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The impact of crypto currencies on developing countries

The impact of crypto currencies on developing countries

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PARAGRAPHHow could crypto technologies change the international development sector.

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The role of cryptocurrency in varies from country to country in developing countries. Regulatory concerns and tax evasion also contribute to increased inequality.

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In developing countries, access to banking infrastructure has been hindered by a lack of physical infrastructure as well as high fees. Research from shows that cryptocurrency adoption is typically highest in developing economies across Asia, Africa, and Latin America. The UN trade and development body, UNCTAD, has called for action to curb cryptocurrencies in developing nations, in three policy briefs.

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Promoting transparency : Blockchain technology underlying cryptocurrencies offers an opportunity for increased transparency in financial transactions. Cryptocurrencies are growing in popularity in developing countries, and they are being adopted as official currencies by governments, but they face strong opposition from the traditional global financial system. Advertising related to cryptocurrencies also should be regulated, as is the case with other high-risk financial assets.