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How do you think issuing a "crypto token" is legally different from the government issuing you a check which it's going to exchange at face value for Euros, whi
by avar 9y ago
How do you think issuing a "crypto token" is legally different from the government issuing you a check which it's going to exchange at face value for Euros, which all governments in the Eurozone can do today?
- runeks 9y agoGovernments can issue all the “crypto tokens” they want, whereas they have to borrow Euros. That being said, if a token has a central issuer, there’s no need to use any form of blockchain technology — digital signatures alone will suffice (add Chaumian blinding to make it more cash-like).
- avar 9y agoThe government doesn't need to immediately borrow 1 EUR or have it on hand write you a check for 1 EUR, so the comparison holds.
- PeterisP 9y agoThey actually do, governments don't have the power to issue euros, only ECB does. Every EUR the government hands you (in EU not by a check, that's stone age, but on your account) is directly, immediately covered from their reserves (usually within 'their' central bank, who also can't issue new euros) or borrowed from someone, possibly the ECB.
- sah2ed 9y agoInteresting. TIL of Chaumian e-cash and blind signatures. [0] Chaumian e-cash: https://bitcoin.stackexchange.com/questions/9544/how-does-chaum-style-e-cash-work-all-the-wiki-links-are-broken https://bitcoin.stackexchange.com/questions/9544/how-does-ch... [1] Blind signature: https://en.wikipedia.org/wiki/Blind_signature https://en.wikipedia.org/wiki/Blind_signature