Digital Currency Revolution: Are Traditional Financial Powers Hijacking the Future?
According to William Quigley, co-founder of USDT and Wax.io, nothing can stop the transition of the current financial system to digital currencies and it will happen within 10 to 15 years.
While I would love to see the mass adoption of digital currencies and tokenization of RWA, I wouldn't say I like the direction it is currently going. This is because if this direction continues, the typical names that represent the interests of the traditional system will still be the winners in the end. They will only use popular cryptocurrency concepts to sell the public their real agenda, nothing more than promoting a rotten system. We should not be surprised if they preach the message of inclusivism, decentralization, consumer protection, and so on so that they can enact regulation and taxation. In the end, the people still lose and the winners are those still in power. Our fight in the crypto space to transfer power to the people from bureaucrats, politicians, and traditional financial institutions will be a big joke.
The above is my summary response to this article that talks about the opinions of three well-known names and experts in the cryptocurrency industry who participated in a panel discussion on “The Future of Tokenization” at the recent Eurasia Blockchain Summit held in Cappadocia on 17-18 May 2024.
Many regulators and traditional financial institutions have now realized the high demand for digital transactions and the potential of cryptocurrency. To address this situation, Tim Bailey mentioned that those concerned are currently busy building a global digital infrastructure for digital payments and the CBDC. 134 countries are exploring the potential of CBDCs.
If I'm not mistaken, almost two years ago, an official of one of the biggest banks here in the Philippines said that people should not trust cryptocurrency including BTC and ETH because they have no backup. Instead, what he advised the public was to trust the CBDC because the Central Bank itself backed it up.
Such a view and the action of those in power are just another proof that politicians, legislators, and traditional financial institutions are enemies of innovation. Every innovation and new technology they see from the free market they see as a threat to their power because they have no control and no tax goes into their coffers. But in reality, they are not opposed to these changes as such. All they want to happen is to create their version of market innovation that they are in control of. Almost all sectors that politicians and legislators have entered into and created their version of public service have suffered a reduction in the quality of service and an increase in prices. Whether it's education, health, energy, and now digital assets.
I think this is the direction they want to achieve as a result of the Eurasia Blockchain Summit that took place recently. The Vice President of Global Business & Operations added that Red Date Technology has already created a Blockchain-based Service Network (BSN) and a Universal Digital Payments Network (UDPN) for regulated digital currencies. Currently, the regulated digital currencies are undergoing the testing period of the UDPN with the help of more than 25 global financial institutions.
Selva Ozelli shares the same mind as to the direction of digital assets. He added that the need is not only collaboration with financial institutions but collaboration with global regulators.
The goal of the collaboration is to create a unified legal framework for digital assets that is applicable in all jurisdictions. It just means that there are no existing laws to regulate digital assets. The recent noise created by the SEC in the US against Ripple is capricious and arbitrary because the current laws say nothing.
Now they are planning to make laws. Are these laws really necessary? The true purpose of these laws is to expand and legalize their interference in the financial lives of free people.
What comes to your mind when you read the names of these institutions? OECD's CARF, FAFT, and others. What do these names mean to you? They mean nothing to me but the end of freedom that we enjoy in cryptocurrency. It means more power to them. It means that if you do not follow their laws, you are dangerous, a criminal, and will be penalized. Aren't we tired of this narrative?
The more corrupt the state, the more numerous the laws. – Tacitus
The more laws and order are made prominent, the more thieves and robbers there will be." – Lao Tzu
What we need is fewer laws, not more laws, to repeal unjust laws. What we need are decentralized, not centralized institutions. What we need are blockchain and crypto projects like Hive, InLeo, and Cent. We have seen how our freedom has been eroded by centralized institutions and lawmakers. It is already overdue to consider that those who multiply laws to restrict life, freedom, and property as the most dangerous enemies of the people and must be considered a serious threat to the stability of society.
Ayon kay William Quigley, co-founder ng USDT at Wax.io, wala ng makakapigil sa transisyon ng kasalukuyang sistema ng pananalapi tungo sa digital currencies at ito ay magaganap sa loob ng 10 hanggang 15 taon.
Bagamat gusto kong masaksihan ang mass adoption ng digital currencies at tokenization ng RWA, hindi ko nagugustuhan ang direksiyon na tinatahak nito sa kasalukuyan. Ito ay sa dahilan na kung magpapatuloy ang ganitong direksiyon, ang mga tipikal na pangalan na nagrerepresent ng interest ng traditional na sistema ang siya pa ring magiging panalo sa bandang huli. Gagamitin lamang nila ang mga popular na konsepto sa cryptocurrency upang mabenta sa publiko ang tunay nilang agenda, walang iba kundi ang pagsusulong ng bulok na sistema. Hindi na natin dapat ikagulat kung ipapapangaral nila ang mensahe ng inclusivism, decentralization, consumer protection, at iba pa para lang maisabatas nila ang regulasyon at taxation. Sa bandang huli, talo pa rin ang mga tao at ang panalo ay ang mga nakaluklok pa rin sa kasalukuyan sa kapangyarihan. Magiging malaking katatawanan ang ipinaglalaban sa crypto space na paglipat ng kapangyarihan sa tao mula sa mga byurukratiko, mga politiko, at sa mga tradisyional na institusiyon sa pananalapi.
