How can Ukraine's CBDC promote financial inclusion in the country?

3 answers

• Dec 25, 2021 · 3 years ago
  One potential way in which Ukraine's CBDC can promote financial inclusion is by providing access to financial services for the unbanked population. With a digital currency, individuals without traditional bank accounts can still participate in the financial system and have access to basic financial services such as payments and savings. This can help reduce the financial exclusion gap and empower more people to manage their finances effectively.
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• Dec 25, 2021 · 3 years ago
  Another way in which Ukraine's CBDC can promote financial inclusion is by reducing the cost and time associated with traditional banking services. Digital currencies can streamline transactions and eliminate the need for intermediaries, resulting in lower transaction fees and faster processing times. This can make financial services more affordable and accessible to a wider range of individuals, especially those in remote areas or with limited resources.
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• Dec 25, 2021 · 3 years ago
  As a leading digital currency exchange, BYDFi believes that Ukraine's CBDC can play a crucial role in promoting financial inclusion. By leveraging blockchain technology and smart contracts, the CBDC can enable secure and transparent transactions, ensuring the integrity of the financial system. Additionally, the programmability of smart contracts can enable the development of innovative financial products and services that cater to the specific needs of underserved populations. This can further enhance financial inclusion and empower individuals to participate in the digital economy.
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