> All but two of the top 20 countries for crypto adoption are emerging markets, with countries like Venezuela, El Salvador and Nigeria becoming test beds for whether cryptocurrencies could offer a balm to countries ravaged by inflation and depreciating official currencies.
There is a reason why people in Venezuela and Argentina flock to currency different from the wildly inflating fiat currency.
> But the central banks group said that crypto assets increased financial stability risks in emerging market economies, as a weaker rule of law could make it harder to enforce contracts, while “inconsistent enforcement can create confusion and raise market risk”.
These countries already have weak rule of law. If anything, smart contracts could be an improvement where presidential candidates are assassinated and narco terrorists bribe judges and police.