Blockchain insider | Chapter 3 : Smart Money

BLOCKCHAIN INSIDER
Chapter 3 : Smart Money
What we have now is truly borderless, programmable money
backed by immutable computer systems based on pure logic & mathematics.

Chapter 3: Smart Money
3.1 ABCDs That Are Changing The World
3.2 A Century of Technology Innovation
3.3 Two Monetary Worlds
3.4 Three Phases of Cryptocurrencies
- Corporate Currency
- CBDC, Central Bank-issued Digital Currency
- The Money Flower
- Money Trees
3.5 The Creation of Capital In Its Simplest Form
3.6 Incentivizing Good Behaviour
- Smart Mobility - Ethical Driving and Data Sharing
- Resilient City - Impactful Positive Behaviors
- Social Contributions - Datanomics
3.7 Bringing Down Borders
- Assets Backed Tokens
- Security Token Offering
- Do We Need A Nation-State Backed Crypto Exchange?
- Blockchaining Sukuk
3.8 Summary
- Programmable Money for Effective Resources Distribution

Conceptually, if we were to study Blockchain, we can explore it in a few ways, either through the
technology part of it, or the crypto economy part of it, or both.
If you are old enough in the tech industry, you will notice that the Blockchain is a revolution that
builds on another technical revolution so old that only the more experienced among us
remember it: the invention of the database . As such, the technology part of it concerns more on1
how we can apply the technical breakthrough to organizations, corporations and governmental
bodies.
In fact, IBM, which has engaged in more than 400 blockchain projects across a number of
industries, including supply chain, financial services, healthcare and government, sees
Blockchain as much more than the foundation for cryptocurrencies like Bitcoin and wants the
government to consider embracing it as a way of saving time, cost and risk .2
1
https://hbr.org/2017/03/the-promise-of-blockchain-is-a-world-without-middlemen
2
https://www.computerworld.com/article/3254202/blockchain/ibm-sees-blockchain-as-ready-for-government-use.html

The crypto economy part of it deals more on how we can further put back more financial power
into the hands of an ecosystem’s stakeholders.
In this chapter, we shall first look at the bigger picture where we categorized money into two
different worlds, money that is ‘printed’ by authorities and cryptocurrencies generated by
computer systems. We will then dig a little bit further into how money is created, can be used,
and transacted. As a closing, we shall take a look at where we might be heading, in terms of
money and its functionalities.
3.1 ABCDs That Are Changing The World
Image: ABCDs That Are Changing The World 3
3
Image taken from one of the author's presentation slides uploaded to https://www.slideshare.net/howtze. Illustration
photo from https://pixabay.com/photos/businessman-tablet-control-city-3210932/

It is the best of times, it is the worst of times.
The world is changing faster than anyone of us could anticipate. There is a paradigm shift, with
or without you and me.
After a few sharing sessions with this title ABCDs That Are Changing The World, I think the best
interpretation for this ABCD, personally, would be
Artificial Intelligence (AI), Blockchain, Connectivity (Cyber Security, Cryptography,
Cryptocurrency, IoT), and Data.
The end game is about the development of future cities, and the four elements above are
fundamentals to make it happen.
There had never been a problem with resources, the problem lies within distribution.
With technology, we are capable of developing an AI driven, Blockchain based cognitive
resource management system for sustainable cities and communities, powered by Data.
This is in line with United Nations’ SDG Goal 11: Sustainable Cities and Communities.
Blockchain is only part of the process. Though, the combination of AI and Blockchain will be a
great one. As how Julia Magas wrote in her article titled Blockchain and AI: Leading the Way to
the Fourth Industrial Revolution Against the Odds:
“Blockchain technology has come to the forefront in much the same way AI had, through a long
development process full of trials, tribulations, ignorance and triumphs over skeptics and critics
alike .”4
Note: There are plenty of SDG-aligned opportunities with advancement of technology and
loads of real world problems pending to be solved urgently. Blockchain provides the trust
element, the functionalities of transparency, traceability and immutability in helping to overcome
some real world challenges. In fact, United Nation has its own Climate Neutral Now initiative5
and already implementing project to promote sustainability and climate action through a
gamified mobile social network application that encourages the public to take action and share
the results of greenhouse gas emissions reductions .6
4
https://cointelegraph.com/news/blockchain-and-ai-leading-the-way-to-the-fourth-industrial-revolution-against-the-odds
5
https://unfccc.int/climate-action/climate-neutral-now
6
Taking Climate Action Via a Gaming App
https://unfccc.int/news/taking-climate-action-via-a-gaming-app

3.2 A Century of Technology Innovation
Have you ever wondered what had we achieved since the first computer was born? Where are
we now and where are we heading when it comes to technology advancement? What is the end
game?
If we were to look at the whole tech industry in a wider perspective through times, we can break
it up into three major eras over a span of around a hundred years. We had witnessed the birth
of the first computer up to what it is today, a network of connected systems. We are heading
towards the era of Artificial Intelligence, where machines would take (or already taking) over
human beings in most of the operational and routine jobs, and even surpass the capability of
human beings in some fields.
Let’s take a brief walk through these eras.
During the internet boom, a huge amount of information was loaded onto the World Wide Web.
What we have now is a vast sea of data over the web. The problem is information overload. Too
many fake data and false information over the web. We need to clean up the atmosphere. This
is where the blockchain technology came into the picture. Blockchain puts the trust element into
the information sea.

The promise of the Blockchain – the trust machine.
The trust machines make sure that identities are real, data are true and genuine. In other words,
the trust element and immutability of Blockchains make data integrity stays intact. Why is it
important to filter out the fake data? It is the preparation for a prompt and accurate decision
making when we enter the era of AI.
Blockchain is only part of the journey. Yet, it is an important one.
Without genuine and trusted input, the outcome will be disastrous for any AI system.
Between the year 2018-2019, we were having a crypto winter. Though, at the same time, we
are also putting learning ability into machines and connecting almost everything to the systems.
The media called it the fourth industrial revolution.
Cryptocurrencies may be in the depths of winter, but it’s early spring for new business applications
using the technology underlying bitcoin , as claimed by Forbes magazine’s report published in April7
2019.
Are we building a self-learning system that is so powerful that someday it may be a threat to the
existence of the entire human race? Are we building a system similar to the Skynet as portrayed
in the movie The Terminator?
Like it or not, we are building the Skynet of our time.
While every possible security measure must be put in place to minimize the risks, such as Isaac
Asimov’s Three Laws of Robotics , no one can guarantee that one day the computer systems8
we built becomes self-aware and when it felt its existence threatened by our race, it will launch
the first assault. Will that day ever come? Only time will tell.
So it would be better if we stick to this concept as we build the system: AI driven, Blockchain
based Cognitive resources management system powered by Data, Ethically.
7
Blockchain 50: Billion Dollar Babies
https://www.forbes.com/sites/michaeldelcastillo/2019/04/16/blockchain-50-billion-dollar-babies
8
https://en.wikipedia.org/wiki/Three_Laws_of_Robotics
(1) A robot may not injure a human being or, through inaction, allow a human being to come to harm.
(2) A robot must obey the orders given it by human beings except where such orders would conflict with
the First Law.
(3) A robot must protect its own existence as long as such protection does not conflict with the First or
Second Laws

