May 11, 2021 | Business
In response to the frenzy for block chain collectibles, local musician and Ventura Artists’ Union member Jason Brock has chosen to volunteer his time and his music to plant trees in his west-side Ventura neighborhood instead of engaging in NFT drops. As a long time climate activist Brock feels much better about planting trees instead of block-chain mining. After reading about the backlash that well known alternative rock band Gorillaz recently received from fans for their drop, it became evident to Brock that NFT’s weren’t environmentally responsible.
“I have to admit I got caught up in the excitement for NFTs,” Brock commented. “It seemed like it was a great way for fans to participate in my art and music, and for everyone to make big money,” he continued. “But when I realized the carbon footprint of these cryptocurrency NFTs, I decided it was time to pick up a shovel to help heal the planet for art, not destroy it.”
Not only is Jason helping out planting trees, his band performed live to raise local awareness on April 24 during the Ventura Growing Circle’s Earth Day celebration. He’s also releasing his next single “Common Thread” with a snail mail collectible campaign. “I like getting cool stuff in the mail,” Jason added. “It’s much better than a virtual token.”
Common Thread’s release date is May 14, 2021 across all major distribution channels. The single features David Uosikkinen (the Hooters) on drums and Kenny Aaronson (Bob Bylan, Joan Jett) on bass. It was mixed and mastered by Dave Downham at Gradwell House recording.
Non Fungible Tokens (NFTs) attach a unique block chain identifier to intellectual property, which then can be traded or sold online. They recently received mainstream recognition when Beeple, a digital artist, sold his art for 69 million dollars using NFTs during a recent Christie’s art auction.
Ventura Growing Circles is a permaculture action group dedicated to green education and action in the local Ventura community.
Jason Brock is a career musician and artist, currently serving on the Board of the Ventura Artists’ Union, and also serves as an administrator of ccMixer.org. He’s participated in many climate activist events, including the People’s Climate March in NYC. Over his career he has recorded and released numerous records, working with Grammy award winning artists John Jones and Steve Ferrone, along with MP3.com artist Emily Richards, and original bands Orangehand, Maximum R.O.A.C.H. and The Art City Monsters.
Mar 29, 2021 | Business
Blockchain technology could be used to bring transparency to government public expenditures that should be dedicated to financial inclusion projects. By providing traceability of how funds are actually distributed and used, blockchain technology could make a radical contribution to the process by eliminating typical situations such as corruption or diversion of funds.
When thinking about blockchain technology, many people often tend to think only of cryptocurrencies, tokens, and crowdfunding through digital assets. However, these are just expressions of technology with the potential to transform multiple industries and organizations. Like the internet, blockchain technology has the ability to transform the lives of billions of people around the world by generating social impact. In this context, many companies around the world, from different sectors such as healthcare, education, supply chain management, insurance, finance, and donations, to name a few, are exploring blockchain technology. Jason Simon, a cryptocurrency consultant with extensive experience in blockchain, explains how the technology can have a positive impact on financial inclusion.
One of the crucial features of blockchain technology is its ability to bank the unbanked. According to the World Bank, almost half of the worlds population lives on less than $5.50 per day. If we only take into consideration how Gross Domestic Product (GDP) per capita is distributed in India or Africa, the situation is dire. Furthermore, when looking at the previous years Shifting Wealth of Nations report, the results show that a large portion of the worlds private capital is becoming increasingly concentrated in fewer and fewer hands. Many people without access to credit live in rural areas of extreme poverty where there is no direct access to banking services. In addition, they often have no credit history, so the traditional financial system may not accept them or give them credit.
The good news is that blockchain technology has the potential to promote financial inclusion for those who really need it. And the first way is by reducing costs, as blockchain technology can clearly help people around the world spend and exchange money more cheaply and quickly. Cryptocurrencies could eliminate intermediation that generates high tariffs. The banked population in rich countries does not usually need wire services, but the most vulnerable use them all the time and therefore often have to pay exorbitant fees.
Simon notes, Blockchain technology could be used to bring transparency to government public expenditures that should be dedicated to financial inclusion projects. By providing traceability of how funds are actually distributed and used, blockchain technology could make a radical contribution to the process by eliminating typical situations such as corruption or diversion of funds.
On the other hand, in many situations, the unbanked population does not have identity documents since they do not have the means to pay for them. Blockchain-based IDs would not require the typical traditional documentation and would allow billions of people to be easily identified on a public blockchain. That would open up a whole new range of possibilities for commercial banks, as credit history could be easily linked to a blockchain allowing the unbanked to access financial services. Several financial institutions have been contributing to this process by enabling the creation of personal digital profiles composed of different records of personal and financial activities. Financial institutions could largely accept these profiles as legitimate identifying information.
By executing transactions in a secure, automated, and decentralized manner, a radical reduction in the intermediation costs incurred when applying for a loan or sending a wire transfer could be achieved. Blockchain technology could also reduce payment times and eliminate mishandling by providing real-time traceability of transactions without double-spending issues.
