In addition to rapidly changing the way we create, store and transfer value, crypto currencies are accelerating financial inclusion in a way that traditional financial institutions have been unwilling or unable to do. However, the possibilities of crypto-currency go far beyond banking the unbanked. It allows developing nations and those without access to financial services to avoid banking altogether and to conduct transactions and grow small businesses using only a mobile phone.
Why financial inclusion is so important
Even today, nearly two billion people around the world do not have access to financial services. That’s about a quarter of the world’s population. Having nowhere to put your savings and not being able to get a bank card, get credit or make use of basic services such as life insurance, is a terribly crippling handicap. These people are effectively unable to participate in their local economies – at least in a meaningful way.
Gaining access to financial services will allow financially excluded people to improve their lives, increase their incomes, raise their household incomes, and even save some savings for difficult times like the ones we are currently experiencing. Entrepreneurs can access credit to start a business and families can purchase land and livestock and ensure that the roofs over their heads are secure. The quality of life can be improved for everyone.
The opinion of the respondents is equally divided between Bitcoin and the big banks
Moreover, impoverished parents can start sending their children to school, offering them better living conditions and access to health services. Financial inclusion can even lead to job creation as small businesses expand and need to hire additional staff. We are talking about a massive sector of the world’s population that could substantially boost the economy through financial inclusion.
Developing countries are home to a young, technologically savvy population
The vast majority of financially excluded people live in developing regions. However, this also coincides with a young, largely technologically savvy population. In some parts of Africa, for example, mobile phones are more common than access to electricity. They have long been used as the main tool for everyday exchanges and, more recently, for the use of crypto-money.
Across Africa, some 200 million people are between 15 and 24 years of age. This makes them generally well versed in technology and a naturally captive audience for the adoption of Crypto Comeback Pro currencies. This is reflected in the population of many developing countries, such as Indonesia, Turkey and India. A technology-savvy population with a high rate of mobile phone penetration – and a pressing need for financial services: This creates the perfect conditions for accelerating the adoption of cryptomoney.
As many people cannot access the traditional banking system, being able to earn, save and transact in cryptomonies directly from a phone is hugely beneficial.