In his fundamental book, Money and the Mechanism of Exchange, English economist William Stanley Jevons explains that currencies address a central economic problem: the coincidence of wants. The phrase describes the conundrum inherent to barter where the parties of the transaction have to agree to sell and buy each other’s goods.The obvious challenge is the improbability of the wants, needs and events that would enable such a transaction occurring at the same time and the same place. In absence of this double coincidence of wants, the parties need to agree on an acceptable substitute: a medium of exchange. While Jevons included the latter function in his definition of money, his thinking was necessary informed by and limited to the technologies of his time.The following is a review of the definition of money, the state of currencies and their potential trajectory with consideration of current technologies, including blockchain-based solutions and so-called “cryptocurrencies”.
Recent disclosures by members of Ukraine’s legislature revealed that three lawmakers have a combined wealth in bitcoin of almost $50 million. According to a report from RIA Novosti, Russia’s international news service, the three lawmakers are all members of the “Petro Poroshenko Block,” which constitutes the largest group of legislators within the Parliament.
Of the three named by the report, Dmitry Golubov possesses the most bitcoin: 8,752 BTC, an amount worth roughly $37 million at current prices. Alexander Urbansky possesses 2,494 BTC while Dmitry Belotserkovets owns 398 BTC, worth approximately $10 million and $1.6 million, respectively.Two bills to provide legal frameworks for cryptocurrencies including Bitcoin have now been submitted to the Ukrainian parliament. The latest one proposes recognizing them as financial assets. It also defines cryptocurrency derivatives, market of cryptocurrencies and their derivatives in Ukraine,” Bill No. 7183-1 was submitted last week.
And, other report confirmed that 150 Bitcoin machines will be installed in Ukraine later this year.
While US regulators keep making anouncements with little content in reference to the treatment of cryptocurrencies, countries like Switzerland are moving fast to embrace these new financial tools
The national railway company of Switzerland, Swiss Federal Railways (SBB), recently announced a new service. Starting on November 11, Swiss customers will be able to buy bitcoins from over 1,000 SBB ticket machines.
And, Swiss private bank Falcon is now offering their clients to store and trade bitcoins direclty via their cash holdings. A clear move that signals the traction the virtual currency is gaining even in slow-changing asset management.
The group’s new blockchain asset management service is being offered in partnership with cryptocurrency broker Bitcoin Suisse.
Existing law gives legal recognition to electronic records, signatures and contracts that comply with certain requirements and allows an electronic record or signature to satisfy a requirement for a written record or signature in certain circumstances. (NRS 719.240-719.350) Sections 2-10 of this bill provide similarly for the legal recognition of the use of blockchain technology for similar purposes. Section 11 of this bill prohibits a local government from: (1) imposing a tax or fee on the use of a blockchain; (2) requiring a certificate, license or permit to use a blockchain; and (3) imposing any other requirement relating to the use of a blockchain.
Recent disclosures by members of Ukraine’s legislature revealed that three lawmakers have a combined wealth in bitcoin of almost $50 million. According to a report from RIA Novosti, Russia’s international news service, the three lawmakers are all members of the “Petro Poroshenko Block,” which constitutes the largest group of legislators within the Parliament.
While US regulators keep making anouncements with little content in reference to the treatment of cryptocurrencies, countries like Switzerland are moving fast to embrace these new financial tools
