A Sovereign Individual, Business Entrepreneur, and Government Story
Lets imagine a white label SDKapp that each local bank and financial institution brands on it including the local government brand
Resident/user opens up their preferred app from their chosen institution wallet branded app.
They create and backup of their 12 or 24 word passphrase for backup and security enable pin and bio fingerprint etc.
Establish API connectivity to their local institution and provide proper KYC for AML purposes and compliance.
Transfer Fiat currency to their account based wallet via API to initiate a swap/transfer to the country local CBDC, lets say Curacao digital Guilder CBDC.
So now you have say, 100 digital CBDC guilders (lets call this the dCURC) balance, you then decide to go to the local supermarket to get some “wine” so you spend let say 25.00 dCURC at local supermarket (basic functionality.)
Now you add say #BTC token or wrappedBTC etc. so your balance is now 25.00 BTC and 50.00 dCURC basically multiple fiat currency and crypto currencies in the same wallet branded by your local Bank.
Now you decide to purchase say $25.00 USDC a US jurisdictional based stable coin. You acquire at an exchange after KYC for AML use that $25.00 USDC stable coin.
Then you purchase at Amazon or pay for rent of your son/daughter room and board living in the US or the EU with this stable coin that confirms within minutes of transfer form your branded wallet app provided your local bank.
The Curacao government will be able to receive reporting on these transactions in real time for their accurate tax initiatives and the banks will be able to comply with regulators in real time too.
No need for expensive data centers luxurious water falls in central banks with fortified walls to secure some unknown physical asset like Gold/fiat guilder etc. Only security needed is private multisig private keys geographically (jurisdictional based) securely stored on a decentralized cloud infrastructure on HSM enclaves.
By the way.
This setup architecture applies, and is feasible for individual, entrepreneurs and organizational not only the elite government bloated bureaucrats with old fiat currency, but to the regular individual on the road can also achieve sovereign individual status.
The only part that is required for the legacy financial institution to participate is open banking or API based functionality.
Just look at what is happening in Venezuela.