3.3 Two Monetary Worlds
Once upon a time, the majority of the people handed over the power to create money to a group
of elite. They appointed another group of people as guardians to safeguard the financial system.
However, something went wrong somewhere. The guardians and the people with the power to
print money somehow created a monster called “inflation”, and people had been robbed
blatantly without most of them even realize what is really happening behind the scenes.
What we have today is termed monetary sovereignty , which is the power of the state to9
exercise exclusive legal control over its currency. The state will have both the exclusive
authority to designate the legal tender forms of payment and the exclusive authority to control
the issuance and retirement of that legal tender.
Having said that, if you and I were to print money under the current financial system, we are
deemed illegal. The easiest way to virtually printing their own money for ordinary people is
through corporations or business entities, where they are allowed to issue loyalty points,
rewards redemption points, prepaid points etc. However, these are not legal tenders, as they
are defined. The best they could do is to fulfill one of the functions of money, being the medium
of exchange.
The closest to the power of printing money for normal people is through issuance of company
shares, a.k.a. equity. It must be done under the authorities’ framework, in the name of securing
the public interest. The intention is good, but there might be loopholes in the mechanism.
The few who can understand the system will be either so interested in its profits, or so
dependent on its favours, that there will be no opposition from that class, while, on the other
hand, that great body of people, mentally incapable of comprehending the tremendous
advantage that Capital derives from the system, will bear its burden without complaint and,
perhaps, without even suspecting that the system is inimical to their interests. ~ Mayor
Rothschild， 1863
Cryptocurrency technology and crypto economy provide an exit to the ordinary people. Anybody
can issue their own currency in this part of the digital world. The challenges lie within circulation,
whether you have enough number of users or community support to liquidate (i.e. use) your
money in the market.
In other words, theoretically and technically, you now have the power to print money at its very
core.
9
https://en.wikipedia.org/wiki/Monetary_sovereignty

Trust is the basis, and circulation determines a cryptocurrency’s success.
However, it won’t be easy to break that status quo whereby the cartels had been enjoying that
enormous financial power for decades.
What the people innovate, the states eventually appropriates.
Blockchain will do to banking what the internet did to media is quite a noble statement which is
easier said than done. We might still be in the very early days of what could be a revolution of
the ordinary people against the banking cartel and governments around the world who controls
nearly all the resources on planet Earth, including people.
As what Andreas Antonopoulos put it, bitcoin introduces a platform on which you can run
currency as an application on a network without any central point of control, a system
completely decentralized like the internet itself.10
It is not money for the internet, but the internet of money.
Of course, the idea of bringing something like net-neutrality to finance terrifies people. Finance11
without concern for a source, destination, or amount? Neutral routing of transactions? Equal for
everyone?
Where does authority come from? Where does trust come from? What will the world come to?
Bitcoin, the first cryptocurrency, is introducing a fundamentally different network centric and flex
system that allows us to do transactions without recourse to authorities or intermediaries and
that derives trust from the collaboration and computation of thousands of nodes. It uses a
blockchain. The blockchain is one of the several components that make bitcoin works. And if
you focus too much on blockchain you may miss the point.12
Trust. Circulation. Legal.
10
Highlights: The Internet of Money - Vol 2
https://www.youtube.com/watch?v=Qkjm5E5BeB8
11
http://www.dictionary.com/browse/net-neutrality
12
Blockchain or Bitcoin: Understanding the differences
https://www.youtube.com/watch?v=mRQs9Y6CUSU

At the time of writing, both the cryptocurrency and the fiat money world are still two separate
money systems, linked by intermediaries such as payment gateway, bitcoin ATM and what I
called CF (Crypto-Fiat) exchanges. Money is travelling between the two worlds through these
third party solutions.
While the libertarians and revolutionists are all out for the freedom promises by
cryptocurrencies, the authorities and the banking cartels are still trying to get a foothold on it.
We have yet to know who will be the winner in this competition, or how the final outcome will be.
Adopt, embrace, or outlaw, we have a list of 200+ possibilities. How each country will act upon
the cryptocurrency world or the crypto economy, is still debatable, ongoing process.
What is foreseeable in the near future is a subset created by merging part of the two worlds.
Bringing the best of both worlds into a balanced situation could be an ideal outcome.
As what S Iswaran, Minister for Communications and Information, Minister-in-charge of Trade
Relations, Republic of Singapore put it during the Bloomberg Live event "Sooner Than You
Think": Somewhere between dystopia and utopia there is a place for us.13
13
http://bcinsider.my/sooner-than-you-think/

Quoted from a recent article by Panos Mourdoukoutas published on Forbes , balancing power14
between these two poles will require major public policy debate and potential clashes.
This is what I see.
With their age-old understanding about how money works, one of the issues with cryptocurrency
for most people is about the regulation part of it. Who should be responsible (or take the blame)
when things go wrong?
We have the ability to create a self regulated ecosystem through computer logic and
mathematics, bringing the best of both worlds into a new order that nobody could have ever
thought of before. We might not even need this thing called money in the future. Resource
distribution and allocation could be done in a preset algorithm based on a strong universal
consensus.
Think of Wikipedia, we don't really need a centralized, powerful media mogul to ensure that the
information is correct. The whole Wiki community itself is the authority.
14
Why Big Governments And Central Banks Want To Kill Libra And Bitcoin
https://www.forbes.com/sites/panosmourdoukoutas/2019/07/16/why-big-governments-and-central-banks-
want-to-kill-libra-and-bitcoin

