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. 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.
DeFi evangelists argue that this is a safer way to hold assets and transact, and it has been seen as the scenario of a world without banks.
“A decentralized and unauthorized 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 Ver said at the Fantom Developer Conference in Abu Dhabi on Tuesday.
The DeFi market only holds 5% of the cryptocurrency space, but is growing. Data from CoinGecko shows there were $ 93 billion in DeFi assets in June 2021. As of Tuesday, it was up 66% to $ 154.9 billion.
However, Changpeng Zhao, the managing director of the world’s largest crypto exchange Binance, recently said cryptocurrency regulatory frameworks could take “decades” to implement.
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.
In Heritage.org’s 2021 Economic Freedom Index, 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”.
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.
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. It is on the right track, if not already, to be one of the Tier 1 cities that will lead humanity in the future, ”he said.
DeFi also offers higher yields, with interest “north of 10%” compared to traditional lenders, he said. “I am crypto-agnostic; whatever works for me is good, so let’s all work together towards more economic freedom.
Update: October 28, 2021, 10:31 a.m.
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