Former US President and current presidential candidate Donald Trump has announced the creation of a cryptocurrency-related business called The DeFiant Ones. About this reported the The Verge.
In a message on his social network Truth Social, he noted that "ordinary Americans have come under pressure from big banks and the financial elite," but didn't provide any further details about exactly what The DeFiant Ones are, how it works, or how it will help people.
At this stage, it is impossible to say exactly what kind of project it is - whether it will be a cryptocurrency, a trading platform, or just a website about crypto.
In recent interviews, Trump's sons Donald Jr. and Eric suggested that the project could be created to help people who do not have bank accounts. According to the FDIC, as of 2021 there were 5,9 million such Americans.
It is widely believed in the industry that cryptocurrency can help the unbanked gain better access to financial services, but expert reports suggest otherwise.
The Center for American Progress (CAP) found none "no systematic evidence that crypto-transactions are cheaper than traditional financial transactions" noting that crypto-assets are mainly used for speculation and not for payments.
"The primary goal of financial inclusion is to improve the overall economic well-being of low-income individuals, while encouraging people to use their hard-earned money or savings to buy high-risk assets can do the opposite." Todd Phillips, CAP's former director of financial regulation and corporate governance, said in 2022.
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