music content things i think it is a boom boom in entrepreneurial country with a young population who took to bitcoin readily because it superseded all of the banking infrastructure that nigerians had been blocked from using the international banking sector and also banking between countries between african countries just moving money from next door to a country is almost impossible all over the continent of africa and once bitcoin unlocked the entrepreneurial ism oh the nigerians we saw a boom in that economy and we saw. something that nobody had expected and that is a way out of a lot of the interference that comes from outside nigeria and i want to point out i had mentioned that nigeria is a huge oil producer and i say these photos to avoid any copyright issues this is

just google images of flaring flaring so they flare which is a total waste of the opportunity of that you could have used that energy to create value. and now because of bitcoin you could actually capture that energy and convert it directly that flaring no longer needs to happen thanks to big coin and big queens very close to send relationship with energy and energy consumption so you can capture that and directly into bitcoin so like they lose so much money from that that's not only causes eat environmental disaster but it wastes money the government of nigeria like individuals they they have a problem when it comes to bitcoin because it doesn't fit any model that they have ever seen that they've ever been used to figure out how to run an economy and at

1st there's resistance and then they notice that their paper money it becomes increasingly worthless and that's true of all paper money is spent so far 300 years of money goes to loss of 99.9 percent of purchasing power without exception and now what smart individuals are doing and smart corporations are doing and increasingly now smart countries are doing is stockpiling because by using flaring gas rigs to convert it into the hardest money ever known in human history that is and because so it's it's a bump in the road but i trust that eventually the. the smart enough codger area of folks in the country will will 12 figure this out of course you can't ban bitcoin as a thing all they could do is ban banks from taking fee out. or u.s. dollars are also use there and converting it to using any company that uses that so you're likely to just cause a whole stampede out of both the u.s.

dollar which is happening anyway and your own currency so as u.s. is the hardest currency of all but importantly you know that u.s. financial grid where all trades have to settle even for a 2nd in dollars you know we saw bank perry bought a france caught up in that because of doing trade one company in france during lunch for a company with in iran they got fined a $1000000000.00 in the us for like that we had nothing to do with us other than for a fraction the 2nd has to get converted to dollars so most of your most of africa is cut off from the financial grid anyway because it's not worth the k y c and now for the u.s. banks to even bother with dealing with with africa and even if it is then it's like it's not just like direct between banks it's like between 3 or 4 banks that have to go jumping between correspondent banks so as a cost so what we found is that nigeria is now the number 2 between market on this fast growing global marketplace this is

a story from the mainstream of courts sort of press in the united states they were talking about paxil and this was in december so nigeria by far over the 345 and 6 in the in this list where like huge volume of trade happening because of bitcoin and why it was well it's mostly to do with international trade because they're not able to access any dollars to import there's a huge import business from japan in particular for used cars but they couldn't get any dollars and then they found decline and they started using decline for trade which is what like that's what the international settlements layer is supposed to be about well you know it's heading for a very interesting showdown. you know here's a fact with because anyone can transact with anyone and anyone can store value which is on confiscated ball on confiscated all from any state on confiscated ball in any context one of these countries where the government tries to quote unquote

ban decline they're going to find that their population essentially ignores the government and wants to have president assessed then we're going to see that like dominance central banks all over the world will start to realize that they their notes are no longer needed as the horse and buggy era something new is come along but you and i have been pointing out for quite a long time now that it's a lot of the things you're seeing in the global economic and financial systems are due to a declining empire this is happened like 18 times in recorded human history of an empire collapsing and that's always an opportunity for all the other countries of the world to escape that system right so you can use this opportunity because being is going to be replace the u.s. dollar in the global financial as a settlement layer as a unit of account your people already figured that out like they're way ahead of

the of europe the u.k. of australia of the united states but nobody uses that as a unit of accounting yet but the nigerian people do because they need to because of necessity but why not try to pull them back to the horse and buggy as they say like why try to drag them back especially in the future china is going to be the number one trading partner anyway because china doesn't use the u.s. dollar system as you know they're trying to break away from it. they want free trade that's all they care about is just free trade so i don't understand why they don't just like foster this like plus here the oil age is almost over so like you've received a lot of hard currency in a u.s. dollar system it's relative to the rest of the currencies the hardest current currency of all so like use that as an opportunity to launch yourself into this next phase because you know it's open it's up for grabs who's going to be the but the fastest horse in the fastest horse race right now i'm not worried about taiwan