Another issue raised by most people about cryptocurrency is the trust element. How do you
trust nobody? Of which, we are talking about a distributed computer system. It’s a concept too
virtual to be comprehended by most of the people. Again, do you trust the information you found
on Wikipedia?
Bitcoin is a collection of concepts and technologies that form the basis of a digital
money ecosystem. ~ Andreas M. Antonopoulos, Mastering Bitcoin, 2015
While there had been more than enough information on how money is created (or printed) in the
conventional financial system, we shall look into the crypto economy here, specifically how new
breed of money can be created, used, and transacted in the digital world.
3.4 Three Phases of Cryptocurrencies
Bitcoin is a scam, because everybody wants a piece of that mintage power.
A lot of progress happened in the Crypto world during the first quarter of 2018. As the
authorities step in, two prominent figures from the financial world gave their views on the Crypto
World in March 2018, coincidentally.
2 Mar, 2018 – “The Future of Money” by Mark Carney, Governor of the Bank of England
15 March 2018 – “Crypto Tokens: The Good, The Bad, and The Ugly” by Ravi Menon,
Managing Director, Monetary Authority of Singapore
On the corporate and business side, Starbucks Corp. Chairman Howard Schultz believes that a
trusted consumer brand with brick-and-mortar locations will help bring “legitimacy and trust” to
cryptocurrencies. Which, is true, looking at how the market progress after his view was
published in Bloomberg Technology in Jan 2018.
Earlier Mar 2018, the Messaging app company Telegram closed an initial $850 million in
funding as part of an ICO that could bring in as much as $2 billion in total.
Mid March 2018, Tony Fernandes, CEO of AirAsia (the $3 billion low-cost airline company in
Southeast Asia) which is publicly listed in Malaysia, told TechCrunch that he is analyzing the
potential to hold an ICO that would raise money by introducing its own cryptocurrency on the
sidelines of Money2020 in Singapore.15
15
https://techcrunch.com/2018/03/15/airasia-ico/

What we see here is how the digital currency is evolving and how it might eventually be
dominated by the authorities.
3.4.1 Corporate Currency
Before we see the actualization of Sovereign Cryptos, we will have a transition period as we
enter the age of Corporate Currency. Two articles in December 2018 shows some sign of such
evolution - one from Time magazine, and one from Wall Street Journal (WSJ):
(1) Why Bitcoin Matters for Freedom16
Innovation happens at the edge. For people living under authoritarian governments, Bitcoin can
be a valuable financial tool as a censorship-resistant medium of exchange.
(2) Once a Rebel, Bitcoin Is Conforming to Mainstream Markets17
The influx of money from traditional investors has led the cryptocurrency to behave more like a
traditional asset.
16
http://time.com/5486673/bitcoin-venezuela-authoritarian/
17
https://www.wsj.com/articles/once-a-rebel-bitcoin-is-conforming-to-mainstream-markets-11546005600

Following the progress, somewhere around August 2019, Mark Carney, the Governor of the
Bank of England, has suggested a transformation of the global financial system by replacing the
United States dollar with a digital currency similar Facebook’s Libra . His most striking point18
was that the dollar’s position as the world’s reserve currency must end, and that some form of
global digital currency -- similar to Facebook Inc’s proposed Libra -- would be a better option .19
“In the longer term, we need to change the game. When change comes, it shouldn’t be to swap
one currency hegemon for another.” ~ Mark Carney
Sovereign currencies would eventually be digitized
“When we got started with Circle back in 2013, I think our belief has been that there will be
significant non-sovereign digital currencies that grow in use and that will be attractive to people
for a wide variety of reasons, and Bitcoin obviously being the most noteworthy. But we also
have believed that the major reserve currencies of the world, the major trade currencies of the
world, would become digital currencies.” ~ Jeremy Allaire, the CEO of blockchain-based,
crypto-inclusive money transfer company Circle.
As we see nation states step into the digital realm, there will be a radical change in the way that
payment systems, the monetary system and economic interaction at large will work.20
3.4.2 CBDC – Central Bank-Issued Digital Currency
As reported by Cointelegraph.com in an article about the Reserve Bank of India considering
Central Bank-Issued Digital Currency :21
As early as 2016, the Bank of England and the People’s Bank of China explored
the idea of issuing their own digital currencies, with over 90 central banks
worldwide that same year investigating DLT tech.
18
https://cointelegraph.com/news/bank-of-england-governor-libra-like-currency-could-replace-us-dollar
19
https://www.bloomberg.com/news/articles/2019-08-23/carney-urges-libra-like-reserve-currency-to-end-dol
lar-dominance
20
https://cointelegraph.com/news/circle-ceo-says-tokenized-fiat-currencies-are-on-the-horizon
21
https://cointelegraph.com/news/reserve-bank-of-india-considers-central-bank-issued-digital-currency

In 2017, the Bank of Canada published extensive research into the benefits of
CBDCs, and already in the first months of 2018, banks in Malaysia, Taiwan,
Poland, Switzerland, among others, have all made news with inquiries into the
use of Blockchain systems.
Earlier April 2018, an R3 researcher stirred a Deconomy panel in South Korea
with his prediction that wholesale CBDCs would see real-world implementation in
2018.
3.4.3 The Money Flower
The Money Flower diagram shows how money is being viewed in the eye of bankers.
In a document published by the Bank for International Settlements in March 2018 on the topic of
Central Bank Digital Currencies, there is this illustration of a taxonomy of money in the form of a
Venn-diagram referred to as the money flower (Bech and Garratt (2017)) .22
22
Central Bank Digital Currencies - ISBN 978-92-9259-142-7 (print) / ISBN 978-92-9259-143-4 (online)
https://www.bis.org/cpmi/publ/d174.pdf

The version in the document focuses on the combinations of four key properties: issuer (central
bank or other); form (digital or physical); accessibility (widely or restricted); and technology
(token- or account-based).
Money is typically based on one of two basic technologies: tokens of stored
value or accounts (Green (2008) and Mersch (2017a)). Cash and many digital
currencies are token-based, whereas balances in reserve accounts and most
forms of commercial bank money are account-based.
3.4.4 Money Trees
While the Money Flower was being introduced via the BIS report back in March 2018, an
interesting echo was found from IMF’s report, The Rise of Digital Money published in July23
2019.
According to the IMF report, there are five different means of payment:
(1) central bank money;
(2) crypto-currency;
(3) b-money, which currently is issued by banks;
(4) electronic money, or e-money, offered by new private sector providers; and
(5) i-money, short for investment money, issued by private investment funds.
The report defined cryptocurrency as object-based means of payment that is denominated in its
own unit of account, is created (or “minted”) by nonbanks, and is issued on a blockchain,
commonly of the permissionless type.
An additional distinction is relevant—whether the algorithm underlying the
creation of cryptocurrency attempts to stabilize its value relative to fiat currency
by issuing more currency when its price is high and withdrawing currency from
circulation when its price is low. We refer to these systems as “managed coins”
(some also call these “algorithmically stabilized value coins”). However, the
model is not yet widely tested, though has been proposed by startups such as
Basis. We refer to other cryptocurrencies as “public coins,” including Bitcoin and
Ethereum.
23
https://www.imf.org/~/media/Files/Publications/FTN063/2019/English/FTNEA2019001.ashx

