Cryptocurrency, like Bitcoin and others, is changing how people use money across the world. Some countries have quickly embraced this new digital money, while others are still careful. For PNG, learning from these global examples helps us prepare for the future and find ways to benefit our people and economy.
What Is Cryptocurrency?
Cryptocurrency is digital money that is not controlled by any government or bank. It uses a technology called blockchain, which securely records every transaction so no one can cheat or change the records. The most famous cryptocurrency is Bitcoin, but there are many others, each with different uses.
People use cryptocurrency to send money quickly, buy goods, save, and invest. It can work even without banks or physical cash, making it useful in places like PNG.
Why Are Countries Using Cryptocurrency?
Countries use cryptocurrency for different reasons:
Financial inclusion: Helping people who don’t have bank accounts access money and payment services.
Lower costs: Making sending money inside and outside the country cheaper and faster.
Attracting new business: Becoming places where technology and innovation grow.
Protecting savings: Offering options when local money loses value due to inflation.
Encouraging new technology: Supporting blockchain for many uses beyond money.
Regions Leading in Cryptocurrency Use
1. Africa
Africa is fast adopting cryptocurrency. Countries like Nigeria, Kenya and South Africa use crypto to send money, trade and protect against currency problems.
In Nigeria, many use Bitcoin to send money home without paying high bank fees.
Kenya mixes mobile money services like M-Pesa with crypto to help more people access money.
South Africa has growing crypto markets with clear rules to protect users.
For PNG, Africa shows how crypto helps people without banks or internet to join the economy.
2. Latin America
Countries in Latin America face currency problems and inflation. Crypto helps people protect their savings and make payments safely.
El Salvador was the first country to accept Bitcoin as official money.
In Argentina and Venezuela, many use crypto to avoid losing value in their local money.
Brazil is creating laws to regulate crypto and encourage safe growth.
For PNG, where inflation and remittances matter, Latin America shows how crypto can offer stability and ease of payment.
3. Asia
Asia has both strong crypto adoption and strict controls.
Japan and South Korea are leaders with clear rules and many users.
Singapore is a global crypto hub with supportive policies.
China banned crypto trading but created its own digital currency.
India has many crypto users but is still working on regulations.
For PNG, Asia highlights the importance of balancing rules to protect users while encouraging innovation.
4. Europe
Europe supports crypto with clear policies and innovation.
Switzerland is called “Crypto Valley” because it welcomes crypto startups.
The European Union is creating laws to protect users across member countries.
Countries like Germany and Estonia use blockchain for government services.
Europe shows PNG how clear laws and innovation create a safe crypto environment.
5. North America
The US and Canada have large crypto markets.
The United States has many investors and companies using crypto with active regulation.
Canada approved Bitcoin ETFs, helping people invest easily.
This region shows PNG how demand and regulation shape crypto growth.
Local Examples: How PNG Is Starting Its Crypto Journey
While PNG’s crypto use is still growing, some local innovations show the potential:
T4G Pay is a homegrown digital payment platform turning carbon credits into tokens for landowners and small businesses. Using blockchain, USSD (mobile phone codes), and digital cards, T4G helps rural people earn money from preserving their forests while accessing modern payment tools — even without smartphones or bank accounts.
Some businesses and individuals in PNG are beginning to use cryptocurrencies like Bitcoin for savings or remittances, inspired by global trends and the need for financial inclusion.
These examples show that PNG can use crypto not only for finance but also for protecting the environment and supporting rural communities.
What Does This Mean for Papua New Guinea?
Financial Inclusion: Crypto can help rural and unbanked people access money and payments without needing banks.
Lower Remittance Costs: Many Papua New Guineans rely on money sent from family abroad. Crypto could make this cheaper and faster.
Environmental Innovation: Platforms like T4G connect crypto with carbon credits, creating income for landowners who protect forests.
Technology Growth: Developing blockchain skills can create new jobs and businesses.
Need for Regulation: PNG should create clear rules to protect people from scams but support innovation.
Challenges PNG Needs to Address
Digital Literacy: Many people need training to use crypto safely.
Internet Access: Reliable connections are needed for wallets and transactions.
Trust: Building confidence in new technology, especially in rural areas.
Government Policies: Balanced regulations to protect users and promote growth.
Conclusion
Around the world, countries are adopting cryptocurrency to improve financial access, protect savings, and encourage innovation.
PNG has a chance to learn from these experiences and use crypto to empower rural communities, protect the environment, and grow the economy.
With tools like T4G Pay and thoughtful planning, the future can be brighter and more inclusive, powered by both our natural resources and new digital technology.
- Peter S. Kinjap is the author of the book titled “BITCOIN DREAM: Hope, Hype and Chaos” for PNG students and policymakers in PNG. For comments, email: info@howarigtraders.com.pg