Decentralized and public blockchains will always provide a working environment that will enable financial inclusion, but traditional players in the financial system will also participate in the process, as there are clear incentives. Asserts Simon, According to a World Bank report, by 2022, blockchain technology could reduce banks infrastructure costs by $15 billion to $20 billion attributable to international payments, securities transactions, and regulatory compliance. Add to that equation the fact that (according to the report) cell phone penetration even in low-income countries is over 50%, and mobile applications that interact directly with blockchain technology could generate a massive addition of new customers.
About Jason Simon
Jason Simon is a FinTech and digital payments expert who became involved in cryptocurrencies when they were first introduced. He enthusiastically follows what is happening in the evolving world of finance, excited about the prospects digital currencies offer global consumerism. When hes not involved in helping advance the digital payments space, he enjoys spending time with his family and improving his community.
Mar 28, 2021 | Business
The German Federal Ministry of Finance, with support of Germanys Bundesbank, has determined that digital currency is not a real currency. It asserts, incorrectly, that cryptocurrency doesnt fulfill the typical functions of currency, which it has already been proven to do. However, until Germany recognizes Bitcoin and others as part of the countrys national monetary system, it cannot be considered a valid currency.
As cryptocurrencies continue to receive more attention around the world. Many countries have begun to address their status from a legal and regulatory standpoint. While most developed countries have been more accessible to the ecosystem, a few have still not been able to determine how best to address the framework that will allow digital currency to continue to progress. Jason Simon is a FinTech and cryptocurrency expert that follows developments in the space, especially as they pertain to regulations. He has already provided a general overview of how the European Union (EU) is approaching the subject and now takes a closer look at a few of the countries in the EU that are creating their own frameworks
Germany, with a very robust economy, is often seen as a world leader when it comes to the implementation of new regulations. However, in terms of digital currency, it hasnt been completely willing to acknowledge its importance. The German Federal Financial Supervisory Authority BaFin) qualifies virtual currencies/cryptocurrencies as units of account and, therefore, financial instruments, not currency. Simon asserts, The German Federal Ministry of Finance, with support of Germanys Bundesbank, has determined that digital currency is not a real currency. It asserts, incorrectly, that cryptocurrency doesnt fulfill the typical functions of currency, which it has already been proven to do. However, until Germany recognizes Bitcoin and others as part of the countrys national monetary system, it cannot be considered a valid currency.
Italy has been somewhat more flexible with its approach to cryptocurrencies. It has several pieces of legislation in place that address issues such as taxation and legal use, but has not gone so far as to consider digital currency a legitimate currency on the same level as the euro. It does, however, consider it to be a currency on the level of other currencies, such as the former lira. Italy is also now reviewing several bills that target anonymity in an effort to ensure the use of digital currency can meet requirements established by international governing bodies on the subject of money laundering and anti-terrorism funding.
Luxembourg is another EU country that has been open to cryptocurrency. Explains Simon, Luxembourg appeared to be ready to embrace Bitcoin as soon as it was introduced and has welcomed many entities in the digital currency space. In June 2017, Pierre Gramegna, the Minister of Finance of Luxembourg, recognized before Parliament that cryptocurrencies are actual currencies because they are accepted as a means of payment for goods and services by a sufficiently large circle of people, as he put it. He also stated that there was currently no regulation from a monetary perspective regarding cryptocurrencies, but added that cryptocurrency dealers in the country are bound by the same rules as any other financial service providers with regards to the fight against money laundering and terrorism financing. Gramegna, in 2018, stated that cryptocurrencies and blockchain technology were both an unavoidable phenomenon that brings added value and efficient services to consumers.
In Spain, cryptocurrencies have been somewhat welcomed, but there is still no official framework on them as a currency. However, legislation exists to prevent their use in conjunction with money laundering and terrorism financing, as well as tax implications. New legislation is being drafted that is said to be friendly to the ecosystem. That legislation is expected to contain tax breaks for certain blockchain companies in order to attract more of the technology sector to the country.
Frances government has begun to work on a legal framework covering cryptocurrency and digital assets with the goal of becoming a pioneering and key player in the ecosystem on an international level. Two recent studies, one commissioned by the Minister of the Economy and Finance and the other by the National Assembly, offer detailed analyses of cryptocurrencies in the country and made several policy proposals. Both reports agree on the importance of establishing rules that will provide clarity and security while, at the same time, allowing a great amount of flexibility so that the cryptocurrency sector can mature through experimentation.
About Jason Simon
Jason Simon is a FinTech and digital payments expert who became involved in cryptocurrencies when they were first introduced. He enthusiastically follows what is happening in the evolving world of finance, excited about the prospects digital currencies offer global consumerism. When hes not involved in helping advance the digital payments space, he enjoys spending time with his family and improving his community.
