A Whole Generation of People Developing Faith on the CryptocurrencySeptember 7, 2019
Mark Mobius stated, “If there is a cryptocurrency that is backed by gold and there are a meaningful agreement and some kind of modern thing connection, then this could be quite interesting.”
There is a whole generation of people who trust the internet. They believe in these cryptocurrencies. They have faith to a certain extent about how cryptocurrency will enable them to buy something. The purchasing power is one of the reasons for the whole generation of people developing faith in the cryptocurrency.
Mobius stated, “I believe blockchain is a very high-risk situation . . . Anything that’s created by man can be broken into . . . and it could create big crises, so I think we have to be very careful with blockchain.”
David Paul, Assistant President of Marshall Islands, announced a sovereign coin (SOV) which will be a cryptocurrency based on a blockchain eventually distributed and operated by Marshall Islands government.
The Marshall Islands passed the Sovereign Currency Act in 2018. This was done to release a new national digital currency. Until date, the Marshall Islands has been using the USD as its official currency to make all of its payments, tax dues, and public debts. The Islands are dependent on the US grants to the extent of nearly $70m.
David Paul stated, “Even simple things like acquiring and installing ATMs become complicated when you’re in the middle of the Pacific Ocean!”
Paul further stated that they decided to go with blockchain as opposed to a centralized system because they have 50,000 people living across nearly 1000 islands in the Pacific, for which a centralized system is not required.
The cost of remittances is very high in the Marshall Islands. With the coming of the cryptocurrency, the cost of remittances will become low.
Women are generally known to be slow and steady in their investment process, and they are pretty risk-conscious.
Rosa-Maria Ryyti, Miss Universe Finland 2015 winner stated, “The current general perception of Bitcoin in the MSM makes it even less probable for the average women (and men) to get involved.” She further stated that the risk factor associated with Bitcoin makes appealing among Bitcoin. Nearly 90% of Bitcoin users are male.
China is continuing to make headlines for its ambitious own cryptocurrency project.
Mu Changchun, deputy director of PBOC, stated, the digital asset ensures the sovereignty of China’s foreign exchange. He said, “Why is the central bank still doing such a digital currency today when electronic payment methods are so developed?” Mu asked lecture he gave earlier this week.