WuBlockchain
Binance co-founder Changpeng Zhao said paying a single bill can take three days in places where financial services are hard to access. Speaking at the Oxford Union on November 3, he argued that crypto could help people without bank accounts make payments faster.
Zhao said the challenges of living without a bank account can be difficult to appreciate in an established financial hub such as the UK. He pointed to parts of Africa and Southeast Asia where access to financial services can be limited.
As an example, Zhao suggested that residents of a village with one shared smartphone could use it to pay bills in three seconds, saving a trip. His example illustrated a potential use for crypto payments rather than a documented rollout.
Frequently asked questions
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Where did Changpeng Zhao discuss access to financial services?
The Binance co-founder spoke at the Oxford Union on November 3.
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How long did Zhao say paying a bill can take?
He said paying a single bill can take three days in places where financial services are hard to access.
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Which regions did Zhao highlight when discussing limited financial access?
Zhao pointed to parts of Africa and Southeast Asia, contrasting them with an established financial hub such as the UK.
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How would the shared-smartphone example work?
Zhao suggested that residents of a village with one shared smartphone could use it to pay bills with crypto in three seconds, saving a trip.
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Did Zhao announce a crypto payments rollout?
No rollout was announced in his example. He described a potential use for crypto payments.
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