Ray Youssef offers two-part solution to remove systemic inequities in the global economy.
In his second speech at the Moscow Crypto Summit on September 25, NoOnes CEO Ray Youssef floated the possibility of a Russian stablecoin backed by the nation’s huge supplies of natural resources. He included the idea in his two-part solution to remove systemic inequities in the global economy.
Following his appeal the previous day urging Russian crypto advocates to embrace a new path for tokenization, Youssef’s encore speech outlined a broad plan to re-imagine the world economy.
The entire world is waiting for us to build these new financial and monetary systems because the current ones are keeping certain parts of the world impoverished and incapacitated”
— Ray Youssef
“There are two problems we have to fix,” Youssef told the audience. “The financial system, and the monetary system. The financial system is how we use our money, and the monetary system is the money itself.”
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Youssef compared the U.S. dominated Western financial system – which he dubs “the golden circle of finance” – with systems used by countries outside the Western sphere.
“In America, if you want to raise money, it’s plentiful. There’s Wall Street, there are VCs, there is the most developed securities market in the world. In America, if you want to use your money and prosper, it’s easy – and the banking system works.”
“But in the rest of the world, places like the Global South, the BRICS – 90% of humanity – it’s very different. We can’t use our money as easily.”
Youssef says blockchain technology is the tool to effect the changes needed to fix the financial system.
“We can fix the financial system by using this amazing invention – blockchain technology – with a coalition of the willing who respect our right to use the money we make to build businesses, to put people to work, to build wealth in our own communities.”
To fix the second problem, the monetary system, Youssef floated the idea of a Russian stablecoin.
“To fix the monetary system, we have to introduce real money, backed by real work. And real work is energy, whether it’s in the ground, in oil or gas, or whatever other resource it might be.”
“Russia has the greatest energy resources in the world, so imagine a global currency backed by supplies of gold, petroleum, natural gas – those resources are all right here.”
“The entire world is waiting for us to build these new financial and monetary systems because the current ones are keeping certain parts of the world impoverished and incapacitated – especially in places like Africa.”
“A truly decentralized blockchain will allow real money to flow, and it will help us solve the two biggest problems in the world while giving the oft-forgotten 90% of humanity the respect they deserve.”
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