One great challenge facing society is where to draw the line between an individual’s right to privacy and the government’s right to tax, regulate, and enforce the law. Few areas illustrate this problem as well as the way we spend our money.
Our transactions are increasingly digital (and thus easily tracked), and in places like China many companies are adopting biometrics (like fingerprints or eye scans) to verify who we are. In India, the government has taken biometric data from 1.1 billion people. But these developments alone don’t give us a good answer to the question of what we should do with good old-fashioned paper currency.