avenues for the rich to consolidate their power and privilege. Innovative though it may be, the TON Golden Visa program nonetheless brings us face to face with this uncomfortable reality.
Let’s be blunt: this program is not aimed at the Venezuelan mother. It’s intended to attract even more wealthy crypto investors to the UAE, strengthening its place as a global crypto haven. This promising development would not only increase the UAE’s economy, but it would make Toncoin more expensive. It also exposes critical questions about equity and inclusion.
Is it ethical to basically auction off residency to the highest bidder? What message does this send to the millions of people around the world who are struggling to survive, who dream of a better life but lack the capital to buy their way in? The program’s lure is powerful, with a 3-4% annual yield and a quick, easy application process. These benefits don’t matter to people who can’t afford the price of admission.
Whose Voices Are We Forgetting Here?
Discussion about crypto is usually focused on the price charts, market capitalization and the innovation of financial technology. What about the human impact? What about the voices of everyone who is being left behind in this digital gold rush?
Consider the small business owner in Nigeria, unable to secure the capital necessary to grow her business due to bureaucratic red tape. Consider the asylum seeker escaping oppression, trying to find safety but not having the means to understand convoluted immigration processes. The intended beneficiaries of blockchain technology are the people looking for financial opportunities. They deserve access to decentralized finance and the opportunity for a more just world that it can bring.
Especially with the introduction of programs such as the TON Golden Visa. They do seem to favor the wealthy and powerful. Where is the innovation that connects access to all people equitably and sustainably? So, where do we look for the solutions that will help us address these systemic inequalities? These inequities prevent millions of Americans from fully participating in the new digital economy.
We have to change the narrative away from chasing capital and towards empowering communities. Let’s make sure we’re focusing on the best solutions that solve real-world challenges and provide the most chance to improve the lives of people at-risk.
Can Crypto Truly Build Bridges For All?
With its forward-looking regulations and a range of tax incentives, the UAE is luring some of the biggest crypto companies. That’s all wonderful, but regulatory clarity is not enough. We need ethical clarity. We need to ask ourselves: What kind of crypto ecosystem are we building? One that worsens current disparities, or one that increases social equity and economic opportunity?
It's time for a wake-up call. This is something we, the crypto community, need to hold ourselves accountable for. We must hold crypto companies and governments to a higher standard of transparency and accountability. We must fund programs that give crypto access and knowledge to ignored communities.
Perhaps blockchain-based platforms can empower marginalized communities. The potential certainly exists, but it’ll only happen if we all actively make it so.
- Support DAOs: Look for Decentralized Autonomous Organizations that are funding community projects and empowering marginalized communities. Invest your time, resources, or even small amounts of crypto to help them grow.
- Advocate for Change: Contact your elected officials and advocate for policies that promote economic equality and social justice. Demand that they address the systemic inequalities that prevent so many people from participating in the digital economy.
- Challenge the Narrative: Don't let the narrative be controlled by the wealthy elite. Speak out against programs that exacerbate inequality and promote solutions that benefit everyone.
- Donate to educational programs: There are many educational programs that provide access to crypto education and resources for marginalized communities. Support these programs with your time or money.
As appealing as the TON Golden Visa might sound, it points to an important juncture for the crypto industry. Will we use this technology to connect people with new opportunities and bring about equity in our society? Or will we build walls that increase the gap between wealthy Americans and the rest of us? The choice is ours. Let's choose wisely, and let's choose now. Let’s work to ensure that we create a future blockchain benefits everybody and not just the wealthiest members of society.
The TON Golden Visa highlights a crucial crossroads for the crypto world. Will we use this technology to build bridges of opportunity for all, or will we simply erect new walls that further divide the rich from the poor? The choice is ours. Let's choose wisely, and let's choose now. Let's fight for a future where blockchain truly empowers everyone, not just the privileged few.