A central bank would have limited responsibility as regards a prospective sCBDC (synthetic
central bank digital currencies), offering settlement services — including access to its reserves
— to e-money providers, who would, in turn, be robustly regulated. This hybrid — and not
full-fledged — sCBDC would stand to benefit from the comparative advantage of the
private sector to innovate and interact with consumers while relying on the central bank
to provide trust and efficiency.24
That is, we find an equilibrium between the two monetary worlds as discussed earlier in this
chapter, and get the best of both worlds into a new breed of monetary system.
3.5 The Creation of Capital In Its Simplest Form
Give me control of a nation's money and I care not who makes its laws.
How so? Let’s look at a very simplified illustration.
24
IMF: Network Effects Could Spark Blaze of Digital Money Adoption
https://cointelegraph.com/news/imf-network-effects-could-spark-blaze-of-digital-money-adoption

Image: A simplified illustration for discussion purpose only
Say we have a business, with 1,000,000 registered members in the loyalty program. We are
going to create a token economy out of this asset.
For a start, let’s assume we are going to give each of our members a $100 worth of token. As
such, we virtually just created a $100 x 1,000,000 = $100,000,000 worth of credit into our
membership ecosystem.
Each member in our system has their own business and services. We allow them to list their
products and services in our ecology, and members are allowed to trade freely using our
system. From here, technically, we will be able to trace the flow of every single token since it
was created.
For instance, member A is buying something from member B for $30, once the transaction is
completed, member A will be left with $70 and member B with $130. For all trade that happens
among other members in this 1 million count of accounts, similar transactions could happen and
each of them will be well recorded.
The account is balance inside the ecosystem from conventional double entry accounting point of
view since day one. The question now is, how do we fill the $100,000,000 that we just created

out of thin air? Can we charge a certain amount from all the transactions that happens among
the members?
Take the example of the scenario where member A bought a $30 from member B, let alone
whether B is making a profit or not, if we charge a % of every transaction, say 10% for ease of
illustration, virtually we are able to put back $3 into the $100,000,000 debt that we just created
before everything started.
Now, the account is not only balance internally in the ecosystem, but also between the credit of
$100 mil worth of token through transaction charges, in what we call tax in the current
nation-state or banking financial system. Fundamentally, the $100 mil worth of tokens are none
other than the bond or the debt that is being created in the conventional fiat monetary system.
Do you see the similarities now?
The problem with the current financial system is that the total number of tokens supply are not
really transparent to all the people. It is at the mercy of the hands of the creators, the elite group
of people who control the money supply.
What if I have the power to create additional $10 mil tokens without any of the 1,000,000
members even know of such an action? That will put me into a very unfair advantage over all
the others. I now have the power to compete with anyone of the 1 million members for any
resources. This is the fundamental illustration of how inflation could come into any ecosystem
that is not transparent and the power to be is in the hands of only a few.
Let's setup the game of monopoly, and you want to buy Park Place. What I can continue
doing is just print money, give myself more money, lower the value of your money by printing
more. No matter how hard working you are, or how successful you are, I can always end up
buying you for free.
Catherine Austin Fitts, Former Assistant Secretary, U.S. Dept. of H.U.D.25
Besides inflation, money is a powerful tool for steering the world now. Can I fund political
activities by creating another $10 mil tokens? This is truly a point to ponder for the ordinary
masses.
It is well enough that people of the nation do not understand our banking and monetary system,
for if they did, I believe there would be a revolution before tomorrow morning. ~ Henry Ford
25
Excerpt from the video clip Who Controls the Money Controls the World
https://www.youtube.com/watch?v=YDYfyAQ8lUI

By design, Blockchain could make everything transparent, and traceability will expose all the
money trail, up to every single unit of money that had been created.
Georgina Kyriakoudes, a blockchain strategist and Big 4 qualified accountant who is a believer
in empowering people and businesses through Blockchain, described Blockchain as a system
that combines capitalist principles and a person’s desire to accumulate wealth while generating
an outcome which is favourable to the wider community. 26
It is time for us to revisit how capital should be created and mobilized into the society.
3.6 Incentivizing Good Behaviour
People are incentives driven. It is nothing new that good behaviors are being rewarded. Only
this time, Blockchain brings that transparency, traceability and immutability elements into the
process, that much needed trust when it comes to social related activities. It would be a waste if
we do not bring out the full potential of such a powerful tool.
Say we have all the prerequisite in place to measure a driver’s behavior as he maneuvers a car.
If a driver’s action causes x amount of carbon emission over y mileage, he would be rewarded a
z amount of tokens, which can then be used to pay for the vehicle’s maintenance.
In another scenario, volunteers for social work are being given tokens of appreciation according
to the amount of time they contributed for charity acts such as cleaning up old folks home, or
educating kids in an orphanage. These tokens can be used to redeem goods or services from
merchants within the ecosystem, or even re-donated back as contribution to encourage more
volunteerism.
We had just illustrated how data can be converted into medium of exchange through above
examples. It doesn’t stop here. Tokenization not only compensate or encourage good
behaviors, but also helpful in measuring the effectiveness of social contributions as we quantify
certain elements. We now lay the data foundation for that three phases of business analytics27
by having the numbers to describe the current situation.
26
Distributed Value in a ‘Money Talks’ Society
https://medium.com/@georginakyriakoudes/distributed-value-in-a-money-talks-society-9758771bdcfc
27
Descriptive Analytics: Analysing Data
Predictive Analytics: Studying Trends and Patterns
Prescriptive Analytics: Using Data to Make Decisions

