Pripravte sa na krypto karty. MarsterCard urýchli proces prijatia v Európe
Tento príspevok bol pôvodne publikovaný na stránke...
Čítaj viac
Značka: unbanked
Southeast Asia and DeFi’s Big Bet on the Unbanked
In one of the more striking early scenes from P.T. Anderson’s 2007 film, There Will Be Blood, there is a gas explosion that destroys the drilling rig set up by oil tycoon Daniel Plainview. Noticing one of his employees observing the situation dejectedly, Plainview rebukes the man, saying: “What are you looking so miserable about? There’s a whole ocean of oil under our feet. No one can get at it except for me!” Access to and possession of that oil would catapult Plainview, like it did many of his real-world counterparts, to the highest stratosphere of wealth. These days, rather than turning paupers into princes, oil more often serves as a means of transforming princes into the owners of the world’s biggest sports teams. But one can be forgiven for seeing parallels in the mania of that time and today’s focus on what is currently one of the most dynamic aspects of global finance, namely the race to reach the unbanked. An economic force unrealizedWhile western countries are rife with banking services that cater to all demographics, in emerging markets the situation is quite the opposite. Southeast Asian economies number among the world’s strongest and yet banking penetration levels in these countries are shockingly low. A recent report from Bain and Company estimated that around 70 percent of the adult population of Southeast Asia is either unbanked or underbanked. This is a whopping figure, especially considering that the six leading countries of Southeast Asia combine to have a population of around 570 million people and a collective GDP projected to reach $4.7 trillion in the coming years. Reaching these people with adequate services represents an ocean of opportunity, which has triggered a race of sorts to do so. Ending the reign of cashCash is still king in these countries, but how long can the dam hold? In the Southeast Asia region, 50% of people are unbanked, meaning they do not have access to even the most basic banking services, like a savings account. Without a bank account, individuals are unable to receive any banking services including lines of credit. This is particularly problematic for medium and small-sized businesses, which constitute the majority of businesses in Southeast Asia. The above-mentioned report notes that millions of these kinds of businesses struggle to overcome substantial funding gaps due to the limited options available to them. Integrating the Southeast Asian demographic into the fabric of global finance has become something of a white whale for today’s leading financial players as well as its would-be Daniel Plainviews. There is a demand that if met would lead to rapid economic development in these countries, the only question is how to do it. The Bain and Company report deals specifically with the suitability of digital finance platforms as a means of banking penetration. The demographic subset most likely to benefit from the proliferation of digital finance platforms is the underbanked according to the report, while the unbanked are likely to remain on the outside looking in. DeFi, the king killerBut, there is one sector of digital finance that many believe is currently being overlooked in what it has to offer here. The establishment of above-the-board DeFi lending and borrowing platforms that operate with established stablecoins pegged to Southeast Asian fiat currencies could be decisive in opening the doors for more people to receive adequate banking services and establishing small and medium-sized businesses as a bedrock of the local economy. Bluejay Finance, a DeFi project that specializes in developing and launching stablecoins for the Southeast Asian economy, has set its sights on using the possibilities inherent in DeFi to usher in a new economic era in the region. The Bluejay approach to real-world asset lendingBluejay is in the process of building a real-world asset lending ecosystem that is backed by stablecoins pegged to local, Southeast Asian currencies. The Bluejay protocol not only issues these stablecoins, but backs them with liquidity from its own treasury. Because the protocol includes liquidity support, Bluejay can stem volatility by correcting liquidity imbalances thereby eliminating dramatic price swings. Most DeFi platforms that offer similar services operate via stablecoins pegged to the US dollar. This raises additional and significant risks for users in regions like Southeast Asia, especially now given all of the volatility in the foreign exchange market. When a borrower has USD-denominated debt and the dollar rises against the borrower’s local currency, that debt increases. By building up a foundation of localized stablecoins, Bluejay is lowering the risk level for users while also establishing convenient onramps. By lowering volatility, Bluejay is able to open up access to reliable stablecoin yields for its users, while also earning on swap fees which are redirected to the protocol’s treasury. Those returns to the treasury further strengthen the platform and allow Bluejay to increase the liquidity it provides its stablecoin offerings and continue to roll out additional stablecoins pegged to different currencies. The end goal for the project is the creation of a robust, stablecoin-powered ecosystem to facilitate real-world asset lending.Protocol ideal for tech-savvy, underserved demoWhile the Southeast Asian demographic is markedly underserved in the banking sector, it is decidedly tech-literate. This has been proven by the popularity of digital finance applications that have tried to fill the gap left by traditional banking. But these kinds of platforms can only offer a fraction of what a fully-fledged DeFi platform like Bluejay can. Regarding the project’s vision, Bluejay Finance CEO Sherry Jiang had this to say: “We’re in a critical moment right now in the DeFi industry where we need to start creating real sustainable use cases. There are enormous opportunities for this within real-world asset lending and payments, especially in Asia where there are massive infrastructure challenges in finance that just aren’t as painfully felt in the west. Large pain points and business opportunities also mean a real yield of 10%+ that can be returned to investors in a way that doesn’t rely on reflexive or “ponzinomic” dynamics. Bluejay Finance wants to be that base stablecoin layer by creating on-chain representations of Asia-based currencies.”In addition to its potential as a catalyst of economic renewal, there is something to be said for the approach. The Daniel Plainview paradigm of singular, centralized possession and control is no longer adequate. Perhaps nowhere is this more acutely felt than in the out-of-joint world of global finance. That approach has failed Southeast Asia and millions of people around the world. Bluejay and a number of other DeFi projects have set their sights on replacing that with something more balanced and reflective of the needs of those it serves.Material is provided in partnership with BluejayDisclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.
