In the crypto community, digital assets are seen as a lifeline for residents of developing countries, offering financial freedom. However, there's another side to this story.
Issues with Cryptocurrencies in Developing Countries
The popularity of cryptocurrencies in developing countries stems from economic instability and high inflation. However, the rise of centralized platforms poses the risk of digital colonialism, threatening a new form of dependency.
Independence within Other People's Rules
Latin America saw a surge in cryptocurrency use, partly due to El Salvador's decision to make bitcoin legal tender, despite adverse reactions from the IMF citing potential issues.
Finding Resources for Mining
High tariffs and environmental concerns drive miners to search for new territories with rich natural resources. Developing countries often become such regions.
Cryptocurrencies provide users from developing countries access to alternative financial instruments and protection against hyperinflation, but the lack of infrastructure leads to digital dependency.
