Would there be a better socio-economical environment if every unit of?
Would there be a better socio-economical environment if every unit of every currency of the world would be digitally tracked of its source, historical transactions and owners, like bitcoins? Forget unbacked toy money like bitcoin. In most nations with advanced economies, monetary transactions are already digitally tracked through electronically integrated banking systems, and have been for decades. In 2003 I went backpacking through southern Europe (Turkey, Greece, Italy & Span with transits through Zurich and HK). I rarely had a need for token currency (notes & coins), I used my Australian banking cards (credit or debit cards) for most transactions and when I needed token money (notes) I went to an ATM. Currency conversion was automatic, and appeared separately on my bank statements rendered in AU$s. My credit card statements and the account linked to my debit card listed each transaction I had conducted. The same occurs with my PalPay account when I make internet purchases from anywhere on the planet (NB: the PalPay account is linked to my credit card, so I get duplicate statements). I live in Australia, and I cant remember having a reason to enter a bank to access money. In fact, I cant remember the last time I needed to use an ATM. Here in Sydney with rare exceptions all shops accept banking cards (electronic transfer) for transactions above AU$5, and more and more merchants are Card Only (cashless) enterprises. Here in Sydney, you need to acquire an Opal Card (debit card that can be linked to a bank account for automatic top up) or have a Credit card to access public transport. Most (if not all) of Australias major urban centres have this facility. Australia has been slow to adopt the cashless society in comparison to China which is far more advanced.