Crypto boosters have long hailed Bitcoin and other digital tokens as a financial lifeline for the unbanked in America and the rest the world. That potential is reflected in crypto's current $3 trillion in market value. But according to the associate director of the Federal Deposit Insurance Corporation’s division of depositor and consumer protection, Keith Ernst, there are few signs this is happening on the ground.
“That’s just not what people are using it for,” Ernst told Fortune today, at a meeting of the regulator’s Advisory Committee on Economic Inclusion.
