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It's simple: banks don't want the people they've fleeced to realise that they no longer have a role in the present age. If you let legal tender be exchanged dir
by kkfx 3mo ago
It's simple: banks don't want the people they've fleeced to realise that they no longer have a role in the present age. If you let legal tender be exchanged directly via a central bank (which is semi-public by nature), banks lose a huge amount of liquidity that fuels fractional-reserve banking through loans made to generate massive amounts of cash, and without these, the banks are bust.
- __rito__ 3mo agoIn many countries, at least some banks are nationalized. India’s biggest bank SBI (State Bank of India) is a PSU (Public Sector Undertaking). UPI still connects with bank accounts. My question was about something else: why EU doesn’t try and develop a homegrown card provider? It would provide exactly what MC/Visa does. Are we beyond that point in terms of technological advancement? Some other reason?
- lmm 3mo ago> why EU doesn’t try and develop a homegrown card provider? It would provide exactly what MC/Visa does They have. A combination of petty squabbling and the lack of any real value proposition has always killed it. To have any chance of succeeding in the EU a new system needs to be something that no-one currently provides, because consumers are unlikely to adopt something that isn't clearly better than what they currently have, but more importantly no EU country is going to adopt a different EU country's system.