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Derrick Hunter: Entrepreneurs are critical to economic growth and Politicians should recognize it

The Hub | | Jan 19, 2022

entrepreneurship core driver of economic growth - Derrick Hunter: Entrepreneurs are critical to economic growth and Politicians should recognize it78 percent of the Canadian workforce are either entrepreneurs or are employed in businesses that at one time were created by entrepreneurs

A core objective of every federal, provincial, and local government is to promote “economic development”, which is understood as the improvement of our standard of living through the creation of jobs, the support of innovation, the creation of wealth, and an overall better quality of life. Economic growth is more or less table stakes for officeholders who hope to be re-elected since a shrinking economy is never good news for the incumbent.

Consequently, it is hardly surprising that jurisdictions will compete ferociously to attract fast-growing companies. Just witness the frenzy over the announcement by Amazon in 2018 of their intention to create a second headquarters. Dozens of cities across the U.S. and Canada offered extraordinary incentives in the attempt to win the prize. Atlanta offered to build an exclusive airport lounge. Boston offered zero-interest loans to Amazon employees. Columbus offered to make exceptional efforts to reduce their “unacceptable” murder rate. All of this on top of billions of dollars of incentives, subsidies, and tax reductions that were merely the price to play.

See:  Entrepreneurial Mindset: How to Think Like an Entrepreneur

Amazon is currently the fourth largest company in the world, measured by market cap. It didn’t even exist 25 years before it sparked the frenzy created by its HQ2 announcement. Of the ten largest companies in the world at the end of 2021, only Saudi Aramco and Berkshire Hathaway pre-exist the digital age. Half of them (Facebook, Alphabet, Tencent, Alibaba, and Tesla), still haven’t reached 25 years of age. We truly live in an age of remarkable disruption, but how many of these corporate behemoths will hold their place in the top ten 25 years from now?

[Among the largest companies in the world] Only Saudi Aramco and Berkshire Hathaway pre-exist the digital age

The lesson here is one that we forget all too often in Canada; the greatest tool for economic development ever invented by man is entrepreneurship. The vast majority of new jobs are created by startup companies.

In Canada, approximately 12.5 million people, out of 19.3 million employed, work in the private sector. Another 2.6 million are self-employed. Thus, 78 percent of the Canadian workforce are either entrepreneurs or are employed in businesses that at one time were created by entrepreneurs. There’s no Shopify without Tobias Lutke, no Lululemon without Chip Wilson, no Barrick Gold without Peter Munk; these men were rock stars. On the other hand, it’s not just the ones that end up creating massive companies that matter; 98 percent of Canadian businesses employ fewer than 100 people. These are the folks that we all rely on to create the opportunities that build our tax base and improve our standard of living. In other words, to create economic development.

See:  Economic performance associated with digitalization in Canada over the past two decades

Economic development is what gives governments something to distribute. While we have attempted over the past few years to borrow and spend our way to prosperity, in the long run, an economy can only sustain expenditures that it can financially support through its tax base.

98 percent of Canadian businesses employ fewer than 100 people

So then, if entrepreneurs are so essential to our general wellbeing as a society, should we not devise policy that treats them as such? The former minister of finance characterized them as tax cheats and applied punitive taxes which are complicated to calculate. Municipalities layer on expensive regulations and raise business tax assessments annually with little regard for the ability to pay. Two years into a historic pandemic, provincial governments apply punishing lockdowns and other restrictions with minimal warning, leading to painful inventory, payroll, and overhead expenses. The list goes on.

Continue to the full article --> here


NCFA Jan 2018 resize - Derrick Hunter: Entrepreneurs are critical to economic growth and Politicians should recognize it The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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PBOC White Paper: e-CNY’s Path to Cross-Border Payments

CloudTree Ventures | Winston Ma | Jan 19, 2022

E CNY Cross border global payments - PBOC White Paper: e-CNY’s Path to Cross-Border Payments

Today, China and the United States are competing and growing their technological capabilities in a wide array of sectors. The cutting-edge area of America and China’s technological war that’s been heating up recently is around who will dominate the blockchain and cryptocurrency industry.

