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Does the global financial system need an overhaul?



Globally, finance has grown over the years enabling the transfer of value across continents and nations as well as payment for micro services through the use of innovative technologies such as credit/debit cards, NFCs, Mobile Money, etc,. But while bankers push for banking the unbanked and making financial services available to all, in reality, it is far from the envisaged.

In a survey on the current financial system of the world posted by Coinbase, most Americans said that the global financial system is in need of an upgrade or a complete overhaul. According to the report, the upgrade is needed because the current system favors a few rich persons and organizations. “The global financial system unfairly favors powerful interests”.

Furthermore, about 76% of crypto investors agreed that cryptocurrency and the blockchain are the future of the global financial system. Analysis of the demographics showed that 54% of Gen Z and 55% of Millennials believe in the future of cryptocurrency and the blockchain.

The survey which was developed alongside Morning Consult also reported that 20% of Americans own crypto until recently despite the bear market losses in 2022. This 20% of crypto ownership is seen more amongst the younger generation than the older ones and has no affiliation with political differences. Both Republicans and Democrats are alike attracted to crypto, Coinbase said.

The public understands crypto more than policymakers

Another revelation from the Coinbase survey is that the general public has a better grasp of the changes in the financial world and what crypto is than policymakers do. “The public is ahead of policymakers when it comes to the role crypto can play in helping to update a financial system”.

Some highlights also showed that those who were not served efficiently by the current financial system were attuned to using crypto because of the advantages it offers. From (volatile) cryptocurrencies to stablecoins and financial systems built on the blockchain, users are transacting by paying low fees and in a faster manner than at any time. The underbanked people across the world now have easy access to the US dollar which they can use to launch businesses around the world.

As part of Coinbase’s strategy to help policymakers and users understand how crypto functions and what people feel about the technology, they announced the launch of “an integrated public education campaign” for Americans. The campaign started with an advert that simplifies what crypto is and its effect around the world.

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