COVID-19 pandemic has caused a substantial disruption of the global economy. To preserve its stability, central banks across the globe have significantly eased monetary policy by cutting policy rates and provided enormous liquidity to the market. However, fiscal and monetary policies implemented because of the economic crisis have exposed serious vulnerabilities in the global financial system.
Current financial system with a central authority has an inherent problem: the goals of the authority can diverge from the goals of the users of the system. With the introduction of Bitcoin, it became clear that the governance system can function in a decentralized manner. Bitcoin introduced an innovative approach where functions of a bank have been replaced by an open-source software.
Our conviction is that the monetary value and the security of a “store of value” asset need not relate to any centralized power and blockchain technology elegantly solves this problem. A decentralized “store of value” asset that has a limited supply has true value. The fact that it is secure, censorship-resistant, and portable makes it more advanced than gold or fiat money.
We believe that because of the flaws in the current financial system, with its overvalued assets, leveraged products, and centralized manipulation, the demand for decentralized and censorship-resistant “store of value” assets will increase significantly. We support the development and global adoption of the Digital Reserve Currency (DRC) token, which has the potential to become a decentralized digital “store of value” for future generations.