Decentralized Finance Can Increase Economic Freedom, Says Bitcoin.com Chief

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Decentralized Finance (DeFi) could be the most effective way to increase economic freedom, which in turn would speed up the pace of innovation and improve the lives of billions of people, Bitcoin.comsaid the general manager.

DeFi – a system by which financial products become available on a public decentralized blockchain network – is open to anyone, rather than going through intermediaries like banks or brokerage houses, and does not require proof of identity.

Adopting this can lead to a more inclusive economy, including promoting ease of doing business, free trade with other countries, labor regulation, and currency stability.

“A decentralized and unlicensed whole is the most effective way to help economic freedom. In places where economic freedom is greater, people have a higher standard of living and are happier,” Roger said. Worm at the press conference. Fantom Developer Conference in Abu Dhabi on Tuesday.

DeFi evangelists argue that this is a safer way to hold assets and transact, and it has been seen as a scenario of a world without banks.

The DeFi market has only 5 percent of the cryptocurrency space, but grows. CoinGecko data shows that there was $ 93 billion in DeFi assets from June 2021. Tuesday was up 66% to $ 154.9 billion.

However, Changpeng Zhao, managing director of the world’s largest crypto exchange Binance, recently said that implementing cryptocurrency regulatory frameworks could take “decades.”

The International Monetary Fund, along with governments and other global organizations, has said it is examining both the risks and opportunities presented by digital currencies.

Countries with a higher level of economic freedom enjoy several advantages, including a flexible market structure that attracts more investment, higher per capita income, higher life expectancy and literacy rate, better protection of environment, less wars and conflicts, higher self-declared happiness and less corruption and bribery.

In Heritage.org‘s Index of economic freedom 2021, Singapore is ranked first with the United Arab Emirates in 14th position. In a recent Brand Finance report, the Emirates overtook the United States and the United Kingdom as one of the “strongest national brands in the world”.

The UAE offers more control to its people and has a good track record. It is on track, if not already, to be among the Tier 1 cities that will lead humanity in the future.

Roger Ver, Managing Director of Bitcoin.com

Starting a business would also be easier with DeFi, but Mr Ver advised doing so in a country “welcoming and friendly” to the industry, such as the United Arab Emirates, which he said has “rolled out the red carpet” for the industry. the players. in the space.

“The UAE offers its people more control and has a good track record. They are on track, if not already, to be among the Tier 1 cities that will lead humanity in the future. “, did he declare.

DeFi also offers higher yields, with interest “north of 10%” compared to traditional lenders, he said. “I’m a crypto-agnostic; whatever works for me is good, so let’s all work together for more economic freedom.”

Update: October 28, 2021, 10:31 a.m.


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