Sunday, March 6, 2016

Promotion of Digital Currencies Driven By Necessity Not Convenience

The promotion of digital currencies, more a necessity of government to increase the size of public coffers to support failing budgets than society, grows stronger with each passing day in Western economies. Australia, a haven for big government, has joined the chorus. The majority, still believing government exists to serve and protect the public, won't recognize these trends until their standard of livings drop significantly despite promises of socialism to manage or end the painful side effects of the business cycles. Failure to do so in 2017 will likely trigger a broad rethink about the role of government within society.

Headline: Reserve Bank says Australian dollars could come in digital form in future

It is entirely possible that Australian dollars will come in digital form in the future, breaking the link entirely between material notes and coins, the Reserve Bank says.

In a speech where he also flagged the end of the cheque, Mr Richards said the RBA had been watching the growth in demand for privately-established virtual currencies like Bitcoin, and believed there was a place for a central-bank-issued digital currency in Australia.

It thinks digital dollars will one day circulate in parallel with old fashioned banknotes and other existing forms of our national currency.



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