01/03/2022
YEM as a means of payment
With some governments looking to create their own digital currencies, this post looks at the specifics of YEM as a means of payment.
The special features of the YEM make it fully compliant with all government regulations for digital currencies. It probably won't be very long before some countries recognize and accept YEM as a true substitute for fiat money and possibly even as legal tender.
The Rainbow Currency (YEM) was launched in 2017 as a counter-concept to Bitcoin and virtually all other cryptocurrencies. The only common feature of YEM and other cryptocurrencies is the technology of blockchain as infrastructure.
To understand the peculiarities of YEM as a means of payment, it is necessary to consider the market of conventional cryptocurrencies.
Thousands of cryptocurrencies have been developed worldwide. About 50% of them have fraudulent intentions and about 40% are projects that failed in the early stages.
Of the remaining 10%, the vast majority are not digital currencies in the true sense of the word, but hidden company holdings or investments.
In the end, we are left with 3-5, maximum 10, cryptocurrencies including Bitcoin that could be used exclusively as a means of payment. However, we come to the three biggest disadvantages of a traditional cryptocurrency.
Disadvantages of Bitcoin and other cryptocurrencies
Disadvantage 1: VOLATILITY
Because cryptocurrencies like bitcoin are traded almost exclusively in speculative day trading, prices fluctuate much more than stocks or exchange rates, for example. After hitting its all-time high of around $20,000 in December 2017, bitcoin's price fell by over 80 %, only to rise again by more than 300 % before halving again. This volatility makes it impossible for businesses to accept Bitcoin as payment.
Disadvantage 2: ANONYMITY
No state or government in the world will tolerate in the long run a payment system that is beyond its control. Of course, the legislature needs several years to react effectively to new situations. It is to be expected that anonymous payment systems will simply be banned worldwide, which of course will not stop some "rebels" from continuing to use anonymous digital payment methods. Especially where it is already the preferred method of use, namely on the darknet for illegal activities.
Disadvantage 3: TAX TREATMENT
It is simply impossible for a company to accept Bitcoin & Co. as a means of payment because the transactions on the shared blockchains do not store an essential piece of information, namely the tax value of a transaction in the national fiat currency of the sender and recipient. However, it is precisely this value that is critical to the tax accounting of the transaction. The effort to correctly value hundreds or thousands of transactions for tax purposes is disproportionate to the revenue.
YEM as a means of payment
This is where the special feature of the YEM comes into play
In short, traditional cryptocurrencies are not suitable as substitutes for fiat currencies in public payments. And that brings us to YEM, which to my knowledge is the only digital currency created as an "authority-friendly" form of payment with the aim of becoming a global alternative in public and private payments.
YEM, an acronym for "Your Everyday Money", is a digital currency created by 3,725 internet users around the world. YEM was developed in 2017 with the aim of enabling safe and secure financial transactions in both online and local offline commerce. YEM can be accessed online using a smartphone, tablet, laptop or other suitable electronic devices. As of May 19, 2020, more than 1 million wallets were active by individuals and businesses, processing transactions ranging from small purchases to multi-million dollar investments on a daily basis.
YEM is also used as a value for liable capital and as an asset in many businesses. Since August 2018, more than $51 billion worth of YEM transactions have been made, with a current average daily volume of more than $100 million.
How is YEM different from other cryptocurrencies?
The YEM was launched in 2017 as Rainbow Currency under the leadership of United American Capital Corporation by more than 3700 internet users. At the very beginning, the Rainbow Currency Foundation (dba YEM FOUNDATION) was established as an independent and non-profit umbrella organization, whose leadership consists of 7 democratically elected members from 7 different continents.
The YEM FOUNDATION is the regulatory body for the YEM and takes measures to protect and ensure the stability of the YEM. It also represents the YEM vis-à-vis the International Monetary Fund, the United Nations, as well as government institutions (e.g. central banks) and non-governmental organisations. In accordance with the statutes of the United Nations, the YEM-FOUNDATION has the status of an International Non-Governmental Organization (INGO) and is therefore a member of the Union of International Associations (UIA) based in Brussels with the identification number "XM7617". The UIA keeps records of all active non-governmental organizations on behalf of the United Nations.
Currently, the YEM-FOUNDATION is seeking participant status in the Economic and Social Council of the United Nations and also in the Council of Europe.
The currency abbreviation for the Rainbow Currency is YEM (Your Everyday Money). In order for the YEM to be used nationally and internationally as a means of payment, it was necessary to consistently exclude risks and disadvantages from the very beginning.
