OVERVIEW
Cryptocurrencies and the Unbanked Opportunity
Inclusive and fair banking systems, with financial instruments available to a wide range of individuals and institutions, are engines of economic growth and poverty reduction across the globe.
Without access to the full spectrum of banking services, the unbanked and underbanked often resort to alternative sources — including microcredit networks, pawn shops,
Those without bank accounts, or with only limited access to them, spend up to 5 percent of their payroll checks and as much as 3 percent of the value of their government-provided benefits simply cashing these funds, according to the Federal Reserve Bank of St. Louis.
The Cryptocurrency Difference: Decentralized Digital Convenience
In this context, cryptocurrencies offer a promising path forward for reducing the ranks of the unbanked and underbanked. Since their databases (blockchains) are decentralized and accessible to anyone meeting their respective permissions requirements, the centralized infrastructure of standard finance — with all of its accompanying bureaucracy, fees, and branches — is unnecessary. Participating in an initial coin offering (ICO) or long-term investment in a digital currency is often as straightforward as opening an online account and does not require possession of extensive financial history records, nor actual travel to a financial institution’s offices — both common barriers for the unbanked/underbanked.
What is an ICO?
ICOs are sometimes called “token sales”. Amy Wan, a crowdfunding and syndication lawyer, described the coin in an ICO as “a symbol of ownership interest in an enterprise a digital stock certificate” stating that they are likely subject to regulation as securities.
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