Garry Golden: [00:29:46] Where do I see things happening right now at the leading edge? It is around this idea of empowering governments. So you know that the the project that you’re referring to is working with governments across Africa to not necessarily bring cryptocurrency solutions – like they’re not trying to go in there and say, we’re going to bring in a digital currency to replace whatever you’ve got. They’re coming in there and they’re saying, we’re going to bring identity solutions. We’re going to bring identity solutions that allow your high school and college students to take their classes, get their great degrees, have their credentials verified on a blockchain. And then when that person wants to get a job for a company within your country or beyond those boundaries they they can use those verified educational records when they’re talking with potential employers and improve their lightning likely to get that job. [00:30:47][61.3]
Mark Leon Goldberg: [00:30:48] And you’re referring specifically to a project in Ethiopia that was recently rolled out. [00:30:52][4.3]
Garry Golden: [00:30:53] Yeah, yeah. So this is a project between Cardano, which is a cryptocurrency platform, and the Ministry of Education in Ethiopia. [00:31:00][7.3]
Garry Golden: [00:31:01] And then the other big one is the this idea of again working with governments of issuance of sovereign bonds. So. If you go out two to three years, maybe five (if I’m being a little bit optimistic) you can imagine that a nation-state will use a blockchain cryptocurrency stablecoin to issue their own bonds. So they want to raise, you know, U.S. dollar equivalent to $200 million to build some roads or universities or health care system rather than going to a traditional Wall Street, London, or Paris based financial giant to issue those bonds. They can do it themselves. And when they issue those bonds, they can know the identity of who owns those bonds. And they can assure people outside the country that these bonds are owned by legitimate individuals and that the transparency and accountability associated with that sovereign debt issuance will exceed what I think exists anywhere else in the world. So like, what’s what’s the big prize for me? It’s this notion of of sovereign debt issuance over a blockchain. When that happens, we’ll be in a new era. [00:32:25][83.8]
Mark Leon Goldberg: [00:32:26] So what barriers do you see from here to that era? I mean, this is a very deeply unregulated space. There is a lot of to a large degree deserved reputational damage associated with bitcoin and cryptocurrencies in general. So what are some of the barriers to that web’s widespread adoption that you’re you’re referring to? [00:32:54][27.6]
Garry Golden: [00:32:56] Well, I think, you know, the the biggest barrier is just regulatory uncertainty. So we are at a point where the technology itself is is good enough that these solutions can be rolled out over the next one to three years. There’s there’s no longer a question of can these blockchain networks scale? Can they handle hundreds of billions of dollars of transactions? Yes, they do. They can. Can they do it without, you know, ever going down and being, you know, hacked? Yes, they can. So it’s not a technology barrier. It really is about regulatory certainty. And that is coming. It’s coming from different nation states. And I would expect that the the next two to three years will be an era of the first wave of regulations that allow governments around the world to use blockchain and cryptocurrencies and allow institutions to integrate these systems into their services. So I don’t really worry about the individual that’s trying to buy and sell crypto. I really am more concerned about when will governments and enterprise have the regulatory certainty to join in? And I think that’s about two to three years away. [00:34:22][85.9]
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Recently, Chief Economic Advisor (CEA) of India Krishnamurthy Subramanian said that it is the right opportunity for the country to raise funds through overseas sovereign bonds at a much cheaper rate compared with those in the domestic market.
Apart from the CEA’s viewpoint, an announcement by Finance Minister Nirmala Sitharaman in her Budget 2019 speech was also that “India’s sovereign external debt to GDP is among the lowest globally at less than 5%.
Sovereign debt is a debt issued by the national government generally in a foreign currency in order to raise funds or to finance the country’s fiscal deficit or to fund development projects.
The stability of the government of the issuing country and confidence in the currency among others are some of the parameters which can be considered by an investor before buying the bonds.
Countries with high-credit-worthiness will pay less interest on such bonds whereas countries with low-credit-worthiness will pay high interest.
This is why it is being said that India is in the right zone to issue the sovereign bonds now after five years of a stable and strong government, followed by an even bigger mandate for the incumbent.
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Scientists in Australia have classified a new species of dinosaur, discovered in 2007, as the largest ever found on the continent.The Australotitan cooperensis or "the southern titan", is among the 15 largest dinosaurs found worldwidehttps://www.egypttales.com/2021/06/facts-scientists-say-new-dinosaur.html
