Wednesday, May 22, 2013

Governments should be nervous about Bitcoin, says Rushman

21/05/2013. Professor Jon Rushman believes that in the long term cyber currencies like Bitcoin could see the end of central banks and foreign exchange and so it is understandable governments are nervous about it.

The new virtual currency has become progressively more popular since the financial crash and its proponents say it will revolutionise banking. Its main exchange, Mt Gox, was raided by the US Department of Homeland Security, who usually deal with terrorist threats, last week.

Rushman (pictured), a former managing director at BlackRock, says: “You can understand why governments are nervous about Bitcoin.

“It is fascinating. I think Bitcoin or something like it has a real place in the future. Imagine a world where foreign exchange doesn't exist, monetary policy doesn’t exist, and there is no inflation. Society would be free to use all the talent currently directed to these issues elsewhere. Meanwhile, governments could still raise taxes and borrow but without uncertainty as to the unit of account. - Read more here:

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