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It's now mandatory that every salary must be paid into electronic accounts and VAT reductions are being offered for the using of e-money.
They are storing value and transacting by way of electronic accounts "on" their mobile phones.
Today, most of the real estate in our billfolds is ironically dedicated to various plastic cards, which are attached to numerous electronic accounts.
In other words, people would have no alternative to electronic accounts, and have no way to stop the government from taking their money when, for example, the Fed declared a macroeconomic emergency.
Finding passwords and accessing computers, phones and numerous electronic accounts is an increasingly significant problem.
The search warrants also covered electronic accounts and social media accounts of Paddock and Danley.
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Digital money: Dwolla's smart phone app shows an index of financial options (left) and prompts a user to fund the electronic account (right) either by transferring money from a bank account or borrowing it from Dwolla.
Normally when we say that a central bank like the Federal Reserve or European Central Bank creates money from thin air, it does so by buying up bonds or other assets from banks using money that is just an electronic accounting entry.
Imagine if the government required all small businesses to adopt electronic accounting software for billing and inventory, regardless of whether or not a particular business found it worthwhile.
Some businesses use an ordinary check book for this system, but many businesses choose to use electronic accounting software programs such as QuickBooks.
The web-enabled system routes the order to the supplier, and a copy goes to the accounting department and is captured in digital form by the electronic accounting system, where it is stored.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com