Banking Biggest $235 bn Fraud in Banking Industry. Will Crypto Rise? Published 3 months ago on September 20, 2018 By Layla Harding Share Tweet Unwavering the multi million dollar scam of the Fiat economy How did the the financial crisis occur in 2008? The financial breakdown of the US economy in 2008 was one of the worst of its kind. According to experts, the Great Depression of 1930 was far better than this financial collapse. Intense risks were taken by some of the major banks of United States, prominently Lehman Brothers. The People’s funds, which the bank had control of, was hastily spent to bail out many failing financial institutions. The step was prominently taken to prevent the world economic crisis but only short term achievements were accomplished, followed by which, the US along with the European economy had to face a lot of consequences. Stock market of the country plummeted and a global recession was experienced, where many people were unemployed for a long duration of time. The cryptoverse proved to be their savior in such condition The cryptocurrencies were coincidentally developed in 2009, with inception of Bitcoin by Satoshi Nakamoto. Effective decentralization was achieved through the cryptocurrencies, where the funds of the people were in the control of people only, and not any other centralized authority. The cryptocurrencies just provided them with another platform for various economic transactions, without gaining control over their funds. This was not the case for the traditional Fiat market, as the bank owners took fiscal decisions, which were in their own personal interest only. Security of the funds was at high risk, as they were on direct and easy control of banks. But Security, in case of crypto domain is the utmost priority and achieved through decentralization. Another multi million dollar heist in Europe Recently, one of the biggest banks of Denmark, Danske Bank was reported for allegations for money laundering of almost 200 billion euros. Following the revelation of which Thomas Borgen submitted his resignation from the CEO. The bank has been alleged for money laundering through one of its Estonian branch, where possibilities indicate connections with Russia, for suspicious transactions from 2007 to 2015. Almost 33% of the share value has been vanished due to the possible legal implications that the bank might face, from the penalizing authorities. In their opinion regarding the issue, the Bank personals cited the inefficiencies of their Estonian branch as the main reason for such activities. Execution of such illicit activities has no room in the Cryptoverse The regulators are fast asleep When careful examination is undertaken of such incidents it is to be noted that, no serious measures seems to be taken. This particular money laundering is so open, yet the financial regulators seems to have been fallen deaf to the issue. But when it comes to the adoption of cryptocurrencies, the regulators are trying to gain access over everything. This indirectly indicates the consciousness of their future fallout, due to the adoption of cryptocurrencies. Decentralization is maintained in crypto domain However, as the authority is distributed among the users in the Crypto space, financial crisis at such scales is highly impossible. One must really pause and ponder over the thought that, such centralized financial institutions were initiated with so much trust and had years of reliability, yet, they turned out to become scammers. Therefore, trusting any single authority was not the solution at any cost. Let’s move towards a decentralized financial economy provided by the cryptoverse, where there is absolutely no room for such open criminal activities. Such open extortions doesn’t exist in the Cryptoverse The incident has been one of the biggest bank scandals of Europe and is absolutely unhealthy for the overall development of the country. There must absolutely be no choice, for such banks and other centralized institutions, other than, to reimburse the complete amount of their customers, back to them. They knowingly undertake such big risks without the consent of the stakeholders. $235 billion is not a joke when compared to the biggest scam in the cryptoverse which accounted only to $660 million. It is due season that the adoption of Cryptos is far, as the inefficiencies are self explanatory through such holocausts The matter of fact is that, the financial regulators allow such huge scams to take place below their noses but cannot tolerate the least developments and reliability provided by cryptocurrencies. It is now high time that people must move towards cryptocurrencies where no such diabolical decisions are made, whose entire cost, is burdened upon the