Let’s face it, the future of finance is as opposed to us, blockchain-ized and cryptocurrency-ized. The UK is, in theory, leading the charge in this revolution. Who, exactly, is allowed into this club? That, my friends, is the million dollar question that wakes me up at 3am. Are we creating a genuinely inclusive DeFi environment, or merely a gilded cage for the wealthy techno-elites?

DeFi's Accessibility Problem: A Mirage?

We’re all savings-accounts-turned-crypto-convert-width: We’re all blogged out on “best” wallet articles. They are very proud of their multi-sig authentication, their staking rewards and their integration with the rest of the DeFi world. Great. What about Auntie Brenda who can’t work out how to use her smart TV remote? What about the recent immigrant community in Leicester who are trying to navigate a new financial system in a new language? Are they taken into account when these wallets are being built?

The harsh reality is that most of these wallets have glossy UIs. They are still absolutely out of reach for the majority of the UK public. We’re not just speaking of a digital divide, but a digital divide made worse by an economic divide. It's easy to preach about the virtues of decentralization when you have a PhD in computer science, but what about the single mother working two jobs who wants to invest a small amount in crypto for her children's future? How is she going to cut through the maze of confusing terminology and intimidating new security standards? I highly doubt so.

Think about it. Most wallets primarily support English. Yet even if these are available in basic translations, are these culturally appropriate translations? Do they account for regional dialects? Are they doing enough to answer customer queries in other languages than English? The answer, all too frequently, is an emphatic no.

This is not just an issues of convenience — this is an issue of equity. In doing so, we could be creating a system that lets just a privileged few access the chances that DeFi offers. This would deepen inequities between the haves and the have nots.

Regulation: Protector or Gatekeeper?

There is much about the crypto space that the UK government is rightly enthusiastic about and wants to protect. We have to balance protecting consumers from scams with keeping the consumer financial marketplace stable. In the process, are we unintentionally imposing barriers to entry on the very people who need access to DeFi the most?

Strenuous Know Your Customer (KYC) requirements are major barriers. By doing so, they can disproportionately impact marginalized communities that historically lack the required documentation or access to traditional banking services. If we’re not careful, we end up creating a system that only the privileged can afford to play in. It is an irony to the original purpose of crypto.

Think about the implications. Now imagine that same refugee, working hard to rebuild their life here in the UK. They may not even have a bank account, a passport, or driver’s license. Are we really going to exclude them from the opportunities of DeFi just because they don’t have the ability to hop through those bureaucratic hoops? If not, is that the kind of inclusive society we want to be?

The point here isn’t to argue against regulation, but rather for smart regulation. We need a regulation that will deliver equitable outcomes by protecting consumers without thwarting innovation and leaving behind vulnerable communities. We need to find a balance.

Paper Wallets: A Solution, or a Risk?

We won’t get into that here, but a paper wallet is an interesting idea. It includes Keysigning it might seem deceptively simple. It’s marketed as a safe option, impervious to the threat of online hacking. Advising the use of paper wallets to increase accessibility just doesn’t work. It’s as ridiculous, for example, as encouraging someone to send an email through a carrier pigeon!

For almost everyone, and particularly for those who have lower digital literacy, a paper wallet is an accident waiting to happen. Misplace that piece of paper, or damage it by mistake, and you might lose millions in potential claims. Even misusing it can have irreversible effects. It’s a dangerous gamble that most can’t afford to make.

It's important to consider the practicalities. How many people feel secure enough to keep their private keys written down, on paper, in their own home? This is deeply troubling, particularly in communities with dangerous levels of crime. The security of a paper wallet is an illusion – a dangerous illusion.

It’s time to stop looking for fairy dust solutions. So now it’s time to make crypto wallets truly user-friendly and accessible, inclusive of the needs of our diverse communities. This requires building multilingual support, intuitive interfaces and robust educational materials into every aspect of the technology.

The future of UK DeFi depends on us forging a fully inclusive ecosystem. Together, let’s disrupt the status quo! We need to hold crypto wallet providers to higher standards on the accessibility of their products and support policies that drive more inclusion through their use. Let’s not create an industrial revolution 2.0 that cannibalizes half the workforce. Now is the moment for us to stop just talking the talk and actually walk the walk in creating a DeFi ecosystem that works for all of us. So let’s create a new, more inclusive road ahead — together.