Artem Genkin, Doctor of Economics, President of the NPO “Center for Protection of Bank Clients and Investors,” disagrees with experts who argue that in five to ten years, all credit and insurance operations will involve the use of crypto tools.
He is certain that traditional financial systems and services will continue to be used in the future, while DeFi – decentralized finance – which essentially offers customers the same services, will complement traditional financial activities.
“I believe there will be a natural division of markets between traditional finance and DeFi,” Artem Genkin said in an interview with Sber University.
According to the World Bank, in 2017, 1.7 billion people on the planet did not have access to banking services. The expert believes DeFi can claim this niche due to its simplicity and cheapness, and because it removes the need for intermediaries.
As for areas where traditional finance is strong, the part of the population that trusts brands, carriers of familiar values is still more numerous than the group that is ready to trust some “soulless mechanistic algorithms,” the economist added.