As WM has already developed and tested its functioning Global, Digital and multicurrency Digital currency for nearly a decade, it is aware of all the capacities of such instruments, and the responsibilities that go hand-in-hand with its creation and usage
At this time, multiple entities worldwide are pursuing the creation of Digital Currencies and CBDCs. Among these entities, there is much debate as to the potential of the proposed CBDCs – including their possible or potential effects on economies, peoples’ lives, other businesses etc. There are multiple varying views as to what the final creation of a functioning Global Digital Currency / CBDC will bring about, how long it would take to create, etc.
On the other hand, Webtel.mobi (“WM”) has already created the required Global Digital Currency – and has already extensively tested it for nine years in worldwide operations. It therefore knows precisely what can and cannot be done with it, what it is capable of, and what changes it will bring about.
These are some of the capacities that the Global, Digital, Convertible, Transferrable, Acceptable, Redeemable Digital Medium of Exchange in, and of, all currencies – including “Standard TUVs”, Gold-backed “Secured TUVs” and Programmable “Smart TUVs” – within WM’s Global Clearing System with all its attendant Facilities – already bring about:
Tier 1 (standard) Capacities
- Instant Global Transfers and Payments with instant settlement
- 24/7/365 transactions from anywhere with any mobile phone
- Removal of intermediaries
- Rendering all transactions as Pure Peer-to-Peer (PP2P)
- Removal of transfer fees and costs
- Instant conversion to other currencies
- Redemption on demand of TUV’s Funds (“Stored Credit”) back to bank accounts
- Redemption on demand of TUV’s Funds (“Stored Credit”) via Kiosk withdrawals
- Multicurrency Accounts for TUV Owner and Merchants
- Control of FX Conversions for TUV Owners and Merchants
- Safety of digital money and utility of Cash
- Increased Anti Money Laundering capacity
- Increased Transaction and funds safety for owner
- Removal of Chargeback potential for Merchants
- Removal of Fraud for TUV Owner and Merchant
- Inclusion of Unbanked into the 21st Century Digital Economy
- Reintroduction of gold-backed (“Gold Standard”) currency
- Introduction of Programmable currency
Those characteristics are, however, only the tip of the iceberg of what a Global, Digital, Convertible, Transferrable, Acceptable, Redeemable Digital Medium of Exchange in, and of, all currencies – with the Tier 1 capacities – provides.
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An instrument with the Tier 1 capacities previously listed (and others which are not listed) fundamentally alters the structures and flows of the global payments, transfers, and transactions markets – but in a positive and progressive manner. Some of the alterations it brings about are as follow:
Tier 2 (intermediate) Capacities
- Provides a Global Currency Hedge Against Inflation or Currency Depreciation
TUV Owners or Merchants can convert their funds (“Stored Credit”) to any other currency in their Multicurrency Accounts.
- Substitutes Payroll Companies and processes
Companies can themselves program their own WM Accounts (very easily, rapidly, and simply) to instantly remit payroll payments (and all other payments) in bulk, worldwide, in multiple currencies, at any time, at zero cost.
- Substitutes Letter of Credit Companies and processes
Sellers, Buyers and Shippers in shipping, logistics and other companies can directly between one-another program the terms of their agreements and their payment schedules / requirements into the “Smart TUVs”, in Revocable or Irrevocable terms, with or without a third-party curator of the transaction, in one or several currencies, with or without penalty clauses, etc. This removes the very high costs of intermediaries for a transaction and replaces them with zero-cost transactions (and ensures there are funds available for payment).
- Substitutes Escrow Account Companies and processes
Parties to a transaction can either place a TUV into a third party’s WM account – or can program a “Smart TUV” between each other or with a third-party curator – all subject to the terms of the Escrow Agreement. Again, this can all be done instantly and at zero cost.