because what's going to happen it could be united's area or will be nigeria or brown china venezuela a lot of these countries pakistan that are now an experiment thing with bitcoin in a big way what will happen is that the countries will attempt to ban and the population will simply sissy and they'll use it anyway and what that will do the response of the government and this is beautiful is built and it's a big claim protocol it's almost divine i think it is divine the government in response will print morphia money and that only drive the price of big claim higher and drive more people into becoming so they're trapped in a bit of a chinese torture trap you know the 2 fingers are in there and you can pull it out the nigerian government this is the 1st step down or that this step had to happen but now now what also has to happen is that people are just going to say well you know what we don't choose to recognise that and we don't need to well ok this is the headline from 2018 oil rich nigeria outstrips india as

a country with most people in poverty so number one in the world for the absolute number not relative number but absolute number of people in poverty a nigerian one of africa's 2 wealthiest economies has overtaken india as home to the world's greatest concentration of extreme poverty amid warnings that the continent will host 9 out of the 10 world's poorest people within 12 years there are 8. 7000000 people and nigeria living an extreme poverty because of twofold because the oil curse right the resource curse but can tell in effect so that's what you're seeing bitcoin destroys the capital in fact you want to help lift these people out of poverty we know everybody has seen that the people of nigeria are some of the most entrepreneur on the world so you don't you know all you have to do is get out of their way and just give them a hard currency bitcoin that is permission list so they don't have to you know all

of africa suffers from this problem is. very very permission financial grid that they're cut off from so they make it seem like it's a meritocracy like it's free trade and globalization for all well just try to trade right try to get anybody to accept your currency try to get anybody to allow you to have banking facilities to pay that car dealership in japan. like it levels the playing field for all right well as 87000000 in extreme poverty this is actually a huge bonus because they were 7000000 people have nothing left to lose and the government will not be able to paper over that by one of the money prints or go and the people will simply say well you had your chance you made us poor now are leaving you by government. in the last 5 years nigeria has treated $60215.00 bitcoins valued at more than $566000000.00 which

apart from the us is the largest volume worldwide on paxil a leading peer to peer bitcoin marketplace the data from coin dance shows from the beginning of may 2015 to the middle of november this year because in trade in nigeria has increased yearly at least 19 percent and volume since 2017 and the highest volume was traded in 20202020 because of cove it be. because of the lockdown because of the crash and the velocity of money because they were cut off from the grid of the financial world especially the western governments which are all in lock down well nigeria's not a lot speaking of pax still let's take a break and when we come back talk to the c.e.o. of pax paul don't go away.

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us book deals on miles on a pull on them because i'm a lead and they are afraid. and i show him the national association. said the community into and out of it all small little bit so it is. not a given. oh the dishonesty in the nose you know help me get the feel of a good. shot and now i know when i'm up to my name yeah that. was a pandemic no certainly no borders just blind to nationalities. as

americans we don't observe the we don't look back seem world peace think. people. judge you. 2 come in a crisis with the sentencing laws. we can do better we should be doing better. everyone is contributing to your own way but we also know that this crisis will not go on forever the challenge is creating the response has been much so many good people are helping us. it makes us feel very proud that we are in it together.

welcome back to the kaiser report imax keyser time out to go to re-assess face the c e o of pax well re welcome to the kaiser report appeared max finally gets me through yeah launch on follower and i glad to get it on now tell us about paxil what does the company do and tell us also about the focus on africa that's means peace among . the peaceful memory calls when you believe the oldest moments when he says i'm committed for a more peaceful world so bestial sort of 5 years ago with my co-founder in the ground very 1st because we meet up school we bonded over the fact there was a belief rather that the queen could be used as a means of exchange news of trig to help a little girl and that's where we're here we sort of believe people should have the system for the. social freedom issue that's just the room and they should have

asked for permission for it yeah interesting packs a pace they met the equation a making there and we often say that money is backed by as potro going to new york times as men with guns you know there's a direct connection between a war in fayette money and that what bitcoin wastes a kind of a trend toward more peaceful interactions because it. bitcoins being on confiscated all he cannot coerce somebody into getting are stealing their bad clients now let me ask you about africa more generally i understand in nigeria as the 2nd 2nd only by the united states in terms of bitcoin penetration what's your experience there in terms of volume velocity i'm hearing really that nigeria is leading the world in a lot of ways us going hyper big point is asian up to 30 percent of the population as

