New Bank of America Report Says Digital Currencies ‘Could Boost Economic Growth’ in Developing Countries

New Bank of America Report Says Digital Currencies ‘Could Boost Economic Growth’ in Developing Countries

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02/08/2021 by Koinal
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In a new report published by Bank of America, one of the international banks of America, it was stated that cryptocurrencies and blockchain technology are a crucial step towards participation in the global economy for developing countries.
New Bank of America Report Says Digital Currencies 'Could Boost Economic Growth' in Developing Countries

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Therefore, according to the report, it will print and issue much more of its own Central Bank Digital Currencies (CBDC) in the future.

Due to the existence of different conditions in almost every country, most people find it difficult to be included in the global economy. Bank of America, one of the largest banks in America, presented a report stating that cryptocurrencies can play a huge role in helping the global economy reach a more equitable position.

Crypto assets are a financial system that exists outside of traditional markets. Although technically it is impossible to combine the two, an agreement can be reached to bring the two together. Bitcoin and the majority of altcoins are considered ideal tools to facilitate the use of digital transactions. As a result of the intense interest in cryptocurrencies in recent years, Central Banks and governments recognized the sector against the increasing demand. Countries such as Sweden and China have already established this digital payment system in their own countries and are working on variations of this system to meet all needs.

According to a Bank of America report, emerging economies can use cryptocurrencies to offer their populations a global financial opportunity. According to the study, cryptocurrencies have “a lot of potentials” for these countries.

Economics expert David Hauner states that more than half of adult citizens in developing countries do not have a bank account, and these people do not have access to a bank account. Hausner reminds us that blockchain technology will be a much more economical tool to enable these people to participate in the economy faster. The economist says that these countries have already started to adapt to the world of cryptocurrencies. The legal recognition of Bitcoin by El Salvador is considered a successful step in this direction.

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