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16 November 2019

Stellar's Plan to Win Global Payments: Play Nice With the Finance Cops

Stellar's Plan to Win Global Payments: Play Nice With the Finance Cops

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“Making sure Stellar is useful for actual people” was always the goal, said Jed McCaleb, who created the cryptocurrency in 2014.

Stellar’s advantage is that it’s already here and moving – with a built-in compliance layer just above the protocol itself.

Neri said that makes Stellar helpful for a business like his in a way that, say, ethereum does not.

She believes central banks understand that if any cryptocurrency becomes globally adopted, it will allow citizens within a nation-state to opt-out of a central bank’s policies.

“It’s fair to say that all the noise associated with Libra had a kind of negative effect,” said Wirex CEO Matveev.

For his part, McCaleb told CoinDesk he thinks Mark Zuckerberg and his Libra lieutenants don’t really understand what they are getting into.

McCaleb said Libra doesn’t look decentralized enough to him and he doesn’t believe the founding partners will ever fully decentralize it, though he acknowledges he has a bias there.

But Mbenkum, the founder of Interstellar Wallet and Exchange, argued that Stellar’s advantage for reaching the unbanked is not its cryptocurrency, XLM.

Rather, it’s the system of “anchors,” the Stellar lingo for companies making asset-backed tokens on the network.

People in emerging markets don’t understand abstract things like cryptocurrencies, Mbenkum said

People understand yams,” he said, and they will understand something that promises the future delivery of such products

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