The day the world went blockchain and the free spirits went rogue
The whole world is going blockchain. One day soon I envision all the nations of the world giving up paper money and tuning to cash that’s digital. In fact the IMF and World Bank released a report this week suggesting that the central banks of the world may one day issue digital currencies. A paper https://www.imf.org/en/Publications/Policy-Papers/Issues/2019/06/27/Fintech-The-Experience-So-Far-470560 on the IMF website concludes that despite regional differences, countries are gradually accepting the fact that they need to move with the times in what they call the fintech sector.
banks of the world begin to show interest in digital currency
survey conducted by the IMF includes 96 countries who have responded
so far, and several of their central banks are considering the idea
of implementing some form of central bank digital currency (CBDC).
Those testing or on the verge of releasing such a product include
Uruguay, Bahamas, China, Eastern Caribbean Union, Sweden and Ukraine.
Others are conducting extensive research still on the potential of
digital currencies. Both emerging and developed economies are
pursuing the concept. In the developed world the use of paper fiat
money is fast disappearing already as people use credit or debit
cards for most transactions.
the unbanked – or is it shackling the free?
the developing world the concept of digital cash is one that central
banks are hoping will allow the incorporation of the unbanked, as
they’re called, and for all involved the reduction of banking fees
is an added incentive to go digital. One thing central banks don’t
like is the concept of anonymity though, as you might find in some
cryptocurrencies. For example it’s possible to send your crypto
anywhere in the world without being traced if you use the right coin,
like Monero, for example.
will it be a real cryptocurrency?
crypto enthusiasts are sceptical of central banks and it’s likely
that if they do implement a digital national currency of their won,
it wont be decentralized or anonymous, so won’t be a real
cryptocurrency as such, like Bitcoin, but will be a digital fiat
currency. Nevertheless, the blockchain architecture will be the
underlying platform presumably. Central banks definitely still want
to be able to trace your financial transactions, so you are not as
free to be your own sovereign entity despite the use of a digital
interconnected cyber world
actually already have some cryptocurrencies that are basically
centralized, like Ripple (XRP), which is used by banks currently. The
“banker’s coin”, as it’s known, is also the black sheep of
the cryptocurrencies, avoided by those who align themselves with the
cryptographic and cyberpunk OG (original gangster ie. veteran)
community. The real interest for big banks is cyber-security and data
protection, since the cyber world is borderless, and so risk spreads
very easily unless security is tight. A national digital currency
would need to address this issue before all others.
leads the way
Much of the cyber-banking world is already interdependently connected across borders in cyberspace, particularly in developed nations, but curiously it’s Asia that leads the way in fintech. China and India are global leaders, the latter already rolling out large scale adoption of the mobile payment system. Nevertheless there is obviously going to be a gap between rich and poor in those countries, as well as urban and rural, with both nations still largely rural in population demographic. Even the gender divide is still significant there too. India just concluded it’s biggest India Dapp Fest (https://cointelegraph.com/press-releases/india-dapp-fest-turned-out-to-be-countrys-biggest-blockchain-summit-of-2019) and the nation’s biggest blockchain summit to date earlier this month, with leaders of the sub-continent giving presentations over three days. India’s Matic token CEO, recently launched on Binance exchange as an IEO and traded against USDT and BTC, was there.
Africa leaps ahead
interesting evolution is that of Sub-Saharan Africa as a global
leader in mobile money transfer technology, by numbers of account
holders and by cash volume transacted. Almost 10% of the region’s
GDP is through mobile money payments (compared to Asia’s 7%) in a
region where the smart phone is the device most utilized. Charles
Hoskinson co-founder of Ethereum and lately of Cardano cryptocurrency
fame, has already been to Africa personally to look into rolling out
facilities for crypto growth there among the less advantaged or
European Union is divided
advanced as they are, the EU cannot come to a cohesive agreement in
their fintech policy. They are now a Union in name only. This is most
evident in the difference between the UK and the mainland,
unsurprisingly. The City of London is obviously far ahead, being a
financial leader in the world, along with New York and the Vatican
(the three esoteric or occult centers of the elite for centuries).
London has its own rules basically, so they are still limited by that
inability to see eye to eye. I wouldn’t be surprised if the Euro
collapses soon, with countries like Italy and of course Greece
breaking away. The south of Europe is a different entity to the north
and the idea to combine them really didn’t work out so well –
especially for the south.
you accept the microchip?
way, it appears as if in time the world will go completely digital in
money, with paper fiat becoming a thing of the past. A piece of
plastic is our current means of payment, and in some countries the
smart phone does it for you. Who knows – it may be the implanted
chip next, with all your data, bank account, health record, and
social credit score all implanted, so that any camera can identify
you, see what you spend your money on, where you go, with whom you
interact, which websites you visit, what information you read and
everything else about you. Drones will be able to target you
anywhere, and all your funds will be vulnerable to being cut off by
the central banks and power structures, so that you will have to keep
in line like a good sheep.
but at the loss of your sovereignty
the mainstream society, a digital currency in a world without cash
seems innovative and evolutionary, but it won’t be Bitcoin or
Monero, it won’t be decentralized and it won’t be anonymous or
private. So it will be the tech without the perks of empowering your
right to sovereignty. This form of digital tech, even based on
blockchain, will only empower the centralized political and banking
sectors and tighten their hold over the masses. That and AI will be
the current next Industrial Revolution, based on 5G, and it’s not
looking good for the individual.
the planet goes Chinese
certainly don’t want to live in a global China, where every word I
say or write, every person I speak to, is scrutinized by algorithms
for red flag triggers. I would rather go live in a forest or a cave
in the mountains. And some citizens will do that. They will value
their freedom more than the luxuries of city life. Fortunately there
are those who have the technological know-how to rig up a system that
will still connect to the internet satellites, or more specifically
to the blockchain satellites, that are private and independent of the
mainstream internet system. These satellites already exist, and they
run the blockchain. So with solar power and decentralized satellite
tech we can leave the sheep pens and live free outside the system, as
the rest of humanity gets chipped and dipped like a sheep vaxxed on
chemicals with no freedom of speech or thought. Welcome to the new
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