Topic: Bitcoin may be the solution to Africa's broken financial system. (Read 725 times)

I think bitcoin is one of the best solution not only to Africa's broken financial system but for every country that economically collapse because of covid19 pandemic. But Africa need to build up and develop first their  technology and facilities in order to adopt bitcoin easily. Poor countries can't adopt bitcoin easily because of lack of knowledge in blockchain technology and inadequate facilities and materials to be use like computers and there is poor or no internet connection to access in crypto and other online activities.

IMO, technically, bitcoin can be the best solution. Supply is limited and cannot be produced repeatedly, can prevent inflation. It's just, is the community ready? Do the facilities and infrastructure support? Let alone for technological developments, for the main infrastructure only there is still very minimal, many poor, and disadvantaged countries. So this is what makes it ineffective.

That is one major thing that they need to address first. Internet connection for most of its people  or should I say electricity first? Because a lot of areas in Africa do not have electricity yet. So they need to address those first before they think that bitcoin can be the solution in Africa's broken financial system.

if it can be utilized well I am sure Blockchain technology will not only be able to help a bad financial system in Africa's but also the whole world because it is not only Africa that has a bad record about the financial system.. 

At present, the limitations of human resources are still a challenge to make P2P transactions can be done in daily life especially in African regions which have not been evenly distributed in the education, health, and living systems..

How can blockchain technology will magically change a broken economic situation, the idea of using blockchain is to have a permanent record and if that is run by a private firm then they can always change those logs, the only advantage you get is if they run the blockchain on top of bitcoin so that no one can manipulate them.

If you are looking for a free global trade then bitcoin is the perfect solution for anyone that is distancing themselves from the banking sector but it is not a solution to revive a broken financial system.

African peer-to-peer transaction are now at $12 million per week. (https://www.usefultulips.org/combined_Sub%20Saharan%20Africa_Page.html)

There needs to be easier ways in which people can actually make peer-to-peer transactions to buy ALL goods and services in everyday life in order for it be THE solution.

If bitcoin could be the way on how their economy could be fixed, they're free to do so, I believe Africans already have access to a wide variety of technology including internet and mobile phones, if that so, it will be easy for them to adapt to cryptocurrency and bitcoin as well. Though, I do have a similar perception that they shouldn't disregard their government. Maybe, to first establish a good connection between the people and the government because, for me, there will be a big conflict with the government knowing that bitcoin is decentralized.

Just like what we have here in the Philippines, bitcoin and other crypto serves as alternate currency, not replacing our fiat so people have a wide variety of option to transact.

Africa has some much potential but so less is used. Countries like Rwanda, Kenya, Nigeria or South Africa are on a good way, but the rest need to step up their game. A solution to fight corruption could be lying in cryptos and the use of blockchain technology to track the funds they get from foreign nations. That should ensure that they really end up for the benefits of the people and not in the pockets some politicians

Africa should prioritize first their economy so that they will have long term improvement, that's the reason why their community experiences poverty. As our technology is really advancing and other countries are developing, the African government should make his way on how they can cope with the economic trend.

Blockchain technology can really help their economy once they allow people to implement it in every transaction that they perform. People should know how to give importance and become brave enough to explore the benefits and advantages of solving this issue related to bitcoin and blockchain technology.

Africa is one of the most exploited areas in the world. This led its people to poverty. Poverty equates to lack of education, poor sources of income, malnutrition and so on and so on. If Africa would prioritize a technologically advanced mode of monetary exchange or making cryptocurrency as their national currency, wouldn’t the first question be, How? Solutions have to be inclusive. Yes, there are areas in Africa that are technologically capable and it can work in their country, but what about those who are not capable? Are we suggesting that this idea would close doors to the incapable and only cater to those who have the means? But does this also mean that capable countries stop in order to let the incapable keep up? No. What we need are inclusive solutions and I think bitcoins are not the solution to everything. It might be a solution for those who are capable, financially, technologically etc. etc.   

First, Africa is barely getting by day-by-day. They only have enough for food and a little clothing. Their priority is to put food on the table and not to spend so much money on a phone or a table in order to use it to buy and sell their needs. They would instantly think “If I had that much money to buy a new phone, then why not spend it on food, education, clothing and rent?” They don’t need cryptocurrency to reestablish their economy. They need better work opportunities by maximizing their local natural resources and being able to trade them within their region or even better, outside.

