There are many articles out there about how crypto-currencies will potentially change or at least impact the lives of many people living in developing countries. But the reality is that it’s already happening. In countries affected with rampant corruption, and economic uncertainty, crypto-currencies have given people their own monetary system which they solely control, without the interference of governments or financial institutions.

One example of crypto-currency use in these circumstances can be seen in a video posted by a user on Reddit, in which he buys cheese and milk with crypto-currencies. He explains on the comment section that, crypto — short for crypto-currencies — is getting bigger in Venezuela. The user also expresses that crypto provides a financial safety net for him and his family.

Reddit user in the process of buying milk and cheese with cryptocurrencies.

In another instance, Bancor — a blockchain protocol that allows users to trade between different tokens directly — is being tested in Kenya, in which some communities had to supplement their national currency system with Sarafu-Credit — a currency system based on paper notes — as means to improve their living conditions.

An expired 50 Bangla-Pesa note

In Bancor digitizing Sarafu-Credit into tokens, it makes it easier for communities to exchange the different types of paper notes that vary depending the community. Not only can they use this technology as a means of exchange but they can also use it as a store of value, which opens up a window of opportunities for these individuals.