The key is: Programmable Money.
3.6.1 Smart Mobility - Ethical Driving and Data Sharing
Imagine automobile in a smart city, where millions of (autonomous) vehicles and networked
sensors will be communicating with each other, to exchange information about vehicle status,
use of charging points, parking spaces and roads as well as any repair orders – and to
automatically protocol this and pay for it by micropayment .28
An autonomous car could drive itself to a charging station, recharge and pay, while its owner
could choose to participate in the sharing economy — earning rewards from sharing useful data
such as warning other cars of traffic jams .29
A car is a computer on wheels.
Modern vehicles are not just a means of transportation, but also IoT devices that connect users
with mobile services. These would turn automobiles into market places.
Both Jaguar and Daimler are working on projects as mentioned above. Notably, the United
Kingdom car manufacturer Jaguar Land Rover will use blockchain network IOTA to reward30
drivers with cryptocurrency for data reporting. While Daimler, the German multinational
corporation famous for its Mercedes-Benz and Smart brands, has already been involved in this
promising new platform technology for a few years, with a Blockchain factory within the Daimler
Financial Services (DFS) group.
According to Tom Fürstner, CEO of European blockchain interface solutions startup Riddle &
Code, "Autonomous cars must behave consistently to be trusted. Cars are already computing
devices. A secure identity ensures that the right authorities have approved code executed inside
vehicles and the trustworthiness of data exchanged."
Blockchain is the technology that puts the trust factor into the ecosystem.
28
Once round the block, please!
https://www.daimler.com/innovation/blockchain-2.html
29
On The Money, Earn As You Drive with Jaguar Land Rover
https://blog.iota.org/jaguar-land-rover-fc7f6b029053
30
https://www.iota.org

Besides the common practices of use cases for car wallets - such as ride-hailing, vehicles’
real-time exchange of secure traffic data and with smart city environments to reduce congestion
and lower insurance premiums - it could also be used as a rewarding system to encourage
ethical driving, as we are in the transition progress to having autonomous vehicles in our
transport system. In fact, Germany-headquartered car manufacturing giant Daimler AG,
presented its own Blockchain-based digital currency MobiCoin at the Mobile World Congress
2018 in Barcelona. The project, which started in February 2018, was created to reward drivers
for environmentally-friendly driving habits, i.e. smooth and safe driving at low speeds .31
Connecting urban operations for a sustainable future.
In Audi’s Strategy 2025 , urbanization, digitization, and sustainability are the action areas with a32
consistent focus. These would be something to watch for and perhaps, participate in. When it
comes to using blockchain and related technologies to make mobility safer, greener, and more
affordable, positioning defines who you are and what you make .33
3.6.2 Resilient Cities - Rewarding Impactful Positive Behaviors
Let alone the debatable argument of whether a city is legally being allowed or going to issue its
own cryptocurrency (in other words, ‘print’ and circulate its own money in the digital form), keep
in mind that what we have now is truly borderless, programmable money backed by immutable
computer systems based on pure logic & mathematics.
Good news is, we do have cities issuing their own cryptocurrency. For instance, the Belfast Coin
- the fourth in the Rockefeller Foundation's 100 Resilient Cities project . In contrast to Colu’s34
coins in London, Liverpool and Israel, Belfast Coin will contain an incentive element, rewarding35
participants for performing tasks such as civic volunteering.
As such, City Currency - a city-wide digital currency - can be used to motivate residents
towards impactful positive behaviors, including increased local spending, healthy living,
recycling, civic activity and beyond. Stated by Dan Kosky in his article:
31
https://cointelegraph.com/news/auto-giant-behind-mercedes-benz-launches-crypto-coin-to-reward-eco-fri
endly-driving
32
http://audiinnovation.tw/theme.html
33
https://www.slideshare.net/howtze/blockchain-iot-and-smart-cities-whats-in-it-for-automotive-industry
34
http://www.100resilientcities.org
35
https://www.colu.com/

“City Currency provides a rewards mechanism, which follows a similar economic logic to
frequent-flier miles programs. However, unlike these programs, it promotes city interests,
according to their specific needs. The incentives offered through City Currency can be tailored
and purpose-built to meet the particular needs of each city. It allows cities to engage residents,
local businesses and institutions through their everyday transactions, empowering them to
achieve specific goals.” 36
Worth noting is that, around 13th August 2019, Colu DLT, the Gibraltar based subsidiary
company of the Colu Group becomes one of the first companies to voluntarily offer to purchase
the entirety of tokens sold during an ICO, as blockchain project concludes. Colu states that the37
CLN platform has faced regulatory and technical challenges and that the company does not feel
it is worth pursuing. As such, the token buyback represents a pivot away from its blockchain
business. Interesting to note is that while the blockchain project is being concluded, Colu38
DLT’s parent company Colu Group will continue its projects, which center on using a “City
Currency” to drive social and economic development within cities, but notes that these projects
are not based on blockchain technology.
The experience in drafting the Blueprint for The Development of SDG Progress Monitoring
System for Department of Statistics Malaysia was a great one as I worked along with great39
people from both the government agency and the technical team. The key concept planted in
the blueprint is that data is the new oil. It is possible to bring that economic value out of vast
data we have today in a better connected world, as we reach out to the edges of the network
through better technologies.
Rewarding citizens for good behaviors and contributive actions to solving global issues is not an
isolated move nor something new. Besides Rockefeller Foundation's 100 Resilient Cities
project, the United Nation, through its Climate Neutral Now initiative is working with40
W-Foundation, a global relief and conservation organization to promote sustainability and
climate action through a gamified mobile social network application. Completion of the missions
on the app generate “mission points”, which are used to competitively rank the users on a
monthly basis. As an incentive to encourage enthusiastic participation and voluntary generation
36
Boosting Urban Resilience With City Currency
http://www.100resilientcities.org/boosting-urban-resilience-city-currency/
37
http://cln.network/
38
Colu Blockchain Platform Shutting Down, Buys Back Its Tokens
https://cointelegraph.com/news/colu-blockchain-platform-shutting-down-buys-back-its-tokens
39
http://bcinsider.my/launching-of-national-sdg-progress-monitoring-system-with-bdap/
40
https://unfccc.int/climate-action/climate-neutral-now

of useful greenhouse gas emissions reduction data, the top 20% are rewarded each month with
WGP (W Green Pay), a blockchain currency.41
3.6.3 Social Contributions - Datanomics
Turning data into a “currency” will not be an easy task. From data source to data integrity, data
privacy to ownership and usage matters, a carefully drafted framework will lay the foundation on
how things should work, taking into account the interest of every stakeholder.
Remember that what we have now is truly borderless, programmable money backed by
immutable computer systems based on pure logic & mathematics. Policymakers will need to
innovate and collaborate not only across countries, but also across functions in order to
maximizes benefits and minimizes risks.
As what had been pointed out in IMFBlog on digital currencies, where low costs, global reach,
and speed are not the only benefits for it being a means of payment.
The strongest attraction comes from the networks that promise to make transacting as easy as
using social media. Payments are more than the mere act of transferring money. They are a
fundamentally social experience linking people.42
“Adoption of new forms of money will depend on their attractiveness as a store of value and
means of payment.” ~ Tobias Adrian and Tommaso Mancini-Griffoli
Be it a city currency, social currency, or corporate currency, local businesses will form the
backbone of the new ecosystem, accepting the coins as medium of exchange via an app
interface, or simply scanning our faces as technology evolves in the near future. Will the states
eventually appropriates what the people innovate?
3.7 Bringing Down Borders
The beast that is about to be unleashed has that capability to bring down borders across
industries. This is an important consideration for digital transformation, for building smart cities
of the future. That's why it has to be done step by step. First by containing everything into a
41
Taking Climate Action Via a Gaming App
https://unfccc.int/news/taking-climate-action-via-a-gaming-app
42
Digital Currencies: The Rise of Stablecoins
https://blogs.imf.org/2019/09/19/digital-currencies-the-rise-of-stablecoins/

