Countries in the Global South, including India, Brazil, and Nigeria, are rapidly increasing the pace of cryptocurrency adoption, outpacing developed economies. According to Chainalysis, in 2024, countries in Africa and South Asia entered the top 10 for cryptocurrency transaction volumes. The main drivers were low levels of banking services, high inflation, and the need for fast cross-border payments.
Blockchain technology expert Georgiy Galoyan from Nooor Blockchain Armenia notes that countries in the Global South are using cryptocurrencies to bypass financial restrictions and attract investments. Binance analyst Gleb Kostarev emphasizes that Bitcoin provides mobility and protection against devaluation, which is especially valuable in regions with unstable currencies. At the same time, Bruno de Conti from Brazil highlights the need to create a new payment system for the Global South that will include digital currencies.
However, experts warn of challenges: lack of regulation and insufficient digital infrastructure hinder mass adoption. Despite this, the Global South shows potential to become a leader in the crypto revolution due to the rapid growth of interest in blockchain.
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