Empowering the Global Juro Community
Around the world, the concept of community as used in open source projects does not neatly fit into the legal and regulatory framework of banking and financial services (including insurance). The regulatory requirements for authorizations, capitalization, personnel qualifications, are operational, compliance, and administrative minefields. Not to mention that all of these requirements vary from jurisdiction to jurisdiction.
This built-in national and global complexity raises the barrier of entry into the banking and financial services industry.
For many, these barriers to entry are insurmountable by using enterprise-grade open source solutions alone. As our modern lives are increasingly internationally interconnected, market entrants are further frustrated by the fact that cross-border operations are only more complex and seemingly have obstacles added daily. It should be no surprise then that in the open source communities there is an inherent attraction to non-regulated decentralized financial solutions (“DeFi”) which are made possible by open source blockchain projects.
The problem is that with adoption of DeFi is the potential for bad actors. Which brings us back to the reasons why financial services regulations are of the most complex and strict in the world in the first place; to protect citizens (or users) from predatory and non-social behaviors.
However true this may be, in the view of the “well-meaning” new market entrants that would be “good actors”; the cure to protect users is becoming an equally abhorrent problem. Curiously, this systemic anomaly results in the creation of global financial service provider oligarchies and fiefdoms.
It is a part of Juro’s mission to be the global platform and conduit that reconciles the ethos and common practices of the open-source-minded community with the existing (and ever-evolving) regulatory realities. Simultaneously, Juro shall be democratizing financial services.
It is also the part of Juro’s mission to be the permanent global platform and conduit for economic remediation, providing stability to the global economy, preserving values and deposits, all without the need for unpopular bailouts (or corporate welfare) that are paid by taxpayers.