Eric Trump, the Executive Vice President of Trump and son of U.S. President Donald Trump, issued a warning to banks regarding the adoption of cryptocurrencies.
Trump continued during an interview, saying: "This forced me to enter the world of cryptocurrencies: 'And I tell you, if banks do not pay attention to what is coming, they will go extinct within 10 years.'"
He added: "The modern financial system is broken, it is slow and expensive," emphasizing that the current banking system "favors the extremely wealthy."
He stressed the need for banks to closely monitor developments in the cryptocurrency industry, also highlighting the benefits of blockchain technology that underpins cryptocurrencies for the financial system.
He also criticized current solutions for cross-border transactions like the global international messaging network SWIFT, which has often been criticized for the slowness of its transactions.
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