How the Blockchain Can Free You From The Banking Industry

[BADecker]

How the Blockchain Can Free You From The Banking Industry

Fortunately for a good number of people within the Western world, freedom is something we have come to expect within our daily lives.

Though for as often as we hear and speak of our freedom, there still exist many areas in which freedom is merely just a word.

And in no area is that lack of freedom felt more heavily than within banking institutions. We rely on these institutions and companies for critical aspects of our lives. Yet all too often they serve only themselves at to the detriment of their customers.

 

The advent of modern banking grew out of a principle of providing people with a utility. Banks could be relied upon and used to advance customers' living standards and financial security.

Though as populations boomed and business continued to soar, banking shifted into a $100 trillion dollar industry globally.

With that shift came a change in the way that banks conducted themselves.

Loans took on a predatory nature with the help of government incentives. They no longer were designed to help individuals attain the things they could use to better their lives. But instead, loans trapped individuals into a spiraling debt cycle to drive banking profits higher.

Fraud became more widespread and much more difficult to prosecute. Often perpetrators simply resigned with a healthy severance package earned from their misdeeds.

And regulators became embroiled with those they were meant to be regulating. Lobbying on behalf of commercial banks became a standard practice.

The entire industry shifted into becoming a source of distrust and malalignment among average citizens. And after the 2008 financial crisis and the subsequent bailouts, that distrust only grew.

In the aftermath of the 2008 financial crisis, the uglier side of the banking industry became quite apparent.

The truth about the predatory loans and the shady dealings of corporate banks started to come to light over time. Stories of how major banks had acted against the interest of the people they served began to become the norm.

Read more at http://www.thedailybell.com/news-analysis/how-the-blockchain-can-free-you-from-the-banking-industry/.

[BADecker]

Singapore Will Not Regulate Cryptocurrencies, Singapore Official Says

Recently during an interview with Bloomberg, an official of Monetary Authority of Singapore (MAS), which serves as the central bank and financial regulator of Singapore, said that MAS has no plans of regulating cryptocurrencies. The central bank will keep "an open mind," though the official also stated the necessity of establishing anti-money laundering control in the future.

Money laundering is not Bitcoin's fault

During the interview, MAS Managing Director, Ravi Menon said that:

"We've taken the approach that the currency itself does not pose the risk that warrants regulation. Our approach is to look at the activity around the cryptocurrency and then make an assessment of what regulation would be suitable."

"It is a known fact that cryptocurrencies are quite often abused for illicit financing purposes, so we do want to have AML/CFT controls in place. So those requirements apply to the activity around cryptocurrency, rather than the cryptocurrency itself."

Cryptocurrencies have more functions

What's more, Menon, unlike most of other authorities, didn't undermine or criticize the cryptocurrencies. He said that if cross-border remittance through cryptocurrencies like Bitcoin is more convenient and efficient, the central bank and scholars should focus more on how to use Blockchain and cryptocurrencies to benefit more people. The scholars and professionals should consider whether cryptocurrencies could make cross-border inter-banking payments cheaper, faster and more efficient instead of merely thinking about the economic value of cryptocurrencies as investing products.

Big future of Blockchain in Singapore

Singapore has always been the advocate of Blockchain technology and cryptocurrencies. The MAS is one of the early adopters of Blockchain technology. On Oct. 25, Singapore and Hong Kong announced a cooperation on a cross-border trade project based on Blockchain technology by linking their trade finance platforms.

Read more and click the links at https://cointelegraph.com/news/singapore-will-not-regulate-cryptocurrencies-monetary-authority-of-singapore-official-says.

[Mometaskers]

I'm fine with interests provided they are reasonable. I for example, wouldn't just lend money out to anyone without some incentives.

Good call by Singapore BTW. Bitcoin is merely a currency and can be used in many ways. Fiat is used in crimes, does that mean it have to be banned too? Obviously not.

[alien161016]

I'm fine with interests provided they are reasonable. I for example, wouldn't just lend money out to anyone without some incentives.

Good call by Singapore BTW. Bitcoin is merely a currency and can be used in many ways. Fiat is used in crimes, does that mean it have to be banned too? Obviously not.

Banks come up with different reasons to protect people from using bitcoin. But, despite this, bitcoin will soon become the most popular payment system in the world. People will be free from high bank charges

[basecoop]

How the blockchain can free from the banking industry is described here:

www.basic-income-worldwide.info

[VitaminDer]

and Catalonia is about to replace it's central bank with a blockchain,
https://cointelegraph.com/news/catalonia-considering-cryptocurrency-post-independence-advised-by-ethereum-creator

[aloha99]

A well designed decentralized banking system can guarantee private identity while making transactions. But the major disadvantage of blockchain consists on the ability to use it in criminal purposes

[PORN_coin]

This is a great opportunity to restart the banking industry