How do you ensure stable money movement in an unstable region?
A fashion company based out of Sierra Leone is trying to bring the digital currency, Bitcoin, to the sub-Saharan country by accepting payments via payment processor BitPay. The motives behind this move are to ensure remittances to the continent can flow easily and the unbanked find easy access to money quickly and freely. In a country where the national currency is unstable, a great hurdle to cross-border trade, this could be a solution.
While adoption of this concept has been slow in West Africa, South Africa and Kenya have both seen the development of now established Bitcoin economies. The global remittances industry is now worth over $500bn a year, with $60bn alone going to Africa in 2012 due to countries such as Kenya.
Its innovative solutions such as this that may help solve some large scale problems in volatile regions around the world.