More articles online are appearing that suggest governments and the banking industry will be instituting their own digital currencies. China has already done this. With the advent of Bitcoin, Ethereum and now many other altcoins all hoping to take a bite out of the emerging ecommerce opportunities, I think it is unlikely that crypto will surpass fiat or replace the banking industry all together as some have suggested. In the U.S., some states are now requiring money transmitter licenses for the purposes of engaging in crypto transactions, my home state of Connecticut being one of them. As of today, there are several crypto exchanges permitted to conduct business in the state. And while Ct doesn’t appear to be currently enforcing an individual to maintain a money transmitter license, you are authorized provided you conduct transactions with one of the approved exchanges. Although the Safex blockchain is decentralized, the TWM wallet and marketplace will operate in a more centralized fashion to ensure honesty and integrity so that merchants and consumers can operate in an ethically safe environment. I wonder if it would be prudent for the xCalibra exchange and the TWM to eventually pursue regulatory agreements to operate legally in Connecticut or any of the other 49 states.
This raises another tired question. How will $SFT, $SFX, Safex blockchain and the TWM fare if governments and banks decide to issue their own digital currencies? With Bitcoin over a trillion dollar market volume, Ethereum, and several other altcoins not far behind, and other decentralized anonymous marketplaces occupying the DeFi space now, how does Safex compete with that? Realistically speaking, it remains to be seen what to expect from the Safex project if and until there is widespread use occuring as seen thru the TWM wallet. Perhaps optimistically, digitalcoinprice.com has forecasted growth for $SFX as seen here:
Unfortunately though, much less so for $SFT:
Given all the hard work and accomplishments thus far, could the development team share their thoughts on how Safex and the worldmarketplace will hope to stay competitive and thrive in the years ahead?