In an interview with CNBC, the executive vice president of Trump Organization Eric Trump called the interbank messaging system of SWIFT “Absolute Disaster”. In his opinion, the traditional banking system works slowly and inefficiently. Over time, it is obsolete, while the crypto industry is developing rapidly.
“Our banking system is huddled. I came to the world of cryptocurrencies when I realized that the banking system was armed against the vast majority of people in our country. If the banks do not monitor innovations, they will disappear in 10 years, ”said Eric Trump.
He noted that decentralized finances (Defi) eliminate the need for intermediaries. Defi platforms allow you to quickly conduct P2P transactions with minimal or zero commissions, unlike ordinary banks for which the commission is one of the sources of income.
“Right now you can open any Defi application and instantly send money from a wallet to a wallet without unnecessary expenses, does not depend on the changeable policy of the banks,” Trump said.
Earlier, Eric Trump said that thanks to the more clear and loyal rules for regulating the crypto industry, the United States will be able to become a global cryptostostolic. In January, the president’s son spoke about the plans of the White House Administration to cancel the capital tax for cryptocurrencies registered in the United States.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
