February 4, 2014

USPS Considering Bitcoin Exchange?

US Postal Service Explores Adding Bitcoin Exchanges

February 4, 2014

While the New York Department of Financial Services (NYDFS) successfully monopolized media attention last week by assembling a cast of bitcoin A-listers at its regulatory hearing, it wasn’t the only government agency to explore virtual currencies in a way that could impact the global community.
On 29th January, the US Postal Service (USPS) Office of Inspector General (OIG) held a webinar on virtual currency attended by representatives from the Universal Postal Union (UPU) and World Bank that sought to “explore the possibility” of a “potential role” for bitcoin at post offices around the globe.
Topics included whether post offices could leverage their physical locations to act as in-person bitcoin exchanges and if they could color coins as a way to underpin bitcoin’s value and increase adoption.
Darrell Duane, a Washington, DC-based bitcoin consultant who was initially approached by the USPS and later helped promote the event, said that though much of the material was educational, there were some suggestions that, if adopted, could have big implications for the bitcoin community.

“There were suggestions like if someone made ‘postcoin’, ‘What would that be?’ ‘How could that help?’ If we were to employ the technology to support post office operations around the world, internationally, how could cryptocurrency help post offices do their business?” Duane said.

Directory 4 Bitcoin

Bitcoin’s role for postal operators

With much of the first part of the day’s discussion devoted to the introductory aspects of bitcoin, the latter half more directly addressed how virtual currency could revolutionize post office operations.
Christian Jaag, managing partner at Swiss Economics, began this section of the event by naming certain characteristics of bitcoin that he believed would be of a particular interest to the discussion: These included bitcoin’s algorithmic money creation, decentralized ledger, peer-to-peer nature and sometimes volatile exchange rate.

Read More: Coindesk

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