I'm always surprised when I read the argument about speed.
Don't most countries already have protocols to facilitate immediate transfers? Here in India, we have multiple protocols for instant money transfers.
With one popular protocol, IMPS, I can send money to an account and receive it within seconds, all for a fixed transaction fee of Rs. 5 (~$0.07). All you need is a bank account.
There are other mobile-first protocols that require just a phone number.
This seems like a problem that has already been mostly solved
Within the EU (and some associated countries) there's SEPA [1]
I can send my brother in Belgium Euros from Switzerland and the transfer is effectively free (depends on the bank. Some banks charge marginal fees, usually < 1EUR).
Before that it was rather expensive to transfer money to bank accounts in different countries.
This seems like a problem that has already been mostly solved
I agree. But apparently not for people who see governments as evil and fiat money issued as essentially worthless. And yes, I scratch my head about those folks.
Don't most countries already have protocols to facilitate immediate transfers? Here in India, we have multiple protocols for instant money transfers.
With one popular protocol, IMPS, I can send money to an account and receive it within seconds, all for a fixed transaction fee of Rs. 5 (~$0.07). All you need is a bank account.
There are other mobile-first protocols that require just a phone number.
This seems like a problem that has already been mostly solved