Tehran(Bazaar): Patrick Hiebert founder Maven NFT Marketplace in interview with Bazaar News Agency said: an NFT can be transferred with a smart phone and doesn’t require the huge investment in a typical software system with its associated hardware and servers and training etc.
Following is the full text of the interview:
Bazaar: How can cryptocurrencies affect the economic prosperity of countries?
Hiebert:There are many ways a decentralized currency can help countries prosper, especially poorer countries that need a boost. One of the biggest ways is that a crypto currency like Bitcoin, that is generally trending upwards, is a stark difference to many of the countries in the world own currency which is often is devaluing. For example, we have a teak and avocado farm in Nicaragua (www.VidaVerdeAgroforestry.com ) where we sell investment shares in the farm as NFTs. As the NFTs sell, a portion of the sale in crypto goes to a local persons crypto wallet. This helps create a crypto economy and becomes a savings plan for the local people. Where they didn’t have any savings before or if they did it was in their local currency which had less and less buying power. And if Bitcoin doubles in value in the next couple year the local people get an enormous boost to their net worth.
Crypto economies also attract an enormous amount of investment from “new money” investors. We were very connected with the recent adoption of Bitcoin as an official currency for El Salvador (our company www.EcoVillages.Life is designing a Bitcoin community there) and we have seen first hand a remarkable amount of investment in property, local businesses, new resorts, etc. all because Bitcoin enthusiasts want to invest there and have the funds to do so. This creates thousands of new jobs for the local people.
Also, in many of the Central American countries we work in, one family member will move to the USA for example and get a job so he/she can send money back to their family. In the past they had to use money sending facilities like Western Union which would charge them up to 30% of what they are sending! Now, with the family members having a Bitcoin wallet they can send funds to their family at virtually no cost and their family can use it in their own country of El Salvador as local currency. Rather than a company like Western Union taking so much, the country can now collect a small income tax which helps the country improve their infrastructure, etc.
NFTs, non fungible tokens, also can help countries become much more efficient at a very low cost. For example, if land titles are transferred as an NFT it can be done instantly and at almost no cost. Plus, the royalty fee on an NFT can be used to collect government transfer fees. That is, the government can automatically have the property transfer tax fee deposited in their government crypto wallet when a property is sold and they do not have to worry about the cost of collections or the property owner not paying the transfer tax. And an NFT can be transferred with a smart phone and doesn’t require the huge investment in a typical software system with its associated hardware and servers and training etc. The property title NFTs would be stored on the blockchain at no cost to the country itself. Going even further, the property registry office could ultimate be a virtual office in a Metaverse! That means you could pay your property taxes online in Metaverse and the country wouldn’t even need to have the cost of a physical office at all.
Bazaar: How do you see the prospect of digital currencies in the field of investment?
Hiebert: We’re seeing more and more investment in various areas using Cryptocurrencies. For example, our EcoVillages company designs minimalist, eco-sensible and sustainable communities and homes and people can buy/invest in one of these homes using crypto currency.
And our own companies are expanding rapidly and we are looking for potential investors and there are a number of new funds being created specifically for cryptocurrency investment in corporations. This will likely become very popular as crypto owners look to diversify their portfolios with ownership in corporations or other investment vehicles.
I expect more and more investment in all things to switch from fiat to cryptocurrencies over the coming years. The security of transactions on the blockchain, the ease of transferring funds combined with a higher level of privacy and anonymity makes the whole process of investing much easier.
Bazaar: Why are some governments still resisting the legalization of digital currency?
Hiebert: The concept of a countries currency not being controlled by their own government or central bank is intimidating. El Salvador took a big leap to allow a currency that is decentralized and that they can not control be an official currency of the country. Many countries want the false security of having a currency they can print and is tied in value to the USD or gold. It’s really just a matter of time though as more and more countries adopt decentralized digital currencies as they realize the benefits.
Bazaar: What advice do you have for people investing in digital currencies?
Hiebert: My advice, and I’m not an investment advisor, would be to treat it just as you would investing in another countries fiat currency. Look at the underlying reasons why the coin exists and why it is expected to increase in value. For example, if you were looking at investing in the Canadian dollar, you might do so because it is a resource rich country that is quite stable. The same logic should be used when investing in cryptocurrencies. There are many new “flash in the pan” coins coming out every day. Those are probably best left to day trader types of people. If you’re new to cryptocurrencies I would suggest doing some research and learning about why they are surging in popularity. Understanding a little bit about the underlying technology is valuable too.
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