by Marvin Dumont
Hong Kong is among the top 10 wealthiest jurisdictions in the world with GDP per capita of $56,500 (USD). The city of 7.4 million residents has a laissez-faire economic policy.
The government gets out of the way of private enterprise. Thus, Hong Kong enjoys less regulation, tariffs, subsidies, and other centrist intervention.
India, on the other hand, has dysfunctional central planning at national and local levels. Its central bank and national authorities are preventing innovation such as crypto adoption.
As a consequence, poverty is widespread in the nation of 1.3 billion people. The late economist Milton Friedman said that India can unleash prosperity by adopting Hong Kong’s approach of greater economic freedoms. Because people would work smarter and harder to gain profit, and to avoid losses.
That doesn’t happen as much in regulated environments because when a politician or bureaucrat prescribes a stupid rule, it’s not their money that’s on the line.
Anonymous, non-sovereign cryptocurrencies such as Bitcoin (BTC) and Apollo (APL) help consumers to voluntarily exchange assets, and to pursue financial and business decisions based on individual interest. The invisible hand of the market enables participants to prosper — being free of government intervention.
Central planners aren’t able to impose economic costs or irrational rules that aren’t aligned with what’s best for individuals. In other words, a frictionless Web 3.0 economy can function efficiently.
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Apollo is an all-in-one privacy currency that operates on an unregulatable platform. APL’s features protect users’ identity, location, transaction details, and source of funds.
Unfortunately, some countries — like China — seem intent to make blockchain a tool for monitoring and tracking everyone’s transactions.
Dovey Wan, a partner at Primitive Ventures (a crypto asset investment fund) recently wrote on CoinDesk:
It may seem incongruous that blockchain technology, initially introduced under the ethos of censorship-resistance, is now being used by central banks to further centralize their financial power.
Anonymous, non-sovereign currencies like bitcoin or privacy coins become increasingly important in an environment where government money is closely surveilled and controlled …. Ironically, projects such as China’s, in which governments aim to concentrate control over money, could foster greater competition from private systems of money such as bitcoin.
Governments can act immorally and unethically. Some want to coerce or force people into disclosing their financial matters. There are ways around that.
Apollo (APL) all-in-one privacy currency combines features of mainstream cryptocurrencies in a truly private and unregulatable platform. With two-second block speed, APL is one of the fastest cryptos on Earth. The privacy platform lets “Apollonauts” transact and send data anonymously via Encrypted Messaging, Private Ledger, Decentralized Exchange, IP Masking 2.0 and Coin Mixing. Learn more at www.apollocurrency.com