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Digital and Virtual Currencies for Sustainable Development

Despite operating inefficiencies and security concerns, digital currencies are becoming a popular method of payment around the world. Digital currencies are not only the domain of developed nations. They also offer opportunities for developing countries pursuing sustainable development. Digital currency can allow for cheaper and more efficient money transfers, thereby alleviating global remittance costs. In addition, digital currency can foster favorable conditions for e-commerce, promote entrepreneurship, and facilitate small-scale international trade. With the spread of mobile banking technology, digital currencies may also, by lowering the costs of money transfers, contribute towards greater financial inclusion. As digital currencies gain traction throughout developed and developing nations alike, it will be a government imperative to explore how best to take advantage of their development.

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