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Another advantage of cryptocurrency is the potential for financial inclusion. In many parts of the world, people lack access to traditional banking services. Cryptocurrencies offer a way for the unbanked population to engage in the global economy, as all they need is an internet connection and a digital wallet.
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One of the challenges for widespread adoption of cryptocurrency is its regulatory environment. Governments around the world have reacted differently to the rise of crypto. Some have embraced it, creating regulations that allow it to coexist with traditional financial systems, while others have imposed strict regulations or outright bans. The decentralized nature of cryptocurrencies also raises concerns related to money laundering, tax evasion, and illegal activities, prompting governments to take a cautious approach.
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