Second, when using bitcoins or cryptocurrency in their everyday life, wouldn’t this expose them to the threats of piracy leading it’s people vulnerable. Let alone the possibility of terrorist attacks when they are able to use cryptocurrencies to buy illegal weapons.

Third, this could open doors to a more creative way to do business online. Being creative could mean both good and bad. By good would mean they could use the advancement of the technology to promote their products online, for a wider range of markets and do legal business across the globe. This is good because this provides Africa the needed proportion and trust of the people that, hey, it’s safe and good to do business in Africa. However, there is a bad way to do business creatively. As we all know, there is a compelling rise in the exchange of online pornography, mostly children. We have to have an open mind of the possibilities of the business for each individual who has access to this kind of technology. I am not saying that it is online prevalent in Africa because there are cases like this in Europe, Australia and Asia. What I am saying is, let us not open more doors to this kind of possibility. There are cases when the child’s own parents trade their children online for a certain amount and this could happen. Africa is just more vulnerable because they are not equipped with the proper knowledge regarding these matters.

To be able to fix Africa’s broken financial system, it has to start with it’s government, corrupt officials lead to a deteriorating nation. Corruption is one of the root causes of poverty, poor education , malnourishment, abuse and other domestic problems. 

Bitcoin and cryptocurrencies will help Africa in lots of ways, especially in countries where their currencies are a disappointment. Apart from that, cross-border payment is making a lot of African's to adopt cryptocurrency.

Ever since Bitcoin was created it has really helped a lot of people when it comes to sending money home or something like that, they can send huge amount amount of money to anyone anywhere easily in just few minutes and the fee they have to pay for it is way less than what they are required to pay when making use of bank's offered services. Cryptocurrency can go a long way in Africa to even help the unbanked, and it will as well help to improve things there.

Help in South Africa incoming

https://coingeek.com/ankerpay-co-founder-popular-demand-prompts-bsv-listing-on-digital-wallet/

Low fees, stable original BitCoin

As mentioned in an earlier reply, Africa's infrastructure needs to be capable of making the usage of Bitcoin (or any other cryptocurrency) possible. The countries where it is actually possible are not in that much of a crisis. Africa mainly needs cash help right now, Bitcoin can't do much to help until there's internet connectivity everywhere - and we know that internet isn't a priority problem.

I'm not too sure...
btw, Africa is a continent and not all countries in the African continent are in poor condition and have a bad financial condition. we all know that technology equality is not evenly distributed so I feel Bitcoin won't be able to help the country's finances in a poor country on the African continent, there are still many cities that don't have internet.

There is a current project that is supported by binance which is the ZASH. I have read its thread and its a digital currency in Zimbabwe, we are very skeptical about all these but if this project is real and are distributed just freely to all of the people there in the country, they might just have something to work on for their economy.  Not sure about the project but you might be interested to check out https://bitcointalksearch.org/topic/ann-zimbocash-the-first-on-the-ground-cryptocurrency-network-for-a-nation-5251759

That's true but frankly speaking, whatever solution that bitcoin or blockchain technology has to fix in Africa it will not be possible until these two fundamental problems are taken care of. Frequent power cut-offs and poor internet connection. I know a whole lot of African friends that complain about these issues and once these are not taken care of bitcoin and blockchain technology can not fulfill its purpose in those lands.

The report is accurate because we're already seeing a strong market turn up for cryptocurrency across african countries. Cryptocurrency will go a lot way in restructuring the financial sector across the continent because Africa is non for having quite a really centralized driven financial sector where lots of bodies hides behind to loot funds as well rip off the financial assets of the masses. I believe cryptocurrency will be fully adopted by everyone in Africa if we can see to the volatility issues affecting cryptocurrencies

Maybe, but who will start using bitcoin for this purpose? Who will take all the responsibility

I think they should rephrase it and put that it will be good for global adoption after all it is no longer Africa alone that is experiencing inflation and economic problem, and as for traditional financial system, it is not a problem from where I come from, we have enough traditional banks around to serve our financial needs,
Although the adoption of a digital currency won't be a bad idea but I don't think it will be btc because of it's high volatility, if they want to solve the financial problem they should use a more stable coin for a digital currency.

Many question for Op on this. Bitcoin is not geographically based and so not specific to help any particular people. The price or value of bitcoin is bigger than any other country. So how can it be only Africa that it will help should be the question Op should answer.

