GLD Private Banking

[kreno777]

This image has really got me thinking !!!

I do believe that marketing Goldcoin as a Private Banking Network, sounds great, but on further investigation, i am a little concerned that we might fall under other regulations if we do this. At this point i am not sure at all about it, as this has just dawned on me today.

I fear that this could open Goldcoin, GoldcoinSA and myself for legal action, from the banking sector, the state etc.

My reason for saying this is, I looked at another private Bank or Investment Agency here in SA and found this attached at the bottom of there site :

<quote>
(Name Removed) Private Banking complies with South African legislation that regulates the financial services industry, including FICA, NCA and the Code of Banking Practice.
</quote>


Now, if this means, that i as an entity who is promoting GLD-SA as a Private Banking Network, could face serious resistance, unnecessarily, maybe i should adjust my strategy.

I am putting it out there to the Goldcoin Community to give some direction and suggestions on how to proceed with this.

If i need to register myself here for regulations, then i want to fulfill my requirements, but if changing direction is advisable, then I would need to re-think certain aspects of my marketing of Goldcoin here in SA.

Its open to the floor !!!

[CryptoFreedom4Me]

I would think if every individual is holding their own coins and keeping it decentralize there shouldn't be a problem.
If you are holding someone else's assets you could be considered being in the financial business. Or even purchasing coins for others. This is just my opinion and it don't mean much.


Maybe it should say Decentralize Network Payment System.

[kreno777]

I would think if every individual is holding their own coins and keeping it decentralize there shouldn't be a problem.
If you are holding someone else's assets you could be considered being in the financial business. Or even purchasing coins for others. This is just my opinion and it don't mean much.


Maybe it should say Decentralize Network Payment System.

Correct, coins go directly to the individual. So what i was thinking is to alter the statement to :
GoldcoinSA - Decentralised Private Banking Network.

This would make sense to me then as each individual manages there own banking exclusively and im not a store for anyone !!!

[CryptoFreedom4Me]

Makes more sense to me too.

[nuggetgal]

Kreno you brought up a good point. I think having "Decentralized" is the key factor.