2002 RBI report on electronic money

[Benson Samuel]

http://www.rbi.org.in/Scripts/PublicationReportDetails.aspx?ID=290

2002 RBI report on electronic money.

Decentralized currencies also get a mention.

Third, it is argued that e-money could also be issued as a separate form of currency independent of central bank money by entities other than the central bank. In that case, e-money would compete against the central bank money as a medium of exchange. Such a scenario, however, in which public gets e-money from an entity in exchange for something other than the central bank money seems remote now. It may be worth appreciating here that one of the strongest proponents advocating abolition of central bank's monopoly in the creation of money was Von Hayek (1976). He proposed that banks should also issue their own currency. The resultant competition would ensure only well managed currencies to survive, help appropriate price discovery process and achieve price stability.

[escrow.ms]

Oh well I hope they don't start bullshit n future like america is doing these days.

[subvolatil]

Dude its talking about issuing currency not generating it, and its 2002 bitcoins was not  even in existence, and it was not  talking  about decentralization of  currency , it was  reffering to Friedrich Hayek who  was a 1950's economist  who  pointed out the  problems of a  central bank  causing  the  great depression and this was one of the  biggest motivation for him to oppose Central banks , ckz they just  cut intrest rates and  created  artificial  price fluctuation.