The report claims that currency comprises “a physical representation of a monetary unit of account,” and that such “cannot be digitized, as this would inevitably mean creating a financial record keeping system based on accounts.” Cryptocurrencies, the report argues, “are not currencies at all but accounting systems for non-existent assets.”How very wrong.
Cryptocurrencies, the real kind, come with a counterfeit proof, intelligent cash card that can identify real digital money by checking it against a public key. This card will not double spend, it honors any contract at the signature of the owner.
Ot this card cash? It is the cash process, it is the central banking process, it knows who the owner is by thumbprint, it talks on swap nets. Cash card is peer to peer. It is the physical plastic with chip that makes all of money work everywhere.
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