Canadian govt. asks hackers for digital cash system ideaApril 12, 2012 - 14:29 AMT PanARMENIAN.Net - The Canadian government is asking its hacker community to come up with an idea to run a digital cash system, TechEYE.net says citing a report in The Star. The Royal Canadian Mint unveiled its digital currency called MintChip which is still in the research and development phase. When it is finally worked out, MintChip will ultimately let people pay each other directly using smartphones, USB sticks, computers, tablets and on the cloud. Digital currency will be anonymous and useful for small transactions where cash is used now. The Mint is holding a contest for software developers to create applications using the MintChip and is giving away solid gold wafers and coins worth about $50,000. The Mint's chief financial officer Marc Brûlé had to play down rumors that the whole thing was a hoax. Commerce is changing and the Mint has always been innovative, Brûlé said. Brûlé said the digital economy is going to be fueled by smartphones and mobile being the next big thing. But despite that there are no cost effective electronic options for low value transactions that can be used regardless of a person's age or credit standing. MintChip will be a secure microchip that can let people transfer small amounts of money with no personal information attached to it. This is a different philosophy where other governments have been pushing for the development of digital currency because it can be tracked. Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. Aliyev says no need for mediators in Armenia-Azerbaijan process Azerbaijani President Ilham Aliyev believes that Baku and Yerevan do not mediators in the process of normalizing relations. Aram I supports Karekin II’s “patriotic position” Catholicos of the Great House of Cilicia Aram I has expressed support for the Mother See of Holy Etchmiadzin. |