U.S. Digital Currency and Second Life

Wagner James Au with interesting thoughts on Gene Yoon's white paper memo on the U.S. and a national digital currency.

U.S. Digital Currency and Second Life

This is one of the more interesting things I’ve read recently. Wagner James Au writes about former Linden Lab Exec Gene Yoon’s white paper memo on the United States issuing a national digital currency:

“I had my time managing a 'toy' digital currency back at Linden Lab," as he puts it on Twitter. "At its height, the L$ was used in over half a billion real USD worth of transactions per year. I think the US Fed would be making a mistake in moving forward with this -- the mistake is only in going Fed-first. The United States has a wonderful advantage in 'the laboratory of the states' - experimental policies can more safely be trialed at the state level."

I had no idea the U.S. was considering issuing a digital currency. That’s super interesting on its own, but hearing Yoon’s perspective is fascinating. Linden Lab serves as a good place to understand these national implications, given Second Life had (and maybe still has?) a small country-sized economy running fully on virtual currency.

Read on to the bottom of the linked piece for the full copy of Yoon’s memo. Crypto currency and digital goods nerds will appreciate all the finer details.