Use of Cryptocurrencies for Developing Countries

The number of crypto money users around the world is increasing day by day. This suggests that cryptocurrencies can be an integral part of our daily lives. In terms of the use of crypto money, growth is observed especially in developing countries. People are looking for alternatives to payment and investment. If it continues in this way, we can talk about the adoption of cryptocurrencies worldwide in the near future.

Overall, the Commonwealth of Independent States countries, including Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine and Uzbekistan, reached record levels in the number of new users in one month.

A similar economic situation is observed in China, Brazil and Mexico, where people who have lost confidence in local currencies are withdrawing money from banks and investing in cryptocurrencies. This may explain the high prevalence of digital assets in developing countries.

Cryptocurrencies can also solve the problem of participation in international trade without having a bank account. Cryptocurrencies like Bitcoin can help individuals and businesses facilitate small-scale international trade. Using cryptocurrency allows parties to sell products in exchange for cryptocurrency, allowing them to move from traditional e-commerce systems that require opening a trading account with a bank to cryptocurrency systems.

One of the benefits of cryptocurrencies to developing countries is that anyone with internet access can serve as a bank account as they can download a Bitcoin wallet. This wallet can then be used as a bank account where people can make savings and daily transactions.

The decline in transaction costs could also increase the likelihood of microcredit because at the moment money transactions face high costs. Eliminating these costs would create enormous possibilities for international financing. Using cryptocurrencies allows individuals in more developed countries to make money transfers to people in developing countries.

With these developments continuing around the world, cryptocurrencies, along with predominantly smart contracts, can contribute to strengthening social trust and fighting corruption through a more transparent contract system. Citizens can use the public registration data of cryptocurrencies on the blockchain to track how government funds are used. It will also allow governments to better track their spending and improve their budget allocations.

Grayscale’s Mixed Crypto ETF Gets SEC Approval – SEC Plans to Speed Up Crypto ETF Process
SEC Approval for Grayscale’s Mixed Crypto ETF The U.S. Securities and Exchange Commission (SEC) has “expedited” approval for Grayscale’s Digital Large Cap Fund, which is comprised of 80% Bitcoin, 11% Ethereum, and the rest altcoins like Solana, Cardano, and XRP, to convert into a spot ETF. The fund, which currently trades over-the-counter (OTC), will now be available for exchange-trading. The move...
First Solana ETF with Stake Rewards Coming to the US - Robinhood Expands Crypto Move with ETH-SOL Staking and Tokenized Shares
First Solana ETF with Staking Rewards Coming to the US Rex Shares and Osprey Funds are preparing to launch the first US ETF that offers direct exposure to Solana and staking rewards. The fund, announced as the “Rex-Osprey Solana + Staking ETF,” will hold SOL assets through a subsidiary in the Cayman Islands and aim to generate returns by staking at least 50% of those assets. Unlike traditional spot...
What is the Travel Rule?
With the introduction of crypto assets into our lives, many habits in the financial system are changing. However, these new technologies also bring some risks. Anonymous transactions, uncontrolled money transfers, and regulatory gaps. This is exactly where the “Travel Rule” comes into play. Developed to increase transparency in financial transactions and prevent illegal activities, this rule is starting...
Weekly Crypto Market Reports: June 23, 2025
In the crypto market report covering the week of June 23-30 prepared by the ICRYPEX Research team, we have compiled current developments regarding crypto assets, price movements of crypto assets, and macroeconomics. You can take a look at the general flow of this report immediately below and reach all the developments that took place in the 7-day period from Weekly Crypto Market Reports: June 23-30,...
Ripple and SEC Withdraw Appeals - Solana and Ethereum ETFs with Staking Yields on the Way
Ripple and the SEC Withdraw Their Appeals Ripple and the U.S. Securities and Exchange Commission (SEC) have mutually decided to withdraw their appeals, officially closing the 5-year-long lawsuit. Ripple CEO Brad Garlinghouse announced this decision on social media and stated that the SEC had also dropped its appeal. Thus, the years-long legal uncertainty about whether XRP was considered a security...


Create an account

Now create an account where you can use your knowledge.