The Problems Facing Poor Countries
1. Offshore Financial Regulation
Since there were no restrictions on offshore funds transfer, small jurisdictions with small populations and poor economy like the Caribbean will became an attractive hosting environment of secrecy to foreign capitals which have raised global concerns on financial regulation and also tax regulation of the offshore centres. The illicit nature of some offshore businesses will happen which not limited to tax evasion and money laundering. After 9/11 terrorist attacks, low tax rate countries like Seychelles, Panama and Bermuda were accused of being havens for international criminal money laundering and a series of programs have taken place by the U.S to address unfair taxation practices, money laundering and inadequate financial regulation issues.
2. Weak Banking Infrastructure
Interest in the innovative technology of Bitcoin has grown widely in many parts of the world that have begun to use, adopt, or study its implementation. However, some of the problems facing against this growing tendency is that lack of good infrastructure, national unrest, and distrust in the government and banking system in some countries. There are many underdeveloped regions where the public have no access to basic banking services. The Caribbean is one of these places. It is reported that there are 44 million people living in the Caribbean region, with more than 60% of them having no access to banking services.
3. High Inflation
Inflation plays serious role in regional economies growing and political stability. Venezuela, once a rich oil country, is battling Hyperinflation and its GDP has collapsed. Today, Venezuelans (over 1.6 million) are emigrating to find work and supplies elsewhere while the rest of population is eating one meal a day. It took Venezuela less than 20 years to go from being a rich Latin American country to being in debt. Government policies and economic mismanagement of President Maduro doesn’t seem to change, so the standard of living in the country is not expected to improve significantly anytime soon. The Country’s economic deterioration has led to further political turmoil as U.S backed Opposition leader Juan Guaidó was declared “interim president”, following the disputed re-election of President Maduro. Abroad, U.S. and a coalition of Latin American demanded the ouster of the current president and posed various verbal threats.
Zimbabwe is a more “extreme” example in countries where the currency is gradually transitioning to cashless. Zimbabwe’s banknotes are changing from “14 zeros” to “zeros” completely. Zimbabwe also experienced a period of hyperinflation and inflation rates soared to astronomical figures. The most common commodity in Zimbabwe’s market is money. In every corner of the country, there are many “money stalls”, with dozens of bundles of money placed around. Many tourists who “come here” will spend a few catties of Zimbabwean money. Locally, the value of money is not measured by numbers, but by catty. But now, this dramatic scene has disappeared, and Zimbabwe has walked out of the most difficult period. The Zimbabwean dollar with a face value of one hundred billion has already withdrawn from market circulation. Cashless payment methods are also popular in Zimbabwe, and cashless payment is a development direction. In fact, the full implementation of encrypted electronic currency has put Zimbabwe at the forefront of the digital currency trend.
AET aims to extend helping hands to developing countries and change lives with technology.
IT ALL STARTS WITH THE NEW DIGITALIZED E-MONEY.
ACU assists countries to develop its new national digital currency and adopt it in everyday life dealings, thus digital currency will act as national currency. This policy will improve the standard and quality of life and boost the economy and international image of the country significantly.
AET follows a win-win situation policy and deploys all its expertise and technical resources to promote better life and healthier economy for friend governments that would are willing to adopt the new digitalized e-money, ACU.
AET provides support to governments in the following ways:
The new electronic money issued by the government of the country will be directly converted to the digital currency AET. The team will work extensively on increased awareness and acceptance of the new electronic money in the country and the world at large.
AET has a long-standing network in South-east Asia. Any country in need can directly tap into the application with their electronic money, enabling the country to make a leap and globalize through their new electronic money.
ACU Group shares its extensive experience in the domains of digital currencies, blockchain, metaverse and invests its wide-range client base, talents, volunteers, and other resources to build international exchange channels for cooperative governments and improve its international image and economic situation.