Ripple/XRP-SBI,BIS-New Developments Pymnts/Digitalization,Christine Lagarde CBs Will Never Hold BTC

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Welcome back to the show everybody, we got a good one for you today we're, going to be covering sbi and large-scale mergers in the works, bis talks about new developments with payments and digitalization, and the ecb president christine lagarde lets.

You know what the central banks really think about: bitcoin, let's; roll that beautiful intro. Here we go. This is digital perspectives with brad kymes subscribe for new content notifications. Now here's, brad kimes come on in [, Music ].

Welcome back to the show you can follow me on twitter, at backup bradley above at the top of the screen and everything that we're talking about here today, 1.456 trillion is where we are collectively for the cryptocurrency market cap bitcoin, coming in at 47 956 dollars and 80 cents ethereum eighteen hundred and six dollars today and cardano is 86 cents right now and number five spot courtesy of dereliction of duty by the scc xrp is at 57 cents.

Taking a breath. It was pumping hard over the weekend. We will see if it rem if it kicks back. I do believe if memory serves me right. We want to watch for xrp to get in that 62 70 cent range and then we can start talking about that next big move up, so we will keep an eye on that.

Let's, go ahead and get started this morning. Blockchain firm aims to build crypto city in nevada desert. Now this is not new news. Okay, this has been around for a minute and i just wanted to show this because we haven & # 39.

T talked about it in quite a while, and i know that there's. I don't, know four or 500 people joining the channel and joining the community every day. So i want to make sure that you guys know that there is a huge, modern, new version of let's.

Call it the new silicon valley being built. Blockchain ceo jeffrey burns is petitioning nevada lawmakers to allow his company 67 000 acre property to operate as a smart city. How about that one all right! Let's, keep it moving! It's, going to get busy quickly, so dj, peter vasquez paypal wants to become the world's.

Next super app. I tell you what it's, nothing like invigorating a company with a new source of revenue and that new source of revenue is cryptocurrency baby. So this is exciting because the traditional firms and paypal at this point since 98 is now considered a traditional legacy company, even though they're using apps and tech and those types of things.

This is exciting to see the big players moving in this space and it doesn't stop there. Retail offerings from deutsche bank is planning to offer a variety of institutional crypto related services with retail offerings in the pipeline.

Everyone is building and setting up the infrastructure to launch this new digital asset class, which is going to be a part of crafting the fourth industrial revolution. Don't believe that it's still true looky.

Here. This builds to a narrative. We're going to today. Uh mexican companies want to follow tesla into bitcoin investment. Oh, i bet they do and they're, not the only ones we've, seen state municipalities now working to bring crypto and bitcoin into employment payouts right.

We've, seen uh situations where people are proposing that some of the state municipalities in the united states consider bringing an investment in a part of their allocation of their municipal municipal bonds and things of that nature into a portion of crypto or bitcoin.

That to me is exciting, but it raises a much larger conversation that's building here and by the way the skeptics are all in too look at this guy yeah mark cuban predicts. Blockchain is the new internet well geez, walking out on quite a thin limb.

There are you, you know, uh over 10 years into the space here, uh mark cuban has not been a fan of bitcoin and has been very much uh vocal about the fact that he's opposed bitcoin and this that and the other.

But you see a tide turning, you know uh. What what is it uh? I i heard this from uh a lot of places, but most recently i heard digital asset investors say it. You know first, they ignore you. Then they laugh at you.

Then they attack. You then you win and that's exactly right and that's. Exactly what i see here, we're. Winning we're winning big time and ripple reveals push to expand institutional xrp liquidity in asia.

In the aipac region launches hiring a spree of ripple x, uh job openings, and we will keep an eye on that as that develops. This is the article and it just basically says assist a team with developing managing relationships with market makers, brokers, exchanges and other institutional market participants, with the focus in the apac region, which is the asia pacific market.

So um. When we look at this, but look at what they're looking to do managing in relationships with market makers, brokers, exchanges, other institutional market participants, because why? Because they're, going to use the hell out of it? That's, why you're right and while that's happening, we're.

Seeing sbi, japanese financial giant is reportedly considering large-scale foreign mergers and acquisitions to set up joint crypto venture. How about that one? Let's. Look at this article here, yoshitaka katao is no joke over there i mean this guy is a massive business guy and he has been working in this space for a long time.

If you're, not aware uh, sbi and katau early investors in ripple and r3, so there's, a huge connection there. He sits on a board on in china as well for digitalization, so this is uh. This is big news when he's doing things sbi ceo, yoshitaka taos of the japanese company, is in talk with other financial firms to launch a crypto venture uh the executive said sbi currently has two potential deals as a part of the initiative.

Sbis. Considering large-scale mergers and acquisitions catal stated that such a deal would be necessary for sbi to maintain its position as a leader in financial services company now, just to note, he did not go on to say which institutions it would be sbi plans on the upcoming global Crypto venture were apparently pushed by major financial institutions like tesla mastercard, announcing the crypto related plans last week, so we'll, look for who those potential partners may be and those mergers and who they are with.

