Unfolding Crypto Developments Driving Adoption & The Greater Good Across 3rd World Countries
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
Cryptocurrencies have been a hot topic in recent years. With the rise of Bitcoin, Ethereum, and several other cryptos, people are finally starting to see them as a viable alternative to fiat currencies. As a result, the cryptocurrency market is booming, and many “new” users are getting involved.
While we tend to think that most of the people involved in the crypto market are from North America, Europe, and East Asia, there has been a significant uptick in the number of users from developing countries. For instance, cryptocurrency adoption in developing economies like India and Africa is in full force despite the shaky, unclear regulatory outlook.
Even though banks and governments have issued warnings in a bid to discourage citizens from using cryptocurrencies, people in these countries are increasingly turning towards crypto to make and raise their standard of living. In many third-world economies, citizens are battling uneven economic growth, high inflation rates, and limited access to financial services, which has led to a massive surge in the number of people falling below the poverty line.
In its recent report, global crypto exchange AAX notes that crypto adoption in Africa is in full force despite regulatory hurdles. For instance, even after the Central Bank of Nigeria forbade all licensed institutions to partner with crypto firms, crypto adoption grew as users discovered new ways to buy and sell digital assets. Moreover, data from KuCoin exchange shows nearly 2,670% growth in crypto-related transactions across African countries during 2021.
Fortunately, most people in
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