THE DOLLAR SUBSTITUTE HAS ALREADY BEEN?CHOSEN
The functions of the dollar are going to be replaced by a public-private collaboration and in the next article we are going to cover it in depth. Many people are not understand what distributed accounting technologies are about. They explain to you that Bitcoin is going to put an end to the Euro with the Dollar. , with commercial banking and with central banks and in reality what is going to happen is just the opposite Blockchain or DLT which should rather say blockchain is a type of technology that is going to reinforce the role of the euro and the dollar and what is going to end is with some business models of commercial banks but not with all of them and it is more the result of this adaptation that the banks will suffer, new business models will emerge that the banks will know how to take advantage?
Ulrich Bindseil, Director General of Market Infrastructure and Payments at the European Central Bank, was previously Director General of Operations at Deutsche Bank before joining the European Central Bank in 1998. He worked for the European Monetary Institute and chairs the Bank's Market Infrastructure Council. European Central and is a member of the CEPR and What exactly is the CEPR? Well, it was founded in 1983 and is a Pan-European organization? independent, non-partisan, nonprofit its mission is to improve the quality of policy decisions by providing policy-relevant research based solidly on economic theory to policymakers, the private sector and civil society, as you can see and verify on his own website of the European Central Bank, he is the general director of markets and payments infrastructure and the interesting thing is that Ulrich was called as a speaker for Ripple suel in the year 2020 , at a conference on CBDCS
Ripple is developing the infrastructure in fact this is already developed for CBDCS the future of money is digital. The Ripple CBDC platform offers a comprehensive platform to mint, manage and transact CBDC and stablecoins; each solution is based on a private ledger based on XRP Ledger technology . Ripple has already positively developed the CBDC for Palau, which in fact is not the CBDC of Palau, it is the dollar, this small country of 20,000 inhabitants does not have its own currency, they do not have a Central Bank and what they have done has simply been to adopt the dollar. the United States Federal Reserve , with which the CBDC of the United States is already built and the question is if we can intuit that the euro is the digital euro The digital CBDC of the European Central Bank is also already built . This infrastructure will be developed in collaboration with the private sector and partnership between the public and private sector will result in the fight against money laundering. It will also be carried out with the private sector and this will make much more sense. are developing a consolidated strategy to combat the financing of terrorism through for example, groups such as the GAFI , the international financial action group want to use the private sector, the technology of the private sector to be able to carry out these policies to combat money laundering and the financing of terrorism and the question is which companies Are the private sector in a position to help? to institutions such as the United Nations, financial intelligence units of the International Monetary Fund and the World Bank and Interpol among many others and public-private collaboration is necessary not only to fight money laundering but also to improve cross-border payments. Here we have the Bank of England website where they expressly explain that improving cross-border payments to make them cheaper, faster, more transparent and easier to access would make a huge difference to people and economies around the world success depends on public and private sector cooperation and action
The G20 has established a work route to improve cross-border payments, we can see in its documents in which it refers to the need for public-private collaboration to improve the structure of international payments, the CEPR working group for cross-border payments is collaborating and focusing on the private sector to unlock the benefits of cross-border payments that are broader than the current ones, that is, for example, more days and hours open such as Saturdays and Sundays and 24 hours a day
The FMI? has made reference to the fact that XRP could serve as a bridge currency for cross-border payments between banks in different documents , Improvements to payment systems and agreements underlying cross-border payments require global coordination, cooperation and commitment from a wide range of public authorities and private sector stakeholders and this is where the above will make much more sense , the aforementioned Ulrich published the following article for the Bank Central European The approval of the ETF for Bitcoin a new clothes of the naked emperor of February 22, 2024 "Bitcoin has failed in its promise to be a decentralized digital currency Global instead it is used for illicit transactions, the latest approval of an ETF does not changes the fact that Bitcoin is not suitable as a means of payment or as an investment" . And this is where what we have seen previously about the fight against money laundering and the fight against terrorism makes much more sense I found his financing in Ulrich's own words and you have to pay attention because this person is in charge of the working group for cross-border payments of the Bank for International Settlements Explains the following "For the disciples of bitcoin, the formal approval confirms that investments in Bitcoin are safe and the previous rally is proof of an unstoppable triumph, we do not agree with both statements and we reiterate that the fair value of Bitcoin remains zero" words very harsh from this person and the collateral damage would be enormous, including environmental damage and the eventual redistribution of wealth at the expense of the less sophisticated. The article goes on to explain that since the beginning, the price of Bitcoin has been manipulated.
In conclusion, Ulrich's article is as follows: the price level of Bitcoin is not an indicator of its sustainability. There is no fundamental economic data. There is no reasonable value from which serious forecasts can be derived. There is no proof of price in a speculative bubble. Market capitalization quantifies the general social damage that will occur when the house of cards collapses. They are warning that they do not believe that Bitcoin will survive and it is not just anyone who is warning none other than one of the people in charge of improving cross-border payments and blockchain Distributed accounting technologies are not intended to destroy banks or central banks or commercial banks. It is not going to destroy either the euro or the dollar. Distributed accounting technologies aim to improve the way in which the money is sent the concept of what money is Defined by the state and Defined thanks to taxes when the state tells you that You pay taxes in a certain way, that is, in You pay taxes in a certain currency, Blockchain technology did not end either the Dollar or the Euro, but rather strengthened the digital version of both.
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