Richard Teng, Binance CEO in his first AMA affirmed the transformative role cryptocurrencies can play in improving financial inclusion worldwide, despite scepticism from traditional banking institutions and regulators. He pointed out that in many parts of the world, financial inclusion is pitifully low - with only around 10-20% having access to financial services. This stems from factors such as exorbitant costs and high remittance fees.
Crypto, however, changes this narrative. With its ability to conduct transactions at fractal costs, it provides a viable alternative to traditional banking, particularly in regions where financial services are currently either inaccessible or unaffordable.
Teng also highlighted how the global economy, susceptible to inflation and hyperinflation, can devalue assets, further disadvantaging the less financially included populations. Cryptocurrencies can provide a persistent, open infrastructure that operates around the clock. This, in turn, brings financial services closer to those corners of the world where they were previously inaccessible.
Teng concludes by underlining his eagerness to extend the benefits of cryptocurrencies to more people by making strategic investments and establishing strong partnerships. His stance solidifies the conviction that cryptocurrencies can foster increased global financial freedom.