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Cryptocurrencies: Developing countries provide fertile ground

By Jonathan Wheatley and Adrienne Klasa
Financial Times·
13 mins to read

Sometimes dismissed as a fad in advanced economies, crypto holds more appeal in countries with a history of financial instability.

In Lagos, Nigeria's commercial capital, a software coder bills her client in London and is paid in bitcoin, sidestepping a costly banking system and the naira currency's miserly official exchange rate. In São Paulo, Brazil, a dentist puts his monthly savings into an exchange traded fund investing in a basket of cryptocurrencies that is the second most popular ETF on

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