Money’s Death and Resurrection in a Different Form
Cryptocurrency will soon be a creep that will ruin the paper monetary standard of banks. At first, credit and debit are only offered to a select market that have a good or outstanding rating or score with the banks, whether they fall into the prime or subprime segment. This, at the onset seem to be a discriminatory judgment of the banks because they are only given merit to those who are capable of paying their dues to them and have a clean financial record. What about those that have no means or access to credit, debit and bank accounts? They are called the unbanked sector that have limited or no way in into the bank system, ergo, they resort to hard cash or paper money system for payment.
Now with all the brouhaha that developing countries are following the trend of developed nations on the road to cryptocurrency, it seems so ever-perfect in a developed world that have all the technology and infrastructure to implement and put this into place. But how impoverished countries are able catch up and cope to this when 85% majority of the pyramid fall under the rut of being disenfranchised and have no capital at all to afford the technological capacities of cryptocurrency?
In a microscale, bitcoin, a segment of cryptocurrency need to have some kind of amount of investment and financial backing to be able to afford the infotech structure and platform to “mine” and get paid through non-traditional, non-bank avenues. In Europe, America and Canada, this kind of cryptocurrency is regulated and supervised by the Central Bank. Some countries in Asia are not ready for this kind of move yet, but in the Philippines, President Duterte has already signed up his interest in making the country a cryptocurrency hub in 10 years’ time.
The aftermath and ramifications of this will definitely have a considerable impact to the paper cash system of the marginalized sector. When the world is slowly veering away from the hard “dirty” paper cash (so they call it), governments and bank should seriously address, if Plan A of the infotechnological structure of cryptocurrency crashes and falls, where is Plan B?
Ladies and gentlemen, no matter how backward it may sound: to the rudiments of paper money.
* * *
Authored by: E.D.
September 30, Protected content
Note: Curious to know or not know why my pen name is called E.D.? Apart from my initials: it meant, “Eve of December” since my mother gave birth to me in Nazareth General Hospital during the night of December, the date when the Jews were following the stars to follow and track Jesus. Such a biblical history, apparently. But that was just a passage in the Bible.