The Challenges of Implementing Bitcoin for Financial Inclusion

Bitcoin regulations vary widely from country to country and in some cases do not have a clear regulatory framework. This regulatory uncertainty may discourage individuals and businesses from accepting Bitcoin, thereby limiting its potential to promote financial inclusion.

The value of Bitcoin is highly volatile, which can make it difficult for individuals to predict the value of the assets they hold. High volatility can also prevent individuals from making transactions, leading to limited use of Bitcoin for financial services.

BitPesa is a cryptocurrency-based payment system that allows individuals to send and receive cross-border payments without the need for intermediaries. The platform is particularly focused on African markets, where many individuals still do not have a bank account. BitPesa has been successful in providing access to financial services in underserved areas and has partnered with a number of established financial companies such as Safaricom, the parent company of M-PESA .

Mexican Government Use of Bitcoin In 2016, the Mexican government partnered with Bitso, an exchange and Bitcoin platform, to provide financial services to unbanked Mexican citizens. This initiative allows individuals to pay for government services with Bitcoin and exchange them for pesos, allowing easier access to government services without the need for a bank account.