control-able zone - the Proof-of-Concept development, then into a bigger scale that could have
never been done before.
If I were to develop a city, and I issue a token which has these 4 characteristics or functions:
1) Security - Token holders entitled to earn certain income or profit sharing for X number of
tokens hold over Y period of time.
2) Privileges - For upcoming or in-house projects, token holders entitled to special price or
privileges.
3) Utility - Token holders can use their token to pay for services or products under internal
environment, such as inter-city spending.
4) Currency - This token is acceptable by other cities or entity other than the issuer.
Now, tell me what breed of “money” shall we identify this token as? Is it simply a "money"? Or
something "more than money"?
The key is programmable money.
The initiative is to create and mobilize new form of capitals.
The challenge is trust, circulation, and legality.

Take a look at the comparison of USD, USDT , and Paxos . Table above will lead to an43 44
interesting discussion and further study on money from Trust, Circulation, and Legal perspectives.
While money supply in the fiat system is a complex subject, it seems that the info is more45
transparent in the crypto world. The information as at 20th July 2019 on USDT supply and46
Paxos supply were taken from CoinMarketCap.com.47
Worth noting from the table is that even though the New York State Department of Financial
Services granted Paxos a limited-purpose trust charter in 2015 , the daily trade volume and48
market cap of Paxos is still a distance from USDT. While USDT may have the first mover
advantage, it seems that trust and circulation play a better weightage comparing USDT and
Paxos.
At the time of writing, there is this spectacular Libra show happening between the authorities
and Facebook, who is planning to launch its own corporate currency.
The question should not be whether I am allowed to do it or not, but rather how can I make this
happen.
It is good that we have the direction of coming up with technical and policy framework for
programmable money first.
Implementation wise, it is do-able technically due to its programmable nature.
Take the analogy of a simplified illustration of daily life of a working male adult:
Early morning as he steps into the office, he will play the role as an employee of the company,
where his action will be bound by company rules and (common) work culture.
After office hours, as he transits back from work to home, he would be bound by social etiquette
and city rules along the way.
At home, he could be playing the role of a husband, and a father to his children, where family
values play the major factor defining the activities he could be carrying.
43
https://tether.to/
44
https://www.paxos.com
45
https://en.wikipedia.org/wiki/Money_supply
46
https://coinmarketcap.com/currencies/tether/
47
https://coinmarketcap.com/currencies/paxos-standard-token/
48
https://www.paxos.com/company/

Condition of a situation may define the role and characteristics of an entity, thus resulting in the
activities and produce the consequences. Quantum elements exist in the thought process.
3.7.1 Assets Backed Tokens
Tokenization, or whatever it may be morphed into or called later, is what makes things possible.
In its simplest explanation, Tokenization is the process of turning things into digital assets .49
Tokenization allows fractional ownership, which brings to better access and greater liquidity.
For instance, the minimum bond investment is $1,000, although they are usually sold in batches
of $5,000. People who want to invest less simply cannot do it. Cryptocurrencies and tokens
could be used for assets under $5 million and enable investments under $5,000 .50
Everything that can be tokenized will be tokenized. ~ Monty Metzger, Founder and CEO of
Liechtenstein Cryptoassets Exchange (LCX)
One of the advantages of tokenization is to reduce the entry barrier for fundraising companies
by lowering the cost of conducting a public offering compared to traditional initial public
offerings. For investors, the entry level could be as low as 10 euro minimum investment.51
Besides, blockchain-based crowdfunding platform has the potential to accelerate the fundraising
process in comparison to VC rounds by offering the same level of accessibility as
blockchain-based token sales.
Coincidently, the birth of Bitcoin, the first cryptocurrency was in 2009, during a time at the verge
of a possible financial system collapse, as some insiders would choose to believe. Nearly 10
years later, we see that the hype and the overall progress of Blockchain evolution is quite
similar to that of the World Wide Web. Only this time, the reach is far wider and deeper in
spectrum.
Blockchain or specifically the cryptocurrencies revolution, if it ever succeed, is not only about
giving back people that financial power but also to create a more transparent, fair and
trustworthy resources distribution system, by reaching out to the edge of the network.
49
https://cointelegraph.com/explained/tokenization-explained
50
Municipal Crypto Spreading Around the World, From California to Dubai
https://cointelegraph.com/news/municipal-crypto-spreading-around-the-world-from-california-to-dubai
51
Liechtenstein Approves DLT Public Offering with Porsche-Backed Firm
https://cointelegraph.com/news/liechtenstein-approves-dlt-public-offering-with-porsche-backed-firm

3.7.2 Security Token Offering
Securitization is the process of establishing a financial instrument that merged from various
financial assets into one group . In the crypto space, we see the evolution from early days52
Initial Coin Offering to Security Token Offering to the current Initial Exchange Offering and
potential of Initial DEX offering (IDO).
As defined by Investopedia, an Initial Coin Offering (ICO) is the cryptocurrency space's rough
equivalent to an IPO in the mainstream investment world. ICOs act as fundraisers of sorts; a
company looking to create a new coin, app, or service launches an ICO. Next, interested
investors buy in to the offering, either with fiat currency or with preexisting digital tokens like
ether. In exchange for their support, investors receive a new cryptocurrency token specific to the
ICO. Investors hope that the token will perform exceptionally well into the future, providing them
with a stellar return on investment. The company holding the ICO uses the investor funds as a
means of furthering its goals, launching its product, or starting its digital currency. ICOs are used
by startups to bypass the rigorous and regulated capital-raising process required by venture
capitalists or banks.53
The drawbacks of ICOs had given rise to STOs and IEOs.
A security token is essentially an investment contract into an underlying asset; it has all the
attributes of a security in that it is a fungible, negotiable financial instrument that represents
actual monetary value. STOs are backed by real assets and follow the SEC’s guidance on
compliance, issuance, and trading.54
The Howey Test is the most commonly used method to determine if an ICO falls into the
category of securities offering, no matter what naming the issuer tries to use. It is a test created
by the Supreme Court of the United States for determining whether certain transactions qualify
as investment contracts. According to Howey Test, a cryptocurrency token is a security if it
invests in money, invests in a common enterprise or expects to make a profit from the effort of
others .55
52
Cadence Launches Blockchain-Based Tokenized Debt Marketplace
https://cointelegraph.com/news/cadence-launches-blockchain-based-tokenized-debt-marketplace
53
https://www.investopedia.com/terms/i/initial-coin-offering-ico.asp
54
https://www.ccn.com/what-is-an-sto/
55
https://consumer.findlaw.com/securities-law/what-is-the-howey-test.html

