NEW YORK, October 18 (Korea Bizwire) – Recently, there has been a lot of activity in the digital currency and proposed CBDC space, with several entities around the world discussing possible ways to create a functional global digital currency and retail CBDC.
The range of entities trying to figure out how to move forward in this area includes cryptocurrency companies, social media companies, payment companies, consulting firms, commercial banks and central banks. – some of them working together in groups and alliances.
To date, they have not been able to create a prototype instrument to fulfill the role of a global digital currency or retail CBDC – while Webtel.mobi (“WM”) has created, tested, undergone due diligence and implemented a fully operational global digital currency and the equivalent of a global wholesale and retail CBDC.
One of the reasons for this is that none of the entities in these other disparate industries have the specific kind of infrastructure or multinational experience required to even holistically review – and then plan – the infrastructure, components and systems required. Additionally, the regulatory hurdles faced by entities in these industries to achieve their goals are nearly insurmountable.
However, there is an industry – and a group of companies within an industry – that not only has the deep experience, infrastructure and capabilities to achieve these goals; they already have about 50% of the operational infrastructure, processes and systems in place to do so.
This sector is the multinational telecommunications sector, and the companies with the ability to succeed in the creation of global digital currency and CBDC equivalent are the large multinational telephone companies such as AT&T, Verizon Communications, China Mobile, China Telecom, Nippon Telegraph and Telephone. , Deutsche Telekom, T-Mobile US, Telefonica, Orange, Comcast, América Móvil and the Vodafone Group.
They currently lack the global coverage of WM, nor the other capabilities of WM that enable the provision of functional, convenient and operational global digital currencies and CBDC equivalents. However, they have the experience, the infrastructure and the ability to make it happen in the future – much faster than companies or entities in any other industry.
Some of the reasons why multinational telecommunications companies have a strategic advantage over all other companies and entities in other sectors are as follows:
With their decades of experience in roaming agreements and multinational operations – multinational telecommunications companies already have the experience and expertise required in multinational operations and markets – as operational companies able to implement implements multinational business models with skill and professionalism.
Multinational telecommunications companies already have extensive experience in anti-fraud, anti-money laundering and other stringent business requirements that operate according to traditional requirements of traditional and mature enterprises.
Multinational telecommunications companies have all the necessary communication capabilities in-house. This means that all relevant system processes, including all text message submissions required for multi-factor authentication and other requirements and checks, can be done internally without external dependencies.
The regulations applicable to the telecommunications sector allow multinational telecommunications companies to achieve the required objectives without having to leave their sector. In fact, they are the only ones who can do this on a global scale. Some of the facilitating factors are:
- Multinational telecommunications companies already have functional operational facilities for receiving and loading customer accounts of “stored credit” / “stored value” from prepaid telephony customers – and in various currencies. It’s one of the critical components – and it already exists in their systems. All that needs to be done is to create a members-only subsidiary, so that the operations of this subsidiary become “closed-loop members-only” and non-public. This allows the Company to set limits on the amounts of “Stored Credit” / “Stored Value” deposited – based on its own internal risk management assessments (combined with documentary requirements for “Stored Credit” / “Stored Value” stored”, anti-money laundering provisions and other similar provisions already operational in their systems)
- Multinational telecommunications companies already have functional operational facilities for the transfer and receipt of “stored credit” / “stored value” from one customer to another – including from different countries. This is another essential component that already exists in their systems. Again, all that needs to be done is to establish a members-only affiliate to create a closed-loop members-only system, which again sees limits on the amounts of “stored credit” / “stored value” transferred and receipts capable of being set by the Company – based on its own internal risk management assessments (combined with the documentary requirements for the transfer of “Stored Credit” / “Stored Value”, anti-money laundering provisions and other similar provisions already operational in their systems)
- Multinational telecommunications companies already perform internal currency conversions due to their multinational operations. This may also be provided to members for use in a closed-loop members-only affiliate. This is another basic component that already exists.
- All major multinational telecommunications companies are already hybrid combinations of telecommunications and technology and are busy implementing artificial intelligence components in their systems. Therefore, they have the ability to develop the Complex adaptive systems which will allow already existing core components within their telephony and telephone support systems to become dual-use facilities and function in roles equivalent to the global digital currency/CBDC.
There are, of course, many other technological, business structuring, legal, regulatory, jurisdictional, security and other requirements that must be met before a multinational telecommunications company can move from multinational to global with respect to the access and provision of services, and to achieve the situation of providing digital currency and CBDC equivalents (or alternatives) operating globally. To achieve this, it will take them several years.
However, although they still have a relatively long time to achieve this, they – with their existing infrastructure alone – are so far ahead of other sectors that it will take them half the time – or less – to reach these goals than they need. any other entity in any other sector. In addition, the commercial spinoffs related to the achievement of these objectives are well worth the effort given the volumes and market values that then become accessible.
Webtel.mobi has already achieved these goals – and the fact that it has is proof of the advantages that telecommunications companies hold in this field.
Webtel.mobi will remain without any other entity as a competitor in this field for the foreseeable future, but when other entities achieve these goals, it is very likely that the first to do so will also be multinational telecommunications companies.
As stated in the March/April 2021 evaluation document of Webtel.mobi by global consultancy firm Frost & Sullivan:
“Since the early days of the Internet age, when the possibility of ‘borderless’ global business operations became a possibility, telephone and e-commerce companies have been in a race to try to achieve a complete convergence of their services.
Full convergence in this sense refers to the situation where a company in one of these sectors reaches a point where its services are able to cross into the other sector – in an extended way – to produce a company with services that cover the entire spectrum of global communications and global e-commerce on a single platform.
While there has been progress towards this goal in the telephony and e-commerce sectors, these have so far mostly succeeded in expanding services in their respective sectors, but without achieving crossover.
It is with this objective in mind that Webtel.mobi has focused its activities since its inception, and its Platform 2 product has now reached the crossroads between telephony and e-commerce on a global scale.
Therefore, it can be said that it was the telephony sector that won this raceWebtel.mobi being the first telephony company to fully transform into a fully integrated global telephony and e-commerce platform, which is also the convergence of Internet of Things and Artificial Intelligence.
Nick Lambert: [email protected]
Convergence of Artificial Intelligence and the Internet of Things:
Achievement of Convergence by WM (Page 14):
Frost & Sullivan:
WM System Capabilities Video:
WM System Capabilities Research Reports:
WM TUV Digital Currency Features:
WM “TUV Secure” Digital Currency:
WM “Smart TUV” Digital Currency:
https://webtel.mobi/pc (Tablets / Laptops / Desktops)
https://webtel.mobi (smart phones)
https://webtel.mobi/wap (pre-smart mobile phones)
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e894d6ae-0775-4e18-a03e-1148691a4e56
The photo is also available on Newscom, www.newscom.com and via AP PhotoExpress.
Source: Webtel.mobi (Holdings) Limited via GLOBE NEWSWIRE