If going from scratch, trying to get support from an acquiring bank to verify authorisation and settlement integration as a community project would be “interesting”. Things like PCI compliance, 3DS accreditation etc. also. Pretty much need to piggyback off an existing solution.

Yeah definitely. I’m sure some people in co-tech in the UK were working on something like this in a more generalised way a while back. They were running sessions for people on this for a while. Working with experienced orgs on this would be key.

Ideally each country would have a system which generates all the basic legal paperwork and a sound (if basic and intended for extension) constitution which encodes essential compliance requirements. Getting such a system verified may be easier said than done, however, especially depending on how co-op friendly the local regulatory environment happens to be.

I’d say if anything it’s hard to stop people from doing so. It’d be trivial to set up an ad-hoc exchange (e.g. I’ll PayPal you money for tokens) for instance or simply resell items purchased with the tokens in a fiat market.

Thinking more strategically, I think the aim would ultimately to get things like this provided through our co-opy marketplace.

The question then becomes when does exchange into national fiat currencies become an issue: legally of course there’s money laundering concerns. I’m hoping that the continual regular and cheap issuing of the tokens would generate a somewhat inflationary environment (which is compensated merely through dealing with everything instantly and electronically with an exchange mechanism) which would head off speculation at least.

Then maybe there is some idea that there should be an exchange to fiat currencies which is also organised as a co-op, which could allow some governance to be put in place around it and then defederate from instances which allow ad-hoc fiat exchange (again to put in a speed bump for money laundering and criminal liability).

Ok here’s the pitch: instances generate currency for each of their users on a time registered basis or some other easily verifiable metric. Each instance’s currency is different and they automatically generate exchange rates with each other instance’s currency. People buy and sell items through it using only currencies generated by the federated platform.

Also all instances have to be co-ops or they get de-federated. Maybe the license even specifies this.

???

Socialism