Each time the technology of money changes what it is - its essence seems to change with it. Its not that money is transformed by technology it is a technology and therefore some of the same rules that apply to other technologies apply to it. This is almost entirely ignored by economists. However, cryto-currencies are sure going make this impossible to ignore any longer.
The Bank of Canada has announced that it will be doing its own watching and analysis of digital money.
Two links: this one http://www.bankofcanada.ca/2014/11/money-digital-world/
and this one http://www.bankofcanada.ca/2014/11/keeping-close-eye-e-money-carolyn-wilkins/
I'll watch this space with interest.
Cryto-currencies may be moving slightly slower than other technologies at the moment but for money its changing its landscape at high velocity
No comments:
Post a Comment