There are roughly 2 billion people without any type of banking services. There are another 3-4 billion who qualify as underbanked.
In this video I discuss how this is a prime target for cryptocurrency in the quest to bring more people in.
▶️ 3Speak
There are roughly 2 billion people without any type of banking services. There are another 3-4 billion who qualify as underbanked.
In this video I discuss how this is a prime target for cryptocurrency in the quest to bring more people in.
▶️ 3Speak
This is the power that is often taken for granted in the first world. In developing countries, they are not so lucky. It's easy to underestimate the greed and corruption in these places.
Posted Using LeoFinance
Agreed - defi has the potential to produce so much prosperity in the developing world - and make everyone richer too!
Summary:
In this video, Task talked about the importance of cryptocurrency in addressing the financial needs of the unbanked and underbanked populations worldwide. He highlighted the limitations faced by these individuals in accessing traditional banking services and how cryptocurrencies, especially decentralized finance (DeFi) projects, can provide them with viable solutions. Task emphasized the potential for blockchain technology to revolutionize financial services by offering basic banking functions, credit, and lending opportunities without the need for extensive documentation, which is often a barrier for many in underdeveloped regions. He mentioned specific projects like Libra, Are You On?, EOS, Hive, Voice, and Ethereum that are working towards including the unbanked into the global financial system. Task underscored the significance of addressing the financial needs of these underserved populations and highlighted the role of blockchain technology in enabling financial inclusion.
Detailed Article:
Task's video delved into the impact of cryptocurrency and blockchain technology on addressing the financial needs of the unbanked and underbanked populations globally. He began by emphasizing the significant number of people, estimated between 1.7 and 2 billion, who are excluded from traditional banking services, relying solely on cash or informal credit systems. Task highlighted the potential shift in economic systems through the adoption of cryptocurrencies, particularly in providing financial services to those currently underserved.
He discussed the concept of the underbanked, individuals who have access to banking services but face challenges due to high costs or lack of dependability within the system. Task provided the example of Vietnam, where banking services are costly, making traditional money transfers burdensome.
Task then touched upon the emergence of projects and initiatives like Libra, Are You On?, EOS, Hive, Voice, and Ethereum, all aiming to serve the unbanked and underbanked populations. He stressed the importance of providing basic banking functions on mobile applications to bridge the gap for those without access to traditional banks.
The discussion expanded to decentralized finance (DeFi), with Task acknowledging its early stage, highlighting some vulnerabilities like hacks. Nevertheless, he suggested that DeFi could offer credit and lending opportunities to those without documented credit history, a common barrier for accessing financial services in traditional systems.
Furthermore, Task emphasized the role of blockchain technology in creating trustless systems that do not rely on traditional banking infrastructure or third-party verifications. He pointed out how blockchain can streamline financial transactions and provide services without the need for extensive documentation, making it a viable solution for the unbanked and underbanked populations.
The video concluded with Task expressing optimism about the transformative potential of cryptocurrency and blockchain in providing financial services to underserved regions, particularly in Southeast Asia, Africa, and Latin America. He underscored the importance of these technologies in offering financial inclusion to those who lack access to conventional banking services due to regulatory constraints or the absence of necessary documentation.