Google Chairman Eric Schmidt claims the company thought about making its own mobile banking currency before rejecting the idea altogether.
Once upon a time, Google considered the possibility of creating its own currency called Google Bucks, much to the likes of the Bitcoin cash system. The statement came after Eric Schmidt, Google’s chairman, announced his keynote speech at Mobile World Congress in Barcelona.
The concept originally consisted of a “peer-to-peer” money system by which users can seamlessly transfer cash to each other via a hypothetical application. However, the project was eventually nixed because of the various laws about currency in different parts of the world which would deem the system illegal. The concept would also make it easier for potential money laundering scandals.
“Ultimately we decided we didn’t want to get into that because of these issues,” Schmidt said.