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26 November 2020

Gregory Keough: Open Finance Is Better Than Broken Finance - CoinDesk

Gregory Keough: Open Finance Is Better Than Broken Finance - CoinDesk

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Anyone with an internet connection can deposit digital assets into DeFi protocols and start earning interest as passive income.

Patrick Njorge, Governor of the Central Bank of Kenya, conveyed in a WEF article, digital financial services have been invaluable to helping keep people out of poverty throughout the pandemic by “enabling people to pay for goods and services, receive compensation for their work, access social-assistance payments and secure financial support, such as bank loans, for their distressed businesses.” .

As advantageous as such digital financial services have been, however, they rely on a broken financial system and fail to address the core issues that are keeping billions of people from participating in the global economy.

DeFi’s ability to improve access to financial services, regardless of whether or not they hold a bank account, creates an entirely new framework for finance that is ultimately better for people.

When people have jobs, they purchase goods and services – actions that propel the economy.

DeFi protocols that allow for the generation of positive, stable yield are bringing earned interest back into the global monetary financial system.

Furthermore, DeFi offers more privacy, resistance to financial censorship as well as much-needed transparency and accountability into financial systems

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