Decentralized Finance: De-Fi-ing the Norms of Society

Author: Jason Dookeran

Decentralized finance brings cutting edge technology to the Caribbean.  A 2017 report from The World Bank notes that over 1.7 billion people don’t have access to a bank account. Trinis take bank accounts for granted, even though many of us still can’t open one. For a person who’s working with an uncooperative employer, getting a job letter might be easier than teaching a soucouyant 🧛 to wine. When it comes to other things like investments and avoiding inflation, most Trinis are in the dark. We still think that inflation is what you do to a bicycle tire, not something that happens to money.


Financial Issues with Countries

Several reports have put T&T in a bad light internationally in terms of finance. For those concerned about doing business internationally, this is like opening a zaboca 🥑 and realizing it’s all rotten inside. But what can we do? Decentralized finance 💵 💶 💴 offers many answers about things like holding value in an uncertain economy and offering long-term investment options for individuals without needing half a million dollars in the bank. It’s an attempt to democratize finance, but it’s still a wild place where things change almost daily.


Learning about De-Fi

In the following few articles, I’ll break down De-Fi for you. You’ll learn what it is, how it works, and you’ll be able to answer basic questions and participate in discussions. I’ll try to break down the most common terms you’ll see and fill you in on details like what you can do with de-Fi and how it differs from traditional financial instruments. Finally, I’ll tell you the benefits and drawbacks of De-Fi and show you how you could benefit from the system, along with the potential risks involved. Are you ready to De-Fi the system and be at the forefront of fintech?

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