How Bitcoin promotes global financial inclusion, according to Prince Philip of Serbia

Fundamental aspects of Bitcoin (BTC) continue to strengthen global financial inclusion, financial privacy and autonomy in conflict-affected countries despite challenging macroeconomic and cryptocurrency market conditions over the past year.

These are the highlights of an in-depth interview with Prince Philip of Serbia and Yugoslavia by Cassio Gusson of Brazil’s Cointelegraph until 2023.

Prince Philip Karađorđević shared his views on the sector when he joined JAN3 as Chief Strategist. The Bitcoin technology company was a prominent cryptocurrency adoption pusher and was founded in 2022 by Bitcoin proponent Samson Mow.

Jan3 announced a partnership to help develop El Salvador’s Bitcoin City in April 2022 and has since opened an office in the BTC-friendly country, according to Prince Philip. The company also intends to provide guidance and services to other countries that wish to adopt Bitcoin to some extent.

As Prince Philip told Cointelegraph, Bitcoin remains important as a superior cryptocurrency with technological features that allow for a fairer monetary system and individual sovereignty of wealth:

“Bitcoin has the potential to promote financial inclusion, particularly because of its decentralized nature, which makes it resistant to censorship and manipulation.”

This is especially important for individuals or communities who lack access to financial institutions or live in countries with unstable or corrupt governments and institutions.

Prince Philip also highlighted Bitcoin’s ability to “bank the unbanked” given its low barrier to entry. Anyone with a smartphone can download a Bitcoin wallet and gain access to “core banking services” that are extremely relevant in developing economies:

“Issuing a checking account with a minimum balance, checkbook, debit card is simply too expensive for low-income consumers in the developing world and for the banks themselves.”

In addition, Prince Philip emphasizes that Bitcoin has no branches, no correspondent banking relationships and no employees. Stablecoins are equally useful in developing countries where people want to save in US dollars:

“Bitcoin and stablecoins have the potential to provide much-needed financial inclusion for people in countries with limited or no access to traditional banking services.”

Both options provide a secure and cost-effective means of sending and receiving payments, even in remote areas with limited infrastructure. The restrictions and regulations of traditional banking are also removed, giving people access to a type of financial facility that traditional services may not have access to.

According to Prince Philip, conflict-affected countries are also prime candidates for Bitcoin adoption. Bitcoin facilitates cross-border transactions, offers financial privacy and autonomy, and promotes economic development:

“This can be particularly useful in countries with authoritarian governments or a history of conflict, where individuals may worry about disclosing financial information or censorship or asset freezes.”

El Salvador has established itself as the banner bearer for sovereign Bitcoin adoption after becoming the first country to recognize BTC as legal tender in June 2021. As Cointelegraph journalist Joe Hall pointed out after his recent visit to the country, some teething problems remain. , El Salvador is a living example of what nation-led Bitcoin adoption looks like.

Prince Philip believes that more countries should allocate part of their national treasury to Bitcoin, underscoring the digital gold’s established nickname. The country, which Prince Philip described as an example for other nations, has also had notable results:

“We are already beginning to see the economic benefits of Bitcoin policies, including GDP growth, tourism, new business creation and many other intangibles.”

While Bitcoin has positioned itself as a driver of financial freedom, Prince Philip has warned against the development of Central Bank Digital Currencies (CBDCs). It showed caveats and restrictions on nation-run CBDCs, which could be used to place limits or outright blocks on people’s money.