According to Economic Confidential blog " IMF says, Crypto Assets May Displace Local Currencies in Developing Countries". Source: Economic Confidential, Facebook page..
Bitcoin is taking over the internet for online transaction, therefore, most of the local currencies in the developing Nations are affected.. because developing Nations are not inclined in the e-currency transaction while the new generation youths use the e-currency for transactions. That making the local currency weak.
Can Bitcoin really weaken the Local Currencies in the Developing Nations?
Cryptocurrency is really taking over the internet for online transactions. However, this does not mean that it is used as a means of payment, so that it could displace the local cryptocurrency. Anyway, I don't think bitcoin is widely used as a means of payment in developing countries. As a financial asset that is growing in value and therefore being held massively, it can be. Various top altcoins have been used as a means of payment for a long time. And this is the harsh truth. But after all, in order for the cryptocurrency to be used as a means of payment, one desire is not enough. We also need to create an infrastructure for its walking. And the states are not interested in this. Although the situation may still change.