Singapore is doing something similar apparently. What do y'all think?
http://www.mas.gov.sg/Singapore-Financial-Centre/Smart-Financial-Centre/Project-Ubin.aspx
Topic: Uruguay to Launch Digital Currency, “Not Bitcoin” it Stresses - page 2. (Read 497 times)
November 19, 2017, 10:49:34 PM
Uruguay’s Central Bank (BCU) formally presented rollout of its pioneering digitization of the Uruguayan peso on 3 November 2017. Set now as a pilot program, the bank’s head was careful to remind it “is not a cryptocurrency such as bitcoins,” but “a currency that remains the responsibility of the BCU,”
https://news.bitcoin.com/uruguay-first-in-the-world-to-launch-digital-currency-not-bitcoin-it-stresses/
While this is not a project for decentralized currency, I think is great that a Central Bank has jumped into digital currencies.
One thing I believe it will happen is that i.e: merchants will need to adapt their POS systems to digital currency and probably allowing the co-existence of Cryptocurrencies and people getting used to it, I see this as a positive move,though. printing bills is expensive for Uruguay as it´s printed in Casa de la Moneda in Chile..
Uruguay has set the pace for many things throughout history in Southamerica (Women´s voting in the early 1900´s, universal health care, cannabis legalization, abortion legalization among other things). Very proud of my country
Quoting as proof that you really said this is great.
If you really have done your homework about BTC and other cryptocurrencies, nothing about a government issued currency is great.
If the Uruguayan government also thinks they can make a BTC replacement by having their currency in a centralized blockchain, then they too have missed the point. All it does is it kills their currency's fungibility.
It's great how they stressed that it's not Bitcoin. Free publicity, and people know they're different from each other.
While it's in direct competition with Bitcoin for things like online transactions, I think state-backed digital currencies will be good for Bitcoin in the long run. These digital currencies will force governments to upgrade their infrastructure -- better connectivity for merchants and clients alike. That could easily open the door for Bitcoin use, as it pretty much runs on the same infrastructure. I just hope this doesn't mean they'll ban Bitcoin use on the grounds of redundancy.
While it's in direct competition with Bitcoin for things like online transactions, I think state-backed digital currencies will be good for Bitcoin in the long run. These digital currencies will force governments to upgrade their infrastructure -- better connectivity for merchants and clients alike. That could easily open the door for Bitcoin use, as it pretty much runs on the same infrastructure. I just hope this doesn't mean they'll ban Bitcoin use on the grounds of redundancy.
Uruguay’s Central Bank (BCU) formally presented rollout of its pioneering digitization of the Uruguayan peso on 3 November 2017. Set now as a pilot program, the bank’s head was careful to remind it “is not a cryptocurrency such as bitcoins,” but “a currency that remains the responsibility of the BCU,”
https://news.bitcoin.com/uruguay-first-in-the-world-to-launch-digital-currency-not-bitcoin-it-stresses/
While this is not a project for decentralized currency, I think is great that a Central Bank has jumped into digital currencies.
One thing I believe it will happen is that i.e: merchants will need to adapt their POS systems to digital currency and probably allowing the co-existence of Cryptocurrencies and people getting used to it, I see this as a positive move,though. printing bills is expensive for Uruguay as it´s printed in Casa de la Moneda in Chile..
Uruguay has set the pace for many things throughout history in Southamerica (Women´s voting in the early 1900´s, universal health care, cannabis legalization, abortion legalization among other things). Very proud of my country
They may want to change its name but its function will be the same. So no matter what will be the term or name, it is still a digital currency.
It will be a digital currency indeed, but not like bitcoin or altcoins, as it will be centralized and not mineable..
I wonder how they are going to do this and also it is good to see a country like Uruguay doing something so progressive because the African countries are known for being slower to take on new technologies and this is definitely a big exception to that. Glad to see it and hopefully it will be a success and other countries will learn from it and introduce their own cryptocurrencies soon.
Just FYI Uruguay is not in Africa....
And as per how they´re gonna do it, read the article and you will know.
Uruguay’s Central Bank (BCU) formally presented rollout of its pioneering digitization of the Uruguayan peso on 3 November 2017. Set now as a pilot program, the bank’s head was careful to remind it “is not a cryptocurrency such as bitcoins,” but “a currency that remains the responsibility of the BCU,”
https://news.bitcoin.com/uruguay-first-in-the-world-to-launch-digital-currency-not-bitcoin-it-stresses/
While this is not a project for decentralized currency, I think is great that a Central Bank has jumped into digital currencies.
One thing I believe it will happen is that i.e: merchants will need to adapt their POS systems to digital currency and probably allowing the co-existence of Cryptocurrencies and people getting used to it, I see this as a positive move,though. printing bills is expensive for Uruguay as it´s printed in Casa de la Moneda in Chile..
Uruguay has set the pace for many things throughout history in Southamerica (Women´s voting in the early 1900´s, universal health care, cannabis legalization, abortion legalization among other things). Very proud of my country
They may want to change its name but its function will be the same. So no matter what will be the term or name, it is still a digital currency.
