After strict previous statements regarding digital currencies co-founder of Microsoft Corporation and one of the world’s richest men Bill Gates softened his tone.
In a video shared by Clip King, the co-founder of Microsoft Corporation and one of the world’s richest men Bill Gates 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 indicates that currently we don’t have that luxury of starting from scratch scenario for making financial system more advanced so we have to show not only the vision to plan for this better digital future, but also the wisdom to manage a secure transition from the current system to big responsibility. Then adds:
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.
Gates expressed that poor people do have assets: their intellect, their labor, their savings. The problem is that they dont have financial tools to capitalize on these resources, they are trapped in inefficient cash economy that rob some of opportunities to insure themselves against risk, investing their productivity and, ultimately to help lift them out of poverty rates.
Digital currency will help those who live in poverty
The co-founder of Microsoft Corporation agrees that a breakthrough innovation transforming the underlined economics and financial services through digital currency will help those who live in poverty directly.
Another breakthrough innovation, including the poorest, in a financial system that increases instead of limiting the value of their assets, transforming the underlined economics and financial services through digital currency will help those who live in poverty directly. It will also support a host of other development activities, including health and agriculture.
Two priorities for the immediate future by Bill Gates
Gates believe that financial system’s policy changes and measurement system that help people to get onboard, not only to have accounts, are the priorities. He said:
I see two priorities for the immediate future. First, we need to drive the policy changes to make sure the poor can get engaged at this level and second, we need a measurement system that tracks the progress towards drawing people in not just have accounts, but to really benefit from financial activity.