We don't yet know, but you can see the stage being set here. This is moving to a irreversible moment and to add to all of this, the central bank of central banks, bis is saying, forthcoming. New developments in the area of payment services and digitalization - really they highlight here that uh in 2021, there will be a review of second payment services directive adopted in 2015 and transposing the national legislation at the beginning of 2018, the new law on payment services and payment Systems and analysis of the results of the directives implementations is expected to cover the following areas: updating the requirements to technical solutions used by payment service providers for strong customer authentication, which are to ensure high level security to customers while being convenient and user friendly.

So smooth interoperable that's. What we're, looking about profitable november 2020, the european commission put out uh the digital finance package and it's related to the development of instant payments.

Digitalization financial services support a secure, profitable and interoperable payment solution within the single market. Well, that is the bank of international settlements. Don't forget that they are also together and have all the central banks, not all of them, but the majority of the largest central banks, uh working with them in the bis innovation hub, which is to bring this digitalization to payments for the banking And financial system, so it just keeps moving to that place and it really does get to a place where you hear people like hester purse, making big big, big uh.

I guess uh narrative, that we need clarity. We need clear crypto rules and this just isn't for ripple and xrp right. We need clarity for the entire space. You know we've. Had people lean into what these assets are, we've, had hit william hinman from the sec, formerly uh lean into what he thought.

Bitcoin and ethereum was and stop short there. We've, seen case-by-case basis on eos and kitcoin and things of that nature. This is not how it's done. We need a when clarity is said. What i envision is, we need a unified framework and everyone can figure out how they fit along with the market.

Regulators can help. You understand where you sit in, that unified framework, that's. What we got to have and it's. Getting more and more evident every day now this is a huge narrative to think about as well.

While all of this is happening, we're, seeing tesla, we're, seeing uh other mastercard and other companies really take huge positions either in getting ready to offer crypto or the companies themselves taking a position for their own portfolio dan nathan.

The founder of risk reversal advisor says that the us government will not keep allowing corporations like elon musk tesla to replace dollars with bitcoin. Oh no, you didn't. Oh yes, he did, and you know what i'm inclined to agree with him.

You know this whole gets you a position, and you see these companies taking a huge position. These investment funds and these assets truly have not been defined. Well, instead of me going on and on about it, why don't, i just let you hear this from digital asset investors.

This is uh christine lagarde, the president of the european central bank, which manages over 19 countries in the european union. Let's, listen to what she says about the idea of bitcoin and central banks, particularly bitcoin you.

I think you once said that bitcoin's, funny business needed proper regulation, and this is a week in which we learned that tesla holds a lot of bitcoin and plans to accept payments in it. Is this sensible? Well, first of all, i think it is not a currency.

I'm, very sorry to say. I know that some people argue that it has two attributes of the three that constitute a valid currency, but i think it it it doesn't uh, it might have one it. Certainly doesn't have two and it doesn't have the stability uh that would be required in order for it to be uh to be a currency.

It is, it is, in our view, and in our analysis of of what it is today. It is a it's, a digital um asset. It's, a crypto asset. It's, one that was established back in 2009. Uh by libertarians and uh, and the hopeful of the completely decentralized universe that would be completely anonymous.

I think it has in many ways been uh exploited in in a funny way. Yes, uh, i i i claim that characters, so i i i can't resist there's, a question from a subscriber harry - and i i think i know the answer, but i'm, going to ask you anyway, how Long are the world's, central banks to hold bitcoin as part of their reserve; currency uh, very unlikely.

I think it's. I would say it's. Out of the question. Actually now listen here's. The deal this isn't just a crack on bitcoin, okay. This is to let you understand where the mindset of a central bank president is coming from and my point earlier about seeing tesla and other companies take positions in investment funds.

Take positions on on on bitcoin in their portfolios. Well, let me tell you something: central bank just told you: this is not money and it's not going to be held by a central bank and it's missing the three components that make up money, which is a store of Value a unit of account and a medium of exchange that's.

What makes a currency and she's, saying it may have one of those things two or maybe, but it doesn't have all three, and i think in my mind, if i was a corporation, even though i could see the upside For the microstrategies and the teslas of the world and those things i still have to say to myself, if they haven't, if they haven & # 39, t come clean and said that this is money and the regulators are still not clear about What this whole entire asset space is, let alone bitcoin itself.

You know that there's, a 1.4 trillion dollar lawsuit with tether that could widely affect cryptos and certainly affect bitcoin. I have to say that there's, something hanging out here and i don't, like the looks of it that's.

Gon na do it. For me, we're gonna leave it right. There i mean this is something to follow very closely. I don't, know what to say, but some days you wake up, and you see news, and you say you know what would a unified uh framework for digital assets really look like and how would it affect the space going forward? Specifically in this question, how would it affect proof of work tokens like bitcoin that's gonna? Do it for me hit the like and subscribe leave a comment below make sure you share with somebody.

You know hit that notification bell, so you don't miss a thing make sure you check out all the links in the description box and the comment section by the way big news coming from unstoppable domains.

Make sure you check out that link. You may want to get your own dot crypto name. They've, just hooked together with some massive search engines and website protocols, and the news is going to be massive and i think it breaks tomorrow so stay tuned for that as well.

I'll catch all of you on the next one.