Although China has cracked down on cryptocurrencies, shutting down all domestic crypto exchanges and banning all ICOs, blockchain technology itself is recognized as a revolutionary development by the government. In a speech October 2019 speech, Chinese President Xi Jinping declared blockchain would play “an important role in the next round of technological innovation and industrial transformation.” That marked the first major world leader to issue such a strong endorsement of the widely hyped – but still unproven – distributed ledger technology (DLT). (By contrast, most governments in the West have been far more cautious.)

See:  The Good, the Bad and the Ugly of Central Bank Digital Coins (CBDCs)

Calling for blockchain to become a focus of national innovation, President Xi’s speech detailed the ways the Chinese government would support blockchain research, development, and standardization. China’s leadership position in the global competition of central bank digital currency (CBDC) is the prime example.

In April 2020, the People’s Bank of China (PBOC), China’s central bank unveiled the world’s first sovereign digital currency that is based on blockchain-like technology. (PBOC has started research and development for a digital version of the yuan, known as e-CNY, since 2014.) Since then, China has been steadily expanding its digital yuan pilot programs while also cracking down on cryptocurrencies. In July 2021, the PBOC issued a white paper detailing the current workings of the digital yuan, also referred to as the e-CNY, which is the first comprehensive disclosure of its plans.

The release of the white paper probably marks the near end of the testing phase, and the official launch may occur soon at the Winter Olympics in Beijing next year. As such, China is likely to be the first major economy to introduce a sovereign digital currency.

The rapid development of the e-CNY is only an inevitable result of China's robust digital economy. Even before the digital economy, mobile pay has grown rapidly in the last several years to become the dominant form of payment in China. Since 2020, China has been steadily expanding its digital yuan pilot programmes, given the country's rapid development of internet industries such as e-commerce and social network platforms that provide a myriad of application scenarios.

See:  CBDCs 2022: China first-mover advantage

The digital yuan wallet supports several functions, including scan to pay, top-ups and money transfers. According to the white paper, as of June 2021, participants have spent 34.5 billion digital yuan ($5.3 billion) in trials. Uses include paying utility, dining, transportation, shopping, and government services. The new digit yuan would allow users to spend it even without an internet connection, and it will bring convenience to foreigners, too.

“Foreign residents temporarily traveling in China can open an e-CNY wallet to meet daily payment needs without opening a domestic bank account,” said the white paper.

That means even foreigners traveling in China can have access to the digital yuan without a domestic bank account. This is a particular benefit given the difficulties that foreigners have had using mobile payment apps like WeChat Pay (of Tencent) and AliPay (of Alibaba), because those apps must be linked to banking accounts.

Meanwhile, it’s worth noting that in its white paper, the PBOC cited the rapid growth in cryptocurrencies as a driver for research and development of the e-CNY and said that "cryptocurrencies are mostly speculative instruments, and therefore pose potential risks to financial security and social stability". This is the first time that the PBOC, in an official document, linked its sovereign digital currency issuance with cryptocurrencies’ potential challenges to the international monetary system.

According to the PBOC, “cryptocurrencies' lack of intrinsic value, acute price fluctuations, low trading efficiencies and huge energy consumption make them unfit for use in daily economic activities”.

See:  China catches fraudsters using central bank digital currency for money laundering

Of course, the profound impact of e-CNY is likely to be more than China’s retail markets. Many believe the e-CNY will bolster Chinese currency's global status and eventually challenge the US Dollar’s preeminent position as the world’s reserve currency. For example, the e-Yuan could bypass western-operated cross-border payment networks, such as Swift, which the US has used to enforce sanctions.

But it’s likely a long march for the e-CNY.

“Though technically ready for cross-border use, e-CNY is still designed mainly for domestic retail payments at present.” the paper reads. For the e-CNY, its real test only starts after its official launch.

