El Salvador continues to push forward its plans to go mainstream with Cryptocurrancy and block chain technology. Further rolling our the technology to replace many government services such as Identification, property deeds, social security and many other government services as reported in Elfaro. It's important to note that El Salvador isn't the only nation utilising block chain technology and we recently saw Binance remove stock trading that was tethered to the stock market.
Stock Markets go block chain
The move left people wondering why and if it was a sign of things to come. I'm happy to report that I have recently learned that the Australian Stock Exchange is planning to remove trading from the internet and roll out a ASX block chain of smart contracts to enable stock trading. The move is hopeful to be completed by 2023.
Sources are indicating the US markets will adopt the trading method alot sooner and we can start to see smart contracts enter the stock market as early as next year.
These new smart contracts on exchanges won't just hold standard stocks but also publicly list Bitcoin, Ethereum and a few top 10 cryptocurrancies. The currencies haven't been announced yet but block chains that have gone through approval will most likely be listed.
The news broke on Australian media lastnight on The Business as confirmation that the world is moving to block chain tech due to its increased security. Minor flaws in code still exist but developers are markets are confident in being able to close weaknesses and disable future attacks and events which see vaults being cleared of funds.
The news segment also went further into the security aspect of block chain and how it will change the way trading is done. No need for Bankers, sales or brokers as the smart contracts will replace them. These jobs will most likely become obsolete within the next 5 years. Wall St is going to look very different and if you're in this sector, start looking at how you can secure your future.
El Salvador's stable coin
El Salvador is rushing to release its own stable coin in a bid to reclaim its economic independence from when it implemented the US dollar.
It hopes it will be able to advance the countries economy and stay infront of the game. Unfortunately though the move has drawn criticism as the government isn't the one progressing the plan, it's the President's brother and friend.
Only in a nation like El Salvador can you see this occur and many are sceptical that the move isn't for the good of the people but for economic gain of the President and his friends.
secretary Ernesto Sanabria was approached by media to confirm the government's move but denied any advancement for the country to develop its own stable coin. But Elfaro has a two hour recording of a meeting that took place with senior government officials discussing the plan to implement a stable coin.
Ibrajim and Yusef Bukele the President's brothers are hosting meetings with senior government officials and business sector informing people that they are advisers to the President and that the President is working to make this occur.
These statements put the government at odds with what is being circulated and further proves El Salvador's inconsistency with governance and procedure. This will impact market confidence and most likely negatively impact the countries position as family members who aren't elected or employed within the government administration are providing false and misleading representations on behalf of the President. Or is he endorsing his brothers motives?
Only time will tell but I'm looking forward to the US and AUS implementation of block chain stock market.
The Future is fast approaching!
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