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Governments See CBDCs Making Their Countries 'More Economically and Financially Efficient' — Venom Foundation CEO
August 29, 2023
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According to Christopher Louis Tsu, the CEO of Venom Foundation, governments that are seeking to introduce central bank digital currencies (CBDCs) are not being driven by the fear that privately issued digital currencies may soon become the preferred method for cross-border and micropayments. Instead, some countries view CBDCs as a technology that could make their countries “more economically and financially efficient” and this ultimately improves their competitiveness.

Regulated Digital Assets ‘a Requirement for Mass Adoption’

While stablecoins issued by private entities such as Tether are increasingly seen as the go-to digital currencies when moving funds across borders, Tsu told Bitcoin.com News that CBDCs may turn out to be a better option because they are underpinned by regulation. According to the CEO of Venom Foundation — a platform that aims to create a bridge between traditional finance and the Web3 world — such an attribute can be a key “requirement for mass adoption and harmonization of markets and economies.”

When asked about claims that CBDCs could be used by governments to exercise greater control over people’s financial lives, Tsu insisted that the issue is not necessarily about the technology but those in control of it. To support his argument, Tsu pointed to Paypal, a privately owned entity that recently announced the launch of its own stablecoin — the PYUSD.

The CEO said Paypal can unilaterally freeze or pause the transfer of PYSUD if this is in line with its fiduciary and legal responsibilities. He suggested that the same argument can also be applied to central banks when it comes to their ability to censor CBDC transactions.

Meanwhile, in other answers to questions sent to him via Telegram, Tsu also offered his thoughts on how governments can use CBDCs to lower the cost of sending remittances. He further offered his views on what he sees as challenges that could hinder the adoption of CBDCs. Below are all of the Venom Foundation CEO’s written answers to questions sent.

Bitcoin.com News (BCN): Why do governments and central banks around the world feel the need to introduce CBDCs? Is it driven by the fear of crypto becoming the go-to mode of cross-border payments and micropayments?

Christopher Louis Tsu (CLT): It is not fear of crypto that is driving this massive interest in CBDCs. Sovereign nations see a far greater opportunity to access new digital asset classes, be more economically and financially efficient and ultimately raise the competitiveness of their country.

This is game theory in full swing, no country wants to miss the boat. The smart money already played their hand. There are hundreds of billions of dollars of tokenization projects already live. What’s a token? There are non-fungible tokens, NFTs, which could represent a financial product like a bond or fungible tokens which is a unit of value that can represent a dollar or a euro. CBDCs are a subset of this bigger opportunity and I believe governments want in, this can be analogous to the last time when fibre optics were being laid down, the digital currency or the CBDC is the final crucial component.

BCN: Why would users — both institutional and retail — want to adopt CBDCs when they already have stablecoins to serve this purpose?

CLT: As we are not yet in this scenario, I can only assume how this future will unfold. For centuries we have had private money issued by individuals and companies which went into steep decline as central banks were formed and more so since the Modern Monetary Theory (MMT) garnered more support. Nevertheless, this trend is going in reverse with the advent of the internet and blockchain technology progressively private money has come back into circulation.

My definition of private money is not exclusively stablecoins like USDT which alone has risen from nothing to about $150 billion in a few years. Let’s take the JP Morgan coin used by its clients to settle transactions since 2019. It has already handled $300 billion worth of transactions. There are multiple commodity stablecoins backed by various precious metals. Tokens both fungible and non-fungible are daily being created to represent value that touches all different parts of our economy.

Many of these instruments are ahead of regulation and thus self-regulating. As CBDCs roll out at both retail and wholesale levels, they will not be in isolation but underpinned by regulation and this is a requirement for mass adoption and harmonization of markets and economies.

BCN: It seems cross-border payments are still complicated and expensive. When you send money to someone in another country, it goes through a complex web of interlinkages between banks. The fees for this could go as high as 6.5%, which may be a lot for the poor immigrants sending remittances to their loved ones back home. Do you foresee CBDCs getting this right?

