Empowering Developing Countries: How Cryptocurrencies Can Drive Economic Progress.

Abstract

This research paper attempts to enlist some of the key benefits of cryptocurrencies, not in the universal context but in the context of developing countries; also referred to as developing economies mostly South Asia, LATAM and Africa. Africa in particular has one of the highest costs of business; doing business among African States is very expensive and this is by design, as a result of fiat dollar currency. The proxying of all transactions through dollars subjects every single transaction to multiple forex steps which is costly to the buyer and the selling country too. This has limited intra-contentinet economic growth which has led to most states in the aforementioned continents falling into debt traps;- some defaulting on the same and inflation skyrocketing, which makes life unbearable for the population. It is noted that crypto transactions are free, for instance bitcoin. and where it is not free, it is very affordable. It also notes that transactions in crypto have minimal forex roadblocks and where there are, brokers can be avoided.