• Mission-driven cryptocurrency requires an active commitment to equity
• Universal Basic Income App Launches, Gives Users Free Crypto

Reading Notes

Mission-driven cryptocurrency requires an active commitment to equity

Cryptocurrency does not generate wealth simply from nothing — it only facilitates the holding and transfer of wealth.

Without ways to generate wealth and amid widening economic inequality for over 70% of the global population, people will still find it difficult to use cryptocurrency or have no real use for it at all.

For cryptocurrency to meaningfully move “the needle on large global challenges”, the underlying causes of inequality must be addressed.

And while mission-driven cryptocurrency organizations cannot expect to do this alone, they have an important role to play in developing and directing their products to be used in the service of addressing the underlying problems.

Those who declare they’re on a social mission inevitably sign themselves up for this challenge.

The history of marginalization that cryptocurrency will have to grapple with manifests itself in

• lack of connectivity,
• distrust in technology,
• financial illiteracy, and
• historical economic and social inequality.

A mission-driven company will have to understand the societal problems of today and determine when they can be solved by technology and when they require something more entirely.

Technology is neutral and open to the direction of anyone who can afford it. Good comes from the active development and implementation of technology by people and mission-driven organizations seeking the resolution of social problems.

https://cointelegraph.com/news/mission-driven-cryptocurrency-requires-an-active-commitment-to-equity

Universal Basic Income App Launches, Gives Users Free Crypto

Circles, which just launched on the xDai Ethereum sidechain, gives each of its users a basic income in the form of a cryptocurrency called “Circles.” Theoretically, the value of a Circle, which at present is unclear, increases as more people use the network.

The protocol issues Circles to all of its users each week. Upon signup, you’ll receive 100 Circles. Then, you’ll receive about 14 Circles each week; the value should inflate by 7% each year.

https://decrypt.co/45419/universal-basic-income-app-launches-gives-users-free-crypto

Future of Jobs – Unbundling Work

A look at Universal Basic Income (UBI)

Reinventing Capitalism In The Age of Big Data (Reading Notes)

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1) Could California become its own crypto-country?

2) Bermuda hopes to jumpstart their economy with new ‘stimulus token’

3) Shanghai’s Jing’an District issues blockchain-based discount coupons

4) Swiss crypto bank Sygnum scores approval for digital asset trading

Reading Notes

Could California become its own crypto-country?

The idea of a future crypto-based economy, which could finance a level of free healthcare, free education, and a form of basic income (UBI) at a scale that has never before been seen.

People investing in land and property through crypto transactions could help boost the proposed implementation of Universal Basic Income.

California’s Senate Banking and Financial Institutions Committee recently passed a bill seeking to define digital assets and measure their impact on state and consumer protections.

A Brexit-inspired plan wants to make California its own nation, separate from the USA. The people behind the plan are now looking to establish cryptocurrencies as the financial backbone of the proposed nation.

https://cointelegraph.com/news/could-california-become-its-own-crypto-country

Bermuda hopes to jumpstart their economy with new ‘stimulus token’

“What we are proposing is bypassing all the middle-men, bypassing the banks, and airdrop what is basically an IOU from the government to the people. You will go to a website and register your ID, and the Government will airdrop to you a certain amount of money. It will be immediate and you will have it on your phone wallet.”

As part of the program, the government plans to enable the purchase of food and other products from retailers to strengthen its now-necessary array of contactless payment solutions.

The Bermuda government will also distribute payments to those who qualify for coronavirus-related financial aid using the tokens.

All the transactions will be handled through a digital wallet managed from a mobile app. Assets in this app will be spendable at vendors through QR codes and point-of-sale devices.

https://cointelegraph.com/news/bermuda-hopes-to-jumpstart-their-economy-with-new-stimulus-token

Shanghai’s Jing’an District issues blockchain-based discount coupons

The Jing’an District of Shanghai has started offering blockchain-based discount coupons.

The tourism bureau has integrated blockchain to their WeChat mini-program to adjust the number of coupons in circulation and the validity period of each of these by analyzing how people are using them. The mini-program will send out new coupons daily.

The value of each blockchain-based coupon will vary between 5 yuan ($0.73) to 60 yuan ($8.80).

Employees, students and other residents of the district will be able to obtain the coupons using the WeChat mini-program. They can then redeem them at the movies, theater performances and for online courses.

https://cointelegraph.com/news/shanghais-jingan-district-issues-blockchain-based-discount-coupons

Swiss crypto bank Sygnum scores approval for digital asset trading

Sygnum, a major cryptocurrency bank in Switzerland, is preparing to finally introduce digital asset trading after receiving regulatory approval.

The new approval enables Sygnum to “cover the complete life-cycle of a security,” starting from services such as primary issuance, settlement and custody to secondary trading.

USP: Users now have access to instant settlement via the Sygnum-issued stablecoin Digital Swiss franc (DCHF).

Licensing: The bank has been aggressively expanding its services; after obtaining a Swiss banking license in August 2019, Sygnum was also licensed by the Monetary Authority of Singapore the following month.

https://cointelegraph.com/news/swiss-crypto-bank-sygnum-scores-approval-for-digital-asset-trading

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On one hand, we see the possibility of the technology to empower people with more freedom and security. On the other hand, we are aware that once appropriated by the authorities or the ruling elites, it will be powerful to facilitate the growth of crony capitalism.

Universal Basic Income (UBI)

The utopian idea of universal basic income — which has been with humanity for at least half a millenia — can become real with digital currency.

Due to the crisis caused by COVID-19, millions of people have lost all or part of their income.

To support them, governments have been giving out money to victims.

Is it possible to make this practice permanent?

And if so, why will we need state digital currencies? 

What is wrong with the idea of UBI?

How will the crypto technologies help?

CBDCs Can Facilitate Crony Capitalism

Once the “authorities” and “ruling elites” understand the power to be (with them):

… the emergence of CBDCs will facilitate the growth of crony capitalism. … if successful, central banks will be able to play favorites without the need for intermediaries.

“If a central bank really wanted to do this, the amount of opacity that they can create for themselves while at the same time, strip mining everybody else’s privacy is ridiculous, so that they could do pretty much whatever they want.”

Further reading: https://cointelegraph.com/news/decred-co-founder-cbdcs-can-facilitate-crony-capitalism

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