July 2 0 2 2 | V o l . 1 , N o . 7
GNPF DAO provides technical services for politicians interested to use crypto for human development
CURRENT SITUATION OF LGDC, 2022
LGDC Magazine started in January 2022, however at that time, the odds of seeing an LGDC, Local Government Digital Currency in 2022 were low. Nevertheless, the crypto ecosystem moves at a speed that other sectors don’t, and the first test or reference of the LGDC was recently carried out with great success.
During May and June 2022, the Local Government of Shenzhen, China, managed the preparatory actions to launch at the beginning of July 2022, the most successful LGDC/CBDC to date.
The objective of the Shenzhen Local Government is to revive the economy, due to the damage caused by COVID. The reactivation is using a CBDC, however the operation is identical to an LGDC, and can be copied by any Local Government globally, accepting the LGDC as a form of payment for some Local Government services.
The Shenzhen Government took the following actions:
They requested the registration of local businesses that receive the LGDC/CBDC as a form of payment. A total of 67,000 merchants registered, including major merchants that exclusively offer online services and 15,000 merchants that do not have an online service option.
Requested the registration of inhabitants who wish to receive the LGDC/CBDC. A total of 2.6 million inhabitants were registered, which implies the authorization of a wallet that handles LGDC/CBDC.
The Shenzhen Government is transferring 30 million e-CNY (CBDC).
Similar initiatives can be copied and improved globally. The main improvement will be using People’s Money, issued by DAO’s, instead of CBDC. However,the crucial and strategic role of the Local Government remains the same. A facilitator, but not the owner of the currency. And a Local Government can simultaneously promote two different currencies, CBDC and People’s Money (LGDC): https://youtu.be/SB-fFnKFIns (Minutes 20:28).
People’s Money (LGDC) can be globally implemented in any pluralistic democracy, with legislators changing the laws to allow Local Governments, in their pluralistic democracy, to copy Shenzhen City success.
The People’s Money law allows the coexistence of 2 currencies, CBDC and People’s Money.
A DAO as an issuer of People’s Money. The DAO is made up of all the inhabitants of the Local Government. The Local Government cooperates with the DAO to facilitate registration.
The DAO registers local businesses with the help of the Local Government.
The Local Government allows the payment of some service through the LGDC issued by the DAO, which would be the first People’s Money.
A crypto ecosystem supports the DAO and Local Government, offering training and value-added services.
FDM the GNPF digital asset, is multichain, which means that it will be distributed on multiple Blockchains, however the Polygon ecosystem was chosen as the first Blockchain, not only because of its multiple technological benefits, but especially because India is the largest pluralist democracy in the planet.
Indian legislators have to define the future of India’s CBDC and India’s People’s Money (LGDC). For both cases, CBDC and LGDC, in a pluralist democracy, privacy and non seizure are human rights. Coincidentaly and simultaneously to the Shenzhen success,the Polygon ecosystem delivered Polygon ID and Polygon ZK, basic components for any CBDC and LGDC in any democracy in the world and not just in India.
This section has the most important news about the implementation of local digital currency and its different uses.
“If there’s a future for crypto in the governance of American cities, the most prominent example is hardly inspiring confidence.” see more
“Cryptocurrency — including bitcoin — is still an evolving realm and one that is generally not understood by many of us. But that hasn’t stopped some cities across the country — including Chandler; Reno, Nevada and Portsmouth, Virginia…” see more
“Two months after the City of Shenzhen announced the airdropping of 30 million e-CNY central bank digital currency (CBDC), the Shenzhen Chamber of Commerce recorded over 2.6 million signups for its CBDC…” see more
“A project using a crypto-mining Internet of Things (IoT) network to raise funds for digital inclusion in San Jose won’t be continued beyond the pilot phase, the city has confirmed…” see more
“…Municipal Secretary of Finance and Planning Andrea Senko reiterated the city government’s plans to integrate with Bitcoin (BTC) and the crypto market, with the aim for the city to become “the crypto ecosystem of Brazil,” Boletim Bitcoin reported on July 5…” see more
“A wave of notoriously risky cryptocurrency firms could one day be integrated into the traditional banking system under a little-noticed provision in a new bill that is raising alarms among financial experts about potentially destabilizing consequences…” see more
“Ulpiano Suarez, mayor of Mendoza, capital of the homonymous province located in western Argentina, plans to turn the city into a friendly area with new technologies, particularly with cryptocurrencies such as bitcoin…” see more