In Kaldus, there is no cash. This might be a disturbance to some, but this is in the benefit of everyone. One many people in the industrialized world typically use their credit/debit card anyways. Therefore, cash seems to be that thing that is needed when a credit card is not accepted. With that in mind, people are already going cashless. Even if you were to use cash, I am sure you know someone that is using cash as an absolute minimum.
So how will this work? Well everyone will have a bank account right from birth, and until their death. The person will receive income from sources like the government, or their employer. They will just have to know the person’s NIN which is a public identification number. In addition, someone can send someone else a gift of money by again – just knowing the NIN. There is only one bank that would support bank accounts (as opposed to credit and loans). Since there is only one official bank, this means everyone is using the same bank, and therefore one can simply log into the site, or an app, and send money to another bank account which is the same as the NIN. However, any attempts for someone to take money out of another’s bank account will be declined. The sender must send the money to the recipient. Every transaction is logged, and has a paper trail. Artificial Intelligence will reduce the chance of electronic counterfeiting. Every adjustment must have a source, and a destination. There will be a number of benefits to a cashless system which will be detailed in this section.