The role of cryptocurrency in advancing financial inclusion By Cointelegraph

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The role of cryptocurrency in advancing financial inclusion

Published Feb 10, 2023 08:00AM ET Updated Feb 10, 2023 09:40AM ET

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The role of cryptocurrency in advancing financial inclusion

Access to and use of financial services, known as financial inclusion, is crucial for economic growth and development. Unfortunately, a large portion of the population, particularly in developing nations, still lacks access to basic banking services. The World Bank estimates that 1.4 billion adults worldwide are without access to these services, which limits economic opportunities and perpetuates poverty.

Cryptocurrency, with its decentralized and digital nature, may provide a solution to this issue by advancing financial inclusion. Cryptocurrencies can be stored and transferred digitally and do not require physical banking infrastructure. This enables individuals living in remote or underserved areas to access and use cryptocurrency without the need for a traditional bank branch, providing an alternative solution for those who may not have access to traditional banking or prefer to maintain their privacy.

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