Agau.io Founder at the United Nations: “DLT will Decentralise Central Banks and Governments”
During the e-commerce week 2018 held by The United Nations Conference on Trade and Development (UNCTAD) TARCO International’s founder Thierry ARYS RUIZ participated in a number of discussions.
As a Libertarian, It was an interesting exercise to advocate blockchain and decentralisation in the United Nations’ building.
During his remarks, TARCO’s founder questioned the BIS (Bank for International Settlements) about the monopoly of money and the decentralisation of central banking.
AgAu.io one of the flagship projects of TARCO International aims to do just that by adding intrinsic value back to currencies and therefore compete as a superior form of money.
Monday, 16 April: How to overcome barriers for Cross-Border payments
The meeting was attended by Master Card representatives, NGOs, United Nations Delegates and Cristina Picillo, Member of the Secretariat of the Committee on Payments and Market Infrastructures, Bank for International Settlements.
“I think since the latest banking crisis there has been an increasing distrust of Government and Banking institutions including Central Banks. I personally believe that the blockchain will desintermidiate governments and central banks regarding their monopoly of money”
During his intervention he questioned the BIS (Bank for International settlements):
What is your opinion regarding desintermediating Central Banks since their decisions have been subject to mistakes?
UNCTAD: E-commerce week: How to Overcome barriers in cross-border digital payments
The Mexican born founder of AgAu.io — Thierry A.RUIZ shares nationality with Agustin Carstens current General Manager of the BIS. In a separate statement, Thierry said:
I thought it was interesting to ask the BIS considered to be the central bank of central banks their opinion about future decentralisation rather than the increasing centralisation of the monetary system we have seen over the last decades… Many people would agree that central banks have made mistakes in the past – principally due to their market interventionism to suppress business cycles , therefore, creating an ever increasing bubble after bubble ultimately creating systemic risk… The gigantic amount of leverage that has accumulated in the fiat monetary system makes the system more vulnerable to small cyclical shock in the future. I believe with the new technology available, distributed ledgers and smart contracts we can create a more resilient system.
The distributed ledger system allows us to create a cryptocurrency capable to emulate a digital gold standard for the same practical reasons we used pieces of paper and not the heavy metal before the 1970’s.
Blockchain and Smart Contract Technology allows AgAu.io to build an immutable rule of law to make sure that no AgAu token can be created without it’s physical backing and this way add a layer of security by publishing the audit and allocation of the bars on the public blockchain.
This way we ensure that no party can arbitrarily devalue the currency therefore allowing for true wealth preservation.
Wednesday, 18 April : Public-Private dialogue to drive e-commerce
In a separate intervention about Public-Private discussions, TARCO’s founder questioned the intentions of the public sector by asking:
What does Public-Private collaboration means? Does it mean picking winners and losers or does it mean allowing more competition within the private sector?
In the book Atlas Shrugged by Ayn Rand, the author explores the dangers of crony-capitalism by pointing out the negative effects of regulations when oligopolies influence governments in order to stop free market competition — a concerned voiced during Thierry’s intervention.
UNCTAD: E-commerce week: Public-Private dialogue to drive e-commerce
“The free market through Blockchain technology is responding to many deficiencies originated from governments.”
Cross-border payments: Governments have created so many banking rules that it becomes impossible for startups to compete due to compliance costs. Many remain unbanked in developing countries. Many people don’t even have an address so they cannot comply with AML/KYC and stay outside the banking system. With Blockchain and GPS people will only need a mobile phone to trade in AgAu Tokens.
Taxes: confiscatory levels of taxation in some countries are so high that the free market has provided Blockchain technology with anonymity and people start to reject taxation altogether.
Rule of Law: we can now create Smart Contracts for which the code is law and that law is immutable and it guarantees that the rule of law will be applied as opposed to a rule of influence.
Embargos: we have seen embargoes based on subjective political reasons while people want to trade in peace particularly in emerging countries.
“Even though we can disagree ideologically on how to implement solutions, we can find a common ground on what is our common objective. People have to speak truthfully about their intentions and come to thoughtful disagreement in order to allow progress and get closer to the truth” said Mr.ARYS RUIZ quoting his favourite book PRINCIPLES by Hedge fund Manager Ray Dalio.
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