a singer who is using it what's going on there right well we opened up for 2 worms right there so bustles a leading group of prince who are changing more race in nigeria it's our number one merchant that jumps out of the united states by a year ago it's him on the ball you can see are volumes are we consume one point on this 100 year in the entire world live you tens of millions go through there or be reached so nigeria is an incredible place them telling people the materials next america have been saying that for the past 4 years or new been laughing in the entire islam this little thing but things are going to start showing insights 5 years ago when the out of service rule out that some number of sugar because you know it's a bit after one week $2.00 a day to really be able to have sort of a point but buzzwords of the future when the peoples of our done especially their interior. notching the tallest would be the corn. and this it doesn't have to be a way for us for starbucks all. they call it is

a means of exchange and been passionate about turns big corn into a reversal translator and transporter will give you some examples if you'd like but biskit any form of money in the world can be converted to any other form money to the nigerians especially obama administration he used for example someone let me an odd look at us a relative in california to buy them a gift called code with cash right so namibia farkle to take the give car code he saw and. someone in china from declining to take the big on this so it's all in nigeria and they get a bank transfer locally from their ranks non-so their hands but they basically did was turn a new as the give or into minority of benjamin's from. to peer to peer transfers any form of money can be true and you know that this is amazing the implications for payments for millions for almost any use face imaginable and the nigerian people are also very ingenious they figured out almost any use i can give you some

more examples as well but wealth preservation is another great use case for major major narya has been under attack as we've been with the principal victims of the currency wars now many people talk about this but this is a real say you know nigeria is the leading economy in africa and we all know what africa has been through these past 100 years in financial apartheid has shown no signs of letting down and ultimately what council does is a tool against financial apartheid a sure not a p.r. problem so not to use the word reframes as controversial but that's what it is if you look at. the obstacles the blockades against the peoples of africa their money is not as good as our money in the western golden circle of finance and they have to wrestle with that for an african to make a payment in china is nearly a nightmare to take us by u.s.d. on the black market go through 4 or 5 rings and then finally they get it hong kong gets to china you lose 2 weeks of time 4050 percent if you can do it all or they

can just go on to power and so the big when someone who do an hourly pay transfer for them the deal is done and businesses are stored is beautiful so so long when the question lands or for a long time tough question but nigeria's absolutely blown the united states away considering the amount of money at play here and the sheer energy to play nigeria is like orders of magnitude ahead of the united states in terms of adoption the sheer intensity of adoption is it's remarkable now probably financial apartheid and i often is the phrase interest rate apartheid to describe an ally ship or train as a compiler 0 percent and other people are forced to borrow 81622230 higher percent but this nigerian story is fantastic because. they've been cut out of the banking system for decades and africa is typically where few other countries go to steal wealth and yet we've got an incredibly entrepreneurial country with nigeria

everyone is you know out there making you know if you well and that's incredibly entrepreneurial and in the us they seem to and other countries seem to be falling back to more of a center ship round controlled command and control economy and they see air bitcoin because it's a challenge to paper money and money you know there's a race going on right now different countries are looking at big corn in different ways i and i liken it to the sputnik moment when soviet union put that satellite up in orbit and suddenly america was in the space race it seems like right now the question is not will governments regulate big coin the question is which government is going to dominate in that bitcoin lead 21st century and my bet for last year so i'm i've been saying this a lot is nigeria nigeria is the lead the lead horse in this race they've got the entrepreneurs' they've got the urgency because they've been cut out of the banking

system for so long now they're free finally to transact do business and it is that. a good way to look at it. and i want to dig into a little bit more here so it's already a unit of account in nigeria that is to say bitcoin they're already thinking in terms of bitcoin it's become hyper because it has ation over there. they do a lot of import export on used cars partly due to the cove it and partly what the u.s. banking regulation. that used car business is a big business own just to keep on this topic a little bit dig into how that all works sure so presume some years you. will bring be a lonely jury in. nari out as u.s.d. and you're right it was a once hold on to the euros and you as the a for themselves to buy weapons miracles wise whatever what happened was this whole industry wanted noise and i'm sure there were buying used cars in detroit and so on

and will reside here it's make or anywhere from 100 to 400 percent profit you couldn't do their business and so all these guys keen on line in the country because inch and they had no way to really buy because it was no colin bass in nigeria right there was though there was always of the changes went around back then right there was only possible when i would talk to each one of these guys and ask why you can forbid coolies i don't know i just i'm looking for anything that can help me restore my business i thought oh no problem when i buy a car in detroit buy you know it's 4000 bucks by 4000 bucks with a big quote and gone to pass will sell it to this dude in america and ask him to make a bank transfer for you from his bank account to the auction house bank accounts which upload the invoice for him and they were like no way this is a scam they tried it word boom their business was or sort they could get across this this internal blockade that their own central bank put on them for you know whatever reason was it was sternal pressure from the currency wars and their

