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November 14, 2012

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Andrew Davis

Chris, great to see more light being thrown on the likely expansion of virtual currency.

We did some work on this at HSBC a year or so back and concluded that the advent of the digital wallet will have the potential to fast-track and thereby broaden the use of virtual currency, particularly if people will be able to use virtual currency to pay for real-world purchases. In short, the digital wallet will allow virtual currencies to jump the boundary and become more a part of our day to day, real-world lives.

Watch this space, as I say!

Vijay Gupta

Chris,

The inherent problem with Virtual currency is lack of regulation. With the broader acceptance, virtual currencies will attract shades of gray.

Its a matter of time when Central banks are going to step in and disrupt the virtual currency market. Only time will tell if virtual currencies can survive the regulations.

Iang (Critique on the 1994 EU Report on Prepaid Cards)

Vijay -- "lack of regulation" is only an inherent problem if you view the currency world as a regulated one, only. That's a protectionist viewpoint, which works well while your protectionist barriers are in place. Not so well when Bitcoin and friends start to bypass them by deliberately targetting the foundations of the barriers, and undermine them.

Also, it's worth remembering that the EU in its various guises has always been disrupting the virtual money market, from before it was known as such. E.g., the 1994 report on prepaid cards sought to reserve virtual money legally to banks (see URL below for my 1996 critique).

Europe invented digital cash. I would argue that in this case the EU - or Europe - shot itself in the foot, and watched, bemused and contrary, while its invention moved elsewhere.

Regulation can and does kill the baby. On reading the ECB report, I think they have learnt that lesson. But the report doesn't yet encourage parents of new designs as yet. Wise parents don't hand their responsibilities over to just anyone.

Giosue Guglielmi

It's all quite interesting, however I feel a virtual currency's just been concocted that will outdo anything done before: www.spiderflower.net
I'm the founder and we've just launched it. It's free, easy and revolutionary. We're looking for volunteers to try it and see how it works, please contact me for any queries: giosue.guglielmi@gmail.com

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