In a world where large financial institutions influence the global economy, bitcoin stands out as a force for change, driving forward inclusion and diversity in the financial sector.
At its core, bitcoin represents more than just digital currency; it symbolizes a departure from the age-old financial structures dominated by a few large entities and families. These gatekeepers, often criticized for consolidating wealth among the elite, have perpetuated a cycle that extracts wealth from the economically disadvantaged.
Contrary to the centralized control of traditional banking, bitcoin enables direct financial exchanges without intermediaries. It reduces transaction costs and opens up access to financial services, especially for the unbanked populations worldwide. This is not just theoretical; it’s observable in real-world applications and initiatives that illustrates bitcoin’s potential to revolutionize how we think about and interact with money.
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Enter Fedimint and Cashu, innovative projects that reveal bitcoin’s capacity to strengthen communities by equipping them with the tools to establish their own decentralized banks.
Fedimint leverages bitcoin to create a community custody and financial inclusion protocol, enhancing privacy and security for its users. By pooling their bitcoin holdings, communities can form a federated mint, operating on collective consensus. This model not only bolsters security and privacy but also instills a sense of community ownership and financial autonomy, a contrast to the hierarchical nature of traditional banking.
Similarly, Cashu builds on bitcoin’s technology to further decentralize financial power. It provides a secure and private platform for individuals to manage and transact in digital currencies, challenging the longstanding dominance of overbearing financial institutions. Cashu and Fedimint show the move towards financial self-sovereignty, filling the void left by traditional banks that have failed to cater to the masses’ needs.
Unlike traditional cooperative bank setups, where bureaucratic hurdles and regulatory gatekeeping can limit establishment and access, Mints like Fedimint and Cashu offer a groundbreaking approach. They remove barriers imposed by paperwork, governments, or traditional banks, democratizing finance in a way that allows anyone to participate. In this model, the community itself becomes the bank, representing the principles of decentralization and collective ownership.
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These initiatives stand at the forefront of a broader movement to challenge big banks and the conventional financial establishment. This signals a redistribution of power within the global economy, marking a step towards a decentralized and equitable financial future.
The impact of bitcoin extends beyond the philosophical and into the practical, especially in emerging economies plagued by financial instability and inequality. In Venezuela, for instance, bitcoin has emerged as a critical tool for citizens battling hyperinflation, offering a more stable and accessible means to preserve their savings.
Across Africa, bitcoin facilitates cross-border transactions without high fees or the necessity for traditional banking infrastructure, enabling businesses and individuals to partake in the global economy. In Lebanon, amidst severe economic distress, bitcoin provides a lifeline for individuals seeking to avoid financial restrictions and safeguard their wealth from currency devaluation.
Fedimint and Cashu represent a move away from the reliance on large corporations and towards community empowerment. Projects are driven by a desire to see the unmet needs of the people. It’s a testament to the power of bitcoin and its underlying technology to effect change, not through confrontation but by creating alternatives that cater to the unbanked and underserved.
As projects like Fedimint and Cashu thrive, they don’t just challenge the status quo; they lay the groundwork for a future where financial liberation and access are not privileges but rights accessible to all. The rest of the world may follow, recognizing that the path to true financial inclusivity lies not within the walls of towering banks but in the collective hands of empowered communities.
Baker McKenzie today announced that leading project finance lawyer Matthias Schemuth has joined the Firm’s Singapore office* as a Principal and Asia Pacific Co-Head of Projects in its Finance & Projects practice, alongside Partner Jon Ornolffson in Tokyo.
Matthias joins the Firm from DLA Piper, bringing more than 20 years of experience in the energy and infrastructure sectors across Asia Pacific. He advises sponsors, developers, commercial banks, multilateral lending agencies, and export credit agencies on the structuring and financing of large-scale projects. His practice also spans international banking, structured commodity and trade finance, with a strong focus on emerging markets. Matthias has been consistently recognised by Chambers Asia Pacific and Who’s Who Legal as a leading project finance practitioner.
