Brock Pierce, chairman of the Bitcoin Foundation, says there is a huge interest in digital currencies in the developing world. AFP
Brock Pierce, chairman of the Bitcoin Foundation, says there is a huge interest in digital currencies in the developing world. AFP
Brock Pierce, chairman of the Bitcoin Foundation, says there is a huge interest in digital currencies in the developing world. AFP
Brock Pierce, chairman of the Bitcoin Foundation, says there is a huge interest in digital currencies in the developing world. AFP

Crypto can drive financial inclusion in developing countries, experts say


Alkesh Sharma
  • English
  • Arabic

Cryptocurrencies can help developing economies bridge the digital divide and boost financial inclusion, billionaire blockchain technology pioneer Brock Pierce said.

Citing El Salvador, which became the first economy to adopt Bitcoin as a legal tender last month, Mr Pierce said more than half the Central American nation's population downloaded the Bitcoin Wallet in a month.

“Results are unbelievable … they managed to achieve what was my highest expectation. The data shows the courageous move has worked … the latest technologies or innovations can address the global problem of under- or unbanked population,” Mr Pierce told a panel at a future-of-finance event hosted by the Middle East Futures forum this week.

“The level of interest in digital currencies in the developing world is unbelievable … how can you expect prosperity if you don’t have the essential financial tools? El Salvador has proved that this idea works to create financial inclusion,” he added.

Globally, about 1.7 billion adults remain unbanked with no account at a financial institution or through a mobile money provider, a World Bank report released in 2017 showed.

Nearly half of them live in seven developing economies — Bangladesh, China, India, Indonesia, Mexico, Nigeria and Pakistan — and almost 56 per cent of all unbanked adults are women.

However, financial access rates have increased since 2011, when the Bank Group began documenting them through the Global Findex database.

The share of adults who own a bank account rose globally from 51 per cent in 2011 to 69 per cent in 2017 — an additional 515 million people, World Bank data show.

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To attract people to digital currencies, the Salvadoran government offered citizens $30 worth of free Bitcoin if they downloaded the crypto wallet.

Mr Pierce said El Salvador’s move could face some initial hurdles including technological glitches, protests and less funding from agencies like the World Bank or the International Monetary Fund.

But it will attract new foreign direct investment worth billions of dollars to El Salvador, where more than 70 per cent of people are either unbanked or underbanked, he said.

“El Salvador does not get much money from the World Bank and IMF as compared to the other countries … I think they were expecting $1.3 billion this year in the form of debt.”

“But their recent action is astounding … very entrepreneurial, and it will attract FDIs that will create sustainable streams of revenue in the longer run,” he added.

Mr Pierce, who ran as an independent candidate for the US presidency last year, is chairman of the Bitcoin Foundation and co-founder of EOS Alliance, Block.one, Blockchain Capital, Tether and Mastercoin, and is credited with establishing marketplaces for digital currency.

“This [blockchain and digital currency] technology works in an environment where most people are unbanked or they don’t have access to their capital as in the case of Lebanon,” Ali El Husseini, chief executive of Medici Land Governance, told the panel.

People take pictures as illuminated drones form figures inspired by the Bitcoin logo at a reception hosted by billionaire Brock Pierce on the first day of Bitcoin's implementation as a currency in El Salvador on September 7. AFP
People take pictures as illuminated drones form figures inspired by the Bitcoin logo at a reception hosted by billionaire Brock Pierce on the first day of Bitcoin's implementation as a currency in El Salvador on September 7. AFP

“We have figured out that this is something revolutionary … makes things easier and will allow people to do things differently. It is really something that every country should adopt,” Mr El Husseini said.

Central banks around the world have been reluctant to endorse cryptocurrencies because of their speculative nature, lack of value and regulatory oversight.

The Central Bank of the UAE does not recognise cryptocurrencies as a legal tender.

Last month, China, the world’s second-largest economy, vowed to root out “illegal” activity in the trading of Bitcoin and other virtual currencies, as it renewed its tough talk on cryptocurrencies.

