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Author Topic: Yes, Google Once Considered Issuing Its Own Currency  (Read 363 times)

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Offline Ken

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Yes, Google Once Considered Issuing Its Own Currency
« on: March 04, 2012, 02:21:57 AM »
http://www.theatlantic.com/technology/archive/2012/02/yes-google-once-considered-issuing-its-own-currency/253817/

Yes, Google Once Considered Issuing Its Own Currency

The digital world has BitCoin; it's come close, it turns out, to having SchmidtCoin.

Google, Eric Schmidt revealed in a speech today, once considered getting into the digital currency game. The company has seen "various proposals," its chairman told a crowd at the Mobile World Congress in Barcelona, to develop a currency that would serve as tender for peer-to-peer economic exchanges taking place across Google's platforms.

The chimerical currency would have been called Google Bucks, IT World reports. (I would have preferred SchmidtCoin; I guess this is why I am not the head of Google.)

So why, ultimately, didn't Google go the way of Facebook and its Facebook Credits? The same reason it doesn't do a lot of things: legal concerns. "Governments are typically wary of the potential for money laundering with such proposals," IT World notes. As Schmidt put it: "We decided we didn't want to get into that because of these issues."



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Offline StuckInLAWithZombies

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Re: Yes, Google Once Considered Issuing Its Own Currency
« Reply #1 on: March 08, 2012, 12:18:30 PM »
Bottom line, they were chased off the idea by fear of constant attention from the Government. The government, as a rule, doesn't want competing currencies. Particularly not a competing currency with potentially more value than it's own. Also one that it's hard for them to trace your transactions whey they decide it's time to step on you.

My wife grew up in a communist country during the 80's. Noone kept their money in local currency unless they absolutely had no choice.


Offline Bill Quick

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Re: Yes, Google Once Considered Issuing Its Own Currency
« Reply #2 on: March 08, 2012, 03:26:10 PM »
Quote
"We decided we didn't want to get into that because of these issues."

And probably some naked threats from the Treasury Department.

"You can get a lot farther with a kind word and a gun than a kind word alone."  --   Al Capone


 

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