Banking the Unbanked and P2P Transactions

In places like the U.S., the conversation around cryptocurrencies tends to revolve around price, regulations, and institutional investment while seeking the “killer app” that will launch the sector into the mainstream.

But a return to the original premise of Bitcoin, which arose out of the ashes of the 2008 financial crisis, spoke of a global network of peer to peer transactions that relied on no government or banking institution. This also helped serve a greater purpose of helping to ‘Bank the UnBanked,” by giving the billions of individuals not currently not in the financial system access to a way to transact with the rest of the world.

Fast forward 10 years, and now Bitcoin has become the institution’s “Store of Value.” While a digital store of value is good and necessary, it has pushed Bitcoin away from being an easily accessible coin for a majority of people who are no better off than they were before.

That’s where projects like Emogi coin have stepped in to fill the need.

With the ability to conduct secure, instant transfers for extremely low fees anywhere around the world through the global internet, a new age of inclusion is upon us.

And Emogi understands where its need is the greatest. That’s why from the launch we have focused our efforts in underserved areas in Latin America, where currency crises in places like Venezuela and Argentina have citizens scrambling for a place to store their wealth to retain its value.

With 45.6% of the Latin American adult population currently unbanked, it’s clear that the old financial system is no longer up to the task of serving the citizens of the world properly.

The time for technology and platforms like Emogi to begin offering solutions to longstanding problems that hold so many back.

As numerous major institutions have announced upcoming plans to get involved in the crypto space, launching derivatives trading platforms and hoping for the approval of a Bitcoin ETF, it is important that we remember the original purpose of cryptocurrencies and continue to strive for a world of financial inclusion and equality.

 

Source: Crypto New Media

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