By Howard Green – November 2nd, 2015
Central Banks all over the world are shocked about the unprecedented growth and global popularity of the SNG Global Dollar virtual currency [sngglobaldollar.blogspot.com] as they are not yet prepared for another major new payment system to enter the global financial system.
Bitcoin as well as Ripple and other virtual currencies are considered by Central Banks to be insignificant at this point in time.
Central Banks nonetheless concede that virtual currencies are indeed legal in most countries and becoming more popular every day, but they feel adequate regulation of virtual currencies are still lacking.
It is also acknowledged by Central Banks that they are well aware people are increasingly, and rightfully so, turning their backs on the traditional banking system, because of the frequent endemic scandals and unethical business practices that have in the past caused huge direct financial losses for individual banking clients as well as unprecedented global economic disasters. To make matters worse, not one banking official has been sent to prison to date and instead the large banks have been rewarded with exorbitant bailouts.
Despite from being infuriated by these reprehensible developments in the banking system, banking clients are equally frustrated with the bureaucratic system, poor service delivery and high service fees at banking institutions. This has resulted in the overwhelming notion that banking clients would rather like to have full control over their own money as is made possible by virtual currencies.
The current concern by Central Banks is therefore due to the Summit Network Group business chamber’s recent decision to aggressively expand its SNG Global Dollar Virtual Currency Financial System, with the view of going public in the next few years.
Four private and 5 public auctions are scheduled by the SNG Global Dollar Virtual Currency Financial System until the end of 2022 at which a further $450 Billion in SNG Global Dollar Virtual Currency Certificates will be sold to increase the current SNG Global Dollar Virtual Currency Financial System market capitalization of $50 Billion to a whopping $500 Billion.
Bitcoin, the closest rival to the SNG Global Dollar Virtual Currency Financial System, only has a market capitalization of about $6 Billion.
The first SNG Global Dollar virtual currency auction has already taken place at London on September the 7th, 2015 at which a staggering $5 Billion in SNG Global Dollar Virtual Currency Certificates have been sold electronically in less than twenty minutes.
There is off course a significant amount of anticipation for the next auction, on Monday January 4th, 2016 where a further $100 Billion in SNG Global Dollar Virtual Currency Certificates will be made available to the global market, as it will serve as the ultimate confirmation to the SNG Global Dollar Virtual Currency Financial System whether the market is ready to move to the next era of virtual currencies in favor of the very unpopular traditional banking system.
When asked about the astonishing recent growth of the SNG Global Dollar Virtual Currency Financial System, Mr. Simon Taylor, CEO of the Summit Network Group business chamber responded by saying:
“The virtual currency industry is a multi trillion dollar untapped market and the SNG Global Dollar Virtual Currency Financial System is going to take full advantage of that in the years to come. In addition, we are really the only well established electronic payment system that is positioned to challenge the traditional banking system.”
“The SNG Global Dollar Virtual Currency Financial System has collectively been very successful for over 21 years. We are currently in the process of transforming the SNG Global Dollar Virtual Currency Financial System from a private payment system to a public payment system, which has resulted in the overwhelming interest by investors and businesses and consumers to acquire SNG Global Dollar Certificates.”
“I have to say, we are very pleased with the market’s response and support of the SNG Global Dollar virtual currency to date, which has indicated to us that we should definitely continue with our aggressive expansion program and we are doing just that.”
“Thousands of investors from 63 countries have so far registered for the January 2016 SNG Global Dollar virtual currency auction, which strongly suggests we would achieve our goal of selling $100 Billion worth of SNG Global Dollar Certificates.”
“It is also important to mention that these onerous expansion goals of the SNG Global Dollar Virtual Currency Financial System is only made possible by the collective power, respect and influence our 200 000 members have in the global corporate and financial circles. It is sufficed to say that no other institution would be able to match our achievements.” The investment in virtual currencies and in particular that of the hugely successful SNG Global Dollar virtual currency has become the no. 1 discussion in global financial circles and the currency investment establishment alike.
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