Crypto
Cryptocurrency: A Solution for the Underserved – Tech Guide
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The world of finance is ever-changing, and new applied sciences are continuously rising which have the potential to revolutionize the way in which we work together with cash. One such know-how is a cryptocurrency, which has the power to offer a much-needed answer for the underserved.
Cryptocurrency is a digital or digital forex that makes use of cryptography for safety. It isn’t regulated by any central authority, making it a decentralized type of cash. Which means it may be utilized by anybody, wherever on the planet, with out the necessity for a financial institution or different monetary establishment.
Cryptocurrencies are sometimes traded on decentralized exchanges and may also be used to buy items and providers.
Bitcoin, the primary and most well-known cryptocurrency, was created in 2009. Since then, over 4,000 different cryptocurrencies have been created, with a complete market worth of over $1 trillion.
Cryptocurrencies provide an a variety of benefits over conventional fiat currencies, together with:
- They’re world: Cryptocurrencies can be utilized by anybody, wherever on the planet.
- They’re quick: Transactions might be accomplished rapidly and simply.
- They’re safe: Cryptocurrencies are digital and encrypted, making them very tough to counterfeit or double-spend.
- They’re non-public: Cryptocurrencies provide larger privateness than conventional fiat currencies.
- They’re resilient: Cryptocurrencies should not topic to the identical volatility as conventional fiat currencies.
Cryptocurrencies have the potential to offer a much-needed answer for the underserved. For instance, there are two billion adults worldwide who would not have entry to banking providers. This leaves them unable to take part within the world financial system and limits their potential to avoid wasting, make investments, or borrow cash. You possibly can efficiently purchase and promote cryptocurrencies on fast edge. Allow us to take a look at among the methods crypto can serve the underserved.
Crypto for Charity Donations
Cryptocurrencies can be utilized to donate to charities with out the necessity for a intermediary. Which means 100% of the donation goes to the charity, as there aren’t any charges concerned.
This can be a main benefit over conventional fiat donations, which frequently contain excessive charges that eat into the donation. For instance, once you donate to a charity utilizing a bank card, the charity will normally obtain lower than the complete quantity attributable to transaction charges.
Crypto for Microfinance
Microfinance is a sort of economic service that provides small loans to underserved populations. This could be a lifesaver for somebody who doesn’t have entry to conventional banking providers and wishes a mortgage to start out or develop a enterprise.
Nevertheless, microfinance might be costly as a result of excessive value of servicing small loans. That is the place cryptocurrency is available in. Cryptocurrency can be utilized to fund microloans at a fraction of the price of conventional strategies. This might permit extra folks to entry microfinance and probably carry themselves out of poverty.
Crypto for Training
Training is one other space the place cryptocurrency could make a huge impact. There are a lot of folks on the planet who can not afford to pay for training, which limits their potential to get a superb job and enhance their lifestyle.
Nevertheless, with cryptocurrency, it’s attainable to create instructional platforms which are reasonably priced for everybody. For instance, there are already quite a lot of on-line programs that settle for cryptocurrency funds. Which means anybody, wherever on the planet can entry high quality training.
Cryptocurrency Making a Higher World for All
Cryptocurrency has the potential to make a huge impact on the planet. By offering entry to monetary providers for the underserved, crypto may help to cut back poverty and enhance requirements of dwelling. As well as, by making training extra reasonably priced, crypto may help to create a degree taking part in subject for everybody.
What do you assume? Is cryptocurrency the answer for the underserved? Tell us within the feedback beneath.
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Crypto
Mexico Ranks Third in Latin America for Cryptocurrency Ownership: Blockchain Trends
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- Currently, 3.1 million Mexicans own cryptocurrencies such as bitcoin, ethereum, solana, dogecoin, or binance.
- Coinbase aims to enter the Mexican market with cost-effective cryptocurrency withdrawal services, aiming for a 30% reduction.
The adoption of cryptocurrencies among Mexicans has seen substantial growth, with 3.1 million individuals owning digital assets such as bitcoin, ethereum, solana, dogecoin, or binance. This accounts for 2.5% of Mexico’s population, positioning the country as the third highest in Latin America for cryptocurrency adoption, trailing behind Brazil and Argentina.
Globally, Mexico ranks 16th in cryptocurrency adoption, according to the Chainalysis Global Crypto Adoption Index.
“Facilitate the withdrawal of cryptocurrencies and offer services up to 30% cheaper than traditional cross-border payment methods.”
Luiz Eduardo Abreu Hadad, Sherlock Communications Researcher and Blockchain Advisor, wrote:
“It seems that Latin America is ready to ride the crypto wave.”
Remittances have played a pivotal role in driving this adoption. In 2023, remittances sent to Mexico totaled $63.313 billion, marking a significant increase and fueling a 60% growth in cryptocurrency exchanges to local currency transactions through platforms like Bitso Business.
Continuing with the previous Crypto News Flash report, the interest in the Mexican market among crypto exchanges continues to rise. Coinbase, for instance, aims to enter the Mexican market by offering cryptocurrency withdrawal services that are up to 30% cheaper than traditional cross-border payment methods.
Luiz Eduardo Abreu Hadad, a researcher and blockchain advisor at Sherlock Communications, noted that “it seems Latin America is ready to ride the crypto wave,” reflecting the region’s growing enthusiasm for digital assets.
