Author Topic: State Digital Currency and GRAFT Payment Network  (Read 293 times)

yidakee

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State Digital Currency and GRAFT Payment Network
« on: June 12, 2019, 01:00:24 PM »
Q1) What is the benefit of using a State Digital Currency based on a blockchain like Graft?
A1) The main benefit is the ability to drive the state digital currency adoption by having it accepted in retail.  There are also auxiliary benefits, like being able to collect the consumption/sales tax in real time with an opt-in from both merchant and the buyer without disclosing who the taxed party is.

Q2) How is that any different than what a merchant accepting cash or, say, a visa gift card would do?
A2) It is similar to accepting cash or electronic payments.  In fact the process of accepting digital currency would mimic the existing payment behavior, enabling faster adoption.

Q3) The POS software isn't part of the graft network. You can run an application that calculates taxes whether or not you accept payments via GRAFT. What is the advantage of using Graft?
A3) It’s a matter of automating some of the backoffice functions that are traditionally part of the burden that the merchant has to carry.  The network could for example remit taxes on merchants behalf (calculation would still be done by the POS software), eliminating the monthly or quarterly reports.