Are there any details on how the supply of this new currency is going to be controlled? I'm all for innovation in payments and currency, but isn't there the same risk as with all fiat money - that a central body can debase the currency at will?
If the issuer claims to have backing for the currency then for each CAD issued on a MintChip there would be a CAD in a bank somewhere. Same for USDs.
Since the mint can buy BTCs to issue as well, no reason MintChips can't be used for Bitcoin commerce as well.
http://developer.mintchipchallenge.com/api/java/ca/mint/mint...