Microsoft Pushes Reserve Bank of Australia on Virtual Cash Currencies

Microsoft executives are lobbying the Reserve Bank of Australia (RBA) to consider adopting virtual currencies such as Bitcoin.

Microsoft representatives say “While these systems are generally closed at this point of time, it is foreseeable that consumers may desire in the future to exchange value between the various schemes and that they could well become more widespread and prevalent within online retail environments.”

I believe that there is a need for an interoperable virtual currency that can work between systems. For example, earn credits in an online card game, and then transfer them and spend them in an online RPG game or online Scrabble. Bitcoin or its derivatives could be the currency to make this a reality.

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About Dave

I have been into financial cryptography and alternative electronic currencies since the mid 1990s. I have attended the Financial Cryptography conference, and have invented patents in the fields of cryptography and security. I've built systems for Visa, the US Federal Reserve, NASD, and hundreds of banks around the world.

Posted on September 7, 2011, in Uncategorized. Bookmark the permalink. Leave a comment.

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