In a recent tweet, Binance CEO Changpeng Zhao shared a report by The Global Findex that featured a list of countries that had the lowest number of people with bank accounts. While South Sudan had the least number of people who had bank accounts (8.60%), the list also featured budding economies like Vietnam (30.80%) and Azerbaijan(28.60%). The abysmally low number of people with bank accounts in many countries prompted CZ to call for greater financial inclusion through cryptocurrencies. 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...
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