Multi-currency Operations

Bug and problem reporting on Cyclos 4 version

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Posts: 46
Joined: Tue Jan 01, 2019 8:33 pm

Multi-currency Operations

Post by atitokor »

Since networks are not yet inter-operable, we have created a "Global Currency" (let's call this USD) within a single network structure. Making use of groups and group sets, we have also created a number of "Supported Currencies" (let's call these CAD, EUR, GBP), treating each currency as a Group Set. However, this is causing new issues/questions:

1. We are forced to repeatedly create the same account types for each new currency; for example, USD Member Account, CAD Member Account, EUR Member Account.. This can become unwieldy, for network administrators as the number of supported currencies increase. The good news is that the same product (and therefore the same account types) can be assigned to any number of groups and group sets. We thought a solution might be to not require Currency in Account Type creation, but to tie currency only to the Configuration, and then inherit currency from Configuration > Group Set > Account Type. Is this possible or is there a way to avoid repeating the same account types for each new currency?

2. As the number of supported currencies increase, and members are allowed to receive payment and hold balances in any supported currencies of their choice, so does the number of accounts and balances listed in the user interface, making the UI crowded and less user-friendly. We thought a solution would be to give admins the capability to make some products optional, so the user interface will not be crowded with accounts the user does not need or use. Is this possible, or is there another way to make it possible for users to receive payment and hold balances in supported currencies without repeatedly creating the same account types and crowding the user interface?

3. How can we make currency exchange possible? If this will involve the use of scripts, could we count on the guidance of those who have experience with the same?

Thanks in advance
Posts: 6
Joined: Tue Feb 23, 2021 12:54 pm

Re: Multi-currency Operations

Post by Willem »

Hi atitokor
Thank you for the insight.

For interchange (or exchange rates) we would need trust in the currencies of other communities.

Do you think we should work on a common way of creating currency, so that we trust each others' currencies (backing, reserve, credit score, labour of the group, etc.)?

Have a pleasant day
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