Ang aking nabanggit sa itaas ay ang buod ng aking reaksiyon pagkatapos kong basahin ang artikulong ito na kung saan ay binanggit ang tatlong kilalang mga pangalan at mga eksperto sa industriya ng cryptocurrency na lumahok sa panel discussion ukol sa “Kinabukasan ng Tokenization” sa nakalipas na Eurasia Blockchain Summit na ginanap sa Cappadocia noong 17-18 May 2024.
Bukas na ang isip ng mga regulators at mga tradisyonal na financial institutions sa laki ng demand ng digital payment at sa potensiyal ng cryptocurrency. Upang matugunan ang situwasyong ito, binanggit ni Tim Bailey na abala ang mga kinauukulan sa ngayon sa pagtatayo ng global digital infrastructure para sa digital payments at sa CBDC. Mayroon ng 134 mga bansa ang nage-explore sa potensiyal ng CBDCs.
Kung hindi ako nagkakamali, halos dalawang taon na ang nakakalipas na isang opisyal ng isa sa pinakamalaking bangko dito sa Pilipinas ay nagsabi na hindi dapat magtiwala ang mga tao sa cryptocurrency kasama na ang BTC at ETH dahil wala raw back-up ang mga ito. Sa halip, ang ipinayo niya sa publiko ay pagkatiwalaan ang CBDC dahil mismong ang Central Bank ang naka back up dito.
Ang ganitong pananaw at galaw ng mga kinauukulan ay isa lamang patunay na ang mga politiko, mga mambabatas, at mga tradisyonal na financial institutions ay kaaway ng innovation. Bawat innovation at mga bagong teknolohiya na kanilang nakikita mula sa malayang paggalaw ng merkado ay tinitingnan nilang banta sa kanilang kapangyarihan sa dahilan na sila ay walang control at walang buwis na pumapasok sa kanilang kaban. Subalit sa katotohanan, hindi naman sila salungat sa mga pagbabagong ito. Ang gusto lamang nilang mangyari ay ang lumikha ng sarili nilang bersiyon ng market innovation na sila ang may control. Halos lahat ng sector na pinasok ng kamay ng mga politiko at mga mambabatas at nakalikha sila ng kanilang bersiyon ng serbisyo sa publiko ay kakikitaan ng pagbaba ng quality ng serbisyo at pagtaas ng presyo. Ito man ay sa edukasiyon, kalusugan, enerhiya, at sa ngayon sa digital assets.
Sa tingin ko, ito ang direksiyon na gusting tahakin bunga ng Eurasia Blockchain Summit na naganap kamakailan. Dagdag pa ng Bise Presidente ng Global Business & Operations, ang Red Date Technology ay nakalikha na ng Blockchain-based Service Network (BSN) at ng Universal Digital Payments Network (UDPN) para sa mga regulated na digital currencies. Sa kasalukuyan ay sumasailalim na sa testing period ng UDPN ang mga regulated digital currencies sa tulong ng mahigit 25 global financial institutions.
Ang direksiyong ito ay sinasang-ayunan ni Selva Ozelli. Dagdag pa niya ang kailngan ay hindi lamang collaboration sa mga financial institutions, kundi collaboration sa mga global regulators.
Ang layunin ng collaboration na ay ang lumikha ng isang unified legal framework for digital assets na applicable sa lahat ng jurisdictions. Ibig sabihin lang nito, wala pa talagang existing laws to regulate digital assets. Kaya yong ingay na nilikha ng SEC sa US laban sa Ripple ay capricious and arbitrary dahil walang sinasabi ang kasalukyang mga batas.
Ngayon pinaplano nilang gumawa ng batas. Kailangan ba talaga ang mga batas na ito? O ang totoong layunin ng mga batas na ito upang maging lumawak at maging legal ang ginagawa nilang pakikialam sa buhay pananalapi ng mga malayang tao?
Ano ang dating sa inyo pag nababasa niyo ang mga pangalan ng mga institusiyong ito? OECD’s CARF, FAFT, and others. What do these names mean to you? They mean nothing to me but the end of freedom that we enjoy in cryptocurrency. It means more power to them. It means that if you do not follow their laws, you are dangerous, a criminal, and will be penalized. Aren’t we tired of this narrative?
The more corrupt the state, the more numerous the laws. – Tacitus
The more laws and order are made prominent, the more thieves and robbers there will be. – Lao Tzu
Ang kailangan natin ay fewer laws not more laws, to repeal unjust laws. Ang kailangang natin ay ang mga decentralized not centralized institutions. Ang kailangan natin ay ang mga blockchain at crypto projects na kagaya ng Hive, InLeo, at Cent. We have seen how our freedom has been eroded by centralized institutions and lawmakers. Time to consider that those who multiply laws to restrict life, freedom, and property as the most dangerous enemies of the people and must be considered a serious threat to the stability of society.
References:
The inevitable future of the global financial system is tokenization
Eurasia Blockchain Summit opens doors in Cappadocia in 2024
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