Brookings | Tonantzin Carmona | Oct 26, 2022
Conclusion
Earlier than embracing cryptocurrencies or overstating their potential, policymakers ought to first make clear the issues they’re attempting to resolve, and extra importantly, why they’re attempting to resolve them. With regards to crypto and monetary inclusion, there are fluctuating and contested phrases and narratives. Thus, it might be tough to discern what teams, issues, or ache factors we’re striving to deal with.
When examined intently, crypto’s present capabilities don’t match the wants of the teams it purports to serve, and it carries a bunch of dangers and downsides that undermine its advantages. Extra alarming, we are able to observe parallels between crypto and different predatory merchandise, which highlights crypto’s potential to exacerbate unequal monetary providers to traditionally excluded teams.
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Contemplating this actuality, we are able to both encourage inequitable and exclusionary banking techniques to persist by enabling others to revenue from the inequities, or we are able to develop the braveness to make sure that banking is really inclusive. For these causes, slightly than endorse crypto as a device for fairness, we must always as a substitute promote and discover coverage options that may extra immediately and impactfully obtain and bolster monetary inclusion.
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