Discrimination in digital finance
I'll read vera's notes on this node to get started…
They mention cashapp and venmo too - I don't know too much about these.
Does online banking count as digital finance? I can't remember the last time I went in to an actual branch of my nominally physical bank to be honest.
Added some definitions: digital finance.
But yeah in general seems to have a wide range of description, from online banking to distributed ledgers.
How does it discriminate? One obvious act of discrimination I guess is the exclusion of those who aren't comfortable in the use of digital technology. People may prefer to interact in person in a real branch, not fuck around with shitty bank websites.
On the other end, stuff like bitcoin say, you need to be pretty tech savvy to get started with it. And to mine it in the first place, you have to have capital for hardware.
- Poor people have less access to resources
without an ID you can't buy certain scheduled subtstances e.g. alcohol, nicotine
- while these substances are unhealthy, limiting their access is still kinda cringe imo, but I'm not exactly offering any solutions to fix it
An ID costs money and is fiscally restrictive to those who can't afford it
- there exists programs which help pay for these things but they aren't readily available/advertised
- in order to gain access to financial services the user must enlist the help of their friends or resort to obtaining false documentation
certain kinds of digital instruments are limited in their accessibility according to their classification
cashapp/venmo cards and other cards classified as "prepaid" don't allow you to transfer money on sites that might be considered fiscally risky.
- these cards are often used as the primary bank and debit card of lower income people. limiting their access because of their status is categorically discriminatory
- cashapp/venmo cards and other cards classified as "prepaid" don't allow you to transfer money on sites that might be considered fiscally risky.