Tuesday, February 21, 2017

Yet another central bank

Report on the prospect of digital currencies by Bank of Canada, reviewed by Blockchain Group:
The report's authors stated:
"We conclude that well designed and managed private digital currencies could circulate widely but only with appropriate government regulation to ensure their safety, soundness, and uniformity."
Bank of Canada has previously voiced their concerns about digital currency, saying in November 2015 that the popularity of digital currency could lessen the effectiveness of monetary policy.
Didn't read it, I assume it is out of date.  Safety means many things. Let's go through them:
  • Forgery - We prevent it as well as paper does.
  • Double Spending - Same as forgery, hardware blocked
  • Currency insurance - Redneck systems trading pits can bound losses but risk is shared and priced.
  • Redneck Systems come configured with a maximum entropy trader used for savers who ride the curve.

So. if the BofC has any other issues to discuss, my fee is a million. 

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