Cryptocurrency is highly needed in developing countries
Since this year has started, the availability of shops that use Bitcoin has rapidly increased and cryptocurrency is rapidly penetrating Japan. There used to be no need for cryptocurrency in developed nations like Japan, where banking networks were already well developed, so it is said that there is a high demand in both China as it’s not easy to change yuan into other currency and also emerging countries where bank account possession rates are low.
According to Michael Casey at media lab of Massachusetts Institute of Technology, there are cases where people can’t identify themselves in developing countries even though they own their houses and have assets as the state doesn’t operate a nationwide registrar, so they often can’t hold bank accounts because of that.
Also, the number of bank users are less compared to advanced nations, so those who earn comparatively well outside the country have to pay expensive fees to transfer money to their families.
However, because of the emergence of smartphones, cryptocurrency and electronic money, things started to change in terms of solving money sending issues.
For example, if you put the cryptocurrency ‘Bitcoin’ into the Bitcoin Wallet app, then that works instead of a bank account.
So, receiving Bitcoin for the family will not involve payment of any fees and one can receive it instantly.
Also, electronic money ‘M-PESA’ by Safaricom which has half the population of Kenya registered operates by sending money with a smartphone with no fee.
For example, the youth of Masai who came from the countryside and work in Nairobi want to send money to their families, but there’s no bank, so I heard that they use ‘M-PESA’ to send money.
Including all of that, I think the demand for cryptocurrency and electronic money must increase in the future.
★ Cryptocurrency has been released in the developing country Philippines.
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(Photo: Jollibee MongKok)