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BRICS to launch independent financial system (vovworld.vn)

submitted 4 months ago by [email protected] to c/[email protected]

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[–] [email protected] 1 points 4 months ago (1 children)

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

[–] [email protected] 0 points 4 months ago (1 children)

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.

[–] [email protected] 1 points 4 months ago (1 children)

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

[–] [email protected] 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.