Čítaj viac
We need to move a lot faster on Global South Bitcoin adoption: Paxful CEO
Cointelegraph hit the gym with Ray Youssef, co-founder and CEO of Paxful, to tackle Bitcoin adoption in the Global South. In between sets and a little out of breath, Youssef told Cointelegraph, “The global South is where we should be looking” for Bitcoin (BTC) adoption.[embedded content]A New Yorker born in Egypt, Youssef regularly visits Africa and the Global South to promote Bitcoin and peer-to-peer finance. He is determined to bring Bitcoin to those living and working across Africa and to undermine the “Economic apartheid” created by government-issued fiat money. Youssef is a firm believer that government-backed, fiat money is a scourge on human progress. He posited, “Creating money is the greatest creative opportunity of any government,” before launching into a diatribe against western governments as he pumped iron. Nonetheless, thanks to Bitcoin, people around the world and especially those in the Global South, now have the means to fight back against economic repression:“The good news is we have a few tools at our disposal. We have the Internet, we have mobile phones, and now we have Bitcoin peer-to-peer, electronic cash.”Youssef’s business, Paxful, currently numbers 10 million users worldwide. But the CEO explained that we need to move a lot faster in order to reach a billion users in the next five to ten years. He referred to the explosive growth of telecommunication companies such as M-Pesa in Kenya as examples that adoption can flourish rapidly: “The telcos have shown us the path, but we aren’t listening. We’re still trying to replace banks with wallets, and that is not the path to a billion citizens. We need something more.”Ultimately, the key to unlocking growth in emerging markets is teaching citizens about Bitcoin and the properties of hard money. “A focus on education is great. But primarily we have to shift away from this mindset that we have right now of just replacing banks with wallets.”It’s true that Bitcoin wallets do act as a replacement for banks. In El salvador, for example, a heavily unbanked country, Bitcoin adoption onboarded four million users in a year: 70% of the unbanked population gained international payment and remittance services. However, Youssef goes one step further, Youssef envisions a world in which Bitcoin helps the unbanked trade and transact freely, creating an abundance of entrepreneurship.Related: Bitcoin in space is good for user privacy, says Adam BackFinally, Youssef also joked that Ronnie Coleman, the bodybuilder and 8-time Mr. Olympia winner, would be a Bitcoiner. Cointelegraph reached out to Coleman for comment and will update when possible.
