I would start by saying that the technology and ability to access this global financial layer is very important.
What we're watching right now is a bifurcation in our traditional financial system. We're seeing countries being cut off. We're seeing people's bank accounts being shut off. We're seeing businesses not able to get bank accounts as anti-money laundering and “know your customer” rules continue to ramp up. Some of them are for very good cause and are important, but it's becoming more difficult to perform a lot of economic activity.
The question is going to be, who has the right to approve that economic activity? Who has the right to give people a bank account? For the people who are outside of that system and who have been traditionally left behind, where is their access going to be?
There is a fundamental question for Canada: Do we have a responsibility to people in other jurisdictions in the world to help them be part of financial inclusion?
I suppose you could argue this either way, but the reason I'm so excited about Ethereum, Bitcoin or any of these layers is that as the world bifurcates further and countries get cut off from our economic activity, people are going to move toward something that is more open and inclusive than what we have.
I think a lot of the potential here is to give access to those people who are outside of the system. I think we're still a ways away. The cost to transact on many of the big networks like Bitcoin and Ethereum may still price out people in developing countries, but it will get there over time.