CLT: Things have already improved dramatically compared to 6.5%. My Kenyan colleagues used to send money across the country in a bus, back in the day the amount that was skimmed off the top was erratic and occasionally the envelope never even arrived!

Can CBDCs improve? Yes, they can, but this is only a part of the picture. Technology and the private industry are moving far quicker than governments can deploy CBDCs. There are an array of different types of cryptocurrencies, stablecoins and institutional tokens already on the market. The delivery mechanism to retail is via a ‘wallet’ and already we see the green shoots of a multitude of blockchain use cases, for example, aid.technology is currently delivering humanitarian aid through a digital wallet.

By the time governments start to deploy CBDCs, there will be wallets with proven applications such as remittances, lending and borrowing protocols battle-tested for the retail market. The CBDCs will play a critical role in mass adoption because they will have government backing and hence acceptance in every aspect of everyday life.

BCN: According to reports, Venom is working with the relevant authorities in Kenya, Bangladesh, and a few other countries to increase financial inclusion. Micropayments are at the heart of financial inclusion. Can you talk about how Venom is using blockchain to bring financial services to the underserved?

CLT: Venom’s vision is to leverage its highly scalable technology to bring blockchain into many emerging markets including Kenya and Bangladesh. In tandem with regulation from the Abu Dhabi Global Markets (ADGM), we are seeing a smooth acceptance thus far.

Micropayments are at the heart of helping people. It can touch the lives of millions who do not even have the basics like a bank account. Through a digital wallet, small farmers who need a $10 loan for fertilizer, a refugee who wants to send $0.50 to a family member peer-to-peer, or an entrepreneur housewife working from home performing part-time remote administration services can invoice cross-border a dollar-a-day; all done with minimum transaction costs.

At the same time, this low-income category currently has virtually no option to save for the future. Once a digital wallet is in their hands, the option to ‘stake’ and earn interest on savings will become highly attractive. Especially since very small sums of money can be invested into “staking” again with little friction.

BCN: While CBDCs may offer certain benefits, many fear that they will give governments greater control over people’s financial lives and transactions. To illustrate, the Brazilian central bank recently published the CBDC pilot project on its Github profile and it is said that developers have since discovered that the central bank has the ability to freeze users’ accounts, decrease target balances, confiscate, and mint new units of the digital currency. Do you think such red flags could hurt the adoption of CBDCs?

CLT: For decades, global financial systems have had AML/KYT/KYC monitoring systems and if a transaction breaches a rule or demonstrates suspicious activity, the institution has a fiduciary and legal responsibility to act. It is not the technology that is invasive, it is the policymakers and they will differ from one country to another.

All the above actions you enumerate are already possible. For example, “minting new units” has been a common practice since the 1970s by central banks. They call it quantitative easing.

These are design decisions. The following example is not a government but a private company Paypal that issued a stablecoin, PYUSD. Paypal can freeze an address, i.e. an account. They can pause all transfers and mint more tokens whenever they want.

Just like anything, give a man a hammer and he can build a house or hit someone over the head.

BCN: What are wholesale and retail CBDCs and why is there a need for two different sets of CBDCs?

CLT: For the sake of clarity when I talk about CBDCs I’m also referring to digital currency, which could be a stablecoin either private, institutional or sovereign.

Wholesale is for corporate and retail is for individuals.

The difference between the two are policies. In wholesale the rules are far more complex, with multiple asset classes, vast account limits, stringent risk management, and more detailed regulation, with bigger sums of money; settlement and clearing are points of pain. For many years, companies have been using blockchain DLT to develop solutions to solve some of these issues. However, I personally see we have reached a tipping point.

It is a major advantage for a CBDC design if the technology supports account abstraction as in the Venom blockchain. Put simply, it means rules such as wholesale risk management can be natively programmed into the account.

BCN: In your opinion, what are the biggest roadblocks to large-scale adoption of CBDCs?

