Reject Crypto and Look to the Faroe Islands to Help the Unbanked

If you talk to any crypto evangelist long enough, they eventually will mention the unbanked—it’s one of those terms that have been thrown around a lot in the last few years. It means what you think it means: an adult who doesn’t have a savings or checking account.

The Federal Deposit Insurance Company’s 2021 National Survey of Unbanked and Underbanked Households estimated that about 4.5% of US households ( roughly 5.9 million households) were either unbanked entirely or were underbanked. The latter term refers to households who may have a checking or savings account but regularly rely on alternative financial ...