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A local enterprising person starts an "exchange bank" that purchases Libra from an "authorized reseller" that is able to mint it by paying money to the Libra Re
by carlosdp 7y ago
A local enterprising person starts an "exchange bank" that purchases Libra from an "authorized reseller" that is able to mint it by paying money to the Libra Reserve and sells Libra to locals for cash. There are as many ways for them to make a nice business out of that as there are way to make money as a bank, since it basically is one.
- pjc50 7y agoRight, so all of these people are responsible for the KYC/AML compliance and registration as money transmitters or forex dealers? It's not impossible to build this network, Western Union has it, but they will want a cut.
- carlosdp 7y agoHonestly, since we're on HN, I'll point out that this sounds like a potential startup opportunity created for someone to make implementation of compliance easier for these exchanges, at scale.