For a country to develop, economic growth is paramount. However, the rate of economic growth worldwide is very imbalanced. Developed countries like China have recorded above 5% GDP growth rate in 2020. Contrary to that, South Sudan, an underdeveloped country, records -10% GDP annually. This economic imbalance has brought down several markets worldwide, hence delaying the development of countries globally.
Furthermore, currency fluctuations, inflation, and poverty greatly influence slow market growth. Fortunately, the introduction of blockchain systems resolves the issues facing the modern-day market. However, most countries trading cryptocurrencies are first world countries, and blockchain platforms are very unpopular in several nations.
Knox World Pay is the first blockchain platform to avail financial services to all types of economies, advanced and underdeveloped. The system is an invention from Apollo currency, the fastest cryptocurrency in the blockchain market.
Moreover, Knox World Pay is a mobile-based platform, targeting the 5 billion people worldwide who own mobile phones. The platform is the first and only blockchain-based system that ignites the possibility for mass adoption of blockchain.
How Knox World Pay is Developing Economies
Creating Employment Opportunities
Unemployment is one of the issues preventing development in markets worldwide. Countries in the Sub Saharan region have deeply poverty-stricken areas. Lack of jobs translates to little or no income, which in a nutshell, leads to poverty.
Knox World Pay has a worldwide agent network that was founded to assist traders in cryptocurrency exchange. The agency acts like Banking institutions but in a more advanced capacity as agents interact directly with people—agents aid merchants in signing up for cryptocurrency accounts and using those accounts in day to day transactions.
No requirements are needed to sign up to be an agent, so anybody worldwide can be a Knox World Pay agent. Therefore the platform is a source of employment for people in developed countries and locals in marginalized countries.
By creating job opportunities, Knox World Pay massively contributes to economic growth.
Encouraging Entrepreneurship
Industries and businesses thrive where capital is abundant. But for an economy to develop, there is a need for an abundance of industries with several entrepreneurs. To create a stable business, the foundation of an excellent financial system is necessary. Where good banking options are inaccessible, business is on the road to failure.
Knox World Pay platform is the perfect alternative where banking systems have failed. Since the platform is mobile-based, Knox World Pay enables merchants worldwide to send and receive payments via text messages and QR codes. Therefore entrepreneurs can easily make international sales in remote areas with no internet access.
Knox World Pay helps people open up businesses in regions with no banking services, offering them financial services similar to those in first world countries. This achievement is after the development of economies both at local and international levels.
Initiating Use of Cryptocurrencies in Developing Countries
In some third world countries, inflation and corruption have weakened the value of local currencies. The financial imbalance is a norm in such countries; the gap between the rich and the poor widening every day. This imbalance has made markets in developing countries fail to sustain themselves.
Unfortunately, where local currencies have little value, international trade is difficult, if not impossible. Business enterprises have a hard time expanding their business to the global market, eliminating the possibility of an economic uprising.
Cryptocurrency can replace fiat currencies in such situations. The platform’s global agent network and offline transactions facilitate fast and secure international crypto-transactions. A business owner in Venezuela can sell goods to a consumer in Asia and get paid using BTC while completely bypassing the effects of inflation.
Service to Areas With Little Banking Reliability
Financial service availability to an economy is imperative to its development. The reliability and stability of banking systems in a country will determine the rate at which the economy thrives. Generally, financial systems in developed countries are far better than those in third world countries.
The overreliance on banking services and financial institutions has led to stagnant economic growth. Demand for these services keeps growing, and the systems can’t effectively serve everyone. Residents of rural areas in developing countries have to cater to costs such as bus fares to reach their banks. First world countries have districts with few banks encouraging long queues, making it tiresome for people to make transactions.
When most of the country’s population has access to fantastic financial services, the economy eventually develops. Economic growth is inevitable because everyone locally and globally, is financially represented. The platform is fast, user-friendly, and has minimal costs. People can say goodbye to extra expenses such as bus fares, bank account charges, and long tiring queues in banks.
Conclusion
Economic development is key to a nation’s success. For economic growth to occur, capital availability and good nationwide financial services are necessities. Knox World Pay gives users the best cryptocurrency exchange experience, thereby expanding local businesses and providing premium financial services to even secluded parts of the world.
Knox World Pay is the only blockchain platform that has the potential to give financial services worldwide. International economic growth is undisputedly imminent as people can comfortably trade anywhere, anyplace, and anytime thanks to Knox.
