Just like people vastly overestimate how much “blockchain innovation” will empower the underbanked.
Not sure if anyone who writes up articles like this has ever been to a place where people don’t have bank accounts, access to banks, or even any concept of money, but the people there don’t give even 1/10th of a DOGE about crypto innovation.
They don’t have computers. They don’t have phones. They trade goods. They weave baskets to trade for clothing. They have a close sense of community and have rivalries with other villages nearby.
Cryptocurrency will not empower these people, no matter how well it is regulated, because they do not have the vital access to things you need to have in order to acquire cryptocurrency.
Yes, it will help a few people who are in the major cities but there seems to be a reoccurring pipe dream that Cryptocurrency is going to somehow “bank the unbanked” when that will never happen. You need banking access, you need Cryptocurrency to be accepted at scale, you need somewhere to send your cryptocurrency to exchange for goods, services, things you need to survive. You need to be able to exchange to and from your local currency.
The article talks about Bitcoin ATMs, the gall! Do you think a farmer in Nigeria is going to be coughing up 20% atm fees to store his money in bitcoin?!
Regulation is great in developed countries in North America, Europe, the Asian countries – Scammers run rife and sifting through them to save people their hard won money is just good business for everyone involved. But the unbanked are that way for a reason – Not because the financial system is failing them, but because they have largely failed themselves.