Bitcoin And Consumer Economies in the non-Western World
In the common discourse, Bitcoin is often treated as a revolutionary new concept in how we handle our funds, substituting irreversible finance with reversible, automatic with prepaid, asymmetrical with symmetrical and debt-based with equity-based. Bitcoin promoters often hail these aspects as a necessary shift in our economic culture while detractors....
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At the eighth annual Western Union Consumer Protection & Compliance Conference held September 18th, 2013, Jay Postma, CAMS, President, MSB Compliance Inc.and Scott Apodaca, CAMS, Senior Manager, Western Union gave a presentation entitled "Emerging Risk of Digital Currency (E-Currency / Bitcoin / Liberty Reserve) [PDF link]." The conference was billed as the go-to place to "Stay up-to-date and learn about the latest consumer protection efforts, regulations, enforcement trends and strategies used to detect and combat fraud, terrorist financing and money laundering." Conference registration....
While MMT may be the de facto policy of rich Western governments, applying it to developing economies could be disastrous.
American multinational financial services company Western Union has unveiled a stablecoin strategy to expand its digital business and cross-border remittances. In particular, the money transfer firm is looking to launch a stablecoin card service targeted at nations with high inflation rates. Related Reading: Bitcoin Boost: Fidelity CEO Confirms Personal Holdings, Hails BTC As ‘Gold Standard’ […]
Western Union is about to add its first partner to a digital asset network designed to let crypto move through its global payment system and convert into local cash at more than 360,000 collection points around the world. Related Reading: Countdown To Clarity: Key US Crypto Bill Nears May Approval: CEO Western Union Plants Its […]
A recent blog post titled “When Banks Become the Lawmakers” sparked a realization that banks, and companies that provide financial services in general, are now doing much more than that. In a utopian world of free markets, the interests of any private corporation including banks would need to balance out against the interests of the consumers. In today’s world of continuously growing government, however, the now 3-way scale is heavily skewed against the consumer. The Problem: The debts in the western economies have reached levels unlike anything in history. As a lifetime of work by Martin....