(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.
  • suoko@feddit.it
    0·
    4 months ago

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

    • ☆ Yσɠƚԋσʂ ☆@lemmy.ml
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      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
        0·
        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
          0·
          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.