The Bank for International Settlements (BIS) Annual Economic Report 2024, published on June 30, highlights the significant risks posed by rising public debt levels across both advanced and emerging market economies. The report stresses that without fiscal consolidation, debt trajectories will remain unsustainable, threatening macroeconomic stability. As interest rates rise, refinancing needs and higher debt […]
Bitcoin News
Tether Criticizes UN Report for Ignoring USDT’s Role in Helping Developing Economies
Tether, the issuer of the stablecoin USDT, has blasted the findings of a United Nations Office on Drugs and Crime study which ignore the stablecoin’s “role in helping developing economies in emerging markets.” According to Tether, the stablecoin’s use of public blockchains means every transaction is trackable, making it “an impractical choice for illicit activities.”
Developing Economies Neglected by the Global Financial World
Tether, the issuer of the stablecoin USDT, has criticized the United Nations Office on Drugs and Crime (UNODC) study for singling out the stablecoin’s use in illicit activities. Tether argues that the UNODC report ignores the stablecoin’s “role in helping developing economies in emerging markets.” According to the stablecoin issuer, the global financial world often neglects these markets because “servicing such communities would be unprofitable.”
In its statement on Jan. 15, Tether rebuffed the UNODC assessment of USDT, stating that its collaboration with global enforcement agencies ensures “unparalleled monitoring” of the tokens. The use of public blockchains makes every tether transaction trackable thus making USDT “an impractical choice for illicit activities.”
As reported by Bitcoin.com News, the UNODC’s study also found USDT at the heart of many pig butchering scams. Jeremy Douglas, the UNODC’s regional representative for Southeast Asia, asserts that criminals use the stablecoin because they are aware that crypto-related regulations “are way behind illicit activity.”
Tether, however, counters the study’s findings by pointing to the freeze of tokens worth over 0 million in the past few months. For Tether, this act is proof of its commitment to eradicating the criminal use of cryptocurrencies. Meanwhile, the stablecoin issuer said it takes issue with what it sees as the UNODC’s bias against USDT.
“The UN’s analysis ignores the traceability of Tether tokens and the proven record Tether has of collaborating with law enforcement. Rather than focusing solely on risks the UN should also discuss how centralized stablecoins can improve anti-financial crime efforts,” the stablecoin issuer said.
Tether also urged the UNODC to consider working with the industry because doing so will help it “understand and execute modern strategies to fight financial crime.” Instead of attacking the stablecoin, the UNODC should instead consider engaging in a collaborative dialogue with the stablecoin issuer, Tether added.
What are your thoughts on UNODC’s findings against USDT? Let us know what you think in the comments section below.
Economist Peter Schiff: Complete Separation of US-China Economies Would Be ‘a Disaster for America’
Economist Peter Schiff has warned that a complete separation of the Chinese and U.S. economies would be “a disaster for America, but a boon for China.” He explained: “Americans would be stuck with fewer goods and higher prices, while the Chinese would be rewarded with more goods and lower prices.”
Peter Schiff on U.S.-China Decoupling
Economist and gold bug Peter Schiff shared his thoughts on the U.S. economy and the dire consequences of the U.S. decoupling from China in several posts on social media platform X Friday.
Commenting on the remarks by Treasury Secretary Janet Yellen stating that a “full separation” of the U.S. and China economies “would be economically disastrous” for both countries as well as for the world, Schiff argued:
Janet Yellen is only half right. A complete separation of the Chinese and American economies would be a disaster for America, but a boon for China.
“Americans would be stuck with fewer goods and higher prices, while the Chinese would be rewarded with more goods and lower prices,” Schiff explained. “We can’t make stuff, that’s the problem. All China has to do is consume what they make. That’s easy.”
Yellen’s statements were made on Thursday during a bilateral meeting with China’s Vice Premier He Lifeng. Emphasizing that “the United States has no desire to decouple from China,” the Treasury Secretary stated: “We seek a healthy economic relationship with China that benefits both countries over time. When we have concerns about specific economic practices, such as those that prevent American firms and workers from competing on a level playing field, we will communicate them directly.”
This was not the first time Schiff sounded the alarm about the harmful effects of the U.S. decoupling from China. “We can’t afford to decouple because you have to recognize that China is both our biggest supplier and our biggest banker. The Chinese loan us the money to buy the stuff that they produce that we can’t, and our entire standard of living rests on the support of China,” the gold bug said in September.
