Tackling Corruption

In a partially or totally cashless financial system, the digital currency can be programmed to forbid illegal transactions, money laundering and bribes. Now, the entire national economic system need not be cashless, but official government business and high-level transactions would need to be cashless by law, in order for those transactions to be regulated by algorithms that would prohibit illicit use. There would need to be regulation and oversight to enforce this regulation. There is tremendous potential for cashless digital currencies to be abused however, so there would need to be ethical oversight for this initiative to be implemented properly and not to be used as a tool of oppression; without ethical management, a totally cashless economy would be an Orwellian nightmare. The key institutions in need of reform are the World bank, The IMF and the Bank for International Settlements. Nations struggling with high levels of corruption could be pressured into adopting these measures by the possibility of reducing foreign aid and investment.