Welcoming the Bitcoin challenge: the case for opening up currency markets to competition

Published by Sam Dastyari and Matthew Canavan on 26. November 2014 via theguardian.com

If competition is so good in markets for products, why shouldn’t we allow competition in markets for currency too?

The emergence of Bitcoins and other forms of digital currency could revolutionise money markets. If competition is so good in markets for products, why shouldn’t we allow competition in markets for currency too – why should governments have a monopoly?

Our current system of coinage and paper money has evolved from centuries of turbulence – could digital currencies provide the stability to prevent shocks in the future?

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