The world’s inequality gap has been a social sore spot for hundreds of years now, and Brian Brooks, the former US comptroller of the currency under the Trump administration, believes he can close this iniquitous gap with a relatively small but ambitious project.

The Country Coin Crypto Scheme

At the heart of Brooks’ solution is the idea of a “Country Coin,” a virtual currency that would be distributed by governments to citizens of poorer countries, such as countries in the African continent. The idea would be to give citizens in developing countries economic opportunities that they would otherwise not have. Brooks believes that this would be easier to implement than creating a single global currency, because each country would have its own set of characteristics and limitations.

The Benefits of A Country Coin

This Country Coin would give citizens of impoverished countries the ability to access the same services and financial opportunities that wealthier countries have when it comes to buying goods and services, sending and receiving money, etc. The coins would also enable citizens to save, accumulate capital, and make investments that would help them increase their wealth.

Additionally, the Country Coin would allow for more efficient trading and money transfers from country to country. This would reduce processing fees, and make it easier to process payments between countries quickly and securely.

How It Would Work

To implement the Country Coin Crypto Scheme, governments would generate and distribute coins to citizens. The coins could initially be backed by a fiat currency, or later with a cryptocurrency. The coins would then be used as a medium of exchange between individuals, merchants, and businesses both in the country of issue and abroad.

Advantages of The Country Coin Crypto Scheme

The Country Coin Crypto Scheme offers several advantages:

  • Low Transaction Fees: Compared to traditional banking and payment systems, the Country Coin would offer drastically lower processing fees.
  • Cross-Border Transactions: It would be much easier for citizens to send and receive funds from abroad, as it would require less paperwork, and processing times would be faster.
  • Financial Inclusion: It would provide citizens of underprivileged countries access to financial services which otherwise might not be available to them due to lack of necessary infrastructure.

Conclusion

Although it may not be a perfect solution, Brian Brooks’ Country Coin Crypto Scheme is an innovative approach that could potentially reduce global inequality. If implemented correctly, it could provide much needed economic opportunities to citizens of developing countries and make the world a more equitable place.