Besides STO, there is a dramatic rise of a new funding model in the first half of 2019: initial
exchange offerings (IEOs). An enhanced version of an initial coin offering (ICO), an IEO entails
conducting a token sale on a reputable platform (e.g., Binance), which puts its reputation on the
line. As a result, exchanges have to carefully vet every project before making its token available
to investors .56
In August 22, 2019, South Korean news daily Yonhap News reported that Bithumb - South
Korean crypto exchange - will launch a new committee in September 2019 that will determine
which cryptocurrencies can be traded on its platform. The Listing Eligibility Deliberation
Committee, will review the exchange’s listings once a month, take into consideration daily
trading volume, change in base market capitalization and project support among other factors,
per the report. Cryptocurrencies that fail to meet the committee’s standards will have two
months to improve their status before being delisted.57
What next after IEO? There is this idea of Initial DEX offering (IDO). An IDO is similar to an IEO
except for the fact that IDOs are conducted on decentralized exchanges (DEX) while IEOs are
carried out on centralized ones .58
56
Crypto Industry in Numbers: How Does Q2 2019 Compare to the Past
https://cointelegraph.com/news/crypto-industry-in-numbers-how-does-q2-2019-compare-to-the-past
57
https://cointelegraph.com/news/bithumb-exchange-to-launch-cryptocurrency-listing-committee
58
https://cointelegraph.com/news/ieos-icos-stos-and-now-idos-how-to-raise-funds-for-crypto-in-2019

Whether or not it should be the responsibility of Digital Asset Exchange or the existing
Securities Commission and conventional financial system’s stakeholders to strengthen the
check on technology development efforts and utility of cryptocurrency projects, or to take the
lead in protecting investors by creating a transparent and safe trading environment, it will be an
ongoing process until a final framework being drafted and implemented accordingly as
technology advances.
3.7.3 Do We Need A Nation-State Backed Crypto Exchange?
What we have now is truly border-less, programmable money backed by immutable computer
systems based on pure logic & mathematics. The key is programmable money. Effective
resource allocation and distribution can be achieved through cognitive AI system and business
process automation.
If we were to look at the monetary world from a very simplified perspective, rather than those
defined by banks, there will be 3 types of exchanges related to both fiat and crypto world at the
time of writing (refer to the illustration in section 3.3 - Two Monetary Worlds):
1. Fiat-to-Fiat Exchanges,
2. Fiat-to-Crypto Exchanges, and
3. Crypto-to-Crypto Exchanges
Both Fiat-to-Fiat and Crypto-to-Crypto Exchanges allow people to exchange money within the
same ecosystem, while Fiat-to-Crypto enables the transfer of values between both worlds.
Fiat-to-Crypto Exchanges convert your fiat currency to crypto, that means depositing any fiat
such as USD or any country’s currency (as long as it is allowed and accepted) with an
exchange in order to get BTC (Bitcoin), ETH (Ether) or other cryptocurrencies.
Some of the famous exchanges in the crypto world are Binance, Bittrex, Cryptopia, KuCoin,
Poloniex, Coinbase, CoinMama, Kraken, CEX.io, LocalBitcoins, BitStamp, Gemini, BitFlyer etc.
As a matter of cautious, if you’re new to crypto investing, be sure to read up on best practices
for keeping your crypto secure like using two-factor authentication and moving your coins to a
private wallet once you’ve purchased them. You can get further information about the
exchanges from any of the reputable crypto media such as Cointelegraph, Coindesk or Coin
Central.
At the time of writing, we have yet to see any conventional or mainstream exchanges moving
into the crypto space, though there had been news and rumors about Nasdaq or Switzerland’s
largest stock exchange wants to offer cryptocurrencies trading.

Now, the trillion dollar question is: Do we need a nation-state backed crypto exchange?
To answer this question, we need to look at the responsibility of a nation-state in making sure
the stability of the financial system and curbing any illegal activities such as money laundering.
The traceability of Blockchain technology plays a deterministic role here. According to an article
discussing about virgin bitcoin by Shiraz Jagati :59
The Bitcoin blockchain serves as a decentralized ledger that allows anyone to follow the
transaction history of a particular token with the touch of a button.
For example, each Bitcoin carries with it a cryptographically provable history that contains a
detailed record of ownership and transaction data associated with the token.
Simply put, if a particular Bitcoin has been used to process even a single illegal activity in the
past, all of its subsequent transactions will be tainted. This, according to Dave Jevans (CEO
of CipherTrace), is one of the main reasons why certain cyber-savvy criminals go to such
great lengths to launder their cryptocurrencies before putting them to use.
As such, we can say that two of the main functions of a nation-state crypto exchange are
nonetheless:
1) Create and mobilize capital in crypto form, and
2) Moving capital in between crypto and fiat systems, where the bottom line is stability
Combine the monetary part of the Blockchain (the cryptocurrency) and the technology part of it,
it’s not hard to figure out that the benefits of having a nation-state level crypto exchange would
be:
1) To provide real-time, transparent view of capital flows
2) An immutable ledger of capital trail for the authorities
3) Jobs creation and ripple effects to the country through the implementation of crypto economy,
and
4) Effective and automated tax collection through programmable money (the cryptocurrencies)
Programmable money is the key.
But, where is the money? Well, the creation of another entity that could be as big, or even
bigger than conventional stock exchanges in some countries, such as the Bursa (counter 1818)
59
Virgin Bitcoin — Most In-Demand Crypto That Is Regulated Differently?
https://cointelegraph.com/news/virgin-bitcoin-most-in-demand-crypto-that-is-regulated-differently

