Cryptocurrencies have an inequality problem: A growing wealth gap

As blockchain-based currencies face up to ESG scrutiny, the crypto community is coming up with ways to deal with climate concerns and governance issues. But the social aspects of a growing wealth gap still need tackling.

Kelly Ng

Published Fri, Jan 14, 2022 · 11:28 AM

Blockchain

CRYPTOCURRENCIES may be widening the wealth gap. These supposedly decentralised digital currencies are owned, and their infrastructures supported, by a surprisingly small number of individuals and institutions. Even as they fall short of lofty ideals, they are also adding to systemic risk.

While crypto advocates have been paying attention to environmental concerns and crypto companies are beefing up on compliance hires amid regulatory scrutiny, the social concerns seem to be overshadowed.

A rece…