MSV Podcast

Roundtable: "Web3 Adoption in Developing Countries"

September 08, 2023 Morningstar Ventures Season 2 Episode 13
MSV Podcast
Roundtable: "Web3 Adoption in Developing Countries"
Show Notes


Three Key Takeaways from Our Guests:

1. Emerging markets are embracing innovation, given their growing economic nature.

We started the conversation by asking our guests why cryptocurrency is significant in their local communities. In Vietnam, it's embraced due to being an emerging market with a sizable unbanked population. Additionally, the tech-savvy environment and a robust community of blockchain developers contribute to its popularity. India ranks second in crypto adoption due to its fast-growing economy, mobile-first approach, affordable internet, and widespread digital payment adoption across generations and income classes. Integrating NFTs is expected to engage further and monetize Indian users. In Turkey, the thriving crypto community drives numerous events and adoption efforts, prioritizing community engagement.

2. Regulation will affect people positively, but there is still a long way to go.

Considering the current rules and regulations, we wanted to hear our guests' thoughts on what's good and bad about them. All our guests agreed that regulations in their areas are moving positively. However, there are still many different rules in different countries and some unclear areas that governments need to sort out so that blockchain can be used for various purposes. The speakers also think it's important for countries to work together globally to ensure blockchain is open for everyone, not just limited to one region.

3. Education and making products relatable will help global blockchain adoption.

To close the roundtable, we inquired about the main barriers to Web3 adoption in our guests' respective countries. All our guests agreed that education and user familiarity with the systems they engage with are key factors. They emphasized the importance of ensuring that the products are relatable to users through localization, encompassing all languages, and ensuring accessibility. Additionally, they highlighted the need for government support for both startups and users to enhance the appeal of blockchain. Another factor currently impacting adoption is the bear market, with the hope that we may witness increased adoption during a bull market.