To
All Bankers, Economists in India
Dear Friends,
I have been highlighting the ill effects of Bitcoins and Private Crypto Currencies through these columns and urging the Government to use the Crypto Currency Bill to ban all private Crypto currencies.
However, Crypto Currencies are the currency of the corrupt and corruption is all over our country and hence voices of people like us get drowned amidst the power of voices financed by corruption. Crypto Currencies have corrupted our Bureacracy, politicians, businessmen and even the Judiciary. Hence it is difficult to expect that a rational decision would be taken by the Government on the Crypto Currency Bill.
As a result the Government is prevented from even presenting the Crypto Currency Bill in the Parliament.
Now I am seeing an even greater danger which can cause Holocaust or Pralaya in the financial systems. This is the emergence of Ripple and the Crypto Currency XRP.
While smaller Crypto exchanges are trying to make our Banks like SBI or ICICI Bank or HDFC Bank redundant and leading to their eventual closure, Ripple has set it sights on destroying the RBI and all other Central banks of the globe.
Ripple has set up a network of institutions which can send and receive money outside the network of SWIFT which means outside the regulation of the Central banks. Since XRP is convertible to any private crypto currency, Ripple is already capable of providing a global exchange and settlement for digital black money. Once this settles down, the RBI’s would be redundant, FEMA would not work and the global financial system would accelerate to its death.
My views are based on being an Ex-Banker and I want qualified economists and Bankers of the day to take a serious look at the impact that can be caused by the Ripple system and how we can protect this catastrophe.
This is as important preventing global warming which can cause a watery grave for the earth. I feel that India is in the cusp of an opportunity to take global leadership in ensuring that the Private Crypto Currencies and the exchanges like Ripple are effectively neutralized through our own Crypto Currency law and setting up a global group of countries to protect the financial holocaust.
Kindly respond before it is too late.
Naavi
Refer : JPC recommendation on SWIFT..
Wow. I can only saw wow.
Typical banker trying to maintain the status quo. Instead of complaining about Ripple, maybe you should encourage banks to innovate and give customers more value.
For years, traditional banks have taken advantage of customers by charging high fees for services such as loan management, and extremely high fees for international remittance
Also, traditional banks have been hugely involved in money laundering. This is almost impossible with companies like Ripple since the blockchain is immutable, secure and transparent.
It is ridiculous to say “Crypto Currencies are the currency of the corrupt and corruption is all over our country”. You sound like you are trying hard to stop innovation so that traditional banks continue to operate freely taking advantage of their customers, or maybe you just not smart enough to know what you are talking about. So because you do not have the ability to compete, you are pleading with people to destroy the innovation.
Just like with the invention of the internet, there will be winners and losers,
My advice to you and your fellow banker friends is innovate and find ways to compete with companies that seem to be doing what you are doing better than you.