Advocacy Group Proposes DeFi Solutions to Address Global Poverty

The DeFi Education Fund has proposed that decentralized finance (DeFi) technology could save up to $30 billion annually by lowering remittance costs, helping to alleviate poverty both in the U.S. and globally. In a recent blog post, the group highlighted the potential for DeFi to drastically reduce fees associated with fund transfers for unbanked and underbanked populations, who often pay high costs to send money home. The organization noted that DeFi could cut remittance fees by as much as 80%. Despite only 3% of Americans being very familiar with DeFi, a survey revealed that 56% value personal control over their finances, while 54% are concerned about protecting their personal and financial data. Meanwhile, lawmakers in the U.S. continue to debate a comprehensive digital asset market structure bill, which has been stalled due to political disagreements, with some proposals potentially restricting DeFi under certain conditions.

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