IOST to Lead the Digital Currency Transformation- From an IOST Investor’s Point of View

This article was first published on Stories by IOS Foundation on Medium
-----

This article is written by a well-known IOST long-term investor- Braddozack on 19th of October 2020 out of his own pure interest and support for IOST. The IOST foundation is grateful for our community members like Braddozack for your continuing support & suggestions for our improvement. This article by Braddozack well summarizes the core strength of IOST and we hope this honest and objective sharing will inspire and give more insights about IOST to our future potential investors.

Once identified as a transitory phenomenon, the digital currency looks like it inevitably will lead the world out of the current financial system and into the next. As countries around the world crank up their printing presses, central banks are experimenting with digital currency to enable the construction of a new system of finance to allow fast, inexpensive transactions without intermediaries, such a Mastercard or Visa. It has been reported that the majority of central banks are likely to issue their own Central Bank Digital Currency (CBDC) in the next 6 years. In particular, the Central Bank of China has launched and begun testing its Digital Currency Electronic Payment (DCEP) system in the cities of Shenzhen, Suzhou, Chengdu and Xunan. Four state-owned banks will be involved in the issuing of this digital asset: Agricultural Bank of China, Industrial and Commercial Bank of China, Bank of China, and China Construction Bank.

This is a far cry from just two years ago, where cryptocurrencies were described by one US Senator (Brad Sherman) as a “crock”, who went on to say “it allowed a few dozen men to sit in their pajamas on the couch all day and tell their wives they’re going to be millionaires,” and cryptocurrencies “help terrorists, criminals, and tax evaders”. Or, Warren Buffet’s likening of cryptocurrencies to “rat poison”. The COVID ...

-----
To keep reading, please go to the original article at:
Stories by IOS Foundation on Medium

Comments (No)

Leave a Reply