Čítaj viac
Vietnam’s crypto adoption: Factors driving growth in Southeast Asia
The Southeast Asian nation of Vietnam now ranks among the top nations adopting cryptocurrencies. Indeed, the country has ranked first on Chainalysis’ Global Crypto Adoption Index for two years in a row.Chainalysis’ research methodology took into account population-adjusted adoption in crypto platforms ranging from centralized exchanges to peer-to-peer (P2P) payment networks. Web traffic to major crypto networks was analyzed to determine countries with the highest interest and adoption percentages.That said, Vietnam’s high adoption rate is a puzzling phenomenon, begging the question: Why is crypto adoption so high in the country?No cryptocurrency taxesThere are numerous reasons why the crypto adoption rate in Vietnam is so high and one of them is that, unlike in the United States and other major jurisdictions where cryptocurrency holdings are taxed, there are no crypto taxes in Vietnam. Right now, the Vietnamese government does not even recognize cryptocurrencies as legal tender. While the nation’s tax authorities have shown interest in taxing cryptocurrencies, they lack the mandate to designate them as taxable assets. As such, Vietnamese law is largely silent when it comes to crypto taxation. Consequently, financial institutions in the country are barred from handling them. However, Vietnamese citizens are allowed to possess and trade crypto.The lack of crypto taxes makes digital currencies ideal as investment instruments, hence the rise in adoption. The trade-off is that Vietnamese law doesn’t protect crypto users in the event of scams or losses. As such, cryptocurrencies cannot be used legally in trade relationships.However, the nation’s financial regulatory agencies are working to come up with elaborate crypto usage guidelines. This is following a July 2021 directive issued by Prime Minister Phạm Minh Chính in which he asked the State Bank of Vietnam to explore the benefits and downsides of digital currencies with a view to draft regulations. The institution is likely to come up with a raft of measures that include tax and user protection guidelines.Cointelegraph had the chance to speak with Gracy Chen, managing director of the Bitget cryptocurrency exchange, regarding Vietnam’s regulatory landscape and the developing situation. According to Chen, clear and robust regulations would allow institutional inventors in the country to start dealing in crypto, and this would be a big win for the industry: “When the regulation actually comes out, it may lead to a short-term impact on local fiat exchange trading, but in the longer term, clear regulation may encourage broader adoption and lay the groundwork for increased retail and institutional engagement since a better-regulated market will provide greater protection and increase trust of investors. So overall, the pros outweigh the cons.” Vietnam has a huge unbanked populationMany Vietnamese have limited access to standard financial services. According to a 2021 study carried out by Statista, the country ranks second among the top 10 unbanked nations. The report highlights that about 69% of the citizenry lacks access to typical banking services.World Bank estimates indicate that just over 61% of the country’s population resides in rural areas, where access to modern banking services is limited. This void is rapidly being filled by cryptocurrency networks. Novel revolutionary blockchain concepts such as decentralized finance (DeFi) are also gaining traction among Vietnamese crypto investors who wish to obtain credit for crypto investment purposes. DeFi is a hypernym for blockchain-based financial networks that provide services similar to those offered by banks. DeFi platforms allow users to earn interest on their money, lend and borrow funds, as well as trade in crypto derivatives. They also enable investors to safeguard their assets using DeFi insurance and don’t require paperwork. This makes them convenient for unbanked Vietnamese, especially those who wish to scale their crypto investments and earn passive income. Notably, Vietnam is ranked second among nations with the highest DeFi usage in the world, according to the 2021 Chainalysis Global DeFi Adoption Index report. RemittancesIn 2021, Vietnamese nationals living in the diaspora sent home over $18 billion in remittances, setting a new record, which made the country the eighth biggest remittance beneficiary in the world. This was a 3% increase from the $17.2 billion recorded in 2020.For Vietnamese who regularly send money to their families in Vietnam, transfer fees are often exorbitant. The surcharges usually include administrative fees and exchange rates. According to World Bank statistics, remittance costs to Vietnam average about 7% as of 2020.Exorbitant fees, in addition to the unbanked population’s lack of access to money transfer services, have made cryptocurrency transfers an appealing option for Vietnamese living abroad to help support their families back home. While blockchains do have transactions fees, they often pale in comparison to those of remittance networks, and furthermore are P2P and don’t rely on a middleman to complete the transaction.The rising popularity of GameFi Blockchain games with financial incentives, often referred to as GameFi, use innovative economic models that allow users to earn rewards while playing. The rewards are usually in the form of nonfungible tokens (NFTs) and cryptocurrencies.As cryptocurrencies are at the heart of GameFi environments, many gamers learn how they work as part of the gameplay, providing another avenue for adoption.According to Chainplay’s State of GameFi 2022 survey in August, 75% of GameFi crypto investors said that they started investing in digital currencies after joining GameFi platforms. GameFi, especially play-to-earn (P2E) games, are immensely popular in Vietnam and have contributed greatly to cryptocurrency adoption in the country.According to a 2021 research report published by data aggregation service Finder, Vietnam ranks sixth on the list of countries with the highest percentage of P2E gamers. According to the survey report, 23% of Vietnamese participants said that they had, at some point, played P2E games.Today, numerous GameFi startups have set up shop in the country due to the pervading NFT gaming culture, and this is, in turn, driving crypto adoption. The developers include Ancient8, Sipher and Summoners Arena.Notably, Axie Infinity, one of the most popular play-to-earn games in the world, has its roots in Vietnam.Chen said that the relationship between GameFi and crypto adoption is part of the reason why both sectors are thriving:“According to data from Google, Sensor Tower, and Data.ai, Vietnam ranks first in Southeast Asia in producing applications and games in stores like Apple Store and Google Play. Meanwhile, the new huge crypto adoption all over the world last year was in part due to GameFi. These two factors are significantly connected, creating massive crypto adoption in Vietnam.” Cryptocurrencies as a hedge against inflationVietnamese citizens have, throughout history, preferred using other national currencies such as the United States dollar during times of economic turmoil and hyperinflation. In recent years, Vietnamese people have also been accumulating assets such as gold to hedge against inflation.At some point in the past decade, the Vietnamese citizens held as much as 400 tons of gold.Of course, the emergence of cryptocurrencies has also led to more Vietnamese citizens using them to hedge against inflation instead of tangible assets such as gold.While the Vietnamese central bank has warned individuals and institutions against dealing in virtual currencies due to their mercurial nature, dwindling faith in the Vietnamese dong has led to more Vietnamese investors turning to digital currencies. According to data derived from Statista, Bitcoin (BTC), which is widely used by investors as a hedge against inflation, is currently the most popular cryptocurrency in the country. The report reveals that search interest in the country for the prime cryptocurrency stands at about 84.5% relative to other cryptocurrencies.Crypto adoption in Vietnam is set to persist as more Vietnamese discover the convenience and possibilities of digital assets. Extensive regulations, however, appear to be a long way off. The State Bank of Vietnam has until 2023 to study the pros and cons of cryptocurrencies and come up with policy recommendations.
