There is no more debt or credit. Unpaid invoices are defaults where the violating party has their shares liquidated as a margin call to cover their bill. Businesses would be much more conservative about having currency to cover their bills, which would end the boom/bust/repossess economic cycles.
Digitizing ownership solves all of the “problems” with not having “credit”. Raising capital would be a simple as selling tokens on decentralized exchanges for the hard currency unit of account. Accounts payable are smart contracts due at a specific date/time.
You would have to completely reform the SEC for this to work. They would need to get out of the way for the most part (no more red tape and accredited investor nonsense) and only handle edge cases that can’t be automated.
Central banks would no longer exist to profit from issuing credit to nations. Taxation would have to be transparent and politicians accountable, because there is no more money printer.
Digitizing ownership solves all of the “problems” with not having “credit”. Raising capital would be a simple as selling tokens on decentralized exchanges for the hard currency unit of account. Accounts payable are smart contracts due at a specific date/time.
You would have to completely reform the SEC for this to work. They would need to get out of the way for the most part (no more red tape and accredited investor nonsense) and only handle edge cases that can’t be automated.
Central banks would no longer exist to profit from issuing credit to nations. Taxation would have to be transparent and politicians accountable, because there is no more money printer.