James Wallis, Vice President of Ripple for Central Bank Engagements, recently highlighted the significance of central bank digital currencies (CBDCs) in promoting worldwide financial inclusion. In a new YouTube video, Wallis underlines the goal of making financial services accessible globally, especially for those with lower incomes and without connections to traditional financial institutions.
Wallis explores the causes of financial exclusion, pointing out low incomes and lack of relationships with financial institutions as key reasons. This often leads to an absence of credit history, creating obstacles for those seeking financial services. In areas struggling with financial exclusion, traditional banks, motivated by shareholder interests, find it difficult to cater to those with limited means.
Wallis sees CBDCs as an efficient
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First found on: Insights from Ripple's James Wallis and Perspectives from the IMF and Mastercard
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