13
07
2025

PAGES

13
07
2025

spot_img

PAGES

Home Blog Page 4898

U.S. Responds To China’s E-Yuan; E-Dollar On The Way, And BIG Risks to Bitcoin

1

In April 2021, Tekedia wrote: “The United States government has been rattled by China’s push to develop a digital alternative to its currency yuan. Bloomberg reported that the Biden administration is stepping up scrutiny of China’s plans for a digital yuan, with some officials concerned the move could kick off a long-term bid to topple the dollar as the world’s dominant reserve currency, according to people familiar with the matter.” The step went further this week when China began to wean its personal, corporate and sovereign ecosystems of anything cryptocurrency, preparing the grounds for the ascension of e-yuan, a digital currency equivalent of Chinese currency.

But America is not going to just watch. Yes, the Biden Administration is opening the playbook. Interestingly, the Fed Chairman, Jerome Powell, who did not say many nice things about crypto is the one to lead the charge: “Federal Reserve chief Jerome Powell says the central bank will release research this summer that explores developing a digital currency of its own. The discussion paper would break down the Fed’s “current thinking on digital payments, with a particular focus on the benefits and risks associated,” then seek public comment”.

 Powell said the digital currency, which won’t be a cryptocurrency, would need to be efficient, safe to use and offer “broad benefits to American households and businesses.” Fed officials say they’re focused on getting it right, though China’s creation of a digital yuan has raised the stakes.

This is my call: I warned that if e-yuan continues to advance, cryptocurrency will continue to struggle because without China, the cryptocurrency world will lose a big part of itself. If the US decides a future will include digital US dollars, Bitcoin and cousins will have major competitors, and I expect the US dollars to win in America just as E-Yuan will win in China. The same will happen when digital Euro will emerge. 

So, to a large extent, as nations begin to move into cryptocurrency 2.0, the current generation of cryptos will struggle. That remains the biggest risk on cryptos as someone can make something which is better than what is currently available. And with that, adoption moves!

Finally, Bitcoin and its cousins have been heralded as being decentralized. Nothing like that. They are decentralized on technology stack but centralized on exchanges. Provided exchanges are regulated by nations since they are registered to operate with licenses, all Bitcoin accounts are under the control of governments (think Nigeria, China bans). The FBI has been seizing wallets through exchanges, and suddenly the decentralized myth looks like snake oil!

How To Win in Nigeria, Africa And 4 Features of Category-King Companies

1

To win big in Nigeria, you must be among the  category-kings. Why? ICT is rapidly moving Nigeria towards knowledge-based economic structures and information societies, comprising networks of individuals, firms and states that are linked electronically and in interdependent relationships. This linkage has enabled new classes of companies to emerge, with better marginal costs, as they utilize factors of production more efficiently.

The acceleration of returns and the virtuoso circle of network effects are working across sectors. MTN is becoming more dominant. The FUGAZ banks have built moats for the second tier banks which remain frozen with limited mobility. Yes, even in cement, it is the same thing.

The most magical thing digital technology does is the removal of information asymmetry and that brings demand and supply into a more optimal equilibrium point. Within that state, markets become more efficient. Unfortunately, most times, the category-kings capture more value because everyone knows that they are better!

Depending on what you do, this could be a time to explore partnerships, join ventures and mergers. You must win on unit economics to thrive in Nigeria as natural moats, via scale, are becoming more dominant.

To become an enduring category-king in your business sector, you must possess these four characteristics. With these four features, the firms build moats to protect their castles.

  • Perceptively innovative: you are always innovating. You never rest, always pushing for better products, services and experiences. You outperform competitors with new solutions for unmet needs.
  • Evidently inspired: you inspire your users. You are modern, trustworthy and inspirational, you have a larger purpose, helping people live out their own values and beliefs.
  • Ruthlessly pragmatic: your customers depend on you and you have their backs, making life easier by delivering consistent experiences. You make good on your promises.
  • Customer obsessed: customers cannot imagine living without you. You know what matters to customers, finding new ways to meet their most important. needs.

California Regulator Adopts EV Mandate for Uber, Lyft Ride-Hailing Fleets

1

Biden’s administration has been pushing on many fronts to meet its climate goals, targeting reduction in carbon emission. The push has seen President Biden make drastic changes to existing energy rules and initiated new ones.

Earlier this week, a report said Biden’s administration desires to offer customers rebates for buying electrical autos to assist the U.S. compete towards China in manufacturing the subsequent era of cars. This is among other plans designed to encourage the use of EVs in the United States.

Now states are making their own rules that will eliminate the number of carbon-emitting vehicles on the roads.

Reuters reported that California’s clean air regulator on Thursday adopted rules to mandate that nearly all trips on Uber and Lyft ride-hailing platforms have to be in electric vehicles over the next few years, the first such regulation by a U.S. state.

According to the report, in written comments to the agency ahead of Thursday’s vote, Uber and Lyft said they supported the regulation’s goals but called for more government to aid their many lower and middle-income drivers with the costs for the transition.

The rules, adopted through a unanimous vote by the California Air Resources Board (CARB), mandate that EVs account for 90% of ride-hailing vehicle miles traveled by 2030.

