It was against this contextual backdrop that Tokocrypto which is the first entity in Indonesia to be registered under the Commodity Futures Trading Regulatory Agency Indonesia (BAPPEBTI) took up the challenge of leveraging cryptocurrency to promote financial inclusion as a remedy for the country's Covid-19 battered economy. Yet at the same time, the nexus between financial inclusion and socio-economic growth is very much an incontrovertible fact. With Indonesia being the world's largest archipelago comprising more than 17,000 islands, securing access to financial services for the masses in the country particularly those living in remote areas is a logistical nightmare using conventional financial frameworks. The role of financial inclusion for developing countries such as Indonesia is made particularly critical due to the seemingly never-ending economic onslaught of the Covid-19 pandemic. ![]() ![]() The importance of financial inclusion for the socio-economic growth of developing countries such as Indonesia can be gleaned from McKinsey Global Institute’s report titled “ Digital Finance For All: Powering Inclusive Growth in Emerging Economies” which estimated that improvements to the rates of financial inclusivity could add up to USD3.7 trillion to the gross domestic product (GDP) of the economies of developing countries during the period from 2016–2026. Indonesia stands out as it has the largest economy in this region.
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