Crypto in emerging markets with BitSpark, BnkToTheFuture & MyEtherWallet

by Shakil BF Support | 25th March 2019

Watch our CEO and Co-founder Simon Dixon along with George Harrap from BitSpark and Brian Norton from MEW talking about Crypto in emerging market at Asia Crypto Week.

 

Here are the question that were discussed and a few key takeaways.

Questions:

1. How is your company, project and platform specifically targeting emerging markets and why? And what’s the success metric for crypto adoption?

2. What’s so important about getting crypto adopted in emerging markets?

3. Bitcoin is being used as a hedge against the Venezuela Bolivar & Venezuela is often widely covered as a model country for crypto adoption. Do the opportunities only lie in using crypto as a hedge against currencies or are there other applications?

4. How’s adoption of MEW in emerging markets and the use cases?

5. What are some of the unique opportunities and challenges of getting money transfers using cryptocurrency adopted in emerging markets?

6. All emerging and frontier markets have successfully reached decentralised crypto adoption. How do you predict governments react when their fiat currency is no longer being used?  


Highlights

  • Often when we talk about finance in emerging markets, it’s difficult because many countries in the world people don’t have access to banking, they never going to have access in banking and banks are not interested in banking them. If you make 30 dollars a month and you will never get a bank account.
  • A new class of investors have emerged that have become wealthy and you got lots of companies looking at different ways to use crypto and offer financial services. The next thing, is emerging markets that don’t have established stock exchanges, that are now looking into to leapfrog stock exchanges and going straight to securities tokens.
  • Providing simple user-friendly solutions towards onboarding, even for small amounts of capital to facilitate payments, we see that as a huge step to getting people to take that risk of converting they money into digital assets.
  • Often there’s a limitation that their technology can be fantastic but if you’re not actually building something that’s relevant to global customers it can be a problem.
  • The interesting thing that came out of 2017 bull market, was for the first time people started thinking of savings and investing. While we call that speculation, these young people would not have bought traditional financial products – stocks, bonds, commodities. Yet crypto gave people the first thought of “actually maybe I need to do something, speculate with my money in order to try to make more money.
  • With all the boom and bust, we are going back to basics and peer to peer cash payments. For a wider crypto adoption, it really comes down to convenience.

 

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