- Other Tier 2 (intermediate) capacities
There are hundreds of Tier 2 capacities. All transactions that exist can be carried out using WM’s TUV Digital Currency for instant, secure and zero cost transactions. Other than the transactions it facilitates, WM’s TUV also provides all consumers and merchants with an all-in-one substitute for:- Card Payments or Card Payment Receipt
- Payment Gateway Payments or Receipt
- eWallet Payments or Receipt
- Wire Transfer Payments or Receipt
- Cash Payments or Receipt
- All other Payment or Transfer types – worldwide
- FX Conversions
- Multicurrency Bank Accounts
- Multiple other substitutes
All of the above replaced with a single, global, uniform, secure, instant, and zero-cost alternative, 24/7/365
However, as useful as the Tier 1 and Tier 2 capacities are, they do not represent the limit of this instrument. The TUV – whether Standard, Secured or Smart – has multiple other uses at yet another level, as follows:
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Tier 3 (advanced) Capacities
WM’s TUVs – combined with all other facilities within WM’s Global Clearing System – already provides instant, 24/7/365, zero cost, totally secure and intermediary-free (apart from the parties to the transactions) substitutes for the following (and multiple other) transactions, instruments, and markets:
- Derivative Currency Swaps
Can be implemented at zero cost, instantly or over any period, with any variable terms programmed into the Smart TUV’s terms
- OTC Derivative Markets
Can be implemented at zero cost, instantly or over any period, with any variable terms programmed into the Smart TUV’s terms
- Global FX Market
Currency Swaps of TUVs can be implemented instantly, PP2P, 24/7/365, at zero cost, with conversion rates as agreed on between the two (or more) parties to the transaction.
- Global Clearing Systems
The TUVs and WM’s Global Clearing System facilitates 24/7/365 instant and simultaneous payments, conversion, and settlement on a PvP and RTGS basis, with 100% liquidity, at zero cost
- Global Bond market
Smart TUV’s can be programmed to replicate any form of Bond issue, with any terms or rates, over any period, with full security, security of funds, with or without curating parties – at zero cost.
- SWIFT / Other EFTs
TUVs can be transferred worldwide, in 1/100th of a second, 24/7/365, with full security and reporting, and at zero cost.
- Cash Replacement
TUVs have all of the utility of cash, but with the safe storage, convenience, portability, and theft-prevention characteristics of digital money – as well as protection against counterfeiting and money laundering.
There are numerous and multiple other applications at this Tier level that TUVs can be used for.
Corporate and Social Responsibility
It is regrettable that the real capacities and advantages that have been brought about (past tense) by the creation of a Global, Digital, Convertible, Transferrable, Acceptable, Gold-Backer, Programmable, Redeemable Digital Medium of Exchange in, and of, all currencies are not discussed.
This is, however, understandable, as the entities that are in discussion stages probably wish to try to secure funding or prestige from being involved in their own forums.
However, this also results in not enough thought or discussion being applied to the ramifications of such an instrument and its capacities – and the requirement to build structures that will mitigate the consequences of these ramifications.
The major ramification is that of disintermediation of many thousands of intermediary companies worldwide. However, although this will substantially benefit consumers and merchants, it will impact negatively on thousands of companies and hundreds of thousands of jobs. Moreover, the intermediary companies and their personnel have done nothing wrong. They were necessary for the functioning of the legacy systems.
Consequently, WM has specifically modified its structure (one of the reasons for the long testing period and the rebuilding of platform 2) to ensure that these disintermediated intermediaries can play a role in the new system. This is either by transitioning to act as VSMPs within WM’s system – or by continuing their stand-alone status – to provide assistance, help and advisory services to clients, or by switching from using legacy systems to utilizing the new WM System within their existing businesses.
This ensures that WM’s “Evolution not Revolution” corporate philosophy is carried through into real-world application, and preservation of not just systemic stability, but also the stability of other companies and their personnel. These are considerations that all entities currently discussing these matters should view as priorities.
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[To share your insights with us, please write to sghosh@martechseries.com ]
