Topic: 2002 RBI report on electronic money (Read 745 times)
Dude its talking about issuing currency not generating it, and its 2002 bitcoins was not even in existence, and it was not talking about decentralization of currency , it was reffering to Friedrich Hayek who was a 1950's economist who pointed out the problems of a central bank causing the great depression and this was one of the biggest motivation for him to oppose Central banks , ckz they just cut intrest rates and created artificial price fluctuation.
Oh well I hope they don't start bullshit n future like america is doing these days.
http://www.rbi.org.in/Scripts/PublicationReportDetails.aspx?ID=290
2002 RBI report on electronic money.
Decentralized currencies also get a mention.
2002 RBI report on electronic money.
Decentralized currencies also get a mention.
Quote
Third, it is argued that e-money could also be issued as a separate form of currency independent of central bank money by entities other than the central bank. In that case, e-money would compete against the central bank money as a medium of exchange. Such a scenario, however, in which public gets e-money from an entity in exchange for something other than the central bank money seems remote now. It may be worth appreciating here that one of the strongest proponents advocating abolition of central bank's monopoly in the creation of money was Von Hayek (1976). He proposed that banks should also issue their own currency. The resultant competition would ensure only well managed currencies to survive, help appropriate price discovery process and achieve price stability.
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