Can Cryptocurrencies Reduce Wealth Inequality Worldwide?
Can Cryptocurrencies Reduce Wealth Inequality Worldwide? Cryptocurrencies have emerged as a transformative force in the global financial landscape, offering decentralized and secure alternatives to traditional banking systems. Beyond their technological innovations, cryptocurrencies are increasingly being considered as tools to address wealth inequality on a global scale. Financial Inclusion and Access A substantial segment of the global population is still unbanked or underbanked, missing out on vital financial services. The World Bank estimates that around 1.7 billion adults lack access to a bank account. Cryptocurrencies have the potential to fill this gap by offering financial services to these marginalized groups. With merely a smartphone and internet connection, individuals can engage in the global economy, securely store value, and transfer funds. Reducing Remittance Costs Migrant workers frequently encounter significant fees when transferring money home, as traditional remittan...