Welcome to the first article in an informative series we’ve developed that highlights real-life use cases for a Crypto Credit Union. For an in-depth exploration of this popular topic, get our Crypto Credit Union whitepaper.
We kick off the series with India, The Remittance State.
The Problem with Remittance in Conventional Banking Systems
Problem – $124 billion dollars are remitted to India every year from Indian expatriates working around the world, who are trying to support their families back home. This represents 3.4% of India’s GNP, making it one of their largest industries.
What we know:
- Digital remittance fees/costs average 5%
- Physical remittance fees/costs average 7%
- …costing Indians $6 billion + every year
If utilizing the banking system, remitted dollars will be converted to rupees at a disadvantaged exchange rate – adding even more costs to the remittance. Sadly, India is also notorious for its local government corruption. Extortion and protection racketeering are prevalent in cities across the country, making remittances a target.
Our Crypto Credit Union whitepaper details how a credit union can be established today utilizing current US regulations and exiting blockchain technologies. It also explains how a CCU will operate internationally, utilizing existing US laws and protections. And, you’ll gain an in-depth understanding of the CCU tokenomics, economics and econospheres.
Experience the Benefits of a Crypto Credit Union
Solution – An international credit union built on blockchain technology and domiciled in the United States, utilizing an internal crypto currency backed by US Dollar deposits. This successfully creates a remittance workaround for any member of the credit union. (Reference YCCU Whitepaper)
So, a Crypto Credit Union (CCU) member working in the UAE can convert Dirhams to a CCU crypto stablecoin (Credit Union Coin – CUC). A family member in India who is also a credit union member can receive transfers of CUC stablecoins directly – and without fees.
Effectively, it’s a member-to-member transfer within the same system utilizing the same stablecoin and unknown to anyone in India and the UAE. The CUC can be converted to Dollars, ETH or BTC for an exchange fee (fuel charge).
A Crypto Credit Union:
- Circumvents all the inefficient layers and fee structures of remittances
- Is private, circumventing local corruption, extortion and other rackets
All this is clearly a blow to parasitic economies – and a clear benefit to Indian families.
CCU is domiciled in the United States and must adhere to US laws and regulations. Credit union operations are visible to US regulators and law enforcement only. All members must adhere to “know-your-customer” regulations.
CCU is embracing the US regulatory framework and law enforcement. Local crime lords or corrupt bureaucrats cannot compel the United States to disclose CCU information. Only national authorities and law enforcement agencies utilizing international laws will get the US government’s attention, and even then, its unlikely the US will disclose.
A Series of Use Cases for Crypto Credit Union
If you enjoyed this article, stay tuned! We’re developing an informative series of use cases for YCCU (Your Crypto Credit Union):
- Remittance State – India
- Inflation State – Argentina
- Failed State – Lebanon
- Pirate State – United States
Regulation and technology are ready and available to create a digital credit union. If you’re a Whale and you want to get started now, reach out to us at Gilman Patrick. We know a thing or two about US banks and credit unions…
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