Lol, yeah right...the US is in trouble, it might fall in a pit and stab itself on the bones of all the African countries that died there...

Do you know what's the difference between the US and Zimbabwe?
During the crisis Zimbabweans used US dollars, nobody in the US is using Zimbabwean dollars!

But let's forget Zimbabwe:
In Nigeria, naira wealth doesn’t always mean you can get dollars

Yeah, the dollar is going down the drain, you just have to wait so the other currencies that are currently clogging the toilet to be washed down.


Everyone wants a quick fix, that's the whole thing.
Implementing programs, trying to create an infrastructure, healthcare, education, this takes time and effort.
Switching to Bitcoin seems the easy way around, get money while....waiting. Perfect!!!!!

The government has to support crypto and bitcoin as it's their chance to improve their financial system.

There are remittances in the country but they are charging a lot, so it's not good for long term purposes and it will not help people to improve their lives.
With bitcoin, transaction can be sent instantly at a cheaper transaction fee compared to the traditional remittance center.

I'm happy to see the unbank being serve by bitcoin as this represents how important bitcoin or the decentralized system in a country where their banking is a huge problem. A success of Africa would given an open eyes on some countries where are belong to the underdeveloped countries.

They are wrong if they think that Bitcoin is a solution to their long-time battle.
One thing that could help them is to develop a livelihood program that the government is willing to support. Looking at their situation, for sure a few of them will have the capability of having internet access which is the only to have Bitcoin with them. And if we talk about crypto adoption, it was so sorry because the majority of them will just ignore it and in the first place that they don't have knowledge about this.

Make it available in the market as well...But ain't a funny thing.

There is a general misconception that Africa is the biggest financial problem area in the world and that Crypto currencies would be the saving grace for all of their problems. Who is currently printing endless money to try and safe their economy from a inevitable collapse? … I will tell you... the USA.

When Zimbabwe did the same, everyone laughed at them.. now the USA are doing it and nobody are saying a thing.  (Apart from a few Donald Trump haters) 

Crypto currencies are not immune to government and private sector corruption and misuse of taxpayers money. In Zimbabwe (Africa) President Robert Mugabe were removed and now they are still in the same situation, than when Mugabe were ruling the country. Crypto currencies might make government transactions more transparent, but it will not stop corruption... the corrupt will just use other methods to steal and plunder. 

Here you go:

2013:
Bitcoin Crypto-currency and the opportunity for a truly Pan-Africa money revolution

2014:
Why Bitcoin Matters for Africa

2015:
Breaking the bank: Bitcoins hit Africa's money transfer traditions

2016:
Why Bitcoin Will Beat Mobile Payment To Its Game In Africa

2017:
Cryptocurrency is the great African opportunity

2018:
Africa and its Antiquated Banking: Bitcoin The Solution?

2019:
Blockchain and crypto take root in Africa

2020:
Crypto in Africa: A coming money revolution?

3021:
With the Hibkandu revolution gaining traction, as interplanetary trade dwindles bitcoin is the solution for Africa

Why very negative though, yes that continent has been taken advantage by a lot of Western countries ever since but I think it still have the chance to recover. If government will really turn and will make a big effort to transform their country. It might take time though, but at least if will be a good start.


It will really be a big push for the continent if bitcoin will prosper and grow. Not just bitcoin but blockchain technology itself. Maybe there could be some entity from the outside like Jack or exchange such as Luno who will lead the way.

I don't know how Europeans and Americans look at Africa, but in my way of looking at Africa Is that in Africa we have a big problem of exaggerated greed. As everyone knows, Africa was colonized by Europeans and the liberating movements became political parties and implemented a system of disguised democracy. The liberation movements that have become political parties control everything that exists in the country. all companies and the government became the property of the liberating movement that became a political party. there is no freedom of expression, to be the investor it is necessary to partner with the political movement that has become a political party


the lack of education of most people and the brainwashing they do in most people makes them choose leaders who do not have the courage to make a big revolution towards development and true freedom


I agree

It's already a big thing, it's not just an idea that it could be big. There've been successful crypto projects implemented in Africa, and I believe there was a whole documentary about Bitcoin in Africa. With many people not used to banks there, it indeed seems a natural place for Bitcoin growth (especially since they barely have civilization at some places but seem to have smartphones and Internet connection). However, some may be reluctant to use Bitcoin due to the lack of trust in any financial system, low level of acceptance from retailers and high volatility. So while there are many bullish articles and some success stories, it seems to me that the level of adoption is still way beyond what could be expected from this region.

