Trend Blockchain finance widening inclusion but also risk taking

Summary

The report sees blockchain-based assets and payment systems as widening financial inclusion, which could help entrepreneurship and growth in underserved communities. It cautions, however, that the same systems could encourage financial risk taking and personal liability, especially where consumer protection is missing. According to the report, consumer cryptoassets are not legally protected in the way traditional bank deposits are, so users' money is far more exposed to hacks and bankruptcies. There are already at least 500 million cryptoasset users worldwide. In October 2023 the UK brought cryptoassets into its financial promotions regime so that promotions must be fair, clear and not misleading.