- 9 лет ago
- Published в: Irish open golf 2022 betting
- 3
- Автор: JoJosar
But research shows that communities of color are unable to build lasting wealth due to unequal access to credit. As a result, if an individual lacks wealth in the first place, obtaining credit becomes harder, which hinders their ability to build wealth. That is, should Black and Latino or Hispanic crypto-holders incur losses, their financial well-being would feel an outsized negative impact compared to white crypto-holders.
Despite the vast amount of money poured into crypto and related products over the years, crypto has not developed past the use case as a speculative asset. Here too, cryptocurrencies are a vulnerable option, because they have no intrinsic value and are not backed by anything; they are simply grounded in speculation. Cryptocurrencies derive their value from other people believing they are good investments, but if that changes, the value can quickly drop to nothing, which can be particularly risky for populations that do not have existing or inherited wealth to fall back on.
Crypto as a tool for remittances Another common crypto narrative revolves around its ability to help individuals—in particular, immigrants—send cross-border remittances abroad. However, it is important to note that sending cross-border remittances is not necessarily about including people in systems and services they were previously excluded from, but rather about enhancing an existing system and related products.
Therefore, access is not the gap being filled here, but rather cost—particularly, the high costs that come from using typical money service providers. As mentioned previously, crypto networks also come with fees, which serve as incentives to keep them running. For example, miners receive mining rewards or fees to validate transactions; these network fees can vary depending on network traffic.
For users to convert their stablecoins back to U. Conversion would also still require the use of a money transfer provider if these providers are partners with crypto issuers and platforms. Payday loans are an example, as they provide access to credit but come with high costs and risks. Indeed, just as we see check cashing and payday lender storefronts concentrated in Black, Latino or Hispanic, and immigrant communities, we are soon likely to see bitcoin ATMs in Latino or Hispanic grocery stores, according to recent crypto industry announcements.
That is, instead of providing banking products and services for historically excluded groups the way we do for the wealthy, we are offering crypto as an alternative to what we know already works. By doing so, we may well be incentivizing the perpetuation of exclusionary and stratified banking services by monetizing the inequities and failing to address their root causes.
With scams, fraud, and misleading information and marketing already hurting many consumers, substantial measures are necessary to address unfair and deceptive practices. One approach to developing baseline consumer protections is to not only incorporate the same level of protections that banked individuals receive, but also to examine the consumer protections of industries that—like crypto—claim to fill gaps in financial services for low-income consumers and those excluded from traditional banking services.
As already mentioned, these industries include payday lending and check-cashing services as well as money service providers and their remittances services. In reviewing these industries, policymakers can identify not only consumer protections and whether they are working, but also the challenges regulators have faced in ensuring communities at the margins are not exploited and how to address those issues early on.
For these reasons, consumer advocates have requested the CFPB require clearer disclosures to ensure consumers can determine the full price of remittances, limit the use of estimates in remittance disclosures as required by Congress, and reverse the expansion of institutions considered exempt from regulation. These advocates aim to ensure that companies transparently disclose hidden remittance fees so consumers have an understanding of the real costs of their payments.
This single total cost of all fees should also be displayed to consumers before a payment is made and as part of the receipt—ensuring that consumers can determine the full price of cryptocurrencies. There are other recommendations to consider, including: The agency that oversees crypto should have an explicit investor protection mandate and significant resources to monitor the industry.
Particularly, retail investor protections should be prioritized in the rules that are developed. Moreover, there should be rules about deceptive marketing, ensuring that crypto-related products would be marketed and sold in a fair and responsible manner.
Given the prevalence of fraud, scams, hacks, and misleading information, the agency that oversees crypto should also have significant resources to vigilantly monitor the industry and aggressively pursue investigations where appropriate.
However, the sources providing those educational materials is relevant, as they may have biases, incentives, or conflicts of interest that could impact the information shared with consumers or the terminology used, which can also be misleading. Require crypto companies to disclose the gender and racial diversity data of their workforce and board members.
Although communities of color are increasingly adopting crypto, this diversity is not reflected in the industry overall, particularly in terms of who gets access to venture capital funding and in the leadership of crypto companies, boards, and venture capital firms.
The aggregated data should be published in order to monitor progress over time. Refrain from making misleading claims regarding crypto and financial inclusion. Many individuals—including government officials—have made persistent claims about crypto and its present or potential financial inclusion benefits despite a lack of supporting evidence. The Ariel-Schwab investor survey, for instance, noted that one-third of Black investors believe that cryptocurrencies are safe and already regulated by the government.
There are more direct ways to address financial inclusion There are more direct and impactful ways that we can address financial inclusion concerns rather than use cryptocurrencies. To address the needs of low-income households, for instance, the U.
The U. The federal government could provide a direct checking account and simple transaction services to all communities through the post office, which is something that has been done before in the United States. Some examples include reparations programs, baby bonds, subsidized college tuition, and ending the devaluation of Black homeownership. The New Deal, mortgage innovations, and government redistribution programs once built the middle class in America.
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