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Chapter 4: The appearance of the new economic system
We tie electronic money, information highways and computer data banks, and construct a new computer information network to donate the value-capital. They donate the value-capital to each individuals of the nation in the quickness, the orderliness and the easiness. Using the value-capital, the people can buy only specified basic needs. Then, to receive used value-capital as just the same as usual cash, it needs to take a form of an information system. To realize special nature of the value-capital, this is necessary. If taking the form of electronic money, retail stores will receive the value-capital without uncomfortable feeling and anxiety at all.
Moreover if constructing such a cutting-edge system, user-friendliness of payment increases and it becomes possible to reform taxation system, criminal investigation and so on.
I will describe the specific appearance of this new economic system from now. First, I describe cash bank accounts and electronic wallets which become basis of the system.
As for cash bank accounts, one can open only one account in one bank (choosing a bank branch which are in the location of his resident card from all the bank branches). They are bank accounts to deposit cash. Ordinary saving accounts and current accounts of the individuals are integrated into cash bank accounts. One cash bank account to one person is to prevent injustice of counterfeiting of electronic money and so on at the same time to give convenience for office work processing and information processing. Also, payoff is unimaginable.
Owners of a cash bank account can specify cash to following uses in the cash bank account. For payment of electronic money with small sum. For payment of electronic money with big sum. For payment of checks for donating such as congratulatory gifts of money (It is equivalent to the conventional current account for individual). For payment of deposit transfers and credit cards and so on (It is equivalent to the conventional ordinary deposit account). They make it possible for us to specify a part of our money to above uses and pool separately. It is in order to give user-friendliness that the owners can specify money to uses as easy as cash is at hand.
All of going in and out of usual cash and the value-capital are respectively recorded in cash bank accounts about amount of money, date and time, counterparts, purchase items and so on by using computer data banks.
Also, cash in the cash bank accounts is not trust money which banks can consume, and the money is only deposited to the banks and the banks cannot lend it as the money in bank. Of course, cash in cash bank accounts doesn't yield interest. That is in order to guarantee the existence of the money like present cash at hand and deposit it securely.
An electronic wallet is a container of electronic money built in IC and recording equipments. It distinguishes electronic money with big sum, electronic money with small sum and the value-capital and we store them separately. One can have only one electronic wallet, and different numbers are put to each wallet and the wallets are strictly managed. Also, they have different code numbers for security and we can conveniently see the amount of electronic money with liquid crystal screens. And information on our fingerprints should be stored.
Hereinafter, I specifically explain the process that person A draws out electronic money from his cash bank account and buy goods at a retail store B.
A's home has a terminal connected with A's cash bank account which a bank branch manages. This terminal connects with PC in the home and can use functions of the PC. Then, at least, as for the function of electronic money, they should make a PC have equal handiness to household electrical goods. Through this terminal, the electronic wallet can refill electronic money. Also, it is possible for A to specify cash to pool and read the record of going in and out of cash recorded in A's cash bank account. Of course, banks place terminals on the street with which we can refill electronic money.
In case of small sum purchase, amount of the money is pooled on A's cash bank account for the payment at the same time as A refills A's electronic wallet with small sum electronic money through the terminal. Then, A goes to retail store B and purchases goods. B receives the electronic money which is equivalent to price of the goods through the terminal placed in his store from A. At this point, the trade goes into effect.
First, the information of the trade at B goes to the bank which manages A's cash bank account through a line from the terminal at B and the expense of the goods is sent to B's cash bank account from A's cash bank account through the network. Then, the received expense is recorded on B's cash bank account.
In this process, A can not deny the effect of the trade on the ground that A's cash bank account has no money because the trade goes into effect when the store received electronic money. Also, a pool for small sum payment cannot be pulled back for this purpose. However, when there is no pooled cash, the retail store can use a simple procedure that the price which contains late payment charge could be compulsorily collected.
Purchase by the value-capital conforms to the case of small sum. After buying specified basic needs, value-capital in A's cash bank account is sent to B's cash bank account as usual cash.
I will describe the case of expensive purchase. At the same time as refilling A's electronic wallet with big sum electronic money, a pool for the expensive payment is made in A's cash bank account. Retail store B receives electronic money from A. However, only by this, the trade doesn't go into effect. B must confirm that the expense of goods is sent from A's cash bank account (When without doing this confirmation B hands goods to A and can not receive the expense, the retail store assumes the risk). When the information that big sum money was sent to B's account is arrived to the terminal at B's store, the trade goes into effect and B hands the goods to A. But, A can withdraw a pool for the big sum until the money is sent. That is different from the small sum case.
Also, in the big sum case, it will be necessary to make confirm whether or not user of the electronic wallet is the A very person by security codes or finger prints. And the rest is same as the small sum case.
I will describe minute procedure of transfer of electronic money. It will be very good if made as follows. After the terminal of a store gives information of sum of payment, when a customer confirm to give electronic money by pushing a button of the terminal, the store can check out information of the guest's finger print, of which information is recorded in the guest's electronic wallet.
The record of the purchase is memorized in the electronic wallet. A returns to his home and can preserve records in his electronic wallet at the terminal and read them and check them with records of A's cash bank account. It will be convenient to preserve automatically the records of the electronic wallet in the terminal at the same time as refilling electronic money. When discovering injustice, A can demand to do corrections, change the records and bring a charge.
