This is unfortunate. The world needs electronic cash, for all the same reasons it needs physical cash. If it weren't for financial bearer instruments, millions

This is unfortunate. The world needs electronic cash, for all the same reasons it needs physical cash. If it weren't for financial bearer instruments, millions would have died all across the globe over the last decade. To understand why, you have to understand System D. System D is the global informal economy, and it is $14 trillion in size. It provides a lifeline for hundreds of millions of people around the world who cannot operate in the formal economy due to a myriad of structural deficiencies in their economy. The only type of money that works in System D is cash. With electronic cash, the opportunities System D affords expand. Suddenly people in the informal economy can rent servers, and sell digital music online. They are not just confined to their local economy. The benefits of economic development through expansion of System D, in reducing mortality rates, crime and civil strife, far outweigh the cost of criminal activity that is enabled by electronic cash at the margins.