Tech giant Google was considered the idea of issuing its own currency which it had planned to label "Google Bucks", revealed company chairman Eric Schmidt.
Whilst it has all the makings of a potentially revolutionary product, it would be wrong to assume that the search giant was simply planning to replace the US currency. Instead, the company was focused more on introducing a "peer-to-peer-money" platform which would allow users to make transactions via the Internet.
Despite the team working flat out on the Google Bucks project to deliver this new platform as soon as possible, the company soon realised that exchanging currencies under this system was illegal. Government officials aware of this project were also concerned about the opportunities it could bring for money launderers.
"There's an issue with peer to peer money, that being that it's illegal. Other than that it's a great idea. There are some issues with peer to peer money. In most places it's illegal," Schmidt stated, as reported by Inquisitir.
"There were various proposals for our own Google currency - Google Bucks. But we didn't want to get into it due to these issues," he added.