Crypto can improve financial inclusion in most of the largest but poorest countries in the world. The COVID-19 pandemic caused falls in the output of goods and services, which negatively affected the economy and caused thousands of jobs to be lost.
A crypto economy can help these countries which lack bank accounts deal with many of the challenges of international trade. Crypto transactions are growing rapidly, which already embraces the internet.
However, the continuous crypto banning caused a big downfall for crypto. Cryptocurrency obviates the bureaucracies and high charges associated with bank transfers. When in fact, cryptos have provided a sufficiently liquid fiat alternative for holders looking to exit the local currency. Crypto also greases the economy by offering greater liquidity, helping the people move money around.
Blockchain technology can further ease numerous challenges for the poor country when it comes to international trade, especially those who do not have bank accounts.Crypto assets can help to increase financial inclusion, allowing for fast and accessible transfers, which in turn stimulate economic growth and improve livelihoods.
With poverty, inflation and unemployment levels at an all-time high, made worse by the outbreak of the pandemic, cryptocurrencies have presented a different opportunity for some people looking for an alternative source of income and protection against the economic downturns.
There are jobs available for those who can create crypto/blockchain products for businesses, develop crypto-related products, perform crypto forensic audits and manage projects.
Without a doubt, crypto can actually help the people who’s thriving in these trying times. The Government, perhaps, should take a look at the bigger picture with a brighter perspective.