[lucb1e]

> A monetary authority will be established to regulate the money

I suppose I should not have been so excited. The title really does read a "virtual" currency and not a cryptography-backed cryptocurrency.

This isn't what it sounded like, it's just like Paypal except the government is in charge.

[rhino369]

You can have a cypto currency controlled by a central bank. In fact, we'll probably have them eventually. It would have a lot of the benefits of a cypto, like instantaneous transfer, without the drawbacks like major volatility.