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Because it’s a business that is based on trust, finance has always been a centralized operation. We put our faith in banks to look after our money and assets; these institutions can provide credit to those in need. Central banks and government-controlled financial institutions create their own currencies, and faith in the fiat currency is fundamentally linked to the state machinery. Taxation is likewise a centralized activity, with local and national governments collecting taxes and allocating the funds raised following centralized budget plans. Modern financial institutions are based on a centralized model. https://blog.mobiloitte.com.sg/pros-and-cons-of-defi-in-asset-management/


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