Authored by:

Winston Ma - PBOC White Paper: e-CNY’s Path to Cross-Border PaymentsWinston Ma, CFA & Esq. (@Winston_W_Ma), is a Co-Founder and Managing Partner of CloudTree Ventures and an adjunct professor at the NYU School of Law. He is the former managing director and head of the North America office at China Investment Corporation (CIC), and author of Investing in ChinaChina's Mobile EconomyThe Hunt for Unicorns, and The Digital War.

 


NCFA Fintech Confidential Issue 4 250 - PBOC White Paper: e-CNY’s Path to Cross-Border Payments

This article is featured in NCFA's digital magazine, Fintech Confidential (Issue 4). Click to read the latest thought leadership, insights and trends about Fintech in Canada:

Checkout NCFA's digital magazine, Fintech Confidential (Issue 4) --> here

 

 


NCFA Jan 2018 resize - PBOC White Paper: e-CNY’s Path to Cross-Border Payments The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Gerry Cotten’s widow speaks out over his death and millions of missing crypto

CBC | Cassie Williams | Jan 18, 2022

QuadricaCX gerry cotton - Gerry Cotten's widow speaks out over his death and millions of missing cryptoGerald Cotten died suddenly in 2018 and took keys to $250 million in crypto assets to his grave

Robertson isn't under investigation and has never faced criminal charges. After Cotten's death, she agreed to forfeit $12 million in assets that included vehicles and real estate. She was allowed to keep $90,000 in cash, $20,000 in retirement savings, a 2015 Jeep Cherokee, $15,000 in furniture and some jewelry, including her wedding band.

Cotten ran Quadriga like a Ponzi scheme

Investigative journalists Amy Castor and Takara Small have spent years following and reporting on the Quadriga scandal.   Castor said Cotten operated Quadriga like a Ponzi scheme.

"Whenever people put their money into the exchange, he sort of used it as his personal slush fund," she said.

Small said people were bringing duffel bags of cash to the home Cotten and Robertson shared. She wonders why Robertson didn't think to question what was going on.

See:  QuadrigaCX: A Review by Staff of the Ontario Securities Commission

Robertson said she trusted Cotten, and any questions were explained away because banks were very "anti-bitcoin" and there were problems exchanging cryptocurrency for cash through traditional means.

"It never occurred to me [that he was breaking the law]," said Robertson.

Robertson said she understands many people have been hurt and lost large sums due to the collapse of QuadrigaCX.  "It has been the most unbelievable pain that I could ever imagine," she said.

Questions surrounding Cotten's death

The circumstances around Cotten's sudden death left investors with questions.  How could a seemingly healthy young man die suddenly from complications with Crohn's disease? Why did Robertson wait a month to notify investors of his death?

Robertson said "everything was crazy" after Cotten died and her lawyers were the ones who decided to wait weeks before letting investors know about Cotten's death.  "I did let that go to the lawyers and the contractors, and I trusted that they knew what to do," she said.

Hot Docs video:  Dead Man’s Switch (QuadrigaCX story)

Other red flags raised by investors surrounding Cotten's death included his name being spelled incorrectly on the death certificate and his closed casket funeral. That led to speculation that Cotten may have faked his own death.

Roberston said she's sorry for Cotten's actions and the harm he's caused.

Continue to the full article --> here


NCFA Jan 2018 resize - Gerry Cotten's widow speaks out over his death and millions of missing crypto The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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US government to address the ramifications of cryptocurrencies on Jan 20th -> Tune in here

FinBold | Jordan Major  | Jan 16, 2022

US government - US government to address the ramifications of cryptocurrencies on Jan 20th -> Tune in hereThe Bitcoin mining sector has piqued the interest of several countries over the last year, and it appears that the United States government is starting to become interested in this market.

As a result, a hearing has been scheduled in the US to explore the ramifications of the energy consumption incurred by cryptocurrency mining operations. Indeed the Subcommittee on Oversight and Investigations of the Committee on Energy and Commerce will conduct a public hearing on the subject next Thursday, January 20, according to the House Committee.

