PRESS RELEASE
Published May 17, 2023
“People using technology to access cryptocurrency in developing countries”
XMR Wallet’s Improvements to Its Website Will Especially Benefit Those in Developing Countries Who Need Fast, Efficient Crypto Exchanges and Wallets
London, England – XMR Wallet is undertaking extensive work to improve the speed and efficiency of its website. While all their clients will benefit from the upgrades, a key motivation for the work was in response to the needs of users in developing countries.
One of the appealing aspects of Monero is its worldwide community that contributes to developing and improving the technology. This global philosophy has made it a popular choice in developing countries, where many are turning to cryptocurrencies to combat the hyperinflation of local currency and the lack of easily accessible financial infrastructure. XMR Wallet echoes this international viewpoint and aims to fill the needs of its users in every country worldwide.
There are a number of theories as to why developing countries are the fastest-growing adopters of cryptocurrencies. Most would agree with the analysis of the United Nations Conference on Trade and Development policy review titled ‘Crypto assets and central bank digital currencies potential implications for developing countries’, published in April 2023. The review says that “the ease of using crypto assets, a younger demographic structure, and volatile macroeconomic conditions – currency depreciation, exchange rate volatility, and inflation – are general drivers of crypto adoption”. Their data identifies countries such as Nigeria, Thailand, the Philippines, Viet Nam, Türkiye, Argentina, South Africa, India, Pakistan, Ukraine, Kenya, and Venezuela as being at the forefront of crypto adoption.
There are, however, challenges to using crypto in developing countries. Over 90% of Africans have a mobile phone, but over 40% have no access to electricity. 4G coverage is patchy and unreliable, especially in rural areas. Similar statistics can be found in other developing countries. They, therefore, require fast, efficient crypto exchanges and wallets. This need was one of the main motivating factors behind XMR Wallet’s extensive upgrade.
Charities are also among the fastest-growing groups of crypto adopters. Citi released a Global Perspectives & Solutions (Citi GPS) report in October 2022 titled ‘Philanthropy and the Global Economy v2.0 – Reinventing Giving in Challenging Times’ that stated: “data suggest that donations in cryptocurrencies skyrocketed in 2021, with some data reporting between a sixfold and twelvefold increase in digital asset donations”.
A high percentage of charity work is carried out in developing countries, and they face familiar problems with weak local currencies, complex bureaucracy, and corruption. Charities are increasingly turning to crypto as its accessibility, low transaction costs, speeds, and global usage aid their work.
An unexpected side benefit of this increased use of crypto by charities is that it attracts a different kind of donor. The Citi report highlighted that the demographics of traditional donors are usually older, married women, whereas crypto owners are primarily young men. Encouragingly, several surveys have shown that crypto owners are more generous with their charitable giving than their cash-giving counterparts.
However, to use cryptocurrencies, like Monero, where it is needed in developing countries, charities need swift, reliable wallets. Monero Wallet is confident its recent improvements will benefit both charities and users in developing countries.
Media Contact
Company Name: Authority Boost
Contact Person: Nathalie Roy
Email: Send Email
Phone: 1300 227 473
Country: United Kingdom
Website: https://www.xmrwallet.com/
