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For more follow the link below. Bitcoin seems to be the knight in shining armor for countries suffering distress due to corrupt governments and volatile economic climates. This is especially true in emerging markets, or in countries where the political and socio-economic sectors are fraught with corruption and an iron-grip control on finances. In addition, it could be the potential answer to the huge problem facing the unbanked population. According to the Wall Street Journalcrypto users in Sudan, Kenya, and South Africa are fast latching on to Bitcoin as a lifeboat while navigating the choppy waters of economic uncertainty in their respective countries.
The main attraction in Bitcoin is the ability to transfer money without any restrictions or going through a bank, this was very important as there were US sanctions imposed on Sudan.
The country has been subjected to financial sanctions for nearly 30 years, negatively impacting cash outflow and making the purchasing of international imports extremely difficult. In addition, because it is seen as a sponsor of terrorist activities, the country is still on the blacklists of most Western banks. A Facebook group called Bitcoin Meetup Sudan consists of a range of members hoping to learn more about the cryptocurrency. One member wants to raise funds for her NPO by using Bitcoin, while another wants her dowry to be paid in bitcoins.
On the flip side of the bitcoin, financial institutions in developed countries have cautioned people on the risks of using digital currencies as they are not backed or supported by a bank or by the government. However, this is the exact reason that cryptocurrencies have become so popular in emerging markets as it cannot be controlled by untrustworthy authorities.
Arnaud Masset, an analyst at Swissquotewhich is a brokerage offering Bitcoin trading to retail clients, further explained:.
Buying cryptocurrencies is seen as a protection by people who have been constantly disappointed by central banks and politics. The supply-and-demand principle is clearly evident with the super crypto. Because its demand is so high in developing countries, its price is well above the global average. They use the currency to place bets, and people even use it to pay for and gain access to services not available to Kenya, such as Spotify AB.
Digital currencies may be increasing in popularity in these countries, but they still have a long way to go before being adopted as a common medium of exchange. However, the growing smartphone market in Sub-Saharan Africa is a positive factor in a faster integration.
Do you think emerging markets will continue to increase their usage and adoption of digital currencies? Would this result in more aggressive regulation efforts by the governments in these countries? Let us know in the comments below! Next Qtum Price Spectacular Run: Leave a Reply Cancel reply Your email address will not be published.
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