4 ms·
Why might someone be interested in replacing two monopolistic entities headquartered in a foreign and increasingly irrational power both of which have long hist
by lexicality 1y ago
Why might someone be interested in replacing two monopolistic entities headquartered in a foreign and increasingly irrational power both of which have long histories (and recent controversies) in applying their own moralistic framework to economic activity?
That's a great question!
- usrnm 1y agoYou don't need to make any changes to your currency to create an alternative to Visa and Mastercard, all you need is political will. Russia created its own system years ago and forced both Visa and Mastercard to comply with it, it's the reason that card payments continue to work as expected inside the country. You can even still use your old physical visa or mastercard cards inside Russia, even though the companies themselves left in 2022.
- lexicality 1y agoI'm not a finance wonk so I don't know for sure, but given how absolutely everything else in the EU works I'm fairly confident that every country has their own sovereign financial system for handling currency and then cross-border transfers are facilitated via hacks. It would therefore follow that any international financial system would be very complicated and expensive to set up, and would be helped enormously by a burn-it-to-the-ground-and-start-again replacement system. (...if that system was well designed, and given how everything in the EU works...)