Also fungibility! I’m equally concerned about the specific “purpose“ and “time duration”, the Deputy T Governor gave an example to the press., quoting from the article:
“Let’s say a school has given money to a student who won a prize to buy books in a particular bookshop. So the student can only use this money for that purpose.
But as soon as the book is purchased and the currency goes to the bookshop owner, it becomes fungible again.
So it’s only for that period the fungibility of money becomes limited.
If the student chooses not to spend the money, it goes back to the school and it becomes fungible again.
So programmability does not militate against fungibility but rather, just puts it on hold.”
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Is it just me or "facilitate transactions for specific/targeted purposes" sounds scary?
Also fungibility! I’m equally concerned about the specific “purpose“ and “time duration”, the Deputy T Governor gave an example to the press., quoting from the article:
“Let’s say a school has given money to a student who won a prize to buy books in a particular bookshop. So the student can only use this money for that purpose.
But as soon as the book is purchased and the currency goes to the bookshop owner, it becomes fungible again.
So it’s only for that period the fungibility of money becomes limited.
If the student chooses not to spend the money, it goes back to the school and it becomes fungible again.
So programmability does not militate against fungibility but rather, just puts it on hold.”