Bitcoin is often touted as being the perfect solution to bring financial services to people living in unbanked and underbanked nations of the world. Traditional financial institutions often don’t see the benefit in investing in these areas, as the costs far outweigh the benefits. But is Bitcoin really the future of these nations? NairaEx, a newly launched Bitcoin exchange in Nigeria, certainly seems to think so.
Bitcoin could do a lot of good in continents such as Africa, where there is a huge lack of financial services. This doesn’t mean the African population is not worthy of financial services, but institutions simply don’t expand there due to there being little to no profits to be made from doing so. Nigeria, on the other hand, is calling for Bitcoin regulation to counter money laundering and avoid international penalties.