P2P Cash on March 13 announced development plans for BitMinutes, a stored-value exchange service that uses the acceptance of mobile phone minutes as a virtual currency to build what it calls a “Better BitCoin.” <br>
Unlike other virtual currencies, BitMinutes will have a cash-out feature for purchased mobile-phone minutes, the company noted in its announcement.
“Convertibility back to cash completes the value circle for mobile phone minutes,” P2P Cash CEO Tom Meredith said in a statement. “The phone minute is rapidly becoming a secondary form of value exchange, especially in developing countries with more rudimentary financial systems. By creating an ability to cash out phone minutes, you remove a final barrier to allowing phone minutes to serve as an alternative, digital currency.”
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