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How Crypto is Empowering People in Vulnerable Communities

2023-06-05

Main Takeaways

  • Apart from being a financial investment vehicle, crypto can be used to empower people in other ways.

  • Find out how it is helping to unlock financial services and opportunities for those who need it most.

Financial inclusion. Borderless transactions. Economic opportunities. Learn how crypto helps empower people in vulnerable communities, such as displaced people.

Cryptocurrencies have emerged as a powerful tool for disrupting industries and changing lives. With their decentralized and borderless nature, cryptocurrencies continue to ripple through our society, improving the world in various ways.

Discover how cryptocurrencies play a transformative role in empowering vulnerable communities by providing them with tools and resources to regain control over their financial futures.

Access to Financial Services

“I believe crypto is the future of currency. It’s worth taking the time to understand the crypto ecosystem fully.” – Abubakar Hassan Muhammad, Nigerian Binance user

Cryptocurrencies and digital asset service providers can provide greater financial inclusion to individuals who don’t have access to traditional financial systems. Millions of people still cannot send or receive money, obtain loans, or make purchases via bank transfers. Crypto can help with this. 

Take Abubakar Hassan Muhammad, a 37-year-old Nigerian Binance user, for instance. In 2017, bank card limitations made it difficult for him to send funds abroad to support his brother. Seeking an alternative solution, he sent funds to his brother through Bitcoin, discovering a more efficient and cost-effective transfer method.

Cryptocurrencies can even help facilitate access to microloans, crowdfunding, and international charity drives to support entrepreneurial initiatives and global causes that matter. 

Interested in how cryptocurrency powers the charitable sector? Read our blog post on How Cryptocurrency and Web3 Are Reshaping Philanthropy.

Borderless Transactions

Due to their decentralized nature, crypto empowers users in challenging or uncertain situations where trust in institutions may be limited and often when all else has been taken from them.

In particular, displaced individuals or communities – usually due to crisis or conflict – often experience a sense of loss in economic stability. Crypto can help secure necessities like food, water, and shelter to overcome challenges faced by displaced individuals.

Last year, Binance launched the Binance Refugee Crypto Card as part of our efforts to help Ukrainians forced to leave their country. With the card, these displaced individuals can receive crypto payments and complete purchases at eligible EEA retailers.

Cryptocurrencies also enable users more flexibility as they do not have to convert and incur foreign exchange fees when moving from one country to another. 

Economic Opportunities

“Not only have the financial opportunities helped me to fend for myself and pay my bills; they have allowed me to live comfortably.” – Chairmankiriago (pseudonym), Kenyan Binance user

As an emerging field, crypto and Web3 have also opened unique income-earning or capital-generating opportunities. One Binance user, Chairmankiriago, shared: “Venturing into the crypto space opened my eyes to a world of opportunities – a crypto-rich network, alternative financial services, and potential income streams.” 

From crowdfunding to selling NFTs, there are various avenues where people can generate crypto capital or income. But crypto doesn’t just benefit those working in the industry directly – it can be used as an alternate form of salary for those without access to banking services. 

“I applied for a remote internship in a software company that paid salaries to bank accounts. Due to the current situation in Afghanistan, I could not set up a bank account. Thankfully, they were open to paying me in crypto – so I now have an internship!” shared an Afghan pilot program beneficiary.

Driving Change Through Crypto

“Crypto helped my family stay afloat in tough economic environments.” – Izugod (pseudonym), Nigerian Binance user

Whether for earning or receiving, crypto and its unique qualities – borderless and decentralized – empower people to improve their quality of life. Learn more about how Binance Charity is leveraging crypto and blockchain for social change today.

Discover Binance Charity Projects Here

Further Reading