Ripple Executive Explains How CBDCs Can Promote Financial Inclusion for the Unbanked
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James Wallis of Ripple highlights CBDCs' role in advancing financial inclusion globally, especially for low-income individuals without ties to financial institutions.
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Wallis explains that financial exclusion stems from low incomes and lack of existing relationships with banks, preventing credit history establishment.
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CBDCs can provide cost-effective financial services and chances to build credit histories for the financially excluded.
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CBDCs enable unbanked individuals to acquire lending capabilities and grow businesses by establishing digital payment options.
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Ripple is collaborating with over 20 central banks on CBDC projects, like Georgia's digital lari and initiatives in Bhutan, Palau, Montenegro, Colombia and Hong Kong.