> "Celo uses phone numbers as public keys, so sending money to phone numbers becomes easy and the unbanked population can get benefitted."
This is a horrendous idea. Phone numbers are spoofable and can be revoked/reassigned at any time.
Instead of centralizing with a bank, you're centralizing with a phone carrier that wasn't designed to have a stable 1:1 relationship between people and numbers.
It’s not quite as bad as it initially sounds. You still have an account key that’s separate from your phone number, and the phone number is only used for receiving, and it can change.
That said, cUSD transaction fees still seem a bit high to me at ~7% (3.5% to add and 3.5% to withdraw, plus transaction fees). That’s a lot more than my bank charges me for transfers or purchases.
7% is insane when you can do the same thing with banks for free.
Also, your bank and credit cards don't just give you free purchases. They pay you to use their cards in the form of guarantees, safeguards from fraud, and points.
This is a horrendous idea. Phone numbers are spoofable and can be revoked/reassigned at any time.
Instead of centralizing with a bank, you're centralizing with a phone carrier that wasn't designed to have a stable 1:1 relationship between people and numbers.