“The Subcommittee on Oversight and Investigations of the Committee on Energy and Commerce will hold a hybrid hearing that includes both in-person and remote attendance on Thursday, January 20, 2022, at 10:30 a.m.”

See:  Landmark Jury Verdict Finds Digital-Asset Products Linked to Cryptocurrency Mining Are Not Securities

The investigation is titled “Clearing Cryptocurrency: The Energy Implications of Blockchains,” and in particular, the Subcommittee is interested in learning about the energy consumption of blockchains, with the premise that they may create environmental concerns in the future. On the scheduled day, the hybrid hearing will also live stream on YouTube.

Congress’ energy subcommittee to discuss cryptocurrency

Bitcoin has gone through a lot of ups and downs in its short existence of just 13 years; however, one of the most recent efforts to discredit this technology is predicated on the fact that it is energy-intensive.

Proponents of Bitcoin argue those who oppose digital currency have not considered the costs of technology compared to the conventional banking system or the energy required to transport paper money across the globe.

US crypto mining growth

In response to the rapid expansion of US mining businesses after China’s mining prohibition, the local mining industry organized the formation of a Mining Council in 2021, which is overseen by the likes of Michael Saylor and Elon Musk.

See:  Arcane Research: Summary of Crypto 2021

Watch the live stream on January 20th: Cleaning Up Cryptocurrency: The Energy Impacts of Blockchains

Continue to the full article --> here


NCFA Jan 2018 resize - US government to address the ramifications of cryptocurrencies on Jan 20th -> Tune in here The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Inside the metaverse economy, jobs and infrastructure projects are becoming real

CNBC | Cameron Costa | Jan 15, 2022

metaverse world - Inside the metaverse economy, jobs and infrastructure projects are becoming real

If 2021's word of the year was "NFT," Avery Akkineni says 2022's will be "Web 3.0."

This year, digital assets built on the blockchain will likely continue to expand well beyond the music and art industries.

Luxury fashion brand Balenciaga has already teamed up with Fortnite to deliver to users designer "skins" to wear inside the game. Gucci has done the same with Roblox, and Louis Vuitton and Ralph Lauren have launched their own Roblox experiences. Brian Trunzo, metaverse Lead at Polygon Studios, which focuses on gaming, NFTs and Web3 efforts linked to the polygon digital currency and ethereum blockchain network, says nimble, smart streetwear brands are already in the space as well. "The players have finally taken the field, and the game is about to truly start," Trunzo said.

More direct commercialization strategies could be coming. Cathy Hackl, CEO and chief metaverse officer for the Futures Intelligence Group, a metaverse consultant, points out that for luxury brands in particular, the metaverse could be an access point for a secondary market.

See:  Bracing For Change In The Era Of The Augmented Workforce

"When someone sells their Birkin bag on The RealReal, Hermes does not see a cut of that. But through blockchain and NFTs, they are eventually going to get a cut of the secondary market," Hackl said.

There will be more jobs in the metaverse

As more companies seek a foothold in the digital universe, hiring opportunities for candidates comfortable with Web3 will grow. Hackl says her title may become more common.

"Even if you look at job boards, you're increasingly seeing demand for Solidity developers and Discord managers," Akkineni said.

Solidity is a computer language used in conjunction with the ethereum blockchain to build and deploy smart contracts. Discord is a social media platform favored by many gamers and the crypto community.

See:  Here's what it's like watching an NBA game courtside in the Metaverse

Big brands will naturally help drive Web3 job creation, but a new kind of employment might take center stage. The play-to-earn gaming model gained popularity in the Philippines with Axie Infinity four years ago, and now the game has over 1.8 million daily active users, some reporting an income of about $10 a day, and up to $1,000-$2,000 a month from solely playing the game.

Gaming and metaverse crossover investments grow

There has been controversy within the gaming world about virtual monetization, but the math that supports more investments linking the metaverse to gaming is simple, according to Spencer.

