ROSCAcoin to Provide World with Banking Facilities via Blockchain

Learn how new startup will build a financial solution ecosystem which leverages social capital and trustees to collaborate with better financial options
30 March 2018   13109

Finding shown there are still many people in the world who do not possess bank account or credit record. Majority of these people are from the remote area or countryside, which are either lack of accessibility to banking facilities and networking infrastructures or facing restriction by national governance boundaries. Banks or financial institutions are also challenged to reach out to them. For instance, a farmer in a remote town in the Philippines is distanced from any loan application either domestic or foreign, for an intended substantial purchase.

ROSCA (Rotating Savings and Credit Association) has existed since centuries ago and it is still a widely known association in some countries. It’s called the ‘poor man’s bank in third world country which adopts the crowdfunding and community methodology to raise fund and helping each other within a community.

ROSCAROSCA

The core foundation of ROSCA is based upon the trust which is why most of the ROSCA group is held together by family and friends. The reason being if there’s a dishonest member from within the group who does not abide by the rules and policies set up for the lending cycle (i.e. sabotage of money from the group, dishonor instalment payback), the chain of funding and reserve will be broken, thus causes loss to the rest of members in the cycle.

In order to reduce these risks, the leader who forms the ROSCA group has to be the most trustable person as he will not only be responsible to take care of the funding cycle, he is also liable to hold and keep track of every transaction records. In other words, the leader of a ROSCA group is the caretaker of funds and records for his community members. However, a human is corruptible when it comes to money handling.

The leader might be the culprit that lead to falsified transaction records, missing fund records, money uncollectable and reserve amount that does not reconcile to bookkeeping. It is these inevitable scenarios that actually happened countless times over the years that government in countries like India and Singapore intervene to legalized ROSCA with governing rules and regulations to safeguard the wealth of the community members.

Blockchain is the fundamental technology for Bitcoin and it is the technological advancement that will change the world. Blockchain was created to solve the financial issue like decentralized the regulations and power which controlled by one party, public sharing of the distributed ledger which can be viewed by interested parties, transparent that’s why Blockchain technology fits well to the fundamentals of ROSCA.

Blockchain and ROSCA is the perfect match as it is able to solve the conventional ROSCA problems. The risk will be effectively mitigated with this new technology, thus the ROSCA methodology will be revived again to the benefits of many people across the world.

About ROSCAcoin

ROSCAcoin (RCA) is cryptocurrency which supported by a self-regulating, autonomous, decentralized, blockchain powered Rotating and Saving Credit Associations (ROSCA) ecosystem platform. With the blockchain technology which encompasses smart contract features, ROSCAcoin able to build a financial solution ecosystem which leverages social capital and trustees to collaborate with better financial options by eliminating the higher cost of borrowing, easier financing, better investment options and diversification of risk.

ROSCAcoinROSCAcoin

ROSCAcoin Ecosystem platform will offer multiple financial solutions to its user:

  • ROSCA Lending Circle (RLC)
  • ROSCA Credit Score (RCS)
  • ROSCA Merchant Program (RMP)
  • ROSCA P2P Platform (RPP)
  • ROSCA Crowdfunding Platform (RCP)
  • ROSCA Charity Platform (RYP)
  • ROSCA Lucky Draw Platform (RLD)

THE ROSCACOIN ECOSYSTEMThe ROSCAcoin Ecosystem

Each platform will be developed progressively, and the whole ecosystem is projected to complete in the year 2022.

ROSCAcoin will also invest in some potential projects which able to boost its ROSCAcoin recognition. ROSCAcoin Ecosystem Platform is built on Ethereum platform which compatible with the ERC20 standard. It will accept Bitcoin and Ethereum Token in exchange for ROSCAcoin Token. This will stimulate the demand for the before mentioned cryptocurrencies and hence further improved their value to the cryptocommunity. ROSCAcoin Token (RCA) will be used in all ROSCAcoin Ecosystem platform as this will ease the process and encourage stateless business to which everyone across the world can intersect globally.

ROSCAcoin main sale goes live on April 1, 2018, don’t miss a chance to invest in the interesting project! 

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SEC to Need More Info on BTC ETF

SEC is gathering more input from the public – to date, according to the agency, more than 1,400 comments have been submitted
21 September 2018   145

The US Securities and Exchange Commission (SEC) announced the beginning of a formal process for considering the application for the creation of bitcoin-ETF from the New York companies VanEck and SolidX. Nevertheless, the agency appealed to the community for more information. This is stated in the document published on the SEC website.

Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.
 

The US Securities and Exchange Commission

At the moment, the SEC received about 1,400 comments.

According to the document, the Chicago Board Options Exchange (CBOE) has signed an agreement on the exchange of data on bitcoin transactions, trading and the state of the market with the cryptocurrency trading platform with Gemini.

The agency asked commentators to clarify the position of Gemini in the digital currency market and assess the likelihood of increased volatility at this site in connection with possible trades of bitcoin-ETF.

So, before September 30, the department had to decide on whether to approve, deny or initiate the proceedings. The SEC chose the latter, which is likely to delay the process until the next year.