Schiff also regularly warns about the collapse of the U.S. economy and the dollar. “We are getting very close to a crash in Treasuries,” he cautioned last month. “The dollar will tank, taking the U.S. economy and the American standard of living down with it.” He also predicted a deep recession, an inflationary depression, and the collapse of the USD demand. In September, he warned of the biggest bond market crash and an “unprecedented” financial crisis.
Do you agree with Peter Schiff that the U.S. decoupling from China would be a disaster for America but a boon for China? Let us know in the comments section below.
Dutch ING Bank Analysts: BRICS Expansion to Power De-Dollarization Across World Economies
Analysts of ING bank believe the de-dollarization trend that has been growing in the world might pick up momentum due to the possible expansion of the BRICS bloc. While the issuance of a BRICS common currency remains uncertain, according to some developing narratives, the Chinese yuan could become the de facto substitute for the U.S. dollar.
ING Bank Analysis: De-Dollarization to Gain Traction
A recent note issued by ING Bank revealed that the de-dollarization movement that BRICS countries have started is likely to continue to pick up steam. The catalyst for this probable growth will supposedly be the BRICS summit that will be held in Johannesburg this week, where the bloc integrated by Brazil, Russia, India, China, and South Africa will be considering adding more countries.
ING Bank analysts Chris Turner, Dmitry Dolgin, and James Wilson discussed this in a note last week, stating:
We suspect the subject of ‘de-dollarization’ might gain some traction this summer when senior leaders of the BRICS nations meet.
Several countries are seeking to be part of the BRICS group, from powerhouses like Saudi Arabia to countries facing economic hardships like Argentina and Venezuela. However, there is still no framework for adding new members, even though Brazilian President Luiz Inacio Lula da Silva has vowed that these topics will be discussed during the summit.
Chinese Yuan Set to Antagonize the U.S. Dollar
While there have been talks on issuing a BRICS bloc common currency, officials have offered contradictory statements. Nonetheless, the China-led bloc could rely on the Chinese yuan as part of its current de-dollarization strategy, as it has gained momentum in bilateral trade agreements between countries of the bloc, according to ING analysts.
For example, Brazil and Russia are already using the Chinese yuan to complete settlements to pay for various imports from China, and also Indian refiners have paid for Russian oil imports in Chinese yuan.
On this, ING analysts stated:
De-dollarization is seen mainly in the central banks’ international reserves, as the dollar is being pushed out by a variety of currencies, including the yuan. Looking at the long-term developments, the USD seems to be replaced mostly by Asian currencies, namely the CNY and Japanese yen.
However, the note explains that the Chinese yuan lacks attractiveness for bond investors due to “a relative lack of liquidity and lingering investor concerns over potential capital controls.”
What do you think about the expansion of the BRICS bloc and its effect on the de-dollarization processes developing? Tell us in the comments section below.
Asian Economies Could Benefit From Reduced Dollar Influence, Says Devere CEO
The CEO of asset management firm Devere Group says the world is shifting “away from a dollar-dominated financial system.” Emphasizing that a shift away from U.S. dollar influence “could have positive implications for Asian economies,” he described: “With the dollar losing its stranglehold, Asian economies would also likely experience a diversification of reserve currencies, paving the way for greater regional trade and investment opportunities.”
How Reducing Dollar Dependence Could Benefit Asian Countries
Nigel Green, CEO of asset management firm Devere Group, published an opinion piece in Asia Times on Friday arguing that the decline of the U.S. dollar could benefit Asian economies. The executive began:
I believe that we are witnessing in real time the world beginning to shift away from a dollar-dominated financial system.
“Among other reasons, this is because astronomic levels of debt, and the enormous amount of desperate money-printing to monetize these debts, have caused a considerable drop in the long-term value of the currency,” he detailed.
Reiterating his warning earlier this year that the U.S. dollar’s dominance is under threat as Russia and Saudi Arabia eye the Chinese yuan for oil trade, the Devere boss emphasized:
A shift away from dollar influence could have positive implications for Asian economies.
He explained that reduced reliance on the greenback would allow Asian countries to “implement policies that are more tailored to their domestic economic conditions, potentially boosting stability and growth.”
