Oct 13, 2020 15:07 UTC
Oct 13, 2020 at 15:08 UTC
U.K. former banker Alexander Lebedev& media boss has exposed he is watching to introduction decentralized finance powered “bank 2.0.”
Tthe owner of U.K. newspapers former banker Alexander Lebedev Evening Standard and The Independent, sideways with Russian publication Novaya Gazeta, has speked brightly of the possibilities for smart contracts to revolutionize finance & cryptocurrency.
In a wide 1800 word view piece available in The Independent on 13 October, the billionaire foretold blockchain tech will disturb what he labelled as a parasitic global banking oligopoly, declaring that ‘blockchain technologies and smart contracts will make it unnecessary to employ the vast majority of people in the financial sector.’
Though he considers the current ‘explosive growth of DeFi platforms is driven by a rapid influx of liquidity” and “cannot continue indefinitely’ he said that yet:
‘The technologies embedded in this infrastructure open up tremendous opportunities for rebuilding the global financial system.’
That smart contracts permit customers to right of entry financial services ‘without the participation of an intermediate in the form of the bank itself,’ preventing ‘greedy bankers’ from stealing clients’ funds Lebedev said.
Lebedev also exposed he has invested $100,000 into an Estonia-based yield farming protocol as ‘an experiment’ and appeared astonished at the rapid returns. He is now looking to establish an ‘Independent Decentralized Financial Ecosystem’ of his personal.
The stage will pursue to proposal ‘the full range of services of traditional banks,’ with ‘currency exchange, deposits, lending, settlement and cash services, and local and international transfers.’
The previous banker is renowned that global regulators are progressively warming to crypto-assets, quoting current moves to know stablecoins and security tokens on the part ofChinese, German, Swiss, & U.S lawmakers.
‘The next step will be the ‘digitalization’ of real assets, with production facilities, real estate, goods and services, with their land in distributed ledgers.’
Part of the reason for his sureness in the possible of cryptocurrency is that in its present form, Lebedev asserts that the global financial system is ‘leading the world economy to disaster.’
Lebedev keens 25 years to banking and purchased Russia’s third-largest private bank, the National Reserve Bank in 1995. He assertions to have experiential a shift in contemporary banking practices among his competitors toward “pocketing clients’ money.” Lebedev additional that thousands of Russian “banksters” have stolen “more than $100M of their clients’ money” since the 1990s.
He says that ‘billions of people are completely cut off from banking services’ owing to their reduced admission to financial resources, ascribing their economic barring to the banking class having nothing to bargain from them.
‘Perhaps we are on the edge of a real revolution in the international financial system, and the end of the bankster.’