Atlanta Fed addresses impact of web3 on financial services

Atlanta Fed addresses impact of web3 on financial services

Atalanta Fed has caught the attention of the crypto community with a post about the impact of web3 on financial services. The 17-page article by Christine Parlor, professor at the University of California, Berkeley Haas School of Business, served as a base text. In addition, its complete structure attracted great attention.

The report begins with a discussion of blockchain architecture. Parlor discusses DeFi and financial infrastructure after providing the necessary background information.

Parlor spoke of the difficulties faced by decentralized autonomous organizations that do not have “an obvious legal personality.”

If there is a darker side than using tokens as collateral, it is the creation of an interdependence between various protocols. This makes it more difficult for regulators to predict or understand systemic risks.

Parlor stated that the web3 financial infrastructure provides an advantage over traditional finance in terms of transaction cost and speed. For example, financing of trade transactions can be significantly improved by reducing costs along the supply chain.

While the subject of foreign exchange was discussed in the article, CBDCs were also mentioned. Discussed working Porject Mariana, which has not recently implemented DeFi protocols for currency exchange. Parlor mentioned Stellar and Ripple and described the XRP token as “an international means of payment”

Ripple has garnered a lot of attention with its agreement with Montenegro for the development of CBDCs.

Ripple continues to argue with the SEC over whether XRP is a security.

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