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Author Topic: Where To Create Your Own Bank For Less Than $25K???  (Read 4146 times)
gigabytecoin
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March 24, 2011, 05:22:16 AM
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It must be possible.

Where can I get a "banking" license in a country and start accepting transactions for less than $25K?

For example in Belize, you can setup a bank, but you need at least $1 million dollars in deposits/backing (I assume since they have no insurance program).

Is it as simple as just setting up a business name in a country that doesn't deal in banking business laws? Like Somalia or Seychelles perhaps? Some place where nobody gives a shit anyways?
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March 24, 2011, 05:30:13 AM
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Would it be valuable to have a bank that other banks wouldn't/couldn't deal with? What are you trying to accomplish?

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
Anonymous
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March 24, 2011, 08:36:39 AM
 #3

There is always the New Zealand route... Example: http://www.banking4bankers.com/bank-license.html

Not bad...

Maybe if shares were issued to raise the seed capital it would be entirely possible we could raise enough ourselves to have our own bitcoin bank. Imagine depositing bitcoins and being able to have a card you can shop anywhere with....




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March 24, 2011, 09:31:31 AM
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A bitcoin-aware bank would be a major breakthrough for the bitcoin community, for it would provide a gateway between bitcoin and national currencies via smartcards (VISA or other).


Basically when you need to purchase something, you first buy the appropriate amount in the national currency with your bitcoins on a global bitcoin exchange place.  Your bank would allow this and provide technical solutions to do so.  Once you bought the national currency amount, you can proceed to paiement as any normal banking paiement.

This would be enough to claim a 100% success of the bitcoin project, imo.
Anonymous
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March 24, 2011, 11:13:50 AM
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A bitcoin-aware bank would be a major breakthrough for the bitcoin community, for it would provide a gateway between bitcoin and national currencies via smartcards (VISA or other).


Basically when you need to purchase something, you first buy the appropriate amount in the national currency with your bitcoins on a global bitcoin exchange place.  Your bank would allow this and provide technical solutions to do so.  Once you bought the national currency amount, you can proceed to paiement as any normal banking paiement.

This would be enough to claim a 100% success of the bitcoin project, imo.


Would you invest your bitcoins in it .  Smiley

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March 24, 2011, 11:47:35 AM
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Would you invest your bitcoins in it .  Smiley


Definitely, providing the guy in charge can convince me he is motivated, competent and powerful.
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March 24, 2011, 03:41:32 PM
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You don't have to wait, you can have your own bitcoin bank in the next five minutes or so, free! Smiley Running what one might call a "meta-bank" such as Rain Droplet (https://raindroplet.info/), I think finance will look different for online decentralized currencies than a simple extrapolation from "today's banks plus bitcoin". Basically you can start using credit with your social circle, and a more networked mesh will emerge.
hippich
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March 24, 2011, 05:08:01 PM
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NZ financial corporation are not banks. And can't be assigned SWIFT code. Basically, you need to incorporate with license for financial operations. That's it.

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March 24, 2011, 05:27:32 PM
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hm. my bad. always had an impression that you have to have "bank" in the name of your corporation to obtain banking license and without banking license you can't obtain swift. either you can obtain swift with this financial corporation or you can obtain banking license without "bank" in name..

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March 26, 2011, 08:41:56 PM
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Would it be valuable to have a bank that other banks wouldn't/couldn't deal with? What are you trying to accomplish?

Basically what I want is a way for people to purchase bitcoins, and "store" that value with a "bank" somewhere. I don't care if it's in tim-buck-too. And I don't care about being able to transfer money to and from other banking institutions.

Online Poker Websites for example... they couldn't get jurisdiction in Las Vegas for their "Casinos"... so they went to native reserves in Canada (possibly an option for us, natives will change any of their laws in exchange for money)... and tiny islands in the middle of nowhere, and setup their "Casinos".

Does anybody regularly check on their methods and processes? Probably not.

Does anybody reprimand them if money is lost, stolen or misappropriated. No.

They run a fairly lucrative business, and that notion alone is enough for millions of people to log on and desposit their money every week.

I bet if you asked all of the pokerstars.com players "Where is pokerstars located?" they probably couldn't tell you, and they probably don't care.

Thanks for all of the great discussion/insight guys. Let's keep it going.
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