The Bank of The Future
PRESS RELEASE:
Bank of The
Future
The CopperCards Bank is a free-market-valued, asset-backed interest-free trading system and currency that has
the potential of not only replacing the current banking infrastructure
and fiat currencies, but has the potential of initiating local and
international business booms.
BACKGROUND:
CopperCards Bank is provided by InfoTelesys' Get IT Bank and IT-AT™
(InfoTelesys-Automated Trading system). InfoTelesys, an
advanced next generation communications company not only brings
resolution to the worlds banking crisis and corruption, InfoTelesys
also brings revolutionary educational tools, media and other
exciting benefits to mankind.
www.infotelesys.com
CopperCards Bank was designed by people
who have architected the systems infrastructure for some of the largest
and most successful banking systems.
Get IT Bank/CopperCards Bank will
charge no interest on Coppers and no transaction or banking fees it will
be set up as a not-for-profit and a separate entity to CopperCards.com.
By integrating Wall Street, E-Bay and
Craig's List like trading systems technology, the CopperCards Bank will
provide consumers dynamic trading infrastructure that allows for macro
and micro trading.
CopperCards Bank Currency is Called
'Coppers' and denoted simply by ‘C’.
There are no fees associated with
utilizing the CopperCards Bank or trading system. The CopperCards
Bank is setup as a not for profit organization that is funded through
limited use of Coppers for operations purposes. This is no
ordinary bank, the bank will have no investment portfolio, no profits,
nor any ability to charge interest or manipulate markets.
Any asset may be traded through the
CopperCards Bank, including other currencies, land, property, services,
etc.
The currency bears no interest making it
in the interest of the owner of the currency to exchange their Coppers
for real assets. This also prevents the bank from utilizing interest
rates to manipulate the market and ensures the currency is utilized only
for trading.
There will be no charge or fees for using
the InfoTelesys IT-AT Get IT Bank/CopperCards Banking system and Coppers
currency. The bank is prohibited from producing Coppers for any use
other than customers trading and the bank's operational costs. The bank
is also prohibited from being utilized for the purchase of military
weapons, the funding of war or any criminal operations.
Coppers
unique identifiers allow transaction rollback in the event of an error
or in the cases of theft providing CopperCards Bank customers an
absolute guarantee of security.
The InfoTelesys Get IT Bank/CopperCards Bank and
Copper currency are neutral and eliminate fiat currencies and the
corruption caused by years of unscrupulous bankers, kings and greedy
nations. CopperCards Bank is the world's most significant
development in banking.
Designed for Commerce
The Bank will also provide a limited
credit/loan feature to significantly facilitate commerce (this feature
alone can cause an industrial boom in commerce):
A person registers an asset with the
bank, placing the asset in escrow with the bank in exchange for a loan
of Coppers (registered value). The bank will conservatively estimate the
value of the asset at a percentage below estimated market value based on
the person’s credit worthiness1.
(CopperCards Guardians
will provide certain services in this regard).
Other currencies are registered with
the bank as any other asset and held in escrow at or below the
estimated market value. Other currencies bought or sold are listed
on a first-in-first-out basis on the IT-AT trading exchange. The
seller and buyer may also set fixed or auction pricing on
currencies. Thus Coppers can be used to purchase and sell other
currencies in a free market environment without the traditional
overhead and fees banks normally charge.
The IT-AT trading exchange also
provides for a listing and clearing house for the auction and sale
of all types of assets, goods and services. Buyers can scope
purchases and searches to their local region.
When the asset is sold, the buyer pays
for the asset in Coppers and the asset is removed from escrow into the
possession of the buyer.
When the asset is sold, the asset's real
value is established, leaving a gain or loss in Coppers against the
originally registered value. The difference between the registered value
and sales price is balanced against the persons CopperCards Bank
account.
Asset may be held in escrow by the bank
in exchange for Coppers for a predetermined maximum period based on the
type of asset and the typical sales cycles for that type of asset. If
the asset is not sold within the maximum period, the Coppers loaned must
be returned by the borrower and the asset is released from the bank’s
escrow.
If the person does not have the Coppers
to pay back the loan when an asset is released, the asset will be placed
on auction by the bank over an average period of one year and cleared
against the person's account as soon as the auction value reaches the
registered value or at the auction value at the end of the clearance
period. Any loss at the end of the clearance period will be charged
against the person's account. Some high-end assets will have clearance
periods over one year, some perishable assets will have clearance
periods less than one year.
[1] A
person’s credit worthiness is established by calculating the historical
difference between their registered value of assets and their sale
price, both in terms of volume and difference.
For more information contact
clive@coppercards.com or
clive@infotelesys.com.
Copyright © 2008
Clive Boustred,
InfoTelesys,
Get IT Bank, CopperCards. |
