GettyBermuda joins Iceland and a select band of countries to approve electronic money institutions (Circle and Monerium respectively) which will be authorized to issue electronic money anchored to the value of their currencies through stablecoins. Does anyone, apart from Mark Zuckerberg, think that giving Facebook data about what we do with our money is a good idea? At the end of the day, people will only start using digital money if it is convenient to do so, or if governments tell them to, which is what will likely happen in China. At this rate, within a few years, our idea of money, a central aspect of our societies, and how we use it, may have changed completely. Will governments and central banks try to maintain their control over digital money as they do with conventional money?

Source: Forbes October 21, 2019 22:07 UTC