Creating a cashless utopia

Abstract

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