Čítaj viac
Bitcoin, Bukele and a bevy of central bankers meet in El Salvador
This week, 44 central bankers from developing countries around the world are attending a conference in El Salvador to discuss financial inclusion, financing for small and medium-sized businesses and Bitcoin (BTC). Central bank delegates from Ghana to Burundi, Jordan to the Maldives and Pakistan to Costa Rica arrived in San Salvador for the conference upon El SalvadorPresident Nayib Bukele’s invitation. Delegates’ countries marked in orange. Source: TwitterOrganized by the Alliance for Financial Inclusion, a global policy leadership alliance, and in partnership with El Salvador’s central bank, the conference will run for three days. In a tweet, the head of El Salvador central bank, Douglas Rodríguez, shared:“El Salvador is proud to receive representatives from 44 central banks and financial authorities to learn about the implementation of Bitcoin and policies to promote Financial Inclusion.”Rodríguez’ superior, President Bukele, shared that he was “planting seeds” among the 44 delegates while tweeting a group photo of the leaders:Planting seeds in 44 countries.3 days to go…#Bitcoin is good for the world pic.twitter.com/eOwhJZQ4RX— Nayib Bukele (@nayibbukele) May 16, 2022The team behind the Bitcoin Beach project was also in attendance, on-hand to educate the central bankers. Bitcoin Beach, El Zonte, was the birthplace of the Bitcoin Law, a grassroots movement that led the first nation to adopt Bitcoin. Nicolas Burtey, co-founder of Galoy Money — the company that built the Bitcoin Beach wallet — said, “After spending a day with those central bankers, I can say: still a lot of education to do.” Burtey continued:“[The] vast majority have no idea of the potential of bitcoin. But with El Salvador adopting Bitcoin, they now have a reason to dive into it.”Burtey and his team spent the day speaking with central bankers, showing them how to use Bitcoin Lightning wallets and send payments. Progress was fast — so fast, in fact, that Burtey tweeted: “We can’t onboard the central banks fast enough to #bitcoin with the BTCBeachWallet.”Photos of the event beggar belief, with central bankers studiously learning how to send payments and create wallets. Central bankers lining up to get help downloading and using Bitcoin Beach Lightning wallet pic.twitter.com/CWupR1Td4K— Bitcoin Beach (@Bitcoinbeach) May 16, 2022
At present, only two countries around the world have recognized Bitcoin as legal tender: El Salvador and recently the Central African Republic, which was subsequently scolded by African central banks for adopting cryptocurrencies. Related: El Salvador’s central bank accepts Qredo’s registration to provide crypto servicesFor some commentators, such as Dan Tapiero of investment fund 10T holdings, who memorably told Cointelegraph during an interview, “I don’t have cash,” El Salvador’s financial inclusion conference is momentous. He insinuates that the United States might need to catch up: #Bitcoin…The first truly global global macro investment of all time……with El Salvador leading?!!32 central banks, 44 countries flying to El S.Emg countries leading adoption.First time US not ahead in financial and technological innovation.https://t.co/XKOURSJ2SA pic.twitter.com/mF8GaBezDW— Dan Tapiero (@DTAPCAP) May 17, 2022
For hardcore Bitcoiners, nonetheless, the opportunity to make a joke about the event was just too great. Gigi, a Bitcoin writer and author of Bitcoin book 21 lessons, tweeted “If they keep using Bitcoin they wont be central bankers much longer!”
