Did you know that more than 700 million people, or 10 per cent of the world population, still live in extreme poverty today? According to the World Bank, 80 percent of the world’s rural population lived below the international poverty line in 2018. Currently, the international poverty line is set at $1.90 a day. To combat extreme poverty, the UN member states and international organizations have committed themselves to the Sustainable Development Agenda 2030. In particular, the Sustainable Development Goal 1 (SDG1) has committed itself to ending poverty in all its form everywhere.
Lack of financial opportunities leads to impoverishment which then leads to crime, unemployment, limited access to education and basic services, social discrimination and exclusion. Microfinance can be seen as a solution to poverty, once spur the growth of microenterprises, and thereby, enable least privileged people and families to work themselves to better the conditions of lives. AgAu’s project, Digital Financial Inclusion for All, is determined to fight against poverty by delivering innovative technology and capacity-building courses in developing countries.
One of the key factors to poverty reduction remains within financial inclusion. AgAu is determined to create a financial ecosystem that is inclusive of every person and envisions a world where each and every person has direct ownership of their assets without relying on financial institutions or intermediaries. Currently, financial inclusion refers to people’s access to the formal financial system, such as banking. However, nearly 2 billion adults remain unbanked, of which fifty-six percent are women. A majority of the unbanked adults live in developing economies.
AgAu is committed to SDG 1 and aims to bank the unbanked with its Peer-to-Peer, Electronic Money System backed by gold and silver. AgAu uses the public Ethereum Blockchain to guarantee transparency to all. It is widely accepted that Blockchain technology has a vast potential to reduce inequalities and create economic gain opportunities for developing countries. In fact, cryptocurrencies can offer a reliable way for people to make transactions without fearing an erosion of the purchasing power. Similarly, with the internet, distributed ledger technologies, and smart contracts it is now possible for everyone to have access to AgAu. All one needs is a mobile phone and an internet connection. Digital inclusion and financial stability are intrinsic to AgAu’s core values. While the traditional monetary system contributes to increasing inequalities, AgAu offers a historically proven and apolitical monetary system that ensures direct ownership of assets, transparency, and inclusion.
AgAu aims to reduce inequalities and create a more financially stable and sustainable future. AgAu’s cryptocurrency backed by precious metals provides a stable and reliable alternative to fiat money and paves the way for a more sustainable and inclusive financial ecosystem. Click here to learn more about AgAu and its contribution to the Sustainable Development Goals.
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References
Arys Ruiz T., Nasimova T., “AgAu and SDGs: The Financial Stability Of The Future We Want”, AgAu: The Peer-to-Peer, Electronic Money System, January 2021, https://www.researchgate.net/publication/348306155_AgAu_and_SDGs_The_Financial_Stability_Of_The_Future_We_Want
AgAu, “AgAu for SDGs”, 2021, https://agau.io/projects/agau-for-sdgs/
Insureblocks, “Blockchain supporting UN Sustainable Development Goals”, September 2020, https://insureblocks.com/ep-125-blockchain-supporting-un-sustainable-development-goals/
Kuznetsov N., “How Emerging Markets And Blockchain Can Bring An End To Poverty”, Business & Human Rights Resource Centre, July 2017, https://www.business-humanrights.org/en/latest-news/how-emerging-markets-and-blockchain-can-bring-an-end-to-poverty/
Peer A., “Global Poverty: Facts, FAQs, and how to help”, World Vision, October 2020, https://www.worldvision.org/sponsorship-news-stories/global-poverty-facts
Srivastava N., “Blockhain Has The Potential To Fight Root Causes Of Poverty”, Blockchain Council, 2021, https://www.blockchain-council.org/blockchain/blockchain-has-the-potential-to-fight-root-causes-of-poverty/
United Nations, Sustainable Development Goals, “Goal 1: End poverty in all its forms everywhere”, 2021, https://www.un.org/sustainabledevelopment/poverty/
United Nations, Sustainable Development Goals, “The Sustainable Development Agenda”, 2021, https://www.un.org/sustainabledevelopment/development-agenda/
World Bank, “Understanding poverty”, April 2021, https://www.worldbank.org/en/topic/poverty/overview
World Health Organisation, “The Global Health Observatory”, 2021, https://www.who.int/data/gho/indicator-metadata-registry/imr-details/4744
World Bank, “Measuring Financial Inclusion and the Fintech Revolution”, The Global Findex Database, 2017, https://globalfindex.worldbank.org/sites/globalfindex/files/2018-04/2017%20Findex%20full%20report_0.pdf
World Bank, “The Unbanked”, The Global Findex Database, 2017, https://globalfindex.worldbank.org/sites/globalfindex/files/chapters/2017%20Findex%20full%20report_chapter2.pdf
