Dubai, United Arab Emirates – Eric Trump has a warning to banks: changing the way you work, or extinct.
“The modern financial system is broken, it is slow, it is costly,” Trump’s CEO of CNBC told Dubai while discussing the development of the United Arab Emirates as an encrypted currency center.
“Nothing can be done on Blockchain cannot be done better than the way the current financial institutions operate. Swift is an absolute disaster,” Eric Trump He said on Tuesday, referring to the International International Correspondence Network for Financial Transactions.
He criticized what he described as slow and incompetence of the traditional banking system, describing it as “ancient” – a criticism that many, especially the encryption lovers.
The second son of the American president Donald Trump Repeated visits to the United Arab Emirates in recent years amid the expansion of real estate projects bearing the Trump brand in the country and the wider Gulf region-and the desert age became the global axis of the encrypted currency.
Eric Trump expected in December that voices of digital currencies in December would reach one million dollars while the MENA 2024 in Abu Dhabi.
The encryption markets have proven that they are very fluctuations amid the sale of risk assets, which were stunned by the commercial definitions of President Trump imposed on countries all over the world. Bitcoin traded about $ 95,357 late on Tuesday.
Eric Trump said: “Our banking system prefers the wealthy,” Eric Trump said. “What actually prompted me to (an encrypted currency) is the fact that I realized that our banking system has been weapons against the vast majority of people in our country, either people who do not have zeros in their public budget, or people who may have been wearing that red hat that says,“ America is great again. ”He forced me to the world of encryption.
A new era for encryption?
His criticism of banks comes at a time when the sector is trying to move in the rapidly growing cryptocurrency industry, which is decentralized financing and eliminating the need for traditional brokers like banks.
The decentralized financing, or Defi, allows peer transactions from peers with transactions processing fees and competitive or zero account fees, which were usually a source of revenue for traditional banks.
“You can open the Defi app, you can open any encrypted currency application, and you can send money, the wallet to the wallet, immediately, without an account, without contrast,” said Eric Trump.
Some financial giants, including JPMorgan and Goldman Sachs, launched Blockchain networks and encryption trading offices in response to the popularity of the growing digital currencies.
However, critics of the relatively new asset category warns that its lack of organization, security citizen, fluctuation, and the protection of limited consumer poses serious risks for users.
The Trump administration pledged to contact in a prosperous era for the encryption industry, and President Trump and his wife Melania launched their Mimi currency, which led to this Fears One of the ethics experts about the conflict of potential interests. The Trump family is also at the head of the Liberty Financial platform, which it participated in its founding with the real estate billionaire and the current Middle East envoy at the White House Steve Witkeov.
Eric Trump and his older brother Donald Trump Junior recently Declared plans to launch The US dollar -backed Stablecooin through World Liberty Financial, and in March, she launched a new Bitcoin Mining Company is called American Bitcoin, which has been established in its founding Cotton 8 The CEO of Ashir enjoyed.
At the same time, the United Arab Emirates continues to attract international encryption investors, emerging companies, exchanges and events that he strongly attended in this sector, thanks to this to a large extent to government regulations supporting the encryption industry. Eric Trump and others in Trump and the White House administration have praised their relations with the Arab Gulf leaders, praising the major growth markets with pro -business policies.
Eric Trump’s comments come before his planned father’s visit to the Gulf region from May 13 to 16, during which he is expected to stop in the United Arab Emirates, Saudi Arabia and Qatar. Trump will be the first American president to visit the Sheikh of the UAE department since George W. Bush in 2008.
A symbolic trip for the Trump administration’s warm relationships with Gulf governments; During his first term, President Trump’s first visit was abroad to the Kingdom of Saudi Arabia.
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