Blockchain technology is popular in Japan, USA, South Korea. Most of them are developed nation. Very few developing nation are interested about cryptocurrency. Some countries follows what China does. When China blocked Cryptocurrency then all those countries follows the footsteps of China without evaluating the opportunities. They only look for the threat poses by Cryptocurrency.
One of the main issue with Cryptocurrency in the developing nation is that of money laundering. By nature, Some countries are corrupted. Politicians, Business and other quarters of the societies used to corruption. There is no checks and balances. There is no appropriate measure to hold them accountable.
Yes of course, Money laundering is a prime concern for developing nation. Even with the current situation billions of dollars are shifted to other countries. This implies that the current system is not foolproof. If a corrupted person want to shift money he can do within the existing system. So money laundering issue may not be the case for holding back cryptocurrency.
- Blockchain technology can bring transparency to the government organization,
- Helps to reduce corruption,
- Can help to appropriate and correct land registry,
- Helps to reduce adulteration of product
Blockchain can help in every sector of society. The fear of money laundering, Terrorism funding, Illegal drug purchase, may be holding you back from cryptocurrency. Money launder is already happening within the existing system. So dont fear, accept Cryptocurrency.
What is your opinion on this? leave your valuable comment below:
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I totally agree with you 100%. The only problem with developing countries is the "wait and see attitude"; they wait to see things work elsewhre before they implement and that's why hang on to the "developing countries" tag. Thanks for the insights.
how long will they wait?
Developing countries have high potential and opportunities to explore in blockchain this i agree with. ImpalaCoin is one of the projects being done in a developing country.
Wala is also making waves in some parts of Africa.
Very true. I live in a developing country "Uganda" and the biggest percentage of my countrymates are so ignorant about cryptocurrency and some who are willing and trying to learn about it often time get discouraged by the negative romours about crypto that are brought about by the banks and the government.
My country is trying to get involved in crypto; as earlier on this year in my May. My country hosted the Africa Blockchain conference and the binance CEO was the major guest of the event. At the event Our President expressed positive thoughts about Blockchain technology and i believe that as one of a developing nation there is a great hope for my countrymates and the nation as whole to fully declare our positive belief and involvement in Crypto.
Even though nations keep fighting this new financial revolution. Its unstoppable. Soon every nation in the world be it China will begin to embrace this new form of currency.
@steemero as one of the youths in my country iam always labouring to make research about crypto and blockchain projects.
I landed on this new transactions free exchange that is launching soon at the end of this year. Its called Digitex bitcoin Futures exchange. It has a 6million airdrop campaign that its running till its launch. I have just written a blog post about it:
Please check it out below for more details
https://steemit.com/digitex/@yohan2on/fbggiuy-digtex-futures-6million-dgtx-airdrop-campaign
Otherwise thanks for sharing about the challenges of crypto and sending out an appeal to many developing countries to respond positively and start using crypto.
This is exactly what they don't want. They fear that it will expose their hideous crimes because they want to continue to hold people under control.
corruption is a part of democracy ;)
The point you have mentioned in your post is absolutely correct for developing nation. India have fear that crypto like Bitcoin whose transaction no body can detect can be used for Money laundering.. therefore in India Case is pend in apex court for regulation of crypto in India.
Blaming Crypto for money laundering is not a right judgment to stop crypto currency trading, because money laundering was exist in fiat currency as well.One thing developing countries can do is to regulate centralize crypto like Ripple XRP.
Government may lose control over currency. this is another fear.