Designing a Universal Payment Network

Published on
March 28th, 2019
Topic
Technology, Crypto-currencies, Financial System
Duration
9 minutes
Asset class
Crypto-currencies

Designing a Universal Payment Network

The Creators of Crypto ·
Featuring Jed McCaleb

Published on: March 28th, 2019 • Duration: 9 minutes • Asset Class: Crypto-currencies • Topic: Technology, Crypto-currencies, Financial System

What if money could cross national borders as easily as data can? In this interview with Brent Johnson, Ripple and Mt. Gox co-founder Jed McCaleb explains his plan to connect people in the developing world with financial resources designed to fight poverty and develop individual potential. Excerpted from a video published on Real Vision on August 25, 2017.

Comments

Transcript

  • DR
    David R.
    3 April 2019 @ 19:59
    It's a great, sound concept! In fact, it has already existed since 2014 per this RealVisioin interview below, with someone from a Hong kong based tech firm using stablecoin. They now have >600,000 locations in Asia and Africa and move alot of payments daily among various end currencies immediately and very cheaply. It began in HK because of the huge number of foreign workers in China without bank accounts who want to send payments home to families who also don't have bank accounts. The need is real and the solution has been operational for some years already. This smart young Hong Kong Chinese woman, Maxie, apparently did it first - she's a Forbes 30-under-30. It helps to be fluent in six languages too. (I have no affiliation or investment or anything; just admiration for filling a market need and a job well done). We need more of this, like Jed, and less of the ripoff banks and SWIFT! https://www.realvision.com/tv/shows/the-expert-view/videos/using-crypto-to-build-a-real-world-service And this one live with Maxie after World Crypto Con in Singapore recently: https://www.youtube.com/watch?v=jgmBvtbusaw
  • MB
    Matt B.
    2 April 2019 @ 08:01
    If money could cross borders as easily as data, you'd get every terrorist and miscreant on earth funded in an instant. This is why the bad dudes are moving to cryptos.
    • TA
      Truitt A.
      3 April 2019 @ 03:19
      Somewhat true, but very misleading. Most cryptos can easily be traced. The USD still remains the king of the underworld.
  • LC
    Lloyd C.
    2 April 2019 @ 06:56
    The issue with Jed's solutions is that they are all centralized and is in many ways, no more effective than a sophisticated database.
    • DR
      David R.
      3 April 2019 @ 20:08
      How so Lloyd? I think you miss the point. It's about providing payment and transmission ability to bankless people. Not just lower income people working offshore either, because if for example, you are an American citizen or a small-to-midsize US corporation, many banks overseas won't open an account or do business with you nowadays due to US reg like FATCA and legal compliance, exposure etc. And some existing accounts are being closed as banks "derisk" by closing accounts belonging to US citizens and companies in foreign countries. It's a growing problem when working or doing business overseas.