Čítaj viac
The world doesn’t need banks, policymakers or NGOs — It needs DeFi
Where I grew up, on the southern border in Texas, a tremendous number of people have come to the United States to work and send money back home. They don’t make much money, but they pay considerable fees on their transfers. Their focus is not on getting rich, but on supporting those back home in their native country. They support their families as they do hard labor day in and day out. It costs them too much to do so.Truth be told, my father was a migrant worker. He picked fruit in the fields. We sent money back to our family in Mexico. But the remittance providers chipped away at what little money he was able to make so that they had no hope of achieving the American Dream and prospering. The world needs DeFi due to corruption. Big governments and international corporations are controlled not in the interest of the people, but the interest of their bottom line. Credit cards and personal loans have tremendous fees, as do remittances.When migrants send home part of their earnings in the form of remittances, they represent a large source of foreign income for many developing economies. Remittances, which are particularly important for low-income countries, account for nearly 4%t of their GDP, compared with approximately 1.5% of the GDP for middle-income countries. Remittance flows are important because they are more stable than capital flows, and they tend to be countercyclical, meaning remittances increase during economic downturns or after a natural disaster when private capital flows fall.DeFi lowers the fees migrant workers pay to send money home, saving them billions of dollars. Some remittances entail fees of more than 20%. Out of desperation, people pay these fees to send a considerable source of their income to households across Africa, Asia and Latin America, helping to lift families out of poverty by providing financial stability.Related: Crypto education can bring financial empowerment to Latin AmericansHundreds of billions of dollars are sent home every year. That’s far more than official development aid. Most remittances go to low and middle-income countries. In Kyrgyzstan, Nepal and Liberia, remittance comprises more than a quarter of national GDP, it said. The average costs are 7%, according to UNESCO’s 2019 Global Education Monitoring Report. What’s more, traditional banks cost remitters the most. Their average fees are 10%! Big banks have monopolies on remittances and they take advantage thereof. To serve the underserved, the world needs not banks, policymakers or NGOs, but DeFi.The highway robbery of remittancesIn my view, centralized finance makes an unfair margin on migrants who are simply using their own money. That’s why the world needs decentralized finance. There is no reason to pay fees when transferring money. So don’t. Use decentralized finance rather than paying a tremendous amount of money when sending money back home.When I began to look at the decentralized exchanges, I learned no one could take your money from you, because you maintain possession of your keys. You can borrow, lend, trade on margin and so much more. DeFi coupled with stablecoins is a powerful combination, especially for the unbanked.Thanks to crypto, not only can migrants send money to loved ones back home for less, but those loved ones back home can now earn passive income in the decentralized finance space. They can utilize reward systems like liquidity pools or staking, and behold the power of truly being their own bank. No need to give your hard-earned money over to a middleman; a bank. You do not need negative interest rates.Related: Money in 2030: A future where DeFi and CBDCs can work togetherDeFi projects are built for the benefit of others. Participants can make a profit benefiting others. Food is being put on people’s tables across the globe because of decentralized finance. That’s a beautiful thing. The sense of community in DeFi comes from giving power back to the people. It drives us all to do better for ourselves. It puts all of us in a better position to do good. When we work on improving ourselves, we have no problem bettering the people around us. Healthy competition propels us all.DeFi offers a trustless environment in which transactions are managed by smart contracts. Blockchainers are rethinking and redefining finance before our very eyes.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.RTR Crypto is the global project manager for FEGtoken. He worked as an ER nurse for seven years as well as one year in hospice nursing, and also served on the Texas disaster response team. He followed his father’s footsteps and began investing in stocks before becoming involved in crypto. His father lovingly told him he was an idiot. RTR left medical school in his third year to work alongside the FEG team on improving decentralized trading platforms and creating a safer crypto space for new and experienced investors.