That is a lesser goal than the companies themselves have set: both Uber and Lyft last year committed to converting their U.S. fleets entirely to EVs by that year.

But the companies said achieving those goals is unrealistic without additional government subsidies for EVs and charging infrastructure.

The companies said CARB’s targets were based on uncertain and unrealistic assumptions, risking harm to drivers if EV and charging availability does not expand as projected by regulators.

Several of CARB’s 14 board members shared concerns over the impact on drivers during Thursday’s hearing, criticizing the companies for not doing more to help them.

“There is no way for us to make sure that the (companies) actually bear the costs to address the greenhouse gases and air pollution they’re creating and profiting off,” said board member Nathan Fletcher.

The total cost of meeting the 2030 standard could reach $1.73 billion, according to the Union of Concerned Scientists, a nonprofit research and advocacy organization.

Uber and Lyft have partnerships with rental companies and charging station providers to lower drivers’ EV costs. Uber has also said it will invest $800 million through 2025 to help drivers globally switch to EVs.

The question of who will finance the costly transition is complicated by the drivers’ status as independent contractors, not employees, leaving regulators little ability to protect them.

Some twenty groups submitted comments on the regulation, including General Motors Co and Alphabet Inc’s self-driving unit Waymo.

For the vehicle industry, the rules offer a way to ensure EV sales at a time when many automakers pivot to battery-powered production in response to tighter emissions regulations, but fear lackluster consumer demand.

Steve Douglas, vice president at auto industry group Alliance for Automotive Innovation, urged CARB to expand EV rules to the taxi industry and other public and private fleets.

“The simple truth is sales require purchases and sales requirements should be matched to purchase requirements,” Douglas said during Thursday’s hearing.

Tekedia’s Velocity Mhagic Prize TV Documentary – ONTV

0

Let me once again congratulate the Tekedia Institute nation for winning the Velocity Mhagic Prize. This is a TV documentary prepared by ONTV for the award ceremony. It ran on DSTV, GoTv and a couple of other outlets. I thank all members who connected virtually due to Covid-19.

The Need to Introduce Criminology as a Subject in Nigerian Schools

1

As Nigeria continues to suffer all forms of abuses in the hands of criminal elements, it is evident that factors encouraging and enhancing crimes exist in our midst. Criminals do not grow in space. They are not aliens. They are products of societies. They lived, interacted, and developed amongst members of their communities. But somewhere along the line, they become entangled in crimes and find it difficult to free themselves from their entanglements. So the question we should ask ourselves is, “What should we do to discourage the growth of crime in our communities?”

Many people, to date, believe that crime is caused by poverty. If you raise issues concerning crime in Nigeria, a lot of people will tell you that it is caused by the poor economic state of the country. But then, crime also exists in developed countries. Does that mean their non-existent poor economy pushed their citizens into crime? Apart from that, in Nigeria, we have a lot of people living below the poverty line that do not engage in any criminal activities. We also have very rich Nigerians charged with crime of various kinds. The recent announcement made by the FBI of a Nigerian, an aide to a governor, arrested for fraud should tell everyone that poverty is not the prime motivator for committing crime.

One of the factors that increase crime in our society, which has not really been tackled, is the recruitment of criminal agents. We learnt that peer pressure can push people into crime but not all criminals belong to gangs. Some were recruited through radicalization processes while others were recruited by promising of freedom and better lives. The latter methods are used by insurgents and those that engage in violent crimes to recruit foot soldiers.

Recently, rumour has it that the Islamic States of West Africa Province (ISWAP) shared pamphlets to locals in Geidam, a town in Yobe State, promising them protection and inviting them to join their cause in spreading Islam. This strategy, used in a country ripened by hate and negative attitude towards the government and people of different tribes and religions, can do wonders because the criminals will easily find or create sympathizers and die-hard followers among the populace. This will make it more difficult for law enforcement agents to apprehend and neutralize criminals. This method can also be used by individuals, such as politicians, who tactfully radicalize their followers against their opponents until they become their human weapons. The problem with these methods is that those lured into the net find it difficult to pull out, even if they wanted to. That is why it is necessary to teach people how to avoid being enticed into crime before it is too late.

The Nigerian education system has been doing its best to nurture and produce the right citizens through academic activities. To raise good citizens, the educational curriculum has been extended to include Security Education, in addition to Civic Education and Social Studies. These subjects teach children how to live harmoniously in a society. However, Security Education focuses more on how children can stay safe in their communities. But then, it does not teach them how to identify criminals and their tact so that they, the children, can avoid falling into crime.

Based on the above observations, it is necessary that Criminology becomes a part of our education curriculum. Nigerians, from a young age, need to understand what crime is and how criminals operate. They need to know how to identify criminals and what they can do to avoid them. If the citizens understand that criminal elements, including insurgents, first seek sympathizers by working on people’s psyche, they, the citizens, will not allow them to come into their midst in the first place.

Nevertheless, we don’t have to wait for Criminology to be introduced as a subject in our school system before we begin to learn how to protect ourselves, dependents, properties, and community from criminals. All we have to do is avail ourselves of information on the modus operandi of criminals and then pass them on to the younger generation. That way, we can avoid crying later.