India's new banking system: a move in the right direction?

Posted by $ blarman 1 month ago to Economics
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Sorry that its on Bloomberg, but the tenor of the article is right, asking questions instead of trying to propose partisan answers. Could this really be the model even the US should move toward?
SOURCE URL: https://www.bloomberg.com/news/articles/2020-01-13/india-s-about-to-hand-people-data-americans-can-only-dream-of?cmpid=BBD011320_BIZ


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  • Posted by $ mshupe 1 month ago
    Upon a quick read, I like this a lot. It doesn't solve the problem of government monopoly fiat currency, but it does decentralize record keeping and simplify routine financial transactions. It allows people to voluntarily negotiate their own terms.
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  • Posted by $ exceller 1 month ago
    Is this really as good as it looks?

    We are used to suspect fraud behind things any time when they look too good to be true.

    By the description of it, our financial system will never agree to something like this. Hand control over to the customer? What are you smoking?
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