CZ Bats for Cryptocurrencies To Increase Financial Inclusion

Binance CEO Changpeng Zhao recently posted a study from The Global Findex cryptocurrencies that included a list of countries with the fewest individuals with bank accounts.

While South Sudan had the lowest percentage of persons with bank accounts (8.60%), the list included included emerging economies like Vietnam (30.80%) and Azerbaijan (10.60%), (28.60% ). CZ advocated for increased financial inclusion using cryptocurrencies due to the alarmingly low proportion of people with bank accounts in several nations.

Can Financial Inclusion Really Be Attained Through Crypto?

Cryptocurrency advocates have long held the view that crypto can be an effective medium for people who are currently outside the banking system. It is to be noted that despite the massive advancements in the digital space, creating a bank account is still a grueling exercise in many countries, especially the sub-Saharan African region, which hosts the maximum number of countries that have the lowest number of people with bank accounts.

With this tweet, CZ seems to be reiterating the significance of cryptocurrencies and the vital role that they can play in boosting financial inclusion.

Could El Salvador Be The Guiding Light For Crypto Proponents?

Although El Salvador has been repeatedly asked to back off from its Bitcoin policy by financial institutions like the IMF, the country does offer a good example where people switched from an established financial model to another, en masse.

After the central American country adopted Bitcoin as a legal tender, more than half of its population downloaded the Bitcoin Wallet within a month. El Salvador has been claiming that its adoption of Bitcoin has enabled millions of people to get access to financial services. The adoption of Bitcoin coupled with the Chivo wallet was meant to provide financial services to people who did not have access to traditional banks.

The latest tweet from CZ seems to only reaffirm El Salvador’s stance on cryptocurrencies and financial inclusion.

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