Can You Operate a Credit Union in a Digital Setting?

This post builds on the excellent introduction of the mission of Accra Credit Union: a global decentralized credit union. Operated on multiple blockchain platforms and owned 100% by members.

https://steemit.com/accracreditunion/@accracreditunion/the-accra-credit-union-what-it-is-and-why

Humans are connected by invisible networks we call economies. The fabric of this network is “money”. Money has taken different forms throughout history; including at different times: rocks, shells, gold, silver, promises for gold or silver, and contemporary pure promises denominated in national currencies issued by central banks in various forms of public-private partnership largely mirroring the arrangement of the Federal Reserve System in the United States.

Of all the monetary systems throughout human civilization the current one is undoubtedly the most complex. But need it be that way? One form of money in particular – credit – requires nothing more than a promisor willing to repay and a promisee willing to lend. Accra Credit Union will leverage the blockchain protocols Steem and BitShares to connect these two groups of people.

Most individuals’ interaction with this global economy is intermediated at various levels by private and centralized banks. The global village needs a new strategy of relation to one another on humane, moral principles. Rather than a top-down hierarchical vision that sees this network of human relations in the aggregate, I believe a superior way forward is a bottom-up and open approach that takes individuals as they are: unique. The people best situated to relate to people as unique creatures are.. people, not corporate entities.

The Accra Credit Union is seeking membership and leaders to accomplish this. At present the board of directors (elected by members) is composed of @masterroshi; @richforever; & @john-robert. To become a member you may submit one Steem to the Steem address: “accracreditunion” with the memo: “membership”. Following that, you will receive further instructions to complete your membership and vote for directors. Weekly reports will be published to that account for those members and non-members alike who are interested in following this humble undertaking.

Thank you and please share your thoughts/ideas/feedback in the comments below.

-- In case you missed it --
Over the weekend, the first loan was made and transacted on the BitShares blockchain. These two images show how a successful transaction can occur. This one loan in particular generated 0.7 bitCNY in return for the Credit Union. Per the core mission of the Credit Union 100% of returns on credit activities accrue to members via the elected Board of Directors.