Open Source Banking

As an economist who has a fascination with open source software, I found this article in Wired about microfinance lending for open source hardware totally engaging. Regulatory issues are clearly an issue for these guys. From the article:

Zopa’s Pitts agrees that the Open Source Hardware Bank needs to figure out how to navigate through the financial rules of the U.S. market. “These guys do not have a regulatory strategy and they need one,” he says.

Hacking hardware is totally unregulated. As soon as they start organized finance it starts getting hard fast. I hope someone who understands regulation can help these guys out. They have a very interesting idea.

One Comment

  1. J DeLong says:

    It mentions they use R but tells us nothing about how they use it. Oh well.

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