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Digital Currency Will Help The Poor Says Bill Gates

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Bill Gates, the co-founder of the Microsoft Corporation and one of the richest people in the world, has shared his thoughts regarding financial system, digital currency, human resources, and poverty.

According to Mr. Gates, digital platform and digitalization itself can lower the cost of a range of transactions by as much as 90 percent providing nearly universal access to innovative financial products and services.

He goes on to say that, if we had the opportunity to build a financial system from scratch, it would be built on a digital platform. Seeing as we don’t have that luxury, we have to show the vision needed to plan for this digital future, but also the wisdom to manage the transition.

“it’s a big responsibility, but with more than two and a half billion people not able to get at formal financial services, the opportunity compels us to do it,” says Gates.

Gates agrees that a breakthrough innovation transforming the underlined economics and financial services through digital currency will help those who live in poverty directly.

Gates expressed that poor people do have assets: their intellect, their labor, their savings. The problem is that they don’t have financial tools to capitalize on these resources, they are trapped in inefficient cash economy that robs some of the opportunities to insure themselves against risk, investing their productivity and, ultimately to help lift them out of poverty rates.

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