business was restored and there's so many examples like that you know for example in nigeria if you have a debit card and you have a lot of money in the account they limit you to $100.00 u.s.d. that you can spend online per month you're not even buying an x.-box so for every little every single op school limits or blockade in the way of nigerians they have found a way around it with peer to peer and because it was literally gives them access to every financial network in the world and in fact if i give you a look at his a little touch of the story should so 5 years ago when we got to nigeria the price of because anywhere from 40 to 60 percent above market no one knew how to get we knew we had to get big points into africa and we knew i know jerry was the gateway to how do you get because in to ask our are they going to pay for it. you know how do you get money out of nigeria that's a huge problem that whole corporations have been set up to fix we had to figure that out 1st so what do we do you know cal beams we're in the answer you have to buy $10000.00 tons 10 tons of crude albion's

a $10000000.00 be able to get them other countries we have to find something else what we found 3 shown to digital. that we could give nigerians to export for because the digital as it was gift carts. connected nigerian gift card sellers to chinese gamers and that is a trade route the god of all the 1st break into africa that's a fascinating story it's a fantastic story it shows a triumph of trade peaceful trade a loving tray and enabled by because it's our secondary monetary velocity a consequence of all this trade in other words as the big quite phenomenon spilling over to generally greater g.d.p. growth and nigeria wouldn't be able to say it would be able to say right now but we see the big rigs certainly spilling over into other countries surrounding nigeria like donna for example like kenya like south africa like cameroon is really blowing up on paxil so people are certain to figure this out i mean when you look at africa

it's an amazing concert but there's you know there's 2000 payment networks in africa and only 3 percent of them talk to each other so any money from one country to the country next door is a nightmare with their banking system is you just to go on a plane with a suitcase full of cash and here comes before it solves the problem of cross border payments whether there's remittance whether it's a corporation peeing its v.a.'s whatever it may be it is an absolutely housley indispensable tool for the ingenious african people tell us about some of the projects have got going how you're building schools what's what's going on there yes sir her mission is to build 100 schools in the next 5 years in africa in the emerging world we're also building wells so it's not just a pipe dream we've actually finished our 4th school we started in rwanda with 2 schools there for 400 students and we don't just build schools and forget about them we continuously of going to schools we had a clinic solar panels sports fields all kinds of things or schools it's almost like

a game of sin city for me you know in 2017 up in the ballroom was going to mean a co-founder outside it doesn't exercise what are we going to do with the. we're going to buy lamb bows we decided to build schools and wells in africa the merge world the reason why i did this does a long story but to macos cut it short i was in new orleans when the hurricane katrina happens when i actually came there the 1st day the city was open was i want to help an illusion rebuild the 1st school to open up in new orleans because a school opened up us all the police and fire department could come that was at a place with social initially a city actually opened up so it showed me the power of education to be able to sponsor and promote career development so there we built to the core in 100 schools and we're just getting started our for school just finished in nigeria and to do in the state we're going to be opening up soon you're invited next hour ask them count me in raise surf c.e.o. of paxil thanks again i report thank you so much next hour and that's going to do

it for this edition of kaiser report what's made next kaiser and stacy herbert want to thank re you staff c o f pax hall and so on next time by all. knowing what's that in the. blog. blog. about it in a can not or cannot who are bad guys and a bad national pharmacare cannot deny. not just us but you know someone else i belong. to him a letter and i am about to come. in our national association.

doesn't know how to set the community. but i have it all small a lot of the so it is. does. the salad you. feel good. about. the reality something like this the state of things as they actually exist as opposed. to say the least this is a philosophical definition in politics or is there one political reality can and should one be enforced. in the end use a ministry of truth. gold

rush is underway and gone up thousands of workers are flocking to the gold fields hoping to strike it rich. as. children are torn between gold. was very poor at. best get back to school which side will have the strongest appeal.

thank. you. the head of the u.k.'s parliamentary health committee admits mishandling the coded response while prime minister boris johnson reveals the country will need it to vaccinate all over again in the autumn. germany extends its lock down to march amid fears of new viral strains while the government admits it was too slow in its response to the 2nd wave of the pandemic. and china bans b.b.c. world news accusing the t.v. channel of false reporting on muslims a week after british regulators revoked a chinese network's license.