It is amazing to see, how much is the life in Asia controlled by cash. Cash in form of deposit, in form of bank account, but also in form of cash on hand, or in sofa. It is reminding to the European that cash may be the one to make difference. Being there you would ask yourself what it is caused by. Financial institutions are much volatile. Do no keen on simple financing. Mostly SMEs suffer a lot. Normal people would have a credit card, where bank earns 3 to 5 percent once paid. You also pay yearly for having the card. Overdraft is not usual. Collection of the debt is more hard collection oriented, if collected. Differences between rich and poor are getting bigger. And being poor is not the same we understand poor in Central Europe. Taxes are lower, social setup is much lower and differences in education are big. Even once educated it is more about memorizing. Not about real life usage. I get reminded of old Chinese Confusions. U need to do what shall be proper even it doesnt reflect the need of the student or real life. India may be example of it. Indonesia with 13 million credit cards too. Please dont forget that some people have 3-4 cards. On 250 million market.
And governments try to control poor by currency. Rich understands that holding local cash is just another way of indirect taxation. And local governments doing crazy things, devaluation, poor support to R&D, education for money, focusing on large economies usually former colonists.
Maybe the new are of non-banking banks, of external guys jumping on a market will open an option to change that. Even it seems more like another way to make poor poorer. Allow them to overpay something they would be not normally able to have.
I look forward to new nations using this ability. I am always very humble to see that worker building road in Malaysia.
No comments:
Post a Comment