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Radhy
Radhy

Posted on

Regulations on Interledger?

Coil tipping is one week away from getting on public beta on the Mozfest. Let's discuss how Interledger would live alongside countries' cross-border payment regulations all around the world. 🌎

Since cryptos can be used as payment options, how well do you think Interledger-enabled digital wallets can serve users living in countries that have banned cryptos? Could someone even get a license to open a financial service using Interledger in those countries? Would Interledger's agnostic nature help taming decentralized payment image among crypto non-believers? 🧐🧐🧐

This thread's topic will be diverse as long as it touch Interledger and regulations. Feel free to share how you think Interledger would live alongside with your country's regulation if you'd like.


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Discussion (3)

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radhyr profile image
Radhy Author

I'm living in Indonesia, where the law dictates that crypto is strictly being used as assets for trading only, not payment. At this point I don't even know if Interledger digital wallets could smoothly serve Indonesians to setup payment pointers.

Things get even more murky when top Muslim council to state that crypto is haram, as seen in bloomberg.com/news/articles/2021-1... and law.asia/fatwa-indonesia-crypto-boom/. While this declaration of haram is not strictly binding in national law and not entirely affect the entire users in Indonesia, they certainly make the prospect of anything that involving or using cryptocurrencies even more uncertain for Indonesian muslims--maybe including Interledger, NFT, smart contract, and others. And since Indonesia is a muslim majority country this certainly influence regulations on payments that using crypto, as several government instance that regulate crypto and digital payments in indonesia revised their rules following the haram declaration.

While I'm musing this I'm not entirely sure how this actually affect Interledger or their appliance by digital wallets that implement them. Maybe some digital wallets could get around this in using Interledger while adding options to reject incoming payments from crypto for affected users? (Is this even possible in Interledger?)

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radhyr profile image
Radhy Author • Edited on

Some news that might relevant to this topic (though not strictly about Interledger):
financefeeds.com/ripple-clarifies-...

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mathiasberger profile image
Mathias

Cryptos are more important now than ever