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    Rajesh AK in Crypto News

    01 Mar 10:52 AM


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    Ongoing distrust in banks is holding back the fintech ’revolution’

    A deep-rooted distrust toward banks in many developed countries subsists, so crypto and fintech firms will firstly need to regain their trust.
    A crypto and fintech “revolution” could solve the lack of financial inclusion in developing countries — but it first needs to gain the trust of the unbanked, according to a payments firm executive.

    During a panel session at the Web Summit Qatar on Feb. 27 — Juan Pablo Ortega, a founder and CEO at online payment platform Yuno argued the biggest challenge to financial inclusion is distrust for anything other than cash — which he sees in high-inflation countries.

    However, the Indian government recently banned crypto exchanges Binance, Kraken, Kucoin and others last December for failing to comply with guidelines from the country’s financial intelligence unit — so it isn’t exactly clear what role crypto will play in that movement.
    #Asia
    #Business
    #Banks
    #Africa
    #Payments
    #Adoption
    #Latin America
    #Loans
    Source - Coin Telegraph