How can developing countries benefit financially by controlling the use of cryptocurrencies?

controlling the use of cryptocurrencies
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A research shows that the developing countries can be benefits by cryptocurrency. There are tons of advantages of using cryptocurrency in place of the original currency. Cryptocurrency and the block chain is gaining popularity day by day. And the popularity is also worth increasing. No doubt there are some disadvantages of using the online currency but they can be ignore over the benefits . Let’s see how the digital currency is leaving a very good impact on the developing countries.

1. Low transactions rates

Developing countries pays tons of money every year to banks for the transaction. There is also valid reason for banks to charge this much amount of money. They have to pay the salary of so much employees, rent of each branch and pay for other stuff also. So they will definitely charge accordingly. On the other hand if we talk about the cryptocurrency then there is no offline branches, no employees and no extra expense. So the transaction rate has to be low. In fact, it is next to negligible. So if developing countries accept the cryptocurrency in place of offline currency then they can save tons of more and use it somewhere else.

2. Fast transactions

The biggest challenge face by the developing countries is the time. The time is passing very fast and they are lacking with so many things. Everyday new technology is coming and it is very difficult to walk hand in hand with other countries. But cryptocurrency can help saves a lot of time. Some transactions even need microseconds to occur. This benefits the people of country as well. They don’t have to wait for minutes for UPI transactions. Instead pay via cryptocurrency and saves a hell lot of time.

3. Transparency

People of developing countries demands transparency from the leaders of country. Sadly there are very few departments where this transparency exists. But cryptocurrency offers transparency to its users. One user is directly exchanging the currency with other. There is no middle man involved. This is the biggest point that decreases the chances of frauds and robbery. Make direct transactions with the other customers and know everything about it. The best part of cryptocurrency is that it don’t require excess of formalities. You name and email is enough to create an account and start your transactions. So the chance of data robbery is also negligible here. Therefore, developing countries must enable the use of digital currency to give their people the necessary rights.

These are the three reasons that shows the importance of the digital currency for a developing country. There are lots of disadvantages also but the benefits are more worthy. After according the trend of the digital currency developing countries can experience the sign of the fast growth. And this is all that a developing country wants. Thus controlling of digital currency in developing country is very important.