Recently National Bank of Ukraine decided to issue electronic money based on the Blockchain.
Actually that's not bad because we are ahead of lots of other countries that are just trying to implement this technology.
However there are a couple of things that are bothering me.
First, is that whenever government creates something, it is usually done with some concealed purpose. In this case we are talking about money, thus it will be so much easier to track the transactions of ordinary people and businesses.
And the second thing that makes me feel not okay is their strategy. In particular, they want to drastically decrease a demand on cash.
To be honest, I’m thrilled to hear that because I’m not a fond of cash. At the same time, I’m curious about what exactly they are going to do in order to achieve this goal.
My gut suggests me that it can be a very similar approach to India where 2 largest denomination bills have been eliminated recently. I’m pretty sure that it might happen in the next few months or even sooner.
It is a government issued currency, which means it can be controlled and manipulated, even if it is electronic. Apparently banks are afraid of Bitcoin and things like that and they try to do all their best in order to protect themselves.
Obviously, I can be wrong on this one but I have no idea why but this “cash banning” cycle became like a fun game to play for governments across the globe.
I’m definitely not against implementing the Blockcain technologies. In fact it is absolutely phenomenal and necessary evolution. But I suppose we all have to prepare for some dramatic change in terms of cash here in Ukraine as well.
Tell me what you think about it. I’m really curious.
Hi, great post and i would like to share my take on this. The only one this hurts is the rich. It's just bringing everyone back down to the same level. The poor don't much to worry about, and it'll make it easier to implement a system that so many countries are implementing and the whole world is going in that direction because it's easier to track and it can't be counterfeited. There's plenty of good reasons for this. They can easily balance the ledgers at the end of the day and over all it's the wave of the future and it's all in place and there's plenty of money to go around so they can afford it. Look at it this way, if you can pull "money" out of thin air and don't have to have anything to back it up then how hard is it to put another 0 or 1 in front of a decimal point? I think it's a good idea and it's the way wave of the future.Just my opinion, what do you think?
Thanks. Yeah, actually I agreed that Blockchain allows banks to safe lots of money, it has been already proven my the majority of the banks throughout the globe.
However it is a government issued currency, which means it can be controlled and manipulated, even if it is electronic. Apparently banks are afraid of Bitcoin and things like that and they try to do all their best in order to protect themselves.
I'm planing to expand massively here in Ukraine with cryptocurrencies so I don't really care about their intentions. On the contrary, such moves can be even better for the crypto in general :)
You're confusing a shift in currency with an authoritarian/communist takeover, or perhaps confusing the rich with the banks.
Ultimately they are doing this because they're smart and they don't want to be left behind when the whole world goes crypto, and of course they want to keep control.
Cg
Yeah, actually I understand the difference, especially between electronic currency and cryptocurrency.
The first is controlled by the government, the later - doesn't.
And it is quite obvious banks has to do something in order to survive. So they try to create new systems that may seem like better for people but in reality they are better for them.
They are probably going for the same damn modell they have talked about in Scandinavia.
Not open source, fully traceable and adjustable.
I guess so.
And that won't be a good thing. It will be the opposite of what people want. The opposite of what bitcoin and several other cryptos offer us.
Absolutely agreed. I want Freedom, not governance.
Oh yeah, Bitcoin forever!
I just hope that they won't ban other forms of digital currencies. And at the same time I hope they won't demand using their new currency by some sort of force :)
Besides, I highly doubt that it will be open-sourced :)