people, for no reason. Faster transaction speeds, online nature, and there are lot many perks associated with the Cryptos, that people are missing out and are stuck with the Fiat Economy. Related Topics:banksbanks money launderingDanske BankDanske Bank caseDanske Bank DenmarkDanske Bank Denmark money launderingDanske Bank launderingDanske Bank money launderingDanske Bank Money Laundering NewsDanske Bank newsDanske Bank scamDanske Bank Scam NewsDanske Bank scandalfinancial crisislehman brothersmoney launderingmoney laundering banksNews Up Next Is NEO Dead? Does it have a future? Don't Miss BCH Flying higher? Bitcoin Cash Price Analysis 21 Sep Continue Reading You may like Economists: Huge Cryptocurrency Boom Predicted, US Dollar likely to fall sharply in 2020 Can Cryptocurrencies be the solution for the 2020 predicted US Recession? RippleNet helps solve liquidity problems for banks Prime suspect behind a $24 Million bitcoin fraud scheme arrested at Bangkok Airport Meet our Coin Mascot Another large bank Nordea, suspected of money laundering 1 Comment 1 Comment Pingback: Biggest $235 bn Fraud in Banking Industry. Will Crypto Rise? – The Coinage Times Leave a Reply Cancel reply Your email address will not be published. Required fields are marked *Comment Name * Email * Website #Blockchain Banks in India Adopting Blockchain: SWIFT partners with MonetaGo Published 4 weeks ago on November 22, 2018 By Janet F. Sanchez SWIFT announced its collaboration with MoneraGo for bringing blockchain technology to the financial sector. SWIFT India will implement blockchain technology with local banks in the country to improve the security and efficiency of their products to meet the data privacy requirements. India Adopting Blockchain despite Cryptocurrency Ban The Indian Financial System seems to be quite interested in the technology behind cryptocurrencies. SWIFT India will implement blockchain in the financial messaging system with the local banks. Kiran Shetty, the CEO of SWIFT India expressed his concerns stating that SWIFT will be providing a value to the Indian Financial System through the digitization of trade by collaborating with MonetaGo which is expert in providing fraud mitigation solutions for avoiding double financing. Jesse Chenard, the CEO of MonetaGo also expressed his concerns stating that India focuses massively on digital infrastruture and large institutional players are quite interested in these products and initiatives by India. India to regulate cryptocurrencies soon The Indian Financial Ministry has appointed a committee led by Mr. Subhash Chandra Garg for drafting a regulation on cryptocurrencies in early 2019. According to sources, India will soon be out with new regulations which will allow people to run cryptocurrency related business in the country. The regulation by India is predicted to bring a massive amount of trading volumes and hence a rise in the price of cryptocurrencies is predicted by analysts. Continue Reading #Ripple MFUG Bank to use RippleNet for Cross Border Payments Published 1 month ago on November 9, 2018 By Janet F. Sanchez On Friday (9 November 2018), MFUG Bank, the important banking unit of Mitsubishi UFJ Financial Group (MUFG), the world’s fifth largest bank (by aggregate assets), reported the signing of a Memorandum of Understanding (MOU) with Banco Bradesco, one of the largest banks in Brazil, to team up on the advancement of another cross-border payment service, using RippleNet, among Japan and Brazil. MUFG Bank MUFG Bank is Japan’s largest bank. Its parent, MUFG, is headquartered in Tokyo, has more than 360 years of history, and is one of the fundamental companies of the Mitsubishi Group. As for Banco Bradesco, it was established in 1943, and it is headquartered in the city of Osasco, in the metropolitan territory of São Paulo. Californian FinTech startup Ripple is one of the world’s driving specialists in the region of cross-border payments solutions. RippleNet, its worldwide payment network, connects banks and payment providers with the end goal to give “one frictionless experience for global transactions.” Financial institutions joining RippleNet “can process their customers’ payments anyplace on the planet instantly, dependable and cost-viably.” As cross-border payments solutions supplier Ripple clarified in a blog entry on 21 September 2018, membership of the RippleNet network offers the accompanying benefits: Access: “Today, banks and providers conquer a divided worldwide payments system by building different, custom transaction relationships with individual networks. By joining RippleNet’s single overall network of institutions, organizations gain a single purpose of access to a standardized, decentralized infrastructure for consistency