Green further detailed: “With the dollar losing its stranglehold, Asian economies would also likely experience a diversification of reserve currencies, paving the way for greater regional trade and investment opportunities.” He continued: “A multilateral currency system would promote more extensive use of regional currencies like the Japanese yen, Chinese yuan and Indian rupee, making trade within Asia more accessible and efficient.”
Moreover, “A diminished dollar dominance would lead to more stable exchange rates, reducing volatility and uncertainty in cross-border transactions,” he noted. The Devere executive concluded:
A decline in dollar dominance would encourage Asian countries to diversify their reserve holdings, leading to better allocation of resources and increased investment in productive sectors.
Do you agree with Devere CEO Nigel Green about the decline of the U.S. dollar benefiting Asian economies? Let us know in the comments section below.
India Poised to Leapfrog Major Economies, Becoming World’s Second-Largest by 2075, Goldman Sachs Report Predicts
In a recent report, Goldman Sachs Research details that India is set to outpace Japan, Germany, and the U.S. to become the world’s second-largest economy by 2075. The financial institution’s researchers predict a dramatic expansion in India’s gross domestic product.
Economic Shift: Goldman Sachs Predicts India’s Ascent to World’s No. 2 Economy
In a report titled “How India Could Rise to the World’s Second-Biggest Economy,” Santanu Sengupta, an economist with Goldman Sachs Research, projects substantial expansion for India’s economy. The report forecasts a surge in India’s gross domestic product, making it the world’s second-largest economy by 2075.
This growth is largely credited to India’s advantageous demographic makeup, balancing its working-age population and those too young or old to work. The study indicates that the key for India is to boost labor force participation and offer ample training and skill development opportunities.
“Over the next two decades, the dependency ratio of India will be one of the lowest among regional economies,” Sengupta detailed. “India has made more progress in innovation and technology than some may realize,” the economist added.
The Goldman report asserts that India has seen significant growth in innovation, technology, and worker productivity. In economic terms, this suggests higher output for each labor and capital unit. The report also emphasizes that capital investment, driven by expected savings increases due to falling dependency ratios, rising incomes, and financial sector development, will be instrumental in fueling growth.
“Given healthy balance sheets of private corporates and banks in India, we believe that the conditions are conducive for a private sector capex cycle,” Sengupta notes.
The economist indicates that the primary challenge and risk to India’s economic growth forecast is productively engaging the labor force. Sengupta asserts that this involves creating job opportunities and enhancing job-related skills. The upside growth potential lies in digitizing the economy. The bank’s researcher cites Aadhaar, the world’s largest biometric ID system, which Sengupta claims has improved public service delivery and expanded access to credit.
Lastly, the report underscores India’s domestic demand-driven economy, the influence of global commodity prices, and the country’s energy needs as crucial factors in understanding its economic landscape. India currently holds the position of the world’s fifth-largest economy, and Goldman’s researchers posit that “India’s savings rate is likely to increase.”
Goldman’s examination of India follows commentary from British economist Lord Jim O’Neill, who conceived the acronym BRIC. O’Neill discussed de-dollarization and anticipates the Chinese yuan and the Indian rupee will become “much more important currencies for the world.”
What do you think about the Goldman Sachs Research report about India’s economy? Share your thoughts and opinions about this subject in the comments section below.
Unplugged: The Impending Threat of Widespread Blackouts in Grid-Reliant Economies
Lately, the media has been captivated by the possibility of a grid collapse and the devastating economic consequences it would entail. Curiously, the internet is teeming with headlines suggesting the plausibility of such a collapse, whether caused by cyberattacks, physical assaults on infrastructure, equipment malfunctions, or even the notion of an electromagnetic pulse (EMP) incapacitating the most influential energy providers.
Antiquated and Fragile Power Grids Putting U.S. and Global Economies on Edge
In recent months, the media has honed in on the potential for a grid collapse. On June 27, 2023, Wired writers Maryn McKenna and Matt Simon elucidated in an editorial that although the power system may possess resilience, it is not impervious to vulnerabilities. The article delves into the implications of scorching heat waves and questions whether contemporary power stations can withstand the demands. The authors elaborate on the detrimental impact hurricanes and earthquakes can have on the grid infrastructure, resulting in “widespread destruction.”
