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The world is changing rapidly.
In August 2021, Venezuela, suffering from killer inflation, implemented a 'one-to-one' currency reform. The decision of the Venezuelan government, which had already carried out monetary reform three years ago, has further weakened the trust of the Venezuelan people in the government. In fact, people living in Venezuela use Bitcoin in their daily lives, sent from relatives in developed countries.
Nigeria has already made it easy to use Bitcoin in everyday life. It has become rare to find young people adhering to the ban on holding, trading, and using cryptocurrencies implemented by Nigeria's central bank since 2017. In fact, by the beginning of 2021, Nigeria's Bitcoin peer-to-peer trading volume had risen to $204 million, the largest in the Africa region.
As such, cryptocurrencies are being actively used in developing countries. According to the 'Global Crypto Adoption Index' released in 2020 by Chainalysis, a company specializing in cryptocurrency transaction analysis, all developing countries except the US and China are among the top 10 countries with the most active use of cryptocurrencies. Of course, this Top 10 also includes Venezuela and Nigeria, which was mentioned earlier. Considering that the data is for 2020, it is expected that the rankings of developing countries will rise further due to recent Chinese cryptocurrency regulations and news about cryptocurrency replacing fiat in some developing countries.
This phenomenon of substituting cryptocurrency for fiat currencies is because they consider cryptocurrencies circulating around the world to be safer even if there is significant volatility in the situation where cryptocurrency lose their function. People in Venezuela and Nigeria, and developing countries suffering from inflation choose cryptocurrencies to protect their assets.
In addition, the limited access to banks due to underdeveloped financial services is a big hurdle to leave the fiat currency. Cryptocurrency remittance fees are better because they are very low compared to traditional financial systems. According to the World Bank, remittances to Nigeria fell by 27.7% in 2020.
The world is changing so quickly. In the future, more people will cross national borders to seek their own economic freedom. MCS, a global cryptocurrency derivatives exchange, promises to participate in this change as an axis of the market and provide better services to accelerate the adoption of cryptocurrencies worldwide.
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