Bill Gates says digital currencies can help the poor

Bill Gates seems to have a positive view of the future of virtual currencies. Mr. Gates has already shown support for virtual currencies in the past. Now, he said that this technology can empower the poorest in the world. The information was released a few days ago by Bill Gates on YouTube.

Bill Gates positive for the future of cryptocurrencies

In 2014, Microsoft's founder commented to Bloomberg that Bitcoin works better than other currencies. He stated that it is better for large transactions and because Bitcoin is cheaper because it is not necessary to be physically in the same place.

Speaking of the world and the financial system, he said that cryptocurrencies could help those who wasted time. He said that the poorest people in the world do not have financial instruments and access as other individuals. This is something that does not help them get out of poverty and vulnerable situations.

He also said that the digitization of money and financial systems can help those living in poverty. Furthermore, it may be possible to develop several other areas such as health and agriculture.

Abraham Cambridge, CEO and founder of Sun Exchange, commented on this:

"Together, we are working for a world where nobody is forced to cook with dangerous kerosene or wood stoves, no child has to worry about how they will study after dark and the lack of access ceases to push cycles of poverty".

Using virtual currencies it may be possible to reduce approximately 90% of the costs of a single transaction. Each Bitcoin transaction can cost only a few cents and other networks have even smaller commissions. Regarding the future, he states that there are two priorities. The first is that it is necessary to drive policy changes to ensure that the poor can be involved at this level.

The second thing that says we need is a measurement system that tracks progress towards people's design. He went on to say that this does not mean having accounts but also benefiting from financial assets.

In Venezuela, citizens use virtual currencies to survive the harsh crisis that is affecting the country. With these digital resources, users are able to store value and avoid losing their wages with hyperinflation.