What is the Problem? On White Privilege, Bitcoin and Solving SDG on Inequality for Labor Migrants
"When you think about it, the global porn industry is only less than $100B. Compare that to $600B!" I realized while the issue of labor migration inequality and remittances may escape someone of white privilege, porn is a topic many can relate to, regardless of class, colour, gender... privileged or not. It put things in perspective and turned the conversation around.
I did not know how to react at first. I was only aware of an immediate surge of anger that I can’t put my finger on and articulate.
Labor migrants easily lose anywhere from 5-12% of their salary when they have to cash in, remit or send back home the money they earn.So why is that NOT a f**k’n problem??? Isn’t that an obvious problem???
“Put yourself in the shoes of those Mexican labor migrants here in the USA.” They are mostly unbanked.
“When you think about it, the global porn industry is only less than $100B. Compare that to $600B!” I realized while the issue of labor migration inequality and remittances may escape someone of white privilege, porn is a topic many can relate to, regardless of class, colour, gender… privileged or not. It put things in perspective and turned the conversation around.
This is why I talk about, write about and promote bitcoin (or equivalent cryptocurrencies). It is the only available best solution I know of at the moment for a big global problem.
NOTES:
THE SITUATION:
“Remittances are among the most tangible links between migration and development. Overall global monetary transfers from migrant workers and others hit a record-high $689 billion in 2018, the World Bank estimates… Remittances are larger than foreign direct investment and official development assistance received by low- and middle-income countries. In 30 countries, remittances were equal to more than 10 percent of gross domestic product (GDP) in 2018.” – Migration Policy Institute
THE GOAL:
SUSTAINABLE DEVELOPMENT GOAL 10: Reduce inequality within and among countries
The UN explains: The international community has made significant strides towards lifting people out of poverty. The most vulnerable nations – the least developed countries, the landlocked developing countries and the small island developing states – continue to make inroads into poverty reduction. However, inequality still persists and large disparities remain in access to health and education services and other assets.
SDG INDICATOR 10.C.1 Remittance costs
Definition: Indicator 10.C.1 is the remittance costs as a proportion of the amount remitted
.
Remittance costs as a proportion of the amount of money remitted. Remittances are financial transfers from non-residents to residents of a country, such as a worker abroad sending money to family and friends, or from short-term, seasonal work in another country.
Goal: By 2030 reduce to less than 3 per cent the transaction costs of migrant remittances and eliminate remittance corridors with costs higher than 5 per cent
across all regions and countries.
THE SOLUTION:
HOW BITCOIN AND BLOCKCHAIN CAN BENEFIT MIGRANTS
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[…] are hardly any incentives for powerful institutions to support it. Banks would lose tremendous revenues. Governments would lose their authoritarian control. It will be more difficult to be corrupt. Large […]
[…] are hardly any incentives for powerful institutions to support it. Banks would lose tremendous revenues. Governments would lose their authoritarian control. It will be more difficult to be corrupt. Large […]