Welcome to the third – and saddest – article in our informative series developed to highlight real-life use cases for a Crypto Credit Union. For an in-depth exploration of this popular topic, get our Crypto Credit Union whitepaper. For this article we chose one failed state to illustrate all failed states of which there are too many: Lebanon, A Failed State.
Lebanon: Life after a Failed State
Ravaged by civil war, bled by organized crime, terrorized by Hizballah, ISIS, Hamas, and the Abdullah Azzam brigades, failed banks, hyperinflation, corrupt authorities and now a war with neighboring Israel… Water, sewage, electricity, internet and phone services are all in a chronic state of failure, and rockets are flying. It is beyond imagination what daily life is like for the Lebanese.
August 2020 was a peaceful moment between terrifying events in Lebanon. The Lebanese people were working hard to recreate their lives, open their businesses, take back their streets and feed their families. Here is an excellent video highlighting these amazing efforts by the Lebanese. “Life After a Failed State”: https://www.youtube.com/watch?v=OwcYCxUv-74&t=43s
Parasitic local authorities, crime families and terror groups are feeding off what’s left of Lebanon’s economy. Take away the money and all these evils wither away and die – and all their violence dies too.
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 stable currency and private financial network for any member of the credit union. (Reference YCCU Whitepaper)
What does this look like? A Crypto Credit Union (CCU) member operating business in Beirut can transact with other members using the CCU crypto stablecoin (Credit Union Coin – CUC) and with other businesses using US dollars. All Lebanese members can transact with each other within the CCU system privately and securely with a stable currency.
Effectively, it’s a member-to-member economy within the same system utilizing the same stablecoin and unknown to anyone in Lebanon including terrorists, criminals and authorities. The CUC can be converted to Dollars, ETH or BTC for an exchange fee (fuel charge).
A Crypto Credit Union:
- Provides a stable currency for local and international transactions
- Is private, circumventing local corruption, terrorists, war lords, extortion and other rackets
- Stops funding the activities of nefarious groups
All this is clearly a blow to parasitic economies – and a clear benefit to Lebanese 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, it’s 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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