If your paper money does not store value directly. Which means you can't eat it or directly build anything useful with it. And your checking account is simply a

If your paper money does not store value directly. Which means you can't eat it or directly build anything useful with it. And your checking account is simply a digital representation of that paper then i would argue that a purely digital currency is simply an evolution of that and not actually massively different from paper. The difference being the removal of the requirement of centralized control.