As the Biden Administration prepares an executive order to regulate digital currencies, will DeFi and traditional centralized trading and financial systems be able to co-exist, or will one have to run the other off the rails?
A Chinese digital currency could sweep the unbanked of the world into its new system before anyone notices, posing a huge threat to the US-led world financial order, and giving China access to vast amounts of personal financial data.
DeFi and Crypto are still a wild west for many ordinary citizens, who find the technology too complex and the regulation too weak for their comfort. How do you get them to drink from the fountain?
For Blockchain currencies to replace the functions of the existing centralized financial systems, they need to replace the systems that have been built on trust with a reliable and more nimble system of verification.