Global finance is at a crossroads, especially in recent years, as the world has faced multiple crises. From the worldwide pandemic to trade wars, economies have been tested in ways never seen before. Can crypto provide a much-needed boost to global finance? According to Earnity leaders Dan Schatt and Domenic Carosa, crypto can uplift international finance.
First, crypto assets are digital and can be quickly and easily transferred worldwide compared to traditional purchases, which can be much more difficult and expensive to move. Second, crypto is decentralized, meaning that it is not subject to the regulations of central banks or other financial institutions. Having indecency from the banks allows crypto users to have more control over their finances. This could make crypto a more efficient and fairer system than traditional finance.
The Potential to Change the World for the Better
Before the pandemic hit, the economy has been at a standstill. However, many people welcome digital payments and crypto for their convenience. This led to a boom in businesses and other industries despite the health crisis. The Earnity team sees that these factors could lead to a more stable and prosperous global financial system. Earnity executives Dan Schatt and Domenic Carosa as well enthusiasts and buyers believe that crypto is still in its early days, it has the potential to change the world for the better.
Cryptocurrency presents a viable solution to some of the shortcomings of traditional finance. For example, central banks’ centralized control of fiat currencies creates a systemic risk leading to financial crises. Its decentralized and global nature could help mitigate or avoid such situations in the future. In addition, this financial technology has the potential to make cross-border payments faster, cheaper, and more secure while spurring global trade and economic growth.
It is still too early to say how crypto will impact global finance. However, the potential benefits are clear. Adapting cryptocurrencies can make the financial system more efficient, resilient, and inclusive. As crypto becomes more widespread, it could lead to a more prosperous world.