My Two Cents on the E-Peso

House Bill 4914 seeks to create the E-Peso, a digital currency that will ideally be recognized by the government as legal tender. “The bill mandates the Bangko Sentral ng Pilipinas (BSP) to explore and study the technology of “bitcoin and post bitcoin cryptocurrencies” to expand the knowledge base…” says a report.

I quickly look up the bill’s author online and saw that she has a Twitter account. I tweet her and in just a few moments, she replied:

I’m not entirely sure what kind of global precedent this has or what her political views are but the fact that she’s on Twitter and personally engaging with me is an instant plus. I’m still waiting for feedback regarding a copy of the full bill but the fact that she acknowledged my tweet made me feel like a satisfied citizen for a while. I’m not even in her district (meaning, I have no say in her re-election) and yet she took time to engage my Tweet.

Politicians should really add more importance in managing their social media presence. The days of “call your congressman” is over. These days, we can Tweet them or send them a message on Facebook.

(SEE ALSO: Public Service Through Social Media — Why Governments Should Emulate Globe Telecom's Social Media Initiatives)

You see, the concept of competing currencies, as popularized by F.A. Hayek, is one of the main reasons that libertarians like me are attracted to Bitcoin.

There are probably many things I'd disagree with about HB 4914. Yes, it could have many pros such as being able to track transactions in a public ledger. It could make taxation and government spending more transparent. But along with its many promises come the fact that it is still monopolized by the central bank.

This is where Bitcoin has its strength. It is decentralized. It needs no central planner or authority. It is apolitical – apathetic to the greed for power.

One thing is for sure though: I welcome the ideas this bill brings to the table. It opens up a discussion on monetary policy and, inadvertently, could make many rethink banking, money, and liberty.

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