The U.S. Treasury Secretary Janet Yellen recently told Reuters that it is “critical” to put in place a strong regulatory framework (and I agree, because good regulation means a great opportunity for new fintech products and services) but evidence suggests that the crypto market is not a financial market as we currently understand it. Perhaps we should cast a wider net for ideas for regulating it.
Gamblification
The Kenyan mobile payment service M-Pesa (by some measures Africa’s most successful fintech) transformed the national economy in incredible ways. There are now more than 200,000 SMEs using M-Pesa’s API, more than half a million businesses that transact more than £5 billion per month and M-Pesa has a network of partners that allows subscribers to send and receive money from more than 200 countries and territories. A non-bank payment system has changed people’s lives in ways that could not have been envisaged by the people who created it.
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