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Bitcoin began in 2009 -- only eight years ago -- and set forces in motion that are only starting to show their potential power. One was a byproduct -- the creation of the blockchain, or distributed ledger technology, DLT, is now on its way to disrupting activities far beyond payments, from \\xa0value chains to contracts. The intentional innovation was establishing a new form of currency -- virtual or digital currency -- that functions as alternative payments system that operates on the internet rather than through banks and the ACH. \\xa0The financial system is still in the early stage of grappling with the potential benefits and risks arising from this mold-breaking model (I wrote about some of those issues three years ago in my blogpost on The Benefits of Bitcoin.)

My guest for today\\u2019s show brings yet another angle -- a unique one -- to rethinking money. He is Jonathan Dharmapalan, Founder and CEO at eCurrency Mint, Ltd. Jonathan spent 25 years in telecommunications field, including becoming Head of Enst & Young\\u2019s Global Telecommunications Center in 2011. His insight, at eCurrency, is that the best way to capture the power of digital currency is to have governments, themselves, issue it.

Jonathan and I met during the annual meeting of AFI, the Alliance for Financial Inclusion, in Fiji, and he explained his vision for building a new system based on government-issued e-currency. He argues that this concept can capture the best of both worlds, combining the stability and confidence that comes with well-managed traditional currency, and adding the advantages of virtual money such as speed, ease of use, and infinite divisibility.

I loved this conversation because it exemplifies how innovative thinking in finance, once it gets \\u201creleased into the wild,\\u201d can spark more and more creative thinking, far beyond what the originator innovators had in mind. Often, it leads to solving problems we don\\u2019t even realize we have, because, well, we just assume the world is a certain way and we can\\u2019t picture anything else.

It reminds me of the quote attributed to Henry Ford -- apparently erroneously -- that if he had asked his customers what they wanted, they would have said, faster horses.

More about eCurrency

Jonathan\\u2019s Background:

Jonathan Dharmapalan is Founder and Chief Executive Officer at eCurrency Mint Limited. He became Head of the Global Telecommunications Center at Ernst & Young LLP in May 2011, responsible for leading a team of over 2,000 telecoms specialists across the world. He has had a 25 year career in telecommunications and the related sectors of technology, media and entertainment, and led Ernst & Young\'s Telecommunications Center in Beijing. He began his career in telecommunications at AT&T Bell Laboratories. Mr. Dharmapalan holds a Bachelor of Science degree in Electrical Engineering from Northeastern University and a Masters of Science degree in Electrical Engineering from The California Institute of Technology.

More for our listeners

Many exciting things are happening.

First, I\\u2019m happy to say that I recently became chair of the board of directors at CFSI -- the Center for Responsible Innovation. \\xa0If you haven\\u2019t signed up yet to come to our Emerge conference in June, be sure to do so!

Also come, that same week, to the ABA\\u2019s Regulatory Compliance Conference. The ABA is innovating in its format this year, including by having me record some very special podcasts straight from the conference floor. I\\u2019ll also be holding a fireside chat on the main stage with Gene Ludwig of Promontory and Alastair Renee of IBM Watson, on how regtech will change compliance, including through their formation of IBM Financial to bring Watson\\u2019s artificial intelligence to regulatory challenges.

And it\\u2019s not too early to put Money 2020 U.S. on your agenda for October. I\\u2019m going to MC the conference regulatory track, which has some fabulous speakers.

Remember to review Barefoot Innovation on ITunes, and please sign up to get emails on new podcasts and my newsletter and blog posts at \\xa0jsbarefoot.com. \\xa0

Also go to jsbarefoot.com to send in your \\u201cbuck a show\\u201d to keep Barefoot Innovation going. Please also join my facebook fan page, and follow me on twitter.

See you soon!