Cryptocurrency Doesn't Solve the Hard Problems of Financial Inclusion

Wave, a financial services company, argues that cryptocurrency isn't a silver bullet for financial inclusion. While it excels at tracking account balances, it falls short in building trust, ensuring regulatory compliance, and, most importantly, facilitating easy cash-in and cash-out. For less tech-savvy, low-income users, navigating cryptocurrency transactions is complex and costly. The article advocates for a first-principles approach to financial inclusion, prioritizing simple and effective solutions over trendy technologies. Although not a panacea, cryptocurrency shows potential in specific niches, such as acting as a store of value or enhancing cross-border payment efficiency.