Bitcoin’s Role in the Third World Economy

Bitcoin is considered as a truly global currency, and we have been discussing its potential uses and how it can help the world’s economy for a while now. Until now, the use cases involved developing nations at peacetime where it is used for remittance and offering banking services to the unbanked. With disturbances in Europe and the Middle East, the world is not a peaceful place any more. There are conflicts in Ukraine, Yemen, Syria and Iraq fighting against ISIS etc.

These conflict torn countries have non-existing economies where many times people survive on aid received from various national and international organizations. The banking institutions in these regions are either closed down or they were never opened. In cases like these, alternative financial services fill in the gap.

Kenya stands as a great example for alternative financial services filling in the shoes of big banks. M-Pesa allows people to send and receive money on their mobile phones. With a mobile phone penetration of over 80 percent, the population can use the service to pay for anything. Bitcoin players like BitPesa have already designed their services to work together with the existing M-Pesa.

Somalia, the East African nation is caught up in a civil war

Read more ... source: TheBitcoinNews