From Stockhouse | (…) Cryptocurrencies are making headway in emerging economic regions such as Central American, Africa and Russia, allowing Bitcoin holders a method to quickly and securely transfer money without the need of a bank. This is especially important if you consider that 326 million Africans are deprived of banking services and according to a World Bank Report transfer approximately US$32 billion per year to their families. It is also believed that using the cryptocurrency model, countries like Argentina, Venezuala and India would be able to cope with the devaluation of their respective national currencies.

Interestingly enough, the developed nations are far slower to adopt the use of Bitcoin and its various digital companions with banking policy officials in the Canadian Senate claiming that the Bitcoin and other digital currencies are a long way from being ‘money’. As an example, countries like Norway and the US, continue to treat the Bitcoin as an asset and not money. However, the UK has officially announced that it is taking serious consideration of the digital currency format as Ed Vaizey, UK’s minister for the Digital Economy was quoted in a recent onstage interview with Tech Crunch’s Mike Butcher, “We’re doing a major program of work looking at opportunities in digital currencies. I think the Chancellor again, when he launched this new trade body, had a good look at that.”

He went on to explain, “We want to make these e-payments faster, quicker, we want to make it as safe as possible. And we want to look at the kind of technologies that the digital currencies use to allow end systems to operate in a de-centralized way, with no intermediaries. We want to look at how the new technologies can benefit consumers and the wider economy. So that’s something the Treasury is very interested in.”

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