El Salvador’s Bitcoin Adoption Paves The Way For Emerging Economies
It’s clear that adopting bitcoin as legal tender can help El Salvador in many ways. But it can light the path for other countries as well.The green shadow cast by the U.S. dollar on developing countries is being lifted. In El Salvador, it's now approaching high noon. Growing up in El Salvador during its civil war, I never thought I would witness my home country filled with so much hope for the future, let alone leading the way for others. The government's recently passed law making bitcoin legal tender is set to take effect on September 7 — making it the first country in the world to do....
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Bitcoin and gold holder Dan Tapiero, says it is still early to talk of widespread crypto adoption as the proportion of users relative to the rest of the population remains low. Tapiero makes the remarks while referring to a study, which places Nigeria at top of the list of countries with the highest number of respondents that say they own or are using cryptocurrency. According to the study, 32% of surveyed Nigerians say they used or owned cryptocurrencies in 2020 while in Japan, which is last on the list, only 4% say they owned cryptos in 2020. The survey, which was conducted by Statista,....
The report indicated that worldwide adoption of crypto assets jumped over 1,200%, with peer-to-peer platforms driving cryptocurrency usage in emerging economies. Vietnam, India and Pakistan are leading the world in terms of cryptocurrency adoption, underscoring the resilience of peer-to-peer monetary systems in emerging economies.Chainalysis’ 2021 Global Crypto Adoption Index evaluated 154 countries based on three key metrics: on-chain cryptocurrency value received, on-chain retail value transferred and peer-to-peer exchange trade volume. Each metric was weighted by purchasing power....
Developing economies are more affected by issues related to remittances and inflation, BitMEX’s CEO said. Countries in the developing world will soon follow in the steps of El Salvador and make Bitcoin (BTC) legal tender, BitMEX CEO Alexander Höptner recently predicted.In a Wednesday blog post, Höptner expressed support for El Salvador adopting Bitcoin as legal tender in September, predicting that developing countries will be “leading the way” in Bitcoin adoption:“My prediction is that by the end of next year, we’ll have at least five countries that accept Bitcoin as legal tender. All of....
The country had to temporarily stop accepting cash bank deposits in United States dollars due to tighter restrictions set by former U.S. President Donald Trump. The Cuban government is reportedly planning to recognize and regulate cryptocurrencies for payments.According to Aljazeera, the Caribbean nation’s central bank will establish rules for mainstreaming cryptocurrency transactions. Cuban authorities are also expected to distribute relevant licenses to businesses based on the crypto-related services they provide.Some sources claim that the move to allow cryptocurrency as a legal tender....
Developed economies dominate the traffic rankings for the top DeFi protocols by TVL, with the U.S. and U.K. topping the charts. Despite grand visions of enabling farmers in Vietnam access to the world of global finance via Decentralized Finance, emerging markets could represent as little 10% of visitors engaging with the top DeFi DApps. Proponents have long hoped crypto and DeFi would allow citizens around the world a means to circumvent the barriers created by economic underdevelopment, however the data suggest users from the world’s largest economies dominate the DeFi rankings by online....