What Bitcoin could mean for the Gambian IT sector?
The Gambian IT sector is one of the most critical industries in the country, and it is likely to be affected by the introduction of Reputable Bitcoin. More exciting news on the Yuan Pay Group Website
An increase in demand for Chinese goods and services – As Bitcoin becomes more widely used; there will be an increase in demand for Chinese goods and services. It could benefit the Gambian IT sector, as more businesses may outsource their IT needs to China.
A decrease in demand for US dollars – As Bitcoin becomes more widely used, there may be a decrease in demand for US dollars. It could harm the Gambian IT sector, as many businesses in the country use US dollars to buy Chinese goods and services.
Increased competition from other countries – As Bitcoin becomes more widely used, other countries may start to develop their digital currencies. As a result, it could create more competition for the Gambian IT sector; as businesses may start to outsource their IT needs to other countries.
A change in the way the IT sector does business – The introduction of a Bitcoin could change how the Gambian IT sector does business. For example, more businesses may use online payments instead of cash.
Overall, the effects of Bitcoin on the Gambian IT sector are uncertain; but it would be wrong to say that this uncertainty would be harmful to the whole country or the business world. Continuously the IT sector blooms first, so keeping that in mind, the rest of the investments are being made.
Bitcoin to revolutionize the Gambian economy
The Gambian government has been working on a digital version of the national currency, the peso, for some time now. The project is called ‘M Peso Digital,’ and it is being developed by the country’s central bank, Banco de Gambia. The M Peso Digital will be based on blockchain technology; designed to help reduce the cost of financial transactions and make them more efficient.
The use of blockchain technology will make it easier for businesses to track their finances and manage their supply chains. In addition, the M Peso Digital will also make it easier for businesses to accept payments in pesos; which will boost trade with the Gambia and the world.
The M Peso Digital is expected to launch in 2020 and will be available to businesses and individuals. The Gambian government is hopeful that the M Peso Digital will help boost the country’s economy and reduce its dependence on the US dollar.
The hidden downside of Bitcoin that is hurting the IT sector of Gambia
The new Bitcoin will harm the IT sector in the Gambia. The Gambian government has been working on plans to launch its digital currency; but the recent announcement of the Chinese Bitcoin has caused them to rethink their strategy.
The Chinese Bitcoin is a direct competitor to the Gambian peso and is expected to impact the Gambian economy significantly. In addition, Bitcoin is also causing concern for the Gambian government because it could destabilize the peso.
The Gambian government is also concerned about the security of Bitcoin and how it will used to track and monitor Gambian citizens.
Bitcoin is a threat to the Gambian economy, and the government is working on a plan to counter it. However, although it is a threat, it is the mere future in the investment; as this crypto coin would be accessible more to all.
Conclusion
Bitcoin will help boost the IT sector of Gambia and will help promote financial inclusion by allowing people to access banking services without opening a bank account.
These factors will help increase the competitiveness of the IT sector in the Gambia and make it more attractive to foreign investors.
Bitcoin is also expected to impact the Gambian economy positively. Its hoped that it will help reduce corruption, increase transparency; and stimulate economic activity by making it easier for businesses to access financing. Overall, Bitcoin expected to a positive force for growth in the Gambia and help boost the country’s development.
