Bitcoin in emerging markets has actively grown its presence. Although these regions have experienced many legal obstacles in adopting crypto in the past, this year might just turn this around. Keep reading to see why!
Bitcoin in Emerging Markets: Tim Draper Looks Towards India
India saw a milestone in crypto adoption in March 2020, as their Supreme Court reversed the ban on financial institutions providing banking services to crypto exchanges. This caught the attention of billionaire investor Tim Draper, who sees this as the beginning of a crypto revolution in India. Draper reasons that the benefits of crypto will become obvious during the current economic crisis.
China’s Race to the Digital Yuan
China has been actively making crypto headlines since the fall of 2019. President Xi Jinping got the ball rolling in October by praising Blockchain technology and wanting to take the lead in it. March 24th brought news that China is getting ready to launch their own CBDC – the digital yuan. China’s mobile payments companies are also involved – Alipay has published five patents related to China’s official digital currency in 2020.
Venezuela Seeks Aid From Crypto
Venezuela’s recession started long before COVID-19 and the country has seen an avid Bitcoin adoption ever since. Usage of crypto skyrocketed as a response to inflation rates nearing 1,300,000% and lack of security in national financial systems. However, Bitcoin is mainly used a bridge currency instead of a store of value.
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