James Huang, Managing Principal of Baker McKenzie Wong & Leow in Singapore, said: “We are excited to welcome Matthias to our team. His expertise and proven record in managing teams will be invaluable as we expand our regional and global finance offerings for clients.”
Emmanuel Hadjidakis, Asia Pacific Chair of Baker McKenzie’s Banking & Finance Practice, commented: “Asia Pacific is seeing strong momentum in infrastructure development, energy transition investments, and cross-border project financing, much of it centred in Singapore. Having Matthias on board will further enhance our ability to help clients seize opportunities in the region’s evolving energy and infrastructure markets.”
Steven Sieker, Baker McKenzie’s Asia Chief Executive, added: “Matthias’s appointment underscores Baker McKenzie’s continued commitment to investing in exceptional talent across key markets to support our clients in navigating today’s increasingly complex business and regulatory environment.”
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Matthias said: “I’m thrilled to join Baker McKenzie and contribute to its strong growth in Asia Pacific. The Firm’s global reach and local depth provide an unparalleled platform for delivering innovative projects and financing solutions to clients in this dynamic region.”
With more than 2,700 deal practitioners in more than 40 jurisdictions, Baker McKenzie is a transactional powerhouse. The Firm excels in complex, cross-border transactions; over 65% of our deals are multijurisdictional. The teams are a hybrid of ‘local’ and ‘global’, combining money-market sophistication with local excellence. The Firm’s Banking & Finance lawyers are ranked in more jurisdictions than any other firm by Chambers.
Matthias’s hire continues the expansion of Baker McKenzie’s global team. His joining follows the recent arrivals of Carole Turcotte in Toronto; Tom Oslovar in Palo Alto; Jenny Liu in New York and Palo Alto; Helen Johnson, Mark Thompson, Nick Benson, Kevin Heverin, James Wyatt and Michal Berkner in London; Jan Schubert in Frankfurt; Todd Beauchamp and Charles Weinstein in Washington DC; Dan Ouyang, Winfield Lau, and Ke (Ronnie) Li in Beijing, Shanghai, and Hong Kong; and Alexander Stathopoulos in Singapore.
*Baker McKenzie Wong & Leow is the member firm of Baker McKenzie in Singapore
The Federal Reserve gave investors an early Christmas present by lowering interest rates by 25 basis points (i.e., 0.25%) marking its third rate cut this year. In the past, a change like this in the “long end” of the interest rate yield curve has triggered a predictable, investable pattern. Typically, this pattern would be bearish for finance stocks, particularly banks—investors would buy bank stocks when rates rose and sell them as rates fell….
Dozens of protesters from the “Religious Zionist Reservists Forum” and the “Shared Service Forum” demonstrated Saturday evening outside the home of Finance Minister Bezalel Smotrich in Kedumim.
The protesters arrived with a direct and pointed message, centered on a symbolic “draft order,” calling on Smotrich to “enlist” on behalf of the State of Israel and oppose what they termed the “sham law” being advanced by MK Boaz Bismuth and the Knesset’s haredi parties.
Among the protesters in Kedumim were the parents of Sergeant First Class (res.) Amichai Oster, who fell in battle in Gaza. Amichai grew up in Karnei Shomron and studied at the Shavei Hevron yeshiva.
Protesters held signs reading: “Smotrich, enlist for us,” along with the symbolic “draft order,” calling on him to “enlist for the sake of the State’s security and to save the people’s army – stand against the bill proposed by Bismuth and the haredim!”
Parallel demonstrations were held outside the homes of MK Ohad Tal in Efrat and MK Michal Woldiger in Givat Shmuel.
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Representatives of the “Shared Service Forum” said: “We are members of the public that contributes the most, and we came here to say: Bezalel, without enlistment there will be no victory and no security. Do not abandon our values for the sake of the coalition. The exemption law is a strategic threat, and you bear the responsibility to stop it and lead a real, fair draft plan for a country in which we are all partners. It’s in your hands.”
