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The benefits of an offshore bank account include tax reduction, privacy, currency diversification, asset protection from lawsuits, and reducing your political risk. Should Canadian citizens be allowed to save or invest their money in offshore bank accounts?Īn offshore (or foreign) bank account is a bank account you have outside of your country of residence. Opponents argue that a UBI would be detrimental to economies by encouraging people to either work less or drop out of the workforce entirely. Proponents of UBI argue that it will reduce or eliminate poverty by providing everyone with a basic income to cover housing and food. In the Alaska Permanent Fund each individual and family receives a monthly sum that is funded by dividends from the state’s oil revenues.

The longest running UBI system in the world is the Alaska Permanent Fund in the U.S. Several countries, including Finland, India and Brazil, have experimented with a UBI system but have not implemented a permanent program. The funding for Universal Basic Income comes from taxation and government owned entities including income from endowments, real estate and natural resources. >ĭo you support a universal basic income program?Ī Universal Basic Income program is social security program where all citizens of a country receive a regular, unconditional sum of money from the government. Opponents argue that the anonymity of decentralized protocols make it easier for criminals to transfer funds. Proponents argue that decentralized protocols have already revolutionized the security and efficiency of many existing industries and the financial industry is long overdue.

DeFi platforms allow people to verify any transfer of ownership, lend or borrow funds from others, speculate on price movements on a range of assets using derivatives, trade cryptocurrencies, insure against risks, and earn interest in savings-like accounts. Inspired after the financial crisis of 2008, DeFi does not rely on central financial intermediaries such as brokerages, exchanges, or banks to offer traditional financial instruments, and instead utilizes smart contracts on blockchains, the most common being Ethereum. Should the underlying technology of our financial system (credit, savings, investing, purchasing) transition from an institutionally owned industry to a decentralized protocol (similar to the internet) that is not owned by any corporation?ĭecentralized Finance (commonly referred to as DeFi) is a blockchain based and cryptographically secure form of finance.