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6th September 2023 > > ECB and Visa.


tl;dr

CBDCs simply won’t go away, egged on by the ruling elite, who should be disqualified from public office simply for prosecuting the case for CBDCs. But that is just my opinion. Visa joins the charge for stablecoin adoption.


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Market Wrap

Leveraged shorts are continuing to build, increasing the risk of a short squeeze if we see any good news.


Occasional Series – Sadiq Khan, Mayor of London

(Hesitantly) “A transwoman can also be a woman”.


Probably not a widely held view on Commercial Road, E1, in my experience.


Curious Cryptos’ Commentary – The ECB just does not get it

Let’s make no mistake, one of the CCC’s favourite villains is head of the ECB, perma-tanned Convicted Criminal Christine Lagarde. Never forget that if it looks like a Donald, behaves like a Donald, and speaks like a Donald, then it probably is a Donald.


And not one of us likes one of those.


On this occasion, Lagarde has sent out her primary attack dog, Fabio Pancetta, to rail once again against cryptos, this time commenting on PYSUD, PayPal’s dollar denominated stablecoin.


Except he doesn’t really talk about PYUSD, he merely wants to promote one of the scariest, most illiberal, most invasive, and destructive technologies ever conceived - whose primary purpose is to strip all privacy from each one of us – the Euro central bank digital currency.


His xenophobia is clear for all to see:


“The digital euro will give us a digital means of payment that, like cash, unites us because it can be used by everyone, everywhere. It will strengthen our autonomy and resilience by relying on a European infrastructure and reduce our dependence on a handful of non-European providers.”


That’s a comment not unlike “British jobs for British people”, which itself is not far removed from the concept that guesthouses can exclude certain sections of the population, a mindset which should surely be unacceptable in modern society?


Pancetta then veers from a morally reprehensible view of foreigners to the absurd:


The EU shouldn’t “shy away from being ambitious in developing an instrument that serves the public interest”.


Not the public interest mate. CBDCs exist only to serve the interests of the ruling elite.


Curious Cryptos’ Commentary – First SAP, now VISA

Just a couple of days ago we looked at SAP’s plans for integrating cryptos in the form of stablecoin USDC to transform cross-border payments for its large corporate clients. Now Visa is in on the act:



As the press release points out:


“By leveraging stablecoins like USDC and global blockchain networks like Solana and Ethereum, we're helping to improve the speed of cross-border settlement and providing a modern option for our clients to easily send or receive funds from Visa’s treasury.”


Thrillingly, the release adds:


“Visa is committed to being on the forefront of digital currency and blockchain innovation and leveraging these new technologies to help improve the way we move money.”


Blockchain based stablecoins – fully backed by cash or cash equivalents – offer a multitude of advantages over traditional means of payment. In a relatively short space of time, cross-border payments will be dominated by cryptos, and no-one will bat an eyelid.


A real-life use case being adopted today.

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