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The special power is the banking license they get from the government. Try to do it without and you'll find yourself in prison quite soon. Especially if you do
by jampekka 3y ago
The special power is the banking license they get from the government. Try to do it without and you'll find yourself in prison quite soon. Especially if you do it in official currency.
- immibis 3y agoNo, I don't need a banking license to loan my friend $10.
- desas 3y agoThe difference is that licensed and regulated banks can scale it. Retail customers can trust them due to their long-standing reputation, their banking licence and linked to that, the FDIC insurance.
- immibis 3y agoYes, but this only grants the ability to scale it, not the ability to do it. We don't say that only licensed restaurants can cook food.