In a noteworthy development, Kgosientsho Ramokgopa, the electricity minister of the Republic of South Africa, expressed concerns about the detrimental effects of an excessive reliance on solar power, warning that it could potentially lead to a grid collapse in his region. Ramokgopa emphasized, “There are pitfalls to the rate at which you add new generation from solar PV. It has the potential to collapse the grid.”
Meanwhile, Forbes decided to put the AI-powered chatbot, Chatgpt, to the test, questioning it about potential triggers for a collapse of the U.S. electric grid. Chatgpt promptly identified factors such as “extreme weather events,” “insufficient power generation,” “transmission network overload,” “cascading failures,” and “lack of grid resilience.” An article published in calmatters.org says California’s regionally isolated power grid “leaves the state vulnerable to failure.” Discussions of grid failure are at their peak again in Texas this summer as local media outlets claim “Texans have the grid on their minds.”
Several countries have experienced widespread electric outages like Malaysia, Brazil, Argentina, Uruguay, and Paraguay. In 2006, Europe dealt with a cascading breakdown where millions of people were affected from Germany, France, Italy, Spain, Belgium, Netherlands, Poland, Switzerland, Czech Republic, Greece, Morocco, and Portugal. China suffered from severe blackouts and widespread electric outages in 2021 and it was reported that millions of homes and businesses were hit by power cuts. The fact is there are plenty of regions worldwide that could suffer from a major grid collapse.
Examples of this situation have happened time and time again all over the world. In April 2015, Washington D.C. experienced a widespread power outage that affected government and privately-owned buildings, as well as the city’s public transit rail system. The same year, Turkey experienced a massive nationwide power outage that affected almost all parts of the country. In March 2023, tripwire.com author Robert Ackerman Jr., explains that the “problem with the U.S. power grid [is that] it’s too vulnerable to attacks.” The number of reported attacks on the U.S. grid has surged in the past decade, with 2020, 2021, and 2022 being the most active.
Widespread and Long-term Outages Could Collapse a Nation-State’s Entire Economy; No Country is Protected from EMPs
In any country, a prolonged grid collapse yields significant and severe economic repercussions, as seen in the past. The consequences encompass contracting economies, job losses, collapsing supply chains, and rendering current grid-dependent financial systems essentially obsolete. Additionally, the prolonged absence of electricity can exacerbate matters by inflicting damage on critical infrastructure components. In fact, a widespread grid shutdown can precipitate the failure of a nation’s fiat system within days. Ultimately, the extent of impact and recovery timeline hinge upon diverse factors, including emergency response efficiency, resource availability, and the resilience of the population.
Thus far, both the United States and numerous other nations boasting interconnected grid systems have managed to withstand cyberattacks, physical assaults, and natural calamities. However, nation-states remain vulnerable to an electromagnetic pulse (EMP), a destructive phenomenon. EMPs can occur naturally through solar flares or be induced by the electromagnetic radiation resulting from a nuclear explosion. These events trigger widespread voltage surges in electrical systems, often leading to substantial damage to electrical components. Presently, no country possesses complete protection against EMPs, and the U.S. government has raised concerns regarding China and Russia, suspecting their possession of EMP attack capabilities.
What steps do you believe should be taken to enhance global preparedness against the catastrophic impact of widespread power outages and EMPs on national economies? Share your thoughts and opinions about this subject in the comments section below.
De-Risking From China Will Destroy Western Economies, Think Tank Founder Warns
The founder of a German-based political and economic think tank has cautioned that attempts to de-risk from China “will only lead to the self-destruction of the economies of the West.” She stressed that de-risking policies would hurt their originators more than they could hurt China.
The Risks of De-Risking From China
The founder of the Schiller Institute, Helga Zepp-LaRouche, expressed concerns about the adverse consequences of Western countries’ efforts to de-risk from China in an interview with Global Times reporter Li Xuanmin, published on Monday. The Schiller Institute is a German-based political and economic think tank with stated members in 50 countries.
“The politicians pushing for ‘de-risking’ don’t seem to understand what every competent industrialist knows, that it is not possible to instantly replace China’s trade and investment partnership, since China offers very well-built infrastructure and a qualified labor force, which still has to take years to be built up in other countries,” she explained, cautioning:
So the ‘de-risking’ policy is prone to hurt its originators more than it could hurt China, as we have seen already with the blowback coming from the sanctioning policy.