It will be a digital currency indeed, but not like bitcoin or altcoins, as it will be centralized and not mineable..
I wonder how they are going to do this and also it is good to see a country like Uruguay doing something so progressive because the African countries are known for being slower to take on new technologies and this is definitely a big exception to that. Glad to see it and hopefully it will be a success and other countries will learn from it and introduce their own cryptocurrencies soon.
Yes it is a digital currency but no one will be able to mine it and is centralized, so, it´s quite different from bitcoin...
Uruguay’s Central Bank (BCU) formally presented rollout of its pioneering digitization of the Uruguayan peso on 3 November 2017. Set now as a pilot program, the bank’s head was careful to remind it “is not a cryptocurrency such as bitcoins,” but “a currency that remains the responsibility of the BCU,”
https://news.bitcoin.com/uruguay-first-in-the-world-to-launch-digital-currency-not-bitcoin-it-stresses/
While this is not a project for decentralized currency, I think is great that a Central Bank has jumped into digital currencies.
One thing I believe it will happen is that i.e: merchants will need to adapt their POS systems to digital currency and probably allowing the co-existence of Cryptocurrencies and people getting used to it, I see this as a positive move,though. printing bills is expensive for Uruguay as it´s printed in Casa de la Moneda in Chile..
Uruguay has set the pace for many things throughout history in Southamerica (Women´s voting in the early 1900´s, universal health care, cannabis legalization, abortion legalization among other things). Very proud of my country
They may want to change its name but its function will be the same. So no matter what will be the term or name, it is still a digital currency.
How could it be a digital currency, but not a cryptocurrency such as Bitcoins? That doesn't even make any sense at all. If it is a digital currency, then it must be like Bitcoins because Bitcoin is also a digital currency.
Uruguay’s Central Bank (BCU) formally presented rollout of its pioneering digitization of the Uruguayan peso on 3 November 2017. Set now as a pilot program, the bank’s head was careful to remind it “is not a cryptocurrency such as bitcoins,” but “a currency that remains the responsibility of the BCU,”
https://news.bitcoin.com/uruguay-first-in-the-world-to-launch-digital-currency-not-bitcoin-it-stresses/
While this is not a project for decentralized currency, I think is great that a Central Bank has jumped into digital currencies.
One thing I believe it will happen is that i.e: merchants will need to adapt their POS systems to digital currency and probably allowing the co-existence of Cryptocurrencies and people getting used to it, I see this as a positive move,though. printing bills is expensive for Uruguay as it´s printed in Casa de la Moneda in Chile..
Uruguay has set the pace for many things throughout history in Southamerica (Women´s voting in the early 1900´s, universal health care, cannabis legalization, abortion legalization among other things). Very proud of my country
They may want to change its name but its function will be the same. So no matter what will be the term or name, it is still a digital currency.
It will be a digital currency indeed, but not like bitcoin or altcoins, as it will be centralized and not mineable..
Uruguay’s Central Bank (BCU) formally presented rollout of its pioneering digitization of the Uruguayan peso on 3 November 2017. Set now as a pilot program, the bank’s head was careful to remind it “is not a cryptocurrency such as bitcoins,” but “a currency that remains the responsibility of the BCU,”
https://news.bitcoin.com/uruguay-first-in-the-world-to-launch-digital-currency-not-bitcoin-it-stresses/
While this is not a project for decentralized currency, I think is great that a Central Bank has jumped into digital currencies.
One thing I believe it will happen is that i.e: merchants will need to adapt their POS systems to digital currency and probably allowing the co-existence of Cryptocurrencies and people getting used to it, I see this as a positive move,though. printing bills is expensive for Uruguay as it´s printed in Casa de la Moneda in Chile..
Uruguay has set the pace for many things throughout history in Southamerica (Women´s voting in the early 1900´s, universal health care, cannabis legalization, abortion legalization among other things). Very proud of my country
They may want to change its name but its function will be the same. So no matter what will be the term or name, it is still a digital currency.
Uruguay’s Central Bank (BCU) formally presented rollout of its pioneering digitization of the Uruguayan peso on 3 November 2017. Set now as a pilot program, the bank’s head was careful to remind it “is not a cryptocurrency such as bitcoins,” but “a currency that remains the responsibility of the BCU,”
https://news.bitcoin.com/uruguay-first-in-the-world-to-launch-digital-currency-not-bitcoin-it-stresses/
While this is not a project for decentralized currency, I think is great that a Central Bank has jumped into digital currencies.
One thing I believe it will happen is that i.e: merchants will need to adapt their POS systems to digital currency and probably allowing the co-existence of Cryptocurrencies and people getting used to it, I see this as a positive move,though. printing bills is expensive for Uruguay as it´s printed in Casa de la Moneda in Chile..
Uruguay has set the pace for many things throughout history in Southamerica (Women´s voting in the early 1900´s, universal health care, cannabis legalization, abortion legalization among other things). Very proud of my country
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