According to Vasily Nikonov, founder of Velvet Capital, millions of people around the world have either not been excluded from or have been excluded from traditional finance, with Crypto balancing the arena It could be the key to becoming a reality.
Speaking on Roundtable, host Rob Nelson raises the issue of financial access, with some people struggling to enter the mainstream system, whether it’s legal status, lack of documentation or financial history. I pointed out.
“Obviously, we want to make these products and this platform accessible to many people,” Nelson said. “There’s a group of people out there who believe they’re in legal and illegal living spaces… They wanted to go straight to it and pay the sin. But they never did I couldn’t get in.”
Nikonov agreed that not everyone excluded from finance is a criminal and not many legal users face barriers just to interact with crypto.
“First of all, there is a clear distinction between criminals and actually people using procedures from money laundering and other criminal acts,” Nikonov said. “And we use transaction monitoring systems to identify them. For example, if someone comes in and connects a wallet associated with a big hack, then we can’t use velvet because the transaction monitoring system will just block it. “
However, Nikonov pointed out that banks can block crypto users even if they are not doing anything illegal.
“Why are some people excluded in the US? For example, if you are an active crypto user and the bank sees you are constantly ramping and unramping, then you can’t go wrong. Some can freeze your account,” he said. “Obviously, these people are not criminals. They’re just being ruled out for the wrong reasons.”
Aly Madhavji, founder of the Blockchain Founders Fund, believes Crypto offers a way for people to bypass the outdated financial rules that are trapped from investment opportunities.
“This is a global industry that actually levelles the arena,” Madavuji said. “I mean, when I think about traditional rules and systems, are I going to say who is truly a certified investor? You have a master’s degree and you are considered a certified investor in the US. If not, it’s crazy for me.”
For Madhavji, true financial inclusion means removing unnecessary government restrictions and allowing people to access education and investment tools.
“Who wants to step into every little thing the government does and hold them back from opportunity?” he said. “So I think this is about creating a fair, far more effective movement, ideally creating a better system than what exists there.”
The story continues