2023-05-01 10:54:00
The ProblemThe currently existing financial system falls way short of the objective of providing the people globally with access to fast, frictionless payments, attractive financial services and passive income opportunities.
This is especially relevant for the developing countries. Hundreds of millions of people there lack access even to the basic banking services, let alone access to more advanced financial opportunities. They also often have to transact using highly unstable fiat currencies, prone to episodes of sudden profound devaluation.
At the same time, even in the poorest countries, the pace of mobile phone adoption has been staggering. In sub-Saharan Africa, more people have access to mobile phones than to clean drinking water.
The overreliance on local currencies that never seem to alleviate the common people from poverty let alone solve lastingly financial challenges; also, the overdependence on international currencies for international transactions and trades with lots of restrictions, embargo and limitations have hindered free-flow global economy as should be.
In addition to this, the rise of blockchain technology and cryptocurrencies has finally created the possibility for potentially anyone on the planet to send and receive funds without the permission of any entity, using currencies that cannot be manipulated.
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