Your Voice, Our Headlines

Download Folkspaper App with no Ads!


A fast-growing newspaper curated by the online community.

Digital Forms of Money & Blockchain Are Answer For Future Unbankedness?

  • tag_facesReaction
  • Tip Bones

More than a billion people around the world have no access to financial services. However, blockchain and cryptocurrency “appear to be the solution” towards achieving global financial inclusivity.

The Financial Markets Director at OKEx, Lennix Lai while attending the Davos event, held at Russia House in January, said that the solution to inclusivity in the financial system is blockchain and cryptocurrencies.

More than a billion people in the world are still excluded from financial services. Underdeveloped regions hurt the most because financial service providers find it expensive to set up operations. 

According to Lennix:

Unbankedness has been a global challenge. The underprivileged who are not able to produce or return with adequate economic benefits to the bank, are left behind from a decent living standard.” He continued, “blockchain and cryptocurrencies appear to be a solution to the problem by providing a digital, decentralized financial system that can work mutually-beneficially with traditional markets to substantially lower the operational costs and serve the areas traditional banking cannot cover.

Lennix said OKEx is committed to building a robust and trustable environment, aimed at catering for the needs of users around the world. In another meeting at EmTech Investment, Lennix added that the exchange is working closely with regulators to ensure that compliances are adhered to within the industry.