It wasn't intent for tomorrow but of course sooner in time.
There are some thing that must be consider about this post and that is how will Bitcoin Help africa but not Bitcoin will Build Africa.

Infrastructure is Governments obligation so why need to be connected in Bitcoin?
and besides this is just the Beginning and more is yet to come.

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The issue about tribes does not also include in problem because they Crypto is electronic
 and internet based nothing to be in physical.

One step forward for now,and the domino effect will surely follow because Bitcoin can help each economy if they will allow this to happen.

I think it's really important to look at some other basic development indicators first. Those prevalent for decades. Education, perhaps, for one. So people can get decent skills and decent work and bring back those skills to their communities. Better health too so they can live better, live longer, and not face risk of debilitation from simple diseases.

These are the systemic things that need to be addressed first.

It's a solution to the financial system, but I don't think it can help it's overall situation right now. It may be able to, but the effects would be quite minimal. Africa has a poor economy yes, banking issues, but really, it's mainly because the government doesn't give a damn about them. See, most of the problems they have right now would most probably be fixed if and only if the government actually tried to help the country prosper and grow, but it doesn't Sure, BTC may help the families in Africa, may help the economy flow better, but in the end, their own country wouldn't really develop much due to the fact that the government has left it behind.
True, without any prior development, Africa can't really just adopt the system of BTC to their financial system. Not to mention that the government needs to move themselves to adopt it, when in the first place, it can be said that it was the government that put Africa to where it is right now.

Africa needs a big help in terms of financial if I am not mistaken they are one of the modest countries, the adoption of bitcoin would be a great idea for them but I don't think that it would be easy for them to adopt this kind of currency if you mean that bitcoin as a standard currency or by just using bitcoin, both things are hard to implement, especially if the first one that they are going to make the bitcoin as their standard currency, implementing that kind of things is not yet existing even for those first world country.
Well said, before the help of other people or other countries, you should help first yourselves, make something to change your life and one thing that could be your source is knowledge. Be knowledgeable in every aspect makes you a great person and can lead to a good country.

Yep, clean water, food for the family at least 3x a day should be the priority of the first by Africans.

And then there is corruption, which is really hard to eradicate for a continent like Africa. And then we should see the the ground work should be there as well, like I said, the internet. But it is funny though that the penetration of smart phones in Africa is growing with Nigeria and Ethiopia leading the way.

So it will be interesting how this data set will become relevant in the next 5 years if we are talking about Africa's broken monetary system.

https://www.gsma.com/mobileeconomy/sub-saharan-africa/

Every country have their own problem with their financial system but of course they will not admit that one. Africa is a big continent that is compose of many countries, and most of them really suffering financially and maybe bitcoin can really help them if they want to adopt it. We also have to consider that most of the country don't have a stable internet connection which is important to use bitcoin, so I believe if they also improve their technology Africans can full enjoy the benefits of bitcoin and lift their country up, bitcoin will not leave anyone behind especially to those who will adopt it.

Not just Africa even first country's like US is suffering from a financial crisis because of its Fiat system that's is fundamentally flawed and corrupt through continues liquid injection.
Bitcoin is created to correct these system and show what a true currency and asset truly is.

I think that although theoretically Africa would be a good place to start crypto adoption, there will be a major issue there... lack of technological infrastructure... lack of electrical power, lack of network, etc, etc... people are just trying to survive in a lot of places, so giving them phones, network, electrical power and knowledge to work with all those tools seems hard....

Actually i read an article and said that Africa could be the next frontier for cryptocurrency
as governments are not now regulating cryptocurrency that's maybe the only factor that keeping crypto from spreading in the continent fearing a collapse of the banking system and many who are suffering from poverty and those who live in politically unstable regions can be attracted to cryptocurrency

Its unbelievable how badly the economic situation in these underdeveloped countries is, but I doubt bitcoin solving these issues, besides those governments are yet to accept the cryptocurrency system

It was already told before many times. It can help less developed countries, i hope it will.
One thing is crucial and can help anyone in any country.
If goverment of your country decide to take ur money (from bank accounts or pull massive inflation to decrease value of your money or country currency buying power going fast to 0) you have now way out... Bitcoin.
You can store value of your savings that is not controlled by anyone, that is huge.

