Distributed ledger technology backed by a basket of commodities would let Africa stand apart from the coming US-Sino war
European Central Bank building in Frankfurt, Germany. Picture: THINKSTOCK
The US is also not engaging to win. It prefers maintaining the Bretton Woods status quo, which centralises world finance around the US. There are more than 11,000 Society for Worldwide Interbank Financial Telecommunication member banks globally, sending more than 30-million daily messages via the messaging standard developed initially in 1973. Almost all the resulting payments clear through Chips, a New York-based payments clearing house.
This war presents a fantastic opportunity for SA. By returning to age-old wisdom but modernising the mechanism, we stand to play on a stage that is bigger than one currently envisioned by any leadership. Traditional banks will find it hard to respond to this tsunami of change in technology and trust. Over-regulated as a result of US mistakes , the global war on terror and local equality doctrines, their credit extension decisions are not pure and thus expensive.
The plan is simple: make a play. Create a Southern African reserve currency with true distributed ledger technologies , backed by a basket of commodities. Arrange for the pre-take-up into local reserves of gold, diamonds, silver and others and issue the DLT-based currency against it.
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