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Central banks are considering adopting cryptocurrencies. Bitcoin was developed to be the anti-thesis of a currency under centralized control, but it also proved cryptocurrencies have advantages that government officials can employ. Rather than use Bitcoin directly, which currently has some transaction issues, the central banks would control the currency as they do now, but it would be a digital currency. Central banks would also be able to manage currency supply, something that is rigid in Bitcoin. If implemented prior to the next currency crisis, it would be interesting to see if a cryptocurrency would stabilize and possibly replace some of the conventional currency. Innovation happens outside official channels, but in this case, the official channels noticed, learned, and may change because of it.

(Click on the photo for the link.)

bitcoin-bankx2760

A Bitcoin-Style Currency For Central Banks” – MIT Technology Review

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