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Re: [Taler] What happens when an exchange goes bankrupt?

From: Calvin Burns
Subject: Re: [Taler] What happens when an exchange goes bankrupt?
Date: Sun, 17 Jul 2022 13:52:14 +0000

On Sun, 07/17/2022 02:37:13 PM, Christian Grothoff wrote:
> On 7/17/22 13:47, Calvin Burns via Taler wrote:
> > Assume a Taler system with multiple independent exchanges.
> > I think the economic state of an exchange should be independent of the 
> > payment
> > system.
> > 
> > What happens or what is planned if an exchange goes bankrupt?
> We generally advocate for the assets that the exchange holds in escrow
> for the coins that are in circulation to be treated as a separate
> special asset / fund, that would be excluded from the assets that would
> be part of the usual asset liquidation process and instead always 100%
> go back to the owners of the Taler coins.
> > Who takes over what and how?
> Well, first of all there is usually a legally appointed person to
> organize the "clean" termination of the business, so they would take
> over operations of the exchange (for a brief while, to run the
> revocation/termination protocol).
> > Are there plans/protocols for this scenario?
> Yes, there is the revocation protocol that instructs all wallets to
> deposit their coins to receive the money back into the originating bank
> account.  The exchange would stop executing regular transactions, but
> would need to be kept accessible (as a REST endpoint) for long enough
> for all wallets to notice and deposit the coins that remain in circulation.

Thank you!

Do you know if there is something similar in place for the banking system?  What
happens if a bank goes bankrupt, say the bank the exchange has its accounts at?

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