INOVAÇÕES NO SISTEMA FINANCEIRO

Abstract

This study aims to analyze the interaction between financial decentralization, regulation, and state sovereignty in the context of emerging technologies. Focusing on decentralized finance (DeFi) and the implications of blockchain technology, the study addresses three main topics: decentralized finance (DeFi) and its impact on the traditional financial system structure, the response of financial regulators to the DeFi phenomenon, and the regulatory role of sovereign digital currencies. The text also discusses the challenges associated with disrupting the financial system through the introduction of decentralized elements, which significantly reduce the ability of state regulators to implement monetary policy. Financial regulators respond to these disruptive changes by seeking alternatives that preserve their active participation in monetary policy implementation. The introduction of Central Bank Digital Currencies (CBDCs) is a possible solution to maintain state control over monetary policy in an increasingly decentralized environment. However, this issue goes beyond economic control and involves political and authority disputes. Preserving state authority is key in analyzing dominant institutions in the traditional financial system and their reactions to decentralized innovations. Therefore, this study aims to contribute to a deeper understanding of the complex interaction between emerging technology, financial decentralization, regulation, and state sovereignty.