Bitcoin and DeFi could reshape access to money for the marginalised: Experts

Bitcoin and DeFi could reshape access to money for the marginalised: Experts

Bitcoin and Black America author Isaiah Jackson and CEO of Emerging Impact, Robby Greenfield  spoke about the opportunities blockchain and cryptocurrency hold for the financial future of marginalized communities at the Ethereal Session 2020

The inaugural event of the virtual Ethereal session 2020, a series of events bringing together those building and inspiring the decentralized future, was held yesterday with the topic “Crypto Adoption and Building for Marginalized Communities” at the forefront of the discussions.

The opening event featured Bitcoin and Black America author Isaiah Jackson, followed by a presentation by Robby Greenfield, CEO of Emerging Impact. The speakers expressed their opinions on the potential of Bitcoin and Decentralized Finances (DeFi) in reshaping access to money.

Greenfield began his presentation by explaining how his company, Emerging Impact, is contributing in promoting crypto adoption for marginalised communities.

He stated that the company takes a methodological approach to understand the capabilities of technology for marginalised communities by ensuring that it does no harm, maximises community participation and that it sustainably provides economic empowerment and social protection.

B2C apps in the blockchain space must aim to give users from different backgrounds who aren’t tech literate, that ability to empower themselves, he explained.

“DeFi is a huge part of this movement. But a lot of DeFi apps don’t interface with marginalized communities at all,” he said. Greenfield further stated that he sees DeFi evolving beyond just finance into Environmental DeFi. “This could completely transform how commercial finance and environmental finance cross communicate via exchanges. Imagine being able to use tokenized carbon offsets as collateral to offset a loan. Taking something that created benefit in the world and using it to access capital,” he explained his vision.

In the next segment, Isaiah Jackson spoke about his journey towards exploring Bitcoin and economic inequality after the Ferguson, Missouri protests of 2014. Jackson said that Bitcoin presents an opportunity for the black community to prosper as a whole.

Jackson laid out the key takeaways from his work, saying “the inflation-based economy we live in under the Fed doesn’t work for anyone. So even if you’re not black, everyone is getting messed over by the Fed. Even if you feel like you are doing okay, you should have more. In regards to those who are marginalized, the printing of money and inflation-based economy we have taken wealth out of your hands and the hands of your future generations.”

He added that cryptocurrency might not have the ability to solve racism but it gives marginalised communities leverage to makes racism very costly and inefficient.

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