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But why are nations racing to put their local currencies on blockchain networks?
Here’s why countries around the globe are making the shift, from New Zealand to Mexico. Let’s see some examples how local currencies are going onchain.
1) New Zealand: 24/7 Crypto Access
New Zealand is known for its stunning landscapes and unique time zones, but it’s also a challenge for businesses looking to trade globally. Because of the time difference, it can be tough to make transactions outside of working hours. A real-time, 24/7 NZD stablecoin solves this problem. Now, businesses like Easy Crypto can trade whenever they want, no matter the time zone.
2) Brazil: Cutting Forex Fees
Brazil has long been walled off from the global financial system. High foreign exchange fees make it expensive for businesses to trade internationally. But with an onchain BRL (Brazilian Real), trading becomes more affordable and efficient. This change paves the way for cheaper and faster international business. This helps businesses break down financial barriers.
3) Turkey: Instant Transactions with BiLira Kripto
The Turkish economy faces its own set of challenges, particularly when it comes to moving Turkish Lira in digital markets. Transactions are slow, and costs can add up. The introduction of the BiLira Kripto (TRYB) stablecoin solves these issues by making settlement instant and 24/7. Now, businesses and individuals can move money quickly and without delays.
To bring the world onchain, we need stablecoins for every country. From New Zealand to Mexico, here’s why countries are coming onchain:
@easycrypto
New Zealand’s timezone makes it hard to do business globally. A real-time, 24/7 NZD stablecoin lets businesses trade whenever… pic.twitter.com/pDSWc0SrVR— Base (@base) March 20, 2025
4) Mexico: Unlocking Financial Access
In Mexico, a significant portion of the population remains underbanked, making remittances essential. However, high fees have made sending money expensive. With the onchain MXN (Mexican Peso), those fees are slashed, and financial access is unlocked for millions. This shift could open up new opportunities for people who have been left on the sidelines.
5) Nigeria: Fast, Affordable Transactions
Nigeria’s financial system is slow, expensive, and lacks liquidity. The ngn coin and cngn stablecoin aim to solve this by offering instant settlement and finality. This change could boost Nigeria’s economy by making digital transactions faster and more affordable.
6) Indonesia: Cutting Remittance Fees
Every year, millions of Indonesians lose a hefty sum—around $720M—due to high remittance fees. The onchain IDR (Indonesian Rupiah) stablecoin helps reduce those fees and speeds up payments, expanding financial access for millions of people.
Conclusion
Bringing local currencies onchain could be the key to creating a truly global economy. With lower fees, faster transactions, and more financial access, the world could be well on its way to a future where everyone, everywhere, can participate in the digital economy
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers, and their risk tolerance may differ from yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
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