Businesses who can lose or steal customer funds should be licensed, those who cannot should not. So we would argue that a node in a well architected payment channel should not. B/c multisig and n-lock prevent the node from permanently depriving user of funds.
This is a tweet from Peter working with Coin Center to identify the regulation requirements of digital bearer notes. When an algorithm is trading your notes, who owns those notes? You do, still. You have deployed an ATM machine, on your own. Intel and Microsoft guarantee the escrow instructions are technically correct. The ATM manufacturer will need to be bonded, but you reytain ownership.
If you took you cash and placed it in an ATM machine, the ATM machine is executing your escrow instructions, but you still own the cash while it is in the machine.
This is the general sandbox approach, leave all regulations to a personal contract, then insure the contract is obeyed. So central banks are free to continue their business, even with discretion, even with TBTF theory. Central banks do need intelligent smart cards that can obey a voluntary contract. Central banks are about to figure this out.
This is the general sandbox approach, leave all regulations to a personal contract, then insure the contract is obeyed. So central banks are free to continue their business, even with discretion, even with TBTF theory. Central banks do need intelligent smart cards that can obey a voluntary contract. Central banks are about to figure this out.
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