Reserve Bank considers the digital dollar: 'NZ's money must innovate to stay relevant '
Reserve Bank considers the digital dollar: 'NZ's money must innovate to stay relevant '
New Zealand could be using a government-backed digital currency by the end of the decade.
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It's easy enough. Just fork XRP, set up a couple of dozen servers in various places and you are done. The currency is pre mined so you get to control the supply just like fiat.
If you were really smart (and let's face it this government couldn't outthink a dead fly) you'd charge a mining fee and eliminate or reduce the GST.
I think validating blocks should be done centrally as well. I can't think of a good reason to allow it for the public for a government backed fiat token.
Unless you want to save money on electricity. But I would hope the goal of this is to make the digital tokens functionally the same as cash, the biggest part being 0 transaction fees.
I think validating blocks should be done centrally as well. I can’t think of a good reason to allow it for the public for a government backed fiat token.
AFIK that's the way premined currencies work. The "miners" (which are not miners, as you say they just validate the blockchain) are controlled and are not that many.
Unless you want to save money on electricity. But I would hope the goal of this is to make the digital tokens functionally the same as cash, the biggest part being 0 transaction fees.
There are transaction fees on cash too, it's called GST, petrol tax, income tax, etc. This would just make it easier to levy taxes so we can eliminate more onerous taxes
AFIK that's the way premined currencies work. The "miners" (which are not miners, as you say they just validate the blockchain) are controlled and are not that many
To be fair I'm not that knowledgeable about XRP and other premined tokens.
There are transaction fees on cash too, it's called GST, petrol tax, income tax, etc. This would just make it easier to levy taxes so we can eliminate more onerous taxes
Oh I get that, I'm all for reducing or removing regressive taxes such as GST in favor of progressive taxes. Dreams are free, but that ain't going to happen.
Actually, a digital currency would make it much easier for businesses to collect and report GST. I've worked in retail before, it's a real headache.
It wouldn't be a GST technically. It would be a transaction tax. It would be collected automatically by the exchange servers.