The dominant role of the future digital currency
According to Asher Tan, co-founder and CEO of CoinJar digital exchange in Australia, the battle for world hegemony will take place in the field of the future digital currency.
Facebook and Libra have been aiming to “reinvent the coin for the Internet age,” while the Chinese government has just passed a code law that will take effect from January 2020 to facilitate the birth. The central bank’s digital currency.
The Australian Daily quoted Asher Tan’s remark that both of these events were significant at a time when cryptocurrency exchanges and participants were benefiting from a network effect to bring about higher consistency and consistency with standardized processes.
Not just technology
To ensure the reliability and fulfillment of corporate obligations, besides continuing to perform traditional procedures such as customer identification, ensuring the legality of digital assets and a sense of compliance. , exchanges and cryptocurrency companies are also relying on cryptographic reliability and not on real-world factors.
Meanwhile, in Australia as well as across the globe, the use of the future digital currency has also changed, not only limited to technology lovers but expanded to investors.
While the city of Perth may no longer be a hub for financial innovation; on the same Ethereum (Blockchain) blockchain platform, the Perth Mint Gold Digital Gold (PMGT) token exists. ERC-20 code. This PMGT token can replace physical gold stored in the warehouse of Perth Mint – Australia’s largest gold refinery.
In an increasingly smaller world, the complexity of managing the future digital currency is considered a matter of course for many people, in addition to increasing costs and uncertainty. Startups have been given the mission to solve this problem.
The Libra Group has used the stable coin (stable currency) model as a way to fulfill its mission of connecting humanity. However, as seen in China, the push to use stable coins has the potential to go beyond digitizing financial services and moving to geopolitical realms.
Technology is not completely neutral as we sometimes think
While Congress tried to accept Libra, it was clear that disruptive technologies were bringing values beyond specifications. Critics of the Libra virtual currency have so far focused on Facebook’s status as a company; and its ethical values instead of the actual product itself.
Congress has correctly identified that technology has ethical implications. But attacking Libra or using laws against digital currencies only weakens the status of the US legislature. The stable coin scheme has been applied and interpreted in different ways in different countries. Central banks can ease the decentralized aspect, while still hoping to achieve some network effects related to digital currencies.
The battle for global monopoly
Stablecoins are a way to eliminate the conflict between the current economy and the purely digital economy. It is not difficult to imagine the benefits of digital currencies introduced by payment applications to consumers; especially in China and emerging economies.
Nowadays, commerce has become easier, especially for those who have a smartphone on hand. Creating a digital loan has become a reality for millions of people who previously had no access to credit. Digital currencies are a logical next step to promote this reality.
Kiva, a not-for-profit crowdfunding platform, joined the Libra Association founded by Facebook precisely because it sees the potential to reduce transaction costs, especially in developing countries.
This new field is a future direction, a major leap forward in the way of thinking about payments, not just an increasingly better payment system. But also Facebook, China, and other countries. Others are also looking to see a world in the next 50-100 years.
Currently, NEEBank is one of the banks connecting the world with digital money; allowing individuals, investors, and developers to participate in the financial revolution.
Come to NEEBank, customers will enjoy the best prices; trade 24/7 digital assets and pay on time through OTC global transaction support. The solid network allows you to trade all digital currencies in the top G20 currencies; while at the same time comes with the use of deep liquidity and fast payment. The highest level of service and full support from experienced traders.
The choice of technology in payments and value networks ultimately will determine how the participants’ beliefs and rules are coded. The battle for global monopoly in the future is about the currency of payment.
* Some collected information from TTXVN in Sydney