Back in 2014, the European Banking Authority (EBA) published a 46-page study on the risks and opportunities of cryptocurrencies (EBA/Op/2014/08), listing 70 risks and explaining them in detail. In the development of the YEM and a proprietary blockchain called Twnklchain, which was developed specifically for the YEM but is now also used by other coins and tokens, these 70 risks were excluded or at least reduced as far as possible.
In February 2018, the German Federal Ministry of Finance (BMF) sent a circular to all tax authorities (III C 3 - S 7160-b/13/10001), which governs the VAT treatment of Bitcoin and other virtual currencies.
The BMF clarifies: "Virtual currencies (crypto-currencies, e.g. Bitcoin) are treated as legal tender if these so-called virtual currencies have been accepted by the parties involved in the transaction as an alternative contractual and direct means of payment and do not serve any purpose other than their use as a means of payment.
As YEM fully meets these requirements, the first real estate purchase in Germany was already fully concluded with YEM in March 2018, after all legal concerns had been clarified in consultation with the Federal Chamber of Notaries, among others.
Since then, the YEM has been used consistently and increasingly as a means of payment, not only in Germany - with a strong upward trend. Then, in November 2018, a German auditing firm confirmed the value of the YEM at the time in an expert opinion based on several hundred thousand transactions. This expert opinion was prepared for submission to the Kiel Register Court. On February 15, 2019, the Register Court accepted the expert opinion in its entirety and registered UAC Holding GmbH in the Commercial Register as the first company whose initial contribution of 50,000 euros was fully paid in YEM.
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YEM as a daily means of payment
Currently, Rainbow Currency has more than 1 million users, and a new user is added about every 120 seconds. Every day, YEM is used as a means of payment in thousands of transactions worldwide. This is possible because the three main drawbacks of the other cryptocurrencies mentioned above do not exist in YEM.
Stability instead of volatility
The YEM FOUNDATION did not authorize YEM to be traded on public trading platforms. There is only one official exchange where YEM can be exchanged for USD and one regulated virtual marketplace where YEM is exchanged for various fiat currencies in private transactions.
In addition, the YEM FOUNDATION sets a weekly price range for the YEM that is not based on speculative trading volume, but on the actual use of the YEM as a means of payment. This gives market participants the certainty that no speculative bubble can arise and, at the same time, manipulation of the price through automated trading is ruled out.
Privacy instead of anonymity
All YEM holders must identify themselves before they can use YEM. From the beginning of 2020, identity verification at bank level will be guaranteed by IDnow, a leading and internationally certified verification service provider. This makes anonymous payments with YEM impossible, as both sender and recipient can be identified.
Fiscal security
To our knowledge, YEM is the only digital currency where not only the value in YEM at the exact time of the transaction is stored tamper-proof on the blockchain, but also the USD value (as reference currency) and the value of the national currencies of the parties involved. This allows any user to download tax-relevant transactions as a statement of account at any time and meet their tax obligations.
In discussions with politicians from various countries, the tax security in particular was praised.
To date, transactions with a total value of over 51 billion US dollars have been processed, including for real estate, construction projects, services, investments, new vehicles, but also for travel, food, household appliances and electrical goods. There are users in more than 150 countries.
Due to this constantly growing economic cycle, there is a growing demand for YEM, which, however, is not comparable to the "bought" convertibility through speculative day trading, as is the case with Bitcoin, for example. The convertibility of YEM into fiat currencies is currently not that of a currency, but rather comparable to the liquidity of real estate, especially for larger sums. Again, time is needed to find a suitable buyer. And this would certainly not lead to a property being considered worthless.
How is the value of the YEM determined?
The current trading value of the YEM always corresponds to the purchase price of the last trade on the Yem Exchange ( https://yemexchange.com ), the only official exchange for the Rainbow -Currency. Other values that can be found sporadically on the Internet are incorrect.
In order to stabilize performance, the YEM FOUNDATION previously set a minimum price every Monday at 8am UTC time, which may not be undercut in trading. Meanwhile, instead of a minimum price for YEM, a price range for trading and selling YEM is announced every Monday. This process is similar to pe***ng a fiat currency to the US dollar or euro. The YEM FOUNDATION, as the regulator and currency custodian of the YEM, basically has the same tools as a national central bank.
The intrinsic value of the YEM is derived from its own economic cycle. Since the supply of the YEM is limited to 100 billion units, a growing economic cycle automatically leads to a rising value.
There are already several digital currencies that use YEM as a reference currency. The most successful is the Twnkl Estate Coin (TEC).
YEM Security measures
Security is at the forefront of the YEM. In fact, the YEM has its own blockchain to ensure that all transactions are securely recorded and cannot be tampered with. The YEM is authority friendly and has met all necessary regulatory requirements in terms of security, transparency, quality and privacy, combined with maximum "Know Your Customer" and "Anti-Money Laundering" processes (KYC/AML processes/customer verification).
