Feeds

Dotcom wants NZ to have fiat-backed crypto-currency

Not an April Fool joke, apparently

  • alert
  • submit to reddit

Remote control for virtualized desktops

Either New Zealand is leading the world in April 1 news stories, or Kim Dotcom's Internet Party is not only proposing a government-backed crypto-currency, but thinks it should operate in parallel to the country's fiat currency.

Since the story starts on March 26, Vulture South is forced to at least accept the hypothesis that the idea is genuine. At the party launch last week, one of the balloons flown by Kim Dotcom in the party's ten-point-plan included creating “an encrypted digital currency for international transactions”, alongside somewhat more conventional ideas like funding a second international submarine cable for New Zealand.

Now, Fairfax NZ writes that the proposed crypto-currency would stand as a fully-government-backed form of money, and would be subject to taxation.

The Internet Party's chief executive Vikram Kumar told Fairfax the currency would also be subject to mechanisms such as monetary policy (with the idea, Vulture South supposes, that it would be less subject to the wild fluctuations and built-in deflation that characterises unregulated crypto-currencies like Bitcoin).

Fairfax quotes Massey University banking expert David Tripe – a name which briefly triggered Vulture South's April 1 antennae, but no, he's real – as stating that New Zealand already has a digital currency. It's called the New Zealand Dollar. ®

Beginner's guide to SSL certificates

More from The Register

next story
Bladerunner sequel might actually be good. Harrison Ford is in it
Go ahead, you're all clear, kid... Sorry, wrong film
Euro Parliament VOTES to BREAK UP GOOGLE. Er, OK then
It CANNA do it, captain.They DON'T have the POWER!
Musicians sue UK.gov over 'zero pay' copyright fix
Everyone else in Europe compensates us - why can't you?
I'll be back (and forward): Hollywood's time travel tribulations
Quick, call the Time Cops to sort out this paradox!
Megaupload overlord Kim Dotcom: The US HAS RADICALISED ME!
Now my lawyers have bailed 'cos I'm 'OFFICIALLY' BROKE
Forget Hillary, HP's ex CARLY FIORINA 'wants to be next US Prez'
Former CEO has political ambitions again, according to Washington DC sources
prev story

Whitepapers

10 ways wire data helps conquer IT complexity
IT teams can automatically detect problems across the IT environment, spot data theft, select unique pieces of transaction payloads to send to a data source, and more.
Getting started with customer-focused identity management
Learn why identity is a fundamental requirement to digital growth, and how without it there is no way to identify and engage customers in a meaningful way.
How to determine if cloud backup is right for your servers
Two key factors, technical feasibility and TCO economics, that backup and IT operations managers should consider when assessing cloud backup.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Mitigating web security risk with SSL certificates
Web-based systems are essential tools for running business processes and delivering services to customers.