CLT: Wealthy economies do not need digital currencies as much as developing economies, so if we slice the world in two, I would say governments and central banks in rich countries do not have the same incentives as developing countries. Developing countries view the shift to blockchain in a holistic way, it is not a currency in isolation, it is a regime of transparency, access to capital markets, improved supply chain, and tokenization of their raw assets. So I think we will see a slow lane and a fast lane in the near future.

Regulation has to be resolved for large-scale adoption and it is not any regulator trying to throw a spanner in the works. It is just a highly complex system that has to be coordinated on a global basis. Trying to harmonize different countries and regions is a time-consuming task.

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Welcome back to The Epicenter, where crypto chaos meets corporate cringe.

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That honor goes to the startup Astronomer, whose CEO’s cheating scandal broke the web in a glorious meme-fueled media frenzy. The company’s damage control? Hiring Gwyneth Paltrow as a “temporary spokesperson.” Do we think they’re grasping at straws or setting a new standard for PR?

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4 Fintech Companies 💸& Things To Know About 🤔

The fintech revolution is reshaping the way we manage, invest, and move money, breaking down traditional barriers and empowering individuals worldwide. As financial technology continues to evolve at a rapid pace, a select group of innovative companies are leading the charge by offering groundbreaking solutions that redefine banking, payments, and digital assets. Whether you’re a savvy investor, an industry professional, or simply curious about the future of finance, discovering these trailblazing fintech companies is essential to understanding today’s dynamic financial landscape.

 

  1.  Alina Invest - The AI Wealth Manager for GenZ Women

Alina is aimed at women under 25 who identify as beginner investors. They're an SEC-registered investment advisor that charges $120/year for membership. The service "buys and sells for you" and gives up notification updates of recent transactions like a wealth manager would.

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2. Blue layer - The Carbon project funding platform

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👉 Carbon investing and tax credits are heavily incentivized but need transparent data. By focusing on the developers, Bluelayer can ensure the data, reporting, and credits lifecycle is all managed at the source. This is smart.

3. Akirolabs - Modern Procurement for enterprise

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4. NeoTax - Automated Tax R&D Credits

NeoTax allows companies to connect their engineering tools to calculate available tax advantages automatically. Once calculated, the tax fillings are clearly labeled with supporting evidence for the IRS.

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In an era where technology and finance are increasingly intertwined, these four fintech companies stand out as catalysts for positive change. By driving progress in digital payments, asset management, lending, and decentralized finance, they are not only making financial services more accessible and efficient—they are also paving the way for a more inclusive and empowered global economy. Staying informed about their innovations can help you seize new opportunities and take part in the future of finance.

 

👀Things to know 👀

 

PayPal issued low guidance and warned of a “transition year.” The stock is down 8% in extended trading despite PayPal reporting a 9% growth in revenue and 23% EBITDA. Gross profit is down 4% YoY. PayPal's total revenues were $29Bn for the year

Adyen reported 22% revenue growth and an EBITDA margin of 46% for the full year. Adyen's total revenues were $1.75bn for the full year. The margin was down from 55% the previous year, impacted by hiring ahead of growth.

🤔 PayPal’s Braintree (unbranded) is losing market share in the US, while Adyen is winning it. eCommerce is growing ~9 to 10% YoY, and PayPal’s transaction revenue grew by 6.7%. The higher interest rate environment meant interest on balances dragged up the total revenue figure. Their core business is losing market share. Adyen is outgrowing the market by ~12%.

🤔 The PayPal button (branded) is losing to SHOP Pay and Apple Pay. The branded experience from Apple and Shopify is delightful for users; it’s fast and helps with small details like delivery tracking. That experience translates to higher conversion (and more revenue) for merchants.

🤔 The lack of a single global platform hurts PayPal, but it helps Adyen. In the earnings call, the new CEO admitted their mix of platforms like Venmo, PayPal, and Braintree are holding them back. They aim to combine and simplify, but that’s easier said than done.

