Coinbase’s CEO Brian Armstrong is an ambitious man and now he has the vision to have over 100 million people involved with the use of cryptocurrency. He said:
“We can actually change the law, you know, bend this curve and materially change the economic freedom of the entire world by what we’re going to build … The vision for Coinbase is creating more economic freedom for every person and business in the world over the next ten years.”
Around 1.7 billion people do not have access to regular banking accounts as of 2017. These people are largely from the global south in continents such as Asia and Africa. For them, cash remains king.
By not having a bank account though these people remain excluded from the traditional realms which creates a perpetual system of economic disparity. Cryptos can solve these issues.
UN research has also suggested that cryptocurrency could become a new frontier for Africa, with interest high on the continent. There are, however, still issues. Many predators have also targeted the global south promising vast wealth for their scams. This could hinder the growth of cryptocurrencies in the long run.
Earlier this week international lawyer Mehrsa Baradaran suggested that cryptos are not the solution for financial inclusion. She stated:
“While I share many of the cryptocurrency industry’s concerns with respect to failures of the banking industry, I do not believe cryptocurrency is the best solution to the problems of financial inclusion and equity in banking.”