Royal Canadian Mint Introduces Digital Currency

#Money

Thu, Apr 5th, 2012 10:00 by capnasty NEWS

The Royal Canadian Mint has just introduced an alternative to BitCoin which they call MintChip. According to their website, they are currently looking for software developers to create apps for it.

MintChip can be characterized as an evolution of physical money, with the benefits of being electronic. MintChip is based on two technical propositions: the creation of secure integrated circuit chips to hold electronic value and a secure protocol that allows the transfer of value from one chip to another and ensures the integrity of the MintChip system. It operates without the need for personal identification, thereby maintaining the user's privacy.

MintChip security tokens can be stored in many ways: on MicroSD cards, on USB sticks, or remotely in the cloud, with no physical access to the token.

From the article in The Toronto Star:

Commerce is changing and the Mint has always been innovative, Br?l? said. (For instance, it did an initial public offering of exchange traded receipts of its gold holdings last year.)

?There?s been a very huge growing digital economy that is really going to be fueled by smartphones and mobile being the next big thing,? he said.

Despite the variety of payment options, he said there are ?still no cost effective electronic solutions? for low value transactions that can be used regardless of a person?s age or credit standing.

MintChip, a secure microchip, will be able to do this by letting people transfer small amounts of money (for an iTunes song or a newspaper) with no personal information attached to it, he said.

The Mint?s move into the digital market is a reflection the competitive payments industry, Interac spokeswoman Caroline Hubberstey said.

  828

 

You may also be interested in:

"In the place of guns and masks, this cybercrime organization used laptops and the Internet." Robbing Banks in the 21st Century
In a Nutshell: How Money Moves Around the Banking System
My Manhattan Project
(Almost) Everything is For Sale
Bankers