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>> is proximity to the country that owns a transaction processing system relevant in a fully digital world? Very much yes. Think of two people trading rice be
by sandworm101 5y ago
>> is proximity to the country that owns a transaction processing system relevant in a fully digital world?
Very much yes. Think of two people trading rice between china and the Philippians. That rice is not digital. It is traveling across a not-digital ocean on a not-digital ship. If something goes wrong with a payment they would much rather be dealing with someone in the same timezone who can address the issue before the non-digital ship gets locked down somewhere. When things go very wrong, they don't want to be shopping for a European lawfirm to help with a matter between two Asian businesses. Timezones, language and local understanding still matters for realworld trade.
- mohanmcgeek 5y ago> something goes wrong with a payment they would much rather be dealing with someone in the same timezone These systems are for the banks to transfer between them.. If a payment goes wrong, it's still the bank's problem. This is opaque to the end user if I understand it correctly. And Going by this logic would the entire world also stop using Gmail and start using Alibaba/Tencent's email service?
- tempnow987 5y agoOne nit, many developing countries do pick overseas legal systems to resolve commercial disputes because local systems are not workable / usable. So you might be in india and philippines, but use a london bank for a letter of credit and agreements / bills of lading that are handled in London https://www.gov.uk/courts-tribunals/commercial-court https://www.gov.uk/courts-tribunals/commercial-court A winning combo is a functioning, fair, nonpolitical legal system that works QUICKLY and predictably (fairness a bit secondary) and banking / finance so decisions can be enforced more easily.