With Its Unbanked Majority, Bolivia Can Gain Much From Adopting Bitcoin
A country with a high-rate of the unbanked, a large informal economy and a tumultuous history of inflation sounds like a perfect scenario for Bitcoin and cyrpyocurrencies to thrive. However, a quick glimpse on Bitcoin-related groups on social media shows otherwise. The Bolivian Bitcoin community is yet to take off.
Unbanked majority The majority of the country’s population is unbanked. According to the World Bank’s Global Index 2014, a meagre 11 percent used a debit card to make payments and near 5 percent used credit cards.
Although, unlike other Latin American countries, such as Argentina, Brazil, Venezuela, and Paraguay, cryptocurrencies haven’t attracted the attention of Bolivians. And there is a reason behind this.
This post was published at Coin Telegraph on 2016-09-29.