AKAR (CS) | Seeking to avoid the cost of minting physical money from draining the treasuries of micronationalism, a proposal has been floated to create a digital currency and wallet system for transactions.
The idea, put forward by Robert McCreed of Akar, echoes popular digital currencies such as Bitcoin but introduces a physical component to the process – a hard drive the size of an average wallet. This would purportedly protect micronationalists from being defrauded by hackers accessing the databases of digital currency providers by having their financial data stored locally on the “wallet”. The wallets would be able to be inserted into cash register terminals, bank machines and personal fund trading device, with the option of transferring funds back to a “vault” held at the individual’s desired micronational bank.
McCreed sees the wallet concept as providing a more durable option to “easily lost or damaged plastic cards,” while ensuring financial security by “keeping the funds actually on your person instead of a data strip that could be easily copies, stolen, or your account it links to hacked.” Equally most importantly, McCreed believes his concept will allow smaller micronations to avoid the sometimes steep service fees associated with traditional banks. “I think it would be an interesting idea and could work well in micronational economic systems,” said McCreed.
With the concept in the early planning stages, McCreed is seeking assistance from developers to create the necessary software to manage funds and the transfer thereof, as well as to regulate the system.
The initiative is similar in concept to the Royal Canadian Mint’s “MintChip” programme, a secure smart card that could be inserted into computers and mobile devices to facilitate low-value cash transactions as a replacement to physical cash, given the popularity of debit and credit cards for major transactions. That programme has recently been shelved by the Mint, which is actively trying to divest the technology to the private industry rather than continue in-house development.