Canadian Mint Launches Bitcoin Competitor??? Digital Currencies
The Royal Canadian Mint has launched an electronic currency called MintChip. Unlike Bitcoin, it is tied to the Canadian dollar.
Showing an unprecedented level of government innovation, the Mint has launched a competition for app developers to create apps that use the digital currency. The competition, called the <a href=”http://mintchipchallenge.com/”>Mint Chip Challenge (mintchipchallenge.com)</a> offers a prize of $50,000 for the best app that uses MintChip. The prize is paid in gold bullion! (e-gold fans should rejoice!).
I am really impressed with this innovation from the Canadian Mint. I do find it ironic, and somewhat conspiritorial, that Canada pressured Paxum to stop processing Bitcoin transactions less than 60 days before launching their own Canadian dollar-backed currency.