Eric Trump: "Cryptocurrency will become a financial system for everyone... Accelerating innovation centered on the US and Middle East" [Token 2049 Dubai]

Eric Trump, the second son of US President Donald Trump, once again emphasized the importance of cryptocurrency.

On the 1st (local time), Eric Trump, Executive Vice President of the Trump Foundation, emphasized at the Token 2049 Dubai fireside chat held at Marina Jumeirah in Dubai, "The existing financial system is only for the top 1%. The vulnerabilities of the financial system continue to be exposed, and cryptocurrency will be an alternative for this."

He mentioned that the introduction of cryptocurrency is urgent to innovate the models of traditional financial institutions. He said, "Banks rely on slow processes to approve loans over 3-4 months. In contrast, blockchain can process funds instantly, at low cost, and transparently. Eventually, traditional financial institutions will perish if they do not embrace cryptocurrency innovation because they rely on an outdated model based on fees."

He added, "Our goal is to provide financial freedom worldwide. Financial freedom is the greatest opportunity for humanity since the internet. The US and the UAE, among others in the Middle East, are becoming the centers of innovation because they have quickly secured openness, unlike Europe, which is trapped in regulation and bureaucracy."

He also explained about the stablecoin project USD1 by World Liberty Financial. He said, "USD1 is a stablecoin with high trust and stability based on US Treasury bonds, and it will provide accessibility to 1.4 billion financially excluded people worldwide by supplying digital dollars."