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.
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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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I think it is the latter, sending signals to other nations to be less reliant on the USD for trade. He could also be hinting other nations to join BRICs making it more 'decentralized'. What he said about global economy being decentralized is true but how he wants to achieve it is not a good way in my view.
When we talk about decentralization which we know through blockchain technology I don't see any of these leaders opting for it. Putin is after more countries to join BRICS which is his way of decentralized finance. If am not mistaken more countries are applying to join BRICS already, it will be interesting how the BRICS stuff progresses.
What is your take on South Africa part of BRICS?
Yes, that's the way I see it too. His way of creating decentralized finance on the global level. The catch is one will be the leader while others become the subordinates.
I don't know much about the situation. It could be of good economic benefits for the country, access to a strong network. But it comes with its own cost, for example taking sides and severing ties with countries that are against these nations.
That is my worry for South Africa and I don't know if there are other African countries joining in on BRICS. It appears to be more of taking sides and when we look at countries already involved I wouldn't say China or Russia has the interest of Africa at heart, so it gets tricky and that is where our leaders have to think carefully caught up in these games that might backfire on us.
Yes, I think they will be viewed as pawns on the chessboard. Using them as leverage to fight against other superpower nations and then abandon them in the end. I heard somewhere that China's plan is to takeover Africa and make it theirs as in a second colonisation. They've loan billions of dollars to many African nations and it is clear that these nations might never be able to pay it back. So they'll come with an arrangement that says something like what I loan you to build is now mine since you can't pay it back.
I worked with the Chinese in South Africa I health with them first-hand those guys do not have the interest of Africa at heart, what they do is push out projects and put us under pressure to finish within a ridiculously short amount of time.
Do you know why they are doing that? because of turnover, they are after turnover and do not care about quality. I shared some of these with @josediccus I even had a fight (not physically 😃) with one, I just couldn't stand it.
It is a shame our leaders choose a blind eye to these, they are truly taking over Africa, if am not mistaken they now own Uganda airport or one of the African countries that failed to pay back debt owed to the Chinese. I can't stand those guys, hopefully, that was the last time to work with Chinese.
Truly, that's what they are really after. It is well known that most of their work aren't up to quality standards. With turnover, they just make things more worse especially in the long term. Lol, I'm sure they lack good manners and mostly look down on Africans.
Hopefully indeed! They're bad for business on many angles and these African leaders know it. Why sacrifice the future for the short present? Now, we will probably have more problems to deal with these Chinese corporations in the future. They're taking over strategic places all over the map.
By the way, things are being done at present we are bound to have problems to deal with in the future, it is inevitable. We allow these things to reign in Africa and later blame the west. We are our own problem.
We indeed are our own problems. None of this would've happened if we didn’t allow it. Now we will have to deal with the grim consequences in the future. I hope we will get it right by then.
I hope so it takes one or two African countries to feel the consequence and act to prevent more damage so that others might wake up.
It's all about control and I think it's because they are being sanctioned. There are no downsides for him to push the alternative when he can't even use it. I don't mind the decentralization of the global economy but I just think that it's not the decentralized economy that we are thinking of. The BRICs system is still centralized and they can cut people off just like the SWIFT system.
It is all about the sanctions and finding a way to bypass them with more allies. I welcome the decentralized finance by all means but we know the decentralized finance Putin is referring to is nothing close to DEFI blockchain tech offers. All I see here is a political game as usual.
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