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[Taler] Business model and banking license

From: Oliver Endrikat
Subject: [Taler] Business model and banking license
Date: Tue, 8 Nov 2016 21:29:22 +0100

> Am 08.11.2016 um 20:32 schrieb Christian Grothoff <address@hidden>:

> Business model
> The basic business model for Taler is the operation of an exchange. An
> exchange converts money from traditional payment systems (Mastercard,
> SEPA, Visa, BitCoin, ACH, SWIFT, etc.) to anonymous electronic coins in
> the same currency. The customer can then redeem the electronic coins at
> a merchant, who can exchange them for money represented using
> traditional payment systems at the exchange. The exchange can then
> charge fees (to the customer, merchant or both) to facilitate the
> transactions.

> Reserves
> Taler uses an electronic exchange holding financial reserves in existing
> currencies. This means that Taler is not a new currency with the
> inherent currency fluctuation risks, but instead the cryptographic coins
> correspond to existing currencies, such as US Dollars, Euros or even
> BitCoins.

So it looks very much, as if the ‚exchange‘ is operating standard banking 
business. People give national currency to the exchange, earning the right to 
withdraw this later.

This is classical deposit business (German ‚Einlagegeschäft‘) which requires a 
full banking license for the operator of a Taler exchange. Right?

This means also: very qualified and very well-payed personal, at least 7 
persons on director level and full compliance department and 
anti-money-laundering software in operation.

What makes us hope, that this kind of exchange can operate on less fees than 
the normal bank with its SEPA kind payments transfers?


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