The global awareness and possible adoption of crypto currencies are becoming increasingly popular around the world today.
Cryptocurrencies enthusiasts are making valid arguments for the need to implement cryptocurrencies as legal tender, and the buzz is unwavering. As a result of the global financial crisis, nations with bad economic policies and governance are struggling, and as a result, their financial base is in shambles, which has affected their economic power and has resulted in high rates of poverty.
Poor governance has caused financial turmoil in the continents of South America, Africa, and some parts of Asia. There are also some countries with corrupt leaders who are incapable of managing the human and natural resources of their country to the detriment of their citizens.
Nevertheless, the advent of blockchain technology and cryptocurrency has gradually changed the dynamics of some nations that have adopted the new form of money and as a consequence has brought improved economic stability to such countries. El Salvador is a South American country with an estimated population of 6.8 million people in 2021, which is a typical example.
The country has been on the global news for all the right reasons including becoming the first country to legalize Bitcoin as a legitimate currency, which now is accepted throughout the country. The president also announced the use of bitcoin profits for the construction of hospitals and schools across the country, which was met with applause from around the world.
Some African countries, including Zimbabwe, are beginning to see promise in the new form of internet currency developed on the blockchain. Despite being considered a fortress of eastern Africa for decades, the former president of this country oversaw high inflation rates and untold hardships for his people.
With a seemingly listening president, the Zimbabwean government is exploring using cryptocurrencies as legal payment for goods and services and perhaps adopting cryptocurrencies as legal tender.
This would greatly alleviate the financial challenges the government faces, create a level playing field for daily transactions within the country, and facilitate remittances from the people in diaspora in order to give back to their communities.
In order to properly implement the eventual legalization of cryptocurrencies in Zimbabwe, strategic planning may be necessary. While the terrain may be different between El Salvador and Zimbabwe, the beauty of blockchain technology is its ability to be decentralized and immutable, which is why it should be emulated by the government and the people of El Salvador.
It appears that despite calls for blockchain technology and cryptocurrencies to be adopted globally, the financial institutions and government personalities are quite resistant to their acceptance.
Klever would like to take advantage of this opportunity to continue our educational drive and determination to help all countries, regardless of location, achieve financial independence. Using our Klever wallet, users will be able to achieve their goals of becoming financially independent and being their own bank in a way that is seamless and secure, allowing them to carry out transactions worldwide with their mobile devices.