Bill Gates, co-founder of the Microsoft Corporation and one of the richest people in the world recently shared his thoughts on the potential for cryptocurrencies to help those living in poverty.
Gates begins by saying that digital platforms can lower the cost of a range of transactions by as much as 90% as well as providing nearly universal access to innovative financial products and services.
He goes on to say that, if we had the opportunity to build a financial system from scratch, it would be built on a digital platform. Seeing as we don’t have that luxury, we have to show the vision needed to plan for this digital future, but also the wisdom to manage the transition.
“it’s a big responsibility, but with more than two and a half billion people not able to get at formal financial services, the opportunity compels us to do it,” says Gates.
Gates further explains that poor people do have assets: their intellect, labor and savings, but they don’t have access to the financial tools required to capitalize on these resources. He states that a breakthrough financial system will have direct impact on the poor as well as advancing a host of development activities like agriculture and healthcare.
Thus, the Microsoft co-founder states that there are two priorities for the immediate future: to drive the policy changes to ensure the poor can get involved, and a measurement system to track the progress of those benefiting from their newfound financial system.