Seeing how technologically-behind Africa is, I don't see bitcoin being a solution to their current woes on their financial system. This has been discussed a lot of times and I still can't see the reason why people believe that bitcoin is the magical money Africa is waiting to be blessed with. For starters, similar services were launched in Africa on the years of 2013-2016 but none of them seem to have improved what Africa's condition is. Some may argue that M-pesa basically was the testing app that people based their conclusions with, and proved that the African market can be penetrated with mobile money tech, but that in itself does not even see quite a success knowing that a lot of the un-banked people in Africa is still struggling to get a handheld device capable of accessing the internet and installing apps that are needed to use bitcoin or any other mobile money transferring/receiving apps.

This is totally true, the problems Africa has right now is a mix between poverty, corruption and warfare... if they got access to bitcoin maybe people were trying to fix the poverty, but corruption and warfare will not let the problem gets fixed.

Give them more access to bitcoin and corruption will grow up faster.

I believe this can be a solution. The situation there is getting worse by the day. Poverty is on the rise. Africa is in dire straits now. Bitcoin can be a solution now. To my knowledge, many people in Africa now know about Bitcoin. Working and earning income from there, But in order to do something like that, first of all their government has to think about this issue.

I'm sorry but no. This has been discussed several times already. I remember a project Vitalik supported back in 2016 (yes I joined it too) and that was the first project I'd heard of talking about the unbankable. They ended up doing a first project to supply these unbankables with smartphones capable of face verification.

Africa is fertile for innovation, and these have already happened with Mpesa and the like -- more will displace these, but Bitcoin is not going to solve the system. Not when the majority of them don't even have the means to access Bitcoin (talking about internet plus device).

Maybe you want to say blockchain technology. It is true that Africa have large amount of individual that remain unbanked. However, massive adoption of the use of bitcoin will not solve the problem of this poor people because they are mostly illiterate and that is reason why many of them dont use bank in the first instance. An average market woman in Africa prefer to put her money at home and not in the bank.
However, adoption of blockchain technology in financial institutions and other agencies will solve many problem. For instance the use of the technology in population censors will reduce of data alterations and also financial fraud will be minimal in bank. Election in Africa is always full of blood birth due to data alterations and massive rigging. Introducing blockchain technology will solve many of above mentioned challenges

Before they talk about using cryptocurrency, there are lots of things they should work on first. There are countries where there are large areas with no electricity and stable internet connection. This is just a tip of the iceberg, and there are still a lot more of things they have to work on.

Another thing is, I know that cryptocurrency and Bitcoin is good. But I am still yet to understand how it’s going to change their situation overnight and make things better. Bitcoin is not a free money as some would say, and you wouldn’t get rich overnight because you’re making use of Bitcoin. I think for a country to be in a bad condition still has something to do with the government. All these African countries are being ruled by corrupt leaders who don’t want their countries to grow. They don’t invest in their countries and would rather invest in foreign countries. Those are the people that are meant to be tackled.

I don't think BTC will be solution for African Governments, but to African people.

Small investors could just buy bitcoin to stay away from country's inflation problem, for example.


In local exchanges, ofc.
Just buy bitcoin from localbitcoin, from local exchange with the local fiat and so on. There are certainly many people with bitcoin in africa who are willing to sell them in exchanges.

Well, on my own, the change was a big help when the African nation began to accept and use bitcoin and cryptocurrency. Because it can greatly contribute to the financial problems facing their country because they have to start how to solve this problem that their country faces. And cryptocurrency can be the solution to solve their problem if they use and accept bitcoin for their transactions. Indeed, it is actually safer to use bitcoin in transactions than fiat currency but this is not a solution to their problem.

No place is beyond help.  Everywhere can improve if the people work hard enough at it.  I am reminded of a quote from Andreas Antonopoulos that speaks well to this topic " “Does that mean that Bitcoin will always be the de facto Money of the Internet?” he asked. “No. What is special about Bitcoin is that it represents the open blockchain. […]  It connects the vast number of underbanked, unbanked people around the world; some 4 billion people who could become connected through a simple Android phone or even a simple Nokia text messaging phone to the global financial network.”

