According to the global report, the world economic forum has recently released a digital currency governance report this month. In this report, the main focus is addressing the stable coins, cryptocurrencies, and some of the most prominent barriers standing in the way of financial inclusion. However, the report given by the world economic forum was nothing different from the reports presented by many central banks, think tanks, regulators and politicians.
Also, the world economic forum publication advises stopping the powers of cryptocurrency. However, it is never going to address the elephant in the room. On the contrary, we need to evolve rather than give the proper utility powers to free cryptocurrencies. It says that people across the globe should adopt the unbanked and co-opted fiat 2.0.
Financial inclusion
According to the statement of the world forum 2021, the white paper series reports that the valuation of the proposition of stable coins for financial inclusion. According to the information available on the internet, financial inclusion refers to a very complex problem that the global ecosystem and the financial system of different countries are facing. However, the system used by different financial institutions is not yet able to fix the problem of financial inclusion. Even though financial inclusion is not a complex problem, the existing system cannot resolve it. The current central bank fees, currency issuance, and centralized economic control have failed to address the economic freedom shortage.
Suppose the global economy wants to solve the problem of financial inclusion and provide economic freedom to those who need it. In that case, the old broken system needs to be replaced. Unfortunately, the solutions presented by many politicians across the globe are just the same, like the same economic dysfunction that has already created much chaos in the first place. It is not a fact that we can deny that the majority of the population across the globe is still unable to get access to the country’s financial system. Many people cannot even get reliable financial services and cannot use the existing system so read more about the tips and tricks about bitcoin for more information.
According to the current situation of fiat currencies themselves, they cannot serve the global population. Also, some people have moved towards a better medium of making money, like cryptocurrencies and trading, but some are still far behind using modern technology. Also, suppose the fair share of people suffers from a lack of access to secure, sound financial services and fair market opportunities. These are the most prominent problems that add to the financial inclusions and make the situation even worse. As long as the system of resolving this issue is not changed, there is no hope of correcting financial inclusion in any country.
A bit about cryptocurrencies!
Most of the economies across the globe believe cryptocurrencies to be a threat to the financial system. However, cryptocurrency still possessed a very high capability to change the way people use money and make money ultimately. Still, different countries do not look at the positive sides of these digital coins but point out the drawbacks. We cannot deny the fact that cryptocurrencies are mainly used for illicit activities and committing a crime. However, compared to fiat currencies and other commodities, cryptocurrencies can offer a broader scope for growth to the different financial systems of the countries. Also, every government should understand that using cryptocurrencies will make the economy highly advanced and simply following the old rules and regulations is a stupid move. If there could be space and acceptance For digital coins like bitcoin in economies of the countries, they can become a global payment system facilitating every kind of transaction.
Need of the hour?
According to history, we are supposed to develop an atmosphere where we can trust reliable sources. Therefore, by increasing trust in the country’s financial system, we will develop a whole atmosphere to rely on the right place. But, on the other hand, placing your trust in the wrong place deteriorates the resources and the whole system.
To date, the different financial institutions and the high-class political entities have failed to prove themselves trustworthy. Therefore, it is time to rise and consider the worst situation across the different nations’ financial systems. Also, blatant hypocrisy is one of the most critical problems in removing the problem of equal financial services, and it needs to be addressed with the correct method.
