Brief Introduction to LACCoin

Background

The global financial crisis of 2007, better known as the great recession, exposed major weaknesses within the global monetary system. The chaotic atmosphere gave rise to blockchain technology, which in turn, has birthed cryptocurrencies. During the same period, a drastic reduction took place in the total values of remittances sent to locations within the Latin American and Caribbean region, where individuals and families are highly dependent on financial support. The values of these remittances were further reduced because of the high fees charged by traditional banks.

In Latin America and the Caribbean the total amount of remittances amounts to 7.5% of the GDPs of these nations. This is compounded by the fact that payments sent across international borders through the traditional banks are still very complex, slow-moving and expensive.

The average amount transmitted to each dependant through the traditional bank or remittance agency is $222 at regular intervals 13 times a year. At the height of the global recession, remittance fees in the LAC region climbed to nearly 8.75% of the GDP. The total remittances sent to the LAC region in 2016 totaled just over 69.4 billion, which represents an average percentage remittance of slightly above 6%. These totals plus the cost of fund transfers are staggering. But, if Laccoin had been the issuer, it would have put back 4.6 billion into the hands of the needy people of the LAC region.

What Is LACCoin

Laccoin is an Ethereum-backed cryptocurrency that uses a mobile wallet. Individual users will have the option of exchanging their cryptocurrencies and LAC tokens with one another through their mobile wallet or of spending their LAC tokens or other cryptocurrencies through their Laccoin prepaid debit card. The scope and range of Laccoin will make it the first cryptocurrency or token to bring Latin America and the Caribbean under a single monetary jurisdiction.

Laccoin wallet will be available for download via IOS or the Android marketplace. With the use of the LAC card, individuals and businesses will be able to operate in the new Latin American and Caribbean digital economy from their mobile device. However, the full benefits of Laccoin will only be apparent once a person can use the token in the same way that he uses other fiat currencies or fiat back debit cards for everyday payments.

Laccoin’s intention is not to go head-to-head with the traditional banking services but to ease the burdens of individuals and businesses that do not have easy access to traditional banking services in the LAC region.

Vision of LACCoin

With the use of the Laccoin ecosystem, Laccoin can provide people within the LAC region with easy access to funds. Many of these people would normally be unreached within by the present system. Blockchain technology, which is cheaper, faster and safer, is an excellent way to reach out to and include everyone within the region to participate whether within the traditional economy or the new digital economy of the future.

Laccoin’s vision is to create a viable ecosystem for monetary transactions which will be a viable alternative to the existing banking system.

With the latest technological advancements in the world, our traditional banking system is due for an update too and this might be a good start.

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