If you want the privacy of paper money, you need something that leaves no paper trail.
—people who can’t afford to have a bank account and thus can’t access non-cash forms of payment.
“If we’re to have a public option for digital finance, it needs to include everyone,” says Raúl Carrillo, a researcher at Yale Law School, who like Grey consulted on the legislation. “A key part of that is being able to go offline.” Today, the technology is sleeker, and its applications more apparent. Last week, I spoke with Razvan Dragomirescu, the chief technical officer of WhisperCash. Over Zoom, he showed me his company’s products. One looks like a credit card that has both a touchscreen keypad and a miniature, Kindle-style electronic ink display. Payments can be sent between cards either using Bluetooth or by entering the recipient’s ID number and the amount.
Dragomirescu acknowledges that WhisperCash, like every piece of hardware ever built, can’t offer perfect security. The realistic goal is to make it so expensive and time consuming to hack the chip that no one would bother. Any version of state-backed money will involve restrictions on how much can be stored on a device and how much can be moved in a transaction—similar to the way in which American banks are required to report cash withdrawals or deposits above $10,000.
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