A New 'Anti-Bitcoin' Currency Is Coming

     Another digital currency is upon us, and it appears to have a agenda of its own.

     eCurrency Mint, a startup backed by eBay co-founder Pierre Omidyar, is developing a centralized digital currency that is unlike anything cryptocurrency has ever stood for.

     The currency will have attributes of both physical currency and Bitcoin, and the supply will be determined by the monetary policy of each accepting country.

The main goal behind the new virtual currency is to prevent transactions from being tracked, a highly desirable feature among consumers who value their privacy. Tilman Ehrbeck, an investor in eCurrency Mint, explained to Paymentssource.com:

     “People may like Bitcoin because they think that even if the government or the central bank disappears, Bitcoin will not disappear… But Bitcoin is only valuable if enough people believe in it. If someone creates a Fitcoin or a Ditcoin and plays with the idea of ​​an alternative digital currency, no one knows what will happen to its value, while a national currency is backed by the full trust and credibility of the government.”

     The central bank responsible for managing the currency will issue a certain amount of currency, called cryptocomplexes. They will not be tracked by a specific or focused person, because each currency contains a specific identifier and is unique, connecting each cryptocomplexes to its original block. This concept can easily save costs for many commercial banks.

Jonathan Dharmapalan, CEO of eCurrency, said:

     “Central banks will always have enough visibility to have a high degree of trust… They don’t need to know how money is distributed. Interestingly, all the central bankers I’ve talked to have no interest in knowing. They don’t know now, and they think their job requires them to know.”

     The company is currently demonstrating its software to banks and retailers.