Crypto gaining in developing nations
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An editor at Coincrop
05 Sept 2022 | 2 min read
Cryptocurrency is quickly becoming popular in developing nations, with a large unbanked population and the protections it provides against some of the disadvantages of holding their native currencies.
The World Bank defines 'unbanked' as people without an account at a financial institution or through a mobile money provider. In 2017, there were 1.7 billion unbanked adults worldwide, mostly in developing countries.
Cryptocurrency, on the other hand, provides them with a different and more accessible option. Bitcoin, in particular, has significantly less barriers to entry than traditional banking. There are practically no criteria required to establish a Bitcoin wallet. They can protect themselves from some of the rampant inflation that their governments are causing by using cryptocurrency.
Overall, cryptocurrency provides many benefits to people in developing countries who may not have access to traditional banking products and services. It gives them a way to store their money safely, avoid inflation, and send and receive payments quickly and cheaply.
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