Crypto Adoption in Developing Economies
Adoption of cryptocurrencies and other blockchain technologies in developing economies Bitcoins and Ethereum are some examples of cryptocurrencies that act as digital currencies within a computer or the internet ecosystem, the creation of the units and the transfer of the funds requires the help of encryption techniques.
Cryptocurrencies are gaining much attention in the world in the recent few years. However, their use in developing economies is of most interest as the latter present conditions that are conducive to their effectiveness.
Why Cryptocurrencies Are Good for Developing Economies?
One of the main advantages that cryptocurrencies offer to developing economies is that such societies do not have adequate banking networks. It is important to understand that a significant part of people in a developing country have no access to what one might consider a normal bank.
As such, cryptocurrencies can be described as a digital currency that enables users to hold and transact digitally through their electronic gadgets without any need for a physical bank account.
The Nobel Prize laureate, in economics, Muhammad Yunus also highlights the issues of exclusion that surround financial systems by noting that:
