Digital currencies have been gaining popularity in recent years due to the notion of a stateless payment method which is not influenced by any bank or country. This is perhaps why the big sharks are now starting to circulate around this notion of an online payment, as it’s been announced that Citibank has built its own digital currency based on Bitcoin and the blockchain.
According to Kenneth Moore, who is the head of Citigroup Innovations Lab, has stated that “we have up and running three separate systems within Citi now that actually deploy blockchain distributed ledger technologies. They are all within the labs just now so there is no real money passing through these systems yet, they are at a pre-production level.”
On paper this seems like a fantastic idea for funding and expertise to enter the Bitcoin field, the problem is however that if Citibank develop and release a currency, they will own it, and if they own it then the government will notice it, and if they notice it then this will fall under regulations which govern banks. If this happens, the currency will not be so free and more influenced. Only time will tell as to what will be the makeup of digital currencies in the next ten years or so. Just on a side note, it makes me wonder if the whole notion of “Online” is a dream for institutions seeking control. After all, people moved from real money to online money as a preference, if online money is influenced, where will people move to?
Thank You to IBT for providing us with this information
Image courtesy of Miles Worker
We appreciate you this, I’ll unquestionably talk about it with my readership.