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Terminating Currency Options for Distressed Economies

Journal: Athens Journal of Social Sciences (Vol.3, No. 3)

Publication Date:

Authors : ;

Page : 195-214

Keywords : Digital currency; Stamp Scrip; Tagged-currency; Tethered currency; Terminating money;

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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.

Last modified: 2016-06-17 17:21:42