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Strange decision indeed, they could use one of the existing technologies like Ripple or Stellar.

We are talking about people who rolled their own crypto and their own binary protocol for messenger app in 201*, after all.

So far they've even got away with it.

I don't pretend it is secure and listening to HN I've been halfway expecting a huge flaw to show up but so far, -nothing.

I might be wrong, but no one other than banks (if that) can use ripple.

I'm not clear on stellar.

nah, anyone can buy Ripple and have a Ripple wallet. Only thing you can't do is mine Ripple.

The problem is that Ripple is bought via Bitcoin.

Tinfoil in me says that bank created Ripple just to get easy Bitcoin.

AFAIK Ripple is pre-mined ("minted") and the creator(s) controls >50% of it.