Terminating Currency Options for Distressed Economies
Journal: Athens Journal of Social Sciences (Vol.3, No. 3)Publication Date: 2016-07-01
Authors : Shann Turnbull;
Page : 195-214
Keywords : Digital currency; Stamp Scrip; Tagged-currency; Tethered currency; Terminating money;
Abstract
The research goal is to investigate how supplementary digital terminating currencies can provide a superior fallback position to Bitcoin in a financial crisis and/or provide a basis for rehabilitating distressed economies. Greece lost the opportunity to regain monetary sovereignty because its finance Minister believed that at least a year would be required to introduce new notes and coins. Digital self-liquidating Euros could be distributed immediately to voters by using swipe cards used by some governments for transit facilities. Bitcoins do not provide a viable medium of exchange because of the cost of their purchase, creation and/or exchange. Self-liquidating paper based "Stamp Scrip" privately issued in Europe and the US in the Great Depression minimizes the complications and cost of money creation and/or exchange. Self-liquidating money was called "Speed" money because it circulated faster. Its private issue again in Germany since 2003 demonstrated its acceptance and attraction for Governments to introduce digital Speed money.
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Last modified: 2016-06-17 17:21:42