RBI red flags 'virtual currency'
- From: johnatcedTimes 26th June reports that RBI has expressed concern over the rise of virtual currencies.
The article says that
The virtual currency schemes provide a financial incentive for virtual community users to continue to participate and are able to generate 'float' revenue for their owners.
The issue is when the owner is the community, as in Community LETS, the "float" revenue earned stays in the community ( multiplier effect?), rather than go the Banks. And in the new modern IMF regulated International Banking regime the "float" revenue, and well as re-investable surpluses goes back to the dollar bankers!