reSee.it - Tweets Saved By @realaxeIvasa1
reSee.it AI Summary
I’m seeing Bill Gates say digital identity is indispensable and that if I want to keep accessing my bank, job, and everything else, I must submit to their digital control system—or face a blackout.
@realaxeIvasa1 - West Coast Wizard
‼️BILL GATES DECLARES WAR ON YOUR FREEDOM: DIGITAL ID OR TOTAL BLACKOUT! Bill Gates just came out and said digital identity is now indispensable. If you want to keep accessing your bank, your job and everything else in your life, you must submit to their digital control system https://t.co/8NN3Ivryp3
Video Transcript AI Summary
Having the ability to save and transact should be universal, and traditional banking systems cannot achieve this due to the cost of bank branches and paperwork. Digital financial inclusion is already possible, with Kenya as an early example and more recent progress in countries such as India using robust systems, including technology they developed themselves.
The Gates Foundation’s role, as an advocate for people without access, is to ensure technology and standards—including open-source work—are available. It supports this through Mojaloop, a financial switch, and through a digital identity system called MoSIP. MoSIP is described as valuable not only for financial activities, but also for health, voting, and education.
Because there is not a one-size-fits-all solution, the private sector’s role is tied to what becomes possible once a digital money system exists. A wide range of services and applications can be built on top of the system, including health and education applications, agriculture tools, visibility into financial status, and guidance on whether someone should take a loan or buy insurance. The phone is presented as a low-cost way to interact with customers without requiring human activity beyond the means of people trying to reach services before they have accounts.
The effort is framed as ensuring developing countries benefit from the digital revolution, potentially before it reaches some rich countries with legacy systems where transitions may be slower than in places like China or India. The approach includes learning from what worked in China and India and making it easier for smaller countries to implement similar systems, working with partners such as the World Bank and the African Development Bank.
In this model, the private sector helps central banks create these systems, while phone companies, banks, and entrepreneurs build applications that use the underlying financial capabilities.
Full Transcript
Speaker 1: Well, we believe having the ability to save and transact is something that should be universal. And a lot of forums have adopted that goal. We won't be able to do that with traditional systems. That is the cost of bank branches and paperwork. It's just too high. But fortunately, starting with countries like Kenya, and more recently with a robust system in places like India, we see that you can have digital financial inclusion. India is a great example. They did a lot of their own technology, which won't be possible for other countries. And so the role of the Gates Foundation as an advocate for those who don't have access today is to make sure there's technology and standards, including open source work, that we're providing through the financial switch, which is called Mojaloop, and through the digital identity system, which is extremely valuable, not just for financial activities, but for health and voting and education, and that's called MoSIP.
Speaker 0: Since there isn't going to be a one-size-fits-all solution, what is the role that you see the private sector playing in being able to collaborate with different governments to ensure that we move forward?
Speaker 1: Well, once you have the digital money system, then there's all sorts of services and applications that can be built on top of that, whether it's helping with health or education or agriculture, giving people visibility into their financial status, giving them advice. Should they take a loan? Should they buy insurance? What makes sense? the phone becomes a connection for low-cost interaction with those customers that doesn't require human activity that would be beyond the means that people are trying to get to who don't yet have these accounts. So the digital revolution, which of course was where I worked before moving full-time to the foundation, here we're trying to make sure that the developing countries have the benefit of the digital revolution, in some cases before it gets to even some of the rich countries who have legacy systems that people are so used to that the speed that they'll transition out of them won't be as fast as say China or India that didn't have that history. And so it's really learning what worked in China and India and now making it easy for even smaller countries to do this, working with a lot of partners, including the World Bank, African Development Bank, many of them. So private sector will help these central banks create these systems, but moreover, the phone companies, the banks, and the entrepreneurs will build applications that use these financial capabilities.