Québecoin, a Provincial Virtual Currency

by Scimson on April 24, 2014 - 2:21pm

This recent article even though it is quite short has a major importance for the integration of virtual currency in the Quebec province. It is not the first time someone attempts to create a cryptocurrency for a specific country, but it is the first time someone does it for Quebec.

In his article “Quebecoin Sets Itself Apart From Other National Coins” published on April 15, 2014, Brad Edwards explains the difference the Quebecoin has with other cryptocurrencies. The Quebecoin has officially launched on April 19, 2014 and is mainly aimed at the province of Quebec. The mining technique use to acquire Quebecoin is said to be up to 50% better than regular ones used by other currency in terms of electrical consumption. It is therefore considered more eco-friendly. One of the first difference to note is a long term plan to distribute half of the 42 million coins, which will be available in total, to the population of Quebec over a period of 10 years. The security techniques used for the coin are said to be even better than other currency since it uses specialized protocols to control it.

One of the problems with this is that a fair distribution of the coin itself will probably be hard to orchestrate since not every Quebecers has the knowledge required to possess and use digital currency. There is also a problem with the fact that the coin is controlled by an individual. Those two problems are separating the Quebecoin from standard cryptocurrencies such as the Bitcoin, which doesn’t even have a person controlling it anymore. I think it is one of the great advantages of cryptocurrencies to be distinct from government or private control. A provincial cryptocurrency is not a bad idea, but I think a private implementation with a yet unannounced selective implementation will encounter some justice and equality problem. However, It would be great to have a currency that is independent of control for the province.