It seems like a decent solution that emerged without a federal government solution (could be better, but things progress incrementally).
What is absurd is the lack of action on part of the federal government (which eventually filters down to voters) on developing electronic payments as resilient infrastructure, in conjunction with digital identity verification.
Electronic money accounts and ability to transfer money. People shouldn’t need to deposit their money at a bank or non governmental entity.
For example, USPS could provide a constitutionally protected, inalienable right (not even if you go to prison) to an electronic money account, and you can send and receive via an email address or phone number. USPS because there are already physical USPS offices all over the country.
No need for government to lend people money via credit card equivalents. Just obviate checking accounts at banks. Banks don’t have a purpose when money is just entries in a database anyway.
Keeping money “safe” is no longer a physical thing to do. If a lender wants incentivize people to deposit money with them, then they have to compete by offering attractive interest rates. But then it will come with the risk of the lender losing your money, like any other investment.
There's precident for this. The USPS ran one of the biggest savings banks in the country back when it was part of the US Government. That all ended in the 1960s.
It seems like a decent solution that emerged without a federal government solution (could be better, but things progress incrementally).
What is absurd is the lack of action on part of the federal government (which eventually filters down to voters) on developing electronic payments as resilient infrastructure, in conjunction with digital identity verification.