Čítaj viac
In defense of crypto: Why digital currencies deserve a better reputation
Ever since its inception and throughout its turbulent journey toward mainstream acceptance, crypto has elicited both enthusiasm and trepidation in equal measure. After the unfair battering it has received over the years, the time has come to defend digital currencies.Unfortunately for crypto, first impressions count. Bitcoin (BTC) initially gained a tawdry reputation in its early years as the currency of choice for illicit activities — favored by dark web users, ransomware hackers, drug traffickers and money launderers worldwide.But, the world has changed since the first Bitcoin was mined in January 2009. There are now more than 18 million of them in circulation, and more than 90,000 people have $1 million or more stashed away in Bitcoin, according to cryptocurrency data-tracking firm Bitinfocharts.There are, indeed, signs that crypto is, at last, gaining mainstream acceptance. Just last year, El Salvador declared Bitcoin as a legal tender in September and in October, the first Bitcoin futures-linked exchange-traded fund (ETF) in the United States began trading on the New York Stock Exchange. Payments giant Visa also launched a Global Crypto Advisory Practice in December, helping financial institutions advance their own crypto journey.There are even talks of crypto becoming a medium of exchange in Afghanistan, offering a very real example of crypto enabling financial transactions in a situation where the monetary system itself is breaking down.Related: How are Afghans using crypto under the Taliban government?The obstacles and barriers Despite these success stories, nagging doubts persist among the public and objections have been expressed by politicians who fear a decentralized currency that puts the general public in charge of their own money. China declared crypto transactions illegal in September, citing concerns about gambling and money laundering. Politicians around the world have expressed alarm about its potential to transform the established dynamics of the existing financial ecosystem.The underlying factor behind all of this is fear and recent research suggests it could be a fear of the unknown. According to a national survey commissioned by money app Ziglu, almost a third (31%) of British people surveyed are curious about investing in crypto, yet 62% of those included have held back from buying any because they do not understand the market. As a sign that cryptocurrency is gaining legitimacy in the eyes of the public, however, the survey also found that bBitcoin is now considered a smarter investment than property.Now is the time to recognize that while there are inherent risks, cryptocurrency is also a force for good in the world. In an age of plummeting savings rates, this relatively new asset class offers all of us the opportunity to invest in crypto without traditional barriers that exist in traditional finance, no matter how much or how little money we have available.Related: Stablecoin adoption and the future of financial inclusionSome people do not even have a safe place to store their hard-earned cash. According to World Bank data, 1.7 billion people globally do not have a bank account. Many of us take for granted the ability to move money around through credit cards and bank transfers — sending large sums to our friends and family with a tap of our smartphones — but for the unbanked, this is not possible.More than 80% of the world’s population do, however, own a smartphone, which is all they need to send crypto remittances across international borders. Crypto is boosting financial inclusion by giving millions of people with no access to platforms such as PayPal or Venmo the ability to transfer funds for mere pennies. It is also a good alternative for those who resent high bank fees since this new infrastructure, unlike the traditional payment rails, is not constrained by profit motivation.Crypto’s advantages Smart contracts can replace services from banks, money transfer companies or legal services, while cryptocurrencies and digital wallets can provide flexibility such as credit for customers and financial sovereignty with no centralized entity required.Crypto can also shield citizens from economic turmoil. Venezuela is a prime example where many citizens are already suffering high inflation and the impact of United States sanctions that also affect their banks. They are increasingly converting their wages into crypto and using the blockchain for money transfers and payments.For developing countries, Bitcoin is an excellent way for society to eliminate corruption because the community can track any Bitcoin transaction in the public ledger when people use the cryptocurrency to transfer money.Closer to home, crypto is also democratizing finance. There are low barriers to entry with no need for a broker or a high net worth. Anyone can invest and create wealth for themselves. As a result, people are learning about concepts such as annual percentage rates, lending and borrowing, and the history and purpose of money.Crypto’s disadvantagesBut, any defense of crypto cannot avoid the elephant in the room: crime. It has long been associated with fraud and ransomware, but the truth is that blockchain is the perfect system to thwart such criminal activity.Related: Bitcoin can’t be viewed as an untraceable ‘crime coin’ anymoreCryptocurrencies are not anonymous, they are pseudonymous. The open ledger on which crypto lives and moves allows law enforcement to track and trace the flow of funds in real time, providing unprecedented visibility on financial flows. Criminals also need to convert crypto into fiat currency, creating opportunities to not only blacklist the wallet addresses but also proactively catch the criminals.That is why, as in the Colonial Pipeline ransomware attack in the U.S.in June 2021, law enforcement was able to track and ultimately seize the ransom payment. That recovery was possible only because cryptocurrency was the medium of payment.Related: Don’t blame crypto for ransomwareThe advantage blockchain has is that it’s tamper-proof. Through a process known as consensus, each transaction is verified by multiple parties independently. Entries are immutable, meaning they can’t be modified and can only be updated by adding an addendum.We are advocating for a specialist unit within cybercrime law enforcement. Why is it needed? To have dedicated technical and human resources that can work proactively with corporations that have been breached with a ransom requested in crypto. It would be able to communicate and notify all crypto exchanges so that they can identify when and if the criminal wants to cash out on the exchange.Another issue rightly raised about crypto is the environmental impact: The enormous amount of electricity required to mine proof-of-work currencies such as Bitcoin requires warehouses full of powerful computing rigs constantly running.However, this is already changing. Right now, more than half of Bitcoin miners use sustainable energy. A Bitcoin mining operation opened northeast of Niagara Falls on the site of the last working coal plant in the state of New York, using cheap hydroelectric power to run its rigs. Meanwhile, El Salvador’s President Nayib Bukele has announced an even more creative plan to use geothermal energy from the Conchagua volcano to power its Bitcoin City project.Cryptocurrency’s journey to mainstream acceptance is almost complete. Therefore, now is the time to overcome our often unfounded fears and to embrace the financial freedom, security and convenience it offers.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.Ian Taylor is the executive director of CryptoUK, an independent industry body that exists as a cohesive, credible voice for the evolving United Kingdom crypto industry. Having spent 20 years in investment banking, he has held many senior roles across trading, treasury and risk management, and is still involved with a major global bank. As executive director of CryptoUK, he has built a community of more than 100 of the most influential industry participants and campaigns for a fit-for-purpose regulatory framework in the U.K., Europe and beyond.
