The governor of the Central Bank of Sweden comments our payment systems.
Here’s an AI translation of the text into English:
“Given the geopolitical situation, it is important to create European systems in a number of areas. This is according to Riksbank Governor Erik Thedéen in an interview with Ekot’s Saturday program, where he emphasizes that Sweden’s payment systems should not be as dependent on the USA as they have been. As an example, he points out that the two dominant credit card issuers, Mastercard and Visa, are American. ‘It is probably wise to consider that we should also have European or Swedish systems that function in case the American ones do not,’ he says. According to the central bank governor, Swish is ‘a certain complement.’ He also highlights that other countries, such as Denmark, have their own national credit cards.”
I think the biggest issue with this is that payment systems require a certain level of trust, that’s hard to achieve in a decentralized system.
Good point. Trusted by who? Let’s say a business has an open payment system and you are buying something from them using whatever money provider you use. What do they care if transaction is successful and money has been wired to them? Also we have certificates and what not, business could act like browsers - trust valid certificates and not trust invalid ones or do as they please. Of course the question here is who provides certificate validity - there could be more providers. I didn’t really think deeply into it, but we should be free to not be under one or the other master that can and will bully and extort us.
I think that ship may have sailed for humankind since centuries back. 😐
Sadly, you might be right. But one can still dream, right.
I’m with you. I feel like that’s what I’m doing every day while wide awake.
Not the kind of world I wanted to raise my kids in, I tell you that much.