Crypto assets are molding the financial framework of the world rapidly, the driving force behind this change is financial freedom of the people that give them the ability to handle their financial assets. Despite its ability to make changes for improvement, the impact of cryptocurrency varies in every region of the world. In the developing regions of the world, financial freedom and autonomy are needed much more than in any other place.
In the third world countries, online transactions and money transfers cost a lot and can take a long time to reach the other end. Money transfer can cost more than fifteen percent in many parts of the world, according to the World Bank. Some regions of Africa around the Sahara are charged up to an average of 9.4% of the transferred amount, these are among the highest rates in the world.
Moreover, a lot of the people in such regions are cut off completely from a financial system. In accordance with the most recent report by Global Findex, the percentage of people who possess an account with a bank, money transfer or any other financial service in developing countries has risen from 54% to 63%, leaving behind a huge gap still between the people with access to no such facilities.
However, the case is very different in the developed regions of the world, where many fintech firms exist that have made money transfers more affordable. This means that as crypto assets make their way into the global financial framework, their impact on the developed regions will differ greatly from that on the developing regions of the world.