Fed digital accounts

The idea was floating around the blogs. Our federal reserve bank should create 300 million digital accounts for all the social security holders (and maybe tax id holders).  My addition to the idea was the fed drop $50 per year in any account with less than $1000.

The account technology would be user controlled digital vault, like the encrypted vaults used by Bitcoin. The intent to to get more efficient fiat technology into the market faster, increasing the accuray and productivity of finance all the way around.

The digital vault technology gives holders the ability to transfer their vault, to their banker, their 401k, their smart card, wherever they need it, using the universal Fed account number.  The fed stipulates a maximum account holding, and prohibits interest bearing. Users can make duplicate vaults.   Member banks all recognize the fed account for standard bank card issuance, and in return get a modest deposit insurance. All transactions recorded in the personal computer in Ben's office.