(VOVWORLD) - Countries of the BRICS economic bloc are currently working on the launch of a financial system that will be independent of the dominance of third parties, according to Russian Ambassador to China Igor Morgulov.
  • ☆ Yσɠƚԋσʂ ☆@lemmy.ml
    4·
    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·
      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
      • ☆ Yσɠƚԋσʂ ☆@lemmy.ml
        2·
        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.