Yesterday Italians forced their president to resign and this put further pressure both on the Euro and the Italian banks themselves,   Are we going to see another banking problem, following on from Greece and Cyprus where people lost their savings.

India is currently requiring Rs 500 and Rs 1000  to be deposited into bank accounts. the Rs 1000  is no longer legal tender and the  Rs 500 note ceases to be legal tender on 15th December. Many people who hold these notes will need to open new bank accounts or lose the money. The idea is to force people to use debit cards rather than notes

Do you trust trust your banks,? Leaving money in your bank account does not provide much interest nad many bank charge a monthly account fee to hold your money.  If you want to transfer money to another country you get hit with a high transaction charge and an exchange rate that favours the bank. There are alternative was to send money abroad such as Western Union but these can incur high costs as transfer are always  in USD, so  if USD is not the currency you use, you lose on a double exchange rate.

One interesting point about sending Cryptocurrency is that there are no border and transactions fees are very low a matter of pence or cents.

Now is the time to create your own bank and embrace the use of Crypto currency, Look at  the value of Bitcoin for example, it has risen from being worth cents to hundreds of $'s or £'s.

David Ogden
Entrepreneur