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BRICS to launch independent financial system (vovworld.vn)
submitted 4 months ago by cyu@sh.itjust.works to c/worldnews@lemmy.ml
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[-] Suoko@feddit.it 5 points 4 months ago

They should start thinking of a plug and play system similar to activity pub for all that finance old fashioned system

[-] yogthos@lemmy.ml 4 points 4 months ago

That's sort of what Bancor is, in programming terms you can think of it as a common protocol that you can adapt your currency to, and then it can be used with anybody who's also implementing this protocol.

[-] Suoko@feddit.it 1 points 4 months ago

I wonder what kind of discussions take place when they implement these kind protocols (thinking of swift):

  • we want to avoid dirty money banks? No, that's ok
  • we decide who can enter this network based on the fee they'll pay
  • we have to crush any competitors in the world, we'll deal all transactions, it's not that complicated, little effort for big control
[-] yogthos@lemmy.ml 2 points 4 months ago

I think the interesting part with the Bancor approach is that it would avoid a lot of these problems since it's strictly a settlement currency.

this post was submitted on 09 Jul 2024
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