Government regulation and the Universal Smart Card

Government really cannot impose sweeping regulations on the universal smart card standard, that becomes a blanket burden in free exchange. Within the smart card are a variety of crypto and digital authorizations, not all of them qualify as money in the tax sense. Some smart cards carry around cryptos based on the SP500, but not accepted for consumer exchange.  The only efficient approach to regulation is to define the tax crypto, the crypto dollar that is accepted by the federal government for tax and payment. The CryptoCollar has restrictions, such as a password required for purchases over $100. Purchases over $1500 are cleared online immediately with a federal reserve bank, and so on and so on. The CryptoDollar trades with other cryptos at the broker level, it defines the tax schedule for the economy, in the aggregate.

Government becomes a more efficient hegemon, really, but it loses a large piece of seigniorage because the smart card includes competing units of account. The Fed utimately accepts the concept of a CryptoDollar, for efficiency purposes. But it is all relative to an across the board gain in currency efficiency, the smart card is just irresistible from that stand point.