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🤔 The "risk-based approach" has been arbitraged. A UK company with relatively low annual revenue would look "low risk" at onboarding. One business the FT covered looked like a small company at a residential address to compliance staff. They'd likely apply branch-level controls instead of the enterprise-grade controls you'd see for a large corporation. 

🤔 Hiring more staff won't fix this problem; it's a mindset and technology challenge. In theory, all of the skill and technology that exists to manage risks with large corporate customers (in the transaction banking divisions) are available to the other parts of a bank. In practice, they're not. Most banks lack a single data set and the ability for compliance officers in one team to see data from another part of the org. Getting the basics right with data and tooling is incredibly hard and will involve a multi-year effort. 

🤔 These things are rarely the failure of an individual or department; the issue is systemic. While two banks are named in this headline, the issue is everywhere. Banks need more data and better data to train better AI and machine learning. That all needs to happen in real-time as a compliment to the human staff. Throwing bodies at this won't solve the visibility issue teams have.

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What is XAH and Xahau?

If you're new to XRP, you may have noticed some of us discussing another network named 'Xahau'.

It's Like XRP ... But Different

The Xahau network was created in 2023, and its starting point was the open-source code for the XRP Ledger. A small team of researchers and entrepreneurs decided to add smart contracts to the network code.


The XRP Ledger has no smart contract capabilities, by default.

To integrate smart contracts, the team decided to use an architecture that includes 'WASM' or 'web assembly' code. Each account can have up to 10 'hooks' installed that are triggered for transactions that match specific criteria. They can run before or after a transaction is processed. This enables a variety of use cases that do not involve the need to change the network's core code.

Hooks

A 'hook' is what is known as a smart contract that can be triggered in relation to a specific account and its transactions.

The term arises from the programming world, where it generally means "code that runs based on triggering conditions." In Xahau's case, it indicates code that is run before, or after, a transaction is processed.
 
Each hook must be installed on a specific account by the party that controls the account - i.e., the secret key holder.
 
What Can XAH Do That XRP Cannot?
 
The primary benefit from the use of hooks, is that the core network code does not need to be changed every time a new use case is identified. This means that additional use cases can be addressed immediately, with no requirement for intervening steps, such as:
  • Community review
  • Community approval
  • Amendment voting
All of those steps are eliminated with the use of hooks; new use cases can be addressed as fast as the code can be developed.
 
To read more about how hooks enables Xahau to handle more use cases than even the XRPL, you can read this article:
 
Key Differences From XRP
 
Other unique differences from the XRP Ledger include:
  • Much smaller supply ~612 million coins vs. 100 billion coins
  • XAH hodlers are rewarded at 4% of their account balance. There are no rewards for XRP.
  • Governance participants are incentivized
  • Payment channels available for user-created tokens (IOUs)
  • URI tokens instead of NFT tokens
Who's Who of Xahau?
 
The list of those that are either founders, or closely associated with the founding organizations, is extensive. Here are the names of three organizations mentioned in the whitepaper, or their current moniker:
  • Xaman (a.k.a. XRPL Labs)
  • Gatehub
  • InFTF (Inclusive Financial Technology Foundation)
There exists a long list of impressive developers, architects, and technologists among the Xahau inner circle. But the three names that people associate most prominently with the leadership of the Xahau network are Wietse Wind, Richard Holland, and Denis Angell. The links to their 'X' accounts are:
 
Friend Or Foe?
 
This topic is one of the most contentious.
 
While Ripple, the company with the largest stake of XRP, showed interest in hooks early on, they ultimately decided to advocate for a different approach; the use of an EVM-based solution (Ethereum Virtual Machine) to handle smart contracts on the XRP Ledger. This decision was met with consternation by the Xaman team that had worked with them for several years to advocate for the use of hooks.
 
You can read more about the 'business politics' part of this topic here:
 
So how do Xahau fans view the relationship between XRP and XAH?
 
