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Re: [Taler] interested

From: Jeff Burdges
Subject: Re: [Taler] interested
Date: Sun, 26 Nov 2017 13:34:30 -0500

On Sun, 2017-11-26 at 17:16 +0100, Oliver Endrikat wrote:
> My understanding is, that for to run an exchange you need some
> integration with one or more banks.

In the long run, we prefer bank integration so that a customer at those
banks can withdraw money immediately.  I'm not directly involved so my
information could easily be outdated, but..  

Our plans were to start a simpler financial institution with a less
complex "e-money emitter" license.  It'd receive customer payments via
SEPA so that the customer's wallet could withdraw the funds, but the
SEPA payment part takes one business day.  I'd assume the auditing would
be designed around this license.

> Is this right understanding? Will you cooperate with some bank or will
> this exchange run on some virtual currency?

In principle, one could avoid the licensing issues if one starts an
exchange working with crypto-currencies.

We do not plan to do this ourselves, but nothing prevents others from
doing so.  They'd need to build an auditing infrastructure, maybe as
simple as opening the relevant parts of the data base to public

In any case, two hard problems in launching an exchange are (a) physical
and network security and (b) auditing, possibly including licensing, so
that people trust you.  


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