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Citibank has developed a test version of its own digital currency, currently called CitiCoin. According to an article in the International Business Times, Citi’s currency was inspired by bitcoin, the popular yet controversial currency used for anonymous digital transactions. In theory, Citibank’s backing will bring some formal structure to an otherwise unregulated technology.
In its discussion with IBT, Citibank reps said the company is currently in talks with several countries, with the hope of ultimately building a “state-backed digital currency.” Of course, if such a currency is adopted, it could affect how we pay for goods and services, but with the shift away from paper money already well underway, it’s unclear how big of an impact a currency like CitiCoin could make on individual consumers.
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