Metaverse will be one of the world's biggest infrastructure projects

The bigger the corporate plans for the digital world, the more computing power we'll need. As more brands leverage NFTs to build their communities in virtual worlds and as more consumers follow them in, technological and physical infrastructure moves into the foreground of the metaverse landscape. At the end of 2021, Intel estimated that Web3 metaverse projects will eventually demand at least 1000x the computing power we have now.

Continue to the full article --> here


NCFA Jan 2018 resize - Inside the metaverse economy, jobs and infrastructure projects are becoming real The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Alternative forms of capital will be key to develop sustainable economic systems

Fintech Confidential Issue 4 | Éliane Ubalijoro, PhD | Jan 13, 2022

liane Ubalijoro alternative forms of capitalare key to sustainability - Alternative forms of capital will be key to develop sustainable economic systems

A year and a half into the COVID-19 pandemic, the global economy is looking cautiously at recovery. According to the World Bank, growth will be very uneven given surges of virus variants, patchy vaccination rates, and withdrawal of government support measures, so global GDP in 2021 is still expected to be 3.2% below pre-pandemic projections. To support a more equitable and sustainable recovery, it is imperative that our economic systems recognize how they need to be underpinned by "flourishing communities, strong and resilient social institutions, thriving natural ecosystems and a stable climate” as the Capitals Coalition  articulates. As a member of their supervisory board, I truly believe that we must empower organizations to understand that their success and the success of the global economy more broadly is fundamentally dependent on natural, social, and human capital, in addition to produced capital.

We must work to curb greenhouse gas emissions in all the ways we produce goods and services, whether it is how we impact, air quality, energy management, water quality, how we reduce waste streams and maximize circular economies to minimize our ecological footprint. We must ask ourselves how are we valuing the rights of all people and nature, how are balancing our need for privacy and need for security, how are we making sustainable goods and services accessible, affordable and producible by all, not just some. It is time to consider product passports that standardize the ability to assess carbon footprint through a products lifecycle to help customers make buying choices that support planetary health. It is also important to ensure labor practices that favor employee health, safety, inclusion, diversity and equity.

It is time to enable that our businesses, financial institutions and governments include the value of all forms of capital in their decision-making, especially as countries face their commitments to the Paris Climate Agreement and United Nations 2030 Sustainable Development Goals.

And this is where there is huge potential to leverage digital technologies and increasingly, financial technology (fintech) to support a capitals accounting approach and to develop stronger ESG (environmental, social, governance) metrics in support of more sustainable investments.

For example, AgriLedger’s work in Haiti is very inspiring. This agricultural-focused blockchain systems provider is piloting a project to use blockchain technology for traceability and payment that will allow the farmer to maintain ownership until the sale at final destination, while all the packing and logistics services will be provided by AgriLedger. This mechanism scaled globally would give more power and improved livelihoods to farmers while minimizing waste streams as produce lifecycle management ensures maximum contribution to value chains as well as composting waste to increase soil health. CarbonX, a Canadian fintech-designed environmental software, enables users to calculate the carbon impact of their products and services and to offset this through investments in carbon mitigation projects carefully evaluated not only for their environmental impact but also for their social and economic impacts. Open Climate is a collaborative project led by the Open Earth Foundation, an non-profit organization operating globally and based in the United States. The project explores the potential application of a range of digital technologies to developing a transparent, global, integrated climate accounting system and aims to co-develop a decentralized ‘ledger of ledgers’ to collect and share climate data from around the world, balancing transparency and privacy.

Even with all these excellent examples, it is critical that the tools and technology are not developed in a black box. In order to have mechanisms such as stronger ESG metrics that can potentially transform investments and truly increase accountability, it is critical to first build trust. Trust in the metrics and trust in the technologies underlying the development of those metrics. By creating more inclusive, collaborative approaches to probe the assumptions underlying the algorithms used to develop ESG metrics, trust and common standards can be agreed upon.

