What is Laccoin?
LACCOIN (LAC) is an Ethereum backed cryptocurrency that enables the banked, unbanked and underbanked individuals who are in Latin America and Caribbean region to send money, invest and send micro-loans to each other with their mobile wallet or web app. Combined with their LAC debit card and access to the LAC Index Fund individuals can spend their LAC tokens, invest or use their P2P loans that connect with their LAC wallets where every VISA or MasterCard is accepted.
Our vision is to create a viable ecosystem for monetary transactions which will be a viable alternative to the existing banking system.
Why Laccoin?
1. Costly remittance systems.
Laccoin is an easy way to send international remittances to other Laccoin wallet holders.
2. Reaching the Underbanked.
Access to current banking services and the new cryptocurrency card payments system through the use of mobile devices which will have result in a more significant penetration rate than banks.
3. Inability to access loans through traditional financing mechanisms to start business projects or personal projects.
To enable and empower citizens in the region to access microfinance \ through nontraditional means by creating a credit score through their Laccoin wallet.
4. Unbanked and underbanked do not have access to complex financial vehicles to help build wealth.
An Index Fund that will be open solely to LAC token holders. The Index Fund will hold highly liquid cryptocurrencies that are managed to ensure a robust portfolio that meets the needs of LAC ecosystem.
The Case For Laccoin
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%3 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 people of the LAC region.
NEW LAC ECONOMY
Even though conventional banks in the LAC region have done an excellent job of trying to include everyone in their respective economies, there still remains a massive inclusion gap. Banks in the LAC region have a penetration percentage of only 51% as seen in Figure 1 beside.
By contrast, a considerable number of individuals within the region have access to mobile devices. Looking at unique subscribers, that is, users who subscribe to mobile services at the end of a period, the unique subscriber penetration rate for mobiles stands at 65%, corresponding to a total of 414.4 million individuals. By 2020 the penetration rate will rise to 78%, a total of 524 million individuals. In addition, 70% of the population would have adapted to smartphones by 2020.
It shows that people are looking for more convenient and better ways to send money to the LAC region. A recent survey showed that 42% of respondents said that they were looking for ways to send cash through the internet. By and large, cryptocurrencies have outpaced the current methods of transmitting and receiving money as well as paying for items.
Another advantage of cryptocurrency over existing fiat currencies is the speed of transactions. Sending money to a relative in another country through the existing banking system takes considerable time and money. Transactions sent through Western Union, MoneyGram, RIA, Xoom, Dolex, Sigue, Intermex, Barri, Viamericas, and Wells Fargo — handle 90% of the 14 million transfers to the LAC region. While these transactions can take days, they can be executed in a matter of minutes using Laccoin cryptocurrencies.
Products
LAC WALLET
• Multi-asset (any blockchain asset compatible with and accepted by the Laccoin Wallet)
• Assets remain in cryptocurrency in Laccoin Wallet
• Decentralized and trusted storage
• Strong Security features to control the physical & and virtual card
• Access to P2P Loans
Laccoin Debit Card
• Laccoin debit card that works in conjunction with the wallet.
• Option to lock or unlock their debit cards.
• Reward program for both LAC WHITE CARD/LAC GOLD CARD
LACCOINS LOANS
• Individuals have the ability to make small peer-to-peer loans (P2P)
• Combined groups of individuals with high credit ratings have the ability to make small peer-to-peer loans(P2P)
• Individuals with high credit ratings can apply for loans from Laccoins
Lac Union Wealth Fund
• The Fund will be a cryptocurrency index fund holding highly liquid cryptocurrencies.
• The Union Wealth Fund will be open solely to LAC token holders. .
• LAC-holders will have access to a regulated, diversified, well managed and monitored cryptocurrency portfolio.
Additional Information :
- Website : https://www.laccoin.io/
- Whitepaper : https://app.box.com/s/dsdgysn33e7qntd91sxtm0yvpggpgitv
- Telegram : https://t.me/LaccoinEnglish
- Facebook : https://www.facebook.com/Laccoin
- Twitter : https://twitter.com/Laccoin
- Ann Thread : https://bitcointalk.org/index.php?topic=4455448.msg39867558#msg39867558
Author: Tejo_surty
Eth Address: 0xF9BC056454948A5D645c86708243A9C7d9578334
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