Cryptocurrencies untether the goat of sovereign tender | Financial Times

xxx

Back in the 1930s, according to John Maynard Keynes, one of the jobs of a district commissioner in Uganda was to inspect and evaluate goats.

The local unit of currency was the goat, so most goods were priced in goats. So when a local sought to discharge a debt by presenting an animal that was exceptionally sick, old or otherwise undesirable, the district commissioner would rule on whether that particular animal was fit to count as a “goat” for transactional purposes — whether it was, as it were, a negotiable goat.

From Cryptocurrencies untether the goat of sovereign tender | Financial Times.

xxx