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Google once considered issuing currency

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Nancy Gohring
ITWORLD
Wednesday, February 28, 2012

Google once considered issuing its own currency, to be called Google Bucks, company Chairman Eric Schmidt said on stage in Barcelona at the Mobile World Congress Tuesday.

At the end of his keynote speech, Schmidt hit on a wide array of topics in response to audience questions. “We’ve had various proposals to have our own currency we were going to call Google Bucks,” Schmidt said.

The idea was to implement a “peer-to-peer money” system. However, Google discovered that the concept is illegal in most areas, he said. Governments are typically wary of the potential for money laundering with such proposals. “Ultimately we decided we didn’t want to get into that because of these issues,” Schmidt said.

He also hinted that Google might be preparing for a battle in China once its acquisition of Motorola is complete. “Google’s been willing to take on China pretty well,” he said, in response to a question about whether Google expected to continue to ignore theft of Motorola intellectual property in China, as Motorola has been doing. The acquisition hasn’t closed yet, Schmidt noted. “We’ve taken a pretty strong position on IP. We are well aware of the issues and we are considering your question,” he said.

Full story here.

This article was posted: Wednesday, February 29, 2012 at 9:42 am





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