x
Black Bar Banner 1
x

Welcome to Markethive

Cryptocurrency adoption is key to financial inclusion

Posted by Marketing Director on January 08, 2020 - 10:26am

Cryptocurrency adoption is key to financial inclusion "CoinDCX CEO"

Providing financial inclusion for all is Markethive’s main objective.

The answer is Markethive’s blockchain technologies, and integrated entrepreneurial ecosystem.


In a recent article for Nasdaq, Sumit Gupta, CEO of CoinDCX, one of India’s largest cryptocurrency exchanges, wrote about how cryptocurrencies could hold the keys to financial inclusion. In the article, Gupta cited the World Bank’s most recent Global Findex report which stated that as many as 1.7 billion people worldwide do not have access to formal financial services. However, Gupta noted that two-thirds of unbanked individuals have access to a mobile phone.

The CoinDCX CEO argued that in such a “highly globalized, technology-driven world,” one with 5.11 billion unique mobile phone users and 4.39 billion Internet users last year, “cryptocurrencies could be the answer to ensuring greater financial inclusion and opportunities for all.”

According to Gupta, the vast majority of the unbanked live in poverty-stricken areas with emerging economies. This dual-threat of poverty and economic hardship makes the barrier to entry for traditional financial services too high for low-income individuals and traveling to physical bank offices can prove “inconvenient and costly for those living in rural areas,” he said. Gupta added,


Gupta also spoke of how there are no costs for holding or managing cryptocurrencies which, unlike banks, don’t require a lengthy approval process to get hold of. Further, he claimed that adopting cryptocurrencies can be advantageous to countries where volatility and non-existent financial infrastructure is the norm. Venezuela is one such example, a country where Bitcoin and Dash usage has spiked in an attempt to combat the devaluation of the local fiat currency.

“For these Venezuelan citizens, cryptocurrencies are not just a means for protecting their wealth, but also an alternative medium for conducting everyday transactions.”

Sumit Gupta also said that an inclusive financial system could inadvertently boost socio-economic growth, lifting communities out of poverty. Additionally, he also said that if cryptocurrencies are to have the desired impact in bringing the unbanked into the financial ecosystem, promoting mainstream adoption and a coordinated approach between global regulators and policymakers will be key.

Gupta also spoke of how there are no costs for holding or managing cryptocurrencies which, unlike banks, don’t require a lengthy approval process to get hold of. Further, he claimed that adopting cryptocurrencies can be advantageous to countries where volatility and non-existent financial infrastructure is the norm. Venezuela is one such example, a country where Bitcoin and Dash usage has spiked in an attempt to combat the devaluation of the local fiat currency.

“For these Venezuelan citizens, cryptocurrencies are not just a means for protecting their wealth, but also an alternative medium for conducting everyday transactions.”

Sumit Gupta also said that an inclusive financial system could inadvertently boost socio-economic growth, lifting communities out of poverty. Additionally, he also said that if cryptocurrencies are to have the desired impact in bringing the unbanked into the financial ecosystem, promoting mainstream adoption and a coordinated approach between global regulators and policymakers will be key.

Sumit Gupta also said that an inclusive financial system could inadvertently boost socio-economic growth, lifting communities out of poverty. Additionally, he also said that if cryptocurrencies are to have the desired impact in bringing the unbanked into the financial ecosystem, promoting mainstream adoption and a coordinated approach between global regulators and policymakers will be key.

“Smart regulation is crucial to ensuring a secure and equitable system in which cryptocurrency holdings are protected, without hindering the potential of the technology.”

Markethive is leading this revolution and has the very real potential to be on par as the top utility coin with Bitcoin being the top FinTech coin.

