Google considered launching its own currency

Speaking at MWC this week, Google’s Chairman, Eric Schmidt, revealed during an audience Q&A session that the company once considered its own digital currency.

It’s not known exactly how advanced the plans got, but the broad strokes of the idea would have seen a peer-to-peer financial system, in a similar vein to Bitcoin. Various proposals and ideas were considered for ‘Google Bucks’, but there were simply too many legal and logistical issues, and the concept was mothballed.

By Schmidt’s admission, the concept is fundamentally illegal in most countries, particularly since such systems tend to facilitate money laundering and tax evasion. “Ultimately, we decided that we didn’t want to get into that because of these issues,” he said.

However, Schmidt also added that, while P2P money is – broadly speaking – illegal, “other than that, it’s a great idea”.

via IT World

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18 Comments

Beyond Godlike said,
Why cant people just use the Stone of Jordan?? 2 SoJ's could buy you a fancy hat, and 30 got you a fancy teleportation outfit.

I'm selling a shako for 1 soj (or as I used to call them; sodges) and an enigma for 30 sojs.
Any takers?

Edited by Tom, Mar 1 2012, 9:52am :

Tom said,

I'm selling a shako for 1 soj (or as I used to call them; sodges) and an enigma for 30 sojs.
Any takers?

Oh, those were the days… or slightly earlier; 1.08 and 1.09x were the best times of D2.

My perfect CCBQ. <3

By Schmidt's admission

the concept is fundamentally illegal in most countries, particularly since such systems tend to facilitate money laundering and tax evasion

[citation needed]

Is Bitcoin illegal? Or is it simply because governments don't like the idea of people using their money for their own purposes without some kickback at every transactional level that laws are drawn up to "protect" mandated fiat?

mrbester said,
By Schmidt's admission

[citation needed]

Is Bitcoin illegal? Or is it simply because governments don't like the idea of people using their money for their own purposes without some kickback at every transactional level that laws are drawn up to "protect" mandated fiat?

It's not simply about avoiding any kickbacks but rather it avoids any tax/charges altogether. That alone would have a government up in arms

Enron said,
Google currency, so now I can get advertisements on my bills.

they are not physical currency if you didnt know....

Personally, if they want to do something along these lines, I'd much prefer they work on a viable alternative to PayPal. As it is right now, there are basically none that are as universally accepted, especially for use on eBay.

iron2000 said,
Whats next?
Google starts to sell houses?
Or buy land to start a country or something?
Digital country

A country that will search a house for you using google, then have several furniture in the googley colours ;P and Ofcourse.. Welcome to G-land? hahahaha

iron2000 said,
Whats next?
Google starts to sell houses?
Or buy land to start a country or something?
Digital country

You can only purchase the house if you sign up for Google+ first.

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