{"id":5396,"date":"2020-05-20T09:11:24","date_gmt":"2020-05-20T09:11:24","guid":{"rendered":"https:\/\/newmoneyreview.com\/?p=5396"},"modified":"2020-06-04T10:32:19","modified_gmt":"2020-06-04T10:32:19","slug":"we-will-make-our-own-money","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2020\/05\/20\/we-will-make-our-own-money\/","title":{"rendered":"We will make our own money"},"content":{"rendered":"

In the last decade, everyone has been able to join networks like Airbnb and Uber to rent out their property or labour. The sharing economy now extends to electricity<\/a>, where individuals can now supply as well as consume energy.<\/p>\n

It\u2019s time to apply the same principles to money, says Simon Lelieveldt, a fintech and payments expert and our guest on the latest New Money Review<\/em> podcast<\/a>, ‘the future of money in 30 minutes’.<\/p>\n

\"\"<\/p>\n

Simon Lelieveldt<\/em><\/p>\n

\u201cThe classical way of thinking\u2014in terms of producers and consumers\u2014is outdated,\u201d says Lelieveldt in the podcast.<\/p>\n

\u201cWe need to reconfigure our mindsets so that every consumer can be a producer, whether that\u2019s in payments, the generation of solar energy or letting out properties,\u201d he says.<\/p>\n

\u201cThere will be space for individualised, local payment systems. There\u2019s an exciting future ahead of us,\u201d he argues.<\/p>\n

\u201cOur regulatory models need to adapt\u201d<\/p><\/blockquote>\n

Laws and regulations need to catch up with the reality of the changes in the technology of money, says Lelieveldt.<\/p>\n

\u201cOur regulatory models need to adapt,\u201d he argues during the podcast.<\/p>\n

\u201cWe need to create a free enterprise space for each individual, so I can do transactions, issue my own form of money and rent out stuff without immediately being labelled as someone that needs to follow various licence requirements.\u201d<\/p>\n

Lelieveldt also criticises the recent attempts by governments to insist on the identification of all counterparties in virtual asset transactions, via the so-called \u2018travel rule\u2019 of the G20 Financial Action Task Force (FATF)<\/a>.<\/p>\n

Virtual assets are any digital representations of value that can be traded or transferred for the purposes of investment or payment. The definition therefore covers any cryptocurrencies like bitcoin but also any private digital currency or payments token.<\/p>\n

\u201cThe FATF travel rule is outdated garbage\u201d<\/p><\/blockquote>\n

\u201cIf I build an energy blockchain, where I put my energy coins in order to transfer them onwards to other people, the virtual asset regime of the FATF says that for each token transfer I need to give my name and the name of the recipient,\u201d says Lelieveldt.<\/p>\n

\u201cThis so-called travel rule\u2014which is designed to cover all economic processes in the world\u2014is outdated garbage from twenty years ago,\u201d he goes on.<\/p>\n

\u201cIt needs to be taken out. The assumption should be that everyone is innocent, not that everyone is guilty. This is a fundamental privacy requirement that needs to be respected.\u201d<\/p>\n

As governments build ever more-intrusive digital identity systems in response to the coronavirus pandemic<\/a>, Lelieveldt also warns about future abuses of human rights.<\/p>\n

\u201cThe privacy rules under international treaties are more relevant than this whole bunch of data we\u2019re gathering,\u201d he says.<\/p>\n

\u201cWe need to change this, otherwise we\u2019re creating a nightmare in terms of surveillance.\u201d<\/p>\n

To listen to the podcast, click here.<\/em><\/a><\/p>\n

Sign up here<\/a> for our monthly newsletter<\/em><\/p>\n

Click here<\/a> for a full list of episodes of the New Money Review podcast: the future of money in 30 minutes<\/em><\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

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