Putin Believes Decentralized Finance System Might Benefit The Global Economy
Politicians are not known to be trustworthy judging by their actions, with their focus to manipulate, maintain power, and prioritizing personal agendas with corrupt practices, very few of them can earn the trust of the people they serve.
So when Russian President Vladimir Putin states he believes decentralized finance might be better off for the global economy, it is a system that might benefit the global economy but such a statement coming from Putin raises an eyebrow.
Of course, the stability of all global finances will largely depend on this decentralization. The more de-centralized it is the better for the global economy. It will be less dependent on crisis developments in the countries that still have such an advantage as global reserve currencies. Source
The fight for world power has been hitting up in recent years, especially with the escalating tension between the US and China and with Russia involved following the formation of the BRICS which includes Brazil, Russia, India, China, and South Africa it is obvious where Putin's focus is as he believes in decentralized financed.
The fight for political dominance is like a game of chess, after all, the people have been the pawns over the decades as the world's political leaders play what to them is a game of chess.
Decentralized Finance
Looking at decentralized finance and what it entails, one gets to doubt if Putin is truly up for the decentralization of the world's finance system or if he is refereeing to de-dollarization.
Decentralized finance means giving up power and control which governments have enjoyed for decades for code to be in control on decentralized blockchains without the control of an intermediary. It means accounts can not be frozen like governments are known for.
There are some whom banks feel are not eligible to have a bank account, DEFI eliminates that giving financial inclusion to anyone with access to the internet and phone by tapping into decentralized peer-to-peer platforms without the need for centralized approval.
When we look at the transparency side of governments, it is not an aspect they excel at, they operate in a concealed manner, and decentralized finance makes every transaction traceable through blockchain technology.
With blockchain technology considered to be in its infancy stages, challenges of a global decentralized financial system should be expected, I, however, do not see the world going decentralized financially, there is too much power to be letting go by the power-hungry leaders.
Putin must be referring to de-dollarization or he is sending out the message of why it is better for nations to be less reliant on the USD for international trade.
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Posted Using LeoFinance Alpha
