One of the biggest and best influences of crypto on the global financial market is its unique ability to offer a banking system to those in countries who would have otherwise been unable to access banking or financial institutions. The World Bank has reported that around around the world do not have access to traditional banking systems and rely on other methods for transacting money.
This has meant that for years, these people have been limited in their ability to save money, securely store their funds, obtain loans, or participate in the large e-commerce market. However, the emergence of cryptocurrencies has enabled these individuals to change their circumstances.
Cryptocurrencies like Bitcoin and Ethereum can be accessed by anyone, anywhere, who has a smartphone and an internet connection. E-wallets and cryptocurrency platform accounts can be set up in a matter of minutes and do not require typical financial institution identification checks, such as proof of income or credit history. This means that in countries where the banking system is lacklustre or the government has restricted access for people, crypto can empower and facilitate people to have financial freedom that they would otherwise not have.