Another barrier to overcome is the complexity of the systems at play

There is a dichotomy between technological literacy and education to build technological capacity on the one hand, and over-complexification of digital systems on the other hand. More of an effort must be made in order to de-complexify technology to some extent. This will avoid the development of what colleagues have referred to as “technological expertocracy” – or the continued development of a group of elites who have access to and understanding of the incredibly complex systems underlying the digital infrastructure that increasingly dictates our lives and is shaping fintech. A lack of trust in digital technologies or in the experts who develop and control them can create huge barriers to implementation, scaling, enabling policy frameworks and impact in terms of addressing systemic challenges such as climate change.

Related to this, there is a strong need to develop more human-centric technologies – including fintech. Engaging citizens more directly could be a positive way forward here, both to build trust and also to ensure that technologies are addressing biases, reflecting shared values, allowing more equity in access and incentivizing collaboration as opposed to increasing division.

And efforts are being made. For example, our initiative, Sustainability in the Digital Age, convenes leaders in business, government, science, and civil society to explore how to consciously steer the societal transformations unfolding from the development and deployment of new digital technologies, towards equitable and sustainable paths. Similarly, the Global Commons Alliance has been inviting all stakeholders interested in accounting and standard setting that considers ESG, to come together and work at shaping a co-creative space to align everyone. The international Coalition for Digital Environmental Sustainability (CODES) is an open multi-stakeholder community of change makers and practitioners that seek to collaborate in accelerating a digital planet for sustainability.

So the momentum is here, and collaboration is critical to unleashing the transformative power of digital technologies in an inclusive approach that values not just profit making but also our collective contributions to natural, social and human capital for planetary health.

liane Ubalijoro PhD - Alternative forms of capital will be key to develop sustainable economic systemsAuthored by: 

By Éliane Ubalijoro, PhD (LinkedIn)

Sustainability in the Digital Age, Executive Director

Future Earth, Global Hub Director (Canada)


NCFA Fintech Confidential Issue 4 250 - Alternative forms of capital will be key to develop sustainable economic systems

This article is featured in NCFA's digital magazine, Fintech Confidential (Issue 4). Click to read the latest thought leadership, insights and trends about Fintech in Canada:

Checkout NCFA's digital magazine, Fintech Confidential (Issue 4) --> here

 

 


NCFA Jan 2018 resize - Alternative forms of capital will be key to develop sustainable economic systems The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Binance hires ex-regulators and incorporates in Alberta to charter compliance course in Canada

The Logic via FP | Claire Brownell  | Jan 11, 2022

Exchange the world - Binance hires ex-regulators and incorporates in Alberta to charter compliance course in CanadaBinance, the world’s largest cryptocurrency-trading platform by volume, has registered three new corporate entities in Calgary and hired two senior employees with experience working for Canadian securities regulators as it seeks to comply with the country’s rules.

Binance, the world’s largest cryptocurrency-trading platform by volume, is looking to Canada’s West as it changes course and seeks registration with securities regulators after announcing in June its high-profile exit from Ontario amidst a crackdown. The company has made two high-level hires with experience working at Canadian securities regulators and has seven active job postings in Canada, including one for a junior regulatory analyst and another for fraud and risk operations.

See:  OSC to Binance Investors ‘Not So Fast’: Binance Canada Receives License to Operate as Money Service Business

Lawrence Truong, former chief compliance officer of Toronto-based cryptocurrency-trading platform Coinsquare and a former regulatory analyst at the Alberta Securities Commission (ASC), is Binance’s new vice-president and general manager of Canada. Darren Gross, now Binance’s compliance director based in Calgary, has worked as enforcement counsel at the ASC as well as at the Investment Industry Regulatory Organization of Canada (IIROC).

By incorporating in Alberta, Binance has two options, Burgoyne said—seeking full registration as a securities dealer directly through IIROC, or going through the ASC for permission to operate as a restricted dealer first while it seeks full registration. Had it incorporated in Ontario, Binance would have had to deal with the OSC as its principal contact for registration.

“Maybe there’s a perception that Alberta might be a more receptive province to be regulated by versus Ontario,” Burgoyne said.


NCFA Jan 2018 resize - Binance hires ex-regulators and incorporates in Alberta to charter compliance course in Canada The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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