The Xahau team - and many of its community members - advocate for the use of a 'dual-chain' solution to implement smart contracts. This can be accomplished by the use of 'listener' software, along with native Xahau hooks.
 
A proof of concept, developed by Denis Angell, has demonstrated that bi-lateral communication can work with a simple approach.
 
From an economic standpoint, every chain that has its own digital asset is a competitor; but the simple way to think about Xahau, is that a 'bunch of XRP geeks' decided to implement smart contracts on their own version of the XRP Ledger.
 
The team emphasized transparency along the way, and initially received support from the primary XRP stakeholder, Ripple. They published Xahau as open-source code that could, in theory, be back-engineered and integrated with the XRP Ledger. You can clearly observe the team's idealistic mindset in early marketing mistakes, where they named their digital asset 'XRP Plus' in an effort to emphasize the way that they viewed their creation. While this resulted in confusion - and even suspicion - in its early days, the team quickly pivoted, and named their digital asset 'XAH', which became its ticker symbol.
 
Synergy effects between the two camps speak to a genuine camaraderie, with many Xahau developers being open and willing to help with changes to the core XRP Ledger protocol. You can find many examples of this open dialogue on the 'X' platform.
 
How To Purchase XAH
 
If you wish to speculate by buying XAH directly, it is available in a variety of convenient locations, depending on where you are located. If you're in a country that is supported by Bitrue, you can directly purchase or trade XAH by using that exchange.
 
On January 20th, 2025, Bitmart announced that it supports trading of XAH for customers in their list of supported countries; And in late March, another major exchange announced that they would be supporting XAH trading pairs: Coinex.
 
If you're located in the United States, you can purchase XAH directly from a vendor known as 'C14'. The xApp for C14 is located in the Xaman wallet.
 
XRP Ledger geeks can also purchase XAH IOUs on the XRPL Dex and then convert them to 'real' XAH using a Gatehub bridge. This is available in countries that Gatehub supports.
 
Which XAH Accounts Should I Follow?
 
On the 'X' platform, there exists two major community groups for XAH fans:
In addition to the Xahau notables I've already mentioned in this article, my advice is to take a look at who is posting in the above two communities. There are many impressive leaders and entrepreneurs included. You should be able to find multiple 'X' accounts that reflect your interests.
 
Xahau Development Roadmap
 
Xahau leaders have published a roadmap for 2025 that lists their various goals for the ecosystem:
 
To read a detailed explanation for each item, refer to this: Xahau Roadmap Super Thread
 
One of the most incredible waypoints listed is 'JavaScript Hooks Implementation.' 🤯
JavaScript!
 
With the 'JavaScript Hooks Implementation', Xahau is making history; it will enable anybody that knows JavaScript to easily create and install a smart contract. While networks like Ethereum are impressive early movers, they require developers to learn a new language and syntax.
 
Xahau will soon open 'crypto smart contracts' to a group of developers that number in the tens of millions.
 
Project L-10K
 
Project L-10K is one of the most important items in the pipeline. L-10K refers to the effort to boost the throughput of Xahau consensus to over 10,000 transactions per ledger! This will benefit hosted projects such as Evernode, and future issued assets. Heading up the effort is Richard Holland, who provided a progress update to the community in late May of 2025:
 
To learn more about this ambitious effort, you can watch his full presentation here:
The Future Of Defi And Payments
 
Once you've seen the extensive list of use cases that XAH easily handles, it's truly inspiring. Xahau is everything that you love about XRP, plus a long list of more things to love. ❤️
 
Be an early adopter of XAH and the Xahau network! Join the community groups listed and follow the accounts that seem to reflect your own interest - speculator, developer, or crypto fan. You have a place in our community, no matter what your background or interests are. Welcome to the future of crypto Defi and Payments
 
Sources:
 
 
NOTE: Payment channels for IOUs is currently in amendment status for the XRP Ledger, authored by Denis Angel here:
 
 

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