No, I live there, and the thing is that, at least the country where I live, outages and undeveloped land isn't the biggest problem stopping bitcoin adoption (I just came back from a power outage for that matter). The biggest problem is that people here are so accustomed to collecting dollars as a safe value because they don't have the technical competence to understand how to use bitcoin! Or any cryptocurrency for that matter.

It's different from using some bank app because learning how to use that is easy (and there are quite a few banks here), you just need to learn deposit and withdrawal functions. To learn how to use a bitcoin wallet, you need to learn how transactions work, how confirmations and blocks work, what transaction fees (tax) you have to pay, how the seed phrase works so you don't lose all your money by accident, say by breaking your phone, because nobody can help you recover lost bitcoins. By contrast you can recover deposited money if it somehow gets lost while it's there by calling your bank and explaining them the situation.

People here are not technologically proficient because they weren't exposed to as much technology as other parts of the world.

I think Africa is beyond help. I am an Egyptian and I live in Egypt and I can tell that few countries here can use a help. Most of Africa's countries want something more sophisticated than just help. We Africans must help ourselves first. It is a very rich continent but all of its treasures are wasted away. Leonardo DiCaprio's Blood Diamond was a good example. So early for blockchain here.

Except for South Africa

Bitcoin is not a solution to everything. I have a strong relationship with Africa as my Uncle used to live in Uganda for his job and visited at least 7 countries in Africa.

Africa is suffering from almost every aspect. Be it poor governance, lack of security, draught, human induced famine, terrorism, internal war, dictatorship of leaders - everything you can think of. Africa sits on the richest natural deposits of all sorts. It's the government which needs to be eradicated from the root from almost all countries of Central and North Africa.

People are outside the reach of the Bank because there's no way around. Bitcoin can help only a little. But the financial problem is deeply rooted within their government who are busy to mint money and don't pass the benefits towards their citizen.

Coming out from primitive mentality of the government may help them, not bitcoin!

Bitcoin maybe one of the solution, Actually Africa is already using crypto currency in some part. And it's showing positive feedback from the user there since they can buy goods via online. I believe its more efficient if they will used a fresh cryptocurrency dedicated only to used in there country so that the price per coin will not gonna be affected by the market manipulation happening globally.

Source: https://medium.com/zippie/zippie-launches-the-first-mobile-blockchain-solution-for-the-mass-market-in-africa-3f07b3c219a


Answering question above, of course most of the third world country has still land that not developed which has no access on Internet. But don't you generalize africa since the majority of there population was already civilized and actually has a good economy like south africa which Bitcoin/Cryptos might work.

Bitcoin is an alternative to the current financial system in Africa as much as in the whole world. The global fiat system is basically broken.


I definitely agree. First things first. While we cannot treat the entire African continent as if all the countries there are going through the same situation, it is very clear from different sources that poverty is extreme in many African countries. The World Bank has it that "the number of African people living in poverty has increased and global poverty will increasingly become African." In a 2015 data, almost half of its 1 billion population is still living in poverty, on $1.90 per day.^[1]

Perhaps we should start from there, food on the plate, clean water, a roof, and so on and so forth before we could even start talking about cryptocurrency adoption.  

[1] https://www.worldbank.org/en/region/afr/publication/accelerating-poverty-reduction-in-africa-in-five-charts

You mean like making it a national currency? If so, here's the first question: How will locals with no access to foreign currency buy BTC in the first place?

Definitely, there are a lot of unbank people in Africa, according to this report:


But we have to see that Africa should build their infrastructure first to support bitcoin and cryptocurrencies itself. If there are no Internet, even if bitcoin has the potential to be the solution their, it won't prosper. Opportunities are really there, but there are lot a of stumbling blocks as well, like regulations.

A recent report says that being a lack of traditional financial of Africa makes it good for cryptocurrency adoption.

Per the report, cryptocurrencies such as Bitcoin (BTC) can potentially solve all the aforementioned challenges


Source: https://cointelegraph.com/news/bitcoin-may-be-the-solution-to-africas-broken-financial-system/amp

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Do you agree that bitcoin would be a good idea for Africa?for me, adoption of bitcoin from Africa is a good idea, Africa has a big problem in terms of financial, they should do something to overcome those problems, one of the suggested ways is the use of bitcoin which is a really good idea, there are already many countries which are accepting the use of cryptocurrency in some of their transactions, it is way good better for fast and secured transactions compared to fiat currency.