The purpose of the paper is to consider how the financial system might change from technology that is introducing new forms of electronic money that by-passes banks, current laws and institutional practices. The introductory first Section identifies the illogical and inefficient features of the...

The emergence of cloud banking in developing economies from billions of cell phones transacting both legal tender and informal units of accounts has created a need to reconsider habits of thinking about the nature of money and banking in advanced societies. The dysfunctional nature of modern...