Major cryptocurrency commutation OKEx is at the 50th World Economic Forum Annual Meeting in Davos this week, promoting blockchain applied science every bit a new motor for the global financial system.

Two presentations — delivered by the OKEx Financial Markets Managing director Lennix Lai on Jan. 21  at the Russia House 2022 and EmTech Investment Meeting 2022 — focused minds on the challenge of extending fiscal services to the over two billion people worldwide who remain unbanked.

"A costless, open, permissionless fiscal system"

In his presentation Lai argued that a digital, decentralized financial system underpinned by blockchain and cryptocurrencies tin be of mutual do good both to the incumbents in traditional fiscal markets and to the unbanked global population.

Decentralized finance (DeFi) innovation is poised to "substantially lower" operational costs for institutions, he argued, and eternalize financial inclusion by serving areas that traditional banking fails to. Lai said:

"We see the endorsement from global regulators. [...] We as well see the volatility of Bitcoin getting lower, making it get a favorable culling asset for mainstream finance. And the recent surge of DeFi reflects that people are starting to brace a gratuitous, open, permission-less financial system."

An embattled system

Equally reported, this yr'southward theme at Davos is "Stakeholders for a Cohesive and Sustainable Earth," which some have construed as the World Economic Forum's response to increasing public discontent with rising inequality and the power of oligopolistic financial elites, as evinced past protests across Europe, Asia and Latin America over the by year.

Comparing this year's issue at Davos to last year's, Monero's former lead maintainer Riccardo Spagni pointed to the same prevalence of "old school" bank and regulatory personalities. In an interview with Cointelegraph, Spagni — a.k.a Fluffypony — said:

"I think by a lot of [Davos] events similar this one and some of the other blockchain events, we're starting to show them that if they don't adapt, if they don't modify, they're going to end upwards losing."