RE: Connecting Steem With Financial Institutions
I support your work with this Mcsamm!
I doubt crypto will bring down your banking system any time soon; but it's obvious the banks in USA fear it. I went into Wells Fargo bank, in Phoenix yesterday and they would not allow me to deposit some cash to my friend's account? (I do not have an account at that bank, he does)
So this is a new rule, it's anti money laundering, but it's really about not allowing crypto money to be deposited to their bank in the name of other's.. so the tax man and the bnaks will work hand in hand to fight adoption, is what I see going on in USA.
Keeping in mind most banks work on "fractional reserve banking", then they can create money out of NOTHING and loan it to you for a profit.. and they didn't really pay much for the 10% of that money they loaded you, the 90% of it they created themselves under the banking rules that constantly inflate our fiat and make it worthless..
Unfortunately, the banks will be replaced eventually, because they have a much less fair model. ONly banks that are interested in adoption, will do well.
I think thats seemingly the same fear going on with banks in Africa. Ghanaian banks are greatly afraid of crypto adoption. They think this will pose unfriendly competetion to their activities. But the good news is,some have gradually understood how crypto works and really want to begin full operation. Some even think crypto is a scam. I had to show my steem account details and some withdrawals l have made to prove the reality of steem amd how relevant this would be to them should they join. I feel so much happier with your support @surfyogi. You have truly made me understand we are more than being just Africans. Thanks for making great changes in the life of many Africans with steem and other cryptos. We are appreciative always Jeff#Wafrica.