To purchase ADA or any other Crypto one needs to use FIAT. Many countries which are underdeveloped have strict exchange regulations. These include many African countries, India and Sri Lanka. How will Cardano overcome this? I am looking at launching a solution in Sri Lanka to enable people to get into Crypto however with people not being able to send money out of the country this cannot be achieved. Would be interested to discuss this further
@Sanjay I appreciate that you’re pondering about this. Thinking back on Hoskinson’s video about Cardano’s full potential, I understood that there will be first movers, then followers and finally the ones that will be forced to join the ranks of the crypto community if they wish to be relevant in the global market in the future. Maybe it’s worthwhile considering the appearance of CDBCs? These are governed by the country and would eliminate some of the fears associated with public ledgers. With regulated CBDCs governments could forge rules for swapping ADA. They could do this today, but they have no means of controlling cash and would thus have to keep strict taps on the on-ramps. CDBC’s offer up a new era of control in that sense. For this reason the EU rightfully concluded from a survey in the EU that CDBC’s success in Europe will depend on anonymity and privacy. In other countries you can expect CDBCs to be regulated with a different priority in mind. In a nutshell, I think there will always be rules and regulations first before gaining access to ADA. The question in my mind is to what extent that might impede blockchain innovation and adoption in such country and how will this play out in the long term for the country.
I just came across this article which I found very interesting as I think that it may begin to address some of the on and off-ramp challenges.
Thanks for this @Dminfuse . Sorry been away for a while. I need to get in touch with Charles H as there is a big opportunity to get into Sri Lanka. Anyone in the forum who can help?
I don’t have any direct contact info… but I’m sure if it’s a big opportunity it will get pushed through to him if you use the main contact page on his companies website. Or reach out to him on twitter