British Banks Sabotage The Royal Coin. Are They Voting For Dollar?

Great Britain was the first country in the Western world, which announced the plans to create a cryptocurrency. The release was to be held in 2018. Two-thirds of the year has passed, but not a word has been said about the British crypto miracle yet.

The latest reports about this project are dated by December 31 last year. The information that such a financial giant as England (3 British credit organizations are the constant participants of the top-10 of the world's banks) joins the crypto market, was perceived as a New Year's gift by many people. Moreover, a few months earlier, the University College of London published an article stating that the national cryptocurrency had already been developed and was called RSCoin. The authors of the publication told about the advantages of the new crypt over the habitual bitcoin. "The radical difference between RSCoin and the traditional cryptocurrency is that it is centralized, - the publication reads. - Each unit of this currency is created by a certain Central Bank. And the fact that RSCoin is created by the same pattern makes it acceptable for governments and state investments".

Once the pound was a global reserve currency, supported by a strong British economy and banking system. And today, Britain ranks 5th in the world in terms of GDP ($ 2.9 trillion). In London, the world's largest trading platforms are located: the London Stock Exchange, for example. If RSCoin appeared today, it would have every chance of becoming a new dollar, but in the crypto market. It's amazing that Britain misses the chance to expand its power and become level with the USA in influencing the world currency system.

Although, if you look at the history of the development of the crypto, it is not strange that the British digital coins have not appeared yet.

The global banking elite is actively resisting the advent of the cryptocurrency. And, in this case, not for political, but for economic reasons. For example, on March 2, 2018, the Governor of the Bank of England, Mark CARNEY called for an end to the "anarchy of the cryptocurrency," and for an adjustment of the crypto to the standards that the entire financial system is subject to. He also denounced the announcement of the creation of the national cryptocurrency, thereby taking away the New Year's gift from potential investors into the "British miracle". But another representative of the banking sector was the most outspoken of all. From the USA. Bank of America sent a letter to SEC, which states directly that digital assets threaten the modern banking business model. In the interview with CNBC the head of Bank of America, Bryan MOINIKHEN, said directly that the traditional banking system was the more reliable money storage than bitcoins and any other cryptocurrency. "The idea of ​​transferring money in a digital format is not new, - he emphasized. - Half of our customers make electronic transfers, which is $2 trillion. Therefore, the crypt currency will not give the customers anything new, except anonymity”.

The key phrase is – “nothing new”. Everyone who is afraid of losing money is saying so. And really, what bank is it profitable for when transactions run for nanoseconds and without costs? After all, huge numbers of staff “sit” on these costs, from secretaries to executive directors. Each credit institution cashes on any action with the client's money. And, to a reasonable limit, it is not necessary for it that these actions decrease in number. These are the rules of the banking business. And of the life in general. Evolutionary development, often, defeats the revolutionary.

There are the examples when this principle worked in the economy. When the supersonic passenger airliner Concord joined the civil airlines, everyone was delighted. To sweep across the Atlantic in 4 hours is much better than in 8. For customers, of course, not for airlines. After all, during this time, passengers will eat less; drink less champagne, read fewer newspapers and magazines. So the earnings from each flight will be reduced. And that's why today we fly by slow, but comfortable and quiet planes.

The same can happen to the cryptocurrency. Fiat money will become more and more "digitized", transfers will become a bit faster, costs will reduce slightly, but in principle, the format of services will remain the same. And the crypto will take its place in the museum. It will not happen upon one condition - if the public impulse to the modernization of life turns out to be stronger than the craving for the usual comfort.