In the developing world, around 50 percent of people over the age of 25 have a bank account.
Credit: DiarIf anywhere in the world needs access to more cost effective financial systems its those in developing nations, where the cost of sending money without a bank account can be prohibitively expensive.
Cryptocurrency in developing nationsAccording to World Bank figures compiled by Diar, sending money from Angola to Namibia, for example, can be subject to a 20 percent fee.
In a recent interview with Diar, Coinbase’s Vice President, Dan Romero explained how dealing with the developing world is a different kettle of fish to what we’re used to.
“Use cases in developed markets will be different to those in emerging markets as the US and Europe have a fairly well-developed financial system,” Dan Romero told Diar.
Indeed, taking cryptocurrency to a developing world when we still cannoy be sure of its long-term volatility, is not just potentially exploitative, it’s irresponsible.
Coinbase is branching outRomero went on to tell Diar, “[w]hat you’ll see in 2019 and beyond is a big push to dramatically expand the number of countries offering an easy on-ramp into crypto.
In the case of the Petro, it was very much forced on Venezuelans, and most other places rely on Bitcoin ATMs to purchase cryptocurrency, which charge high fees, and don’t always give the best exchange rates.
The on-ramps are, for the most part, exploitative when targeted at individuals who aren’t well versed in the world of cryptocurrency.
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