CRYPTOCURRENCY AND THE UNBANKED/UNDERBANKED OF THE WORLD

Abstract

In this paper, we seek to address how crypto-asset technology applications might benefit unbanked and underbanked populations around the world. To evaluate these opportunities, we adopted the lens of a non-government, private-market actor. We find it highly probable that any financial inclusion effort in the crypto-asset space will involve one or multiple private entities and, as such, wished to consider the motivations and constraints of such an entity. Our paper evaluates financial inclusion tactics and strategies in three markets: Mexico, India and Indonesia. While each of these markets has a sizeable population of unbanked individuals, the countries differ in the character of their financial inclusion landscape as well as their broader regulatory treatment of crypto-assets. We believe the lessons drawn from each of these case studies are ultimately applicable to a great many countries around the world – and similar market-entry strategies may be adopted depending on the goals and constraints of a given actor.