Financial Inclusion, Cryptocurrency and the Developing World

Regions of the world with fast-growing economic potential and young populations, such as India and Africa, will become leaders in crypto adoption.
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.Why financial inclusion is so importantEven 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.Gaining access to financial services will allow financially excluded people to improve their lives, increase their earnings, raise their household income and even stash away some savings for troubled times such as the ones we’re living in currently. Entrepreneurs can gain access to credit to start a business and families can acquire land and livestock and ensure that the roofs over their heads are safe. Quality of life can be improved for all.Further still, impoverished parents can begin to send their children to school, offer them improved living conditions and access healthcare services. Financial inclusion can even lead to the creation of jobs as small businesses expand and need to take on additional personnel. We’re talking about a massive section of the global population that could substantially motor the economy through financial inclusion.Developing countries are home to a young, tech-savvy populationThe vast majority of financially excluded individuals live in developing regions. Yet this also coincides with a young, largely tech-savvy population. In parts of Africa, for example, mobile phones are more common than access to electricity. They have long been used as a primary tool for daily life exchanges and, more recently, for cryptocurrency use.Across Africa, some 200 million people are between the ages of 15 and 24. This makes them generally well-versed in technology and a naturally captive audience for cryptocurrency adoption. This is mirrored by the population in many developing countries including Indonesia, Turkey and India. A tech-savvy population with a high mobile phone penetration rate — and a pressing need for financial services: This creates the perfect conditions to accelerate the adoption of cryptocurrencies.As many people can’t access the traditional banking system, being able to earn, save and transact in cryptocurrencies directly from a telephone is hugely beneficial.Ripe for cryptocurrency adoptionIndia is currently one of the most promising markets for cryptocurrency adoption and financial inclusion right now. With the regulatory framework improving this year with the Supreme Court of India overturning the Reserve Bank of India’s ban on cryptocurrency, adoption in the world’s second-most

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