across every single worldwide association.” Sureness: “Heritage international payments can’t give lucidity around transaction timing or costs, and numerous transactions eventually end in disappointment. RippleNet’s nuclear pass-fall flat processing ensures more prominent assurance in the conveyance, and its bi-directional messaging ability provides uncommon end-to-end transaction visibility for fees, conveyance time and status.” Speed: “Disparate networks and rules make grinding and bottlenecks that slow down a transaction. RippleNet’s pathfinding capabilities slice through the messiness by recognizing ideal routes for transactions that at that point settle instantly. With RippleNet, banks and providers can lessen transaction times from days to simple seconds.” Savings: “Existing payment networks have high processing and liquidity provisioning costs that result in fees as high as $25 or $35 per transaction. RippleNet’s standardized rules and vast network significantly bring down processing costs. RippleNet also lowers liquidity provisioning costs or can dispose of the requirement for expensive Nostro accounts inside and out through the use of its advanced asset XRP for on-request liquidity. The final product is a drastically lower cost of transactions for providers and their customers.” MUFG says that despite the fact that “the relationship between MUFG Bank and Bradesco dates back to 1973 when an MUFG Bank predecessor bank invested in the Brazilian financial institution,” the MOU is “an extension of an existing September 2017 joint effort assertion between MUFG Bank and Bradesco, and represents the banks’ most late business commitment.” Continue Reading #Bitcoin Goldman Sachs Says Bitcoin Derivatives NDF are on the Way Published 2 months ago on November 1, 2018 By Viraj S In a move which could well set the roadmap of the capital-heavy financial institutions in the United States to enter the ‘hot’ cryptocurrency market, Goldman Sachs announced a unique product to match the needs of their demanding clients called the Non-Derivative Funds (NDF). However, there is industry-wide speculation that there is actually no client-side demand for such products and is only a strategy which the big bank is exploring to get a major foot into the industry-driving bitcoin-based market systems. The speculation that there is no client-cry for these instruments appears to be triggered from latest statements by Asset Management guru, Larry Fink, the CEO of the $6 trillion BlackRock Fund. The industry leader had stated that there had been no such inquiries, even “zero inquiries” coming for bitcoin products from customers. Fink is believed to have said in July last that, “I don’t believe any client has sought out crypto exposure. I’ve not heard from one client who says; I need to be in this.’” The most attractive feature of this fresh move by the latest bank is that the NDF would be based on Bitcoin. There is no possibility of an Ether-based similar contract either, according to industry insiders refuting speculation that the Ether, the second largest coin was also being considered by the bank. Forced Agenda The other view of analysts is that Goldman Sachs is attempting to ride the crypto craze and is pushing forward with a focused agenda to create and pump for a market which would eventually allow it NDF and Goldman Sachs Offer Meanwhile, Goldman Sachs offer has been tailored to ensure the customer is placed at minimum risk. Therefore, the product will be a short-term position product which will be based on Bitcoin. The easy method out is that investors can use the foreign currency of their choice to buy bitcoin, but the profit or loss has to be monetized via bitcoin. The use of foreign currencies is expected to allow these banking institutions to gain backdoor entry into these markets. the method to use specific to bitcoin is that the dollar is not used in these transactions, but it is the bitcoin. Additionally, there has been speculation that the bank may consider the use of Ether, the all promising coin which is expected to catch the fancy of every investor. The coins low pricing is attractive enough, and the technology platform is also highly appreciated. However, the latest industry news spools indicate Ether is not in the consideration at all for an NDF, but only the holy grail of the cryptoworld – ‘bitcoin.’ Hence, the offer by the big players to introduce coin-based NDF is not only interesting and offering bigger opportunities for investors but also building the necessary ecosystem for such adaption by worldwide investors. The bank’s role is to ensure that their customer gains an exposure to these instruments using minimum risks. 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