Can decentralized finance replace the banking system?

There's no one-size-fits-all answer to this question, as the feasibility of decentralized finance (DeFi) alternatives will depend on a variety of factors specific to each country and its banking system. However, in general, DeFi has the potential to provide significant benefits over traditional banking systems, including increased transparency, improved security, and reduced costs. For example, one of the biggest advantages of DeFi is that it allows for secure peer-to-peer transactions without the need for a middleman. This can reduce costs for both consumers and businesses and create a more level playing field for small businesses competing against large corporations. Additionally, DeFi platforms can be more transparent than traditional banks by making all transactions publicly.