Chapter 40. How to circulate digital cash
How to Circulate ‘Digital Cash’
(1) National Bank acquires reserves in various
forms such as gold and currency.
(2) National Bank contacts the World Bank for
reserve-endorsement.
(3) The World Bank approves National Bank to
create an amount of digital cash.
(4) National Bank establishes an on-line platform
with big-data management where each unit of ‘digital cash’ is given an
authentication code.
(5) National Bank keys-in cash amount and transfers
the digits to local commercial banks while ‘the on-line path’ of each unit of
cash is created to record monetary activities.
(6) Local commercial banks transfer the digits
into bank accounts of juristic persons and individuals whereas juristic persons’
registration numbers and individuals’ national identification numbers are
recorded along ‘the path’ of receiving and paying of each unit of digital cash.
(7) Juristic persons and individuals spend digital
cash circulated in an economy while their cash can be deposited into bank
account, identification card, financial application, debit card, on-line
application and more.
(8) National Bank can track and trace each unit of
digital which circulates in the economy via ‘on-line path’ which can identify
the juristic persons and individuals who own and spend each unit of digital
cash based on authentication code, juristic person registration number and
national identification number as well as passport number (in case of
foreigners).
(9) Once a unit of digital cash is returned or
deposited back to the National Bank or any local commercial banks in banking
transactions, along circulation, local commercial banks record and verify the
paths of digital cash and report back to the big-data system of National Bank. Then, local commercial banks can clear the
cache of digital cash’s path.
(10)
Units of digital cash are kept at local commercial
banks in numeration for further circulation in the economy.
By
Pirajak Tisuthiwongse (Pittaya Wong)
Economic
Wizard
5
March 2022
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