July 5

Crypto: What Can It Do for Those in Poverty?

By Keetie Roelen

It’s a warm summer’s evening in June 2021 when my phone pings to tell me I received a new email. “Hey, I just read that El Salvador will be the first country to make Bitcoin legal tender. This is so exciting!” A friend and I had recently spoken about issues of poverty and what might be needed to address it, and he had written to share his enthusiasm for what was about to happen in the smallest country in Central America.

It will be such an amazing opportunity for people who don’t have bank accounts or have little income. This allows them to invest and earn more money. Cryptocurrency has such potential, it can really help to solve poverty!”

I was intrigued, but also sceptical. What use is crypto to those in poverty?

Photo courtesy of Zach Copley.

Source: Poverty Unpacked (link opens in a new window)

Finance, Technology
cash transfers, cryptocurrency, financial inclusion