The next generation of financial infrastructure will be on the blockchain

The next generation of financial infrastructure will be on the blockchain

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Justin Sun from Tron calls for a virtuous e-payment, e-commerce, blockchain, cryptos ecosystem. The dream scenario for financial inclusion for all.

On the sidelines of the Council of 164 Trade Ministers of the member countries of the World Trade Organization (WTO) meeting in Geneva, the conclusions of which were made public on June 17, Justin Sun, the famous billionaire millennial founder of Tron and ambassador of Grenada to the WTO returned to the MC12 and confided in his vision of the main advances of the “Geneva Package” which he is delighted with, not without hiding his impatience to see the MC13 go further. Further on the promotion of decentralized financial infrastructures, less costly, more efficient.

The extension of the moratorium on border taxation of electronic transactions was high on the agenda of measures supported by Justin Sun, who took the opportunity to salute the progress made on sustainable fishing – ending more than 20 years of sterile discussions – on the plan to fight food insecurity, on the temporary lifting of patents on anti-COVID vaccines. And for good reason: introducing customs duties on electronic transactions would have led to higher consumer prices for cross-border purchases on e-commerce platforms. With harmful consequences for many SMEs. “With this agreement, even at a minimum, it is the growth of e-commerce that is saved, welcomes Justin Sun, and therefore the survival of many entrepreneurs around the world. A victory over the clan of hesitant countries because they underestimate the major impact of e-commerce in the global economy, in developing countries in particular.”

From e-commerce to e-payment to blockchain

A victory for e-commerce which calls for that of e-payment, the solution for all those excluded from traditional payment systems and the banking universe. And Justin Sun recalls that less than 10% of the Chinese population have a credit card, a figure that reaches 80% in Europe. 95% of the Chinese population, on the other hand, has access to e-payment solutions, China having been a pioneer in this field. The United States would follow the same path with Paypal and others, observes the founder of Tron, were it not for the revolt of the banks, as fierce as it is powerful. Which will eventually fall, and this because the infrastructures will be replaced in the more or less long term by the blockchain. There are many arguments in favor of this replacement: payments on the blockchain are made 24 hours a day, 7 days a week with effective settlement in a few seconds and on an immediate value date – and not in 24 hours, 48 ​​hours, or even more –, their costs are more modest, account opening possible for everyone, access permitted when the user has a mobile phone – a large majority of the world’s population, more than 70% in Africa. Not to mention that the blockchain does not know the borders, tariffs in particular, of the banking system. Say goodbye to ATMs, bank branches, entry barriers and account openings, predicts Justin Sun. Make way for a decentralized system backed by public blockchains.

From blockchain to cryptos

Who says blockchain says crypto. The creator of USSD envisions a market of digital currencies competing with each other, backed by central bank reserves backed by bitcoin and gold. Exit traditional currencies (Fiat). In this universe teeming with crypto currencies, the competition is far from over, other events comparable to Luna’s stampede will take place. “So, sweeps Justin Sun: summing up cryptos to Luna is kind of like believing all economies are like Zimbabwe’s.”

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