Digital AUD

Discussion in 'Digital Currencies' started by clubman, Jun 14, 2017.

  1. clubman

    clubman Member

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    I'm thinking one day............ the RBA (and other central banks in the world) create the government's own digital currency (D-AUD), and slowly move on to usint it, until one day all paper notes are abandoned. Merchants start trading in D-AUD, Coles is taking D-AUD, etc etc. This way the government can monitor the economy closely and instantly (eg: 7 days after rate hike), all transactions are recorded and of course, GST and taxes are deducted from it automatically. Additional blockchain networks could be created for specific purpose for taxation, eg: bond market, real estate and salary.

    The major benefit of the blockchain system is that the proof of transaction is done decentralised and automatically. This in theory, in the modern banking system, is able to replace all bank's clearing system, including the central bank.

    The technology is innovative but not complex, if all central banks create their own digital version of currencies using blockchain technology, people in the whole world just need a phone (scanner) and a QR code tattoo on your wrist to do transactions.

    By that time, central banks might not want to see any non-government digital currencies.
     

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