- PricewaterhouseCoopers (PwC) says 43% of people in developing countries lack knowledge of making digital payments.
- Over 1.4 billion people lack access to an account.
PricewaterhouseCoopers (PwC) is an organization that often provides insight into the current financial situation across the world. So, they are saying the rate of financial inclusion is low. This report from PwC especially applies to those in developing countries, like those in Africa.
PwC Says Financial Inclusion is a Big Issue
- According to a new research and statement from PricewaterhouseCoopers (PwC), they are highlighting a current financial issue. So, according to their study, financial inclusion is becoming a major issue within Africa and the whole world. They didn’t fail to highlight that blockchain technology was very important in combating the current issue. So, with the use of blockchain, things like stablecoins and CBDCs can solve the financial inclusion issue.
- PricewaterhouseCoopers (PwC) was very specific about their financial inclusion issue. So, they said that over 1.4 billion people are lacking access to an account or essential financial services
PwC Pushes Blockchain as the Solution to the Lack of Financial Inclusion
- PwC is pushing blockchain technology as the solution for the lack of financial inclusion in Africa and other parts of the world. So, they said blockchain technology will play a pivotal role in handling many financial inclusion issues. PwC said around 200 different stablecoins are available today, offering users the stability of a variety. So, users can experience traditional fiat currencies while maintaining the benefits of digital assets.
- PricewaterhouseCoopers (PwC) provided insights on the issue of saving money. So, they said around 3.55 billion people in emerging economies lack participation in saving money. They said the emergence of cryptocurrencies and digital wallets allows people to save. So, this allows those who don’t have access to traditional banks to have a way of saving money.
Emerging Countries Are in Favor of CBDCs
- According to more data from PricewaterhouseCoopers (PwC), developing countries prefer CBDCs. Note that 43% of individuals in developing countries lack experience in conducting online payments. So, around 61% of citizens in developing countries are in favor of the CBDC.
- In comparison, only around 37% of citizens in developed countries prefer CBDC. So, many countries are already exploring the use of CBDC among their citizens. India is one of the countries leading the race for a CBDC implementation in the country. So, this Asian country saw thousands of customers and merchants enroll in the CBDC pilot in the country. This is quite massive for the country as it shows the willingness of its citizens to explore other forms of technology.
Conclusion
A report from PricewaterhouseCoopers (PwC) provided insight into many things regarding the financial situation of the world. So, financial inclusion is a major issue around the world, especially in developing countries. However, blockchain technology offers solutions to these issues. So, things like stablecoins and CBDC can help ease the current financial situation.
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