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2. (AU2014101277) New method for banks, financial institutions and monetary funds to provide ethical loans finance including Islamic finance with no interest or usury. Banks, financial institutions and monetary funds can replace interest or usury using this new method which is an internal crypto currency block chain dependent process the minting of new coin and mining of transaction fees.
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2014101277
There are two pages of claims only
Claim 1
This new method gives banks, financial institutions and monetary funds the ability to earn the interest or usury in a different process being the minting of new coin and mining of transaction fees which is an internal crypto currency block chain dependent process as opposed to the current system method of charging interest or usury on loans/finance to the Borrower/Person/Entity/Applicant. Bankcoin will be used in this and the following claims as the crypto currency example, however this new method will apply to all crypto currencies that are blockchain dependent irrelevant of what they are called. Example, bank, note, coin, bar, rights; these examples of crypto currencies names are all blockchain dependent.
A centralised and/or decentralised bank, financial institution and monetary fund can issue a single crypto currency using this new method to some and/or all banks, financial institutions and monetary funds and also can issue separate specific crypto currencies to some banks, financial institutions and monetary funds.
Claim 2
A Borrower/Person/Entity/Applicant/Country enters a crypto currency/ blockchain dependent loan/finance agreement with banks, financial institutions and monetary funds to take advantage of this new method of no interest or usury.
Example: Bankcoin Loan, Bankcoin Finance
Each Borrower/Person/Entity/Applicant/Country could have its own allocation abbreviated in the wallet code on the block chain. Example BankAU, BankUS, BankEU, HSBCAU, HSBCEU, HSBCUS, GaryAU, GaryEU, GEAU, GEUS, GEEU. Each with its own mined market cap, valuation, reserve, coin mint mine market cap %, and transaction fee mint mining cap %.
Claim 3
The banks, financial institutions and monetary funds then buy/ acquire Bankcoin for or on behalf of the Borrower/Person/Entity/ Applicant/Country to secure the position from 1% upwards to back the loan/finance.
Example: The banks, financial institutions and monetary funds can back this loan/finance 100% to protect it in case the loan/finance Borrower/Person/Entity/Applicant/Country defaults.
Claim 4
The banks, financial institutions and monetary funds can leverage the Bankcoins which it has acquired by 2x, 5x, 30x, etc. whatever the rules are for that specific bank, financial institution and monetary fund. The leveraged Bankcoins is to create fiat which is then allocated to the Borrower/Person/Entity/Applicant/Country. Claim 5
This is interest free, no usury because Bankcoin being Crypto Currency/Blockchain dependent actually mint/mines new coins and mine/mints the transaction fees throughout the Bankcoin network. This gives the banks, financial institutions and monetary funds the ability to exploit this new method and determine what % it wants to earn via the mint/mine process.
All associated fees would still apply Example: late payment/overdue payment fees; these fees could either be in fiat or Bankcoin or both. Only the principle loan/finance is required to be repaid.