Innovative Approach to Solving Issues Related to Remittances
People are scrambling to understand exactly what an ICO and cryptocurrency are & how they can use it to their own advantage. These terms seem unfamiliar to them. There is a huge maze to get yourself lost in blockchain startups, however, the desire for active involvement in the crypto worlds doesn’t go away.
Modern banking systems have a big drawback: linking the bank’s products to branches and ATMs. Bank4YOU Group took the liberty of moving the boundaries of the usual system with one goal: to make financial transactions available to any person anywhere in the world. In order to realize this mission, it was decided to get away from the usual system tied to tangible, traditional ‘fiat’ monetary units and focus on the crypto-currencies that are so popular due to the unprecedented protection of personal data and transactional history.
According to Christine Lagarde, the Managing Director of the International Monetary Fund, Bitcoin and cryptocurrency have a potential to disrupt existing banking systems:
“One possibility is the break-up, or unbundling, of banking services. In the future, we might keep minimal balances for payment services on electronic wallets.The remaining balances may be kept in mutual funds, or invested in peer-to-peer lending platforms with an edge in big data and artificial intelligence for automatic credit scoring.This is a world of six-month product development cycles and constant updates, primarily of software, with a huge premium on simple user-interfaces and trusted security. A world where data is king. A world of many new players without imposing branch offices.”
Authorities in many countries have been developing a scope of regulatory systems:the United States recognized bitcoin as a payment system; President of Belarus signed a decree on December 22 legalizing digital currencies and ICOs; Canadian Securities Comission is keen to support ICOs and cryptocurrencies. The same goes to the authorities of other countries, planning to carry out reforms in 2018. Why do governments aspire to join the system? The main thing is that the crypto-currency system gives people freedom: not to depend on banks, the exchange rates and the current political situation. This fundamentally new approach enables Bank4YOU Group to take banking to the limit: each Bank4YOU app’s customer can exchange any currency for inner MMR tokens and then send it to the final recipient anywhere in the world. This view of money transfers overturns the idea of how the money transfer system should work: a resident of Nome in Alaska can transfer money in Reykjavik, Iceland in a matter of minutes, and a specialist working in Spain in two clicks can send money to his relatives in his native city in China.
This is how the Bank4YOU Group’s services works. This is done using the BFY tokens? There are real benefits to the BFY token: “BFY token holders will be in a very strong, almost unique position to take advantage of those markets where mobile money penetration is becoming pervasive, and especially in those markets where mobile penetration will continue to increase as more people have access to affordable connectivity solutions through large-scale deployments, funded by corporate and developmental funding alike.”As a part of Bank4YOU Group’s work, funds collected during the ICO will be distributed on development and strengthening of the mobile money remittance system and its further implementation into the existing Bank4YOU app. Soon the people will not depend on the whims of bank employees and will become free to dispose their own money as they truly want.
TG channel: https://t.me/Bank4YOU_Group
