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[Taler] Is an exchange also a merchant?

From: Calvin Burns
Subject: [Taler] Is an exchange also a merchant?
Date: Fri, 14 Jan 2022 14:40:51 +0000

What is the difference between merchant and exchange?
An exchange is selling access to "the" ledger system.
So an exchange is also a merchant?
Does an exchange also have to setup and taler merchant infrastructure for 

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