Beyond rapidly changing how we create, store and transfer value, cryptocurrencies are accelerating financial inclusion in a way that traditional financial institutions have either been unwilling or unable to. Yet crypto’s possibilities go way beyond banking the unbanked. It allows developing nations and those without access to financial services to avoid the bank completely and transact and grow small businesses using just a mobile phone.
Even today, almost 2 billion people around the world have no access to financial services. That’s approximately one-fourth of the global population. Having nowhere to place savings and not being able to get a bank card, obtain credit or avail of basic services such as life insurance is a horribly crippling disadvantage. These people are effectively unable to take part in their local economies — at least, in meaningful ways.
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