As a response to feedback and calls from stakeholders, Media Scope Group is pleased to announce that our company will be accepting more local currencies from March 1st, 2023.
The reasons for accepting more local currencies
This decision to start accepting more local currencies has been made with the aim of simplifying payments and supporting local economies and currencies. We understand that accepting a variety of currencies can help our customers and partners better navigate the complexities of international trade, as well as support the growth of local economies by providing more opportunities for businesses to participate in the global market.
At Media Scope Group, we are committed to ensuring that our customers and partners have access to the tools and resources they need to succeed in their respective markets, and we believe that accepting more local currencies is an important step towards achieving that goal.
List of currencies
Currently supported currencies:
- RMB (CNY)
Currencies supported from March 1st, 2023:
Benefits of supporting local currencies
Accepting local currencies can have a variety of positive effects on stakeholders, local economies, and societies. In this section, we will explore some of the main reasons why accepting local currencies is good for these groups.
More convenient for customers and partners
Firstly, accepting local currencies can make payments easier and more convenient for customers and partners. When businesses only accept a limited number of currencies, it can create barriers for customers who may need to go through the hassle and expense of exchanging their currency before making a payment.
By accepting more local currencies, businesses can make it easier for customers to make payments and avoid unnecessary fees and delays.
Supporting growth of local economies
Secondly, accepting local currencies can support the growth of local economies by providing more opportunities for businesses to participate in the global market. When businesses are able to participate in international trade more easily, they can access new markets and customers, which can help to increase their revenue and create jobs in their local communities.
This can have a positive ripple effect throughout the local economy, as the increased revenue and job opportunities can create a more vibrant and thriving community.
Strengthening local currencies
Thirdly, accepting local currencies can help to strengthen local currencies and reduce reliance on foreign currencies. When businesses in a local community accept a variety of local currencies, it can help to create a more stable and robust local economy. This is because businesses are able to transact in their own currency, which can reduce their exposure to currency fluctuations and external economic shocks.
This can help to reduce the dependence on foreign currencies, which can be volatile and subject to external influences.
Promoting financial inclusion
Fourthly, accepting local currencies can promote financial inclusion and support underbanked and unbanked populations. In many communities, there are individuals and businesses that do not have access to traditional banking services, which can make it difficult for them to participate in the economy.
By accepting local currencies, businesses can create alternative payment options for these populations, which can help to increase financial inclusion and promote economic development.
Accepting local currencies can have a variety of positive effects on stakeholders, local economies, and societies. By making payments easier and more convenient, supporting the growth of local economies, strengthening local currencies, and promoting financial inclusion, businesses can contribute to the development of more vibrant and thriving communities.
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