Ethereum Co-founder, Joseph Lubin has revealed that the cryptocurrency is in high demand in most developing nations, especially Chile and The Philippines, where it is receiving high patronage.
Improve the Life of the Rural Dwellers
Ethereum (ETH), the world’s third-biggest (formerly in second place) cryptocurrency by market capitalization, is the hottest cryptocurrency in Chile and Philippines, where it is helping both the economy and the life of the rural settlers.
According to Lubin, Ethereum can cut down inflation in Chile which primarily relies on Ethereum ’s blockchain to monitor energy data and The Philippines where most banks are using blockchain to improve banking facilities for the rural dwellers of the country.
Justo Ortiz, the chairman of one of the major banks in the country, is of the opinion that Ethereum will help virtually every citizen of the country attain financial independence, especially the rural populace who don’t have access to sophisticated technology.
On the reason for the adoption of Ethereum’s blockchain to monitor energy data in Chile, the country’s National Energy Commission said it’s due to its potential to “augment levels of security, integrity, traceability and confidence in the information available to the public” in addition to its data security.
Ethereum is also an important factor in cleaning up The Philippines, especially the beach, in other to avoid any form of natural disaster. Government authorities are paying workers in Ether, to encourage them to work harder and diligently. This was achieved through partnership with Consensys Impact and Bounties Network, which is a great way of motivating rural settlers to use cryptocurrencies and increase adoption.
A Crypto Friendly Nation
Chile is one of Cryptocurrencies best friend; the country can boast of at least 5,000 merchants accepting cryptocurrency payments this year. The ease of doing business in Chile was authenticated in July, when the country’s appeal court ruled in favour of cryptocurrency, giving them legal grounds to operate in the country.
Market analysts are thus of the opinion that Chile might soon be towing in the same line with Malta, which used Cryptocurrency and Blockchain to transform the fortune of the economy from a struggling economy to one of the best and a model for most developing nations.
Blockchain and Cryptocurrency are gradually fighting its way into developing and underdeveloped nations, the opposition party in Nigeria, is putting cryptocurrency at the forefront of its blueprint as one of the instruments it will use to drive the country from poverty to prosperity.