A potential crisis hit the South African banking industry this past week- what effect does this have on South Africans? For two years, the South African Society of Bank Officials (SASBO), backed by the Congress of South African Trade Unions (COSATU) have been dancing on the edge of a national strike and it is only through a technicality in the courts at the 11th hour that has put a stop to the strike action scheduled for Friday, 27 September. That said, we know from history that having a strike declared illegal, does not necessarily prevent workers from going on an unprotected strike and we may still experience a crisis in our financial sector this weekend. We should also bear in mind that this does not prevent a future strike. It is simply a matter of time before SASBO is allowed to go ahead with industrial action.
What Does This Mean for South Africans, Going Forward?
While the major banks are doing their best to quell the public’s concerns about impending strikes, the reality is that the South African economy looks set to be crippled by yet another expensive strike in the months ahead. Given the number of employees who belong to SASBO (upwards of 400 000) a strike in this industry would be the biggest strike in the banking sector since 1920.
At the heart of the matter is a growing anger amongst banking employees over the widespread job losses in the industry of late. The growing demand for digital services has seen four of the country’s biggest banks issuing restructuring notices, which ultimately will lead to further strikes and branch closures. Despite assurances that online and digital platforms will be available throughout the impending strike, the public is being warned to draw cash and fill up their cars with fuel before the strike begins. The reality is this – we simply do not know what will happen when the banking industry goes on strike. Experience has taught is that strikes rarely follow a timeline, and that the behaviour of striking workers can be erratic. This is a terrifying thought for a society that is completely dependent on fiat currency. There will be many South Africans sleeping poorly for the duration of this strike. Aside from the inconvenience of not having the banking services available, a strike such as this is yet another blow to an already battered economy struggling with inflation.
That’s Where Crypto Comes In
However, for those of us who have invested in cryptocurrencies, this potential crisis will simply be an inconvenience, rather than an event that could cripple us financially. Unlike fiat currencies that are backed by governments, and thus susceptible to the politics of a country affecting its economy, cryptocurrencies are completely independent of this. While the SASBO strike will indirectly hurt investments in South Africa, even under the best strike conditions, it is likely to benefit cryptocurrencies. This strike will hopefully see more people investing in cryptocurrencies, which will increase their value in the market.
It’s the simple principle of supply and demand. Already we are seeing a significant amount of fiat ‘leaking’ across the globe; meaning that traditional fiat currencies are being used for the purchase of cryptocurrencies. This represents the greatest shift we will see in our lifetimes from traditional means of financial wealth, to investments in more modern currencies. Smart money is wealth transformation into cryptocurrencies. To view just how much fiat is being converted into crypto in live time, visit www.fiatleak.com.
Where Commodities Come In
In spite of the obvious benefits of an independent currency in our current situation, cryptocurrencies have a flaw common to that of fiat currencies. On their own, neither form of currency has any real value, they are only valuable when used to purchase goods and services. They are essentially ‘place markers’ of a value. As we have recently seen in Venezuela and Zimbabwe, fiat currencies are especially at risk of being devalued seemingly overnight. Under these circumstances, it is easy for people to go to bed as millionaires and to wake up the next day as paupers.
The only true tangible currency remains that of gold. This principle is most succinctly described by Robert Kiyosaki: ” The way I see the world today is that there’s three kinds of money. There’s God’s money, which is gold and silver, there’s government money called fiat money currencies, and the third type of money is now cyber money [cryptocurrencies].” He further describes cryptocurrencies as “people’s money”.
This is what has made the company I am partnered with the success is it is today. It offers the public the tangibility of gold currency, with the many benefits of other cryptocurrencies. The first batch of ATM’s that allows individuals to withdraw gold are expected to arrive on South African shores in a matter of weeks, those who have invested are guaranteed to enjoy the best of both worlds – the accessibility of fiat currency with the profitability and security of cryptocurrencies, all presented in the most tangible way possible: gold. These CEMs will allow South Africans to draw gold out of an ATM! By allowing consumers to pay and be paid in gold, South African are given immunity from the financial frustrations of living in a beautiful country where strikes are an all too common feature of our economy.
In yet another exciting innovation from this company, they have developed a payment solution that will allow South Africans the opportunity to pay with cryptocurrencies. This development allows online retailers and shops to accept payment in Bitcoin, Ethereum and the companies own cryptocurrency for goods and services. This means that for those who have been investing in cryptocurrencies for a while there is now a reliable payment solution for using crypto to pay for everyday transactions, on a much larger scale than before.
Possibly the greatest complaint South Africans have about fiat currency in South Africa is that of transaction fees. Simply put, it is very costly to use one’s own money. Unlike Mastercard, Visa and the like, there is no transaction fee charged to the account holder when making use of their payment platforms. Once again, they have proven that they are at the forefront of combining the simplicity of traditional fiat currencies, with the investment benefits of crypto and the stability of gold. In all of this there is not risk to the seller whatsoever, who is given the opportunity to decide how they would prefer to receive the funds due to them – in fiat currency or cryptocurrency.
I can confidently reassure you that this is the future of the financial market. You have two options today – you could be one of those people worrying about when the banking sector will eventually be allowed to strike, or you can choose to diversify and invest in a truly modern currency that will protect you in turbulent times such as these. If you are interested in knowing more about this amazing company and how you can invest in it today, do not hesitate. Leave your contact details on this website to secure your spot in this thoroughly modern, safe investment opportunity.