YEM holders are secure thanks to a unique wallet technology with 2-factor authentication.
There is no need to store YEM in expensive hard wallet devices. No YEM can be lost due to a lost private key.
In addition, YEM works with smart contracts. This means, for example, that a contract agreed between two parties is entered into the blockchain, and when an event foreseen in the contract is imminent, the necessary command is executed. Therefore, the fulfillment of Samrt Contracts will be indisputable and will be endowed with the highest level of trust. More than $430 million worth of real estate has been digitized, tokenized (TEC), and made available to YEM owners.
Credibility of the YEM
The YEM FOUNDATION team is in contact with governments and central banks around the world to raise awareness of the potential of YEM and provide education on its unique benefits.
The YEM-FOUNDATION is a fully accredited International Non-Governmental Organization (INGO) according to the rules of the United Nations.
YEM is recognized to support the United Nations Sustainable Development Goals (UNSDGs):
For example, YEM contributes to the achievement of UNSDG Goal 95 "Build resilient infrastructure and foster innovation" because blockchain serves as YEM's proven resilient financial infrastructure and YEM fosters innovation by supporting the transition from a cashless to a digital economy.
In addition, the YEM supports the achievement of UNSDG Goal 86 "Promote inclusive economic growth" as the YEM is able to provide access to international payment methods to people without access to bank accounts.
In many low-income countries, communities of people living in rural, peripheral areas are often excluded from formal financial institutions. However, the YEM offers these people the opportunity to make valid financial transactions without the need for a bank or other financial service provider. Within the European Union, the YEM is accepted as a legal form of payment, according to an official public letter from the German Ministry of Finance, as explained above.
The advantages that YEM brings to companies
We are in an information technology revolution where blockchain technology and cryptocurrencies are reshaping the entire monetary system as we know it. This change is inevitable, and it is already happening.
As part of this transition, businesses are moving more and more to using digital currencies to stay ahead of and beat the competition.
In particular, companies opt for the YEM. Since the YEM has a guaranteed minimum price, businesses are less vulnerable to price fluctuations. Furthermore, since the value of the YEM is likely to increase over time, it is a smart business strategy to invest in the YEM at the earliest possible opportunity to achieve the highest possible returns.
Companies that collect YEM can spend it on advertising and marketing strategies through the SafeZone platform, reaching thousands of new customers while growing their business.
Businesses can display a PerNum Pay API on their website, allowing customers to pay directly with YEM, effortlessly with the click of a button.
The advantages of YEM for customers
The internet can be an overwhelming place for online shoppers, given the sheer volume of offers and websites. Many websites are confusing, misleading, fake and untrustworthy. To combat these challenges, more and more customers are choosing to use YEM.
Because YEM works through a secure wallet system that safely stores each customer's data, customers no longer have to enter their contact and bank card details every time they make an online transaction. This saves time and protects private data from hackers and fraudsters.
The YEM creates a pleasant online shopping experience for consumers, as they know they are buying legitimate, trustworthy products and services.
Customers also enjoy the benefits of a guaranteed minimum price and increasing value of YEM, allowing them to buy and enjoy more with their money.
How can the YEM support further economic development?
The YEM stores the purpose and value of each transaction on the blockchain, which generates digital tax information. Digital tax information is likely to reduce corruption as all transactions are transparent. This, in turn, promotes a more business-friendly and pro-business environment, which in turn can increase business activity and investment in the region. In addition, digital tax information can make it easier for governments to collect more taxes that could be used to invest in education and infrastructure, further boosting business activity.
SYNOPSIS
Recognizing the challenges posed by existing cryptocurrencies - namely anonymity to hide the identity of senders and receivers, unlawful crypto markets that facilitate illegal activity and money laundering, and frequent price fluctuations - the YEM was created not only to overcome these issues, but also to support the emerging opportunities and incredible potential of digital currencies and blockchain technology. Designed to be an authority-friendly form of payment with the highest level of KYC/AML processes, security, and a guaranteed minimum price, the YEM aims to evolve the current landscape of cryptocurrencies and demonstrate how digital currencies - when used properly - can truly enhance and transform the current monetary system as we know it.
The age of digital currencies seems inevitable, and while the rest of the cryptocurrencies are not yet ready for the strict regulations imposed by various governments, the Rainbow Currency (YEM) is fully compliant with the law.
This contribution is based on the article "Why Governments Will Accept YEM As Fiat Substitute". by Dennis Welthcoach
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