Financial organizations around the world are gradually working with new solutions such as blockchain to simplify payment processes and promote financial inclusion. In a recent report, the World Bank again outlined the promise of blockchain for financial inclusion.
Published by the Bank for Foreign Transactions on 14 April, the World Bank Group's latest study on "Payment facets of financial inclusion in the fintech age" describes a wide variety of crypto-and blockchain-related principles such as stable coins and central bank digital currencies (CBDC).
In a 70-page paper, the Bank presented a comprehensive analysis of selected technical developments that are perceived to be the most important to payments, as well as their implementations and related risks.
What's in the Report?
The current study clarifies and strengthens the recommendations established in the Payment Dimensions of Financial Inclusion (PAFI) report released by the World Bank in conjunction with the Committee on Payments and Market Infrastructure (CPMI) in 2016.
Essentially, the new study points out the fintech-focused main features, placing them in the sense of the general PAFI guidelines, which was developed in a tech-neutral way and did not incorporate technologies such as blockchain.
Source: Cointelegraph
