Digital Cash

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Nicoletta Forcheri Whay are you insisting in giving a WRONG definition of seigneuriage? Seigneuriage, ie the income on money creation is equivalent to all the face value of the money created + the interests, as this money created is directly used by the "creator" to buy assets for example securities, property rights, ...

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medialAxis"Our position on cryptocurrency is that blockchain technology is a very interesting research area, but Bitcoin has a variety of risks, limitations and design flaws that prevent it from addressing the core systemic problems with our monetary system."AIUI, the idea behind bitcoin was, at least in part...

February 2017

Zack, Positive MoneyOur position on cryptocurrency is that blockchain technology is a very interesting research area, but Bitcoin has a variety of risks, limitations and design flaws that prevent it from addressing the core systemic problems with our monetary system. These include malicious mining strategies from withi...

February 2017
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medialAxisHere's a link[1] to a short article arguing Central Banks can never issue digital cash, or at least not in a secure way. CBs are such big honey pots they're bound to get hacked eventually. Owners of bitcoins can be hacked too but that's just one individual. Hacking bitcoin's public ledger (the block...

4 weeks ago

medialAxisA really interesting (IMO) talk[1] by Simon Dixon, of BnkToTheFuture.com, on blockchain and banks. If you haven't the time, or the inclination, to view it all you can jump to 30mins to hear his predictions of how things may pan out. For instance, banks becoming more like P2P lenders but still with t...

February 2017

Vince RichardsonYes one gets te feeling that this is the state coming in to join the party.My guess is that they will eventually want to be the only guest,it would be hard to control the money supply if you don't control the money issue.So the likes of Bitcoin will likely be banned or restricted in some way....

January 2017
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Bank of England: Digital Cash – the end of monetary policy as we know it?

bank of england digital currency

Last week the Bank of England released a key paper that analyses the 'macroeconomics of central bank issued digital currencies'. The paper essentially asks what would happen if people could hold money electronically at the central bank, instead of having to use bank deposits (created by commercial banks). We wrote about it briefly last week but we're still working through the fine details of the 69-page mathematical model to figure out the implications for our work. In the meantime, the Bank of England's staff blog has just released a much more accessible discussion of the issues:

WilliamAnd...hard cash in the hand cannot be tracked so readily...

September 2016

WilliamEntirley true...but...'hard cash' in your hand cannot confiscated when convenient...

September 2016

Vince RichardsonOK I ve no objection to that,far as I am aware that is what we all want.It has to be open and honest so everyone can see what is going on and where and how that money is created.Well in simple terms anyhow...

July 2016
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Bank of England releases key paper on digital cash and blockchain

Screenshot 2016-07-19 13.36.01

The Bank of England has just released its most significant paper yet. Macroeconomics of central bank issued digital currencies, by John Barrdear and Michael Kumhof, discusses the consequences of the central bank making a digital form of cash available to the general public, so that they are no longer forced to use bank deposits to make electronic payments:

Dwain DibleyWhat, are you brain damaged?Post the specific section in law that grants to the Fed and the U.S. banking system the power to create money in the form of bookkeeping entries and post the law that designates the debt based credit (bookkeeping entries) they do create as being a U.S. legal tender money,...

December 2016

Marco SabaMaybe a crowd-funding can help ?...

December 2016

Marco SabaI suggested to the Bank of England to redact a paper clarifying the matter but the clowns there answered that they don't have enough resources: http://leconomistamascherat......

December 2016
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Bank of England: UK banks to lose their status as ‘gatekeepers’ to the payment system

Gatekeeper to the payments system

In a significant breakthrough, the Bank of England (BoE) has just announced it will be adopting a policy change that Positive Money has been arguing for over the last 2 years. The BoE will finally allow non-bank ‘payment service providers’ (PSPs) to hold accounts at the BoE, so that they can compete with existing banks to provide current (checking) accounts. This will break the stranglehold that large UK banks have over the provision of payment accounts - and represents a step towards further changes that would limit the ability of banks to create money.

John CreasyAnybody here?...

4 weeks ago

John CreasyBen Dyson: Any idea if this BoE opens such accounts now?...

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John CreasyHello, Are there any news about this issue? Has this happened?...

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