Cryptocurrency in Developing Countries

What percentage of GDP can remittances account for in developing countries?

• Up to 10%

• Up to 20%

• Up to 30%

• Up to 40%

Which country recognized Bitcoin as legal tender in June 2021?

• El Salvador

• United States

• China

• India

What percentage of El Salvador's GDP is accounted for by remittances?

• Less than 10%

• Around 15%

• Around 20%

• More than 25%

Why are cryptocurrencies becoming popular in developing countries?

• Due to their stability

• Due to their high transaction costs

• Due to their accessibility

• Due to their regulation by governments

What is one advantage of using cryptocurrency for remittances?

• Lower transaction fees

• Faster processing time

• Both lower transaction fees and faster processing time

• None of the above

Why do many individuals in developing countries have limited access to traditional banking infrastructure?

• Lack of physical infrastructure

• High fees

• Both lack of physical infrastructure and high fees

• None of the above

How do cryptocurrencies solve the issue of limited access to traditional financial systems?

• By requiring a physical infrastructure

• By being readily available through internet access

• By relying on traditional banks

• By charging high fees

What advantage do cryptocurrencies have over traditional financial systems in terms of international money transfers?

• Lower transaction costs

• Faster processing time

• Both lower transaction costs and faster processing time

• None of the above

Why are cryptocurrencies considered a strong alternative to weak national currencies in developing countries?

• They are regulated by governments

• They have a stable value

• They are not subject to market fluctuations

• They have a limited supply

How do cryptocurrencies build trust with users in developing countries?

• By being regulated by governments

• By providing a stable value

• By fighting corruption through distributed digital ledgers

• By being universally accepted