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Ethereum, the third virtual currency by market capitalization, has been widely used in different parts of the world. The most successful implementation of this digital currency has been observed in developing countries such as Chile and the Philippines, according to Ethereum co-founder Joseph Lubin.
Chile embraces the new Fintech
Cryptocurrency in Chile has done a great job this year, with over 5,000 sellers accepting it as a payment method. The digital currency operation was
legalized from the court in the country in July 2018, allowing them to move freely. Furthermore, it has improved the use of blockchain technology in various ways across the country.
According to Lubin, Ethereum is the right choice for Chile due to its ability to reduce inflation in the country. Ethereum's blockchain allows you to monitor data while providing an adequate level of security, traceability, security and information integrity.
Ethereum application in the Philippines
The Philippines also made a lucky attempt to improve the banking sphere in the country with the help of the Ethereum blockchain. The idea is to adopt Ethereum in banking structures for the rural population. Justo Ortiz, president of a major Chilean bank, comments that fintech will help to include every citizen in the financial policies of the country.
Ethereum has been applied to many incentives coined by the Philippine authorities. One of these was related to the cleanliness of the country
polluted beaches. People were given a reward in the Ethereum coins for their help. The project was conducted at
Association with Consensys Impact and Bounties Network, motivating the inhabitants of the countryside to use cryptography.
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