The "Boycott USA" movement is testing Europe's digital sovereignty.
And crypto is nowhere to be found.
"Every time you subscribe, stream, swipe, or buy from them, you’re casting your geopolitical vote for them." - the comment on Reddit goes.
What's more, people worry about digital sovereignty to build a 'European stack': Cloud, AI, social media, operating systems etc.
Examples:
• Gmail stack -> Proton stack (mail, VPN, Drive, 2FA)
• Chrome -> Vivaldi
• Windows/iOS -> Linux
• Microsoft 365 -> LibreOffice
• X -> Mastodon
• ChatGPT -> Mistral
Interestingly, most have biggest problems moving away from payments: Visa/Mastercard and Paypal.
Here's where crypto should shine. A perfect solution for digital sovereignty - decentralized, immutable, and global.
Yet I'm yet to see those crypto solutions popping as alternatives.
Stablecoin payments are picking up. I experienced it myself in Bali paying for my bike in USDT.
But that worked because tradfi fiat transfers were cumbersome there.
Not much happening in the EU though. Worse even as crypto is now associated with the current US government.
Some projects could step up:
Gnosis (founded by two Germans, building full-stack decentralized infra for payments and financial freedom) Although even they depend on Visa for their cards.
or
WalletConnect (founded by Portuguese, recently launched merchant QR payments).
Yet no one outside crypto has heard of them.
But the whole promise of crypto is not to divide among nationalities or borders:
the nationality of crypto companies should not even matter. That's the whole point.
The real value proposition of crypto is not 'European payments for Europeans.' but payments no one can freeze, censor, or deplatform.
X recently changing terms for InfoFi platforms shows the risk of centralized dependencies.
Not seeing crypto offered as a solution during THIS UNIQUE geopolitical climate shows we've failed.
Europeans will happily use EUR CBDC if we can't offer our solution until then.
Sad, really.
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