Crypto Adoption in Developing Countries: Trends and Barriers
I have actually come to discover that in years recently, we have seen the crypto space grown massively and have developed to become a massive niche to become a massive financial phenomenon that has grown. In countries that are still developing, they can still be having the issues of whereby their financial systems are less unstable and the crypto adoption is a massive growth in those developing countries.
Talking about the Trends in the crypto space adoption, I will start by establishing that the Financial inclusion. What do I mean by that? I will say one of the constant drivers of the crypto adoption in most countries is by financial inclusion. I have actually come to discover that a lot of people in those kinds of countries I mean those countries that are still developing, they are still having the issues of having access to the financial services.
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But with the introduction of the crypto space, it helps to give the avenue for a way to be able to transfer and grow the money much more so that we don't even the service of the bank. Crypto has really been able to be a financial lifeline. The second one I will like to talk about is through the inflation Hedge and the economic instability.
I have come to discover that a lot of countries that are having a high inflation rates and most of the time having the economic instability, it has increased the effect of the interest in the crypto space much more. In fact it is mostly Popular in countries like Argentina, Zimbabwe and even Venezuela where people are using bitcoin most especially to have an edge over the inflation.
Another aspect that is a trend which is driving the massive adoption of the crypto space is through the mobile penetration and the technological Advancements which is something to admire about. The mobile phone use that has been on rise has been able to create massive accessibility for the use of digital wallets and also accessibility that will give the access to the use of the crypto space and the financial services to many people.
Lastly, before I conclude, there are a lot of barriers to the crypto adoption which I will like to talk about. The first is the regulatory issues and government restrictions. In fact this is the major barriers for the crypto adoption. In a lot of countries, the crypto adoption hindrances is government restrictions and much more. This keeps discouraging investors and even businesses to invest in the crypto space.