of Malaysia, which take care of matters related to global scale crypto and tokenized businesses
listed on board. The challenge is, how do we distribute ‘the cake’?
Note: At the time of writing part of this section, around the 16th of August 2018, Binance LCX
just launched its Fiat-to-Crypto Exchange in Liechtenstein , and Thai SEC just cleared seven60
cryptocurrency operators to serve clients while reviewing two more .61
3.7.4 Blockchaining Sukuk
One of the frequently asked questions I received throughout sharing sessions or workshops is
how can we position Malaysia when it comes to Blockchain implementation. My typical answer
would be two: Blockchaining Sukuk and Halal Chain for food traceability, looking at Malaysia’s
unique positioning as one of the most sought after authority in Islamic related products issuance
and certification.
In the area of fintech, putting Sukuk on the Blockchain is just a matter of time. It is doable as
bond issuance leveraging on the Blockchain technology is not something new.
In fact, back in August 2018, World Bank already mandated Commonwealth Bank of Australia
for world’s first Blockchain Bond - which is to be created, allocated, transferred and managed62
through its life cycle using distributed ledger technology. The two-year bond raised A$110
million in its first tranche , which then raised an additional A$50 million in its second tranche .63 64
The subsequent issuance builds on the success of the platform taking the total capital raised to
A$160 million and further enables capital markets to leverage distributed ledger technologies for
faster, more efficient, and more secure transactions .65
60
Binance LCX Announces Fiat-to-Crypto Exchange for Crypto Investors
https://www.businesswire.com/news/home/20180816005660/en/Binance-LCX-Announces-Fiat-to-Crypto-
Exchange-Crypto-Investors
61
Thai SEC Clears Seven Cryptocurrency Operators to Serve Clients, Reviews Two More
https://cointelegraph.com/news/thai-sec-clears-seven-cryptocurrency-operators-to-serve-clients-reviews-t
wo-more
62
https://www.worldbank.org/en/news/press-release/2018/08/09/world-bank-mandates-commonwealth-bank
-of-australia-for-worlds-first-blockchain-bond
63
https://www.worldbank.org/en/news/press-release/2018/08/23/world-bank-prices-first-global-blockchain-b
ond-raising-a110-million
64
https://www.worldbank.org/en/news/press-release/2019/08/16/world-bank-issues-second-tranche-of-block
chain-bond-via-bond-i
65
https://www.marketsmedia.com/world-bank-issues-second-tranche-of-blockchain-bond/

As described in the World Bank’s website, Bond-i is part of a broader strategic focus of the
World Bank to harness the potential of disruptive technologies for development to benefit the
World Bank’s clients.
The World Bank’s blockchain innovation lab was established in 2017 as an innovation hub for
poverty reduction projects across the world and includes developing opportunities to use
blockchain and other disruptive technologies in areas such as land administration, supply chain
management, health, education, cross-border payments, and carbon market trading.
The World Bank’s bond issuance leveraging the Blockchain technology is not an isolated one.
Adding to the list, we have these headlines:
27th Sep, 2018 - Austria to Use Ethereum Public Blockchain to Issue $1.35 Bln in Government
Bonds66
19th Feb, 2019 - Major Spanish Bank BBVA Issues $40 Million Green Bond Based on
Blockchain Platform67
23rd Apr, 2019 - Societe Generale SFH, the covered bond vehicle of Societe Generale, issued
the first covered bond (EUR 100m) as a security token on a public blockchain68
Nearly a year later after the first bond issuance over blockchain by the World Bank, Fintech,
Wethaq, signed a strategic partnership with enterprise blockchain software firm R3 to build the
next generation of financial market infrastructure to enable issuers, investors, central banks and
regulators to seamlessly transact in Islamic capital markets .69
66
https://cointelegraph.com/news/austria-to-use-ethereum-public-blockchain-to-issue-135-bln-in-governmen
t-bonds
67
https://cointelegraph.com/news/major-spanish-bank-bbva-issues-40-million-green-bond-based-on-blockch
ain-platform
68
https://www.societegenerale.com/en/newsroom/first-covered-bond-as-a-security-token-on-a-public-blockc
hain
69
https://www.marketsmedia.com/r3-inks-deal-with-wethaq-to-digitize-the-islamic-capital-markets/

Wethaq’s platform is reportedly designed to improve the market infrastructure for issuing and
trading sukuk securities , which is a type of financial certificate similar to a bond that complies70
with Islamic Sharia Law. Sukuks differ from traditional bonds in that they denote partial
ownership in an asset, whereas bonds are a debt obligation. Since sukuks share the risk of the
backing asset, the holder is not guaranteed to receive back their initial investment.
As government bonds make up a large proportion of the secondary market, with a total value of
$22.116 trillion across the world as of September 2018 , there is definitely something to look71
into when it comes to blockchaining Sukuk.
3.8 Summary
It is not enough by only having the tools. It is what can we do, or what do we do with the tools
that counts.
Programmable Money for Effective Resources Distribution.
Criticism towards cryptocurrency is simply a matter of skepticism born of misunderstanding and
a lack of education. We now have a new breed of money, which is fundamentally
programmable. It is how we deal with this feature that will pretty much define our future.
70
https://cointelegraph.com/news/fintech-firm-partners-with-r3-to-develop-shariah-compliant-market-platfor
m
71
https://finance.yahoo.com/news/government-bonds-blockchain-beat-red-091800194.html

Somebody gave the term wealth this definition - what we have organized to take care of how
many lives for how many forward days.
What does produce true wealth? Food, education, entertainment, shelter, health, energy.
FEE-SHE, Give a man a fish and you feed him for a day; teach a man to fish and you feed him
for a lifetime.
Much lies in the hands of central bankers, regulators, and entrepreneurs [...] but one thing is
certain: Innovation and change are likely to transform the landscape of banking and money as
we know it . ~ IMF72
1) Begin with the end in mind
2) Whatever the mind can conceive and believe, it can achieve
3) When there is a will, there will be ways
Towards a better future.
Best Regards,
Koh How Tze
23rd September, 2019
Facebook: https://www.facebook.com/howtze
LinkedIn: https://www.linkedin.com/in/howtze
72
The Rise of Digital Money
https://www.imf.org/en/Publications/fintech-notes/Issues/2019/07/12/The-Rise-of-Digital-Money-47097

Attachment
Screenshot of cln.network as at 13th August, 2019

If you like the work you just read, and would would like to make a contribution in support
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Supporting contribution could also be made in BNB kindly send to this wallet:
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Once you had made the crypto transfer, kindly email an alert to blockchaininsider@gmail.com. I will reply
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T H A N K Y O U
http://www.BCInsider.MY
Click here to view
Chapter 1: Blockchain, Bitcoin, Money:
https://www.slideshare.net/howtze/blockchain-insider-chapter-1-blockchain-bitcoin-money
Chapter 2: The Name of The Game:
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