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

The specs

Engine: 2.0-litre 4-cylturbo

Transmission: seven-speed DSG automatic

Power: 242bhp

Torque: 370Nm

Price: Dh136,814

Like a Fading Shadow

Antonio Muñoz Molina

Translated from the Spanish by Camilo A. Ramirez

Tuskar Rock Press (pp. 310)

MATCH INFO

Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium, Malayisa
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD

* Second leg in Australia on October 10

Roger Federer's record at Wimbledon

Roger Federer's record at Wimbledon

1999 - 1st round

2000 - 1st round

2001 - Quarter-finalist

2002 - 1st round

2003 - Winner

2004 - Winner

2005 - Winner

2006 - Winner

2007 - Winner

2008 - Finalist

2009 - Winner

2010 - Quarter-finalist

2011 - Quarter-finalist

2012 - Winner

2013 - 2nd round

2014 - Finalist

2015 - Finalist

2016 - Semi-finalist

Roll of honour

Who has won what so far in the West Asia Premiership season?

Western Clubs Champions League - Winners: Abu Dhabi Harlequins; Runners up: Bahrain

Dubai Rugby Sevens - Winners: Dubai Exiles; Runners up: Jebel Ali Dragons

West Asia Premiership - Winners: Jebel Ali Dragons; Runners up: Abu Dhabi Harlequins

UAE Premiership Cup - Winners: Abu Dhabi Harlequins; Runners up: Dubai Exiles

West Asia Cup - Winners: Bahrain; Runners up: Dubai Exiles

West Asia Trophy - Winners: Dubai Hurricanes; Runners up: DSC Eagles

Final West Asia Premiership standings - 1. Jebel Ali Dragons; 2. Abu Dhabi Harlequins; 3. Bahrain; 4. Dubai Exiles; 5. Dubai Hurricanes; 6. DSC Eagles; 7. Abu Dhabi Saracens

Fixture (UAE Premiership final) - Friday, April 13, Al Ain – Dubai Exiles v Abu Dhabi Harlequins

UAE currency: the story behind the money in your pockets
Pakistanis%20at%20the%20ILT20%20
%3Cp%3EThe%20new%20UAE%20league%20has%20been%20boosted%20this%20season%20by%20the%20arrival%20of%20five%20Pakistanis%2C%20who%20were%20not%20released%20to%20play%20last%20year.%20%0D%3Cbr%3E%0D%0D%0D%3Cbr%3E%3Cstrong%3EShaheen%20Afridi%20(Desert%20Vipers)%20%3C%2Fstrong%3E%0D%3Cbr%3ESet%20for%20at%20least%20four%20matches%2C%20having%20arrived%20from%20New%20Zealand%20where%20he%20captained%20Pakistan%20in%20a%20series%20loss.%20%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EShadab%20Khan%20(Desert%20Vipers)%20%3C%2Fstrong%3E%0D%3Cbr%3E%0DThe%20leg-spin%20bowling%20allrounder%20missed%20the%20tour%20of%20New%20Zealand%20after%20injuring%20an%20ankle%20when%20stepping%20on%20a%20ball.%20%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAzam%20Khan%20(Desert%20Vipers)%20%3C%2Fstrong%3E%0D%3Cbr%3EPowerhouse%20wicketkeeper%20played%20three%20games%20for%20Pakistan%20on%20tour%20in%20New%20Zealand.%20He%20was%20the%20first%20Pakistani%20recruited%20to%20the%20ILT20.%20%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMohammed%20Amir%20(Desert%20Vipers)%20%3C%2Fstrong%3E%0D%3Cbr%3EHas%20made%20himself%20unavailable%20for%20national%20duty%2C%20meaning%20he%20will%20be%20available%20for%20the%20entire%20ILT20%20campaign.%20%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EImad%20Wasim%20(Abu%20Dhabi%20Knight%20Riders)%20%3C%2Fstrong%3E%0D%3Cbr%3EThe%20left-handed%20allrounder%2C%2035%2C%20retired%20from%20international%20cricket%20in%20November%20and%20was%20subsequently%20recruited%20by%20the%20Knight%20Riders.%26nbsp%3B%3C%2Fp%3E%0A
The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

So what is Spicy Chickenjoy?

Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
 

The Ashes

Results
First Test, Brisbane: Australia won by 10 wickets
Second Test, Adelaide: Australia won by 120 runs
Third Test, Perth: Australia won by an innings and 41 runs
Fourth Test: Melbourne: Drawn
Fifth Test: Australia won by an innings and 123 runs

Updated: July 30, 2025, 9:10 AM