NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Why Developing Nations Are Adopting Bitcoin as a Legal Tender

NewsBTC
NewsBTC
2 years ago
3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

The World Bank’s report indicates an increased number of individuals living in abject poverty over the last three years. That means more people live on not more than $1.90 per day. The Covid-19 pandemic has particularly escalated poverty levels in most developing countries. Other factors include climate change, global conflict, and unchecked inflation. In addition, before you trade Bitcoins make sure to invest in having a reliable trading platform such as bitcoin profit

Poverty levels have declined steadily over the last few years until the global pandemic disrupted the trend. Also, 75 to 95 million people might face more economic challenges in the following years, especially in developing countries.

During the post-Covid period, developing nations faced more challenges, including rising unemployment, high crime rates, corruption, and political instability. And these challenges have increased poverty levels further. Consequently, citizens don’t have the opportunity to improve their lives. Some are even unable to support their families or loved ones financially.

Developing countries’ challenges have pushed more citizens to search for green pastures in developed nations. Others have turned to platforms to purchase and sell cryptocurrencies for profits.

The potential gains have made this crypto asset popular in developing nations. Some experts argue that Bitcoin could help deal with the rising poverty in these areas. That’s because it can help individuals get a new income stream, and governments can use it to rekindle their economies instead of using the unstable fiat currency.

Bitcoin as a Legal Tender

Several developing nations have adopted Bitcoin as their legal tender. For instance, El Salvador shocked the world after embracing Bitcoin as a legal tender in 2021. Also, this country holds Bitcoin as a reserve on its balance sheet. This surprising move opened the world governments to consider cryptocurrency a legal tender. Another developing nation, the Central African Republic, joined the bandwagon by making Bitcoin a legal tender.

After El Salvador’s move, the country’s president called upon the central banks and monetary authorities from other countries to attend a Bitcoin Conference, which African countries’ representatives dominated. The meeting discussed the digital economy, financial inclusion, and unbanked banking. Also, the representatives discussed Bitcoin’s benefits and rollout in El Salvador.

However, developing countries have challenges that hinder rapid crypto adoption as a legal tender, including corruption, distrust, and infrastructural deficit. Some reports indicate that several countries have banned cryptocurrency, while others have uncertain regulations.

Why Developing Nations Are Considering Bitcoin as a Legal Tender

Converting a country to embrace Bitcoin as a legal tender isn’t easy./ However, two countries have taken the bold step already and say the future seems bright. Most developing nations can gain significantly from crypto adoption. The crypto ecosystem presents numerous benefits that may help increase their overall GDP and fight poverty.

For instance, Satoshi Nakamoto created Bitcoin to help the under-banked and unbanked. Developing nations have more than 50% of their population without access to essential financial services or banking infrastructure. Blockchain technology and Bitcoin’s rise in these countries could help people participate in the global financial ecosystem. That’s because they would allow them access to low-cost and fast digital cash they can spend anywhere.

The decentralized finance ecosystem allows people without bank accounts to access loans, staking, and savings accounts. Thus, these people can access credit faster and even make passive incomes. Some philanthropic blockchain-based organizations and platforms are partnering with developing countries to make crypto accessible and use it to address their economic challenges.

Additionally, Bitcoin can be a hedge against inflation. The cryptocurrency has a limited maximum supply, making it deflationary. Although the crypto sector is struggling with volatility, Bitcoin can help deal with hyperinflation in third-world countries.

Final Thoughts

Bitcoin can benefit developing nations in different ways. It can help the under-banked and unbanked access financial services, including credit. Also, people in these nations can use Bitcoin to make passive income. Nevertheless, these countries must overcome the challenges that prevent some individuals and governments from adopting cryptocurrency.

 

Tweet123Share196ShareSend
NewsBTC
NewsBTC

NewsBTC

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

MEXC Introduces Futures Earn: Idle Balances Can Now Generate Up to 15% While Staying Trade-Ready

Cryptocurrency traders often leave a significant portion of their futures account balances idle, missing opportunities to generate returns. Spotting this...

Mark Hampton 1 month ago
Crypto

Can Europe’s Crypto Apps Win Over Binance Users? A Growing Comparison

Binance remains the world’s largest crypto exchange with over $217 billion in daily trading volume and 280 million users worldwide. Yet...

PR Desk 1 month ago

How to Compete When Finance Never Sleeps

Crypto’s 24/7 model is resetting investor expectations. Here’s what banks and exchanges must do to keep up. When Markets Never...

NewsBTC 1 month ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

záujem o trading bot rastie

Význam trading botov prudko rastie. Traderi siahajú po tomto Telegram botovi

Nina Šefčíková 6 days ago
Robinhood

Robinhood CEO Issues Bold Prediction: ‘Everything Will Be Tokenized’

Christian Encila 2 weeks ago
Coinbase Reserves Hit $112B: Highest Level Since 2021 Market Peak

Coinbase Reserves Hit $112B: Highest Level Since 2021 Market Peak

Sebastian Villafuerte 1 month ago

Premium Sponsors

Press Releases

  • 仮想通貨おすすめ:政府閉鎖で注目高まるCPI発表と次回利下げを巡るFRBの動き

    ...

    20 hours ago
  • ドージコイン 今後の価格予測:0.86ドル到達の可能性、次世代ミームトークンが10倍成長か

    ドージコイン...

    20 hours ago
  • リップル 今後 に注目:オプション市場の強気転換が示すBTC・ETHからXRP・SOLへの資金移動

    リップル 今後...

    20 hours ago
  • 新しい仮想通貨が急上昇:レイヤー2プレセールで2,500万ドル目前

    ...

    20 hours ago
  • コインベース市場回復前に注目すべき仮想通貨プレセール銘柄

    ...

    21 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.