Archive for November 28th, 2017

How old style chits still work as money: A case from Bangalore Buses..

November 28, 2017

With all this rise of digital/crypto currencies, the world is increasingly becoming complicated to figure. So stories of simple money forms are always welcome.

Rajagopalan Venkataraman of Times of India writes on how a Bangalore city bus conductor manages the currency show in his/her bus economy:

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What the world’s Central Banks really think about bitcoin: A summary

November 28, 2017

Eric Lam sums the views of quite a few monetary authorities on bitcoin/cryptocurrency. Fair bit of variety in the views..

If central banks cannot provide anonymous payments in digital currency world, they should give up their monopoly

November 28, 2017

Tyler Cowen recently started this debate recently where he said central banks should mint their own cryptocurrency or not. Cowen said central banks should keep away from the cryptocurrency space as they are conservative bureaucracies which shall kill all innovation.

There was a response from David Andolfatto disagreeing with Cowen and says currency is a central bank game and they will have to eventually play it.

And then there is this post by JP Koning who manages to sum up issues on monetary economics really well. In this new post, he says central banks have been focusing all this while on monetary stability which is obvious. But they came into being monpolising currency function and anonymity was central feature of their issued currency. But this was long ago and central banks neither more remember nor care much for this function as they take it for granted.

Now for the first time in many years they have to rethink on this currency function as cryptocurrencies are providing competition:

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