THELOGICALINDIAN - As abounding as 70000 bodies could be adverse cyberbanking ruin as a massive crackdown sweeps beyond Ghanas cyberbanking arrangement It serves as yet addition abrupt admonishing that governments and banks are in abounding ascendancy of peoples money Only decentralized assets such as bitcoin would be allowed from such budgetary madness
State ‘Cleanup’ Wipes Out Billions
According to reports a massive ‘cleanup’ of Ghana’s cyberbanking arrangement has larboard tens of bags of bodies apprehensive area their accumulation accept gone. The crackdown has bargain the cardinal of lenders by a third, and resulted in the cease of 23 accumulation and loans firms. It additionally triggered a run on armamentarium managers which acquired a affairs bacchanalia and accumulation defalcation of holdings.
An estimated $1.6 billion has been wiped out, which is over a third of the assets that clandestine armamentarium managers administer for retail and institutional investors. Ghana’s primary banking regulator, the Securities and Exchange Commission, has added burden on at atomic 20 armamentarium managers it suspects of actionable the rules.
The SEC has blocked asset managers from accepting any new investments as they may be acclimated to pay out absolute investors. The massive run on backing has larboard as abounding as 70,000 bodies badly gluttonous answers as to area their accumulation accept gone. Lord Mensah, a chief accounts academician at the University of Ghana, commented;
The likelihood of the government bailing out burnt investors is abbreviate as the axial coffer targeted the accumulation companies application them. Many are already blaming the government for not accepting able accoutrement to anticipate such banking fiascos. Banking Crime and Governance and Regulatory Expert, Kwadwo Kusi-Frimpong, wrote;
Bitcoin is The Solution
Crypto industry eyewitness ‘Rhythm Trader’ said that banking administration should not charge a agent and bitcoin, with its ever accretion network, is the answer.
Many would altercate that bitcoin’s animation is befitting the masses at bay, accompanying with the actuality that it is a high accident investment. But for bags of Ghanaians, what they perceived to be acceptable investments accept accepted to be a abundant college hazard.
Can bitcoin break the accumulation crisis? Add your comments below.
Images via Shutterstock, Twitter @Rhythmtrader
