Blockchain Knows No Bounds, But Still ...
By their nature, cryptocurrencies and blockchain technologies are generally indifferent to the geographic location of their users. However, digital money and distributed ledger projects cannot exist only in the virtual world, without intersecting with the real one, without transforming into something tangible and material. At the moment when the blockchain comes into contact with the values and assets of the physical world, numerous and diverse collisions happen, to which we devote lots of the materials of the Bitnewstoday agenda.
In this article you will learn about how ordinary users in different countries interact with distributed ledger technologies.
NigeriaAccording to Google Trends, the leadership among countries whose users request “bitcoin” in search systems, belongs to Nigeria. This has been going on for many years. Why?
Nigeria is a state in western Africa, with an area of about one million (923,768) square kilometers and a population of more than 201 million people (that is more than in all other countries of the continent). The main source of budget revenue is oil exports. Nigeria is one of the world's leading exporters and the first one in Africa. The government is trying to change the structure of the economy and increase the share of income from other industries, but apparently, without effect.
All this is along the low availability of financial products, high crime and corruption, regular massive religious conflicts. The vast majority of the population are energetic, full of strength and young. All this makes active, striving for a better life, experienced in the achievements of modern technology people pay attention to cryptocurrencies and particularly to the oldest of them — Bitcoin.
MongoliaIn recent years, this country has regularly appeared in news feeds of publications reporting on the blockchain and fintech industries. The general positive background of these reports forces us to pay closer attention to the Asian state, which is locked in the borders between China and Russia.
The budget of Mongolia comes from: mining (about 40%) – the country has deposits of copper, coal, uranium, molybdenum; service industry (about 50%) and agriculture. The main trading partners are Russia and China. Mongolia has long-standing economic, cultural and political ties with these countries. It is heavily dependent on its neighbors, primarily economically. About 90% of the energy this state receives from Russia. At the same time, about 90% of exported goods are bought by China. Until the 90s of the XX century, the budget of the Mongolian People's Republic was backed by the Soviet Union. After the collapse of the USSR, the support ceased, and this had shocking consequences for the economy of the country.
We are excited to share that today #IOHK signed an MoU with Mongolian Blockchain Technology & Cryptocurrency Association & Mongolian Fintech Association. This MoU is to help implement & foster #blockchain project development & #education in Mongolia. More information coming soon! pic.twitter.com/7JDJy5supi— Input Output (@InputOutputHK) 11 мая 2019 г.
The authorities of Ulaanbaatar are collaborating with the Terra project to create a blockchain-based payment and loan system. Back in 2018, the Japanese company Ginco drew attention to the favorable conditions for mining farms in Mongolia: a cool climate, inexpensive electricity, and adequate actions by administrative authorities.
Malta is a developed country within the European Union. Tourism, industry, finance, and the service industry are the main sources of Malta's budget revenue. Agriculture doesn’t matter much, the country cannot independently provide itself with products and thus purchases them. The same situation is with drinking water – there are no permanent rivers on the island, only seasonal ones. Malta's energy enterprises operate on petroleum products purchased in other countries, but electricity is not imported for state needs – it is produced on the island. A convenient location, a climate favorable for tourism, a developed sphere of services and financial institutions are almost an ideal combination for the development of modern fintech and blockchain projects in Malta, supported by the authorities.
ITAS, the law on innovative technical services and agreements. Based on this act, registration and certification of technological solutions in the field of distributed ledgers and other innovative technologies will take place.
VFAA, Virtual Financial Assets Act. An act that will regulate various manifestations and technological solutions in the field of ICO, exchanges, exchangers and other solutions using digital assets.
Image courtesy of PCMag
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