In case that A takes delivery of prepared food from B, B goes to collect electronic money with a small terminal (for collection of electronic money), collects the money at A's home, after returning, sends information to the bank through the terminal at the store.
I will describe the case where an electronic wallet is stolen. It is possible to withdraw a big sum pool through terminals before the thief will use the electronic money. Also, notification of the burglary sends the number of the electronic wallet to terminals of banks and retail stores in the area and they provide the mechanism which prohibits use of the stolen electronic wallet. Then, the information on using the stolen electronic wallet is reported to the police at once. Also, they make it impossible to send money from cash bank account of the person whose electronic wallet was stolen.
Cash goes in and out by money transfer on cash bank accounts. Therefore, amount of balance in cash bank accounts is rightly very cash and the electronic money has only the nature of right to claim money transfer.
Transfer information among cash bank accounts of each bank will become enormous when my new system is realized. There is need to reorganize the home exchange system (Data Telecommunication System of All Banks) and strengthen it.
There is need to construct information highways which links all banks with large-volume optical fibers and to be automated for office work processing. We may think of construction of centers to gather information on money transfers and send it because the communication cost piles up when the information is sent in random order and for a long distance. Functions in each bank must be strengthened.
But, among the banks, need to clear the exceeding received money and payment passes away. Because with money transfer itself the movement of cash is finished.
As for the management of cash bank accounts, banks can only increase the value-capital by the direction of the administrative committee (the management headquarters) which manages the value-capital and process the information strictly and faithfully following the changes of actual economy.
The banks receives fee for the management of cash bank accounts according to their numbers from the management headquarters. But, of course only the Bank of Japan can increase and decrease freely the amount of money on its cash bank account.
The Bank of Japan has the privilege of creation and extinction of cash as it always has been in the past. Also, each bank will have a cash bank account in the Bank of Japan.
Banks offer their service by using terminals installed in the storefront or on the street after confirming code numbers or fingerprints. We make funds transfers using our electronic wallets and terminals. Banks can invite customers to a fixed deposit using the information on their cash bank accounts. Banks handle transferring a credit from checks of individuals to cash bank accounts, too. Banks and the people make a cash bank account management contract in effect for several years. If the contract period ends, one can move the cash bank account to the other bank.
A company could have more than one cash bank account according to numbers of its offices. Then, the company could have more than one purse to one bank account for the convenience of sales. Banks handle the current account dealing as in the past. But, they substantially examine whether or not offices for their bank accounts exist actually.
Therefore, the bill clearing system for companies will be as the present situation. And cash bank accounts will replace ordinary deposit accounts, where the credit card system will make money transfer.
By the way, electronic money is supposed to have following problems.
(" Illustration electronic money " From Toyo-keizai-shinpo Inc.)
The technology which prevents copy, counterfeiting, and burglary
The technology which prevents unjust use
The technology which protects users' privacy
The technology which makes it possible to transfer electronic money to the other person
The interactivity, the equivalence with electronic money and actual currency
Answers from my system to these problems are as follows.
About 1 and 2
To exchange information, we use cryptography technology such as encryption keys. We use IC to have the tamperproof area of which one cannot rewrite descriptive contents for an electronic wallet. Also, we cannot use electronic wallets when one rewrites the identity for security. Moreover, condition on the use of electronic money is checked with the cash bank account. As for measures against burglary, it was above-mentioned.
A refills A's electronic wallet with electronic money from A's cash bank account, buys goods using A's electronic wallet, as a result, money transfer is made from A's cash bank account, that we make a fixed form, that we can call a countermeasure against the problems.
They do special criminal legislation to protect the system as a countermeasure. Legislation for the progressive system is requested from the viewpoint of the principle that crime and punishment must be definitely defined by law, too. There is need to review the legislation of crime about infringement of system itself (the facilities, the lines, the business and so on), crime about unjust operation of cash bank accounts, crime about counterfeiting of electronic money, crime about theft of electronic wallets, and crime about breaking secret of the system and so on.
As banks manage cash bank accounts, we are protected from the government which has high possibility to infringe individual privacy.
The people can read only the record of his own cash bank account.
Retail stores can see only the number of electronic wallets and possibility of payment, which visitors have.
Banks can see only the date and time of going in and out and amount of money of each cash bank account and customers' cash bank account number as principle.
Bank clerks have the duty of confidentiality about all in regard to cash bank accounts like civil servants. Legally, as for dealing with cash bank accounts, bank clerks are looked upon as civil servants. But, sales such as the invitation to fixed deposit for the very person who has the cash bank account is permitted.
Bank clerks do routine works of the new system but the management headquarters does maintenance and repair and so on.
Also, they prohibit buying and selling of information on cash bank accounts in legislation.
Disposition of cash takes form of transfer on cash bank accounts and the electronic money is right to claim only transferring cash.
As electronic money is made of information and it is easy to counterfeit electronic money, to make it possible to control electronic money, we don't make electronic money fully the same as currency. We confine electronic money to right to claim transferring cash on cash bank accounts.
I think outline of the new system should be this, but it is necessary to think carefully for details of the system and it is desirable to concentrate wisdom.
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