Over one and a half billion unbanked globally, most of them poor, undocumented, minority and innocent. That last adjective is important, because the exclusionary nature of our existing financial system is no accident. It is a direct consequence of a system built on a presumption of guilt.
This presumption of guilt is a minor nuisance for the affluent, but an existential threat to the underprivileged. It’s one reason why poor neighbourhoods feature more pseudo-financial services like check cashers than bank branches, even in rich countries. Laws and regulations make it too hard or expensive for banks to serve these communities. Money that’s issued by a government must play by its rules, however overbearing or unfair they might be.