The next generation of financial infrastructure will be on the blockchain

Tron’s Justin Sun asks for a virtuous ecosystem of e-payment, e-commerce, blockchain, cryptocurrency. The dream scenario for financial inclusion for all.

On the sidelines of the Council of 164 Ministers of Trade of the member countries of the World Trade Organization (WTO) meeting in Geneva, the conclusions of which were made public on June 17, Justin Sun, the famous millennial billionaire founder of Tron and ambassador of Grenada at the WTO he returned to the MC12 and confided in his vision of the major advances of the “Geneva Package” that he is happy with, not without hiding his eagerness to see the MC13 go further. Later on, the promotion of decentralized financial infrastructures, less expensive, more efficient.

The extension of the moratorium on border taxation of electronic transactions was high on the agenda of measures supported by Justin Sun, who took the opportunity to greet the progress made on sustainable fishing – which ends more than 20 years of sterile discussions – on the plan to fight food insecurity, on the temporary revocation of patents on anti-COVID vaccines. And for good reason: introducing customs duties on electronic transactions would have resulted in higher consumer prices for cross-border purchases on e-commerce platforms. With harmful consequences for many SMEs. “With this agreement, even at a minimum, the growth of e-commerce is saved, welcomes Justin Sun, and therefore the survival of many entrepreneurs around the world. A victory over the clan of countries that are hesitant because they underestimate the great impact of e-commerce in the global economy, in developing countries in particular “.

From e-commerce to e-payment to the blockchain

A victory for e-commerce that focuses on e-payment, the solution for all those who are excluded from traditional payment systems and the banking universe. And Justin Sun recalls that less than 10% of the Chinese population owns a credit card, a figure that reaches 80% in Europe. 95% of the Chinese population, on the other hand, has access to electronic payment solutions, as China is a pioneer in this field. The United States would follow the same path with Paypal and others, notes the founder of Tron, were it not for the revolt of the banks, as ferocious as they are powerful. That it will eventually fall, and this is because the infrastructures will be replaced in the more or less long term by the blockchain. There are many arguments in favor of this replacement: payments on the blockchain are made 24 hours a day, 7 days a week with effective settlement in seconds and at an immediate value date – and not in 24 hours, 48 ​​hours, or even more. plus -, their costs are lower, opening an account is possible for everyone, access allowed when the user has a mobile phone – the vast majority of the world population, over 70% in Africa. Not to mention that the blockchain does not know the borders, in particular the tariffs, of the banking system. Say goodbye to ATMs, bank branches, barriers to entry and opening accounts, Justin Sun predicts. Make room for a decentralized system supported by public blockchains.

From blockchain to cryptocurrencies

Who says blockchain says crypto. The creator of USSD envisions a competing digital currency market, backed by central bank reserves backed by bitcoin and gold. Get out of traditional currencies (Fiat). In this universe teeming with cryptocurrencies, the competition is far from over, other events comparable to Luna’s stampede will take place. “So, it overwhelms Justin Sun: summing up cryptocurrencies on the Moon is a bit like believing that all economies are like that of Zimbabwe”.

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