How cryptocurrencies are empowering the most vulnerable communities

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In addition to being a financial investment vehicle, cryptocurrencies can be used to empower people in other ways.
               

Discover how they are helping those who need them most access financial opportunities and services.

Financial inclusion. Borderless transactions. Economic opportunities. Discover how cryptocurrencies can empower the most vulnerable communities, such as displaced people.



Cryptocurrencies have become a powerful tool capable of revolutionizing sectors and changing people's lives. Due to its decentralized and borderless nature, cryptocurrencies continue to spread throughout our society and improve the world in different ways.

Discover how cryptocurrencies can play a transformative role in empowering the most vulnerable communities, offering them resources and tools to regain control over their financial future.

Access to financial services
«I believe that cryptocurrencies are the future of currency. Therefore, it is worth taking the time to fully understand this ecosystem. Abubakar Hassan Muhammad, Binance user in Nigeria

Cryptocurrencies, as well as digital asset Ecuador Mobile Number List service providers, can provide greater financial inclusion to those who do not have access to traditional financial systems. There are still millions of people who cannot send or receive money, obtain loans or make purchases by bank transfer. Cryptocurrencies can be of great help.

This is the case of Abubakar Hassan Muhammad, a 37-year-old Nigerian Binance user. In 2017, limitations on bank cards made it difficult for her to send money abroad to help his brother. Looking for an alternative solution, he sent money to his brother via Bitcoin, and that's how he discovered a more efficient and cost-effective transfer method.

Cryptocurrencies can even facilitate access to microcredit, crowdfunding and international charity campaigns to support globally relevant business initiatives and causes.

Do you want to know more about how cryptocurrencies can help charities? Check out our blog post on How cryptocurrencies and Web3 are transforming the world of philanthropy .

Borderless transactions
Due to their decentralized nature, cryptocurrencies empower users in difficult or uncertain situations where trust in institutions may be limited and where everything else has often been taken away from them.

Specifically, it is common for displaced people or communities, usually due to a crisis or conflict, to experience a loss of economic stability. Cryptocurrencies can help displaced people overcome these challenges by ensuring basic needs such as food, water, and shelter.

Last year, Binance launched the Binance Crypto Card for Refugees as part of our campaign to help Ukrainian citizens who have been forced to leave their country. With this card, displaced people can receive payments in cryptocurrencies and buy in businesses that are part of the EEE network.

Cryptocurrencies also provide more flexibility to users as they do not need to be converted or incur currency exchange fees when moving from one country to another.


Economic opportunities
“These financial opportunities not only helped me get ahead and pay the bills, but they allowed me to live comfortably.” – Chairmankiriago (pseudonym), Binance user in Kenya

As emerging sectors, cryptocurrencies and Web3 have also created unique income or capital generation opportunities. Chairmankiriago , a Binance user, says: “Getting into the cryptocurrency space opened my eyes to a whole world of opportunities; a network full of cryptocurrencies, alternative financial services and potential sources of income.

From crowdfunding to the sale of NFTs, there are different ways to generate capital or income through cryptocurrencies. But these not only benefit those who work in the sector directly; They can also be used as an alternative source of income for those who cannot access banking services.

«I applied for a remote internship at a software company that paid payroll through direct debit. Due to the current situation in Afghanistan, I could not open a bank account. Luckily, they were willing to pay me in cryptocurrency, so I got the internship!” shares an Afghan beneficiary of our pilot program.