Digital currency

The digital currency, called Libra, is scheduled to launch in 2020 with partners including PayPal, Uber, Spotify, Visa and Mastercard.
The birth of Bitcoin was a mere 10 years ago. What was once the purview of one person in 2009 is now anticipated to become
Are politicians ready to back this technological revolution?
Globally the resistance towards cryptocurrencies is waning as they are becoming a more accepted transaction method. This is great to see. Though I've always advocated the disruptive power of digital currencies, and their opportunity to break the status quo, I've never wanted the world of cryptos to remain a 'wild west'.
For those wondering if they've missed the money-making boat.
The general election was historic for many reasons - Britain had a stark choice to elect its first female Prime Minister of the 21st century, nationalise many of the country's utilities and infrastructure to a degree not seen since 1945, or even renege on the decision to leave the European Union after all.
Events in Britain over the last few months, and across the continent within the last year, have rightly led to calls for a review of national security. But the rights of individuals to privacy, of protection of their identity, and an unfair imbalance between the state and the individual will have to be considered closely in any future debate.
In the first of its kind a new report has found that at least 3 million people worldwide are now using digital currencies (aka cryptocurrencies) and that figure could be as high as 6 million according to a new report from Cambridge University.
This growing movement represents untold opportunity for anyone interested in analysing consumer behaviour - economists, planners and business people will be able to study trends and data in real-time rather than relying on business surveys, historical statistics or tax receipts.
What we don't want to happen is for regulation of digital currencies to 'all of a sudden' come into force and for the banking sector to be the only people prepared or equipped for it. The power of this new financial technology is its ability to disrupt the way we do business, not perpetuate doing things the same.
Principally, digital currencies have been perceived by the wider world as the domain of the technically minded; reserved only for those with an in depth understanding of ledgers, cryptography and with access to the vast amount of computer power supposedly needed for the mining process.
These days globalisation is largely treated as a dirty word. But arguments about Britain's role in the EU aside, what does a British company's role in the international market place actually mean and look like?
Bitcoin is a decentralised digital currency, meaning that the database used to record Bitcoins are not centrally controlled. These systems are built using a 'distributed ledger', or 'blockchain', which is a decentralised public database collectively maintained by a network of people, known as 'miners', who run the software. There is no bank or country responsible for issuing Bitcoin meaning there's no central point that can fail.
Blockchain has been having a bit of a 'moment' over the past year, with some of the world's largest banks joining forces
Since digital currencies leapt onto the scene in the early 1990s, they have been steadily gaining traction in the financial sector. The economic crisis in Greece and the recent slowdown in China's growth have given credibility to digital currencies as an alternative to traditional fiat currencies and led people to look for more innovative methods of transaction.
LEOcoin is already leading the way in demonstrating how a secure, internationally tradable currency, existing outside the financial status quo, can galvanise the SME sector. I see no reason why it cannot radically change the way governments do business too. Once the dam is breached we'll likely look back and wonder how we used to do finance any other way.
Could digital cash help a business during an economic slowdown/recession, could that in itself help shorten the downturn by keeping the economy moving? Perhaps not such an outlandish idea.
Yanis' reflections on digital currency have focussed on Bitcoin as the case study for his assessments of the potential they offer, and his appraisal of their potential has largely been negative. Yet this has not prevented him from examining how a digital currency of sorts could work for his native Greece.
It's this infinite digital ledger system that has the potential to revolutionise how information is spread online. While many think this is still a few years into the future, many companies and individuals are using it today to protect their digital wares.
A massive Bitcoin price drop since the dizzy heights it enjoyed a year ago, UK clearing banks refusing to open accounts for companies in the sector (even those merely supplying software or services to the sector) and the hacking Europe's largest Digital Currency Exchange, Bitstamp, have all been widely reported and referred to by the naysayers.