The adoption of bitcoin by third world countries: how to beat dependency theory?

Abstract

This bachelor's thesis analyzes the relationship between First and Third World countries through the dependency theory and aims to show that the adoption of Bitcoin as legal tender is a solution to the underdevelopment of the Third World. As a matter of fact, the traditional financial system does not represent an option of help for these countries since it does not allow them access to basic banking services, such as savings, loans and more. In the present thesis, Bitcoin is presented as the solution that offers Third World countries an accessible, transparent financial option with the ultimate goal of reaching a degree of sustainable development for underdeveloped countries, through financial inclusion, deflation and, ultimately, reduction of corruption and promotion of transparency. To back up this theory, the concrete cases of El Salvador and the Central African Republic, as first two countries that adopted Bitcoin as legal tender in their jurisdiction will be presented.