UPDATED: A Central Bank Digital Currency (CBCD) Tracking link has been added to this post (click here). Clearly, as nations shift away from reliance on the U.S. dollar as their bedrock for economic stability, a new Global Economic reality is forming.
China is in the pilot phase with over 140 million businesses and individuals signed up to use the new digital asset infrastructure.
Trending: Old-School Politicians work to implement blockchain opportunities in IoT (Internet of Things), Cryptocurrencies, DeFi, NFTs, Dapps, DAOs, etc. Mark Carney, a former governor of the Bank of England, envisions a digital framework made up of a basket of currencies referred to as a “synthetic hegemonic currency".
Most Crypto Enthusiasts cringe at the idea of central authority over digital currencies. Regardless, the days are coming when regulations will be implemented. Today's Central Bank Digital Currencies Status can be seen at CBDC Tracker https://cbdctracker.org/
Many countries are rapidly advancing blockchain and crypto technologies as well as adoption of virtual assets. One example of that move is in South America. The announcement was made about the Brazilian central bank's move to institute general guidelines for the digitization of its currency. The infrastructure for Brazil's digital endeavors will be designed for cross-border transactions. According to Wikipedia , China is considered Brazil's largest trading partner. Brazil and China are members of an economic organization called BRICS, also consisting of Russia, India, and South Africa. The two countries have also signed a currency agreement that will include up to $30 billion worth of Chinese Yuan and Brazilian REAL. Further, cementing this new reality, is the fact that more than 120 countries regard China as their major trading partner. That alone should allow China's digital currency to become a leading force in utilizing blockchain and digital asset technologies.
Clearly, as nations shift away from reliance on the U.S. dollar as their bedrock for economic stability, a new Global Economic reality is forming. China is in the pilot phase with over 140 million businesses and individuals signed up to use the new digital asset infrastructure.
America’s Financial Primacy and Survival Depends 100% on the Blockchain.
Regarding the U.S:
On March 9,2022, the AP News published a post by Fatimah Hussein, "WASHINGTON (AP) — President Joe Biden on Wednesday signed an executive order on government oversight of cryptocurrency that urges the Federal Reserve to explore whether the central bank should jump in and create its own digital currency".
More capital flowed into the crypto market in 2021 than all previous years combined. The Bitcoin market alone saw more than $1 Trillion in Q1 2021. As the world seeks to stabilize their economies, blockchain adoption is essential. America needs to act fast if she is to maintain her competitive position in developing virtual assets and blockchain technologies. As so many of the world's assets are tied to the 'Almighty' dollar via the U.S. Treasury Market, digitizing the dollar appears to be inevitable. Moreover, the U.S. is seeing a trend in Crypto related equity funds. From ETF's, Retirement accounts, and payroll, to regulated exchanges, such as Coinbase and crypto investment Robo-Advisors like Makara Digital, Digital Currencies are here to stay.
Regarding Russia:
Russia is moving to add the Chinese digital asset to its de-dollarized Russian Sovereign Wealth Fund according to an article published in the South China Morning Post (July 10, 2021). The Russian-China "Belt of Eternal Peace" is another major illustration of that new paradigm. Admittedly, as so many global assets continue to be tied to the U.S. dollar, digital currencies have a far way to go before dominating it. However, as the U.S. continues experiencing a boom in blockchain technological applications, the world of cryptos in still in its infancy. That's why Makara Digital's motto is "It's Not Too Late To Be Early". 2021 saw DeFi, NFT's, Metaverse and other crypto and blockchain application soar.
Regarding the United Arab Emirates (UAE):
Blockchain in the UAE government Published on the UAE web portal, in 2021, the UAE Government adopted blockchain technology in conducting its transactions. To aid this move, it launched the Emirates Blockchain Strategy 2021 and Dubai Blockchain Strategy. The Emirates Blockchain Strategy 2021. Click here UAE to access the UAE post. A digital trading platform created by UAE based company called DigitalSugar was established in partnership with Universal Blockchain.
Regarding Africa:
In a 2020 report published in ChainAnalysis, according to the 'Global Crypto Adoption Index', South Africa, Kenya, and Nigeria are among the world leaders in the crypto/blockchain space. In Nigeria alone, the government recorded peer-to-peer transaction ranging up to$10 million. (https://www.aljazeera.com/economy/2021/10/25/nigeria-becomes-first-african-nation-to-roll-out-digital-money)
“Nigeria has become the first country in Africa, and one of the first in the world to introduce a digital currency to her citizens. The adoption of the central bank digital currency and its underlying technology, called blockchain, can increase Nigeria’s gross domestic product by $29 billion over the next 10 years.” President Muhammadu Buhari.
When it comes to crypto trading volumes in Africa, South Africa was in fourth place with $25.8 million compared to Nigeria's $99 million in Q1 of 2021. Kenya and Ghana came in second and third at approx. $35 million and approx. $27 million, respectively. South Africa is taking a bit of a different route regarding cryptos than the rest of Africa. The South African Reserve Bank (SARB) is working with service providers conduction cross-border financial flows. SARB is monitoring these developments closely and wants to make sure fraud and corruption are mitigated.
Regarding Ukraine:
"Ukrainian President Volodymyr Zelenskyy has signed into law a bill that effectively legalizes the cryptocurrency sector in the country. The decision comes as Ukraine has received cryptocurrency donations worth tens of millions of dollars from individuals and groups hoping to help the country’s war effort against Russia." By James Vincent at 'The Verge' March 17, 2022
Navigating The Crypto/Metaverse
It can be daunting when attempting to navigate the myriad of new technologies being utilized. There are DeFi, CEX and DEX platforms to NFT's, Cryptocurrencies and Blockchain apps. There are solid projects, as well as speculative ones. There are Stable coins, and then the scary ones, those here-today-gone-tomorrow ones. Makara offers education on these new technologies as well as education on every asset offered.
The vast majority of crypto investors don't have time or access to research viable crypto projects and assets. That is why the team at Makara Digital has done all the hard work and due diligence for you. Rather than invest in coins one-by-one, Makara baskets allow you to invest in dozens at the same time. As the first SEC registered robot-advisor, Makara Digital strives to place quality and client protection at the forefront.
Makara Digital Clients can self-manage their accounts or simply allow Makara to manage it after you fund your account via BTC, ETH, USDC, or linked Bank ACH. Makara Digital will allocate funds to the many weighted baskets of currencies that have the greatest growth potential. Click here to learn more about crypto currencies and blockchain technologies.
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DISCLAIMER: The information contained herein is not financial advice.
