Creating a cashless utopia
Description
Here's how an economy that swaps currency for ‘byte money' will work — no bribes and no deforestation. GORU (Government of the Democratic Republic of Utopia) has decided to abolish paper money and instead ‘print' only ‘byte money'. Technologists came out with a unique non-counterfeitable algorithm and configured byte money in various denominations of the Utopian rupee (UR) up to 1 million UR. The Reserve Bank of Utopia (RBU), in charge of ‘printing' the byte money, transferred huge amounts of it to various banks through computers, in exchange for paper currency surrendered by the banks. This new currency was named the Utopian byte rupee (UBR). Read more at: https://www.thehindubusinessline.com/opinion/creating-a-cashless-utopia/article9416230.ece
Copyright Date
December 2016
Publication Date
7-12-2016
Publication Title
The Hindu Business Line
Publisher
THG Publishing Pvt. Ltd.
Keywords
Economics, Cashless transactions, Utopian byte rupee, UBR, Bribes, Byte money
Source Link URL
https://www.thehindubusinessline.com/opinion/creating-a-cashless-utopia/article9416230.ece