Čítaj viac
If the glass slipper doesn’t fit, smash it: Unraveling the myth of gender equality in crypto
Crypto’s reputation as a boys’ club does not come as a surprise: It sits at the very intersection of tech and finance, perpetuating the legacy of “bro culture” that is coded into Silicon Valley and Wall Street. It was only in 2020 when Citigroup bank appointed the company’s first female CEO, Jane Fraser. This was a milestone in its 200-year long history and in the history of Wall Street itself, having the first woman lead one of the largest Wall Street banks.Meanwhile, cases of sexual harassment run rampant across pioneering tech firms, as seen in the case of Riot Games, for example, where it has been implied that women simply do not belong. Just four years ago, the 2018 North American Bitcoin Conference culminated in a notorious networking event held at a Miami strip club. Though the organizers later expressed regret at their choice of venue, the story is only one of many incidents in crypto’s history of diminishing the role of women in the industry.The perception of crypto’s proclivity toward men clearly needs rehabilitation, and the business case for this is evident. An inclusive crypto ecosystem not only broadens its appeal to a wider audience but, more importantly, helps crypto move into the mainstream. While there is no shortage of interest or talents in crypto among women, the most outspoken crypto traders and influencers speak to a male audience simply because these influencers are men themselves. In fact, CryptoHead’s 2021 list of the world’s top 50 crypto figures features an all-male ensemble — a symptom of serious gender underrepresentation via the absence of women entirely.Numbers speak louder than wordsWomen still suffer from the problematic legacy of the male-dominated finance ecosystem, be it existing barriers to personal finance or in ascending the rungs of the corporate ladder. On Forbes’ 2021 Billionaires List, all 12 crypto tycoons are men. While this could be attributed to first-mover advantage, Amber Baldet, former blockchain program lead at JP Morgan Chase, believes that women are just not being publicly recognized for their industry-shaping work because of skewed media coverage.At the same time, female-led projects are seeing less support across the board. 2021 marked the second consecutive year where the percentage of women’s VC funding shrank despite total funding levels hitting record highs.The reality is that crypto is still a nascent industry, so everything, including HR processes, is new, while the lack of diversity further deepens the industry’s unawareness of necessary workplace policies that best support women. As the discourse on gender disparity in crypto continues to gather steam, the solution must go beyond hitting diversity quotas for the sake of it and instead focus on ensuring that women have equal opportunities and a conducive work environment, starting from the hiring stage.Related: 10 women who used crypto to make a difference in 2021Why empowerment at every stage is imperativeWhen key women executives are appointed because of their professional expertise andindustry track record, it is undoubtedly an encouraging sign that the crypto industry’s attempts to narrow the gender gap are genuine. It is high time that the industry recognizes and rewards female talents instead of lapsing into lazy platitudes and cheap wins where we celebrate diversity for diversity’s sake. Women are stepping up to a variety of leadership and entrepreneurial roles in the field, and more can be done to break the stigma of women in crypto being locked into influencer stereotypes.Representation begets representation — exposure to female figures in the industry will go a long way to encourage young women who are looking to get into the industry. But for women to be supported at every stage of their crypto careers, it is important to consider broad deep-seated gender inequalities that limit their capacities to succeed at work.Women globally have been found to spend two to ten times more time on unpaid care work than men. This could include housework and caregiving duties focused on children, the sick and the elderly — areas that many companies underestimate. Empowering women with more flexibility and control over their working hours, for one, is only a small step for success and the nature of crypto as a global and distributed industry certainly facilitates this flexibility.Related: Is crypto a boys’ club? The future of finance is not genderedThe key to success in the crypto industry, however, lies in realizing crypto’s promise as a social and financial instrument for freedom. It has the potential to redefine the financial industry both economically and culturally, as it is an avenue for financial freedom that can do away with age-old power structures of the traditional financial industry. Until there are more initiatives that champion crypto’s underlying philosophy as well as more women and many more communities represented in the field, it is fair to say that it is men who “simply don’t get it.” Leveling the playing field for financial inclusionCrypto has a lot to offer to the financially underserved and, more often than not, women are more disadvantaged than men in this arena. Women make up 55 percent of the world’s