Alibaba’s Jack Ma: “Everyone Should Have a Bank Account.”
https://news.bitcoin.com/techfin-alibabas-jack-ma-bank-account/
What do you think about this?
https://news.bitcoin.com/techfin-alibabas-jack-ma-bank-account/
What do you think about this?
I will agree with Jack Ma's statement about having a bank account. We should not see it as fiat vs crypto because it has a much broader sense of financial inclusion.
In India, about 1 year ago, prime minister Narendra Modi introduced a scheme 'Pradhan Mantri Jan Dhan Yojana Accounts with Zero Balance' - Translation : Prime Minister Public Money Scheme. There is a large number of people who are far away from financial literacy and thus they are not able to contribute to economic growth directly with their money.
Bank is a traditional way to learn about the structure of finance. You don't need much technology to use banking service. It is the step after cash economy and then next is crypto.
Personally, I want people to learn about crypto technology but not at the cost of being unaware of traditional financial infrastructure. One should not skip bank to learn about crypto, there must be a step by step transformation.
Indeed true. If people are not aware about there own country's finance infrastructure then how can they contribute to crypto world. They will lack the information such as MSTD, Taxing, VAT surcharges and may more stuff related to economical branch. It must be learnt by everyone and to do this your local bank is best option. After stepping up into bank you can understand the real situation about financing. Finance is not just about having money and letting or giving out for your own good or just buying and selling with the money. It is more than that and must be understood so that people can upgrade to new ways of finance such as crypto currencies.
Yes, Economy is all about the creation of values and wealth so that it helps the country to build a strong and sustainable position in the world. I believe financial inclusion plays a huge part in this process and thus one must learn about it and participate in it for the growth of the nation. On the other hand, crypto puts it on the larger level and makes the international economy a single economy which no doubt will increase competition and thus the other crucial factors like quality will improve. We should find a concrete solution to the taxation and illegal issues to make it suspicion free.
I think cryptocurrencies like bitcoin will bring a new world of possibilites in terms of financial services to those who live in impoverished areas. Cryptocurrencies will be able to provide basic financial services to everyone with a cellphone and internet connection and ultimately bring third world and developing economies to catch up faster than ever.
Exactly, the basic idea of cryptocurrency is to eliminate the middlemen, the fees and documentation so that the speed and cost will remain in our control. It directly connects us to the world in terms of finance and from business perspective, it really enhance the scope for business oprations and thus indirectly improves the world economy.
