The World Economic Forum (WEF) trusts that cryptocurrencies can be pivotal in offering financial services to one-third of the world’s adults, approximately 2 billion people, who are unbanked as acknowledged by the World Bank. The unbanked usually lack wealth-building tools and services, and this jeopardizes their plan for the future.
Cryptocurrencies are revamping the financial world
The unbanked problem is not only prevalent in developing countries but also in developed ones. The WEF noted:
“The Federal Reserve found that 22% of adults in the United States are either unbanked or underbanked. That’s roughly 63 million Americans who either have no bank account at all or rely on “alternative financial service products” such as money orders, check cashing services, or payday loans to fulfil their financial needs.”
The engine behind cryptocurrencies is blockchain technology, which enables participants to confirm transactions in the absence of a central authority. The…