PANews reported on April 30 that according to CNBC, Eric Trump, vice president of the Trump Group and second son of Trump, publicly criticized the traditional financial system at a cryptocurrency event in Dubai, saying that the SWIFT system is inefficient and that the banking industry will be eliminated within ten years if it is not reformed. He said: "The modern financial system has collapsed, runs slowly and is costly. Everything that blockchain technology can do will be better than the way current financial institutions operate. SWIFT is simply a disaster. Our banking system favors the super-rich. What really got me involved in the (cryptocurrency) field was that I realized that our banking system is used against the vast majority of people in our country. This forced me into the world of cryptocurrency. I tell you, if banks don't pay attention to the coming changes, they will go extinct within ten years." He also praised decentralized finance as a way to bypass the costs and lack of privacy of traditional banks. In recent years, Eric Trump has frequently visited the desert emirate as it has quickly become a global center for cryptocurrency.