GOLD: Banking the Unbanked
We are living a moment in Human history where new technologies and other innovations are about to disrupt the financial landscape. With the advent of mobile devices, a fresh financial revolution is under way; a whole new generation of financial services is being developed to take advantage of the amazing opportunities which both mobile devices and the blockchain technologies are able to provide. Where once there was no chance of accessing banking services, mobile technology gave birth to a generation of services bound to shake the foundations of the traditional financial system. In many of....
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Real-time bitcoin-to-gold exchange and banking 2.0 Vaultoro has reached a significant $1 million milestone in gold trading volume, recording an average monthly trading growth rate of 91 percent. The exchange has seen a rapid increase of its user-base, especially in developing countries such as India, which are severely underbanked or unbanked. "The developing world skipped the landline and went direct to mobile phones. They are now doing the same with traditional branch banking because it's just too uneconomical to set up," said Vaultoro CEO and cofounder Joshua Scigala in a statement.....
The impacts of gold and banking on the environment relative to Bitcoin are much greater than mainstream narratives suggest.
Hong Kong Chief Executive Carrie Lam says she is currently unbanked and keeps piles of cash stashed at her home courtesy of US sanctions. Alongside 14 Chinese and Hong Kong officials, Lam has been slapped with punitive measures that effectively cut her off from the banking system. The US government announced the sanctions in response to the imposition of the national security law on the Hong Kong territory. Cash Salary The US government, through the Office of Foreign Asset Control, can effectively enforce its policy objectives on non-US entities via the threat of punitive fines for defiant....
The growing popularity of Bitcoin as a powerful transaction tool and its ability to bank the unbanked has finally started making enough noise to wake up the traditional banking giants. Banks and financial services companies have been enjoying monopoly over the "money-moving" business for a long time, since its inception. Their only competition so far has been other companies delivering similar services. Not anymore, as the impact of Bitcoin on the banking sector is now being openly acknowledged by Jamie Dimon, CEO of JPMorgan Chase in his recent letter to shareholders. Banking the....
1. Who are the unbanked? Unbanked, as defined by the Federal Deposit Insurance Corporation (FDIC), are adults who don’t have an account at a formal financial institution, such as a bank. They are thus unable to access formal financial services such as credit, deposit accounts and money transfers and have to rely on informal providers of financial services, i.e. mostly friends and family. 2. How many unbanked people are there in the world? According to recent reports, there are over two bln adults - more than a third of the total world population - who don’t have any access to formal....