ECUADOR HERALDS DIGITAL CURRENCY PLANS - page 2.

wachtwoord

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Quote from: wasserman99 on August 29, 2014, 08:53:49 PM

Quote from: wachtwoord on August 29, 2014, 05:36:26 PM

Quote from: wasserman99 on August 29, 2014, 03:21:43 PM

I am not sure this is a good idea. It sounds a lot like ecuador is simply going to be launching a service for it's citizens very similar to pay pal in that it is backed by a central authority (their government) instead of a network of miners.

This also does not look like it will resemble anything to bitcoin, although it may be a precursor of the people in ecuador to using bitcoin more as they get more comfortable paying for things with their phone.

I'd advise everyone in Ecuador to restrict their use of the system as much as possible. I mean, even USD or Euro is better. Fuck I'd prefer Rubles Tongue

The article said that the digital currency was going to be backed by some kind of asset so in theory it would not be as unstable as most third world currencies are.

Depending on the true convertibility. USD was backed by gold too until too many people (most notably the government of great Brittan) started converting.

wasserman99

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Quote from: wachtwoord on August 29, 2014, 05:36:26 PM

Quote from: wasserman99 on August 29, 2014, 03:21:43 PM

I am not sure this is a good idea. It sounds a lot like ecuador is simply going to be launching a service for it's citizens very similar to pay pal in that it is backed by a central authority (their government) instead of a network of miners.

This also does not look like it will resemble anything to bitcoin, although it may be a precursor of the people in ecuador to using bitcoin more as they get more comfortable paying for things with their phone.

I'd advise everyone in Ecuador to restrict their use of the system as much as possible. I mean, even USD or Euro is better. Fuck I'd prefer Rubles Tongue

The article said that the digital currency was going to be backed by some kind of asset so in theory it would not be as unstable as most third world currencies are.

Swordsoffreedom

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Quote from: wachtwoord on August 29, 2014, 07:51:25 PM

Quote from: Swordsoffreedom on August 29, 2014, 07:27:34 PM

This will be interesting, in essence the Ecuadorian government will remove its ties to Bitcoin and related currencies break the tie with the US dollar and at the same time go all digital by creating their own digital currency.
I have to admit that it does pique my interest and I want to see how this turns out.

In tears

Now now it's not a comedy show just yet Grin

They still have some cred for keeping Assange in that embassy the whole time, but I think your right this will not end well for Ecuador.

He-he but your right not the best PR the world's first digital currency issued by a central bank XD.
But who knows Bangla-Pesa meets the Central Bank ^^.
http://mobile.nation.co.ke/lifestyle/From-Bangla-Pesa-to-bitcoin-alternative-money-goes-global/-/1950774/2201270/-/format/xhtml/-/yw4s2x/-/index.html
(lol trollbox in feburary versus now Tongue

)

wachtwoord

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Quote from: Swordsoffreedom on August 29, 2014, 07:27:34 PM

This will be interesting, in essence the Ecuadorian government will remove its ties to Bitcoin and related currencies break the tie with the US dollar and at the same time go all digital by creating their own digital currency.
I have to admit that it does pique my interest and I want to see how this turns out.

In tears

Swordsoffreedom

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Leading Crypto Sports Betting & Casino Platform

This will be interesting, in essence the Ecuadorian government will remove its ties to Bitcoin and related currencies break the tie with the US dollar and at the same time go all digital by creating their own digital currency.
I have to admit that it does pique my interest and I want to see how this turns out.

wachtwoord

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Activity: 2324

Merit: 1125

Quote from: wasserman99 on August 29, 2014, 03:21:43 PM

I am not sure this is a good idea. It sounds a lot like ecuador is simply going to be launching a service for it's citizens very similar to pay pal in that it is backed by a central authority (their government) instead of a network of miners.

This also does not look like it will resemble anything to bitcoin, although it may be a precursor of the people in ecuador to using bitcoin more as they get more comfortable paying for things with their phone.

I'd advise everyone in Ecuador to restrict their use of the system as much as possible. I mean, even USD or Euro is better. Fuck I'd prefer Rubles Tongue

wasserman99

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Activity: 476

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I am not sure this is a good idea. It sounds a lot like ecuador is simply going to be launching a service for it's citizens very similar to pay pal in that it is backed by a central authority (their government) instead of a network of miners.

This also does not look like it will resemble anything to bitcoin, although it may be a precursor of the people in ecuador to using bitcoin more as they get more comfortable paying for things with their phone.

wachtwoord

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Poor Ecuadorians Sad

When they granted asylum to Assange I thought otherwise of Ecuador.

Wilikon

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minds.com/Wilikon

Ecuador is planning to create the world's first government-issued digital currency, which some analysts believe could be a first step toward abandoning the country's existing currency, the U.S. dollar, which the government cannot control.

The virtual currency, which Central Bank officials say they expect will start circulating in December, does not yet have a name and officials would not disclose technical details, though they said it would not be like Bitcoin. The amount of the new currency created would depend on demand.

Deputy director Gustavo Solorzano said it is to exist in tandem with the greenback and, by law, be backed by liquid assets. It would be geared toward the 2.8 million Ecuadoreans - 40 percent of participants in the economy - too poor to afford traditional banking, officials say.

Users initially will be able to make and receive payments at minimal cost using their cellphones, Solorzano said. Such mobile payments schemes are already popular in African nations including Kenya and Tanzania, where they are privately run.

The new currency was approved, and stateless crypto-currencies such as Bitcoin simultaneously banned, by Ecuador's National Assembly last month.

http://hosted.ap.org/dynamic/stories/L/LT_ECUADOR_DIGITAL_MONEY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-08-29-08-28-04

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That's socialism for you: ban what is free and open and make it closed and not free... Cheesy

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