Banking Havens Are Obsolete
Further to CoinTelegraph's investigation into Bitcoin's potentially lethal impact on the banks, The Financial Times reported Tuesday that Switzerland has agreed to share the identities of foreign owners of Swiss bank accounts with their home countries. This move reverses centuries of Swiss commitment to banking privacy. Switzerland, long one of the world’s financial capitals, traditionally protected all bank account holders’ privacy and anonymity. We’ve all grown up with a particular idea of what it means to have a Swiss bank account. That idea, and those ideals, are obsolete. Forty-seven....
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Tax havens are renowned for allowing the rich and famous to shuffle their funds where governments can’t see or access them. Bitcoin, with its strong store of value, borderless nature, and unprecedented privacy, has the ability to obsolete tax havens. Some investors, especially those in countries with high rates of taxation, seek to find ways of providing their savings with privacy and anonymity. This can be for various reasons, from tax evasion, a fear of loss of funds or to a simple desire for privacy. According to cryptocurrency investor Marc De Mesel, cash serves part of this purpose,....
The current banking system and fiat currencies are obsolete. They are unfit to support the new economy. Banks are intermediaries and, as such, they can hinder or delay the free flow of businesses. Banks are expensive, especially for the poor. People lose money at banks, due to outrageous fees. People are fearful of putting their money in banks in....
While there is an argument to be made for strengthening anti-money laundering rules,the implementation may leave much to be desired. In the end, it will all come down to how these new proposals will be enforced. Tax evasion through offshore accounts and shell companies remains a serious problem. The European Commission unveiled their plans to Clamp down on these practices moving forward. Clamping down on individuals and companies trying to avoid paying taxes is the primary objective right now.Moreover, the commission will also go after lawyers and tax advisers helping clients to sluice....
The Blockchains + Digital Currencies conference was held on July 28, 2016, in New York. Leaders and entrepreneurs in the banking and fintech industries discussed how blockchains and cryptocurrencies, such as Bitcoin and Zcash, can help reengineer banking processes and provide faster and more secure financial transactions, as well as cut costs by billions....
In the next 10 years, 30 percent of banking jobs could be obsolete, according to a recent Citi GPS report. This statistic from Citigroup’s report makes an assessment of the potential impact of fintech on the global banking industry. It echoes the concerns of former Barclays PLC Chief Executive, Antony Jenkins, who referred to the position of consumer banking as being “in an Uber moment” that would lead to rapidly accelerating job losses. “I predict that the number of branches and people employed in the financial services sector may decline by as much as 50 percent over the next 10 years,....