How can cryptocurrencies play a role in promoting financial inclusion?

economictimes.indiatimes.com:

Cryptocurrencies have the potential to revolutionize the financial industry by offering decentralized and secure transactions and promoting financial inclusion. They can play a significant role in areas where traditional banking services are unavailable or inaccessible by bridging the gap and providing access to financial services to those left out. How can Cryptos promote financial inclusion? Low entry barriers Cryptocurrencies have easy-to-meet requirements for entry, such as a smartphone or internet access, compared to traditional banking services. This means that people who may not have access to traditional banking services due to financial or geographical constraints can still use cryptocurrencies. For example, someone in a remote area without a bank branch can use cryptocurrencies to send and receive money without traveling long distances.Decentralized nature Cryptocurrencies are not controlled by any central authority or traditional financial institution, making them independent of the banking system. For example, in countries with a history of corruption or an unreliable banking system, cryptocurrencies can be a valuable alternative for individuals to store and transfer their wealth without relying on traditional banking institutions.

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Cross-border transactions Cryptocurrencies can help people send money to their families living in other countries. They can also reduce the cost of