The Schiller Institute founder was further asked whether the G7 countries could push their de-risking strategy with China. “The G7 countries will only do so at the expense of their own economies,” she replied, adding: “We have this year the 10th anniversary of the Belt and Road Initiative (BRI), and there are presently 151 countries and 30 major international organizations who are cooperating with China under the initiative, which has become one of the major locomotives of the world economy.”
She noted: “Extremely belatedly the G7 discovered this at their recent summit in Hiroshima, Japan, and they said: ‘Oh, we should talk more to the so-called ‘swing’ states, like Brazil, Indonesia, and India.’”
However, Zepp-LaRouche pointed out that the G7 “obviously overlooked that some of them are already members of the BRICS, and the other has reportedly also applied for membership in the BRICS.” The BRICS nations comprise Brazil, Russia, India, China, and South Africa. More than 19 countries have either applied to join the economic bloc or have expressed interest in joining.
Zepp-LaRouche concluded:
The attempt to ‘de-risk’ from China will only lead to the self-destruction of the economies of the West, and threatens to lead to the absolute sidelining of the European continent in terms of world history.
Last week, Treasury Secretary Janet Yellen told the House Financial Services Committee that ceasing trade with China would be “a big mistake” for the U.S. However, she emphasized: “De-risk? Yes. Decouple? Absolutely not.”
Zepp-LaRouche argued that “the ‘decoupling’ and the ‘de-risking’ push are just the same,” adding: “Behind it is the geopolitical intention to contain China’s economic rise by cutting it off from certain advanced technologies.” The think tank founder stressed: “But that train has left the station already, given the fact that China is leading the world in terms of numbers of patents, as well as key areas of science and technology, such as 5G technology.”
Do you agree with Zepp-LaRouche? Let us know in the comments section below.
Alchemy Pay: Bridging the Global Economies of Fiat and Cryptocurrencies
On April 20th, The European Parliament approved the first comprehensive crypto regulation EU-wide, the Markets in Crypto-Assets (MiCA). In the same day, a separate law, the Transfer of Funds regulation, was passed, requiring crypto operators to confirm the identity of their customers in order to halt money laundering transactions.
While the crypto regulation worldwide is becoming increasingly strict, Alchemy Pay is rapidly growing and rising in the cryptocurrency payment field as a payment solution provider bridging global fiat and cryptocurrencies for users in 173 countries. All these achievements started from a forward-looking insight about the revolutionary potential of crypto – the team believe that by creating a seamless gateway between traditional finance and crypto assets, they can make the emerging technology more widely available and provide easier access to financial services for businesses and individuals in different countries and regions.
Currently, it has established solid partnerships with international payment channels such as Visa, Mastercard, Discover, Diners Clubs, Google Pay, Apple Pay and hundreds of local payment channels, and is gradually expanding a larger network of partners.
Recently, Shawn Shi, the founder of Alchemy Pay, was selected as one of the “2022 Forbes China Web 3.0 Innovation Pioneers”. At the same time, Alchemy Pay has established a brand benchmark for its professionalism, trustworthiness and accessibility as a professional and serious payment solution provider that is bridging the gap between fiat and cryptocurrencies in the global economies.
Dedicated for Five Years to Provide Mainstream Friendly Crypto Payment Solution
In 2017, Alchemy Pay project was built and launched by a team of payments experts who had come from years of experience in Singapore, America, Europe with the likes of HSBC, Mastercard, Paypal, and Visa. A year later, the Alchemy Pay team followed up with Crypto Payment, the world’s first hybrid payment merchant acceptance system that allows merchants to accept payments in both cryptocurrencies and fiat currencies from their customers. “This is the equivalent of a ‘hands off’ system.” Robert McCracken, the head of the Alchemy Pay ecosystem explained, “We accept cryptocurrency payments on behalf of merchants and convert them to fiat currency for settlement in the merchant’s local fiat currency.”
From there, the services offered by Alchemy Pay have gradually expanded in four main directions, including on-ramp, off-ramp, NFT checkout and cryptocurrency payment acceptance systems, bringing forward a diverse range of solutions, while maintaining some convergence and crossover between the four segments.
