Also this transfer should be handled by a branch of the government - in the US, this would probably be a new Bureau of E-Bucks that sits alongside the Mint and

Also this transfer should be handled by a branch of the government - in the US, this would probably be a new Bureau of E-Bucks that sits alongside the Mint and the Bureau of Printing and Engraving as parts of the Department of Treasury. Running all this transaction infrastructure and dealing with fraud and whatnot costs money, but so does making coins and bills. There's no reason the digital equivalent should be for-profit business aside from "this is how it happened and now the companies occupying this niche have a lot of money to wave at elected officials who could deprive them of their ability to skim a couple percent off of 75% of the transactions in the entire US economy". "I don't want the government to know what I'm doing with my money" is not a valid objection to this plan unless you can lay out a convincing argument that a couple of entirely for-profit companies knowing what you're doing with your money is any better, and that they will not roll over and provide transaction records the instant the government asks them to. edit: oh wow it looks like this is finally coming in the next year or two, according to another reply to the parent comment! https://www.moderntreasury.com/learn/what-is-fednow https://www.moderntreasury.com/learn/what-is-fednow I will be delighted to stop giving the credit card companies a few pennies of every single transaction I make, and return them to their original role of providing a line of credit if I want one.