October 01, 2018

Compliance and wealth

Compliance and wealth

Today there is a lot of talk about regulation and compliance. A huge issue for some, especially for the regulator. But let’s step back for a moment and think - who is this regalutor we are talking about? I presume, we all mean that it is the same regulator that was placed there in order to maintain financial integrity, financial stability and to protect the consumer.

But of course it isn’t like that in reality. The “average” regulator doesn’t care about none of the things mentioned above. “But doesn’t that defeat the point?”, one may ask. It certainly does.

The government that appoints the regulator, the government that was chosen by the people to do all of the above amongst many other things.

Thinking of the financial system across the world one realizes that something is wrong here. Charities that have to pay up to 20% in commissions and taxes to the regulator in order to actually do the job it (the regulator) couldn’t manage in the first place. World charities that actually try to achieve some financial stability for the poor are being torn apart by that same centralised entity that was put in place to avoid what the charities are trying to fix.

Some people are lucky, they are born in a so called “developed world” , they don’t live on between 1 to 2 US dollars per day (here is the threshold: https://en.wikipedia.org/wiki/Poverty_threshold - ridiculous).

Here is where cryptocurrencies can help. Help to avoid unnecessary commissions and “cuts” to the wealthy. Help to make things cleared up and put the broken bits back together. Give back billions of US dollars back to the community. Help to educate people and to create stability. And maybe just then (just when we see the financial system working in that direction) we can come back and discuss compliance and regulation.