Ecuador Dumping Dollars for Digital Currency Friday, 15 Aug 2014 07:53 AM By Ed Moy This October, Ecuador will become the first sovereign nation to convert their physical currency to digital currency. With limited U.S. dollars to pay for all this spending, Ecuadors government has decided the best way to fund their government is to create a new digital currency. Basing this currency on newly developed software, the government would in essence mint new currency in cyberspace and pay its obligations with it. It would also be cheaper and more durable. the government intends to create unlimited currency and will determine its value by fiat. ... instead of decentralized open-source software, this is centralized closed-source software controlled by the Ecuadorian government. newsmax/Finance/Ecuador-dollar-digital-currency/2014/08/15/id/588937/ --------
Posted on: Wed, 17 Sep 2014 07:30:38 +0000
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