Brazil leads Latin America in cryptocurrency adoption, ranking 9th globally, driven by the approval of exchange-traded funds (ETFs) for digital assets and increased acceptance of cryptocurrencies by banks.
Argentina, on the other hand, ranks second in Latin America and 15th globally for cryptocurrency adoption, with 5 million citizens owning some form of digital currency. High inflation rates and stringent capital controls have spurred this adoption among the Argentine population.
In contrast, despite El Salvador’s adoption of bitcoin as legal tender, cryptocurrency adoption has declined. The country dropped from 55th place in 2022 to 95th place in 2023 in terms of public acceptance.
In a previous Crypto News Flash report, overall, the increasing adoption of cryptocurrencies in Mexico and across Latin America underscores a growing trend influenced by economic factors like remittances, inflation concerns, and regulatory developments that shape public perception and engagement with digital assets.
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Cryptocurrency Price Today: Bitcoin Rises Above $63,000 Over The Weekend
Crypto
Cryptocurrency after the European Union’s MiCA regulation | Opinion
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Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial.
The Markets in Crypto-Assets Regulation (MiCA) marks a significant milestone in the European Union’s journey toward regulating the rapidly evolving crypto market. Its timeline and provisions hold immense importance for both crypto businesses and investors. As we approach crucial dates, starting with the application of stablecoin provisions from June 30, 2024, and the complete application of MiCA on December 30, 2024, the crypto landscape is undergoing a transformative phase.
Over the next two years
MiCA’s staggered timelines and transitional periods, extending up to June 30, 2026, imply a period of fragmented implementation across the EU and European Economic Area (EEA). Jurisdictions such as Ireland (12 VASPs), Spain (96 VASPs), and Germany (12 VASPs) will grant a 12-month transitional period. In contrast, other jurisdictions will offer more extended periods, such as France (107 VASPs) with 18 months, while Lithuania (588 VASPs) will likely only grant five months. This transitional phase will prompt market consolidation as not all existing service providers will secure MiCA licenses. Many will look to capitalize on this interim period before winding down operations.
The race among EU/EEA jurisdictions to become the primary hub for crypto activities intensifies, with jurisdictions like France, Malta, and Ireland competing to take the top spot. However, regulator readiness and compliance for crypto-asset businesses pose significant challenges. Regulators are facing an adjustment period to upskill their staff to process MiCA applications, particularly in jurisdictions with high applicant volumes. The complexity of various business models, encompassing numerous products unfamiliar to regulators, exacerbates this challenge. The general lack of expertise to authorize and supervise this sector requires substantial training efforts.
Challenges for crypto businesses
MiCA, coupled with the vast array of related Level-2 measures (many of which still need to be finalized) and other applicable EU instruments such as the anti-money laundering laws, the Digital Operational Resilience Act (DORA), and the Electronic Money Directive (EMD), create a complex regulatory framework. Understanding what provisions apply to each entity type and what documentation needs to be implemented will be challenging for some.
The delisting of crypto-assets, particularly stablecoins, from EU exchanges due to their issuers’ failure to obtain their licenses on time will pose considerable hurdles and limit the availability of certain assets for consumers.
Adapting to MiCA will strain many entities and require substantial investments in technological infrastructure. The Travel Rule, a requirement in which information must be shared between VASPs with each crypto transaction, also comes into effect at the same time as MiCA. The Travel Rule mandates that CASPs transfer a substantial amount of information about the originator. This includes their address, personal identification number, and customer identification number. In rare cases, it may even require the disclosure of the originator’s date and place of birth. This adds another layer of complexity, further highlighting the need for harmonization within the EU and solutions to comply with the Travel Rule that are interoperable and enable secure data sharing while preserving user privacy.
Key crypto market outcomes
Despite the challenges, MiCA instils confidence in EU entities due to heightened regulatory oversight, the promotion of investor protection and attracting mainstream institutional participation. Enhanced consumer protection measures mitigate risks such as fraud and hacking, fostering trust among retail clients.
MiCA’s reporting requirements will result in regulators across the EU possessing more data, empowering them to monitor market activities effectively. The ability to freely passport activities across the EU will facilitate cross-border operations and reduce regulatory fragmentation while expanding market reach.
MiCA’s prescriptive nature and all-encompassing regime set a precedent for global regulatory frameworks. Other jurisdictions are already observing and may replicate some of MiCA’s provisions and its approach, contributing to regulatory harmonization on a worldwide scale. However, concerns remain as to whether it will stifle growth and innovation and whether businesses will look to relocate to more permissive and less restrictive jurisdictions.
Steps after MiCA
MiCA’s gaps in regulating emerging areas like true defi (the provision of financial services or issuance of financial assets without identifiable intermediaries and with no single point of failure), lending, and NFTs necessitate ongoing policy discussions and further regulatory measures. Reports on these aspects will inform future regulatory developments, potentially leading to a second iteration of MiCA in at least the next four to five years or supplementary measures.
MiCA signals a new era of regulation in the crypto market, aiming to balance innovation with investor protection and market integrity. While challenges persist, MiCA lays the groundwork for a more transparent, secure, and inclusive crypto framework in the EU and beyond. As the crypto landscape continues to evolve, regulatory regimes must adapt to emerging trends and technologies, ensuring sustainable growth and fostering investor confidence.
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