“On & Off-ramp is our payment solution.” Robert explained in the interview, “On-ramp is deployed as a plugin that the Web3 platform can host on their website so that users can use legal payment methods such as Visa, Mastercard, Apple Pay, Google Pay, local bank transfers and commonly used local digital wallets to securely purchase cryptocurrencies. Off-ramp is also a feature of the plugin that operates in a reverse manner, allowing users to sell their cryptocurrency into fiat currency and send the funds directly to their personal bank account, which makes it very easy, straightforward, secure and compliant for users to buy and sell cryptocurrency. NFT checkout is a relatively new solution, with the ability to easily purchase NFT using fiat currency payment methods. This is an easier and more straightforward way for both crypto native and users unfamiliar with Web3.”
After more than five years of development, Alchemy Pay has gained more experience than any other project in the cryptocurrency payments industry – it pinpoints the needs of cryptocurrency-native users, constantly updates and iterates the service, and comes up with solutions with mainstream-friendly usability. Alchemy Pay is available almost anywhere in the world for people of all technical backgrounds, which has built the platform’s barriers within the crypto payments field.
In its first years of development, Alchemy Pay focused on the Asian market, and gradually expanded to Europe and the Americas. By 2021, Alchemy Pay has established payment touchpoints with over 2 million merchants in 70+ countries worldwide. In the last year, Alchemy Pay has focused its business on expanding its global network of payment and remittance partners, partnering with more exchanges and mainstream blockchain networks, and moving towards providing direct-to-customer (D2C) payment solutions.
Put Vision Into Global, Root in the Local
As the business continues to expand, Alchemy Pay has developed into a truly worldwide organization. At the same time, the team found that constructing a strict hierarchical structure may stifle creativity and productivity and limit the organization’s growth.
As a result, at the end of 2022, Alchemy Pay implemented an “Advisory Board Management System”, inviting global experts to take charge of different departments such as compliance, product, security, etc., where they can participate in decision-making, provide more professional advice and focus their talents on areas where they can achieve their true potential. “Because one person can’t be proficient in everything, we have implemented a committee based advisory and management system.” When asked about the original reason for the system, Robert explained, “We thought a decentralized structure would allow our team to thrive and grow healthily. This setup has been very successful in allowing a real sense of team collaboration to occur.”
David Plouffe, the former White House Senior Advisor and legendary campaign manager, has also recently chosen to join Alchemy Pay and served as a committee member of Alchemy Pay’s management and advisory board, and is responsible for strategy, compliance, and government relations as a global strategic advisor. Plouffe is credited with the strategy and grass-roots public engagement savvy that won Obama’s 2008 presidential campaign. After his work for Obama, Plouffe became the Senior Vice President of Policy and Strategy for Uber, and in 2022 Plouffe joined the Binance Global Advisory Board.
Currently, Alchemy Pay has core talents and expert leaders in all departments. Ethan Wang has been a driving force for the tech team, he is the tech lead in Google Cloud Web3 team and one of the founding team members. He also formerly worked for Facebook Libra as a tech lead and founding team member; Andy Ng has over 20 years of experience deep-diving in product; Jonas Cernius head up the compliance team from Europe, for he has over 10 years of combined experience in civil service and finance compliance and has extensive experience in legal operations. Robert said, “We welcome talented people from around the world to join us and build Alchemy Pay with us!”
By building a group of talents with its roots in the local market, Alchemy Pay is putting more emphasis on local payments, making it easier and faster for local users to use the payment services it offers. Alchemy Pay has a significant advantage in the industry in terms of local payments, for it currently supports 300+ local payment channels such as OVO and DANA in Indonesia, GCash in the Philippines and many more. At the same time, this team model has allowed Alchemy Pay to gain an advantage in global policy and compliance, “Any changes in the global regional regulatory environment are important to us and can lead to changes and trends in the payments space, so we will keep a watchful eye to catch the latest trends and changes.” Robert said.
In recent years, Alchemy Pay has seen the potential for demand for cryptocurrencies in South East Asia and Latin America, tailoring its payment solutions and focusing its marketing efforts on these regions, developing operational strategies to promote its products in line with local market conditions. Alchemy Pay has also built a strong reputation and competitiveness for its products by partnering with celebrities and notable organizations to promote its payment products and expand brand local presence.
“Our mission is to bridge the fiat and crypto global economies.” Talking about Alchemy Pay’s long-term vision, Robert expressed the team’s desire to create a sustainable and evolutionary project that solves the problems of connecting the world of traditional finance to the world of cryptocurrencies.
