In a digital era, other Blockchain tokens ambition is to annihilate Commercial Banks. However, InksLedger Blockchain permits Commercial Banks can become Private InksNode Bearers acting as intermediaries between the masses and the Central Banks. The financial benefits accruing to commercial banks that facilitates exchange of Pinkoin to other currencies is unprecedented. For example, if the commercial banks charge 10% as exchange commission for the present 7 million members who are earning $320 per month. The commercial bank will gain $32 x 7,000,000 = $224 million on monthly basis.
Since all the people tokenized are credit worthy, they can borrow against their monthly revenue to build houses, buy cars and also start a new business. Banks will earn a lot from the interest on loans and the rate of default in loan repayment shall be zero.
BENEFITS OF INKSLEDGER FINANCIAL SYSTEM TO CENTRAL BANKS
InksLedger Blockchain permits Central Banks to become Universal InksNodes or Federated InksNode Bearers while other Blockchain tokens aims to obliterate the Central Banking System.
Not only will the Central Banking be more relevant in the new system, they will also be able to make use of certain percentage of the money domiciled with it.
For example, If a child is born today in Inksledger Financial System, he or she starts receiving her own Universal Child Basic Income (UCBI) monthly, using exchange rate of N375 to $1, it will take that child 2,133 months or 177 years to exhaust the funds, same with every other child.
Most people die at 70 years so an average person will still have more than 80 years that he would not be able to use. This part is available for the government to borrow and use it now for amenities also the fact that it is split into many months makes it possible to use now and return later.
The beautiful part is that the overall reserve of, for example, 7 million persons who have already joined i.e. 7 million x $800,000 = $5.6 Trillion can be stored in Nodes, run by the central bank and drops into commercial bank accounts for your usage.
But the central bank gets access to use a maximum of 1.8% of those funds for other things and because it is in circles, those who work will have more access to more out of their $800,000 than others.
By obamoh Glorious
Kogi state DDG