Digital currencies such as Bitcoin are to be praised for you are able people without Bank details – to include enhancing financial inclusiveness significantly and the global economy can strengthen.
A sudden oil price war and the Coronavirus pandemic, have shaken the markets as well as the confidence of the Public in the Middle East. In the face of declining indices and Oil prices should there be no better time for digital currencies to prevail.
Digital currencies can provide safety
The world economy is hit, as the DOW and the S&P 500 have suffered due to the increasing Coronavirus Fears, which spread through the whole world, enormous losses. The conditions are deteriorating now, and after disagreements with the production of the largest oil producers in the world, an oil price war is currently taking place.
Especially in the case of Aramco – the most profitable companies in the world – have fallen, the share prices by more than nine per cent below the level of the IPO. The price decline of Aramco is an important part of the saudi Arabian economic plan and will be accompanied by similar declines in other businesses.
Other industries were affected by the development. Dubai’s largest lender, Emirates NBD PJSC, has fallen to 9.6 percent, the First Abu Dhabi Bank to 6.7 percent. The most striking of these was perhaps that of the Kuwaiti main index now has losses of 18 percent, compared with an increase of 32 percent in the year 2019.
Since different markets will fall and the world feared a recession, we must look for solutions to mitigate the damage and to make the economy less bloody – and we now have the tools to do so.
An important opportunity to revive the economy, of course, are digital currencies and their ability to people without a Bank account include. The Problem of the “unbanked” has been addressed in Reports of major financial institutions, most recently in a report by the Bank for International settlements (BIS).
In the article contained statistics and findings show that we are still far from living in a just world. In particular, people in Africa and the Middle East are affected by the lack of inclusion. In both regions, the number of people without Bank about 50 percent of the population.
Women are also affected in these regions especially, where in the Middle East and Africa, 64 per cent, or about 60 percent of women live without a Bank account.
Of course, the lack of financial inclusion is also associated with other problems, such as reduced access to education and health care.
An important aspect of the crypto-currency market is that it is uncorrelated with other markets – or so they say. In a time of uncertainty as an uncorrelated asset like Bitcoin to address may be a smart move – a, the threading given the fact that crypto-currencies in the uncorrelated markets of the world, almost imperative.