He concluded Alchemy Pay’s mission and vision:“Our ultimate goal is to make it easy for people worldwide to use and access a more decentralized, open, and fair form of finance. We want Alchemy Pay to represent a crypto payment solution that stands the test of time and values users’ feedback. To achieve this, we will focus on refining and improving our product while adopting a long-termist mentality to meet the long term needs of our users.”
Source:Forbes
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Cryptocurrencies Are Elevating The Lives & Livelihoods Of Millions Across Under-Developed Economies
This year, the use and acceptance of cryptocurrencies have experienced brisk expansion, especially in developing and under-developed regions like Latin America and Africa. Clouded by hyperinflation, decades of political and economic problems, feeble national currencies, and scarcity of traditional financial services, young populations within these regions with access to smartphones and the internet are playing a critical role in driving the mainstream adoption of cryptocurrencies.
With the El Salvador government accepting bitcoin (BTC) as a legal tender, there has been an increased demand for decentralized financial (DeFi) opportunities for BTC users, especially layer-2 scaling solutions that help extend the capabilities of the Bitcoin network. Following El Salavador’s decision, BTC acceptance has surged across developing countries, including Ghana, Kenya, Botswana, Zimbabwe, Mexico, Chile, Colombia, Panama, Peru, and others.
As a result of this unprecedented growth, cryptocurrency projects and protocols are increasingly introducing support for real-world use cases, emphasizing ease of use. From highly-regulated trading exchanges to underlying blockchain protocols, groundbreaking platforms are rapidly shrinking the accompanying adoption obstacles.
The outcome is greater mainstream financial services accessibility for global unbanked and under-banked populations, not to mention opportunities to generate income via a range of DeFi products and solutions.
Mainstreaming Crypto By Bridging The Real-World Gap
CoinZoom, a US-based cryptocurrency exchange, is one of the most prominent names spearheading the efforts to build an open and inclusive decentralized financial ecosystem. Besides being a highly regulated exchange operating in more than 140 countries, CoinZoom also offers several crypto-centric features that make lives easier for the global population.
As a crypto exchange, CoinZoom is suitable for both experienced and new traders, and its suite of connected products adds immense value for users. A range of CoinZoom Visa cards supports crypto payments across 53 million merchant stores worldwide. At the same time, the accompanying CoinZoom Earn feature allows users to earn up to 20% APY on their crypto savings accounts, far outstripping interest-bearing bank accounts. Moreover, the ZoomMe remittance service helps members to send and receive both fiat and cryptocurrencies across the globe for no fees.
Another project on a mission to bring a positive change in the African region is Jelurida, a Swiss blockchain company that enables enterprises to develop decentralized applications (dApps) using its Nxt, Ardor, and Ignis blockchains. Jelurida’s ecosystem offers public, private, and hybrid blockchain solutions designed to solve real-world problems.
Since its inception, the platform has facilitated experimentation of several promising real-world blockchain projects like HotCity, Cycle4Value, and TreeCycle. As the use of digital currencies develops across Africa, Jelurida Africa DLT, an offshoot of the Swiss firm Jelurida, has engaged in prelaunch project testing and other goals ahead of additional expansion to a larger number of African nations. Jelurida Africa aims to assist established companies, start-ups, and individuals to understand blockchain technology and provide consultancy, education, and top-notch solution deployments.
Last but not least, RSK (Rootstock) is a smart contracts solution built on the Bitcoin network. With El Salvador legalizing bitcoin, the demand for protocols that enable businesses to support real-world use cases on the network has reached an all-time high. RSK, with its suite of products and features, brings Ethereum’s smart contracts functionality on the Bitcoin network while ensuring industry-grade security, faster transactions per second (TPS), and lower gas costs.
Leveraging RKS, Kripton Market, an online marketplace focused on offering products and services to bitcoin users in El Salvador and other regions. With RSK, Krypton Market has launched a campaign across El Salvador to educate merchants and the general public about crypto’s real-world use cases and benefits. Other RSK-based solutions like Beexo, Money on Chain (MOC), Defiant, and Tropykus Finance will also participate in this campaign.
The Kripton Market is currently being used by 150 stores, with an additional 564 stores expected to join as part of a software update with Procom and Innovacion y Desarrollo. Also, every supporter will contribute to bitcoin’s utility in El Salvador, whether it is through sending payments, paying for goods and services, QR code transactions, or door-to-door shipments.