unbanked population — this means almost one billion women globally have little to no financial security, and this is a problem that crypto can help to address.Naturally, the anonymity that blockchain technology affords and the autonomy that decentralized finance (DeFi) offers to make crypto an enticing solution to the lack of financial access so many women face. Want to make a living for yourself but societal constraints limit financial autonomy even after you are paid? Crypto can empower you to get paid in Bitcoin (BTC) like how activists Fereshteh Forough and Roya Mahboob helped hundreds of Afghan girls, who previously had little control over their finances, to reclaim their agency. Want to set up a business? Accept payment in crypto — no husband needed.Decentralized and devoid of discriminationAll technologies are inherently neutral by design and this also applies to blockchain. It does not care about your age, gender, race or socioeconomic status. The prospect of overcoming systemic challenges and crypto’s offer of greater financial freedom and independence could not be more welcome and apt.In fact, things are looking up with 2021 being a defining year for women investors. From crypto trading app Robinhood reporting a 369% increase in its female users, to Cardify reporting that women made up more than 15% of total cryptocurrency deposits — a marked 5.6 percent increase from their study the year before — it’s apparent that women are increasingly cognizant of crypto’s potential as a tool for financial empowerment.Everyone stands to gain when women have financial freedom among disadvantaged communities or in boardrooms in need of more diversity. Ultimately, whether it is encouraging women to regard crypto as a valid pathway to financial empowerment or championing gender diversity in the crypto industry, the road ahead is still a long one as the industry collectively addresses the gender gap and prove that crypto is integral to the future that everyone has been waiting for.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.Annabelle Huang is a managing partner at Amber Group, a global digital asset platform that provides a full range of digital asset services spanning investing, financing and trading, servicing over 1,000 institutional clients and a growing number of individual investors worldwide. Prior to joining Amber Group, Annabelle served as the Asia lead at AirSwap and was part of the FX Structuring desk at Deutsche Bank. Annabelle is an advocate for more women to be part of the crypto conversation. She is a mentor of the Female Entrepreneurs Worldwide (FEW) Incubator, Asia DeFi Network and Brinc Accelerator.
Čítaj viac
Projects are collecting Toys for Tots crypto donations this holiday season
This holiday season, fintech provider Unbanked will be enabling crypto donations for Toys for Tots, a program run by the United States Marine Corps that collects toys to distribute to disadvantaged children.In a Dec. 2 announcement, Unbanked said it would be allowing users to donate cryptocurrencies including Bitcoin (BTC) and Ether (ETH) as part of a fundraising effort for Toys for Tots. Until Dec. 20, good Samaritans can send any amount of money towards the program which has given 604 million toys to 272 million children across the United States, Puerto Rico, and the U.S. Virgin Islands.We are honored to support the incredible work of @ToysForTots_USA this #holidayseasonWe have set up a #crypto payment profile to enable donations in 28 #cryptocurrencies for this wonderful cause ♥️Donate here – https://t.co/jgPj47zIxy https://t.co/UxOt84klhY pic.twitter.com/APLVMLvzea— Unbanked (@UnbankedHQ) December 2, 2021“The cryptocurrency bull market has been good to all of us in this industry and this holiday season is the perfect time to pay it forward,” said Unbanked co-CEO Ian Kane. “We naturally wanted to use the benefits of crypto to give back during this holiday season.”Unbanked does not exclusively represent all crypto users’ philanthropic endeavors, however. A project operating under the name Elf Token reported it has received $41,200 to be used toward purchases for Toys for Tots as of Dec. 4, with a goal of raising $100,000 over the holiday season. In addition, the Giving Block, a platform which allows non-profit organizations and charities to accept donations in crypto, currently enables donations using many tokens for the toy collection program.End of the day. 100 toys donated, $1,200 in value bringing our total donations to date to $41,200.@ToysForTots_USA only recommendation is that you might need larger bins for @elf_token since we are not stopping anytime soon #ElfToken #ElfArmy pic.twitter.com/gQycjAMCNW— Elf Token (@elf_token) December 4, 2021
Related: Charity platform expects significantly larger crypto than fiat donations for Giving TuesdayxCharities, universities, faith-based organizations and others have stepped up the number and amount of donations in crypto as part of Giving Tuesday this year. Cointelegraph reported on Dec. 2 that the Giving Block raised $2.4 million in crypto this year, representing a 583% increase from the Tuesday after Thanksgiving in 2020. The platform is aiming to raise more than $100 million in crypto donations by the end of the year.
Čítaj viac
Získaj BONUS 8 € v Bitcoinoch
Registrácia Binance