 

Thomas Prendergast
Markethive

Content from AMBCrypto

luissilva This is what the world needs, equal opportunities for all, only in this way can we settle poverty
January 8, 2020 at 10:39am
simonk Markethive’s blockchain technologies and entrepreneurial ecosystem has the potential to create fairness across the globe for earning an income & making everyday transactions. Let's hope smart regulations are introduced - how revolutionary. Great post Tom.
January 8, 2020 at 11:16am
maxjacobs "...lifting communities out of poverty...", certainly a lofty and meaningful objective! We should all solidly embrace this with Markethive and set our sights on making it happen. God Bless Tom and his Markethive Team!
January 8, 2020 at 11:44am
confidant It's going to take a while for the governmental regulators and policy makers to get on board but It's coming, the new technology can't be Ignored, they have a lot of concerns though, and unanswered questions.
January 8, 2020 at 11:56am
charlesphillips I am so happy that Markethive has embraced the worldwide revolution to bring equal opportunity for all by supporting crucial smart regulation. Thanks Tom for all that you do.
January 8, 2020 at 12:11pm
djkepple One of the biggest accomplishments is worldwide income. Lift everyone from poverty, and let the world thrive together. Tom, you and the entire staff are indeed sent from Heaven to set the world right. God bless you all.
January 8, 2020 at 2:56pm
danbruning Markethive blazing the trail to help level the playing field and give the people a chance to prosper in their community.
January 8, 2020 at 3:02pm
jonlomb How does that song go? "What the world needs now is ......."
January 8, 2020 at 4:15pm
lou2you Now only if more people here could really see what they have their hand on, but then that would be to easy. Let get Markethive going viral folks. You know what you need to do to make it happen.
January 8, 2020 at 5:00pm
Edited 1/8 at 7:38pm
mgrassie Great people doing Great Things to Change the world one step at a time..Love it
January 8, 2020 at 9:39pm
biblism I have experienced both worlds, the banked and the unbanked. I have relative in the unbanked world, and you can not imagine what a headache it is to get funds to them for emergencies. Some cell phone providers now leverage the possibility that most have cell phones to offer them the possibility of using their cell phone numbers as a digital "mobile" money account, where they can receive money and also send money. It will be a break through for the unbanked, not only to be able to use their cellular phones to receive and send cryptos, but to actually earn money to improve their financial situations, and Markethive is setting the trend.
January 8, 2020 at 10:50pm
david-ogden Main stream use of Fiat Currency is starting to show cracks now that Crypto is gaining strength
January 8, 2020 at 11:01pm
internetmarketingproteam What an incredible catalyst to spread prosperity and solve so many problems around the world.
January 9, 2020 at 4:54am
mjshead It's truly an Honor to be apart of the vision and purpose of Markethive we can make a difference in this World!
January 9, 2020 at 11:02am
soleo Thanks for this article, CEO
January 9, 2020 at 11:50am
l-basheerhasan "...Sumit Gupta also said that an inclusive financial system could inadvertently boost socio-economic growth, lifting communities out of poverty. Additionally, he also said that if cryptocurrencies are to have the desired impact in bringing the unbanked into the financial ecosystem, promoting mainstream adoption and a coordinated approach between global regulators and policymakers will be key." I was in Madrid the 21st of December for the launching of the Gold Standard Bank that will be one of the first regulated Banks that will make cryptocurrencies part of it's everyday business, and on it's own blockchain, 'KaratNet'. Stay tuned for updates on the fulfillment on what Sumit Gupta was hoping for that the Karatbars Ecosystem will help bring about! https://www.facebook.com/photo.php?fbid=3304535019573470&set=pcb.3304539176239721&type=3&theater And thank you, Tom, for the role Markethive will play in this New World Innovation.
January 12, 2020 at 4:06pm
Edited 1/12 at 4:21pm
charlesphillips It's great to hear about projects that open doors for people who that have been been shunned, and ignored by traditional financial systems.Cryptocurrency is proving itself to be a viable part of a solutiom. Thanks for posting, Thomas
January 12, 2020 at 10:43pm
zwelien Thanks for the wonderful information
January 13, 2020 at 1:40am
vkey Great
January 16, 2020 at 11:41am
azcats72 Very enlightening post. Helping others to improve their situation is a key element and motivator to making the Markethive platform a success in it's mission.
January 21, 2020 at 11:41pm
sudipkumarbhakat Knowledgeable Article
January 24, 2020 at 11:48am
vkey Your effort will be rewarded
January 25, 2020 at 9:08am
vkey Your effort will be rewarded
January 25, 2020 at 9:08am
andreaviverios So happy to be here, Together we can and will change the world, So that our future generations dont have it as hard as our previous ones have
February 3, 2020 at 9:35am
niteawk Great informative article. Thanks Deb
April 4, 2020 at 4:06pm